NEXTNAV INC. Segments Disclosure
16. Segments
NextNav operates as one operating segment. Information on the Company’s products and service offerings are included in Note 1 - Organization and Business. The accounting policies of the single operating segment are the same as those described in Note 2 - Summary of Significant Accounting Policies.
NextNav’s chief operating decision maker (“CODM”) is its Chief Executive Officer, who reviews financial information presented on an entity-wide basis for purposes of making operating decisions, assessing financial performance, and allocating resources.
The CODM assesses performance and decides how to allocate resources based on consolidated net loss that also is reported on the Consolidated Statements of Comprehensive Loss. Consolidated net loss is used to monitor budget versus actual results and in the annual budgeting and forecasting process. The measure of segment assets is reported on the Consolidated Balance Sheets as total consolidated assets. The CODM reviews cash flow forecasts in making capital and investment decisions. The CODM considers budget-to-actual variances in consolidated net loss monthly in determining performance and the compensation of employees.
NextNav does not have any intra-entity sales or transfers during the years ended December 31, 2025 or 2024.
Segment financial information for the years ended December 31, 2025 and 2024, is as follows. The Company reclassified certain expenses between significant expense categories presented in the segment financial information below for all periods to align with the organizational structure changes as of December 31, 2025.
|
| Year Ended December 31, | |||
|
| 2025 |
|
| 2024 |
Revenue | $ | (4,573) |
| $ | (5,669) |
Less: |
|
|
|
|
|
Technology development expenses |
| 10,460 |
|
| 6,815 |
Business operation expenses |
| 15,876 |
|
| 18,770 |
General and administrative expenses |
| 23,776 |
|
| 20,133 |
Depreciation and amortization |
| 7,750 |
|
| 5,238 |
Interest expense, net |
| 12,443 |
|
| 9,401 |
Change in fair value of warrants and derivative liabilities |
| 82,885 |
|
| 33,177 |
Other segment items1 |
| 40,438 |
|
| 13,841 |
Provision for income taxes |
| 198 |
|
| 173 |
Consolidated net loss | $ | 189,253 |
| $ | 101,879 |
1 Other segment items include equity-based compensation, non-cash rent expense, capitalized labor costs, accretion expense on asset retirement obligations and other income (loss).
Substantially all long-lived tangible assets are located in the United States.
For the year ended December 31, 2025, two customers accounted for 70% and 17% of total revenue. For the year ended December 31, 2024, three customers accounted for 57%, 18% and 11% of total revenue. Substantially all revenue was generated from the United States.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 17, 2026 | Showing above |
| 2024 | Mar 12, 2025 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.