v3.25.1
Segments
 3 Months Ended
Mar. 31, 2025
Segments  
Segments

13. Segments


NextNav operates as one operating segment. Information on the Company’s products and service offerings are included in Note 1 - Organization and Business. The accounting policies of the single operating segment are the same as those described in Note 2 - Summary of Significant Accounting Policies.

NextNav’s CODM is its Chief Executive Officer, who reviews financial information presented on an entity-wide basis for purposes of making operating decisions, assessing financial performance, and allocating resources.

The CODM assesses performance and decides how to allocate resources based on consolidated net loss that also is reported on the Consolidated Statements of Comprehensive Loss. Consolidated net loss is used to monitor budget versus actual results and in the annual budgeting and forecasting process. The measure of segment assets is reported on the Consolidated Balance Sheets as total consolidated assets. The CODM reviews cash flow forecasts in making capital and investment decisions. The CODM considers budget-to-actual variances in consolidated net loss monthly in determining performance and the compensation of employees.

NextNav did not have any intra-entity sales or transfers during the three months ended March 31, 2025 and 2024.


Segment financial information for the three months ended March 31, 2025 and 2024 is as follows:

Three Months Ended March 31,




2025

2024


Revenue

$

(1,539

) $

(1,046

)

Less:







Technology Development Expenses
3,127

1,915
Business Operation Expenses
3,651

5,178
General and Administrative Expenses
6,146

4,447

Depreciation and amortization


1,452



1,319


Interest expense, net


2,738



2,168


Change in fair value of warrants and derivative liabilities

18,482

13,176


Other segment items1
24,464

4,409

Provision for income taxes


58



44


Consolidated net loss

$

58,579


$

31,610



   

1 Other segment items include equity-based compensation, debt extinguishment loss, non-cash other loss, non-cash rent expense, capitalized labor costs, accretion expense on asset retirement obligations and other income (loss).

   

Substantially all long-lived tangible assets are located in the United States.


For the three months ended March 31, 2025, two customers accounted for 51% and 39% of total revenue. For the three months ended March 31, 2024, two customers accounted for 75% and 14% of total revenue. Substantially all revenue was generated from the United States.