NextNav Inc. Common Stock Lytham Partners Fall 2026 Investor Conference

Good day, everyone, and thank you for joining us today for the Lytham Partners Fall 2026 Investor Conference. My name is Joe Dorame, managing partner at Lytham Partners. I would like to welcome NextNav Inc., which trades on the Nasdaq under the ticker NN. Today, I will be moderating a fireside chat with Tim Gray, chief financial officer. Let's get started. Welcome, Tim.

Thanks, Joe. I really appreciate Lytham having me today, and being able to participate in the conference, and being able to spend time with you. This is going to be great.

Great. Well, we appreciate you being part of it. To begin, please provide an overview of NextNav for investors that are new to the story, and what problem are you solving?

Great question, Joe. NextNav is working to provide a terrestrial backup and complement to GPS here in the U.S. It is a significant security and commercial risk that there is no terrestrial backup, and recent examples around the globe have shown some of the vulnerabilities of satellite-based GPS. We are doing that by bringing a combined solution with our unique PNT, or position, navigation, and timing technology, along with our spectrum position at 900 megahertz to provide a solution to this problem.

That's helpful. Can you explain at a high level why NextNav spectrum assets are valuable, and what differentiates your PNT technology?

Yeah. So we've got 14 megahertz of low-band spectrum. Low-band spectrum under one gigahertz is the foundation of any wireless networks because of its propagation and penetration characteristics. It goes through walls, goes into basements, all of those sorts of things. And there's not a lot of low-band spectrum that's left in the U.S. And so, we feel like we're in a very, very unique position. And when you combine that with our PNT technology, which is differentiated because it measures Z-axis or height. So standard GPS service can tell you what crossroads you're at, but it can't tell you what floor of the building that you're in. Our technology can measure that you're on the fifth floor of the building that you're in.

That's impressive. Can you provide an overview of your petition with the FCC? What are the key steps that are remaining, and what are you seeking to accomplish?

Yeah. So let me start with what we're seeking to accomplish. So we are seeking a rule change, an adjustment of the rules from the FCC that will allow the spectrum band to be repurposed, so it will allow for today's and tomorrow's technologies instead of being set up for rules that were put in place 40, 50 years ago. The current band plan, we have 14 megahertz of licensed multilateration, Location and Monitoring Service. Basically, that allows for small pings of data to go through, not all of the advanced technology that you could do with today's cellphone. Our proposed optimized band plan would pair five by 10 megahertz blocks suitable for PNT and 5G. And 5G operations will coexist with preexisting licensed and unlicensed operations across the band.

As of today, the NPRM has been written, Notice of Proposed Rulemaking, which is the next regulatory hurdle by the FCC. That NPRM is being reviewed through an interagency review process across the federal government being led by OIRA, which is an office in the Office of Management and Budget. That process allows for each of those agencies to review and look at the NPRM, give comments back to the FCC. That is ongoing, and we feel like we have made a significant amount of progress working through that process with both OIRA and the multiple federal agencies. We are very confident we are going to get an NPRM done. It is just a question of when, not if.

Okay. SpaceX recently became involved with the FCC docket. What does that mean for NextNav and the broader process?

Yeah. We are excited to have a company with the size and scope of SpaceX actually go onto the docket and provide commentary, very positive for things to move forward, and we hope that that will help move the needle. SpaceX was asking for two things in what they put on the docket. One was more broadly a change that the FCC will put in place whenever they are changing and repurposing spectrum bands like ours, where they allow for dual use, either terrestrial-based build-out or a space-based build-out, so that it is easier for them if they get bands of spectrum to move forward rather quickly.