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Jun 30, 2024
NextNav Q2 2024 Earnings Report
NextNav's financial performance for Q2 2024 reflected increased revenue due to growth in recurring service revenue, offset by higher operating expenses and losses from warrant valuations.
Key Takeaways
NextNav reported revenue of $1.1 million, an operating loss of $15.3 million, and a net loss of $24.4 million, which included losses from the fair value of warrants. The company highlighted progress with the FCC and a $1.9 million award from the DOT to test PNT services.
Revenue increased to $1.1 million, driven by recurring service revenue from technology and services contracts.
Operating loss was $15.3 million, influenced by higher payroll-related expenses and professional services.
Net loss was $24.4 million, including a loss on the fair value of warrants.
Company received $1.9 million in funding from the DOT to test PNT services.
NextNav
NextNav
Forward Guidance
NextNav did not provide specific forward guidance in this earnings report.