Segments

12 Months Ended

Dec. 31, 2025

Segments

Segments

16. 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 chief operating decision maker (“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 does not have any intra-entity sales or transfers during the years ended December 31, 2025 or 2024.

Segment financial information for the years ended December 31, 2025 and 2024, is as follows. The Company reclassified certain expenses between significant expense categories presented in the segment financial information below for all periods to align with the organizational structure changes as of December 31, 2025.

		Year Ended December 31,
		2025		2024
Revenue	$	(4,573)	$	(5,669)
Less:
Technology development expenses		10,460		6,815
Business operation expenses		15,876		18,770
General and administrative expenses		23,776		20,133
Depreciation and amortization		7,750		5,238
Interest expense, net		12,443		9,401
Change in fair value of warrants and derivative liabilities		82,885		33,177
Other segment items1		40,438		13,841
Provision for income taxes		198		173
Consolidated net loss	$	189,253	$	101,879

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

Substantially all long-lived tangible assets are located in the United States.

For the year ended December 31, 2025, two customers accounted for 70% and 17% of total revenue. For the year ended December 31, 2024, three customers accounted for 57%, 18% and 11% of total revenue. Substantially all revenue was generated from the United States.