NextNav Converts Convertible Notes, Ends Quarter Debt-Free

The Tip Desk · November 12, 2026 · 3 min read

Revenue was $1.58 million in the third quarter as the company posted a $4.21 million net loss and held about $290.9 million of cash and investments with no outstanding debt.

NextNav Inc. (NN), a developer of next-generation positioning, navigation and timing technology, reported third-quarter revenue of $1.58 million, up from $887 thousand in the year-ago quarter.

The company swung to a net loss of $4.21 million, or $0.02 a share on a basic basis, from net income of $483 thousand a year earlier. Operating loss narrowed slightly to $19.61 million from $19.87 million.

The quarter’s defining balance-sheet event was the elimination of convertible debt. On June 15, 2026, NextNav exercised its optional redemption right on its $190 million 5.00% Senior Secured Convertible Notes due 2028. Before the June 25 redemption date, all noteholders elected to convert outstanding notes and unpaid accrued interest into about 15.2 million shares of common stock, so no cash redemption occurred. Long-term debt, net, was zero at September 30, 2026, versus $273.59 million at December 31, 2025.

Interest income (expense), net, flipped to $2.43 million of income from $3.18 million of expense a year earlier. Change in fair value of warrants contributed $13.02 million of income, versus $4.80 million a year earlier. The prior-year $18.77 million gain on derivative liability did not recur.

Selling, general and administrative expense increased to $12.76 million from $10.01 million a year earlier. Research and development was $5.19 million versus $5.15 million. Depreciation and amortization fell to $1.32 million from $3.55 million. Cost of goods sold, exclusive of depreciation and amortization, was $1.92 million.

As of September 30, 2026, the company held approximately $290.9 million in cash, cash equivalents, and short-term and long-term investments, with no outstanding debt. Cash and cash equivalents were $63.88 million, short-term investments $200.21 million, and long-term investments $26.82 million. Stockholders’ equity was $353.92 million, versus a deficit of $86.24 million at year-end 2025.

In the second quarter, holders exercised about 14.8 million public warrants for cash at $11.50, generating about $169.5 million of gross proceeds. The remaining 318 thousand warrants were redeemed at $0.01, eliminating the public warrant overhang. Proceeds from exercise of common warrants were $172.61 million in the nine months ended September 30, 2026.

Chief Executive Officer Mariam Sorond said the third quarter was marked by continued regulatory progress, technical milestones, new partnerships, and market validation of low-band spectrum assets. On September 15, 2026, NextNav announced real-world field validation achieving single-digit-meter horizontal positioning accuracy using PRS signals from its 5G PNT Network in Santa Clara County, California. On August 24, 2026, the company named Tiami Networks a sensing ecosystem partner for 5G-powered counter-UAS detection. On October 5, 2026, it announced a strategic partnership with AiRANACULUS to advance integrated sensing and communications across its lower 900 MHz spectrum for long-range counter-UAS detection.

On September 22, 2026, Marissa Mitrovich joined as Vice President of Government Affairs and Vijay Venkateswaran was appointed Chief Business Development Officer. Sorond said the company continues to combine low-band spectrum with 5G-capable PNT and sensing technologies for national security, critical infrastructure and public safety.