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
Signed Important Platform Agreements in Full Year 2021, Resulting in
We are encouraged by the traction we are gaining in key markets and with notable platforms and partners in the
Recent Operational Highlights:
- Nationwide Wireless Carrier for E911: In
December 2021 ,NextNav entered into an agreement with one of the nation’s largest wireless carriers to deliver vertical location for Enhanced 911 (“E911”), using NextNav’s Pinnacle 911 solution for all its customers. - Qualcomm Technologies: In
October 2021 ,NextNav announced a collaboration withQualcomm Technologies, Inc. , to enable NextNav’s Pinnacle 911 z-axis software and network-based services for use with the Qualcomm Location Suite. The effort is expected to facilitate device and original equipment manufacturer vendors’ ability to integrate z-axis capabilities into existing carrier infrastructure for 911 purposes. - Bosch Sensortec: In
December 2021 ,NextNav announced a partnership with Bosch Sensortec, the leading provider in sensing solutions for consumer electronics, to enable more precise vertical location in barometric pressure sensors. European Commission's Joint Research Centre’s Trial: InFebruary 2022 ,NextNav announced its participation in the European Commission’sJoint Research Centre alternative positioning, navigation, and timing (“PNT”) evaluation in Ispra,Italy . The test furthers the European Union’s creation of a backup to the Global Navigation Satellite System, such as Galileo or GPS, and is intended to assess which technologies could strengthen and expand the European PNT capacity.
Three and Twelve Months Ended
- Revenue: was
$0.02 million in the three months endedDecember 31, 2021 , as compared to$0.1 million in the prior year period. For the twelve months endedDecember 31, 2021 , revenue was$0.8 million , associated with customer billings of$2.4 million , as compared with$0.6 million in the prior year period, primarily driven by increased revenue from technology and services contracts with commercial customers. - Operating Loss: was
$(14.2) million in the three months endedDecember 31, 2021 , as compared to$(13.0) million in the prior year period. For the twelve months endedDecember 31, 2021 , operating loss was$(42.4) million , as compared to$(29.5) million in the prior year period. - Net Loss: was
$(46.2) million in the three months endedDecember 31, 2021 , primarily driven by a change in fair value of warrants, as compared to$(113.9) million in the prior year period and$(144.7) million in the twelve months endedDecember 31, 2021 , primarily driven by a change in fair value of warrants, as compared to$(137.3) million in the prior year period. - Balance Sheet: As of
December 31, 2021 , the Company had$100 million in cash and was debt-free, providing balance sheet flexibility.
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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 NextNav’s future prospects, developments and business strategies. In particular, such forward-looking statements include statements about NextNav’s 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
Such forward-looking statements are subject to known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside NextNav’s 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
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917-232-2718
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