From TheBearCave: Night Market Research said the market is underestimating the obstacles for the company to get new broadband licenses, and spoke to a former FCC Chairman “who believes NextNav’s position is weak and [its] petition is unlikely to move forward in its current form.”
Night Market also raised concerns about the company’s valuation, writing in part, “NN will lose $100M this year and carries $190m in debt. Despite the risks NextNav trades at a significant premium to comps on a MHz-POP basis. NextNav’s $2.7B fully diluted EV is 450x 2025e revenue and 300x the recorded value of its license portfolio.” 9/7/25
Night Market Research said the market is underestimating the obstacles for the company to get new broadband licenses, and spoke to a former FCC Chairman “who believes NextNav’s position is weak and [its] petition is unlikely to move forward in its current form.”
Night Market also raised concerns about the company’s valuation, writing in part, “NN will lose $100M this year and carries $190m in debt. Despite the risks NextNav trades at a significant premium to comps on a MHz-POP basis. NextNav’s $2.7B fully diluted EV is 450x 2025e revenue and 300x the recorded value of its license portfolio.” 9/7/25