NextNav Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>NextNav Inc. has filed its 2023 annual report (10-K) detailing its operations in navigation systems and its corporate history.</b>

AI Summary

NEXTNAV INC. (NXNVW) filed a Annual Report (10-K) with the SEC on March 13, 2024. NextNav Inc. filed its 2023 Form 10-K on March 13, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal business is in Search, Detection, Navigation, Guidance, and Aeronautical Systems. NextNav Inc. was formerly known as Spartacus Acquisition Shelf Corp. until June 3, 2021. The company is incorporated in Delaware.

Why It Matters

For investors and stakeholders tracking NEXTNAV INC., this filing contains several important signals. This 10-K filing provides a comprehensive overview of NextNav's financial performance, operational activities, and risk factors for the fiscal year 2023, crucial for investors to assess the company's current standing and future prospects. Understanding the company's transition from Spartacus Acquisition Shelf Corp. to NextNav Inc. is important for historical context and evaluating the evolution of its business strategy and market position.

Risk Assessment

Risk Level: medium — NEXTNAV INC. shows moderate risk based on this filing. The company operates in the 'Search, Detection, Navigation, Guidance, Aeronautical Systems' industry, which can be subject to rapid technological changes and competitive pressures, as indicated by its SIC code 3812.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand NextNav's performance and potential challenges in the navigation technology sector.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-03-13 — Filing Date (Date of submission)
• 3812 — SIC Code (Industry classification)
• 001-40985 — SEC File Number (SEC registration)

Key Players & Entities

• NEXTNAV INC. (company) — Filer name
• 20231231 (date) — Fiscal year end
• 20240313 (date) — Filing date
• 3812 (industry) — Standard Industrial Classification
• Spartacus Acquisition Shelf Corp. (company) — Former company name
• 20210603 (date) — Date of name change
• DE (location) — State of incorporation
• 1775 TYSONS BLVD., 5TH FLOOR (address) — Business address

FAQ

Industry Context

NextNav Inc. operates within the technology sector, specifically focusing on navigation and positioning systems, an industry characterized by innovation and evolving regulatory landscapes.

Regulatory Implications

The company's operations are subject to regulations related to telecommunications, spectrum usage, and potentially aviation standards, depending on the specific applications of its technology.

What Investors Should Do

1. Review NextNav's detailed financial statements for the fiscal year ended December 31, 2023.
2. Analyze the risk factors section to understand potential challenges and uncertainties facing the company.
3. Examine any disclosures regarding executive compensation and corporate governance.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-03-13: Filing Date — Date NextNav Inc. submitted its 10-K to the SEC.

Year-Over-Year Comparison

This is the initial 10-K filing for NextNav Inc. under its current name, following its transition from Spartacus Acquisition Shelf Corp.

Key Financial Figures

• $0.0001 — nge on which registered Common Stock, $0.0001 par value NN The Nasdaq Capital Mar
• $1 — t of GPS on the U.S. economy may exceed $1 trillion annually, according to a NextN
• $100 billion — addressable market that is greater than $100 billion . Simultaneously, demand for wireless

Filing Documents

• nn-20231231.htm (10-K) — 2030KB
• ex1019_1.htm (EX-10.19) — 565KB
• ex1020_2.htm (EX-10.20) — 463KB
• ex1021_3.htm (EX-10.21) — 74KB
• ex211_4.htm (EX-21.1) — 14KB
• ex231_5.htm (EX-23.1) — 22KB
• ex311_6.htm (EX-31.1) — 20KB
• ex312_7.htm (EX-31.2) — 19KB
• ex321_8.htm (EX-32.1) — 10KB
• ex97_9.htm (EX-97) — 56KB
• img96b5dc944bea4e78ae91.jpg (GRAPHIC) — 25KB
• img6738ddb335b146ce9958.jpg (GRAPHIC) — 21KB
• 0001213900-24-022183.txt (&nbsp;) — 12077KB
• nn-20231231.xsd (EX-101.SCH) — 85KB
• nn-20231231_cal.xml (EX-101.CAL) — 116KB
• nn-20231231_def.xml (EX-101.DEF) — 420KB
• nn-20231231_lab.xml (EX-101.LAB) — 1303KB
• nn-20231231_pre.xml (EX-101.PRE) — 665KB
• nn-20231231_htm.xml (XML) — 1457KB

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations. 33 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk. 43 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data. 43 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure. 43 Item 9A.

Controls and Procedures

Controls and Procedures. 43 Item 9B. Other Information. 44 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections. 44 PART III Item 10. Directors, Executive Officers and Corporate Governance. 45 Item 11.

Executive Compensation

Executive Compensation. 45 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters. 45 Item 13. Certain Relationships and Related Transactions, and Director Independence. 45 Item 14. Principal Accountant Fees and Services. 45 PART IV Item 15. Exhibits and Financial Statement Schedules. 46 Item 16. Form 10-K Summary. 49

SIGNATURES

SIGNATURES Unless the context otherwise requires, all references in this Annual Report on Form 10-K to "NextNav," the "Company," "we," "us," and "our" include NextNav Inc. and its subsidiaries. i CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and Section 21 E of the Securities Exchange Act of 1934 , as amended (the "Exchange Act"). Forward-looking statements include, but are not limited to, statements regarding our management team's expectations, hopes, beliefs, intentions or strategies regarding the future, projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, and are not guarantees of future performance. The words "may," "will," "anticipate," "believe," "expect," "continue," "could," "estimate," "future," "expect," "intends," "might," "plan," "possible," "potential," "aim," "strive," "predict," "project," "should," "would" and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking . The forward-looking statements in this Annual Report on Form 10-K include, among other things, statements about: 1 . expectations regarding our strategies and future financial performance, including our future business plans or objectives, expected functionality of our geolocation services, anticipated timing and level of deployment of our services, anticipated demand and acceptance of our services, prospective performance and commercial opportunities and competitors, the timing of obtaining regulatory approvals, ability to finance our research and development activities, commercial partnership acquisition and retention, products and services, pricing, marketing plans, operating expenses, market trends, revenue, liquidity, cash flows and uses of cash, capital expendit

. Business

Item 1 . Business. Overview We are the market leader in delivering resilient, next generation, complementary positioning, navigation and timing ("PNT") solutions designed to overcome the limitations and vulnerabilities of the existing space-based Global Positioning System ("GPS") and Global Navigation Satellite Systems ("GNSS"). Our complementary PNT solutions are built on a deep asset base, which we are evolving to utilize 5G New Radio ("5G NR") technologies. We expect the evolution of our platform to 5G NR to significantly improve the efficiency and flexibility of our operations, technically enabling the delivery of high-bandwidth data services simultaneously with our industry-leading PNT solutions. Since the inception of NextNav, LLC in 2007 , we have secured valuable Federal Communications Commission ("FCC") licenses for a contiguous 8 MHz band of 900 MHz M-LMS spectrum covering over 90% of the U.S. population, been granted more than 180 patents related to our systems and services, and standardized our TerraPoiNT technology in 3GPP, the global telecommunications standards-setting body. The impa ct of GPS on the U.S. economy may exceed $1 trillion annually, according to a NextNav extrapolation of our data from a National Institute of Standards and Technology ("NIST") sponsored study conducted by RTI International ("RTI"), and the European Commission has estimated a similar impact on the economy of the European Union in its 2018 budget process. The usage of GPS services is also rapidly expanding, with its presence in devices in the U.S. increasing from 600 million devices to 900 million devices between 2015 and 2019, according to information presented to the National Space-Based PNT Advisory Board by the National Coordination Office for Space-Based PNT. PNT resiliency is now a priority of the U.S. Federal Government. The Department of Homeland Security has classified the PNT vulnerabilities from GPS as cyber security threats, and the Department of Transportat

View Full Filing

View this 10-K filing on SEC EDGAR