Income statement, balance sheet and cash flow statement for the last 6 fiscal years, taken from the XBRL data NEXTNAV INC. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2021
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
0.57
0.76
3.93
3.86
5.67
4.57
Cost of revenue
0.89
0.23
2.39
2.32
0.73
8.54
Gross profit
-0.32
0.53
1.54
1.54
4.94
-3.97
Research and development
8.78
9.47
17.1
19.5
16.2
19
Selling, general and administrative
13.3
13.6
36.9
30.3
33.5
39.6
General and administrative
20.1
23.8
Operating expenses
30
43.2
69.5
67.4
65.8
Operating income
-29.5
-42.4
-65.5
-63.5
-60.1
-70.2
Interest expense
10
17.8
Other non-operating income
-0.19
-0.03
-0.18
-0.22
0.97
-9.06
Pre-tax income
-137
-145
-40.1
-71.5
-102
-189
Income tax
0.04
0.05
-0.03
0.22
0.17
0.2
Net income
-137
-145
-40.1
-71.7
-102
-189
EBITDA
-29.2
-40.6
-61.9
-58.7
-54.9
-62.5
EPS, basic
-23.20
-6.73
-0.40
-0.66
-0.84
-1.42
EPS, diluted
-23.20
-6.73
-0.40
-0.66
-0.84
-1.42
Shares, basic (weighted)
7.35
0.02
101
108
0.12
0.13
Shares, diluted (weighted)
7.35
0.02
101
108
0.12
0.13
Balance sheet
FY2021
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
13.7
100
47.2
81.9
39.3
44.8
Short-term investments
8.22
3.95
40.8
107
Receivables
0.08
1.74
2.17
2.33
3.3
2.35
Inventory
4.6
Other current assets
3.71
4.52
3.58
3.06
2.63
2.93
Total current assets
18.1
106
61.2
91.2
86
157
Property, plant and equipment
1.26
21.8
19.2
Lease right-of-use assets
10.1
19.3
17.4
14.9
Goodwill
17.5
18
17
19.2
Intangible assets
4.14
4.1
10.4
10.6
9.59
42.2
Other non-current assets
4.15
1.81
1.51
13.8
1.66
Total assets
44.9
137
124
162
162
247
Accounts payable
0.68
0.45
1.02
0.39
0.86
0.66
Accrued liabilities
2.42
2.42
3.91
4.84
5.23
Deferred revenue
1.63
0.1
0.3
0.29
0.49
Total current liabilities
4.24
6.68
8.89
9.8
12.1
12.4
Long-term debt
48.4
54.6
274
Lease liabilities
5.29
15.1
14.4
12.3
Other non-current liabilities
1.31
1.55
1.61
1.8
1.78
Total liabilities
166
36.9
19.9
82.1
112
333
Total debt
48.4
54.6
274
Paid-in capital
748
787
837
912
962
Retained earnings
-490
-648
-688
-760
-862
-1,051
Treasury stock
-0
-0.67
-0.69
-0.69
Other comprehensive income
-0.1
-0.12
1.37
2.2
0.67
3.81
Shareholders' equity
-490
100
100
78.7
50.1
-86.2
Minority interests
3.85
1.36
Total equity
-490
99.4
104
80.1
50.1
-86.2
Total liabilities and equity
44.9
137
124
162
162
247
Shares outstanding
7.35
96.5
106
111
131
135
Cash flow statement
FY2021
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-137
-145
-40.1
-71.7
-102
-189
Depreciation and amortization
0.24
1.78
3.67
4.82
5.24
7.75
Stock-based compensation
13.9
16.6
Deferred income tax
-0.12
0.08
Change in receivables
-1.66
-0.43
-0.16
-0.97
0.96
Change in payables
-0.16
-7.02
0.49
-0.63
0.47
-0.2
Cash from operations
-28.4
-47.9
-37.1
-35.4
-38
-50.7
Capital expenditures
-6.42
-1.02
-2.96
-2.75
-0.35
-0.05
Acquisitions
-2.89
Purchases of investments
-13.6
-37.4
-82.4
-282
Sales and maturities of investments
5.5
42.2
46.5
218
Cash from investing
-7.18
-1.28
-15.7
1.07
-39.5
-64.6
Debt issued
24.6
70
190
Debt repaid
-70.7
Stock issued
0
0.01
0.07
3.79
1.96
Share buybacks
-0
Cash from financing
34.8
136
0.04
69
35.1
120
Exchange rate effect
-0.02
-0.06
0.03
-0.18
0.24
Net change in cash
-0.81
86.4
-52.8
34.6
-42.5
5.43
Free cash flow
-34.8
-49
-40.1
-38.2
-38.4
-50.8
Interest paid
1.81
3.5
8.69
Income taxes paid
-0.15
-0.2
-0.19
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $14.24 on September 28, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
-104.9%
Gross profit / revenue.
Operating margin
-1,900.0%
Operating income / revenue.
EBITDA margin
-1,704.0%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
-2,807.0%
Pre-tax income / revenue.
Net margin
-2,813.0%
Net income / revenue.
FCF margin
-1,334.0%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
-1,334.0%
Cash from operations / revenue.
Return on equity (ROE)
-33.4%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-28.8%
Net income / average total assets.
Return on invested capital (ROIC)
-23.3%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue
540.5%
Research and development expense / revenue.
SG&A / revenue
1,059.0%
Selling, general and administrative expense / revenue.
Stock-based pay / revenue
493.8%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
0.2%
Capital expenditures / revenue.
D&A / revenue
196.2%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
-19.3%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
5.2%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y
51.7%
Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y
-180.3%
Gross profit vs the same period a year earlier. Only from a positive base.
Book value growth, 1y
-272.1%
Book value vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y
52.7%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
25.9%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
40.6%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y
9.4%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
-89.0%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y
-55.2%
Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
25.6x
Current assets / current liabilities.
Quick ratio
19.5x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
19.3x
(Cash + short-term investments) / current liabilities.
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share
$0.03
Revenue / diluted weighted shares.
FCF per share
-$0.37
Free cash flow / diluted weighted shares.
Operating cash flow per share
-$0.37
Cash from operations / diluted weighted shares.
Book value per share
$2.00
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
604x
Market cap / revenue.
P/B
7.19x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
8.77x
Market cap / tangible book value, when positive.
EV/Sales
547x
Enterprise value / revenue.
FCF yield
-2.2%
Free cash flow / market cap.
Earnings yield
-4.7%
Net income / market cap (the inverse of P/E).
What was NEXTNAV INC.'s revenue in fiscal 2025?
NEXTNAV INC. reported revenue of $4.6M for fiscal 2025, 19.3% lower than the year before.
Was NEXTNAV INC. profitable in fiscal 2025?
No. It reported a net loss of $189.3M.
How much free cash flow did NEXTNAV INC. generate in fiscal 2025?
Cash from operations of $50.7M minus capital expenditures of $50.0K left free cash flow of -$50.8M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.