Business
NextNav Inc. Reports Fourth Quarter and Full Year 2021 Results
Launched Commercial Service for First Responders with FirstNet by AT&T and Signed Milestone Agreement with a Nationwide Carrier for E911 Ended Year with a
About this update from Nextnav Inc.
[{"type":"text","content":"Launched Commercial Service for First Responders with FirstNet by AT&T and Signed Milestone Agreement with a Nationwide Carrier for E911 Ended Year with a Strong Balance Sheet Including No Debt and $100 Million in Cash Signed Important Platform Agreements in Full Year 2021, Resulting in $2.4 Million in Customer Billings MCLEAN, Va., March 23, 2022 (GLOBE NEWSWIRE) -- NextNav Inc. (NASDAQ: NN) (“NextNav” or the “Company”), a leader in next generation GPS and 3D geolocation, today reported financial results for NextNav’s fourth quarter and full year ended December 31, 2021. Ganesh Pattabiraman, NextNav Co-founder and CEO, stated, “It was an exciting year for NextNav, capped off by the completion of our business combination with Spartacus Acquisition Corp., and continued execution against our strategic growth initiatives. We signed several marquee customer agreements with companies, including Qualcomm, Bosch Sensortec and one of the nation’s largest wireless carriers. We continued to build a solid pipeline of customers for our Pinnacle service in market segments such as public safety and gaming. Our next generation terrestrial-based network, TerraPoiNT, underpinned by 2.4 billion MHz Pops of nationwide spectrum, continues to perform well in independent testing by global agencies and groups, further validating the market-leading performance and resilience of this revolutionary technology. We are encouraged by the traction we are gaining in key markets and with notable platforms and partners in the U.S., resulting in customer billings of $2.4 million in 2021, the vast majority of which occurred in the fourth quarter. We are also looking forward to building traction in important international markets and look forward to capitalizing on the groundwork we laid in 2021.” Recent Operational Highlights: Nationwide Wireless Carrier for E911: In December 2021, NextNav entered into an agreement with one of the nation’s largest wireless carriers to deliver vertical location for Enhanced 911 (“E911”), using NextNav’s Pinnacle 911 solution for all its customers.Qualcomm Technologies: In October 2021, NextNav announced a collaboration with Qualcomm Technologies, Inc., to enable NextNav’s Pinnacle 911 z-axis software and network-based services for use with the Qualcomm Location Suite. The effort is expected to facilitate device and original equipm...