NextNav Inc. reported its financial results for the quarter ended September 30, 2024, showing notable changes in revenue, expenses, and overall financial health compared to the previous fiscal period. The company generated revenue of $1.607 million for the third quarter of 2024, a significant increase of 56.5% from $1.027 million in the same quarter of 2023. For the nine months ended September 30, 2024, total revenue reached $3.758 million, up 41.4% from $2.657 million in the prior year. This growth was primarily driven by increased service revenue from technology and services contracts with both government and commercial customers.

Operating expenses for the third quarter of 2024 totaled $15.459 million, slightly down from $15.647 million in the same quarter of 2023. For the nine-month period, operating expenses increased to $49.091 million from $46.257 million year-over-year. The operating loss for the third quarter was $13.852 million, an improvement from a loss of $14.620 million in the same quarter of 2023. However, the net loss for the nine months ended September 30, 2024, was $69.609 million, compared to $55.339 million in the same period of 2023.

The company’s cash and cash equivalents decreased to $67.905 million as of September 30, 2024, from $81.878 million at the end of 2023. However, short-term investments rose significantly to $18.865 million from $3.954 million during the same period. Total current assets increased to $104.398 million, while total liabilities rose, with current liabilities reaching $20.822 million compared to $9.803 million at the end of 2023.

NextNav's strategic developments included the acquisition of M-LMS licenses and related rights from Telesaurus Holdings and Skybridge Spectrum Foundation, with a total consideration of $30 million in cash and stock. The company also reported a significant increase in selling, general, and administrative expenses, which rose by 30.3% to $8 million in Q3 2024, primarily due to higher professional services and payroll-related costs.

The company continues to invest in research and development, with R&D expenses for the third quarter decreasing to $3.5 million from $5 million in the prior year, reflecting ongoing efforts to enhance its technology platform. Despite the challenges, NextNav remains focused on expanding its positioning, navigation, and timing (PNT) solutions, emphasizing the importance of GPS resiliency as a national security priority.