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RESTON, Va. - NextNav Inc. (NASDAQ:NN) reported fourth quarter revenue that exceeded estimates, sending shares up 4.7% in after-hours trading. The geolocation technology company posted revenue of $1.9 million for the quarter ended December 31, 2024, surpassing the consensus estimate of $1.31 million.
The company’s revenue grew 58.3% YoY from $1.2 million in the same quarter last year. NextNav attributed the increase primarily to higher service revenue from technology and services contracts with government and commercial customers.
Despite the revenue beat, NextNav reported a net loss of $32.3 million for the quarter, compared to a net loss of $16.4 million in the prior year period. The wider loss was largely due to a $14.9 million loss on the change in fair value of warrants and liability associated with an asset purchase.
For the full year 2024, NextNav’s revenue rose 46.2% to $5.7 million, up from $3.9 million in 2023. The company’s operating loss narrowed to $60.1 million from $63.5 million the previous year.
"2024 was a pivotal year for NextNav as we established a strong foundation to advance our vision for a terrestrial complement and backup to GPS," said CEO Mariam Sorond. "We made significant progress through our regulatory efforts and our engagement in engineer-to-engineer dialogue with key stakeholders."
NextNav ended the year with $80.1 million in cash, cash equivalents, and short-term investments. The company’s shares gained 4.7% following the earnings release, suggesting investors were encouraged by the revenue growth and progress on strategic initiatives.
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