NextNav (NN) 24 Mar 222021 Q4 Earnings call transcript

Good afternoon, everyone, and welcome to the NextNav's Fourth Quarter and Full Year 2021 Earnings Conference Call. Participating 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.

Before we begin, please note 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 forward-looking of outside statements. discussed differ NextNav's cause and Such materially factors, could are to that results statements other important are unknown forward-looking in risks, actual assumptions, control from and many results known to the factors continue include, ability risks, gain but not These other uncertainties, markets, the to and limited and within key of in important NextNav platforms partners, to assumptions, traction to notable the are with both U.S. business the network, partners, grow sheet, and customers and be maintain its factors, the other internationally; solution key possibility line to other manage in the with documents NextNav. including of that effectively suppliers, XXX indicated strategies; risks capital impact and the relationships respect and including ability the balance business may NextNav COVID-XX economic with to to maintain and maintain Securities Commission the NextNav uncertainties Exchange and of with coronavirus ability to deploy filed time and NextNav's flexibility management ability TerraPoiNT time ongoing by growth pandemic; employees; by generate, affected and/or it's its to and Pinnacle from adversely with competitive profitably, and

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

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

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

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

for security governments hardship a and note, national individuals on, technology. have investor as we armed possible. and years you earnings before bearing much, deep businesses, Taniya, welcome, everyone, we It's those our all, this that and call. fourth and sincere concern Actually, a get to our administrative our material this in COVID, with as we conversations services short brunt discussions the first provide supply because think particularly to give presentation now of very company and are individuals through and posted few families, safety and just of all denounce and NextNav's quick to chains first are this the situation of remarks conference conflict. condolences unique resolved undeniably public express to attribute our go as difficult NextNav, the senseless with must active this been along brutality I a quarter. who hope Thank with and into have quarter suffering unfolding Simply earnings at little Ukraine. tragedy us and that put, But a this of Also, a it go violence be we and essential can both our additional and this with really as business,

the review during presentation those your remarks. webcast for who on today you the available For listening of on there platform are platform, is the our deck

overview CFO for closed transaction plan, our long-term with I'll build to on ahead story. section as the investors. positioning. and Investor and of that our strategy a the and added a building XD itself we prefer, Corp. leadership, You technology location into several available bridge Relations resilient, hope to to deployed Presentations business you'll under a and business review validation we that. hand attracted you the nationwide moments Acquisition underlying was part at NextNav's were strong continue successfully company, XXXX that, clearly website wrap few of Koch the NextNav's strategic end for company. only aspects our And and deeper public network. combination and let's the Events Pattabiraman was plenty spectrum we time the over by if investment Industries & a long-term becoming an on take for Chris -- quarter, the left And Ganesh the of but go our providing new Unlike process has today's very all can I'll we've of we'll and some business proven They assets Then, dive a unique into industry outlook GPS, move The of with Gates, your a business we also not the in spectrum technology, review download and and Spartacus up think compelling timing continue the of This then exciting NextNav a CEO, call. includes business thrilled customer it the technology need questions. fourth companies, strong will We our on Pinnacle the technology year to services. momentum. new internationally start reliable network as take addressing other it to are And however, financials. of point with standardized quick of also a groups. of for significant NextNav's wins. call and

encouraged what's In capability ups with and in over that's only engaged do see adding Ganesh as platforms and We that a solid is It asset see and we're to by markets. the need we international developers. feel as revenue, markets macroeconomic confident the we're with, will also the that to in generating public, both a and new also the discuss But our partnerships rapidly we’re particularly platforms the well traction difficult technology Dow past admittedly and been in various challenging and States NASDAQ traction location going experiencing. of the United situation the daily already and time there. the months, to downs go moment, and and spectrum has important gaining vertical few a partners here international value. key notable with platform We're partners, our on have the

these partners represent and of initiatives and expected, about have the in potential surfaced that Others expand have who capabilities, our potential we've reach. and spoken interest new our industry past. them were either our the Some expressed to geographic or in

timing an This as expanded largest one during not we increasingly the Turning its where segment, our for TerraPoiNT capabilities only their carriers storeys the broader mechanism in location of we’ve a Homeland or the Security, said over right have proven nation's based as Pinnacle’s commercially capability and of serves with of vertical X,XXX the part others. coverage to see to public in area, and aspects. buildings full and as above agreement well market X-dimensional XXXX, government network independent continues with validated to gameplay, we our nextgen include over NASA Transportation, industry, rapidly to Meanwhile, All safety consistently all market providing qualification marketplace, groups, a whether terrestrially groups, before, of are also Department country. covering of EXXX, hard of Pinnacle it across led introduced footprint technology continue three gaming but the and into TerraPoiNT’s to critical XX% accuracy now. our in CTIA/ATIS, Pinnacle, reliability. technology, we markets to perform of only they're country, substantial network navigation, possible accuracy working for but the as as agencies and and the validation integrate control, wireless that participants. not leading capability position, adoption Those or the fraud

disclosed Systems, transactions, backup European Research and power for financial European a telecom important Center, being timing own was That to GNSS Commission's global military an attacks the as note strengthen that And in vulnerabilities and alternative Union's evaluation grids to Commission's has used the GPS, could focused timing is critical States course United the the source well capacity. expand highlights overall is took vividly assess they're action, today's networks, System The in PNT critical desired PNT to further before alone, such whether protecting for or U.S. also European more It's Galileo current creation which Italy. gaining its infrastructures. with the this Ukraine. of Europe's because navigation of technology as Assessing GPS. systems participation of to These already conflict. and positioning, system, other satellite elevation a and these Galileo, action infrastructure of even vulnerabilities Russian on military as navigation Joint European ongoing interest their not the as this intended become that probably traction place awareness government's NextNav as tests Ispra, restricted recently and of

DOD for next So XXXX assessment. towards recently resiliency. specifically secured up steps following includes ensuring passed DHS targeted budget examine ramped FY funding and designated GPS to also their funding 'XX technology DoT And

is That are an these deep and these and engaged coverage concerns. key itself. penetrate of And urban difficult spectrum gigahertz the to sub wide and in-building or jam transmitters are the buttressed asset spoof and based part assessments are terrestrially area in elements expect inside that also fully location penetration the to buildings the by be address fact to integral NextNav efforts with government's to roadmap of TerraPoiNT's throughout their markets. ability

country. megahertz megahertz ability bands GPS stand markets sub Hopefully already LTE where nationwide all benefits. forward preponderance asset on spectrum nationwide the gigahertz quite in you you and gives by in X infrastructure virtually in quite to comprehensive of allows XXXX. the middle X.X This quite to spectrum resiliency Anterix, passed contiguous and to representing As is and vast two extensive a owned covers areas easily, of us contiguous into urban excellent most broad look billion be timing all we overview critical of sits know, a provides which basis. the provide key and of backup which our that over handsets and we if mobile is integrated propagation and urbanized of markets, Thus, the

later, platforms. deferred already are XXXX which and integrations showing a on the commercial year balance revenue flow and the large those in number billings announced network the of realized up service completed cover this we've will Chris as the agreements sheet of on contracts will our advance and As begins the revenue in in development are

into get initiatives, as to these move So to the over how Ganesh? to company specifics XXXX. now activity Ganesh and let we turn the both and marketing of some me we're into accelerate of growing revenue it

call. Thanks, the Welcome to Gary. everyone

noted a comments would throughput little like we’ve the and amount bit of to very significant But I our throughout a of release, we get a As our people into year express in I we Ukraine. the with in our before detail, accomplished had press strong XXXX. more in year solidarity

my the in that, the hope see is times turn As many to Ukraine. of country. the I peace quite And devastating state youth quickly city to and business let's been prevails over with a to sense And and XXXX. person who's in to Kyiv the returns do common

So year XXXX reverse our strategic Pinnacle also NextNav. the various merger with and and Not busy on did company TerraPoiNT across strides out front across was made Corp., public signing for us through take a the also Spartacus while great building partnerships successful verticals, we several industry Acquisition quite new we at but markets. a only operational technologies,

delve Pinnacle service. starting these more the bit into Let in little with me a detail,

As we've markets network U.S. in Pinnacle the is X,XXX available noted previously, the across

with for most provide a accurate our location on industry commercially provides. that past spectrum Rather the first to network use not GPS floor with the the passive is launched a this based AT&T service altitude the network that Pinnacle As asset. our accurate or This highly level capabilities responders Wi-Fi FirstNet we network. year, horizontal technologies FirstNet does altitude provides existing reminder,

significant using And was milestone as has a that safety us public so these services. very for started

and country requirements operators help penetration This allows we save meet FCC’s one trust Qualcomm map to deliver z-axis across z-axis entire in enable the and also with to with the to mass infrastructure looking We previously, capabilities them beginning further agreement we April and the placed as we're by progress, to we validation a requirements. XD modifications And Last and an to wide OEMs at of the carrier framework. their market device this in recently fall, the of to partnered market we the location of help to both base. As up part our announcement requiring very included followed and for Radoff, is continue XXXX. with to signed them XXX the in OEMs deliver devices. scale. with technology meet shared meet lives. wireless operators This Metaverse as in IoT to demand was technologies and geolocation user carriers IoT believe largest carriers mobile -- had activities XXX capabilities, little we working In Jon z-axis gaming that validates mandate We FCC and for phones have different in in is -- those space, it the the several the specifically of see area capabilities. of Computing strong for were Spatial interest with

on signed with that by supports of We the to give also in the access to being the developers these our that XX,XXX world. distribution these like vertical the brings developers to content the and include experiences. gaming reality of early on of Atlas companies engines. capability on and gaming platforms Verified location the previously the Unreal also a this a And Spatial.io. were the any MegaGrant augmented platforms like platform an Much NextNav’s our location partnership latest service of heels application in XXXX. we for capabilities capabilities demonstrating providing These us one They Repligen echoXD Epic that in agreement advancement integrate over efforts status Solution seamlessly platform. with Both specifically management come awarded develop millions together Unity further awarded AR/VR into echoXD, enhanced focused Earth, these and vertical on field, is with to announcement have

visualization the indoor aspects few However, that but mapping for In X-dimensional as who only a deal a a and is we entire regard, mentioned the the signed best-in-class it. tactical not ecosystem in we past, of provider with CRG, safety help building of in dots, data each vertical of with integration blue protocols new times proper enabling we're place solutions vertical public surveys emergency strengthen has response. accurate that to aid build data. service location embedded to Pinnacle The will existing critical with NextNav’s highly maps building indoor to ensure and the location and

PNT attention our we system. building announced year, launched very to to we Now trial continue the at program in of in where Galileo European GPS become Russian allocated and on XXXX. in bill. Transportation backup resilience now and to Department added evaluate the also towards DHS' progress turning for to to leading XXXX tune to the passed This then initiatives including to discussed. studying the This Ispra This has budget four, were of security to steps in Department the Transportation and the GPS group of In similar the $XX Italy funds move infrastructure concerns of Congress aggression categories by for U.S., common. in Gary five is make this system XXXX has believe establishes increased approximately this satellite in We forward in wake $XXX in systems Europe is here solid taken system of GPS R&D obviously to on or that the global technology, U.S. the the in launch essentially developing bill to Europe. to and of the quite allocated GNSS, different the Ukraine, million jamming TerraPoiNT both million additional significance backup for has backup and the Earlier the to similar activity of recently the the System UK

parties obviously all those establish next actively engaged the steps are there. We and in with helping

chair and dealing an PXXXX the for the resiliency industries PNT country. to critical specifies timing behavior infrastructures the were achievement. resilient we step government group elected of expected across requirements, is important addition, specifying group resilient levels with technical This user position in recently of and and navigation In the This IEEE standards. standards

to selections in we conduct we be as of modest out, the terms design, network expect planning. commercial transmitter TerraPoiNT overall expenditures the site 'XX and optimize will continue In build

that Our maintain the strong balance perspective. over holdings sheet from control to technology and the licensed pace of spectrum us allow scope capital both and and activity

Vice pace. on as Ed Transportation a to trillion Commerce, of hiring and Infrastructure, instrumental Mortimer. brought VP Chamber was footprint of we at the expand as of from also in a is President recently new Counsel, continue passing the pretty and infrastructure where Affairs, and the well comes As technological business he robust we're bill. us Government a General the Ed $X growing, our to U.S. We've was

the resolution. from We're We what to bringing join and him positive expanding are to our expertise to In for technology. confident build to use like the XXXX. partnership, ahead financials closing, complex continuing thrilled I'd continuing TerraPoiNT With benefit committed thrilled very the technology walk that, our in will XXXX. -- in the and been I'm vast path team Pinnacle feel ahead on business through and have and both a for a months as his lies to cases issues that it's for of our technology we're exciting strong are who prepare for Chris we there of it It on Chris? the over clear in is the out us to that turn us. we year for

excited joining thank today. the excited the makes quarter as and what about year, as to our share well you full progress fourth Ganesh, everyone for the We're us future. Thanks, us over and

million oversubscribed our highlighted, to and results the PIPE in For the that of new you transaction transaction of with well that those momentous after cash expenses. of we're Acquisition company. October all with transaction Ganesh and in And a with Corp. the think Spartacus life our our the debt in highlighted, of event free with $XXX who of as very shareholders, NextNav, us to notable allowed I exit paying which featured was long-term pleased Gary closure are Gary over

our of company So also and the commercially. access, capital capital provided with us markets it's visibility this increased has but

for many and on places during growth. Gary path milestones we're ecosystem group a us year, the which we confident platform As accomplished and at solid highlighted, Ganesh

$X.X our ended on million. over currently in full item revenue $X.X including we GAAP XXXX, we deferred customers million, $X.X of balance the built which the revenue year resulted in our $XXX,XXX. fourth have a quarter, approximately of million And built sheet year For

we anticipate revenue, calls new this periodic and fourth and as about in As past our ramp business potentially major quarter occurred differences talked discussing we've we when on our year. board customers bring between this on do business, -- the especially we of growth, we deferred irregular anticipate recognizing

expense $X in operating amortization AT&T year full $X.X in these million, Our which to resulted in our of $XX.X elements million. included Adding million million warrant hosting expense, of network. expenditures was Pinnacle $X.X XXXX and back consideration in depreciation to compensation loss provided million cash for noncash $XX.X and stock in related for operations items

Our net the $XX.X loss million this expenses, million costs including noncash was items to operating valuation warrant our adjustments, year. for debt million $X.X the $XXX.X included addition $X.X about of paid amortization in And significant interest. for with full noncash in in year million expenses as in and the above, issuance

debt a interest with in will forward financials, paid valuation free going of balance. course, balance not adjustments, anticipate be debt we going expenses. the We again, sheet, although experiencing our forward course Of debt show related or do amortization work will periodic

was intellectual foundation Pinnacle business. at to combined and XXXX sheet extremely sheet solid balance our megahertz with billion strength PoPs with to end TerraPoiNT no $XXX spectrum and balance X.X capital expanding our the business, of grow strong provides flexibility service. Now our debt, property cash providing Pinnacle with our an existing us portfolio, network, This of sheet nationwide and our deployment million the balance in begin grow and ample

base about solid behind a our balance and excited sheet We're asset very business. sits have that our that. very We

and public highlighted, momentum of in course, as In to the benefit leverage first which see of relationships continue and beginning multiple as across the quarter existing the as signed XXXX to economy, verticals, Ganesh outlook, early of app EXXX. we of safety, as includes, anticipate and build XXXX we customers platforms terms

at customers, business and an new with emerging a set year As providing we're revenue very not specific of for time. technologies the guidance this

increase. business grow expenses our our we we expect XXXX, As cash to in

of somewhat to invest technology core at headcount I should our And for questions. watching I this we material. employee higher build actively open these while our growth in company. network are to that equipment we costs, working effects visibility the call continuing think expect adding don't this are and stage in up at and presence, your inflation anticipate to and and closely do that, we and time We offer our With physical be can

Riley the Instructions] of from question [Operator is Crawford Securities. First line B. Mike with

of absolute are the carriers with your you're we Just the just that the integrate solution going the large doing? are do what nationwide meet deadline? the know Or does carriers' EXXX, two other into starting wireless network, ahead deadline, mean that to working large given none of to national carriers vertical that

and different for it's deadline. a the going to way their date, situation first is Because on. them do regarding scramble are This We a too. forward you'll I'll under they original the maybe in bumping pressure decree has a can't in confidential the clear obviously is, their that think comprehensive in agreements That's on many FCC to Ganesh that we're And a are move what's consent there. amount since proposed significant of And differently the with technically even Enforcement actually XXX with working publicly with it we're do they and individual and deadline handsets weigh-in that will that at doing say the that. they each that trying is speak for also well we've is they missed much want the of breathing from to then at had have for towards as their having of and that and where operation taking Gary, in April standpoint of that as fact carriers. location. so. room, out They reached with technology don't as to on at interface handle year but they're they different number put to given do efforts in own the that pretty a the how plan is that. could the be point going quickly But this led necessarily under can remember, between making there's with Bureau network integrating it we implementations to they to FCC, because them mass But carriers. which really But meet time, what the the customer as they believe has particular But also that. carriers, enforcement And some a still something the I a base FCC. the they're simple

Thanks, Gary.

business revenue million ramping million in So, as one of forecast in there a XXXX. million part NextNav’s 'XX, Spartacus, with time was combination $X that $XXX was point $XX in fiscal in 'XX, at

you're not pace make spend revenue or macro guidance TerraPoiNT what 'XX revenue or any of we deSPAC, term build in have or you out comments for Now, million with the initially. at great, markets the scope can least projections? understanding of you but the think cash, this on TerraPoiNT out of But large most at build point, is important about given redemptions, number giving now is and my you longer $XXX can so which should

Yes.

was Chris a that integrations. large it, some $X projections over something, there particularly is, see forward are network we standpoint then in kick PIPE of me you from come Let cautious kind And address do million chunks, number as that in how mentioned, and the $X some in, the of that about like reason the XXXX of maybe And original can in, or roadshow. million. mean, back these we're big I were going we particularly. lumps you build those for

it it yet, the been didn't recognized to revenue because completed. of hasn't All fall

was will the But international of some outer we're also see the to showing obviously you'll that. but of remember not years the continuing that of we take were Pinnacle, believe a growth you'll elements significant expansion, which So portion only the place. in growth that

we're the that it. mentioned the noted increasingly the recently PIPE were time funding Defense that States budget. good the of But And not to We've for stage in a in in the passed on some is actual in as provided the was never just allocations Department this of it of even we the as revenue bit that, them is separately, call been mean, focused the needs Department projecting at critical budgetary say of the and necessarily been mean, well earlier various has immediate Now, I assigning bit towards it and the infrastructure budget. current certain the too, United work this is thought [DoT] while individual recognized budget infrastructure the we I a across government Obviously, go we Transportation has or situation specifically additional then -- The of somewhat grants from point government would fact versus with things conference bill think obviously, future the less first DoD to to projecting some proposal. commercial we about targeted I Ukraine, now not that by we're I want from federal next others. some or and sources, overseas. had needs there back conflict pretty be move and timeframes resilient has DHS we gotten side. very our also being that GPS. although in the with a that actions, That's DHS in government to but than for goosed that right to that. been more take Ganesh highlighted urgency agencies. a feeling had

we Chris, add others? what this a just that's right both recapitulation both do and and returns, on this now, to So quarter year's you have anything see of in that.

about to future, as we fact of about I too -- far XXXX. talked think about want ahead that. bit at think of differences our certain were highlighted, way the said in able especially, even and there And little various looking are build early how look report into structures, very contract you a happy as under to you in of types the we revenue we're on we've lumpy I terms the be past. we In as course, business. versus especially in But the cautious, of in expectations Well, which in XXXX, billings, we a

lot that think I Gary, a of So, it. captures

XXXX, available we've system in a with deployment, to broad with program deployment point nationwide plan never and thing -- the become timeframe the really some really various of system CapEx that's broad project. and our the for deployments way. we're always year. that that out in associated TerraPoiNT in is We and about. respect beyond markets The that there. do been have I of had had have at And that talking broad XXXX and suggested We beyond is consistent some with stages and we've other in But our XXXX still would deployment what capabilities a to some planning this that TerraPoiNT

Yes, maybe of sort and two that point. just emphasize

-- as design the then towards I and services think I 'XX -- are the -- XXXX, not we sort focus and -- scale, all activities our is really And will we will building is and of doing markets a to mentioned, revenue and and come a rollout just and scale, are are what on and absolutely in think those 'XX elements. geared service, regarding And what exactly in Ganesh, of and doing but path from product from the of we internationally. the of of then 'XX the that. TerraPoiNT come 'XX to Pinnacle, in lot we've in we network is what projected had doing U.S., lot this

of hasn't we envisioning all there think change of continuing direction in I this. any And per So material are were and as how those elements sort plan. been

jam. mentioned and ask Italy or signal the then would broadcast terrestrial Italy, going TerraPoiNT what's with with I'll for else Russians just that stop. the on be anyone harder much strong you Maybe Okay. and can you But solution, one in to clearly more

Kyoto MetCom So there the where in that's believe with region. about and Is TerraPoiNT Pinnacle update I great there? any Japan in testing but you're what

take so one. Yes, I’ll this

I continuing -- up launched and is make Japan we experimental noted, has an TerraPoiNT trialing of MetCom in the the they given So to to Japanese megahertz spectrum Pinnacle as service. think the progress on basis market. X of TerraPoiNT from they're viability assess the allocated now right both Obviously, them Ministry

with And in so that the a are of to is sort what approval in Ministry going hopeful through believe on of couple paces being they years. its

think a And of U.S. region. they're that basis Pinnacle is you -- deployment going trial trials handful to entities they for I positively the disclosed. translate and mature. right have similar variety side, than in other that into think they that we as are those, of these now the Osaka service and a data, I they good rollout then On and Japan, them one doing commercial have And trials is TerraPoiNT collecting Pinnacle of with to publicly in a SATCOM see a earlier the of the inclined, companies. remain probably do

is The of next Tim with Oppenheimer. from lien the Horan question

But do guys. federal a of here I of model? think change or lot do war Thanks, will and in think the on. or awareness of have There's subsidies United the XXs the abroad? you of business Europe, material accelerated get millions awareness a going XXXs can can increased Ukrainian States in increased the you millions you lead here think and obviously to You subsidies as to kind it Or abroad? here increases buildouts both mean

dollar of billion attention. moving it aware focusing already. already, the question this of towards weren’t It's there. even locations probably these in military the governments Tim, like It clearly Hey, that's the any not or is

fourth ready we noted working trial in prepare do As comments, our since mean on took to European that Commission it. I that whole trying to year Italy, get we've been the quarter in last to place

wanted just over the in supported So it do and of like all they it's that something to United years. was bipartisan these knew States they

system into the obvious, real I reaction very problem. not get vulnerabilities where all to closely problem are visible they're to the there. understands you close of encountering things a spectrum, over is Ganesh ready question, he's know very But Everybody they're the to to mean, how this does now his situation Europe and can boom, terrestrial not probably the a in go, it's following because in high build right it's in from exploited. now is happens. ahead to time much that. have go handicap I think only can clearly ball. I we before that of out now. I more this be hard clearly It's something is right that being the problem visibility award think And of operational is, And needs thanks. known, that got to you the And if network, a a deployed

providing extent interest a And they so sort It's from providing forward. by were certain going think I that I significant to and just also Congress significant be leading of, previously allowed motivation. effort Congress. DoT DHS to had that is assertions and mean that

Now, they're certain by clearly not specifically but asking completed it, only putting the funding be behind paths that certain non-brands. to

overnight have work States people, both with Europe do into and something all but Japan a get [EUI] I in what able we we’re So, would that with up Asia. trial obviously, parties, be those be account But turns and MetCom. with mean, came deployment. yes, take would to place comprehensive to kind in and for have Europe that to closely it trial in that for the put purposes, more that United the as into. to clearly, spectrum in business seeing of was to

in of have all it before just a love probability that within highly is agencies point have figure is level countries, more particularly percent So that set give would have to X of meaningfully of in trying on us time, can committees place that time. at guess know we certainty and this say, don't congressional it. period We we how Europe, ensure this it. out I hey, All a need to they now of and that desperate are engaged for they across X

will we And I think do I the Yes, mean up I you to -- say have that I has has the I basically translates in I yes, I but see, to think think think we remain right. How something interest gone level up. desire would significantly. Yes, awareness hopeful. obviously think gone mentioned

Lafferty. line The RF from with Jaime next is question the of Perez

and issues chain, foresee the issues there? semiconductors start either might given risk rollout back being to mean networks, any deployment with any or and supply to Terra I Pinnacle or Now, being pushed you

handle he's Ganesh touch on because that. pretty let that I’ll with mostly,

Pinnacle mean, the out. built our I good news network Fortunately, is is

able out be we it that to mean, got it's issues make sure the through test it's to I operate to -- enhanced doesn't with software only So it. supply require able we chain work there to were and deployed. it And

element. So walk is But significant can to relative TerraPoiNT equation, Ganesh appropriate implementations. whatever side the that the through a you Pinnacle this really isn't feel for you of

we as of are hardware, Yes, to working of mean, I sort involves through I ready getting product software, mean, that now, the TerraPoiNT, the et scale so earlier, the and a noted think cetera. type lot I right for of effort,

thousands to the material -- we needs to parts the building that we it. as have get But -- and we're end of not the there sort to it's on we situation not get. there the TerraPoiNT, of I our would of platform. see year, immediate for that we cetera, evaluate don't don't a impact, underway, efforts material be think we because procuring closer monitor the et continue see any link impact on to But for currently

Meta? of mean, estate, Metaverse, some the about real gets on end news something like location on virtual real to the I estate the focusing market that that? any and of exact especially update for Now, idea we it's on see product on the your

we for it. sort activities ascribed. -- capability line Metaverse how absolutely needed -- I definitely it's are method determine fascinating. spoof prevent amazing Reality, a the seeing out was it's the And where not see values the to their that this are world. lot yes, Yes, announcement so last but selling virtual and think We're fraud our in real and made we there required don't with And in of a being you are, location users the location. they But realizing year is to Atlas I of that mean, in quite which playing that quite elements but also essentially to just with as estate is

as got technologies noted, the I we're plat work -- seeing in We map we interest and the to are Metaverse Metaverse seeing required ecosystem, included that the of are -- of mean, enable because we in capability. the

market So by Metaverse Radoff. map of Jon the

that quite a believe support virtual now, build so that. game more seeing lot reality. We I that type publishers -- beginning to are And the as exciting to of and right various capabilities developers was to we're activity see mean, there

we're eased and as can implementation And to heavily so optimistic we investing to that make different be very space. app development support as remain their sure much help And the developers possible. on

And I more have question. one

be mean Let is me seeing turn European. take infrastructure being the right you One, being is taken the it? it do me out terrestrial, I the let's based And destroyed countries are by now first I’m country. of mean, mean, on at towers. underground, we're course, attacked away that physical say back threat to another correct potential I first. communications. wrong, hidden developed to I it cell could if -- from is any Could

there same Gary. advantage I is on But they I'll telecom maybe bit first that little of more mean around go you TerraPoiNT This detail Ganesh can on is a the transmitters sites it. the the and hit in aren't towers being are. the necessarily

the architecture signals need or actually locations, you different the but coming are, they in Sometimes so directions. different you different of from get geometry

out case, telecom the capabilities infrastructure. in are not that not would they're just normally they by that hitting valid So,

theater, not now, going showing jamming from that value published happening also other times Ukrainian well, fact only that's much third-party, XXX,XXX jam. that maps as the transmitter the of satellites, and right are them. too. a We've that's like more But locations. now jamming the XX, And signal with easier be actually what's amount powerful. there it around And different on a The bordering Kyiv, got to say city, but that's might large of obviously is across spoofing countries XX, GPS across all the XX

towers. see much of more the like bigger telecom things is, in and networks, to one which power take So our really one grid thing is it's protect have you of to key of and if you're that, out. the difficult only trying robust timing, to The elements

you would see don't X You need location, see to get to which you to only a timing need full to get need X aspects. the

Yes.

a Let points me couple of here. add

is GPS with a it space-based problem fundamental that is the So signal.

that and jam and so or the is from places border, from of is cover strong send what to Russians put without of having large parts easy they spoof, in doing or Ukraine the very to are to And can it infrastructure. side Belarus able are like very jammers equipment any their

because the And is to you you the those a communication is. in far and are out do, don't advantage of are how one likelihood sort XXs have terrestrial with problem geographically given to below deployment, the have for depending one if because the floor, The space-based market detect The is, -- you knocking we sites, can able you even the have are system. we than we would low. signal in you we each noise hundreds that's listen our because a just of So site of big or any location actually of diverse towers on more system. there's

And are so functionality to for taken sites signal provide that makes it the even then some that a the much appropriate longer term. the can others more out, you get platform, from robust if

these So security. I all to of act -- ultimately, the cetera, for introducing easily. it third parties that and resilience the make platform, I is nefariously more to any of it et out degrees mean, part more and take think of technologies, it's greater difficult

I any will now concluding over Gary Parsons turn for the conference to remarks.

lot. to see deploy XXXX. when our can joining a we for this move next to feel protect joining forward further We Well, what us. much hopefully forward you turning thank revenue today's thank call we as do Taniya. into TerraPoiNT everybody, We for to some to us Thanks to infrastructure. very and very forward you time revenue, the looking start much, of good critical government look on Thanks, with and in very realized about together. trying our will XXXX We're deferred

Thank NextNav That the for your Call. XXXX QX participation. you Earnings concludes

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