Thesis: competition, analyst: bleeker-street-research and Night Market Research, sector: tech.
Bleecker Street Research published on NextNav (NASDAQ: NN — $432 million), a geolocation services company. Bleecker Street called NextNav “a sixteen-year-old company trying to build a better alternative to GPS with little meaningful traction” and said the company “aligned itself with real estate in the metaverse and flying cars.” Bleecker Street also predicted NextNav would be unable to compete against bigger rivals like Apple and Google. The company is down ~60% since merging with a B. Riley-affiliated SPAC in October 2021.
More ... latest change: 2026-02-28
Night Market Research published on NextNav (NASDAQ: NN — $2.14 billion), a GPS and geolocation systems company. Night Market 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.”
Last updated: 2026-03-07 by automated standardization process