NextNav Inc. Reports Fourth Quarter and Full Year 2022 Results.

MCLEAN, Va: 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, 2022.

Ganesh Pattabiraman, NextNav Co-founder and CEO, stated, "We made significant progress in FY 2022 executing against our key strategic priorities, which are focused on: 1) being the leader in resilient Position, Navigation and Timing ("PNT"); 2) leveraging our Nestwave acquisition to significantly enhance the capabilities of our spectrum, and 3) expanding our global reach. We successfully completed the acquisition of Nestwave, now known as NextNav France, in October 2022 and expect to begin testing initial implementations of the combined technologies in the coming months. We continue to advance our work in the public safety sector with the launch of E911 services on Verizon, the first tier one carrier to launch an E911 device with our Pinnacle technology.

We also expanded our relationship with NASA, having recently been selected to deliver PNT services for its urban drone program at the Ames Research Center in Mountain View, California, building on their existing deployment at the Langley Research Center in Hampton, Virginia. As part of the new agreement, NASA is utilizing TerraPoiNT beacons to capture in-flight data on drone navigation, detection, and collision avoidance in support of a stronger understanding of PNT in GPS-denied environments. Initial tests in the Bay Area will leverage TerraPoiNT's existing network in the region, allowing for Beyond Visual Line of Sight testing for drones operating outside the visible range of a pilot.

Finally, we continue to expand our global reach with the commercial launch of our Pinnacle service with MetCom in Tokyo, Japan, as they continue the national rollout of Pinnacle. Following the launch, we continue to field significant interest from additional countries and look forward to sharing updates on our progress in the coming months.

We are excited by our progress and believe we are well positioned to continue to pursue initiatives that will advance our leadership position in PNT resilience. We look forward to the opportunities ahead and driving value for our shareholders."

Recent Operational Highlights:

Technology Integration: Following the close of the Nestwave acquisition, now NextNav France, in October 2022, the company is focused on the integration and implementation of the...