NextNav Inc.

Ladies and gentlemen, thank you for standing by and welcome to the next NAV Q3 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 question and answer session. If you would like to ask a question during that time, press star followed by the number one on your telephone keypad. As a reminder, today's call is being recorded. I will now hand today's call over to Nev Riley. Nev and Riley, please go ahead.

Good morning, everyone, and welcome to NextNav's third quarter 2025 earnings conference call. Participating on today's call are Mariam Sarand, NextNav's chief executive officer, and Tim Gray, NextNav'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 next NAS forecast 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 NAS 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. You are cautioned not to place undue reliance upon the forward-looking statements, which speak only as of the date made, and NextNav 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. 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. Durand. Please go ahead, Marion.

Thank you, Nevin. Good morning, and thank you all for joining us today. Before I begin, I want to take a moment to welcome Tim Gray as NexNav's Chief Financial Officer. Tim is an industry veteran bringing a rare combination of deep spectrum knowledge and experience leading the finance function as growth-oriented companies that have technology in the marketplace. We are excited to have him on board for our next chapter of growth as we prepare for commercialization of our technology. Welcome to the team, Tim. I also want to recognize Chris Gates for all his meaningful contributions, particularly in ensuring NextMap leads with a healthy balance sheet and liquidity position. Chris will maximize his expertise in corporate development, an increasingly important responsibility as we prepare for the commercialization of our technology, and we'll work closely with him on strategic positioning in our next chapter of growth. I'll begin with an update on our FCC process. This is the FCC's March 2025 Notice of Inquiry, or NOI, on PNT technologies. NextNet has filed a robust set of technical and economic studies that demonstrate the feasibility and public interest benefits of our proposal to enable 5G-based 3D PNT in the lower 900 megahertz band. We continue to proactively contribute to the FCC process and believe the FCC has sufficient data to issue a Notice of Proposed Rulemaking, or NPRM. In early September, we met with senior staff from the FCC Wireless Bureau and Office of Engineering and Technology, as well as Arpen Sura, Senior Counsel and Chief AI Officer to Chairman Brendan Carr. proactively summarizing the record and urging the FCC to promptly issue an NPRM. We were also pleased to see Chairman Carr continue to reiterate the importance of P&T in public remarks over the past few months. We thank Chairman Carr and FCC staff for their continued diligence and consideration of the need for P&T resiliency given the numerous competing priorities and demands on the FCC's resources. While we cannot speculate on NPRM timing, we note that the FCC C-band NOI preceded the PNC NOI. Chairman Carr has talked about the FCC summer 2027 deadline to complete an auction of the C-band, referring to that as a very compressed timeline given the work that needs to be done. And just last week, Chairman Carr announced that the FCC will vote on a CBAN NPRM at its November 20th open meeting. Given the congressional mandate for action, we were not surprised that the FCC continued its work on this issue. What we can't say on timing is that the ongoing government shutdown has halted most of the work at the FCC, but we continue to actively engage with administration, and congressional officials who are not furloughed to advocate for our proposal. In addition to our work with the FCC, we continue to advance our technology and make progress on commercialization independent of the FCC process. First, we are aggressively advancing the technical work needed to deliver a 5G-based 3G PNT solution as a complement to GPS, addressing an urgent national security need. Last month, we reached a major milestone towards enabling a wide-scale commercial 5G-based 3D PNT solution, deriving accurate timing and positioning information while simultaneously delivering both downlink and uplink data transmissions, utilizing standard 5G network equipment. This achievement highlights the seamless integration of NextMaps technology and 5G. Next, In partnership with Acilla Quartz, we were pleased to achieve the successful integration of our 5G-based PNC technology and an Acilla Quartz GNSS-enabled Grandmaster clock. This achievement marks another significant step towards the commercialization of a GPS complement and backup, serving the needs of national security, public safety, and mission-critical enterprise timing applications. These achievements reinforce the scalability and practicality of a resilient terrestrial complement to GPS, and we are focused on continuing our forward progress towards commercialization. Last month, we also extended our agreement with AT&T relating to our pinnacle network operations by two years to October 2028. This network, which operates primarily in partnership with AT&T, is providing public safety applications like enhanced 911 across all major cellular networks and to FirstNet. This recognition of our continuing technology leadership in Z-axis is an important component of our commercialization for a 5G-based 3D PNT capability. Finally, in October, we showcased our leadership in location technologies at Mobile World Congress 2025 Las Vegas. Our booth received a lot of traffic from attendees, and we highlighted both our current vertical location capabilities as well as our progress towards commercialization of 5G-based 3D P&T. Looking ahead to the remainder of 2025 and beyond, NextNav remains deeply committed to advancing P&T resiliency in support of national security, public safety, and economic stability. As there is already broad awareness of the need for a terrestrial complement and backup to GPS, we are uniquely positioned to build on our momentum. We remain focused on executing our strategic roadmap and driving innovation in geolocation technology. With that, I will turn things over to Tim for a review of our financials. Tim?