Launched Commercial Service for First Responders with FirstNet by AT&T and Signed Milestone Agreement with a Nationwide Carrier for E911
Ended Year with a Strong Balance Sheet Including No Debt and $100 Million in Cash
Signed Important Platform Agreements in Full Year 2021, Resulting in $2.4 Million in Customer Billings
MCLEAN, Va., March 23, 2022 (GLOBE NEWSWIRE) — NextNav Inc. (NASDAQ: NN) (�NextNav or the Company), a leader in next generation GPS and 3D geolocation, today reported financial results for NextNavs fourth quarter and full year ended December 31, 2021.
Ganesh Pattabiraman, NextNav Co-founder and CEO, stated, It was an exciting year for NextNav, capped off by the completion of our business combination with Spartacus Acquisition Corp., and continued execution against our strategic growth initiatives. We signed several marquee customer agreements with companies, including Qualcomm, Bosch Sensortec and one of the nations largest wireless carriers. We continued to build a solid pipeline of customers for our Pinnacle service in market segments such as public safety and gaming. Our next generation terrestrial-based network, TerraPoiNT, underpinned by 2.4 billion MHz Pops of nationwide spectrum, continues to perform well in independent testing by global agencies and groups, further validating the market-leading performance and resilience of this revolutionary technology.
We are encouraged by the traction we are gaining in key markets and with notable platforms and partners in the U.S., resulting in customer billings of $2.4 million in 2021, the vast majority of which occurred in the fourth quarter. We are also looking forward to building traction in important international markets and look forward to capitalizing on the groundwork we laid in 2021.
Recent Operational Highlights:
Three and Twelve Months Ended December 31, 2021 Financial Highlights:
Conference Call Information
NextNav will host a conference call for analysts and investors at 5:00 PM ET on March 23, 2022, to discuss its financial results for the fourth quarter and Full Year 2021 and business outlook. To access the call, please register by visiting the following website: https://www.incommglobalevents.com/registration/q4inc/10288/nextnav-q4/#3921-earnings/.
Upon registering, each participant will be provided with call details and a registrant ID.
NextNav is also providing an investor relations presentation with information on its business and operations, which is available in the investor relations section of the NextNav website at https://ir.nextnav.com. Analysts and investors are directed to the website to review this information.
A replay of the call can also be accessed via phone through March 30, 2022, by dialing (866) 813-9403 from the U.S., or +44 204 525 0658 from outside the U.S. The conference I.D. number is 237544.
About NextNav Inc.
NextNav (NASDAQ: NN) provides next generation GPS and 3D geolocation. NextNav Pinnacle uses highly accurate vertical positioning to transform location services so they reflect the 3D world around us. NextNav TerraPoiNT system keeps critical infrastructure resilient with reliable Position, Navigation and Timing services in the absence of GPS. With carrier-grade dependability and a rapidly expanding nationwide service footprint, NextNav is driving a whole new ecosystem for geolocation applications and services.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as forecast, intend, seek, target, anticipate, believe, expect, estimate, plan, outlook, and project and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These statements, which involve risks and uncertainties, relate to analyses and other information that are based on forecasts of future results and estimates of amounts not yet determinable and may also relate to NextNavs future prospects, developments and business strategies. In particular, such forward-looking statements include statements about NextNavs position to drive growth in its 3D geolocation business and expansion of its next generation GPS platform, the business plans, objectives, expectations and intentions of NextNav, NextNavs partnerships and the potential success thereof and NextNavs estimated and future business strategies, competitive position, industry environment and potential growth opportunities. These statements are based on NextNavs managements current expectations and beliefs, as well as a number of assumptions concerning future events.
Such forward-looking statements are subject to known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside NextNavs control, that could cause actual results to differ materially from the results discussed in the forward-looking statements. These risks, uncertainties, assumptions and other important factors include, but are not limited to: (1) the ability of NextNav to continue to gain traction in key markets and with notable platforms and partners, both within the U.S. and internationally; (2) the ability of NextNav to grow and manage growth profitably, maintain relationships with partners, customers and suppliers, including with respect to NextNavs Pinnacle 911 solution and its TerraPoiNT network, and the ability to retain its management and key employees; (3) the ability of NextNav to maintain balance sheet flexibility and generate and effectively deploy capital in line with its business strategies; (4) the possibility that NextNav may be adversely affected by other economic, business and/or competitive factors (including the impacts of the ongoing COVID-19 coronavirus pandemic); and (5) other risks and uncertainties indicated from time to time in other documents filed with the Securities and Exchange Commission by NextNav. New risks and uncertainties arise from time to time, and it is impossible for us to predict these events or how they may affect us. You are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made, and NextNav undertakes no commitment to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.
Source: NN-FIN
Contacts
Investors:
Whit Clay
Sloane & Company
wclay@sloanepr.com
917-601-6012
Erica Bartsch
Sloane & Company
ebartsch@sloanepr.com
917-232-2718
HOHHOT, CHINA - Media OutReach Newswire - 23 December 2024 - China's National Forestry and…
HONG KONG SAR - EQS Newswire - 23 December 2024 - Novautek Autonomous Driving Limited…
JAKARTA, INDONESIA - Media OutReach Newswire - 23 December 2024 - V-GREEN and PT Xanh…
Increase in opportunities predicted for high-speed optical transceivers and miniaturized connectivity solutions to address data-intensive…
HONG KONG SAR - Media OutReach Newswire - 23 December 2024 - DYXnet, a wholly-owned…
CAIRO, EGYPT - Media OutReach Newswire - 23 December 2024 - Eand, Novo Nordisk, BSH,…