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Strengthening the National Positioning , Navigation , and Timing ( PNT ) Infrastructure Investor Presentation 11 N NEXTNAV
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Disclaimer 2026 NextNav, Inc. Confidential. 2 Industry and Market Information Information contained in this Presentation concerning NextNav’s industry and the markets in which it operates, including NextNav’s general expectations and market position, market opportunity and market size, is based on information from NextNav’s management’s estimates and research, as well as from industry and general publications and research, surveys and studies conducted by third parties. In some cases, we may not expressly refer to the sources from which this information is derived. Management estimates are derived from industry and general publications and research, surveys and studies conducted by third parties and NextNav’s knowledge of its industry and assumptions based on such information and knowledge, which we believe to be reasonable. In addition, assumptions and estimates of NextNav’s and its industry’s future performance are necessarily subject to a high degree of uncertainty and risk due to a variety of factors. These and other factors could cause NextNav’s future performance and actual market growth, opportunity and size and the like to differ materially from our assumptions and estimates. Trademarks All rights to the trademarks, copyrights, logos and other intellectual property listed herein belong to their respective owners and NextNav’s use thereof does not imply an affiliation with, or endorsement by the owners of such trademarks, copyrights, logos and other intellectual property. Solely for convenience, trademarks and trade names referred to in this Presentation may not appear with the ® or symbols, but such references are not intended to indicate, in any way, that NextNav will not assert, to the fullest extent under applicable law, its rights or the right of the applicable licensor to these trademarks, service marks and trade names. Forward-Looking Statements This Presentation and any oral statements made regarding the subject of this Presentation include This Presentation and any oral statements made regarding the subject of this Presentation include “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “ “may,” “anticipate,” “believe,” “expect,” “intend,” “might,” “plan,” “predict,” “should,” “could,” “would,” “will” and similar expressions. 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 the achievement of certain FCC-related milestones, including the status of NetNav’s rulemaking petition, the ability to realize broader spectrum capacity and the advancement of NextNav’s terrestrial 3D PNT services, NextNav’s position to drive growth in its 3D geolocation business and expansion of its next generation terrestrial 3D PNT technologies, the ability to implement NextNav’s 5G PNT network architecture, the business plans, objectives, expectations, intentions and goals of NextNav, and NextNav’s estimated and future business strategies, competitive position, industry environment, potential growth opportunities, revenue, expenses, and profitability. These statements are based on NextNav’s management’s current expectations and beliefs, as well as a number of assumptions concerning future events. You are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made, and NextNav undertakes no commitment to update or revise the forward - looking statements. For additional information regarding risk factors, see Part II, Item 1A, “Risk Factors” of the Company’s quarterly report on Form 10-Q, and Part I, Item 1A, “Risk Factors” of the NextNav’s Annual Report on Form 10-K for the year ended December 31, 2025, as well as those otherwise described or updated from time to time in our other filings with the Securities and Exchange Commission.
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Investment Highlights Next-generation 5G-based 3D PNT 2026 NextNav, Inc. Confidential. 3 Valuable spectrum asset with ideal propagation characteristics to power PNT and broadband World-class management, board, and shareholders with leaders in national security, wireless, and location services Leading customers & partners, including AT&T, Verizon and NASA Robust balance sheet with ample liquidity to fund operations
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• GPS provides PNT services, on which the United States relies for telecommunications, power grids, financial transactions, maps and more. • But, satellite-based systems, like GPS, have coverage limitations indoors and in urban canyons with weak signal strength. • As a space-based service, GPS is vulnerable to spoofing and jamming by rogue actors and state actors, as well as natural phenomena like solar flares. Terrestrial GPS Complement & Backup is Urgently Needed “A day without GPS would wreak havoc.” November 2024 Former Reps. Greg Walden and Loretta Sanchez for Broadband Breakfast April 2025 “A day without accurate and available PNT services is a scenario the U.S. cannot afford.” Rear Admiral, USN (ret.) David Simpson, RADM USN (ret.), Professor at VT, Amplin College May 2025 “GPS, the backbone of weapons systems, encrypted communications, the financial system and telecommunications networks, is increasingly at risk. Our adversaries understand this.” Rear Admiral, USN (ret.) Lorin Selby July 2025 “Texans saw that truth when a mysterious jammer grounded flights over Dallas. The next outage could be far worse." Adm. Michael Rogers, U.S. Navy (ret.), served simultaneously as commander of the U.S. Cyber Command and director of the National Security Agency July 2025 “DARPA project demonstrated that, for less than $300 in parts from Amazon, one could “create a very bad day for the American military.” Thomas Rondeau, Ph.D., principal director for FutureG at DOD. GPS World, Diane Rinaldo Op-ed, A Race to Resiliency event on Capitol Hill 2026 NextNav, Inc. Confidential.
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NextGen 5G-based 3D PNT Vision PNT network based on 5G NR and aligned with 3GPP global standards 2026 NextNav, Inc. Confidential. 5 Leverages spectrum asset in the Lower 900 MHz band Goal is future-proof complement and backup to GPS, available at wide scale including indoor and urban areas
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NextNav’s Solution 2026 NextNav, Inc. Confidential. 6 Consensus that the US needs a system of systems to back up and complement GPS, including a terrestrial component Economics of at-scale, stand-alone terrestrial network do not work NextNav proposal uses NextNav’s Lower 900 MHz licenses, in partnership with a 5G network provider(s), to enable a widescale terrestrial back up and complement to GPS, without taxpayer funding 1 2 3
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NextNav Spectrum: Scarce Resource Ideal for 5G-based 3D PNT & Broadband 2026 NextNav, Inc. Confidential. 7 Widescale Geographic Licenses Superior Low Band Spectrum Powerful PNT Platform • Attract and retain high-value subscribers • The total value of the GPS complement and backup is $14.6 billion(2) • Strategic asset, improves national security and terrestrial PNT resilience Holds rights to licenses covering over 96% of U.S. POPs, and over 4Bn MHz-POPs (1) • Long range coverage • In-building penetration • Proposed 10MHz downlink for broadband data (1) Map and statistics depict active licenses covering approximately 3.5Bn MHz-POPs held by or in the process of being assigned to NextNav, and approximately 0.5Bn MHz-POPs covered by inactive licenses, which NextNav has asked the FCC to reinstate and assign to NextNav. (2) The Brattle Group reported to the FCC that the total quantifiable value of the GPS complement and backup is $14.6 billion, https://www.fcc.gov/ecfs/document/102119951243/1 Optimized Band Plan
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NextNav’s Band Optimization Proposal 2026 NextNav, Inc. Confidential. 8 Current band plan: 14 MHz for licensed Multilateration Location and Monitoring Service (M-LMS). Proposed optimized band plan: Paired 5+10 MHz blocks suitable for PNT and 5G. 5G operations will coexist with preexisting licensed and unlicensed operations across the band. M-LMSLMS NN 902 904 909.75 919.75 921.75 928 LMS M- LMS & LMS M-LMS 5G 5G 902 907 918 928 LMS
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Use Cases Illustrate Need for Terrestrial GPS Complement and Backup 2026 NextNav, Inc. Confidential. 9 Government Commercial Positioning • E911 caller position • Smart city asset tracking • Military asset tracking • Logistics and transport tracking • Enterprise asset tracking • Lone worker and worker safety tracking • Consumer tracking tags Navigation • First responder situational awareness and navigation • Warfighter situational awareness and navigation • Consumer smartphones and wearable navigation and tracking applications Timing • Land-mobile radio base station synchronization for public safety jurisdictions • Electric substation synchronization for utilities and smart grids • 5G core and radio-access network, including small cells, synchronization • Data center synchronization and timestamping for banks and enterprise Source: Homeland Security Operational Analysis Center (2021)
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Overview of NextNav’s 5G-based 3D PNT Network Architecture 2026 NextNav, Inc. Confidential. 10 NextGen PNT network: • NextNav’s PNT network will be seamlessly and efficiently integrated into 5G networks Capable of leveraging partners’ 5G network facilities (e.g., towers, backhaul, and core network) Topology that resembles other 5G networks, facilitating partnerships with existing providers and permitting NextNav to leverage the providers’ existing deployments
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NextNav’s FCC Petition for Rulemaking 2026 NextNav, Inc. Confidential. 11 FCC adopts Notice of Inquiry (NOI) with bipartisan 4-0 vote NN files Brattle Group economic analysis finding that the total quantified value of a terrestrial GPS complement and backup is $14.6 billion NN files Petition for Rulemaking FCC issues Public Notice seeking comment on NN’s Petition for Rulemaking 4.16.24 10.21.24 8.6.24 3.27.25 FCC releases Order granting consent to the assignment of 128 active M-LMS licenses to NN 6.20.254.28.25 NN files NOI reply comments 5.13.25 NN files supplemental Brattle Group report establishing that NN’s proposal would impose minimal costs while generating substantial national benefits 7.17.25 NN files NOI comments 3.2.26 FCC sent White House OIRA a notice of a rulemaking titled, Promoting the Development of Positioning, Navigation, and Timing (PNT) Technologies and Solutions 8.10.26 SpaceX filed ex-parte in NextNav’s proceeding, urging the FCC to encourage fast investments to put scarce low- and mid-band spectrum to use for terrestrial, direct-to-device, and IoT services, expressly calling out NextNav’s 900 MHz proposal
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The Brattle Group Issues Economic Report Report finds total quantified value of having a terrestrial backup to GPS is $14.6 billion 2026 NextNav, Inc. Confidential. 12 $1.6 B1 Day Outage: $12.2 B $58.2 B 7 Day Outage: 30 Day Outage: Estimate of potential U.S. economic loss for a GPS outage: $663 M $6.0 B $31.9 B Adopting NextNav’s proposal could prevent an economic loss of: • Based on The Brattle Group report, the total quantified value of having a GPS backup is $14.6 billion Source: The Brattle Group. Public Benefits of Reconfiguring the Lower 900 MHz Band to Support a Backup and Complement to GPS . (October 21, 2024).
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Robust Balance Sheet • As of June 30, 2026, NextNav held approximately $228.8 million in cash, cash equivalents, and marketable securities. In addition, approximately $69.3 million of warrant exercise proceeds were recorded as other current assets as of June 30, 2026, which were subsequently collected in on July 1, 2026, resulting in total available liquidity of approximately $298 million. • Significant balance sheet flexibility and liquidity to execute strategic plans • NextNav intends to partner for deployment CapEx of 5G-based 3D PNT /broadband infrastructure 2026 NextNav, Inc. Confidential. 13
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Experienced Leadership Team 2026 NextNav, Inc. Confidential. 14 28+ years of experience • Led transformational change across mobile, wireless, fixed and satellite networks • Extensive spectrum expertise Mariam Sorond Chief Executive Officer Previous roles: 20+ years of experience • Extensive in-house experience advising highly regulated, publicly traded companies Jim Black General Counsel Previous roles: 25+ years of experience • Extensive experience as a seasoned business executive, having worked in finance, internal audit and human resources in the technology industry Susan Insley Chief Operating Officer Previous roles: Tim Gray Chief Financial Officer 30+ years of experience • Deep financial and industry expertise • Background includes a rare combination of deep spectrum knowledge and experience leading the finance function for growth companies Previous roles: 20+ years of experience • Extensive tech & management experience in wireless, wireline and cable industries • Translates broad business, technical and strategic requirements into a set of actionable plans and executions John Kim Senior VP of Technology Development Previous roles:
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Board of Directors 2026 NextNav, Inc. Confidential. 15 Proven track record of success to further NextNav’s leadership with 3D geolocation and GPS resiliency Led transformational change across mobile, wireless, fixed and satellite networks Extensive spectrum expertise Mariam Sorond Board Chair and CEO Managing Partner at Oak Investment Partners Experience serving on the board of Airspan Networks, Centric Software, Kratos Defense & Security Solutions, Inc., NeoPhotonics, NextNav, and nLight Serves on the Investment Advisory Board of the Stanford Engineering Venture Fund Bandel Carano Retired from the U.S. Navy in September 2022 as Rear Admiral (Upper Half) after 32+ years of service for the SEAL Teams and Joint Special Operations. Multiple tours in command of Special Operations Joint Task Forces Recognized with five Presidential Unit Citations, a Navy Unit Commendation medal, and four Joint Meritorious Unit Awards H. Wyman Howard III Extensive operational expertise combined with corporate finance, business development and corporate governance experience Currently a board and audit committee member of Babcock and Wilcox (NYSE: BW) and Board member of the San Diego Rescue Mission Alan Howe Lisa Hook Seasoned technology, policy, and national security leader with 30+ years of public company board experience across technology and telecommunications. Serves on boards of Nokia and FIS, and Philip Morris International. Managing Partner of Two Island Partners LLC. Former President and CEO of Neustar
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Board of Directors (continued) 2026 NextNav, Inc. Confidential. 16 Chairman of Alimco Financial Corp. (“Alimco”) Previously served as CEO of the Alimco from March 2019 to May 2023 Experience serving on the board of Alimco Financial Corp, Anacomp, Inc. and Kaspien Holdings Inc. Former managing member and co-founder of Broadbill Partners, L.P. Jon Marcus CEO of ATELUM LLC, a technology transfer firm specializing in mobile and Internet services Managing Member of SNR Wireless Management LLC Founded M2Z Networks, Inc., a wireless broadband internet provider Former partner and the co- chair of the Communications Group at Venable LLP John Muleta Technology executive with 30 +years of experience Served as Verizon’s Chief Product Development and Network Engineering Officer as well as the Chief Technology Officer, where she led the 4G and 5G network deployments Awards include being named one of the Most Influential Women in Wireless, a Top 10 Women in Telcom, and a Top 10 5G People to Watch, among others Nicola (Nicki) Palmer Retired as Rear Admiral from the U.S. Navy in 2023 after nearly 37 years of service. Chief of Naval Research, May 2020-June 2023 Established Navy’s Hedge Strategy, calling for thousands of small, unmanned systems and sensors to augment existing battle force ships Served as the Chief Engineer of the United States Navy and Deputy Commander for Ship Design, Integration, and Naval Engineering at the Naval Sea Systems Command Lorin Selby Chief Investment Officer for MILFAM, a single-family office Advised companies on the growth and development of their spectrum assets Experience serving as the Chairman of Broadbill Investment Partners, LLC and on the board of Alimco Financial Corp, Centrus Energy Corp,Penn Treaty American Corp., PHAZR inc, and FiberTower Neil Subin
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Thank You