Quarter 1
Q4 2025 Earnings Call — March 17, 2026
Analyst: Mike Crawford (Bee Riley Securities): Yes, we were pleased to see that the FCC sent this promoting the development of P&T technologies to the OMB on March 2nd. But have you seen the contents of what was actually sent? And do we know if that's any different from what has been contemplated previously?
Executive: Miriam Sarand (Title): The NPRM has been drafted and it is in the interagency review process. We have not seen the contents and that is part of the process. Contents will be available, the draft review will be available once it finalizes this interagency process with the NTIA IRAC and OMB OIRA.
Analyst: Mike Crawford (Bee Riley Securities): Okay, thank you, Miriam. And then the data that you've been collecting shows that you get more precise P&T when you have a 10 by 5 channel. And so do you think that that is something that's what we're likely going to see when we get an NPRM and eventually report an order?
Executive: Miriam Sarand (Title): Well, definitely we've been testing and we're testing towards a 10 plus 5 capability and that's part of our commercialization effort and it's also just basically how 5G networks operate with respect to positioning. It becomes more accurate with the downlink being 10 megahertz. So we've made those studies over at the FCC, and we remain confident that we're going to move forward with this FCC, working with them to make sure that we meet the backup and complement requirements of GPS. Thanks. Well, we hope we see that in April or May. Thank you.
Analyst: David Joyce (Seaport Research Partners): Thank you. Could you please provide any interesting learnings so far with your METCON relationship and perhaps connect that with how that might help with accelerating commercialization in the U.S.?
Executive: Miriam Sarand (Title): Okay, David, and thanks for the questions. I think there's definitely an international opportunity. MEDCOM is part of that for us, and we're super excited about the partnership that we've had with them and this new development with respect to what they're doing in Japan. I think this is a solution that, as we have said, can be taken global, and it does have an international opportunity. What we're facing today with a lot of the GPS or GNSS in general, jamming and spoofing issues, is a global problem. So we will share the results of whatever METCOM does when they publicize it with the market. But right now, this is a great step advancing that partnership and relationship with us. Thank you very much.
Executive: Miriam Sarand (Title): In closing, NexNav remains highly optimistic about the path ahead toward an FCC vote on an NPRM in the near term, with clear line of sight to a report in order. We are very proud of the progress we're making to deliver a resilient, future-proof terrestrial complement and backup to GPS, strengthening U.S. economic and national security at a critical moment in time. Thank you all. Ladies and gentlemen, this concludes today's call. Thank you all for joining. You may now disconnect.
Quarter 2
Q3 2025 Earnings Call — November 6, 2025
Mike Crawford (Riley Securities): Thank you. Miriam, now that the FCC is through its space month and has started that CBAN auction process, do you think P&T could be next on the priority list?
Management: Thank you, Mike. Thanks for the question. As you know, the FCC doesn't provide guidance on their timing, neither do we provide guidance. But we continue to believe that this is an important issue and a priority for Chairman Carr. Getting CBAN NOI done will actually definitely pave the way for him to focus on his other priorities and for the Commission to focus on their other priorities.
Okay, thank you. Just shipping gears, in the past, the company had or has had international strategy, including some collaboration in Japan, maybe using some donated 800 megahertz spectrum to help propagate your solution. But is there anything that's changed or that you can share with what you're doing internationally or how you would potentially port your IP and get paid outside of Japan?
Management: We continue to have the partnership with MedCom, and MedCom has actually achieved significant milestones also in their journey. I wouldn't call it donated Spectrum, but just Spectrum in Japan is actually licensed differently here than the U.S. But it is very valuable spectrum that they're also working on and they're working with their regulator and just recently have had some good progress with the regulator and we're both working together. They also use our pinnacle altitude solution out in Japan already commercially. So, it's not just also waiting for that spectrum to go through their regulatory process. So that's a great partnership for us. We appreciate it. And also, I think Japan being one of the U.S. allies to work on national security makes sense. It probably would make sense for us also to look at the international market. But right now, we are very focused on making sure that we prove our solution in the United States.
Brendan Lynch (Barclays): Great. Thanks for taking my question. You mentioned the relationship with AT&T on FirstNet. Can you expand on what the relationship, what other relationships with carriers you could develop and how that might help you build out the P&T solution?
Management: Thank you for the question. That's a good question, actually. You may have seen we just highlighted a key point regarding the extension of our AT&T agreement, which we're very happy about. So, we're already operating a positioning system in partnership with a major wireless carrier for public safety applications, and that we're very excited about the extension of that agreement. The solution for that agreement, which is the Z axis, is already being used in the Verizon network, besides the public safety applications that it is being used in. So we have an existing partnership. We do need to expand that partnership, obviously, to do the XY and the rest of our solution. I believe that the FCC, considering this a priority in advancing what we're doing, will actually be a great milestone in taking those partnerships further.
Brendan Lynch (Barclays): Okay, very good. That's helpful. And then on the recent Echostar transaction, there's obviously been some movement in the spectrum that's available. How do you see the spectrum supply and demand dynamic going forward?
Management: Yeah, I'm glad you brought up that because this is a great landscape we're seeing right now. And also, just by the way, just this morning there was another transaction between Echo Star and SpaceX. But just let me say that we are creating a 10 megahertz downlink. This is a very rare and already scarce low band Spectrum position. Chairman Carr continues to mention the importance of freeing up even additional spectrum for broadband. The one big beautiful bill requires freeing up spectrum, but none of them are below 1 gigahertz. I think I also want to highlight one of the things that AT&T's CEO commented post the ECHOSTAR transaction about the 600 megahertz spectrum. 600 megahertz spectrum is not in the ECHOSTAR. AT&T network, by the way. But he did say that I have never regretted owning low band spectrum over the course of my career. So I agree with him. And this highlights really the demand for low spectrum. So in addition to that AT&T transaction, we obviously saw other transactions with Echo Star, continuous transactions. We believe that low band spectrum, when it's available, the demand is significant. And the fact that we're seeing an expanding universe of participants in the market for Spectrum, besides the major carriers, which includes the satellite operators, this demand is going to expand. And collectively, we see all of this as positive for our business.
Ryan Coots (Needham): Great. Thanks for the question. I want to ask about any updates you have on your commercialization and partner strategy model for the U.S. relative to mass rollout, and then specifically how does this Scylla Quartz integration play into that at all?
Management: Thank you, Ryan, for the question. I think you know there is definitely a high degree of attention to our spectrum and regulatory process but as a company we're very focused and really excited about just and not only just enabling what we're doing with the spectrum and capacity, but our solution to provide this complementary PNT. So, obviously, we've been operationalizing the key technologies, not only on advancing what we're doing with the network side that shows PNT broadband on 5G standard equipment, but also, as you mentioned, you know, the use of the signal that it provides. Recently, highlighted with the civil courts is, Let me just remind everyone, they're a leading provider of timing solutions, so we're super excited about integrating their timing solution into the network, which is significant. And you're right, there is a lot of focus on timing in addition to positioning because it remains in the critical infrastructure and is a significant point. So we're super excited about moving that partnership forward. And I think that's going to definitely be one of the integrations in addition to the future integrations that we need to do to get the operational and commercialized network ready for a backup and complement to GPS.
Ryan Coots (Needham): Interesting. Thanks. And maybe one more if I could. With regards to, you know, any movement of existing networks that are needed to accommodate your solution, have you done any scoping there in terms of those costs and how they'd be funded?
Management: Okay, so you're talking about the coexistence and the band and the spectrum users, yes. Yeah. So we provided a study to the FCC that thoroughly evaluates the tolls and talks about the minimal impact to them and how they would need retuning, and that retuning is not at all going to be a hardware swap. It's a software retuning. We're very confident in our study. We've been working on this, and we provided that to the FCC. Those costs, when you are talking about just software and not rip and replace equipment, become extremely minimal, especially with the minimal impact to them. So, I would not call it a significant cost. As far as the rest of the, we continue to work really well with the railroads. And as far as the rest of the unlicensed use of the spectrum, we're not asking anyone to vacate or go to another spectrum. And there is no cost associated with it. And as we have shown through our FCC studies, there's also no impact to the unlicensed community.
Ron (for Peter Cepino, Wolf Research): Hi, this is Ron for Peter. We recently saw the Department of Transportation awards to Iridium to test this solution with T-Mobile. Can you provide any comments on the implications or opportunities for NextNet?
Management: Thank you. Thank you for the question. I mean, what we just recently saw, and this is a little bit of what Ryan brought up on the importance of timing, but let me just say, what we just recently saw, it highlights the importance of having multiple systems to have a very robust and complement backup to GPS. But
as a reminder, let me just remind everyone, we had the highest performance in positioning and navigation and timing technologies in the DOT system.
Department of Transportation's 2021 testing. And you may remember that we also received an award under this same program in 2024. And it remains the largest award so far. But we're very happy to see other solutions also get an opportunity. And as we've always said from the beginning, this reiterates this concept of the a system of systems, and in the importance of backup solutions, especially for critical infrastructure, which telco is one. So, when we want to address this issue, we do require the system of systems because GPS is used so broadly. Now, at NextApp, we believe we offer the best path to a wide-scale solution for most of the use cases, but of course, satellite and other potential terrestrial systems also have a role to play. And they will create opportunities for seamless integrated solutions as well. So overall, the positive development with the Iridium testing and the partnership with DOT for this entire landscape and reinforcing what we're working to achieve right now, which is we're on the right path.
Management:
At this time, there are no further questions.
I will now hand the call back over to our presenters for closing remarks.
Management: Thank you. And as I mentioned at the beginning of the call, we've continued to proactively advocate for the FCC to take the next steps in its process despite the government shutdown and are pleased with the technological progress we have made as we prepare for commercialization of our technology. Next, I look forward to enabling a wide scale future proof complement and backup to GPS as quickly as possible. We are proud of the work we are accomplishing to bolster the US economy and national security and we are very grateful to our shareholders for their support. Thank you, everyone. This concludes today's call. Thank you for joining. You may now disconnect your lines.