CONDENSED CONSOLIDATED BALANCE SHEETS(IN THOUSANDS, EXCEPT SHARE DATA) September 30,2024(unaudited) December 31,2023 Assets Current assets: Cash and cash equivalents $67,905 $81,878 Short term investments 18,865 3,954 Accounts receivable 2,235 2,332 Other current assets 15,393 3,056 Total current assets $104,398 $91,220 Network under construction 1,678 1,676 Property and equipment, net of accumulated depreciation of $12,713 and $9,724 at September 30, 2024 and December 31, 2023, respectively 17,261 19,885 Operating lease right-of-use assets 18,640 19,267 Goodwill 18,185 17,977 Intangible assets 10,179 10,625 Other assets 1,331 1,508 Total assets $171,672 $162,158 Liabilities and stockholders’ equity Current liabilities: Accounts payable $918 $391 Accrued expenses and other current liabilities 17,059 6,592 Operating lease current liabilities 2,542 2,523 Deferred revenue 303 297 Total current liabilities $20,822 $9,803 Warrants 15,053 7,053 Operating lease noncurrent liabilities 15,377 15,145 Other long-term liabilities 1,875 1,614 Long term debt, net of debt issuance cost and discount 52,974 48,447 Total liabilities $106,101 $82,062 Stockholders’ equity: Common stock, authorized 500,000,000 shares; 127,677,549 and 111,261,434 shares issued and 127,545,321 and 111,132,222 shares outstanding at September 30, 2024 and December 31, 2023, respectively 14 12 Additional paid-in capital 893,584 837,416 Accumulated other comprehensive income 2,502 2,198 Accumulated deficit (829,836) (760,227)Common stock in treasury, at cost; 132,228 and 129,212 shares at September 30, 2024 and December 31, 2023, respectively (693) (665)Total stockholders’ equity $65,571 $78,734 Non-controlling interests — 1,362 Total liabilities and stockholders’ equity $171,672 $162,158 NEXTNAV INC.
The increase in operating loss was primarily driven by an increase in payroll-related expenses and professional services, partially offset by lower stock-based compensation expenses.Net Loss: was $13.6 million in the three months ended September 30, 2024, including a gain on the change in fair value of warrants and liability associated with the Telesaurus asset purchase of $2.5 million, as compared to a net loss of $23.2 million in the prior year period, including a loss on the fair value of the warrants of $6.7 million.
The increase in both the three and nine months ended September 30, 2024, was primarily driven by an increase in service revenue from technology and services contracts with government and commercial customers.Operating Loss: was $13.9 million in the three months ended September 30, 2024, as compared to an operating loss of $14.6 million in the prior year period, primarily driven by lower stock-based compensation expense, partially offset by higher payroll-related expenses and professional services.
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