Should NextNav’s First Global 5G PNT Licensing Deal With MetCom Require Action From NN Investors?

• In December 2025, NextNav Inc. expanded its partnership with Tokyo-based MetCom, licensing its 5G-based 3D positioning, navigation, and timing technology to support new terrestrial timing services across Japan’s largest metropolitan areas as a complement and backup to GNSS.
• This marks NextNav’s first international commercialization of its 5G PNT platform, highlighting rising global interest in terrestrial resilience solutions for critical infrastructure.
• We’ll now look at how this first international 5G PNT licensing deal with MetCom could reshape NextNav’s broader investment narrative.

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What Is NextNav's Investment Narrative?

To own NextNav, you have to believe its 5G-based terrestrial PNT can become critical infrastructure rather than a niche add-on to GPS. That is a big ask for a business still generating only about US$5.5 million in annual revenue, carrying negative equity and sizable losses of roughly US$153.6 million over the past year, with consensus not expecting profitability any time soon. The recent MetCom deal in Japan, along with the Santa Clara 5G PNT deployment, gives more substance to the commercialization story and slightly strengthens the near term catalysts around international licensing and technical validation. But they do not erase the core risks: heavy cash burn, execution under a relatively new management team and board, and the potential need for further capital if revenue progress stays slow.

However, investors should also weigh how NextNav’s balance sheet position could limit its flexibility. Our expertly prepared valuation report on NextNav implies its share price may be too high.

Exploring Other Perspectives

Three Simply Wall St Community valuations span from US$0.39 to US$20 per share, underlining how far apart private investors can be. Set against that wide range, the recent MetCom licensing deal and ongoing losses make it especially important to understand both the commercialization potential and funding risk before forming your own view.

Explore 3 other fair value estimates on NextNav - why the stock might be worth as much as 19% more than the current price!

Build Your Own NextNav Narrative

Disagree with this assessment? Create your own narrative in under 3 minutes - extraordinary investment returns rarely come from following the herd.

• A great starting point for your NextNav research is our analysis highlighting 3 important warning signs that could impact your investment decision.
• Our free NextNav research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate NextNav's overall financial health at a glance.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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