By Chris Wack
NextNav shares were down 8% to $12.79 after the company reported a first-quarter loss that was sharper than a year ago.
The navigation and timing technology company said it had a quarterly loss of $58.6 million, or 45 cents a share, compared with a loss of $31.6 million, or 28 cents a share, in the same quarter last year.
The company said it incurred a loss on the change in the fair value of derivative liability of $24.5 million and debt extinguishment loss of $14.4 million, as compared to a loss of $31.6 million in the prior-year period, including a loss on the fair value of the warrants of $13.2 million.
Revenue for the quarter was $1.5 million, compared with last year's $1 million.
NextNav said the rise in revenue was driven by an increase in service revenue from technology and services contracts with government and commercial customers.
Write to Chris Wack at chris.wack@wsj.com
(END) Dow Jones Newswires
May 09, 2025 13:22 ET (17:22 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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