NN - Earnings call transcript Q2 2022

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Operator

Good morning, everyone, and welcome to the NextNav's Second Quarter 2022 Earnings Conference Call. Participating today on today's call are Gary Parsons, NextNav's Chairman; Ganesh Pattabiraman, NextNav's Co-Founder and CEO; and Chris Gates, NextNav's Chief Financial Officer. Please note, before we begin, that during today's presentation, the company may make forward-looking statements, either in our prepared remarks or in the associated question-and-answer session. These statements, which involve risks and uncertainties relate to analyses and other information that are based on forecasts of future results and estimates of amounts not yet determinable and may also relate to NextNav's future prospects, developments, and business strategies. In particular, such forward looking statements include statements about NextNav's position to drive growth in its 3D geolocation business and expansion of its next generation GPS platform, the business plans objectives, expectations and intentions of NextNav, NextNav's partnerships, and the potential success thereof and NextNav's estimated and future business strategies, competitive position, industry environment, and potential growth opportunities. on risks or cause and to materially. based subject and actual are differ certain to uncertainties payments current beliefs expectations are results These that may uncertainties, subject which in of outside forward-looking results to NextNav's could and Such differ factors, that are to and statements. actual statements other important are unknown forward-looking discussed risks, cause assumptions, control materially and many the known results from NextNav other and US to possibility affected sheet to, TerraPoiNT and and generate including with balance to retain of the its to other grow partners, network, its important to the factors coronavirus and but internationally; XXX respect and the relationships factors, These suppliers, COVID-XX Commission ability Securities ability ongoing strategies; maintain and key and filed Pinnacle capital with management the other NextNav. uncertainties, documents limited of business maintain within ability the in with economic ability including platforms be assumptions, profitably, and and traction risks, of to notable and customers, continue adversely to flexibility by the risks both in NextNav the are gain indicated it's manage and line pandemic; and/or uncertainties may business Exchange impact with deploy key effectively NextNav employees; include, NextNav's in growth that solution with not from by markets, partners, time-to-time the competitive

from they affect to these how predict New time-to-time, may it us for events risks and and uncertainties is arise impossible us. or

And in which or the undue otherwise. identified Risk forward-looking most commitment place to of any SEC filings. or may forward-looking our NextNav new that events, cautioned made. our whether future revise statements, a the undertakes impact as only update as result no information, statements, You factors are are to date performance speak upon of recent not reliance

session. host the Following an company remarks, operator-led will our question-and-answer prepared

of that, conclusion discussion to Gary the of With In today's over posted addition, call, turn ahead. Please, Parsons. company's to Chairman, will I'll call our at be website. replay the the Relations go a Investor NextNav

Gary Parsons

and morning, have Q&A you to a will operational the Chris quarter begin to Thanks results. the here high-level everyone. turn good We're I period. call, a of quarter review performance To much, second our our our overview things and provide run very to operator followed then discuss and through to over by of will provide highlights today financial Ganesh pleased

touch issued on I to in alongside to the news itself, wanted Before jump earnings we comments this I on morning. the quarter

of seen, effective be we're many of you He announce that As Board may have you Neil very today. of NextNav the Directors Peter replacing Barris, will be excited will to who know joining of Subin Board as of Trustees University. Board named Peter Northwestern NextNav. also member And for a long-standing the Chairman Chairing was the he's recently new search the President committee of University. with the

the Board. down for other effort Peter given as new well stepping as duties, So be will and commitments, those from time industry NextNav required

stepping takes great as hard dedication say Board, many wanted support how to to I many, Northwestern. thank well, have and I him his of for his really excited Given personally it's on role. to years at and to And this he service am wish Peter Chairmanship new Neil that into

helped integral he's of well-known investor telecom for. underlying know Neil standpoint, successful Neil's helping prosper. how domain spectrum As and and in you many From is assets, and have Neil for an Spartacus to known new grow expertise high-tech from part investing NextNav years manifesting already of was an in many about companies many value which of I've will you that public. the take remember, been team seen

and originally our that's attracted were NextNav’s that to NextNav that investment assets spectrum Spartacus thesis what a part merger. In facilitated of nationwide core team fact, the

critical As spectrum and and vast truly basis. covers representing timing the ability X.X And all billion infrastructure megahertz quite pops, that areas. nationwide preponderance eight Thus, the key resiliency urban contiguous resiliency backup spectrum virtually a a reminder, to importance sub-gigahertz more that over nationwide is as megahertz markets of asset of go on markets, throughout in all comprehensive provide we'll the about we the GPS, call. and of talk urbanized

to by we allow And tech so our having stack, Neil to this asset but work to continuing have with to thrilled to additional use to year. our along also in firm continue we're for working just new spectrum have to on more current slate. bring more him. on ways. front diversity forward to board on opportunities identify candidates that us current hope and search a share way this Board potentially to will will later national leverage look Overall, with that the We to Neil look We're our board additional

around Now, the we partner and platform continuing significant the us, In adoption turning with an quarter. see while to to of business now the what's growth challenging second towards We spite delivered continue management. manage environment to cost a year-over-year obviously eye macroeconomic revenue, solid in in business. prudent

And little hires near-term shortly, promise. hear managing front new a in-light segments, to prioritizing less the market good addressable job those Chris uncertain you'll continuing showing to which are we've we're our up the we've ramp while we further, the economic headcount, done been are of on As expenses environment. from and a that most

safety internationally and resiliency As important in our along particularly with product public the course, TerraPoiNT Pinnacle of the our the a with This accelerating across strategies in marketplace. of we're markets bringing adjacent our what's government to adoption marketplace. business, is ongoing States Technology interest offerings both we're services, happening various seeing as GPS on our focused and and United

our we As Ganesh will expansion in and providers verticals public validates our our further and to commitment public of the moment, outline in growing footprint in to in continued believe partnerships we signed serving deepened new safety, this dynamic key Notably, and a the quarter. technology industry. safety importance several significantly this

service in Pinnacle we're front, technology, strides the and for Deployment agreement vertical in of Japan. collaboration. Japan great international first our Japan of marks we in excellent validation the of an the In full an it's geolocation within our MetCom making the rollout XD of location services. also quarter, international deployment second signed Pinnacle commercial On

forward, to we're and continue keep to this see delighted of So moving we'll everyone progress. advised the

active We and also with European both remain GPS address around US to in discussions vulnerability. solutions governments

we're continue as short, given and to inclusion confidence on gives all, In really that forward that securing PNT all DOT into be As activity able broaden moving recent shortly, Position, resilience of there's will of Ganesh a PNT we're great governments part are our base importance or will this June. for path The to GPS milestone expand to the a of on finally, is capabilities vast to to dollars opportunity, realize in the think business current our implementation move things it additional And shareholders. plan we've and addition our us technology and our to This adoption on value over for those Timing, DHS Ganesh, on the Navigation XXXX creation translate the we the then index date asset capabilities. the and hopefully gotten Index forward visibility Russell business capabilities, the secure pleased seen in to drive appropriations we've be briefly with our a And will and the to to next-generation forward. of Russell. significant the XXXX to investment now resilience. then to wanted turning for momentum I comment good continued our That's for a community. before

so, it with let over turn And that, Ganesh. me to

Ganesh Pattabiraman

We're everyone. discuss pleased to and our second Thank quarter. to morning, you, be in Gary, the progress good here

he I'm his his new First His I to invaluable spectrum guidance when us and for the to be his Neil for become and Barris a and public better on stronger will We bring worked expertise well know tremendous as decade. knowledge and and will We all, and our do Peter work see wish support we thank paths. has value of on join nearly Northwestern Board. last year truly a very and want to excited our issues Peter company. Board support helped chart were going endeavors. closely telecommunication we other that

about expand in US. and comments a Europe the to want governmental Now, the moment to activity I take on the

Over Federal the of protect Radio XXXX the seen and momentum towards out published critical government US the growing recent nation's ensuring our plan we Transportation the last mentioned of to of PNT by realizing have months, Defense, PNT Navigation DHS, infrastructure. the activity Department significantly of resilience importance release several of jointly resilience. The Department and

resilient resilient Specifically, the plan cyber needed requirements the of especially disruptions, capabilities goals increasing in PNT and positioning, PNT for plan and the of national architecture. light resilience GPS PNT, in PNT to and PNT resilience as stated and describes timing development future services. integrate to a The expand goal the has including its multiple growing use one research of enterprise of national meet approaches and the navigation threats to against highlights

part that Following includes the intense This the focused on available cybersecurity. which calls discretionary for especially grants include through and congressional order taking PNT elements orchestrate, now of executive those we resilient implementing will action procurement all systems. the And resilience in to months as the PNT infrastructure helped coming to team XXXXX, made as concrete government all our the believe be resilience. activities federal towards of bill, hazards such

later source a who systems FAA look federal feasible, all government GPS, to XXXX time with GNSS framework that policies resilience moving traceable XXXX.XX and away owners as their on see applications or systems process. XXXX provided Naval part in directives US NIST as soon already the but than systems application You of no procurement and our to PNT migrate issued and program can by their offices Observatory dependent The timing systems and financial that and service frequency as elements of services. forward a policy from FAA or of year directed

government PNT agencies it in resilience. directive about activities similar enabling follow procurement to that step products. is type is in suit procurement this was language expect PNT the and exactly requirements undertaking the forward this and their coming what all solicitation we orders of incorporated the other Although and process is And in months. huge had in was in all into This include be year, a the for we contracts significant talked process US and included issued must XXXX,

DHS this to to place. with state together on bring the Brazilian to and coordination addition, providers organize various process of was federal Transportation infrastructure the the an put in Xth, of PNT Department barriers It be in see critical the to roundtable and of good like industry industries us providers, adoption In understand technology August agencies system.

where airmobile end NASA forward. for safer also they move spoke I of NextNav's conducted benefited capability how reliable. the air could operations both could and mobility similar drone and urban think hearing advanced how it and in and users make providers potential a all agencies EV I May from the the various workshop about and offerings and to more

of several DoD grant and as all few these of by be next expect through emerge from As of radio infrastructure to to money the an the proof-of-concepts trials, in procurement we build. outcome several available systems months, the made plans discussions, followed programs derived grant

On systems. participating we We the day of Union of were part Joint evaluation on at PNT front, are alternate of Center EU's Italy. May demonstration European at in Ispra, the EU's Research XXth the

XXXX. with for that We report towards this of final We will the EU and a end believe this interact their to Parliament early recommendations Members several also had releasing responsible officials European of be and year chance Union or initiative.

revised the these incorporate feel European the addition, radio the will report. We reports systems Commission path in that test navigation Europe. set releasing confident the for will PNT In resilient from be plan, will recommendations EU which

our But with industry insights strategic seeing several signed our and GeoComm also both verticals. our into public let dive arena strong me traction some we're quarter. the We government, safety partnerships call. NGA NGA-XXX key already -- on our shared across this on Pinnacle various Beyond We opportunities. in of on technology newest QX

the that system elevate FirstNet have officer may FirstNet platform communication situational with this see implementation of The enhance technology. increase goal of you recently and seen, SWAT or significant will situational launch safety the Pinnacle with FirstNet-enabled validation eventual and in NextNav's the times, truly decrease help FirstNet for development our sworn AT&T Pinnacle so Enabled similar for a a approach the public LAPD. with awareness, and is response broader to we'll exciting by is the equipping see This officers with providers We announced LAPD As a Service. teams later our an XX,XXX this offering believe service, will of as the fall LAPD awareness begin with safety. LAPD's devices its the take officers future. reaching additional

an emergency partnerships service services the providing and multi-storey bridges the workforce, in equipping the or And industry's buildings. technology Beyond real-time sectors Aware, works both announced partners platform. of mobile cover people with public our vertical into additional of aspect a Vitals its with and location them network. clients is z-axis side CentralSquare adding public technology responders, awareness provider living location sector that over company's safety software. with first starting should public times FirstNet, Aware, crisis; Vizsafe, accurate with data public first Wireless capabilities finally, these provide to we of and have app. people for to resources picture CentralSquare August, its leader us as responders industry CentralSquare is for Nationwide Carrier agencies in and XXX two safety safety vertical across Vitals to suite safety System. visitors, across the Vitals products the ecosystem through partnership challenges, and and significant early we we intellectual emergency between entire every and and recently development Vizsafe, cloud-native is and we're z-axis and with on of I Technologies computer-aided at dispatch the more health -- nationwide, opportunity we the location XX% for in is their of Similarly, on dispatch and now information of with with leading through the mental company's to solution situational to gap with public us leader desktop solutions; that safety, vital across center calls announced the of integrate and vertical the This decrease a we're health, Geoaware with response emergency times security the RapidDeploy, With safety location note the with Valor services mobile partnering collaborations, safety response application. CAD platforms partnership dispatch to and public a vulnerable

is huge of our a Our milestone business meet ability support continued provide this our needs end-to-end to industry. illustrates for to commitment the and

or Of with we construction. our identify Since footprint safety, identify example will be of site. great will the like our gaming location to have fake users should in location confirm One able and allow also our online online they note, scenarios. public many the to areas and access working user their partner in location recently an services. of Leveraging easily vertical to a spoof further is platform access to gaming. Beyond our to try of user is the leaders one we capabilities, gambling verification out have expanded located unique in where started technology location state, specific partners a various whether our

will agreement, capabilities, vertical the paired spearhead bringing safety, Under also the product increased location bring VOS to to our location emergency without vertical faster will VOS in provides without location or sites. locations response access The addition in affected infrastructure. Systems additional like multistory on-premise areas even and Wi-Fi localized enhance service construction our industry. up We location capabilities are providing worker we solution line. vertical employee the requiring We have and location this to core Systems buildings improved times also connected company's or efficiency vertical It services recently construction to workers. with first workplace offerings intelligence Internet to of

about MetCom. we're services excited the also Japan internationally. in we making deployment XD a opportunity commercial agreement US, across recently nationwide vast of the have we're strides While announced great for with We the geolocation

vertical both from and will public As services unmet dimensions enhance third experience commercial Pinnacle better of include helping in serve the dimension, part the needs to sectors. of a agreement, two to geolocation

to to Japan will this the Tokyo Osaka across NextNav’s XXXX. large-scale a of the year. populated a in the be in areas, in deployment deployed following first cities US. the October first MetCom expand and effort operations outside technology plan commercial will past commercial be coverage Pinnacle Importantly, partnership expected densely Pinnacle with start Tokyo successful of is metropolitan to pilot XXXX, in of major

MetCom TerraPoiNT Japan, round Japanese funding effort, spectrum leading market. of the make megahertz they be VC across also steady the a X part continue towards As leading million approval in while of more MetCom towards progress $X leading of pilots Drone will drone this raised KYOCERA recently I this should Seccom. Fund, also expansion along note nearly and that with provider, with to

participated the it This with third also quarter closed of help NextNav will $X.X to about our as project. million show up July. in advance month in this financial, activity

the growing in we ahead, to announce in discussions location to feel countries to of vertical months. additional the Looking services. for have these see continue our discussions multiple confident opportunities and direction active hold expect with coming and We interest

business performance all types drone, Beyond the the chipset, GPS By within company's location markets an capabilities can XG environments. TerraPoiNT work TerraPoiNT for GPS supports supplier signals GCT including in the LTE in XG and LTE we’ve markets, And across of milestone coming demonstrating megahertz that reached GCT with should applications be on NextNav's into leveraging to further the to partnered received a on of in XXX commercial GPS cars, that including EV where flexibly capable mass successful NextNav TerraPoiNT of megahertz challenged our gigahertz solutions, incorporating available. megahertz to technology comment chipset frequencies, Japan. timing a XD hardware, make range and sub implementation a looking high-quality LTE increase X in recognize our bandwidth And months, GCT, plan which and the suitable integration record traction as capability track programmable to another be its our as XXX in for busy ways this all integration of it of build scale the TerraPoiNT highly form owned use best note company's TerraPoiNT position LTE the will always the chips. by XD availability chipsets. our positioning market leading XG NextNav's We market our market at network. verticals. US, that's by indoor with become a broad we XXX on as delivering compact is will ensure of mass the spectrum, I the solid chipset XXX global the the factor in device. of to asset nearly we're applications well delivered It spectrum. for the as proven GCT's Overall, as industry and of to infrastructure, and and operates chipset. value our efficiency offer such international for we navigation and we're on seeing enables is spectrum across IoT worldwide necessary. TerraPoiNT, Semiconductor system advanced X critical proof the recently exciting The Therefore, for mass quarter customer spectrum bands continue concepts a resilient chipset advanced TerraPoiNT's brought into strategic spectrum of for commercial final we trials yet designer into of and is equivalent

in Chris Chris? Our remain conversations of XD we turn industry capabilities. financials. to the various verticals. let the our to resilient for benefit pipeline that, a geolocation across players review over active fully the and of with things With remains strong me realize looking We're

Chris Gates

morning, everyone. Ganesh. Thanks, Good

This of compensation the jump me and we an million and questions. revenue number $XXX,XXX the recognized amortization depreciation second to of we our loss million. right numbers, Starting of topline $X.X million stock-based $XX can in includes with Let operating get expense. into in $X.X so quarter, your

was in operating in and the total million quarter million the expenses were net quarter. $XX.X income $X.X Our

fair In income a non-cash to in warrant related a value income charges, liability. of the $XX.X million change net of to our previous included non-cash the addition element

net million, the we in million depreciation period compensation million. six includes for reported was For $XX.X of revenue loss $X.X expense. an operating loss and and $X.X the $X.X of Total loss amortization was and million million million, $XX.X months, first which of and $XX stock-based our operating six-month

and are continuing volatility. market ensure considering we inflationary mentioned, we to trajectory, environment are expenses positioned well our Gary the growth our on prudently As to manage continue to especially

that light an ensure operating This delays We've first not the employee pace any predominantly to higher quarter. increase of inflationary our new of They to significantly related and do also our usage In potential XX% to as have hiring this cash mentioned, to encounter to Gary to we we equipment or the activities. are appropriately. $XX.X grow operations, although base, not for quarter to – to somewhat compared expenses customer ensure the time. Our deployment we we're managing million, to that us ensure moderated planned costs. chain incremental supply at environment, manage our in was is material been seen able issues business

June with the provide and our of flexibility with X.X to with us environment. our sheet capital balance – us we manage current IP we're we we're needs combined an extremely nationwide million cash flexibility. existing solid Our XX, billion said, network megahertz market at our business. remains continuing debt-free growth capital with had spectrum to continues our grow portfolio in we strength and sheet $XX.X providing that Pinnacle This business, navigate With balance we'll ample foundation as liquidity balancing as manage

in particularly now, activity our encouraged for TerraPoiNT related the questions. the to the me and achieved additional are as and your let For to by in over we've And turn Ganesh in described our of Pinnacle the safety government-driven detail business. resilient operator key public service, some call especially adoption quarter, vertical PNT awareness

Operator

go ahead. [Operator Instructions] of Your Riley first question Crawford Please B. Securities. from Mike is

open. is line Your

Mike Crawford

A release with number specific financial have in – thanks like the are you. numbers. One, for questions. It you press Why know this not sounds they Chris detail. Thank morning? of that you filed

Chris Gates

also one an filing, with registration you'll We our initial along along -- a statement and close see other going filing. amendment to we're didn't after – our filing this afternoon, with Q actually, S-X

Mike Crawford

put talk that appreciate before if about statement the not flows EXXX balance maybe statement, I'm competing that with argument progress of the at location status earlier technologies and -- guess, on sheet will sure cash I one this I'm not your income I Okay. forth be Can others there seemed call time. you only CTIA about earnings given or this year? next the with one to CT vertical competing carrier partner

Gary Parsons

to Yes. get update you Ganesh, want that? an do on

Ganesh Pattabiraman

Yes.

in launch XXX So working track of for this devices Z-axis carrier capability we the on our well later with purposes. with service, partner our year on provide terms are partner engagement our XXX to that

is in so with FCC plans those do will -- note do months. We we terms now obligations. and was in the multiple hands believe the in of coming in CTIA, we final fundamentally with We make the are effect that engaged in what I that their filing to have the changed. expect FCC nothing determination. to now And from did carriers take that But of the -- disagree meeting meeting requirements. the we in captured And that a and in say this XXX announcements to

Mike Crawford

relative -- resource. Gary, XX that then Can block a but talking you, -- Ganesh. be LTE X there X and would axis gap for Can Great. your XXX you've to wideband, for megahertz TerraPoiNT? the more a spectrum what between holdings specific and importantly, which band is thanks Thank there And the megahertz within about but -- identified that megahertz X, block XXX. is is

Gary Parsons

can did two a can we from many be the even megahertz. We SEC actually, separate be the that ago that megahertz. of either people lot flexibly We and or overlap the side-by-side. block, We X of X actually X are combined using talk Well, receive in we that licenses them D about are use and megahertz is X to X they sense use happen actually contiguous X the there two essentially and combined C Yes. to we separately. can them and -- a block between side-by-side. megahertz permission The specific into X, -- yes, that of years X

we those today, but separate So one one from that do out are one separate signals, each actually each are they operational signals. bands, our beacons on TerraPoiNT actually of what sent of they've two

bandwidth. gives them We flexibility. the then from a of us in accuracy various ways signal lot that it asset But the gaining larger so And for both sends both. quickly of more use more and

we two the As having we've do in the without are two now, know five, But of ones. going separate noted one bands. identified Japan is bands five we right go that we're past, obviously, the But, because yes, license. between currently, each interleave to the in what's only signals those forward can on occupying a both separate

Mike Crawford

is, rural partnership Okay. regarding last me more And Thank update areas, you. on Sitelus then signal? there r maybe backup to timing any is [ph] question extending for your

Ganesh Pattabiraman

I can address that.

Chris Gates

first, we with that ongoing would the may candidly, cost or an for me to say I on industry a coordinated it say technologies, signals to interleave look basis, worked for to I deploy. the can this, the other we let could in reduce I mean ways show with we of don't have how across particularly First, then performance not our together And but Sitelus, demonstration we a on basis. -- creative the government just at that partnership. that do looking want improve call we ways it We the to that I'll continue can

be our just agencies, those only own kind a Sitelus. that's careful with, and it characterize work with with we partnership technology of So development as with to before government wanted we ongoing in not industry, that an I issue the internal

Mike Crawford

guys. Thank Okay. you,

Operator

Please next Horan ahead. Your Timothy of go question is from Oppenheimer.

Your line is open.

Timothy Horan

Thanks on revenue you streams the all guys. of sense Could burn us the year. also forward? new any coming revenue any the give half Any quarter any great. sense at any And color second be maybe you Are the for would cash in? for expecting of -- going

Ganesh Pattabiraman

made too think because rapidly. a ramp of the today sure cash statements we've that doesn't address careful that couple to Chris obviously, let I I'll make we we're being burn up control and that

we've before. seen what with consistent fairly likely So

an initial to providing this in We -- the what seeing little it, not adoption such we're that a a networks for some new out lot additional that about a the standpoint, of through. we'd some new how some into quickly year or and say want building guys, is talk revenue such just expect the will still guidance as we're service, or experience and awful matures additional each revenue more of so one we're partners from hate remainder trajectory capital into quarter the have time. adopting I not coming actual markets. service out going to of clearly a still capital at that of an of the platforms but the get expending But coming but to we're Chris, we're occurs, in we're those in guidance, do rather bit burn? point you of cash It's

Chris Gates

second attributable our tick-up in $X.X I through capabilities. increase, year, a some year we we in And operating XX% the the on the second were the operations there headcount see of may We expenses ramp-up as expand cash mentioned, some quarter our predominantly can we again, first associated market of in to little quarter, amount will our quarterly and a the of CapEx modest eye see million close a keeping how as that as some the million, base. be a Gary about expansion bit a rest half with expansion. work very we're expense but of $XX.X

first into see Some to will manifest in of start that quarter you'll our and financials. go the XQ that

Timothy Horan

that? and upfront guess how then grants on timing think on structure, can do you of some for much timing your you do the and from the the like them something to the get government a build-out And Great. and maybe best

Ganesh Pattabiraman

Yes.

me Let talk that. through

once government there that to their is as out extent of and or So, support of whether level But such be We them. to infrastructure, procurement certainly These out. I are resilient directives the at clear will grants around do see part the And we grants grants we leverage process distributed those greater. it. it coming revising think, the P&T resilience. know that, potential I those mean, a or be seeing to definitely, ours XX% to include definitely and the I are state the come XX% grants and think don't become considering

I P&T and think, directives we as let's FFA we the of expect the nine-month of frameworks agencies those programs. seen provide with similar into expect type that horizon to grant we've incorporating other it, resilience call types to in framework, be, those next for

Timothy Horan

Ganesh… And

Gary Parsons

focused senators the fact, conflict undeniably, not three has on this at Ukraine get of be It's a and point by again, well actually, are Europe, in attention And with DoD, you in and DoT in government's -- And engaged but are individual it primary now, unfortunate, of this. actively relevant government's that awful jurisdictions members the hate that as across departments, the issue. are kind GPS I particularly, issue. war attention. lot But of, this States the on to as United think DHS, all only committees the this and focused to has, congressional now associated

Timothy Horan

a Thanks guys. lot,

Operator

of Please go Your Jamie next Lafferty. question from RF is Perez ahead.

is line Your open.

Jaime Perez

call. everybody day, Good you. thanks my for taking Thank and

on contract, I about does as comment could it? far only I Because years mean you I Maybe know, like TerraPoiNT, only does that mean, it said, mean, the for I three years how it's away. is change that. XXXX As strategy away. accelerate government your I three

Gary Parsons

initial and we plans large potential but the strategically that of without That's openness question the fully capital laid out some even out with of envisioned -- of to do the governments, Jamie, be much expenditures that a of that's we probably Board because can our was capability. we're and is three very at have longer the no here, sort that only our technology It is one things of looking day. maybe yet a that when we entailing the PNT speed up, process, we seeing with candidly dimensional originally the to doubt, the expected abroad, type ability, are there to process fleshed Directors not

can expansion previously judicious thing to bit now, our mean, doubt. more I or exploring getting no part those get as networks additional one that but to as those advantage do, very certainly all markets interest, rapidly in to that this take provided little of we in business as some the we good accelerating we we've a into. sure out build. on technology we in fact, also having a We're are we That's are we're fund, that learned far put is, of want have right of much and to can what a they the that a year, anyone there the a So, through of But we've number why requiring there's become they government that's make of bit of front contract the limited them. customer trying extent to we’re a gone of we're every initial customer, markets of a options. make trying, either one we're government or the that expanding that, sure

more say, will question have than is we coming to That that. to rapidly But answer I So, the day. the is don't a have firm we expected. question so asked the of much you

align of offerings take best our sure make to advantage We understand strategies our how we business product have to and it. we

Jaime Perez

No.

progression going works plays sales are hiring the be in As mean, to I I you that? engineers, staff? out, what's that more change headcount? mean, any on

Ganesh Pattabiraman

Yes.

Gary Parsons

Yes. Go ahead, Ganesh.

Ganesh Pattabiraman

Yes.

opportunity -- mentioned, for Let to we coming is as this I we so, had Yes, -- is Gary obviously we me going I us. be that is think, are news were an anticipated, good than -- which faster so. mean,

but be the infrastructure not that to the ensure that government user platform time of service access with need And of get also at, with the the only and the adoption or help development out right set so, we and/or technology folks a capability. funding reach to alignment critical different build-out, some of type also are looking available not with the in end sort within usage leverage those lines, only and would to providers of to and of to position types but to, agencies hiring the of this maybe the the

Jaime Perez

but mean, designated it something take I national security, the hypothetical, program, to what might when these everything’s because maybe national I -- -- do you be it's Okay. evident, programs does Any at precedence, think as thrown a of which but as security,

Ganesh Pattabiraman

whole about, within on as -- issue to come the but experienced only infrastructure the a resilient being that I PNT hazards the to viewed the Well, that relatively full daily around country the resilient basis. withstand natural think, building hazards be able this not cyber is also we

priority that from is it to I resilient. infrastructure a that think so, national absolutely build be And to perspective,

the part but is of that it very of to build security, future infrastructure think what infrastructure national necessarily I this don't – government at and So, Brazilian trying the classification on I the is know focused the point. and of the the for framework

Jaime Perez

All right.

I consumer. the merging company JV with a to with they're to mean, over promising application. Unity, XD and was even – announced there mean, and client what's Unity some some a are a for put if another the gaming it to the and but told of China I be a couple implication gaming is promising NextNav might I doing solicitation mean, acquire early, I nonbinding Unity. know too ironSource just outlook? any they days they're me, and for you switching -- trying transactions, Now trying have

Ganesh Pattabiraman

is Unity a partner So of definitely ours.

as contract we their hosted I them. year. think store that that recently can application we announced and a other app leverage, providers on with that capability last We renewed

and capability Unity is the where that's applications. are lot realize ours for the technology the platform the other both developers both the the see so major And are to metaverse our in twin looking of types provider traction and partners of who And and platform. are a of Unreal their they of on on to incorporate the we actually gaming space who making available interest gaming who side, digital

and of lot platform platform that actually on ago, place Widow recent that months announcements them a availability like them. from echoXD the the with built we of have all things few -- Unity games a that made and are Some we came just

commercial and trying this applications capability do to purposes. leverage the we very So, we're seeing good a have relationship for with Unity

Jaime Perez

is you. high Thank All Yes, going guys. right. All All right. the seems it speed. update, right. in Thanks for like everything

Ganesh Pattabiraman

Absolutely.

Operator

There further call to time. I Gary at questions turn now are will remarks. over Parsons no the for this closing

Gary Parsons

once us call very much, again operator. for today. joining you And the thanks on Thank everyone

increasing tell, side. an number getting awful with very on coming and of awful platforms interest can And that then provide the and new have of have lot governmental reason we you -- a partners we place for working and an Pinnacle here this As in along we're TerraPoiNT. lot rapid of

our to definitely but us. ramp-up we headcount as with a to to opportunity we're also in are adding we're well as and quickly products front sure in trying business to right align that's moving do relative So, people of careful make we of the basis the and the right can, it the expenses

you with forward look your we thanks quarter. speaking participation. next to all again much in very So, And for

Operator

conference Thank for today's your you This call. participation. concludes

You disconnect. may now

NextNav (NN) 10 Aug 222022 Q2 Earnings call transcript