NextNav Inc. (NASDAQ: NN) shares plunged 6.75% in pre-market trading on Friday following the release of its disappointing first-quarter 2025 financial results. The positioning and navigation technology company reported wider-than-expected losses and lower revenue, falling short of analyst expectations and raising concerns about its financial performance.

For Q1 2025, NextNav posted a net loss of $58.579 million, or $(0.45) per share, significantly missing the analyst consensus estimate of $(0.14) per share. This represents a substantial increase in losses compared to the same period last year when the company reported a loss of $(0.28) per share. Revenue for the quarter came in at $1.539 million, falling short of the projected $1.87 million and representing a 17.59% miss despite a 47.13% year-over-year increase.

The company's operating loss widened to $17.004 million, with operating expenses rising to $18.543 million. While NextNav highlighted some operational progress, including FCC momentum with a unanimous vote to explore PNT solutions and the appointment of two new board members, the financial results appear to have overshadowed these developments. Investors will likely be closely watching the company's conference call for more insights into its future outlook and strategies to improve financial performance in the face of mounting losses and revenue challenges.