Segments

9 Months Ended

Sep. 30, 2025

Segments

Segments

13. Segments

NextNav operates as one operating segment. Information on the Company’s products and service offerings are included in Note 1 - Organization and Business. The accounting policies of the single operating segment are the same as those described in Note 2 - Summary of Significant Accounting Policies.

NextNav’s CODM is its Chief Executive Officer, who reviews financial information presented on an entity-wide basis for purposes of making operating decisions, assessing financial performance, and allocating resources.

The CODM assesses performance and decides how to allocate resources based on consolidated net loss that also is reported on the Consolidated Statements of Comprehensive Loss. Consolidated net loss is used to monitor budget versus actual results and in the annual budgeting and forecasting process. The measure of segment assets is reported on the Consolidated Balance Sheets as total consolidated assets. The CODM reviews cash flow forecasts in making capital and investment decisions. The CODM considers budget-to-actual variances in consolidated net loss monthly in determining performance and the compensation of employees.

NextNav did not have any intra-entity sales or transfers during the three and nine months ended September 30, 2025 and 2024.

Segment financial information for the three and nine months ended September 30, 2025 and 2024 is as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Revenue	$	887	$	1,607	$	3,628	$	3,758
Less:
Technology Development Expenses		2,715		1,757		7,817		4,838
Business Operation Expenses		4,050		4,110		12,063		14,415
General and Administrative Expenses		5,842		5,006		18,518		14,521
Depreciation and amortization		3,546		1,313		6,348		3,926
Interest expense, net		3,179		2,217		8,937		6,706
Change in fair value of warrants and derivative liabilities		(23,575)		(2,143)		34,401		19,523
Other segment items1		4,601		2,930		36,689		9,300
Provision for income taxes		46		26		146		138
Consolidated net income (loss)	$	483	$	(13,609)	$	(121,291)	$	(69,609)

1 Other segment items include equity-based compensation, debt extinguishment loss, non-cash other loss, non-cash rent expense, capitalized labor costs, accretion expense on asset retirement obligations and other income (loss).