NextNav Inc.

Ladies and gentlemen, thank you for standing by. My name is Desiree and I will be your conference operator today. At this time, I would like to welcome everyone to the next NAB first quarter 2025 earnings 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 again, press the star one. I would now like to turn the conference over to Nevin Riley. You may begin.

Good morning, everyone, and welcome to NexNav's first quarter conference call. Participating on today's call are Maryam Saran, NexNav's Chief Executive Officer, and Chris Gates, NexNav'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 use of the words may, anticipate, believe, expect, intend, should, could, and similar expressions. Such forward-looking statements, which may relate to NextNav's forecast of future results, future prospects, developments in business strategy, are subject to known and unknown risks, uncertainties and assumptions, many of which are outside NextNav's control and could cause actual results to differ. In particular, such forward-looking statements include the achievement of certain FCC-related milestones and FCC approvals, NextNav's projections, plans, objectives, and expectations, and NextNav's future business strategies and competitive position. These statements are based on management's current expectations and beliefs, as well as the number of assumptions concerning future events. We are cautioned not to place undue reliance upon the forward-looking statements, which speak only as of the date made, and NXIV undertakes no commitment to update or revise the forward-looking statements, except as required by law. For additional information regarding risks and uncertainties, please refer to the risk factors and other disclosures contained in the company's filings with the SEC. Following prepared remarks, the company will host an operator-led question and answer session. A replay of our discussion will be posted to the company's industrial relations website. I'd now like to turn the call over to Ms. Durand. Please go ahead, Maryam.

Thank you, Nevin. Good morning, and thank you all for joining us today. Before drilling down on business milestones and momentum, I'd like to begin with a snapshot of who we are and discuss why our solution has never been more important. I will then pass it over to Chris to provide an update on our financials. At NetSnap, we're focused on solving a critical national security challenge, the vulnerabilities of GPS. GPS is critical in nearly every part of modern life, from national defense and aviation to emergency response, power grids, telecommunications, and financial systems. However, GPS can be jammed or spoofed with low-cost equipment. And unlike China and Russia, the US currently has no domestic terrestrial backup in place for continuity if GPS fails. That's where Nexnav comes in. We're proposing a vital layer of resilience by delivering a terrestrial complement and backup to GPS. Using our licensed low-band 900 megahertz spectrum, the scale of 5G infrastructure and the 5G equipment ecosystem, we've proposed a reliable, accurate positioning, navigation, and timing, or PNT, solution to the FCC. Our system can provide a critical backup to GPS and complements it indoor and in urban canyons where GPS signals are often limited or not available. This is essential for first responders and critical infrastructure, and we structured our solution to be deployable at no cost to taxpayers. We're actively working with the FCC and key stakeholders to integrate our solution as part of a broader system of systems approach to national P&T resiliency. While we've been talking about this for over a decade, we're excited to see the increased urgency from the current administration. As FCC Chairman Brendan Carr recently put it, while GPS may be indispensable, it is not infallible. Disruptions to GPS have the potential to undermine the nation's economic and national security. During the first quarter, the FCC demonstrated meaningful progress with fast movement under Chairman Carr to advance space-based and terrestrial P&T solutions. On March 27th, the FCC unanimously voted to advance a Notice of Inquiry, or NOI, titled Promoting the Development of Positioning, Navigation and Timing Technologies and Solutions to Explore How the FCC May Foster GPS Backups and Complements. The unanimous vote demonstrates a clear recognition of the urgent national security and public safety need for resilient PNT. Backed by bipartisan and public support, the NOI advances efforts to develop terrestrial P&T solutions that add critical redundancy to America's infrastructure. We were pleased with the NOI and applaud the FCC's engagement with stakeholders across government and industry and for its interest in a system of systems approach, an approach that includes both space and terrestrial-based technologies to build redundancy into America's critical infrastructure. We saw unanimous support for the NOI and a framework for moving quickly by the FCC as indicated by its expedited NOI comment period. Chairman Carr brought to light a critical issue for the industry with a vast majority of commenters supporting the need for a backup and complement to GPS. There was a broad consensus in the NOI comments regarding the importance of enhanced national P&T infrastructure and mitigating GPS vulnerabilities via a system of systems approach. Many commenters also agree that a terrestrial solution is critical and that it should be wide scale and available for incorporation in end user devices. In addition, first responder organizations have urged the FCC to support deployment of resilient TNT and a number of key public safety organizations, as well as other commenters, have supported further action by the FCC with respect to NextNav's proposal. While the NOI was a general proceeding, NextNav was specifically described by the FCC in the NOI which underscores the interest in our wide-scale technology proven across the public and private sectors. The discussion in the NOI references NextNav's demonstrated performance. The language of the NOI closely echoes the foundational points of our separately filed FCC petition for rule change, repeatedly emphasizing the necessity for a system of systems, including a terrestrial component and the need for a backup and complement to GPS to address vulnerabilities and limitations in GPS. It is critical for the FCC to enable at least one future-proof solution that relies on market forces to deliver a terrestrial, wide-scale P&T solution that is broadly available to critical infrastructure, public safety, and consumers and has a clear path to incorporation in end-user devices. In terms of the FCC's ongoing consideration, we did not see any surprises or showstoppers from the NOI that would prevent the FCC from taking action with respect to next steps. We believe P&T resiliency is an urgent national security objective and are encouraged by the FCC's swift action thus far. We hope the FCC maintains this base and NextNav will continue to work collaboratively with the FCC and industry to deliver on this administration's priority. Now, as a brief aside, while we are proud of the support and record, both for NextNav and for the objective of a wide-scale terrestrial backup and complement, we wanted to touch on the recent opposition and why we think it is unlikely to be persuasive at the FCC. There are generally two types of arguments. The first claims that there are superior terrestrial alternatives to NextNav and PNT. But we believe the FCC is interested in a system of systems approach requiring multiple terrestrial technologies and NextNav's part is a wide scale terrestrial solution that can be incorporated in consumer devices without the need for taxpayer funding. The second type of opposition claims that modifying the technical rules for the band would cause interference issues to other current licensees in the band and to a variety of unlicensed devices that currently and successfully coexist in the band. Thus far, none of these interference claims are supported by technical analysis. We continue to reach out to incumbents in the band for engineer to engineer dialogue, and we are confident that the staff at the FCC will be able to assess the technical arguments fairly and completely. We continue to believe that the benefits of implementing NXNAP's proposal in terms of addressing a critical national security vulnerability will far outweigh any cost of retuning license incumbent systems or replacing equipment if required. In addition, a technical analysis we filed at the FCC in late February showed that NXNAP's proposed 5G operations would not cause unacceptable interference to unlicensed devices in the band. The restoration of the urgent national security and public safety needs at hand is not just a topic of policy. It is an imperative from a number of audiences in the broader global markets that are bringing attention to this now. Earlier this week, I presented at the Milton Institute Global Conference on a panel regarding America's lack of preparation for future warfare. There was a wide recognition that building resiliency in vulnerable systems is important for deterrence and also for regaining our leadership in critical technologies. Further, it was recognized that the private sector can help address national security concerns by accelerating the availability of these resilient systems. Additionally, as we execute on our goal of providing a terrestrial backup and compliment to GPS to address a major national security threat, we are pleased to welcome two esteemed individuals to our board of directors. We are Admirals H. Wyman Howard and Lauren Selby. Their extensive military and national security leadership experience in technology, research and development, and management capabilities will be invaluable to NextNav and will help drive our agenda. Looking ahead, NextNav is committed to strengthening P&T resiliency in support of national security, public safety, and the economy. With increasing recognition of the need for a terrestrial GPS backup Evidenced by the bipartisan NOI vote in March and strong national security focus from the new administration, we are well positioned for continued momentum. We remain focused on executing on our strategic roadmap and driving innovation in geolocation technology. With that, let me turn things over to Chris for a review of our financials.