Slide 1: Welcome to Next Generation GPS
Welcome to Next Generation GPS
Slide 2: Disclaimer and Cautionary Note Regarding Forward-looking Statements
Disclaimer and Cautionary Note Regarding Forward - looking Statements This presentation (together with oral statements made in connection herewith, this “ Presentation ”) contains selected confidential information about NextNav, LLC (“ NextNav ”) and Spartacus Acquisition Corporation (“ Spartacus ”)
Slide 3: Unique sponsor & target partnership
Unique sponsor & target partnership SPARTACUS • Extensive history with NextNav’s people and assets • Nearly three decades of telecom experience • A history of transformational investments in wireless • High conviction in NextNav’s generational opportunity to transform GPS and drive topline growth St
Slide 4: Today's presenters
Today’s presenters Ganesh Pa tt a b ir a m a n C O - F O U N D E R , P R E S I D E N T & C E O Chris G a t es CFO Gary Pa r s o n s CHAIRMAN N e x t Nav S p a r t a c u s Peter A q u i n o C HA I R M A N & C E O Neil S u b in C I O , M I L F A M 3
Slide 5: GPS impact on the US economy approaching $1 Trillion annually
GPS impact on the US economy approaching $ 1 Trillion annually and doubling every 2 - 3 years GPS is a single point of failure — we rely on it for aviation, agriculture, telecommunications, power grids, financial transactions, maps and more. 4 Source: NextNav extrapolation of NIST sponsored study, c
Slide 6: Industry needs have evolved beyond tech created in the 60's
Industry needs have evolved beyond tech created in the 60’s Increased accuracy and availability in urban environments Indoor tracking and mapping A l t i t u d e d a ta ( 3 D l o c a t i o n ) Increased resilience and redundancy Increased security We need 5
Slide 7: Today's economy requires Next Generation GPS
Today’s economy requires Next Generation GPS • A p p s — r i d e s h a r e , d e l i v e r y , a n d o t h e r s • Indoor mapping • Autonomous vehicles, eVTOLs and UAVs • C r i t i c a l i n f r a s t r u c t u r e • Public Safety 6
Slide 8: NextNav is Next Generation GPS
NEXTNAV IS NEXT GENERATION GPS MORE AVAILABLE MORE RESILIENT MORE ACCURATE 7
Slide 9: NextNav is targeting a >$100 Billion addressable market today
NextNav is targeting a >$100 Billion addressable market today $4 Billion Mission - critical public safety and e911 $24 Billion Mass market, mobile apps, and data analytics $ 1 1 B illi o n Enterprise, IoT, and critical infrastructure >$50 Billion Upside from global expansion (1) $10 Billion Autonomo
Slide 10: Making smart cities safe cities
Making smart cities safe cities • Partners with AT&T and FirstNet to provide r e a l ti m e , 3 D s i tu a ti o n a l a w a r e n e s s to F ir s t Responders • NextNav technology proven to exceed FCC’s e 9 11 ve r ti ca l l o ca ti o n a cc u r a cy m a n d a te 240 MILLION 9 11 ca ll s r e l y o n
Slide 11: NextNav enables the app economy
NextNav enables the app economy • Inaccurate location and spoofing plagues apps today • F ir s t s o l u ti o n to p r o vi d e f l oo r l e ve l a cc u r a cy • A u g m e n te d r e a l i ty r e q u ir e s p r e ci s e location data • L a r g e un i ve r s e o f a pp s u ti l i z e l o ca ti o n da
Slide 12: Autonomous vehicles require resilient and precise location data
Autonomous vehicles require resilient and precise location data • M o r e p r e ci s e a n d r e s i l i e n t n a vi g a ti o n , p a r ti c u l a r l y i n u r b a n a r e a s • Li a b i l i ty co n c e r n s i n f l u e n ce f a i l - s a f e system design • Quicker detection and more precise cor
Slide 13: eVTOLs and UAVs raise the stakes higher
(1) Projections informed by Booz Allen Executive Briefing to NASA. eVTOLs and UAVs raise the stakes higher • R e l i a b l e n a vi g a ti o n i n u r b a n a r e a s r e q u ir e s precise location awareness • 3D situational awareness required for urban air mobility • S e l e cte d b y N A S A f o
Slide 14: The enterprise IoT will be powered by Next Generation GPS
The enterprise IoT will be powered by Next Generation GPS • A ss e t t r a c k i n g & I o T r e q u ir e precise 3D location • Tracking high - value assets • S m a r t w a r e h o u s e s • Lone and industrial worker productivity and safety 1.2 BILLION IoT connections in the US by 2024 (1) (1) Proj
Slide 15: Bringing resiliency to critical infrastructure
Bringing resiliency to critical infrastructure • R e s i l i e n t ti m i n g / l o ca ti o n s e r vi c es f o r cr i ti ca l infrastructure is a national security priority • Active Congressional legislation and Presidential directives create opportunity f o r N e xt G e n e r a ti o n G P S e n a
Slide 16: NextNav's long-term vision
NextNav’s long - term vision NextNav Next Generation GPS will be the global gold standard for location and timing services • Irreplaceable deployed nationwide network • Vi t a l a n d f u ll y i n t e g r a t e d s e r v i c e • C r i t i c a l f o r s a f e ty a n d t h e mo b i l e e c o n o my Re
Slide 17: NextNav is Next Generation GPS
NextNav is Next Generation GPS S O L U T I O N PR O F I LE : 16
Slide 18: Pinnacle
Pinnacle “ Ne x tN a v ’ s P i nn a c l e i s t h e m o s t reliable z - axis service available.” - Scott Agnew ASSISTANT VICE PRESIDENT OF PRODUCT MARKETING AT&T S O L U T I O N PR O F I LE : • V e r ti ca l l o ca ti o n + / - 3 m e te r “ f l oo r l e ve l ” accuracy 94% of time • Ubiquitous Netw
Slide 19: TerraPoiNT
Te r r a P o i N T “ A l l v e n do r s d e m o n s t r a te d some PNT performance of value, but only one vendor, NextNav, d e m o n s t r a te d i n a l l a pp l i c a b l e use case scenarios.” - DOT Report S O L U T I O N PR O F I LE : • 3D performance of 2.3m (1) • Only solution to deliver 3D p
Slide 20: Sequential go-to-market plan
Sequential go - to - market plan Market Pe ne t r a t i o n P a r tn e r s h i p w i th A T &T to launch NextNav services a c r o s s U S f o r F i r s tN e t 1 Global S t a n d a r d Provider of highly reliable, c r i t i c a l , l o c a t i o n s e r v i c e s 3 Service P r o li f e r a t i o n Be
Slide 21: The NextNav opportunity set is global
The NextNav opportunity set is global • Target developed markets with similar characteristics to the US • I n cl u d e s c e r t a i n m a r k e ts i n th e A m e ri ca s , Western Europe, and East Asia • Near - term vertical opportunities in Canada, EU and Japan • Joint venture with Metcom (Sony an
Slide 22: Deep competitive moat
Deep competitive moat 100+ Patents G l o b a l i n t e ll e c t u a l property portfolio 2.4bn MHz - PoPs One - of - a - kind nationwide spectrum license portfolio 4,400 Cities Covered by NextNav deployed network 21
Slide 23: Spectrum license at core of competitive advantage
Spectrum license at core of competitive advantage V i r t u a ll y n a t i o n w i d e , c o v e r i n g 93 % o f U S p o p u l a t i o n S o l e c o mm e r c i a l l i c e n s e e / o p e r a to r i n L MS b a n d Generous power limits L e v e r a g e s c e ll u l a r b a n d 8 R F i n d e v i c e
Slide 24: NextNav Management
Ganesh Pattabiraman C O - F O U N D E R , C E O , P R E S I D E N T Chris Gates CFO David Knutson SVP OF NETWORK OPS AND DEPLOYMENT Dan Hight V P O F S A L E S & B U S I N E SS DEVELOPMENT Arun Raghupathy C O - F O U N D E R & S V P O F ENGINEERING NextNav Management PIONEERS IN LOCATION - BASED SER
Slide 25: Board of Directors
Ganesh Pattabiraman CO - FOUNDER, CEO, PRESIDENT Gary Parsons CHAIRMAN Former Chairman of Sirius/XM Radio, Space T e c hn o l o g y H a l l o f F a m e Member Peter Barris DIRECTOR M a n a g i n g G e n e r a l P a r tn e r , NEA Bandel Carano DIRECTOR M a n a g i n g P a r tn e r , O a k I n v e s
Slide 26: Massive operating leverage results in highly attractive unit economics
Massive operating leverage results in highly attractive unit economics Low variable cost to add incremental network traffic S o u r c e : M a n a g e m e n t e s t i m a te s . $0.89 Incremental EBITDA per dollar of i n c r em e n t a l r e v e nu e Incremental dollar of revenue Incremental expense
Slide 27: Total revenue forecast
Key commentary Total revenue forecast • Mass Market apps becomes l a r g e s t d ri ve r o f r e ve nu e i n 2022E • Revenue opportunity significantly expands once T e rr a P o i N T n e tw o r k b u i l d - o u t i s co m p l e te i n 2 0 2 5 E • Model excludes upside from commercial UAVs and inter
Slide 28: Financial projections overview
2021E 2022E 2023E 2024E 2025E 2026E Total revenue $2 $24 $75 $162 $308 $506 % Gr o w th NM 857% 215% 115% 90% 64% 7 3 % 46% ( 2 6 7 ) ( 4 9 ) (1 1 ) $ 2 2 4 ( - ) C OG S (2) (6) (47) (103) (132) (138) Gross margin $0 $18 $28 $59 $176 $367 % Ma r g i n 18% 75% 37% 36% 57% 73% ( - ) R & D (26) (38) (4
Slide 29: Transaction summary
Transaction summary Sources S PA C ca s h i n t r u s t ( a ss u m e s 1 00 % r o ll ) ( 1 ) T a r g e t r o ll o ve r e q u i ty ( 2 ) PIPE (3) $ 2 0 3 750 225 Total sources $1 , 1 7 8 Pro forma valuation Pro forma FDSO (6) I ll us t ra tive sh ar e pr ice 123 $10.00 Pro forma market cap $1,225 ( -
Slide 30: Operational benchmarking
95% NA 100% 100% 80% 24% 97% 94% (4 ) 91% 88% 98% 81% 66% 55% ( 6 ) NM 189% 400% 629% (2) 198% 96% 38% 23% 23% 14% 9% 7% 0% (4 )(5 ) (4 )(5 ) Operational benchmarking (1) Reflects CY2020E - CY2022E Revenue CAGR. (2) Reflects CY2024E - CY2026E Revenue CAGR. (3) Reflects CY2021E - CY2025E Revenue CAGR
Slide 31: Attractive entry valuation
3.9x 7.2x 43.4x (1) 11.2x 9.2x 4.2x 22.0 x ( 1 ) 20.7x 13.3x 10.4x 5.6x 22.4x 19.6x 10.2x 9.0x 4.0x NA 43.4x (2)(4) 17.1x 14.0x 9.2x 22.9x 13.7x 11.8x 27.7x 20.1x 16.3x 15.5x ( 1 ) (2)(4) 23.4x (2) NM (3) Attractive entry valuation (1) R e f l e c ts T E V / C Y 2 0 2 5 E E B IT D A . (2) R e f l e
Slide 32: Transaction represents attractive discount to peers
$3,880 $1,708 $897 $2,196 Transaction represents attractive discount to peers $ IN MILLIONS Summary of approach • 2026E UFCF includes benefit of T e rr a P o i N T n e tw o r k , b u t w i th r o b u s t g r o w th th e r e a f te r as network utilization continues to ramp • T h e a pp l i e d m u l
Slide 33: Investment highlights
Investment highlights Next Generation GPS solution w i l l s i t a t t h e c o r e o f the app economy >$100 Billion to t a l a dd r e ss a b l e m a r k e t G r o w i n g l i s t o f Blue - chip customers i n c l u d i n g A T & T a n d F i r s tN e t Sequential d e p l o y m e n t l i m i ts r i s
Slide 34: NextNav: Next Generation GPS is here.
IN NEXTNAV Next Generation GPS is here.
Slide 35: NextNav + AT&T FirstNet
NextNav + AT&T FirstNet • N e xt N a v h a s p a r tn e r e d w i th A T & T to bring full 3D situational awareness to first responders • Vertical location is essential to incident management and responder safety • Enhances applications and, as early adopter, improves core FirstNet LTE service diffe
Slide 36: NextNav + Gimbal
NextNav + Gimbal • NextNav is working with Gimbal to bring enhanced 3D experiences to their customers and consumers • Gimbal provides enhanced location products to approximately 150mm monthly average users th r o u g h th e i r S D K a cr o s s r e t a i l , r e s t a u r a nt s , hospitality and sp
Slide 37: NextNav + Joby
NextNav + Joby • NextNav is working with Joby Aviation to deploy TerraPoiNT technology on Joby Aviation aircraft • GPS degradation and vulnerabilities (e.g., jamming, spoofing) drives need for positioning source, including accurate altitude • TerraPoiNT’s encryption and 100,000x signal s t r e n g t
Slide 38: DOT report rankings
S o u r c e : D OT R e p o r t. (1) Weighted score based upon accuracy, availability, product readiness, resilience and security. (2) Weighted score based upon accuracy, availability, product readiness, resilience and security. (3) Market readiness of Timing Performance using terrestrial RF broadcas
Slide 39: e911 reporting
e911 reporting • Rigorous testing has been performed during the past decade to evaluate the suitability of various vertical location technologies as solutions to the FCC’s 9 - 1 - 1 L o ca ti o n A cc u r a cy R e p o r t & O r d e r • The FCC Order mandates that wireless carriers provide accurate v
Slide 40: NextNav's unparalleled technology as an evolution to GPS
NextNav’s unparalleled technology as an evolution to GPS 39 Cloud platform Device/software MAPS & B U I L D I N G D A T A B A C K - END ANAL Y T I C S APPLICATION + LOCATION INFORMATION Next Generation GPS OTHER D A T A S E T S
Slide 41: GPS impact on the US economy approaching $1 Trillion annually
$700 $600 $500 $ 4 0 0 $300 $200 $100 - Pr e - 2 0 0 0 2 0 0 0 A 2 0 0 1 A 2 0 0 2A 2 0 03A 2 0 0 4 A 2 0 0 5 A 2 0 06A 2 0 0 7 A 2008A 2 0 09A 2 0 1 0 A 2011A 2 0 1 2A 2 0 1 3A 2 0 1 4 A 2015A 2 0 1 6A 2017A 2018E 2019E 2020E 2021E NextNav extrapolation (1) (33%) 20% 8% 8% 7% 20% 17% 10% 9% 4% 27%
Slide 42: Relevant spectrum data points
$0.37 $0.65 $0.80 $0.81 $0.93 $1.02 $1.07 $1.62 $2.32 @ D e a l V a l u e @ P u b l i c M a r k e t V a l u e @ P r i v a t e M a r k e t V a l u e @ 6 0 0 M Hz Auction @ 3 . 8 - 3 . 9 G H z C - B a n d A u c t i o n ( 1 ) @ P r i v a t e M a r k e t V a l u e @ 3 . 7 - 3 . 8 G H z C - B a n d A u c