NextNav Inc.

Hello and thank you for standing by. My name is Tiffany and I will be your conference operator today. At this time, I would like to welcome everyone to the next NAV fourth 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 that time, simply press star, then the number one on your telephone keypad. I would now like to turn the call over to Jared Pollock. Jared, please go ahead.

Good afternoon, everyone, and welcome to NextNav's fourth quarter 2025 earnings conference call. Participating on today's call are Maryam Sarant, 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 NexNav's forecast of future results, future prospects, developments, and business strategies, are subject to known and unknown uncertainties, and assumptions, many of which are outside NXNAP'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, NXNAP's projections, plans, objectives, and expectations, and NXNAP's 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. UR cautions 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 FCC. 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 investor relations website. All right, now I'd like to turn the call over to Ms. Sarant. Please go ahead, Miriam.

Thank you, Jared. Good afternoon, and thank you all for joining us today. I'll begin with an important update on our FCC process. Earlier this month, the FCC formally sent a draft notice of proposed rulemaking, or NPRM, focused on P&T technologies and solutions to the White House OMB. This is a critical step in the process, and I am confident in the NPRM advancing to report an order. This development underscores the FCC's focus on addressing the national security urgency of identifying resilient backups and complements to GPS. It reflects an incredible milestone achieved in rapid time and extraordinary momentum under this administration. While I am thrilled, it does not come as a surprise if this progress is consistent with the confidence I have expressed over the prior quarters regarding the FCC's direction. The NextNav team has worked tirelessly alongside a highly engaged FCC, and we are extremely proud of where we stand today. It marks significant validation of NextNav's solution to a critical national security priority at a time of heightened global risk as adversaries continue to invest in their own terrestrial PNT capabilities. The U.S. must meet the moment. The interagency review of the NPRM is now progressing as expected. While we do not yet know its specific contents, we do know that NPRMs can take many forms, and based on the strength and completeness of the existing record, we remain confident in a direct path to a report in order. NextNav plays an important role in a system of systems framework that combines multiple terrestrial and space-based capabilities to build redundancy and resiliency across America's critical infrastructure, a redundancy that exists today for our adversaries, including Russia and China, but not for the United States. NextSaf's proposed solution is a one-of-one within this system of systems framework, requiring capabilities that only NextSaf can provide, a unique combination of wide-scale positioning, timing, and 3D geolocation services, which are commercially viable and we believe can be made available during the current administration. Moreover, our solution is future-proof and does not require taxpayer funding. The anticipated NPRM is supported by a well-developed and complete record. Though as we have stated on prior earnings calls, the exact timing of the process remains outside of our control. We applaud the administration and Chairman Carr for their actionable leadership on this issue and look forward to continue to work constructively with the FCC and key stakeholders as the process moves forward. As the national conversation around resilience and critical infrastructure is expanding, NextNav is increasingly contributing to the highest levels of industry and policy leadership. To that end, I am pleased to join the CTIA Board of Directors and participated in my first board meeting alongside a dynamic group of leaders. I look forward to advancing the association's mission and helping expand the capabilities of 5G networks in ways that strengthen America's national security infrastructure to ensure our industry remains the gold standard for innovation, public safety, and national security globally. Furthermore, NextNet continues to advance dialogue across both regulatory and industry audiences through participation in recent events including Mobile World Congress 2026 in Barcelona and the 2026 Milken South Florida Dialogues. Discussions at these forums highlighted several key themes. First, there was clear recognition that multiple public and private sector organizations are working towards PNT capabilities, with PNT increasingly viewed as the killer application for 5G and 6G. one that could be among the most valuable transformative uses of these networks. Second, it was clear that strengthening resiliency in vulnerable systems is essential both for deterrence and for regaining U.S. leadership in critical technologies. It was top of mind in discussions that GPS has clear vulnerabilities, including indoor coverage gaps, jamming, and spoofing, and it takes as little as a $200 jammer purchased online to disrupt signals, let alone the capabilities of an adversary. Recent developments in the Middle East conflict, including widespread GPS and communications jamming, highlight how quickly these disruptions can escalate and destabilize critical systems. That's why a ground component is essential. And NextNav has the largest footprint capable of delivering a unique combination of positioning, timing, and 3D geolocation capabilities. Independent of our work with the FCC, NextNav continues to advance its technology and commercialization efforts. First, we are very proud to have begun operating the world's first 5G-powered PNT network, marking an important step towards commercialization. While the FCC granted NextNav an experimental license to begin this testing in a defined geographic location, I will reiterate that the testing itself is for early commercialization purposes and is independent of the FCC's NPRM process. Next, we announced an expanded partnership with Japan's METCOM. We believe this partnership is a compelling validation of demand for resilient terrestrial 5G-based 3D PNT solutions and represents a potentially significant commercial opportunity beyond the US market. Under the agreement, METCOM has licensed our technology to power new terrestrial timing services in major Japanese metropolitan areas, highlighting both the strength of the deal and the international scalability of our platform, particularly given our 3GPP standards-based approach, which makes technology partnerships outside the US especially attractive. It is essential to support our allies in a complex geopolitical landscape. As a public company, strengthening our governance is important as we advance a terrestrial market-based backup and complement to GPS. With that, we are pleased to welcome Lisa Hook as our board's new lead independent director. She brings decades of public company board experience at the intersection of technology, telecommunications, and national security. Her experience as CEO of NuStar, a publicly traded global information services company, leading it through years of complex technology and policy, make her an ideal thought partner as we execute on our mission. With that, I will turn things over to Tim for a review of our financials. Tim?