NextNav Inc.

Thank you for standing by. My name is Eric and I will be a conference operator today. At this time, I would like to welcome everyone to the next NAV first quarter 2024 earnings conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question, Press star 1 again. Thank you. I would now like to turn the call over to Erica Bart. Please go ahead.

Good afternoon, everyone, and welcome to NextMav's first quarter 2024 earnings conference call. Participating on today's call are Mariam Sarand, NextMav's Chief Executive Officer, and Chris Gates, NextMav's Chief Financial Officer. Before we begin, let me remind everyone that this call will include certain statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as may, anticipate, believe, expect, intend, might, plan, possible, potential, aim, strive, predict, project, should, could, would, will, and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Such forward-looking statements which may relate to NextNav's forecast of future results, future prospects, developments, and business strategies are subject to known and unknown risks, uncertainties, assumptions, and other important factors, many of which are outside NextNav's control that could cause actual results to differ materially from the results discussed in the forward-looking statements. You are cautioned not to place undue reliance upon any forward-looking statements which speak only as of the date made, and NextNav undertakes no commitment to update or revise the forward-looking statements, whether as a result of new information, future events, or otherwise. For additional information regarding risk factors, see Part 2, Item 1A, Risk Factors, of the company's quarterly reports on Form 10-Q and Part 1, Item 1A, Risk Factors of NextNav's Annual Report on Form 10-K for the year ended December 31, 2023, as well as those otherwise described or updated from time to time in our other filings with the Securities and Exchange Commission. Following our prepared remarks, the company will host an operator-led question and answer session. In addition, at the conclusion of today's call, a replay of our discussion will be posted to the company's investor relations website. I'd now like to turn the call over to Ms. Maryam Sarand, Chief Executive Officer of NextNAS. Please go ahead.

Thank you, Erica, and good afternoon, everyone. I am pleased to have you join us for our first quarter call. On today's call, I would like to run through some of the recent strategic updates on the business and will then turn things over to Chris for a review of our financials. While this is only my second earnings call as NextNAS CEO, I am particularly excited to be speaking with you today, given the activity over the last few weeks. As I noted on our last call, I have been working closely with the team since I arrived to develop my strategic vision for the future of NextMath. Today, I am thrilled to be able to share in greater detail what we have been working on and our strategy for moving forward. To get right to the point, The team and I are focused on presenting a new vision for complement and backup to GPS with additional spectrum for broadband services. The country's principal PNT system, GPS, is foundational to national security, the US economy, and powering critical infrastructure, but has coverage limitations indoors in an urban canyon and is vulnerable to jamming and spoofing. We see our vision as an innovative solution that enables next-gen terrestrial P&T by leveraging 5G broadband. Our goal is single-digit accuracy everywhere. Creating a terrestrial P&T solution that provides 3D location and timing that is highly accurate is available indoors as well as outdoors and in urban canyons. On April 16th, many of you know that we filed a petition for rulemaking asking the FCC to enable this innovative spectrum solution in the lower 900 megahertz band. This was a significant milestone for the business and a big step forward in advancing our strategic vision. This action follows the March 28th court approval for our previously announced agreement to acquire spectrum licenses covering an additional four megahertz in the lower 900 megahertz band. In receiving court approval, we then had the green light to move forward with obtaining FCC approval in mid-April. In terms of our petition, at a high level, we are asking the FCC to reconfigure the BAM plan and update the rules to, one, enable a high-quality terrestrial P&T complement and backup the GPS on which the nation relies for essential P&T services, and two, provides 15 MHz of low band spectrum for use by 5G broadband networks. We believe this new vision for the lower 900 MHz band will unleash spectrum for essential P&T solutions as well as 5G broadband while ensuring incumbent operations are appropriately protected. More importantly, our proposal does not require taxpayer money or legislation. I will offer more on that in a moment. As many of you know, NextNav is already the main geographic licensee in the lower 900 MHz band. Our existing licenses are being used to develop industry-leading P&T expertise and products. However, the lower 900 MHz band is underutilized, primarily due to band fragmentation and legacy technical and service rules that limit use of the band. As part of our proposal, NextNav would commit to enabling a terrestrial 3D PNT service as a necessary backup and complement to GPS. Today, GPS plays a pivotal role in US PNC architecture. GPS is an incredible technology that powers much of our nation's critical infrastructure, including electricity, telecommunications, public safety, and banking. But it is vulnerable to jamming and spoofing. look no further than issues happening internationally. Satellite-based systems like GPS have coverage limitations indoor in an urban canyon. Current GPS technology can be helpful for emergency services as accurate geolocation can be the difference between life and death. However, without GPS, essential functions would be significantly impaired or inoperable. More importantly, spectrum is also a finite resource. And we will need more spectrum to power all the wireless services that fuel the economy. As a result, both public and private sector experts have determined that the U.S. urgently needs a robust terrestrial 3D PNT solution to complement and back up GPS. Additionally, there is broad consensus that making additional spectrum available for wireless networks would be advantageous to the U.S. economy and overall global competitiveness. We believe a terrestrial 3D TNT backup and complement to GPS will mitigate the risk to the country, unleash commercial opportunities, and help public safety by providing location information and situational awareness indoors and in multi-story buildings. However, it has historically not been economically feasible to deploy a standalone wide-scale terrestrial 3D PNT network. The reasons for this are twofold. One, GPS is free, limiting potential revenue for other PNT offerings. And two, it is difficult to drive adoption of PNT-specific protocols into consumer devices, thus limiting subscribers. By reconfiguring the band, we see a direct path to a wide-scale terrestrial 3D PNT network. Leveraging the lower 900 megahertz band in terrestrial, 5G networks create a unique economically viable opportunity to help address the urgent need for widespread complementary and backup PNT services. The proposed rebanding and related rule modifications would establish 15 MHz of low-band spectrum to support terrestrial 3G PNT and 5G broadband. This would include the 8 MHz of spectrum NexNav already owns, the additional 4 MHz NexNav is seeking to acquire pending FCC approval, and 3 MHz of largely followed spectrum, much of which is in FCC inventory. NextNav's NextGen technology will be a 5G-based solution, so it is more easily integrated into the existing ecosystem for both deployment and adoption. The revised rules would enable NextNav's NextGen terrestrial 3D PNT network to use 5G technology to extend PNT reach in areas where GPS is limited and supplement the country's 5G broadband capacity. To advance this, NextNav expects to partner with network operators or others interested in commercial deployment in the band for 5G. Leveraging a 10 MHz downlink spectrum block and 5 MHz uplink, NextNav can reliably supply integrated, highly accurate, and consistent 3D positioning indoors and outdoors along with precision timing. More importantly, Our next-gen P&T solution will only use a small portion of the capacity, allowing network providers to use the vast majority for broadband. We are already in active discussions with various potential partners and are also focused on ensuring that incumbent operations are appropriately protected. Overall, we believe this unique path forward addresses the coverage cost and user device issues that have previously prevented broad terrestrial 3D P&T adoption. This is a full commercial solution with no need for government funding or legislation, an attractive proposition. With P&T resiliency already receiving broad bipartisan support, we anticipate continued support from both sides of the aisle as we move forward. In terms of next steps, on April 24th, the Federal Communications Commission, including its weekly public notice of agency actions on wireless license transactions, the application to assign the eight block licenses that NextNav agreed to acquire from Telesort. This is specific to the transaction we announced on March 11th, 2024. Approval of the license application is also contingent on FCC grant of a waiver request, and that request has not yet been placed on public notice. The April 24th public notice is a routine FCC action that does not indicate how the Commission will act. Instead, it initiates a 14-day period during which parties may file petitions on the assignment application. The Commission then has seven additional days in which it must either grant, deny, or defer action on the application. Ultimately, the exact timing of next steps are in the hands of the FCC. However, we believe we have presented a petition that explains the urgency to the FCC and provides an economically viable solution to an issue of great importance. As we move forward, we will continue taking this process one step at a time. We believe this is a unique vision that will provide an innovative spectrum solution in the lower 900-megahertz band. We look forward to continuing to provide an update on our progress as we move forward with the FCC and beyond. Finally, before I turn things over to Chris, I want to highlight a new addition to the MEXA team. Yesterday, we announced that Dr. Sanyogita Shamsundar is joining NextNav as Chief Operating Officer, effective May 9th. Sanagita was recently the Head of Edge Network Infrastructure at Google, and prior to that, spent several years at Verizon in various roles, including serving as the VP of Product Strategy and Operations, where she led early 5G network technology development and trials. We are thrilled to have someone of Sanagita's Caliber, joining the team, and I look forward to her contributions as we continue to advance our strategic vision. With that, I will turn things over to Chris for a review of our financials. Chris?