Business
NextNav Inc. Reports Second Quarter 2023 Results
Closes $70 Million in Debt Financing, Including $50 Million in 2Q 2023 Signs Agreement with Top-Tier Global Chip Manufacturer for Licensing of NextNav
About this update from Nextnav Inc.
[{"type":"text","content":"Closes $70 Million in Debt Financing, Including $50 Million in 2Q 2023 Signs Agreement with Top-Tier Global Chip Manufacturer for Licensing of NextNav Technology Expands E911 Partner Network with additional Nationwide U.S. Carrier MCLEAN, Va., Aug. 09, 2023 (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 second quarter ended June 30, 2023. Ganesh Pattabiraman, NextNav Co-founder and CEO, stated, “We continue to see solid strategic momentum in the business as we move into the second half of the year. We closed a $50 million debt financing deal and subsequent to quarter end we closed an additional $20 million investment from existing investors increasing their commitments. This investment is a testament to the fundamentals of our business and the favorable view the market has of our strategic assets and future prospects. We look forward to leveraging these funds, which provide us with multiple years of runway, to continue executing against our business initiatives. We were also pleased to see the FCC approve our experimental license that allows us to validate our ability to provide highly reliable 3D geo-location and resilient position, navigation and timing (“PNT”) capabilities using a 5G waveform, while simultaneously using that waveform to carry 5G broadband data. Additionally, we are seeing significant traction in the quarter in our underlying technology licenses as well as government grants. Notably, we recently signed a licensing agreement with a top-tier global chip manufacturer to provide positioning functionality to one of their mainline chipsets and expect it to deliver initial revenue in the second half of 2023. We are excited by the progress we’ve made thus far in 2023 and look forward to building more value for our shareholders going forward.” Recent Operational Highlights Closes $70 Million Debt Financing: On July 6, 2023, NextNav closed an additional investment of $20 million aggregated principal amount of 10.00% Senior Secured First Lien Notes due December 2026 to a group of lenders from its previously closed $50 million aggregate principal amount. This brings the total gross proceeds from both rounds to $70 million.Receives FCC Approval for Experimental License Using 5G Waveform: Following...