NextNav Inc.

Ladies and gentlemen, thank you for standing by. My name is Krista, and I will be your conference operator today. At this time, I would like to welcome everyone to the next NAVS Second Quarter 2025 earnings conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a -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. And if you would like to withdraw your question, again, press star one. I would now like to turn the conference over to Nevin Reilly, Investor Relations at Sloan. Please begin.

Good afternoon, everyone. Welcome to next NAVS Second Quarter 2025 earnings conference call. Participating on today's call are Mariam Sarand, next NAVS Chief Executive Officer, and Chris Gates, next NAVS 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 next NAVS forecasts of future results, future prospects, developments, and business strategies, are subject to known and unknown risks, uncertainties, and assumptions, many of which are outside next NAVS control and could cause actual results to differ. In particular, such forward-looking statements include the achievement of certain FCC-related monotones and FCC approvals, next NAVS projections, plans, objectives, and expectations, and next NAVS future business strategies and competitive position. These statements are based on management's current expectations and beliefs, as well as a number of assumptions concerning future events. You are cautioned not to place undue reliance upon the forward-looking statements, which speak only as of the date made, and next NAVS 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 filings with the SEC. Following prepared remarks, the company will host an operator-led question and answer session. In addition, 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. Saron. Please go ahead, Maryam.

Thank you, Nevin. Good afternoon, and thank you all for joining us today. We led an eventful and impactful second quarter, marked by the May 13th conclusion of the comment period, in response to the FCC's notice of inquiry, or NOI, titled Promoting the Development of Positioning, Navigation, and Timing Technologies and Solutions. Next NAVS continues to advance our FCC advocacy with a sense of urgency. Since we filed our NOI comments and reply comments, we have filed additional technical, economic, and operational data and analysis, laying a strong foundation for the FCC to act on our proposal. We are encouraged by the FCC's actions to date and believe that this effort is a sustained priority for the FCC chairman, as suggested by the issuance of the NOI. A terrestrial complement and backup to GPS is an urgent national security priority, and we will continue to advocate for the FCC to promptly issue a notice of proposed rulemaking, or NPRM, that would enable a terrestrial complement and backup to GPS without the need for multibillion dollar taxpayer expenditures. We were also excited to see that the FCC granted its consent for licenses to be assigned to Next NAVS. As we announced in March 2024, Next NAVS entered into an asset purchase agreement to acquire the remaining 128 active MLMS licenses in the lower 900 megahertz A block. And we filed an assignment application with the FCC in April 2024, concurrent with our petition for rulemaking. On June 20th, 2025, the FCC issued an order granting its consent to the assignment of these licenses to Next NAVS. The licenses already held by Next NAVS in the lower 900 megahertz band are in the B and C blocks. Significantly, in addition to a grant, the order included a waiver of an FCC rule that forbids one licensee from holding both an A block license and a B or C block license in the same license area. The order also noted that the grant was likely to result in certain public interest benefits, including the potential for further development of the MLMS band. The order permits us to complete the license assignment, and we're working towards that goal. We thank FCC Chairman Brendan Carr and the FCC staff for the meaningful effort and time they are devoting to these issues, given the numerous demands on the FCC's resources. GPS remains a vulnerable single point of failure for the US economy and national security. The FCC is uniquely positioned to swiftly enable a 5G-based terrestrial solution, like Next NAVS, that seamlessly enables a complement and backup to GPS in addition to making available new broadband capacity. Next NAVS petition to the FCC seeks to modernize rules and optimize the lower 900 megahertz band to enable terrestrial PNT and 5G broadband, a market-based approach to address an urgent national security priority. This is critical infrastructure for the future. It's delivered in a way that is consistent with FCC Chairman Carr's Build America agenda. Our proposal advances America's leadership in wireless by making additional spectrum available for broadband, modernizing outdated regulations, and advancing US national security and resilience by enabling a wide-scale terrestrial PNT solution all without any taxpayer funding. While critics have made unfounded claims about our proposal, they have not filed any valid technical analysis with the FCC. In contrast, Next NAVS has invested time and resources in technical and economic studies that demonstrate the feasibility and public interest benefits of our proposal. Through these filings, we have been disproving other parties' objections in the record with robust analysis. We believe the technical record provides a strong basis for the FCC to issue an NPRM, bolstered by continuous support from public safety. We were also pleased to see commenters note that a market-based approach can best deliver future-proof solutions. In June, we presented implementation and deployment details of our 5G-based PNT solutions to both the FCC's Wireless Telecommunications Bureau and its Office of Engineering and Technology. Importantly, we presented a path by which, with swift FCC action, our solution could be available during this administration. Due to the use of standards-based 5G technology, we believe multiple network partnership options are possible. In July, we filed a supplemental technical study further validating the assumptions and conclusions in our February technical study, demonstrating that introducing 5G operations will not cause unacceptable interference to unlicensed Part 15 devices in the lower 900 megahertz band. We also filed in July a second supplemental economic report prepared by the Brattle Group, establishing that NextNAP's proposed optimization of the lower 900 megahertz band would impose minimal costs while generating substantial national benefits, potentially mounting to tens of billions of dollars. And finally, on August 1st, we filed a technical study demonstrating that licensed tolling operations can coexist with 5G operations in the lower 900 megahertz band. In addition to our progress with the FCC, I participated in a June 24th event at the US Capitol focused on the urgent need for GPS resiliency. The event featured a conversation between Chairman Richard Hudson, Chair of the Communications and Technology Subcommittee of the House Energy and Commerce Committee, and the Honorable Greg Walden, former Chairman of the House Energy and Commerce Committee. The event also featured Arpin Sura, Senior Counsel and Chief AI Officer to Chairman Carr, Dr. Thomas Rondeau, Principal Director for FutureG at the Department of Defense, and Adam Elder, Director of Public Safety for Fairfax County, Virginia. The participants reinforced a critical message, GPS vulnerabilities are not hypothetical. They are real, present threats to national security, public safety, and the economy. And America must address this issue now. I'm confident that our solution will play a key role in the system of systems necessary for PNT resiliency. It is future-proof and can scale rapidly, leveraging existing network infrastructure and the vibrant global 5G ecosystem without requiring taxpayer funding. Looking ahead, NextNav is committed to strengthening PNT resiliency in support of national security, public safety, and the economy. With the increasing recognition of the need for a threshold complement and backup to GPS, we are well positioned for continued momentum. We remain focused on executing our strategic roadmap and driving innovation in geolocation technology. With that, let me turn things over to Chris for your review of our financials. Chris?