Business
NextNav Inc. Reports Third Quarter 2022 Results
Closes Acquisition of Nestwave SAS Post Quarter End, Expected to Reduce TerraPoiNT Deployment Costs by Approximately 75% MetCom Launches Pinnacle Service in
About this update from Nextnav Inc.
[{"type":"text","content":"Closes Acquisition of Nestwave SAS Post Quarter End, Expected to Reduce TerraPoiNT Deployment Costs by Approximately 75%\nMetCom Launches Pinnacle Service in Tokyo, Japan on November 9, 2022 – Full Nationwide Rollout Expected in 2023\nMCLEAN, Va., Nov. 10, 2022 /PRNewswire/ -- NextNav Inc. (NASDAQ: NN) (\"NextNav\" or the \"Company\"), a leader in next generation GPS and 3D geolocation, today reported financial results for NextNav's third quarter ended September 30, 2022.\n\n \n \n \n \n \n \n\n \nGanesh Pattabiraman, NextNav Co-founder and CEO, stated, \"The acquisition of Nestwave is a major milestone for our business and a key component of our strategy to deliver long term shareholder value. We remain focused on executing against three strategic priorities: being the leader in resilient PNT, unleashing the full value of our spectrum, and expanding our global reach. Nestwave accelerates our ability to achieve these goals by improving our underlying spectral efficiency and data capacity, dramatically reducing our future capital and network operating expenses, and enabling global 3D Positioning, Navigation and Timing (PNT) capabilities even prior to securing dedicated spectrum allocations.\n\"We are energized by recent developments out of the Federal Government regarding Executive Order 13905, which we expect to be released in Spring of 2023. After completing inter-agency review, the order is expected to direct key federal agencies to begin including PNT resilience requirements in their procurements. NextNav is the recognized industry leader in resilient PNT solutions and is well positioned to participate in these procurements going forward.\n\"Additionally, we are thrilled to announce the commercial launch of MetCom services in Tokyo, Japan on November 9th. This partnership is our first large-scale commercial deployment of Pinnacle outside the US and is an excellent validation of our technology platform as we expand globally.\"\nRecent Operational Highlights:\nAcquisition of Nestwave SAS: On October 31, 2022, NextNav closed its acquisition of Nestwave SAS, a privately held global leader in low-power geolocation based in France. By leveraging Nestwave's unique technology and ambient LTE/5G waveform with the TerraPoiNT system, NextNav gains significant spectral efficiency, accelerates the availability of resilient PNT through a 7...