Q2 2024 NextNav Inc Earnings Call

August 7, 2024

Operator: Good afternoon, everyone, and welcome to Nextnav's second quarter 2024 earnings conference call. Participating on today's call are Mariam Sorond, Nextnav's Chief Executive Officer, and Chris Gates, Nextnav's Chief Financial Officer.

Good afternoon, everyone and welcome to <unk> second quarter 2024 earnings Conference call.

Speaker Change: Dissipating on today's call are Marion surround NES Neff, Chief Executive Officer, and Christi next Chief Financial Officer.

Operator: Before we begin, let me remind everyone that this call will include certain statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as may, anticipate, believe, expect, intend, might, plan, possible, potential, aim, drive, predict, project, Should, could, would, will, and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking.

Operator: Before we begin, let me remind everyone that this call will include certain statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as may, anticipate, believe, expect, intend, might, plan, possible, potential, aim, strive, predict, project, Should, could, would, will, and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking.

Speaker Change: Before we begin let me remind everyone that this call will include certain statements that constitute forward looking statements within the meaning of the private Securities Litigation Reform Act of 1995.

Forward looking statements maybe identified by the use of words, such as May anticipate believe expect intend.

Right.

Possible potential aim drive predict project.

Sure.

Washington will and similar expressions may identify forward looking statements, but the absence of these warrants do not mean that a statement is not forward looking.

Operator: Such forward-looking statements, which may relate to Nextnav's forecast of future results, future prospects, developments, and business strategies, are subject to known and unknown risks, uncertainties, assumptions, and other important factors, many of which are outside Nextnav's control that could cause actual results to differ materially from those discussed in the forward-looking statement. You are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made, and Nextnav undertakes no commitment to update or revise the forward-looking statements, whether as a result of new information, future events, or otherwise.

Such forward looking statements, which may relate to Max out forecasts of future results and future prospects developments and business strategies are subject to known and unknown risks uncertainties assumptions and other important factors many of which are outside <unk> control that could cause actual results to differ materially.

Operator: For additional information regarding risk factors, see Part 2, Item 1A, Risk Factors of the Company's Quarterly Reports on Form 10-Q and Part 1, Item 1A, Risk Factors of Nextnav's Annual Report on Form 10-K for the year ended December 31, 2023, as well as those otherwise described or updated from time to time in our other filings with the Securities and Exchange Commission. Following our prepared remarks, the company will host an operator-led question-and-answer session.

Really from the results discussed in the forward looking statements you are cautioned not to place undue reliance upon any forward looking statements, which speak only as of the date made and <unk> undertakes no commitment to update or revise the forward looking statements, whether as a result of new information future events or otherwise.

Speaker Change: Lives.

Speaker Change: For additional information regarding risk factors and part two item one a risk factors of the Companys quarterly reports on Form 10-Q in part one item one a risk factors and <unk> annual report on Form 10-K for the year ended December 31, 2023, as well as those otherwise.

Speaker Change: Described are updated from time to time in our other filings with the Securities and Exchange Commission.

Speaker Change: Following our prepared remarks, the company will host an operator live question and answer session. In addition at the conclusion of today's call a replay of our discussion will be posted to the company's investor Relations website.

Operator: In addition, at the conclusion of today's call, a replay of our discussion will be posted on the company's investor relations website. I'd now like to turn the call over to Ms. Mariam Sorond, Chief Executive Officer of Nextnav. Please go ahead.

Operator: In addition, at the conclusion of today's call, a replay of our discussion will be posted on the company's Investor Relations website. I'd now like to turn the call over to Ms. Mariam Sorond, Chief Executive Officer of Nextnav. Please go ahead.

Speaker Change: Now I'd like to turn the call over to MS. Marion Seran Chief Executive Officer of next Ma'am. Please go ahead.

Mariam Sorond: Thank you, Erica. Good afternoon, and thank you for joining us. On the call today, I will provide an update on the business, including the ongoing process surrounding our filing with the FCC, as well as other strategic operating highlights. I will then hand things over to Chris to review our financials. It was another busy quarter for Nextnav as we continue to push forward towards our strategic vision. We are seeing good momentum in the business and making tangible progress. Notably, this week, the FCC issued a public notice seeking comments on Nextnav's petition for rulemaking. This action is the standard first step in the FCC rulemaking process.

Marion Seran: Thank you Erika good afternoon, and thank you for joining us on the call today I will provide an update on the business, including the ongoing process surrounding our followed with the FCC as well.

Marion Seran: Other strategic operating highlights I will then hand things over to Chris to review our financials.

Speaker Change: It was another busy quarter for next nap as we continue to push forward towards our strategic vision.

Marion Seran: We are seeing good momentum in the business and making tangible progress, notably this week the FCC issued a public notice seeking comments on next snaps petition for rule, making this action is the standard first step in a longer term FCC rulemaking process.

Mariam Sorond: While I will discuss the details of the notice and next steps in a moment, we appreciate the FCC's prompt public notice as this is an important step in delivering an innovative spectrum solution in the lower 900 MHz band. Our vision enables next-gen terrestrial 3D PNT as a complement and backup to GPS with a 5G solution that is easily integrated into the existing ecosystem and enables additional spectrum for 5G broadband. I've had the opportunity to speak with many of you since we introduced this vision, and I am excited by the strong investor sentiment and confidence in what we have presented.

Marion Seran: While I will discuss the details of the notice and next steps in a moment. We appreciate the FCC's prompt public notice is this is an important step in delivering an innovative spectrum solution and the lower 900 megahertz band.

Marion Seran: Our vision enabled nexgen terrestrial three D PNT as a complement and backup to GPS with a <unk> solution that is easily integrated into the existing ecosystem and enables additional spectrum for broadband.

Marion Seran: I've had the opportunity to speak with many of you since we introduced this vision and I am excited by the strong investor sentiment and confidence in what we have presented this is evident not only in our share price over the past several weeks, but also in the recent exercise of additional warrants.

Mariam Sorond: This is evident not only in our share price over the past several weeks but also in the recent exercise of additional warrants. While Chris will provide greater detail in Q2, 9.7 million warrants were exchanged for an aggregate of $21 million in cash.

Mariam Sorond: This action further validates the market's confidence in our business and our go forward strategy. As a reminder, we are focused on developing a complement and backup to GPS with additional spectrum for broadband services. Leveraging the spectrum we have acquired, our proposal combines Nextnav's current spectrum holdings with what is otherwise unclaimed spectrum and puts it to use for public benefit and addresses a major national security issue. Providing a complement and backup to GPS is critical for safeguarding the things we need daily, from locating emergency callers to addressing critical infrastructure and national security needs. Our proposal creates abundance from scarcity in this band by unleashing much-needed spectrum for wireless technology. These common-sense solutions can benefit consumers and our national interests at no cost to taxpayers and will appropriately protect incumbent operations.

Marion Seran: While Chris will provide greater detail in Q2, nine 7 million warrants.

Chris: Change for an aggregate of $21 million in cash this action further validates the market's confidence in our business and our go forward strategy.

Speaker Change: As a reminder, we are focused on devoting a complement and backup to GPS with additional spectrum for broadband services leveraging the spectrum. We have acquired our proposal combined next not current spectrum holdings with what it otherwise fallow spectrum and puts it to use for public benefit and address.

Marion Seran: A major national security issue.

Speaker Change: Abiding to complement and backup to GPS is critical for safeguarding the things we need daily from locating emergency callers to addressing critical infrastructure.

Speaker Change: And national security needs.

Speaker Change: Our proposal creates abundance from scarcity in the span bio leaching much needed spectrum for wireless technology.

Speaker Change: Common sense solutions can benefit consumers and our national interests at no cost to taxpayers and will appropriately protect incumbent operations.

Mariam Sorond: More importantly, it bears highlighting that spectrum below 1 gigahertz that is usable for broadband is scarce and extremely valuable to carriers because it penetrates walls and propagates over long distances. Additionally, having a new contiguous 10 MHz low-band block suitable for broadband downlink is an exceptional opportunity. As a result, low-band spectrum has become the most capital-efficient way to provide coverage inside buildings.

Speaker Change: More importantly, it bears highlighting the spectrum below one gigahertz that is usable for Bart broadband is scarce and extremely valuable to carriers, because it penetrates walls and propagates over long distances.

Speaker Change: Additionally, having a new contiguous 10 megahertz band blocks suitable for broadband downlink is an exceptional opportunity as a result, this low band spectrum has become the most capital efficient way to provide coverage inside buildings. This is also why it is a straw.

Mariam Sorond: This is also why it is a strong fit for the deployment of our 5G-based PNT service. I will touch on that more in a moment. Because of the recent focus on mid-band spectrum, which naturally has greater bandwidth, it's easy to forget that most low-band spectrum is in 5 plus 5 MHz blocks, while Nextnav expects to have a 10 MHz bandwidth. The Big Four Mobile Network Operators, or MNOs, have, on average, around 25 MHz of low-band downlink spectrum, with some variation across geography.

Mariam Sorond: This is also why it is a strong fit for the deployment of our 5G-based PNT service. I will touch on that more in a moment. Because of the recent focus on mid-band spectrum, which naturally has greater bandwidth, it's easy to forget that most low-band spectrum is in the 5 plus 5 MHz blocks, while Nextnav expects to have a 10 MHz bandwidth. The Big Four Mobile Network Operators, or MNOs, have, on average, around 25 MHz of low-band downlink spectrum, with some variation across geography.

Speaker Change: Wrong fit for deployment over five <unk> pm to service.

Speaker Change: Put you on that more in a moment.

Speaker Change: Because of the recent focus on the mid band spectrum, which naturally has greater bandwidth, it's easy to forget the most low band spectrum is in the five plus five megahertz blocks well next not expected to have a 10 megahertz downlink.

Speaker Change: The big four mobile network operators or <unk> have on average around 25 megahertz of low band spectrum.

Speaker Change: <unk> across geographies, so, adding an additional 10 megahertz downlink would increase.

Mariam Sorond: So adding an additional 10 MHz downlink would increase an MNO's stock of low-band downlink spectrum by roughly 40%, a material addition to their spectrum portfolio. This is why we believe we have a powerful proposal that creates a unique and economically viable opportunity to help address the urgent need for widespread complementary and backup PNT services. It is also why I was pleased to see the FCC issue the PN for rulemaking this week, helping to move us another step forward in the process.

Speaker Change: Stock of low band downlink spectrum by roughly 40% a material addition to their spectrum portfolio.

Speaker Change: This is why we believe we have a powerful proposal that creates a unique and economically viable opportunity.

Speaker Change: To help address the urgent need for widespread complementary and backup PMT services.

Speaker Change: It is also why I was pleased to see the FCC issue the pn for rulemaking, the suites, helping to move us another step forward in the process. This follows the April 24th Pn issued by the FCC regarding the application to find a block licenses that makes not agreed to acquire from total stores.

Mariam Sorond: This follows the April 24th PN issued by the FCC regarding the application to sign a block licenses that Nextnav agreed to acquire from Telesaurus. We received only two comments back on the block assignment request during the 14-day comment period and feel good about where things stand. Regarding the PN on the petition for rulemaking, the FCC has requested comments from the public on this proceeding within the next 30 days, followed by a 15-day reply comment period.

Speaker Change: We received only two comments back on where your block consignment requests during the 14 day comment period and feel good about where things stand.

Mariam Sorond: We expect the next Commission action will be a Notice of Proposed Rulemaking, or NPRM, followed by another period of public comment, and then a final order adopting new rules for the bank. As a general rule, an NPRM will not happen for some time after the public notice and comment period ends. Typically, after comments and reply comments for the PNR file are submitted, it can take a considerable amount of time for the record to be evaluated and the subsequent NPRM to be drafted, reviewed, and released.

Speaker Change: Regarding the pn on the petition for rule, making.

Speaker Change: <unk> has requested comments from the public on this proceeding within the next 30 days.

Speaker Change: <unk> by 15 day reply common period, all comments will be public.

Mariam Sorond: All comments will be public. The Commission then considers the comments and replies comments in developing proposed rules. We expect the next Commission action will be a Notice of Proposed Rulemaking, or NPRM, followed by another period of public comment, and then a final order adopting new rules for the bank. As a general rule, an NPRM would not happen for some time after the public notice comment period ends.

Speaker Change: The Commission then considers the comments and reply comments and developing proposed rules. We expect the next commission action would be a notice of proposed rulemaking or <unk> followed by another period of public comment and then a final order adopting new rules for the bank.

Speaker Change: As a general rule and then Prs would not happen for some time after the public notice comment period and typically after comments and reply comments for the Pn are filed it can take a considerable amount of time for the record to be evaluated in the subsequent <unk>.

Mariam Sorond: Typically, after comments and reply comments for the PNR file, it can take a considerable amount of time for the record to be evaluated and the subsequent NPRM to be drafted, reviewed, and released. Overall, we feel good about where things stand and are pleased with our progress to date. As I have said many times before, this is a process. We plan to continue working closely with the FCC and are focused on taking this one step at a time.

Speaker Change: PRN to be drafted reviewed and we leased.

Mariam Sorond: Overall, we feel good about where things stand or are pleased with our progress to date. As I have said many times before, this is a process. We plan to continue working closely with the FCC and are focused on taking this one step at a time. Meanwhile, while we worked through the process with the FCC, we simultaneously received some exciting news out of the Department of Transportation. On July 3rd, the DOT issued a press release announcing that Nextnav was awarded a purchase order to test its 3D PNT technology, a terrestrial solution that delivers PNT as a complement and backup to GPS.

Speaker Change: Overall, we feel good about where things stand are pleased with our progress to date as I've said many times. We look forward. This is a process. We plan to continue working closely with the FCC and our focus on taking this one step at a time.

Mariam Sorond: The award comes from the DOT Volpe Center and is a part of its complimentary PNT Action Plan. As you may recall, in 2021, the DOT recognized Nextnav's technology as the best performing PNT technology in all applicable use cases. This new award is significant because it's aligned with the DOT's complementary PNT Action Plan to conduct field testing of technologies with critical infrastructure providers. Further, it validates Nextnav's strength and leadership position in P&T services, as we were awarded the largest dollar value from the DOT.

Speaker Change: While we work through the process with the FCC, we simultaneously receive some exciting news out of the department of transportation.

Mariam Sorond: The award will provide nearly $1.9 million in funding to Nextnav and will test our 3D PNC technology, a terrestrial solution that delivers PNC as a complement and backup to GPS. This program aligns well with Nextnav's technology and spectrum path with the FCC. Nextnav's terrestrial PNT technology creates a complete 3D solution for positioning in outdoor, urban, and indoor environments, including highly accurate vertical locations. Our solution also includes a timing source that can serve as backup if GPS is unavailable.

Speaker Change: On July 3rd.

Speaker Change: <unk> issued a press release announcing that snap was awarded a purchase order to test the company's <unk> technology, a terrestrial solution that delivers PNG as a complement and backup to GPS.

Speaker Change: The award comes from the <unk> Center and is a part of its complementary P&C action plan as you may recall in 2021 DLT recognized <unk> technology is the best performing PNC technology in all applicable use cases.

Speaker Change: It's been awarded significant because it's aligned with the Dod's complementary PMT action plan to conduct field testing of technologies with critical infrastructure providers.

Speaker Change: Further it validate next now strength and leadership position in P&C services as we were awarded the largest dollar value from the data.

Speaker Change: The award will provide nearly one $9 million in funding to <unk> and we will test our <unk> technology, a terrestrial solution that delivers PMT as a complement and backup to GPS.

Speaker Change: This program aligns well with our technology and spectrum path with the FCC next not terrestrial P&C technology creates a complete <unk> solution for positioning in outdoor urban and indoor environments, including highly accurate vertical location.

Speaker Change: Our solution also includes the timing source that can serve as backup.

Speaker Change: GPS is available.

Mariam Sorond: We are excited to partner with the DOT to demonstrate our P&T capabilities and to develop technology solutions to address national security, economic, and public safety needs. Complementing these efforts, we have also made several strategic moves internally to ensure that we have the right team in place to execute our vision. At the board level, we recently announced that Nikki Palmer has joined the Nextnav Board of Directors. She comes to us with deep expertise in the strategic development, operation, and expansion of ecosystems powered by 5G technology and the development of products and services to advance 5G growth. She spent the majority of her career with Verizon.

Speaker Change: We're excited to partner with the Dot's demonstrate our P&C capabilities and to develop technology solutions to address national security economic and public safety needs.

Speaker Change: Complementing. These efforts. We've also made several strategic moves internally to ensure that we have the right team in place to execute our vision at.

Mariam Sorond: While there, her leadership role spans engineering, operations, and technology, supporting advanced data and wireless products, serving as CTO, Chief Engineering Officer, and Head of Wireless Network. We are thrilled to have Nikki on board and believe she will be invaluable to our team as we advance our vision for an innovative spectrum solution in the lower 900 MHz band. We also recently restructured our internal workforce to better align our organizational structure with our strategic objectives and drive greater operational efficiency. This resulted in a roughly 20% reduction in headcount, primarily within our software engineering team.

Mariam Sorond: While there, her leadership role spans engineering, operations, and technology, supporting advanced data and wireless products, serving as CTO, Chief Engineering Officer, and Head of Wireless Network. We are thrilled to have Nikki on board and believe she will be invaluable to our team as we advance our vision for an innovative spectrum solution in the lower 900 megahertz band. We also recently restructured our internal workforce to better align our organizational structure with our strategic objectives and drive greater operational efficiency. This resulted in a roughly 20% reduction in headcount, primarily within our software engineering team.

Speaker Change: At the board level, we recently announced that Nicki Palmer joined <unk> Board of directors, Nick He comes to us with deep expertise in the strategic development operation and expansion of ecosystems powered by <unk> technology.

Speaker Change: The development of products and services to advance <unk> growth.

Speaker Change: She spent the majority of her career with Verizon while Theyre her leadership will span engineering operations and technology supporting advanced data and wireless products.

Speaker Change: Serving as CTO, Chief Engineering Officer, and head of wireless networks. We are thrilled to have Nikki on board and believe she will be invaluable to our team as we advance our vision for an innovative spectrum solution in the lower 900 megahertz band.

Speaker Change: We also recently restructured our internal workforce to better align our org structure with our strategic objectives and drive greater operational efficiency. This resulted in a roughly 20% reduction in head count primarily from within our software engineering teams.

Mariam Sorond: In addition, we have made several strategic hires, including our new COO, Senegita Shamsundar, who brings the necessary skills and background to help advance our strategic vision. I feel confident that we're putting together a powerful group to help us move forward. We have a strong and capable team here at Nextnav, and I am thrilled to have the opportunity to work with them every day. I look forward to all that we can achieve together.

Speaker Change: In addition, we also have made several strategic hires including our new CLO Nikita Schrumpf Sundar that brings the necessary skills in the background to help address our strategic vision.

Speaker Change: I feel confident that we're putting together a powerful group to help us move forward, we have a strong and capable team here at <unk> and I am thrilled to have the opportunity to work with them every day and look forward to all that we can achieve together in closing we're seeing solid momentum.

Mariam Sorond: In closing, we are seeing solid momentum across the business, and I am excited by our progress. We have more work ahead of us, but I believe we're putting together the right team and the right resources to position us for success. I look forward to taking you on this exciting journey. With that, I'll turn things over to Chris to discuss our financials.

Mariam Sorond: In closing, we are seeing solid momentum across the business, and I am excited by our progress. We have more work ahead of us, but I believe we're putting together the right team and the right resources to position us for success. I look forward to taking you with us on this exciting journey. With that, let me turn things over to Chris to discuss our financials.

Speaker Change: Across the business and I am excited by our progress we have more work ahead of us, but I believe we're putting together the right team and the right resources to position us for success.

Speaker Change: Forward to bringing you with us on this exciting journey with that let me turn things over to Chris to discuss our financials Chris.

Chris Gates: Thanks, Mariam, and good afternoon, everyone. Nextnav's revenue in the second quarter was $1.1 million, a $0.3 million increase from $0.8 million in the prior year period. For the first half of 2024, revenue was $2.1 million, a $0.5 million increase from $1.6 million in 2023. The increase in both the three and six-month periods was driven by an increase in service revenue from technology and services contracts with commercial customers, including in support of government opportunities.

Chris Gates: Thanks, Mariam, and good afternoon everyone. Nextnav's revenue in the second quarter was $1.1 million, a $0.3 million increase from $0.8 million in the prior year period. For the first half of 2024, revenue was $2.1 million, a $0.5 million increase from $1.6 million in 2023. The increase in both the three and six-month periods was driven by an increase in service revenue from technology and services contracts with commercial customers, including in support of government opportunities.

Chris: Thanks, Larry and good afternoon, everyone.

Chris: <unk> revenue in the second quarter was $1 1 million.

Chris: <unk> 3 million increase from <unk> 8 million in the prior year period for the first half of 2024 revenue was $2 1 million a <unk> 5 million increase from $1 6 million in 2023.

Chris: The increase in both the three and six months periods was driven by an increase in service revenues from technology and services contracts with commercial customers, including in support of government opportunities.

Chris Gates: Staying on the topic of revenue, as Mariam noted, we were recently awarded a $1.9 million purchase order from the Department of Transportation. This one-year order starts in July 2024, and we anticipate seeing the revenue impact from this beginning in the third quarter of this year. The government has the option to extend this order by up to six months under the current terms and has the option to extend the order for up to two years to allow for additional testimony.

Chris: And on the topic of revenue as Mary noted we were recently awarded a $1 9 million purchase order from the Department of Transportation is one year orders started in July of 2024, and we anticipate seeing the revenue impact from this beginning in the third quarter of this year the.

Chris: The government has the option to extend this order by up to six months under the current terms and has the option to extend the order for up to two years to allow for additional testing.

Chris Gates: Operating expenses for the second quarter were $16.4 million, up from approximately $15.8 million in the same period last year. Operating expenses included $1.3 million in depreciation and amortization and $3.7 million in equity compensation, compared to $1.2 million in depreciation and amortization and $4.4 million in equity compensation in the second quarter of 2023. For the first half of the year, operating expenses were $33.6 million, compared to $30.6 million in 2023. Excluding stock-based compensation expense and depreciation and amortization, operating expenses were $23.1 million in the first half of 2024 and $20.1 million in the first half of 2023.

Chris: Operating expenses for the second quarter was $16 4 million.

Chris: Up from approximately $15 8 million in the same period last year.

Chris: Operating expenses included $1 3 million of depreciation and amortization and $3 7 million in equity compensation compared to $1 2 million and depreciation and amortization and $4 4 million of equity compensation in the second quarter of 2023.

Chris: For the first half of the year operating expenses were $33 6 million compared to $30 6 million in 2023.

Chris: Excluding stock based compensation expense and depreciation and amortization operating expenses were $23 1 million in the first half of 2024 and $20 1 million in the first half of 2023.

Chris Gates: The net loss for the second quarter was $24.4 million, which included a $6.6 million loss associated with the change in the fair value of warrants, net of a gain associated with the change in liability associated with the Telesaurus Asset Purchase Agreement. This is compared to a net loss of $15.8 million in the second quarter of 2023, which included a loss of $0.3 million associated with the change in the fair value of warrant liability.

Chris: Net loss for the second quarter was $24 4 million, which included a $6 6 million loss associated with the change in the fair value of warrants net of the gain associated with the change in liability associated with the teller source asset purchase agreement. This.

Chris: This is compared to a net loss of $15 8 million in the second quarter of 2023, which included a loss of <unk> 3 million associated with the change in the fair value warrant liability.

Chris Gates: For the first half of the year, the net loss was $56 million, including a $19.8 million loss associated with the change in the fair value of warrant liability, net of the gain associated with the change in liability associated with the Telesaurus asset purchase, compared to a net loss of $32.1 million in the first half of 2023, including $3.1 million associated with the change in the fair value warrant line. From a balance sheet perspective, we finished the quarter with $86.3 million in cash, cash equivalents, and short-term investments. I'm also pleased to report that following the close of the quarter, warrants continue to be exercised, with an additional $2.3 million exercised through July 31, 2024, for an additional $5 million in proceeds.

Chris: For the first half of the year net loss was $56 million, including a $19 8 million loss associated with the change in the fair value of warrant liability net of the gain associated with the change in liability associated with the <unk> asset purchase agreement.

Chris: <unk> to a net loss of $32 1 million in the first half of 2023, including $3 1 million associated with the change in the fair value warrant liability.

Operator: From a balance sheet perspective, we finished the quarter with $86.3 million in cash, cash equivalents, and short-term investments. Our use of cash for the quarter included payment of expenses associated with taxes and accrued compensation of approximately $1.5 million related to the restructuring mentioned earlier in the call. Our cash balance also includes two significant non-operating elements. As I noted on last quarter's call, our use of cash in 2Q24 following court approval included the payment of $2.5 million in cash in April per the terms of our asset purchase agreement.

Chris: From a balance sheet perspective, we finished the quarter with $86 3 million in cash cash equivalents and short term investments.

Chris: Our use of cash for the quarter included payment of expenses associated taxes, and accrued compensation of approximately $1 $5 million related to the restructuring mentioned earlier in the call.

Chris: Our cash balance also includes two significant nonoperating elements as I noted on last quarter's call our use of cash in <unk> 'twenty for following quarter approval included the payment of $2 5 million in cash in April per the terms of our asset purchase agreement.

Operator: And as Mariam highlighted, we enjoyed the benefit of $21 million in proceeds from additional warrant exercises in the quarter. I'm also pleased to report that following the close of the quarter, warrants continue to be exercised, with an additional $2.3 million exercised through July 31, 2024, for an additional $5 million in proceeds. Finally, our ballot sheet showed $51.4 million in debt, net of unamortized discount attributed to transaction costs and the issuance of warrants, with a gross value of $70 million. And with that, I'll turn the call back to the operator. Operator?

Chris: And as Mary highlighted we enjoyed the benefit of $21 million in proceeds from additional warrant exercises in the quarter.

Chris: I'm also pleased to report that following the close of the quarter warrants continued to be exercise with an additional $2 3 million exercised through July 31, 2024 for an additional 5 million in proceeds finally, our balance sheet showed $51 $4 million of debt net of unamortized discount attributed to transaction cost and the issuance of order.

Speaker Change: With a gross value of $70 million and with that I'll turn the call back to the operator operator.

Operator: Thank you. We will now begin the question and answer session. If you have dialed in and would like to ask a question, please press star followed by the number one on your cell phone keypad to raise your hand and join the queue. If you would like to withdraw your question, please press star one again. If you are called upon to ask your question and are listening through a loudspeaker on your device, please pick up your handset and ensure that your phone is not on mute when asking your question. Again, please press star one to join the queue. Your first question comes from the line of Matthew Maus with B. Reilly Securities. Please go ahead.

Operator: Thank you. We will now begin the question and answer session. If you have dialed in and would like to ask a question, please press star, followed by the number 1 on your cell phone keypad to raise your hand and join the queue. If you would like to withdraw your question, please press star 1 again. If you are called upon to ask your question and are listening through a loudspeaker on your device, please pick up your handset and ensure that your phone is not on mute when asking your question. Again, please press star 1 to join the queue. Your first question comes from the line of Matthew Maus with B. Reilly Securities. Please go ahead.

Speaker Change: Thank you we will now begin the question and answer session. If you have dialed in and would like to ask a question. Please press star followed by the number one on your telephone keypad to raise your hand and joined the queue. If you would like to withdraw your question. Please press star one again, if you are called upon to ask you.

Matthew Maus: Hi, thanks for the question. The FCC did put the PN out on the application, and that was released through an automated process.

Speaker Change: <unk> are listening by a loud speaker in your device. Please pick up your handset that ensure that your phone is not on mute when asking your question again, Please press star one to join the queue.

Chris: Your first question comes from the line of Matthew Malice with B Riley Securities. Please go ahead.

Mariam Sorond: Good afternoon. Thanks for taking my question. I was just wondering if you can give some color on where Nextnav is at regarding the assignment of the additional four megahertz of spectrum licenses acquired from Telesaurus and SkyBridge. Has the FCC made a decision yet to approve, deny, or defer this assignment?

Matthew Malice: Good afternoon. Thanks for taking my question I was just wondering if you can give some color on where next I have is regarding the assignment of the additional four megahertz of spectrum licenses acquired from <unk> and Skybridge has the FCC made a decision yet to approve deny.

Speaker Change: Or defer this assignment.

Mariam Sorond: Hi, thanks for the question. The FCC did put the PN out on the application, and that was released through an automated process. And we are actually at this point waiting for the FCC to make a decision on it, but we have not received any further updates so far.

Speaker Change: Hi, Thanks for the question.

Speaker Change: So the FCC did put.

Speaker Change: Pierre on the application and that was released through an automated process.

Chris: And and we are.

Chris: Actually at this point waiting for the FCC to make a decision on it.

Chris:

Chris: But we have not received any further updates so far.

Operator: Alright, that was helpful. That was it for me. Thank you.

Speaker Change: Alright that was helpful that was it for me. Thank you.

Operator: And your next question comes from the line at Jaime Perez. With RF Light Liberty, please go ahead.

Chris: And your next question comes from the line of Kim Perez.

Operator: With RF Light Liberty, please go ahead.

Kim Perez: Or at least risky. Please go ahead.

RF Light Liberty: Everybody, thanks for taking my question. Regarding yesterday's filing, in the petition, the radio, or the license as far as maybe creating an obstacle for the company. I mean, according to the file, you're going to work on this plan. How does that work? Do you guys have a different part of the like lower sideband or upper sideband section you're going to share, or is it encrypted? I mean, maybe give a little bit of color on how that's going to work out.

Mariam Sorond: Everybody, thanks for taking my question. Regarding yesterday's filing, in the petition, there's a list of... Unlicensed users and users that might pose, you know, maybe an objection to the plant. I mean, are you anticipating working? What are the plants?

Kim Perez: Hey, everybody. Thanks for taking my question.

Kim Perez: Regarding yesterday's filing.

Speaker Change: In the petition.

Speaker Change: There's a list of.

Speaker Change: Our licensed users and users that might close maybe an up.

Speaker Change: Objection to to the.

Speaker Change: So the plant.

Speaker Change: So it's putting working what are the plans so let's say, it's like the atmosphere.

Mariam Sorond: Let's say it's like the amateur, radio, or license as far as maybe creating an obstacle for the company. I mean, are you going? I know that according to the file, you're going to work with this plan. I mean, how does that work? Do you guys have a different part of the, like, lower sideband or upper sideband section you're going to share, or is it encrypted? I mean, maybe give a little bit of color on how that's going to work out.

Speaker Change: Radio Audi.

Speaker Change: And just as far as maybe creating an obstacle for the company.

Speaker Change: According to the funding is going to work with this plan I mean, how does that work do you guys have a different part of the like.

Speaker Change: Cyber opposite then section you're going to share or is it encrypted I mean, maybe give a little bit of color on how thats going to work out.

Mariam Sorond: Yeah, thanks, Jaime. Actually, we're not going to speculate on comments with respect to the PM, right? We're going to wait to see the comments. We're going to read them really carefully, and we're going to reply to all the comments. That's our plan right now. We intend to, and we've done reach-outs, we intend to work with all the parties and the stakeholders where it's reasonable and appropriate to work with them, and we look forward to the dialogue and working with them through the process.

Speaker Change: Yes. Thanks.

Speaker Change: Hi, Jamie actually where we're not going to speculate on.

Speaker Change: Comment.

Speaker Change: With respect to the.

Speaker Change: We're going to wait to see the comps were going to read them really carefully and we're going to apply it all comp.

Speaker Change: Our plan right now.

Speaker Change: We intend to and we've done reach outs, we intend to work with all the parties and the stakeholders, where it's reasonable and appropriate to work with them.

Speaker Change: And we look forward to the dialogue and working with them through the process.

Mariam Sorond: All right, my next question. Now, the DLT project, what's the time frame on that? It might be a while, but also, what are the metrics or the benchmarks the DLT is sort of looking at?

Speaker Change: Alright, I think my next question the DLT.

Speaker Change: Jack.

Jack: The timeframe on that.

Jack: It might be a while but also what are the metrics or the benchmarks.

Jack: The DLT is sort of looking at.

Mariam Sorond: Well, they've selected, first of all, they've awarded about nine, and for the testing phase, they have a plan out on what the phases are going to be. I think that Chris, maybe you can share some of the details. If not, we can get you that offline on what exactly their phases are.

Chris Gates: Well, they've selected, first of all, they've awarded about 9, and in the testing phase, they have a plan out on what their phases are going to be. I think that Chris, maybe you can share some of the details. If not, we can get you that offline on what exactly their phases are.

Jack: We'll be selective first of all be rewarded about nine and the testing phase there have a planned out on what the pieces are going to be.

Speaker Change: I think that.

Speaker Change: Chris maybe you can share some of the details if not we can get you that offline on what exactly that.

Chris: Phases are.

Operator: Jaime, we'll come back to you on some of that kind of inside the contract, inside the contract detail.

Chris Gates: Jaime, we'll come back to you on some of that kind of inside the contract, inside the contract detail.

Jack: Yes, Jamie we'll come back to you on some of that kind of inside the contract inside the contract detail.

Operator: Okay, all right. Yeah, that's all the questions I have. Thanks for taking my question. Thank you. And once again, if you will.

Jaime Perez: Okay, all right. Yeah, that's all the questions I have. Thanks for taking my question. Thank you. And once again, if you will.

Jamie: Okay Alright.

Jamie: That's all the questions I have thanks for taking my question.

Operator: Thank you. And once again, if you would like to ask a question, simply press the star followed by the number one on your telephone keypad. And there are no further questions at this time. I would like to turn it back to Mariam Sorond for closing remarks.

Mariam Sorond: Thank you. And once again, if you would like to ask a question, simply press star followed by the number one on your telephone keypad. And there are no further questions at this time. I would like to turn it back to Mariam Sorond for closing remarks.

Speaker Change: Thank you and once again, if you would like to ask a question simply press star followed by the number one on your telephone keypad.

Jack: And there are no further questions at this time I would like to turn it back to Martin <unk> for closing remarks.

Mariam Sorond: Thank you all for joining us today. As you can see, the entire NextNav team is hard at work executing against our vision. We believe our unique approach will provide an innovative spectrum solution in the lower 900 MHz band. We're excited for what lies ahead, and we'll continue to provide an update on our progress as we move forward.

Martin: Thank you all for joining us today as you can see the entire <unk> team is hard at work executing against our vision we.

Chris: We believe our unique vision will provide an innovative personal solutions and lower 900 megahertz band.

Chris: Cited for what lies ahead and we will continue to provide an update on our progress as we move forward. Thank you all.

Operator: Thank you, and ladies and gentlemen, this concludes today's conference call. Thank you all for participating. You may now disconnect. Please wait; the conference will begin shortly.

Speaker Change: Thank you and ladies and gentlemen. This concludes today's conference call. Thank you all for participating you may now disconnect.

Speaker Change: Please wait the conference will begin shortly.

Chris: Yes.

Operator: Thanks for watching!

Chris: [music].

Jamie: Okay.

Jamie: Sure.

Jamie: [music].

Jamie: Yes.

Jamie: Okay.

Jamie: Yes.

Jamie: [music].

Erica Bartsch: Good afternoon, everyone, and welcome to Nextnav's second quarter, 2024 Earnings Conference Call. Participating on today's call are Mariam Sorond, Nextnav's Chief Executive Officer, and Chris Gates, Nextnav's Chief Financial Officer. Before we begin, let me remind everyone that this call will include certain statements that constitute forward-looking statements within the meaning of the Private Security's Litigation Reform Act of 1995. For-looking statements may be identified by the use of words such as may, anticipate, believe, expect, intent, might, plan, possible, potential, aim, drive, predict, project, should, could, would, will, and similar expressions may identify for-looking statements.

Erica Bartsch: But the actions of these words do not mean that a statement is not forward-looking. Such forward-looking statements, which may relate to Nextnav's forecast of future results, future prospects, developments, and business strategies, are subject to known and unknown risks, uncertainties, assumptions, and other important factors, many of which are outside Nextnav's control that could cause actual results to differ materially from the results discussed in the forward-looking statement. Your caution is not to place undue reliance upon any forward-looking statements, which speak only as of the date made, and Nextnav undertakes no commitment to update or revise the forward-looking statements, whether as a result of new information, future events, or otherwise.

Erica Bartsch: For additional information regarding risk factors, to part 2, item 1A, risk factors of the company's quarterly reports on Form 10Q, and part 1, item 1A, risk factors of Nextnav's annual report on Form 10K for the year ended December 31, 2023, as well as those otherwise described or updated from time to time in our other filings with the Security and Exchange Commission. Following our prepared remarks, the company will host an operator-led question-and-answer session.

Erica Bartsch: In addition, at the conclusion of today's call, a replay of our discussion will be posted to the company's investor-relation website.

Mariam Sorond: I'd now like to turn the call over to Ms. Mariam Saran, chief executive officer of Nextnav. Please go ahead. Thank you, Erica. Good afternoon, and thank you for joining us. On the call today, I will provide an update on the business, including the ongoing process surrounding our filing of the FCC as well as other strategic operating highlights.

Mariam Sorond: I will then hand things over to Chris to review our financials. There was another busy quarter for Nextnav as we continue to push forward towards our strategic vision. We are seeing good momentum in the business and making tangible progress.

Mariam Sorond: Notably, this week, the FCC issued a public notice, speaking comments on Nextnav's petition for rulemaking. This action is the standard first step in a longer-term FCC rulemaking process. While I will discuss the details of the notice and next steps in a moment, we appreciate the FCC's prompt public notice as this is an important step in delivering an innovative spectrum solution in the lower 900 MHz fans. Our vision enables next-gen, terrestrial 3D PNT as a complement and backup to GPS with a 5G solution that is easily integrated into the existing ecosystem and enables additional spectrum for 5G broadband.

Mariam Sorond: I've had the opportunity to speak with many of you since we introduced this vision, and I am excited by the strong investor sentiment and confidence in what he has presented. This is evident not only in our share price over the past several weeks, but also in the recent exercise of additional warrants. While Chris will provide greater detail in Q2, 9.7 million of warrants were exchanged for an aggregate of $21 million in cash.

Mariam Sorond: This action further validates the market's confidence in our business and our go-forward strategy. As a reminder, we are focused on developing a complement and backup to GPS with additional spectrum for broadband services. Leveraging the spectrum we have acquired, our proposal combines next-gen, current spectrum holdings with what is otherwise followed spectrum and puts it to use for public benefit and addresses a major national security issue. Providing a complement and backup to GPS is critical for safeguarding the things we need daily from locating emergency callers to addressing critical infrastructure and national security needs.

Mariam Sorond: Our proposal creates abundance from scarcity in the span by unleashing much needed spectrum for wireless technology. These common-sense solutions can benefit consumers in our national interests as no cost to taxpayers and will appropriately protect incumbent operations. More importantly, it bears highlighting the spectrum below one gear hurts that is usable for broadband is scarce and extremely valuable to carriers because it penetrates walls and propagates over long distances. Additionally, having a new, continuous 10 megahertz low-band block suitable for broadband downlink is an exceptional opportunity.

Mariam Sorond: As a result, the flow band spectrum has become the most capital-efficient way to provide coverage inside buildings. This is also why it is a strong fit for deployment of our 5G-based P&T service. I will push on that more in a moment. Because of the recent focus on midband spectrum, which naturally has greater bandwidth, it's easy to forget that most low-band spectrum is in 5 plus 5 megahertz blocks, while next-not expects to have a 10 megahertz downlink.

Mariam Sorond: The big four mobile network operators, or M&O's, have on average around 25 megahertz of low-band downlink spectrum from variation across geographies. So adding an additional 10 megahertz downlink would increase an M&O stock of low-band downlink spectrum by roughly 40 percent, a material addition to their spectrum portfolio. This is why we believe we have a powerful proposal that creates a unique and economically viable opportunity, to help address the urgent need for widespread complementary and backup P&T services.

Mariam Sorond: It is also why I was pleased to see the FCC issue the PN for rulemaking this week, helping to move us another step forward in the process. This follows the April 24 PN issued by the FCC regarding the application to assign aid block licenses that Nextnav agreed to acquire from TeleSource. We received only two comments back on the aid block assignment request during the 14-day comment period and feel good about forcing stand.

Mariam Sorond: Regarding the PN on the petition for rulemaking, the FCC has requested comments from the public on this proceeding within the next 30 days, followed by a 15-day reply comment period. All comments will be public. The commission then considers the comments and reply comments in developing proposed rules. We expect the Next Commission action would be a notice of proposed rulemaking or NPRM, followed by another period of public comment and then a final order adopting new rules for the bank.

Mariam Sorond: As a general rule, an NPRM would not happen for some time after the public notice comment period ends, typically after comments and reply comments for the PNR file, it can take considerable amount of time for the record to be evaluated and the subsequent NPRM to be drafted, reviewed and released. Overall, we feel good about where things stand or are pleased with our progress to date. As I have said many times before, this is a process we plan to continue working closely with the FCC in our focus on taking this one step at a time.

Mariam Sorond: While we work through the process with the FCC, we simultaneously received some exciting news out of the Department of Transportation.

Mariam Sorond: On July 3, the DOT issued a press release announcing that next nav was awarded a purchase order to test the company's 3D PNT technology, a terrestrial solution that delivers PNT as a complement and backup to GPS. The award comes from the DOT Volpe Center and is a part of its complementary PNT action plan. As you may recall in 2021, the DOT recognized next nav's technology as the best performing PNT technology in all applicable use cases.

Mariam Sorond: This new award is significant because it's aligned with the DOT's complementary PNT action plan to conduct field testing of technologies with critical infrastructure providers. Further, it validates next nav's strengths and leadership position in PNT services as we were awarded the largest dollar value from the DOT. The award will provide nearly $1.9 million in funding to next nav and will test our 3D PNT technology, a terrestrial solution that delivers PNT as a complement and backup to GPS. This program aligns well with our technology and spectrum path with the FCC. Next nav's terrestrial PNT technology creates a complete 3D solution for positioning in outdoor, urban, and indoor environments, including highly accurate vertical locations.

Mariam Sorond: Our solution also includes the timing source that can serve as backup if GPS is We are excited to partner with the DOT to demonstrate our PNT capabilities and to develop technology solutions to address national security, economic, and public safety needs.

Mariam Sorond: Complementing these efforts, we have also made several strategic moves, intruly to ensure that we have the right team in place to execute our vision.

Mariam Sorond: At the board level, we recently announced that Mickey Palmer joined the Nextnav Board of Directors. Mickey comes to us with deep expertise in the strategic development, operation, and expansion of ecosystems powered by 5G technology and the development of products and services to advanced 5G growth. She spent the majority of her career with Verizon. While there, her leadership role spans engineering, operations, and technology supporting advanced data and wireless products. Serving as CTO, Chief Engineering Officer, and Head of Wireless Networks. We are thrilled to have Mickey on board and believe she will be invaluable to our team as we advance our vision for an innovative spectrum solution in the lower 900 megahertz band.

Mariam Sorond: We also recently restructured our internal workforce to better align our org structure with our strategic objectives and drives greater operational efficiency. This resulted in a roughly 20% reduction in the headcount, primarily from within our software engineering teams. In addition, we also have made several strategic hires, including our new COO, San Nikita, Shamsundar, that brings the necessary skills and background to help advance our strategic vision. I feel confident that we are putting together a powerful group to help us move forward. We have a strong and capable team here at Nextnav, and I am thrilled to have the opportunity to work with them every day. I look forward to all that we can achieve together.

Mariam Sorond: In closing, we are seeing solid momentum across the business, and I am excited by our progress. We have more work ahead of us, but I believe we are putting together the right team and the right resources to position us for success. I look forward to bringing you with us on this exciting journey.

Chris Gates: With that, let me turn things over to Chris to discuss our financials. Thanks, Maryam, and good afternoon, everyone. Nextnav's revenue in the second quarter was $1.1 million, a 0.3 million increase from 0.8 million in the prior year period. For the first half of 2024, revenue was $2.1 million, a 0.5 million increase from 1.6 million in 2023. The increase in both the three and six months periods was driven by an increase in service revenue from technology and services contracts with commercial customers, including in support of government opportunities.

Chris Gates: Staying on the topic of revenue is Maryam noted we were recently awarded a $1.9 million purchase order from the Department of Transportation. This one year order started in July 2024, and we anticipate seeing the revenue impact from this beginning in the third quarter of this year. The government has the option to extend this order by up to six months under the current terms, and has the option to extend the order for up to two years to allow for additional tests.

Chris Gates: Operating expenses for the second quarter were $15.4 million, up from approximately $15.8 million in the same period last year. Operating expenses included $1.3 million in depreciation and amortization, and $3.7 million in equity compensation, compared to $1.2 million in depreciation and amortization, and $4.4 million in equity compensation in the second quarter of 2023. For the first half of the year, operating expenses were $33.6 million, compared to $30.6 million in 2023, excluding stock-based compensation expense and depreciation and amortization, operating expenses with $23.1 million in the first half of 2024, and $20.1 million in the first half of 2023.

Chris Gates: Net loss for the second quarter was $24.4 million, which included a 6.6 million loss associated with the change in the fair value of warrants. Net have again associated with the change in liability associated with the tele-saurus asset purchase agreement. This is compared to a net loss of $15.8 million in the second quarter of 2023, which included a loss of $0.3 million associated with the change in the fair value of warrants liability.

Chris Gates: For the first half of the year, net loss was $56 million, including a $19.8 million loss associated with the change in the fair value of warrants liability. Net have again associated with the change in liability associated with the tele-saurus asset purchase agreement. Compared to a net loss of $32.1 million in the first half of 2023, including $3.1 million associated with the change in the fair value of warrants liability. From a balance sheet perspective, we finished the quarter with $86.3 million in cash, cash equivalents and short-term investments.

Chris Gates: Our use of cash for the quarter included payment of expenses associated taxes and accrued compensation of approximately $1.5 million related to the restructuring mentioned earlier in the call. Our cash balance also includes two significant non-operating elements. As I noted on last quarter's call, our use of cash in 2Q24 following quarter approval included the payment of $2.5 million in cash in April per the terms of our asset purchase agreement. And as Maryam highlighted, we enjoyed the benefit of $21 million in proceeds from additional warrant exercises in the quarter.

Chris Gates: I'm also pleased to report that following the close of the quarter, warrants continued to be exercised with an additional $2.3 million exercised through July 31st, 2024 for an additional $5 million in proceeds. Finally, our balance sheet showed $51.4 million in debt net of unamortized discount attributed to transaction costs from the issuance of warrants with a gross value of $70 million.

Chris Gates: And with that, I'll turn the call back to the operator. Thank you.

Operator: We will now begin the question and answer session. If you have dialed in and would like to ask a question, please press a star followed by the number one on your telephone keypad to raise your hand and join the queue. If you would like to withdraw your question, please press a star one again.

Operator: If you are called to ask your question and are listening by a loudspeaker on your device, please speak up your handset and ensure that your phone is not on mute when asking your question. Again, please press a star one to join the queue.

Matthew Mouse: Your first question comes from the line of Matthew Mouse with B-Rally Securities. Please go ahead. Good afternoon. Thanks for taking my question.

Mariam Sorond: I was just wondering if you can get some color on where Nextnav is at regarding the assignment of the additional four megahertz of spectrum licenses acquired from Thilisaurus and Skybridge has the FCC made a decision yet to approve, deny or defer this assignment. Hi, thanks for the question. So the FCC did put a PN out on the application and that was really through an automated process. And and we are actually at this point waiting for the FCC to make a decision on it. But we have not received any further updates so far. All right, that was helpful.

Matthew Mouse: That was it for me. Thank you.

James Perez: And your next question comes from the line of James Perez with RF Light Liberty. Please, please, go ahead. Everybody, thanks for taking my question. Forgotten yesterday's filing and the petition. There's a list of. Unlike as users and users that might pose, you know, maybe it up the object into the to the plan. I mean, are you participating working? What are the plans? So let's say it's like the amateur radio or the lights and as far as maybe creating an obstacle for the company.

James Perez: I mean, are you going to, according to the body, you're going to work with this plan. I mean, how does that work? Do you guys have a different part of the like low side then or upper side then section you're going to share or is it encrypted? I mean, maybe give a little bit of color on how that's going to work out. Yeah, thanks.

Mariam Sorond: Hi, Jamie. Actually, we're, we're not going to speculate on comments with respect to the PM, right? We're going to wait to see the comments. We're going to read them really carefully. And we're going to reply to all the comments. That's our plan right now. We intend to and we've done reach outs. We intend to work with all the parties and the stakeholders, where it's reasonable and appropriate to work with them. And we look forward to the dialogue and working with them through the process. All right.

James Perez: I think my next question. Now the DOT con project, most of the time, I said, you know, it's going to be a while, but also what are the metrics or the benchmarks, the, the DOTs is sort of looking at? Well, they've selected, first of all, they've awarded about nine and the testing phase. They have a plan out on what their phases are going to be. I think that Chris, maybe you can share some of the details.

James Perez: That's not we can get you that offline on what exactly their, their phases are. Yes, Jenny, we'll all come back to you on some of that kind of inside the contract inside the contract. Okay, all right.

James Perez: Yeah, that's all the questions I have. Thanks for taking my question. Thank you. And once again, if you would like to ask a question, simply press a star, followed by the number one on your telephone keypad. And there are no further questions at this time.

Mariam Sorond: I would like to start it back to Mariam Sorond for closing remarks.

Mariam Sorond: Thank you all for joining us today. As you can see, the entire Nextnav team is hard at work, executing against our vision. We believe our unique vision will provide an innovative spectrum solution in the lower 900 MHz spin. We're excited for what lies ahead. And we'll continue to provide an update on our programs as we move forward. Thank you all. Thank you.

Operator: And ladies and gentlemen, this concludes today's conference call. Thank you all for participating. You may now disconnect.

Operator: Please wait.

Operator: The conference will begin shortly. Thank you all.

Q2 2024 NextNav Inc Earnings Call

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