NNNEXTNAV INC.

Search, Detection, Navigation, Guidance, Aeronautical Sys

Revenue: $5M; 19% YoY
Operating margin: -1535.8%; 45% YoY
EBITDA: −$62M; 14% YoY
Market cap: $1.9B
Employees: 103; $44K revenue each
Net debt / EBITDA: —; $189M net debt
AI in 10-K: 0.5; mentions per 10K words

Takeover score 6 of 13

Fixable underperformance 1 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCYes
364% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
-0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
5% of assets
Over 40% of assets
Shareholder dissentNo
91% lowest support
Any vote under 80% support

Buyer economics 3 of 4

Low revenue per employeeYes
$44K · 5th pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.5 per 10K words · 23rd pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$1.9B market cap
Market cap $500M–$5B

Catalysts 2 of 2

Active 13DYes
1 filing
Active-intent 13D in 18 months
Net insider sellingYes
−$13M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$763K	$4M	$4M	$6M	$5M	19%
Operating income	−$42M	−$66M	−$64M	−$60M	−$70M	17%
Net income	−$145M	−$40M	−$72M	−$102M	−$189M	86%
Operating cash flow	−$48M	−$37M	−$35M	−$38M	−$51M	34%
Capex	$1M	$3M	$3M	$350K	$50K	86%
Stock-based comp	—	—	—	$14M	$17M	20%
Buybacks	—	$4K	—	—	—

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
May 22, 2026	SUBIN NEIL S	SCHEDULE 13D/A	2.5%	Active
Jan 7, 2025	New Enterprise Associates 14, L.P.	SCHEDULE 13D/A	0.1%	Passive
Dec 6, 2024	Columbia Capital IV, LLC	SC 13D/A	4.9%	Passive
Nov 14, 2024	Columbia Capital IV, LLC	SC 13D/A	6.0%	Passive
May 10, 2024	New Enterprise Associates 14, L.P.	SC 13D/A	6.8%	Passive
Apr 15, 2024	Frischer Charles L	SC 13D/A	7.8%	Active
Mar 20, 2024	Frischer Charles L	SC 13D/A	6.8%	Active
Mar 14, 2024	Columbia Capital IV, LLC	SC 13D/A	7.0%	Passive
Mar 8, 2024	Frischer Charles L	SC 13D	5.3%	Active
Feb 15, 2023	OAK MANAGEMENT CORP	SC 13D/A	0.2%	Passive

Insider trading

Open-market buys, 12 mo: $693K · 1
Open-market sells, 12 mo: $13M · 35
Net: −$13M

Pay vs performance

No pay-versus-performance disclosure yet.