NN — what changed in the latest 10-Q

Text added vs the prior filing · source: 10-Q · 2026-08-11

• Under our proposal, the FCC would create a 5 MHz uplink and 10 MHz downlink suitable for 5G operations. We believe

• modernizing the Lower 900 MHz band will simultaneously enable a high-quality terrestrial PNT network to complement and back up GPS, addressing a critical national security vulnerability, and add 5G broadband capacity. As such, our NextGen capability is being designed with the goal of enabling one or…

• Revenue decreased by $0.1 million, or 4.3%, to $1.2 million for the three months ended June 30, 2026 from $1.2 million for the three months ended June 30, 2025. The decrease was driven by a decrease in service revenue from technology and services contracts with government and commercial customers. F…

• COGS increased by approximately $20 thousand, or 1.0%, to $2.1 million for the three months ended June 30, 2026 from $2.0 million for the three months ended June 30, 2025. There were no significant drivers contributing to the quarter-over-quarter change.

• Research and development expenses increased by $0.6 million, or 13.2%, to $5.5 million for the three months ended June 30, 2026 from $4.8 million for the three months ended June 30, 2025. The increase was primarily driven by a $0.2 million increase in payroll-related expenses, a $0.2 million increas…

Text removed vs the prior filing · source: 10-Q · 2026-05-14

• Under our proposal, the FCC would create a 5 MHz uplink and 10 MHz downlink suitable for 5G operations. We believe modernizing the Lower 900 MHz band will simultaneously enable a high-quality terrestrial PNT network to complement and back up GPS, addressing a critical national security vulnerability…

• Comparison of the Three Months Ended March 31, 2026 and 2025

• Revenue decreased by $0.5 million, or 35.3%, to $1.0 million for the three months ended March 31, 2026 from $1.5 million for the three months ended March 31, 2025. The decrease was driven by a decrease in service revenue from technology and services contracts with government and commercial customers…

• COGS decreased by $0.4 million, or 16.2%, to $2.1 million for the three months ended March 31, 2026 from $2.5 million for the three months ended March 31, 2025. The decrease was primarily driven by a $0.2 million decrease in payroll-related expenses, a $0.1 million decrease in site rent expense, and…

• Selling, general and administrative expenses increased by $0.2 million, or 2.1%, to $10.7 million for the three months ended March 31, 2026 from $10.5 million for the three months ended March 31, 2025. The increase was primarily driven by a $0.4 million increase in stock-based compensation, a $0.4 m…

Text added vs the prior filing · source: 10-Q · 2026-08-11

• Certain of our stockholders own a significant percentage of our outstanding capital stock. As of June 30, 2026, our holders of 5% or more of our capital stock and their respective affiliates beneficially owned approximately 38% of our outstanding shares of common stock. Accordingly, certain stockhol…

• ownership and, in one case, a position on our Board. For example, these stockholders may be able to control or influence elections of directors, amendments of our organizational documents, or the approval of any merger, sale of assets or our business, or other major corporate transaction. The concen…

Text removed vs the prior filing · source: 10-Q · 2026-05-14

• The indenture governing our 5% Senior Secured Convertible Notes due in 2028 (the “2028 Notes”) contains restrictions and other provisions regarding events of default that may make it more difficult to execute our strategy or to effectively compete, or that could materially and adversely affect our f…

• Subject to certain exceptions and qualifications, the indenture governing the 2028 Notes (the “2028 Indenture”) restricts our ability to, among other things, (i) incur indebtedness, other than certain forms of permitted debt, (ii) issue any preferred equity interests, (iii) create or permit to exist…

• The 2028 Indenture also provides that a number of events will constitute an event of default, including, among other things, (i) a failure to pay interest or any other amount due on the 2028 Notes, (ii) a failure to pay the principal of the 2028 Notes when due at maturity, upon any required repurcha…

• If an event of default occurs and is continuing, additional interest will accrue on the 2028 Notes at a rate of 2% per annum of the principal amount of the 2028 Notes outstanding as of the occurrence of the event of default. We will also be required to pay additional interest of up to 0.50% per annu…

• In the event of certain non-ordinary course asset sales, including sales of certain intellectual property or spectrum licensed by the Federal Communications Commission to us or our subsidiaries, we must make a mandatory repurchase offer for a portion of the 2028 Notes outstanding with the proceeds o…

Text added vs the prior filing · source: 10-Q · 2026-08-11

• No officers (as defined in Rule 16a-1(f) of the Exchange Act) or directors adopted or terminated a “Rule 10b5-1 trading arrangement” or a “non-Rule 10b5-1 trading arrangement” (as such terms are defined in Item 408 of Regulation S-K) during the fiscal quarter ended June 30, 2026.

Text removed vs the prior filing · source: 10-Q · 2026-05-14

• On March 30, 2026, Sammaad Shams, Chief Accounting Officer, entered into a "Rule 10b5-1 trading arrangement" (as defined in Item 408 of Regulation S-K), intended to satisfy the affirmative defense of Rule 10b5-1(c) of the Securities Exchange Act of 1934. The sales plan applies to previously awarded …