NN Group N.V. — Call Transcript 2025

Great. Good morning, and thank you, Tim, and Oppenheimer for the opportunity to present, the great stuff we're doing over here at NextNav, which is solving a national security issue by strengthening the national positioning, navigation, and timing, which I will abbreviate to PNT, during this presentation. If we can move on to the next slide, please. At a high level, let's talk about our investment highlights. We have great technology in commercial networks, and we're evolving it to be a next-generation PNT solution that is embedded in 5G. We have valuable spectrum assets. We'll talk about them a little bit more later, which have great propagation characteristics to enable this PNT and also broadband 5G. We have a great management team, board, and shareholders. Management and board are previous telco, spectrum technology evangelists commercializing innovation, and we work with, we also have leaders in our national security and location services. We have great customers and partners. It's not a full list, but it includes AT&T, Verizon, and NASA. We have a robust balance sheet, and we have great liquidity to fund our operations. Let's move on to the next slide. Let's talk about the problem statement about why terrestrial GPS complement and backup is needed. Many of you use GPS on a daily basis. Besides using it for navigation, GPS also is used in our telecommunications, power grids, water supply, financial transaction, and many other critical infrastructure. The problem statement is the satellite-based systems, which GPS is one, they have coverage limitations in urban canyons and indoors, and also, they're very vulnerable to spoofing and jamming, either by rogue actors or unintentional interference, and also, they're susceptible to disruptions such as when natural phenomena like solar flares happen. To the right of the screen, this is a lot of the quotes that we've picked about national security leading experts, DOD experts that talk about how this is a major problem for our country and how a single point of failure is an issue. Also, how you can very cheaply, this is a DOD quote from Tom Rondeau, you can, with $300, jam GPS off-the-shelf equipment. The problem statement is real. It's there, and we would like to provide the solution, be a part of the solution for it by providing a terrestrial GPS complement and backup, which is going to address the satellite vulnerabilities. Let's move on to the next slide. Our PNT vision is that we're going to leverage our spectrum assets in the lower 900 MHz band. We're going to build a PNT network that's embedded in 5G NR, aligned with 3GPP global standards in devices commercially, leveraging economies of scale. Our goal is to create a future-proof, complement and backup to GPS that is wide scale and also is available indoor and in urban canyons. Let's go on to the next slide. Our solution is really very simple. The problem statement is that we need a backup, a backup that is a system of systems. We are a part of the solution, and that part is a terrestrial component. The issue with why this hasn't been done before is because building a terrestrial network that is wide scale and covers a terrestrial footprint is extremely costly to compete with a free service, which is GPS. What we're proposing is that we're going to use our lower 900 MHz licenses. We're going to partner with a 5G network operator to then use the spectrum for 5G, but take a sliver off of the top of it to provide the PNT, which is the terrestrial backup and complement to GPS. We do all of this without taxpayer funding. We don't need any funding from the government. Let's move on to the next slide. Let's talk about our spectrum a little bit, the lower 900 MHz. You see to the left is a map of the United States. We hold the rights to licenses covering over 96% of the U.S. population. We have the rights to approximately 4 billion MHz-pop in the lower 900 MHz. We'll talk about what we're doing to optimize the band plan and optimize the spectrum. What this optimized band plan is going to do is going to attract and retain high-value subscribers similar to public safety who need, who are also being served by PNT. The total value of this GPS complement and backup through a BRG report that we have a slide on is $14.6 billion, a $14.6 billion insurance that we're providing. Basically, this is all done on amazing low band, very great propagation spectrum. All spectrum is equal. When you go to low band, such as 900 MHz, and spectrum below 1 GHz specifically has the ability to go and penetrate walls and serve the urban canyons really well. In addition to all of this, we are going to also not only solve the PNT issue, but also be a part of the solution for the PNT issue. We have 10 MHz of downlink for broadband data, which is significant bandwidth in low band. Again, not to compare to C-band or any of the high band spectrum, which is more capacity spectrum. Low band will remain as the only solution for coverage spectrum. Let's move on to the next slide. What have we done in this past year and a half, a little over a year? Currently, the band plan that we have licenses in is in this first chart. It's called the MLMS spectrum. There's an A block, there's a B, and a C block. These were intended to provide multilateration, location, and monitoring services. What we have proposed is the band plan below. This is what our FCC petition would be to say, let's optimize the band plan. Let's create contiguous blocks of 10 MHz + 5 MHz uplink for 5G such that it will be attractive for a nationwide operator or other partners to build using 5G. We could then enable PNT that is within the 5G standards. This is what we have proposed to the FCC, to optimize to solve not only a national security concern, but also to put more spectrum, low band spectrum, to address the coverage gaps that I think we all still face no matter which operator you use today. Let's move on to the next slide. Let's talk about our PNT architecture because you've heard me say that this 5G is embedded in, the PNT is embedded in 5G. It really is a signaling that's part of the 3GPP standards that you need to turn on to provide these beacons that we can then multilaterate on to provide positioning and timing. This network will seamlessly, and then after this beacon is turned on, we will put our software on top of that and extract the positioning and timing. This seamlessly integrates into the 5G networks with just software solutions sitting on top of what any carrier deploys today for 5G. We will leverage the 5G partners' network facilities so we don't need to build a network. They will add spectrum to their towers just like they add any new spectrum, just like they will do that all the time because they're not going to be able to not expand their spectrum footprint as population capacity and coverage demand increases. The build-out of this network, or what's known as a topology, will be just like 5G networks. We don't need to build additional towers. This will facilitate partnerships with existing providers and enable us to leverage their existing deployment. To the right is a picture of what the architecture would look like and how we will take this very thin sliver of capacity, not spectrum, so they will deploy the 10 + 5 like a 5G network and will take a sliver of their capacity, the data, because you turn on the beacon that will get used and then we'll have our software extracting this to positioning and timing and navigation ultimately. Let's go on to the next slide. This is what I was talking about. The Berkeley Research Group last year did an amazing economic report that quantified the value we bring by having a terrestrial backup to GPS. Again, this is a critical point with no taxpayer funding. There are a lot of solutions out there that for a very long time, some of them for decades, have not been able to deploy because the economics to compete with GPS are not great. They have requested government funding to solve this national security issue. We do this, we provide this $14.6 billion of insurance without any taxpayer funding. The economic report highlights what it would look like if we were to not have GPS. On the left-hand side, a one-day outage would have a $1.6 billion economic loss. Seven-day, $12 billion, 30-day, $58 billion. This is very significant. We will prevent this economic loss, and we will be a part of the system of systems that enables this insurance plan that we're providing for critical infrastructure and also consumer use of PNT. Let's move on to the next slide. This is a lot of activities just to show you what we've been doing starting in April of 2024. Of course, immediately after our acquisition of A block licenses, if you saw on that spectrum chart, we had the B and C block. We acquired A block from Tellisouris. Immediately after that, we filed a petition at the FCC that proposes to reband and proposes to optimize the spectrum for 5G. The FCC issued a public notice in the previous administration. We filed comments. Others also filed in that docket. There was an administration change, and the new administration came in, particularly Chairman Carr, and he put a lot of focus on solving this problem holistically. We were mentioned in what is called a notice of inquiry by the FCC. When it came out this year in April, we filed comments. Other industry members filed comments, as well as some in opposition, some in support. Opposers are people who are in the band and don't want a status quo. They want to remain with the status quo. They don't want to change. People who are supporting are primarily public safety, but also a lot of the other filers mentioned how a market-based solution is really important. They supported the NextNav petition. Since then, after the NOI, we've also filed several very critical studies to show that the existing operations in the band, which are consisting of the active filers consisting of licensed operations and unlicensed operations, how there will be no impact to unlicensed. With licensed tolling operations, the impact and the retuning they would need to do from that shift I showed you on that chart is very minimal. It is very feasible. Therefore, we believe that the FCC can move on to the next stage of what is known as a Notice of Proposed Rulemaking, which then seeks comments once more to be able to finally adopt a rule-making. Our studies solved the economic problem, solved the technical issues, and we are in a great place and a very, very urgent timeline, as is demonstrated in this and how fast things have moved for us. I believe that must be the last slide, if I'm not mistaken. Yes. That wraps it up. I look forward to Tim's questions and the audience's questions. Great job, Mariam. Thanks a lot for the presentation. Very comprehensive. What is the next step in the FCC process? They've given an order granting the rebanding already, I believe. What does that take to become, I guess, law or permanent? They've given an order to approve our assignment application, which included waiving certain rules that don't permit three blocks being held by a single licensee. That was a great, great thing. We're very thankful to the FCC with all the timing and staffing resource issues that they've been having. The next process for the petition is really, and the NOI is really what's known as a Notice of Proposed Rulemaking. They will, or NPRM for short, issue an NPRM and seek comments again, then study those and determine what the final rule and reporting order would be. That's what we're looking forward to. We're advocating very urgently with the FCC to move on to the next one after we've demonstrated that there should be no issues and there's no data demonstrating there's a problem. Got it. The primary issue is, would you interfere with existing use cases? You filed some technical studies. Can you maybe detail who is in opposition right now and what your technical studies found? Of course. The opposition in the license, and again, spectrum is licensed, meaning people pay for the usage. Then there's an unlicensed allocation, which is free for use. License has priority over unlicensed always in every band. In the licensed category, the toll operators also operate in that band, and they have been opposing NextNav. Basically, what we have filed is a very comprehensive, detailed, validated, fact-based study that showed that the tolls can coexist in that middle segment of the band with us with just very, very minimal retuning. If folks are familiar with spectrum and other spectrum rebandings, a lot of the times when you impact an operation and they have to move, they have to take out equipment and put in new equipment. This is not the case in this band. This is really a software change to really shift because they are able to operate in the entire band down below. That's one study we did with respect to the licensed operators. We also have provided an unlicensed study. These folks, Tim, that you asked, are folks like, they're not, this is not a Wi-Fi band that you use, and all of us are using Wi-Fi right now. This is more of an IoT band type application. You're talking about very small bits of data that go from a smart meter or, ECHOBEE in your home reading your thermostat or these kinds of operations that are very, you know, they don't operate the whole day. They just send bits out, and then they respond back. These folks will not have any impact because the existing licenses in the band already allow for a certain operation. That operation, we're not changing that in any way that impacts the unlicensed operations. These folks can continue with their, with their whatever equipment that they have in the IoT space. They can stay in the band. We're not asking for them to relocate. The technical study shows that the energy that we would have put out in our existing licenses is not changing when we go to the total energy of 5G. In fact, in part of the band, we're reducing the energy that we've been permitted to operate on because handsets require very low energy. Very good. Have you actually performed trials yet in certain locations that retune, for example, the toll equipment to prove this theory out? We've worked with labs. We've worked with measurements. Basically, that is a very key and important part. You take a toll reader and transponder, you take it to the lab, you measure, you simulate the outdoor environment. We've also proposed to put a network up. We already have an existing, by the way, network. That network is in proximity to all of these operations and is transmitting. We haven't heard a single, single complaint of interference. We're changing that to 5G. We will take this out on the field as well and show it and demonstrate it. Right now, the lab measurements and the paper analysis are enough to move to the next step, which is an NPRM. There is no field study required of this stuff. The lack of data by the opposition, I think, just attests to that because if there was a problem and we were wrong, they'd come out with tons of data showing why it's wrong. That's nonexistent. How long would it take you to kind of upgrade your trial network to 5G? How long of a proof period do you think would be good to kind of show that there, in real life, there is no interference? I know it's not required, but it seems like it would help the story. It really is not required for interference. For commercialization of the technology, we definitely have to have this up. That's the primary goal while we have the live network up. Our current network operates really well, and we're evolving that to next generation to be based on 5G. We had a milestone earlier this year that actually did demonstrate that at the existing power levels on the field. Now what we're doing is going to the 5G power levels. Our goal is to finalize that by early next year to be able to commercialize the technology. It is not for interference basis. We do not believe a field test is required for interference basis. That is our position right now. Got it. I very understood your position. Do you think, have you gotten any thought feedback from the FCC? Do they agree with your position? Are they ready, do you think, to move forward with an NPRM, or would they kind of require more of a technical trial, a commercial trial? I think the FCC would not come out and agree or disagree with anyone, right? Their process includes collecting comments, feedback from the industry to then make a decision on how to move forward. That decision, sometimes, you know, there'll be people who will be unhappy about it. They'll make a decision. They'll definitely weigh the public interest, as they have outlined. That is a goal of the FCC. They'll demonstrate, they'll evaluate the impact and make a decision to go to the NPRM. They don't tell you ahead of time of their decision and what they're doing. So far, every meeting that we've had, and this is all public, that's on the docket, this procedure is all public. Every meeting that we've had, we have had extremely positive exchanges with the FCC in terms of understanding our data, in terms of explaining what we have provided. They've been very good meetings with very good questions. When did you initially file the application for the rebanding? How long has the process taken so far? Just remind me. We filed the petition in April of last year. The public notice came out in August and concluded sometime in September, towards the end of the year. The NOI came out March of this year. Those are extremely speedy movements for the FCC. The NOI came into March of this year. They're looking at the comments that were filed within those notices of inquiry to then evaluate what their decision would be going to the NPRM. Our position is we should go to an NPRM. We should do it as fast as possible to solve this national security problem. Okay. Any best guess on the timing of the NPRM, or you just can't predict it from the outside? Yeah. It's going to be very hard to predict what is their timing and their process. Right now, they are dealing with very important issues. Chairman Carr put out a C-band NOI. There's the auction and the spectrum bill. There's a lot on their plate. We like the fact that we've also been prioritized, and we look forward to them treating us as a priority with all these other priorities that they have. It's going to be their time. It's going to be their staff that is working with all of these important issues to determine how they get this to the next stage. To be clear, once they do issue the Notice of Proposed Rulemaking, how long does the comment period usually last, and how long before that's finalized here? The NOI comment period was 30 days and 15 days. There's normally one comment and then one reply comment. I can't tell what the NPRM comment period is going to be. They have ranges. Sometimes a C-band NOI was a three-month comment period. We were a lot quicker and had a faster comment period on our NOI of Chairman Carr. It's hard to tell. They'll weigh different things, but it could be anywhere from 30-15 or longer than that. 30 and 15 is very speedy. You mean the public has like 30 days or a few months to make comments? Yeah. Then there reply comments. Could that be like a two or three cycle process, or usually like two cycles? No, it could be, it could, it would be more than that. First, a comment period that could be, let's say, two to three months. After that, they have to take the meetings. They have to talk to people. They have to review. People will go in, advocate for their positions. They'll set aside time to discuss those comments. They'll move into, this is post-NPRM since you asked, to determining the writing the report in order. Writing these also takes time by the staff, right? They're very comprehensive. The way it works is they say, "Company A said this. Company B said this. Entity C said this. Now we do this." It's a very intensive process. It will take, it's months. The whole process, we don't know, but it could be another one to two years, essentially, from now. I would like to remind the FCC of the urgency. While I can't comment on their time, this is an urgent issue. We're advocating and we'll continue to push that. Okay. Good. It seems like a very, very high likelihood that this is going to be granted. The FCC has a policy, I believe. They want to get as much spectrum into place as possible. They want to grow the economy. Obviously, this is a geopolitical issue on many, many fronts. It seems highly, highly likely that it will be granted. The next step is, what do you do to maximize the value of the spectrum, and what do you do to kind of get it built out and get it filled out? What do you think is the best way to build out the PNT once it's granted? You said, sorry, we had a question in there. What will happen to the spectrum once it's granted? What do you think is the process at that point? Once it's granted, how would you build it out and how would you put it into use? How would we put the PNT into use? How would you build out the spectrum? Yeah. I am an operator, right? With either a wireless facilities infrastructure provider. I want to make sure, am I cutting out? Because you were cutting out for me. You can hear me, right? Yeah, I can hear you. Yeah, yeah. Okay. By partnering with, you know, most likely a 5G operator, but there could be other partnerships, they will build the network for 5G, not for PNT. We will then use that 5G network to enable PNT. It will serve not only as a backup and complement, but it also could have value of commercial use cases. Partnership is our route. Okay. Can you operate the PNT as a separate division within this build-out, or is it most likely that the spectrum would get sold? Yeah. It would be whatever that makes sense for the partner. Primarily, our goal is to increase shareholder value. We're going to look at what is best for our investors and decide how this model will look like. It's a little bit premature to say what it will look like. Is it sale or lease or a revenue share? All options are right now on the table, and we're going to pick the best option for us. Do you need any upgrades to handsets or other equipment to basically be able to use the PNT? I guess the same thing for the cellular networks. Yeah. Not for the PNT, but for 5G, any new spectrum that any operator actually deploys, and they will continue to do this, will have to go into handsets and radios on towers. It impacts both of them. It primarily impacts the radio. Some spectrum even need new antennas. We sit in a very sweet spot. It's within existing spectrum, but when you go up in frequencies, you're going to even need a lot more changes. You're going to need a lot more sites for C-band. For low band, you really are deploying on top of what you would have at 700 MHz or 800 MHz or 600 MHz. It's the same very close propagation characteristics. You swap out the radios or add to the radios or combine radios. You do that on the towers. You also need to put new components in the handset or optimize them. Sometimes it's very complex, but this time, there's existing equipment and existing filters that cover this band. It's a minimal change to the handset. This is part of a routine that any operator today does. It goes 3GPP standards. They get a band plan. They get the handset manufacturers to include it on a roadmap, the base station manufacturers to include it on the roadmap. It is not a complex issue to solve for an operator. If you're somebody who has a very unique spectrum and it doesn't have an economy to scale and you're not the big operators, these things could be a challenge to get into the ecosystem. Apple's not going to put your spectrum in because they do volumes. When you're partnering with one of the operators, you absolutely, for them, it's a roadmap discussion. Great. Do the new radios have to put new antennas in also, or can they use existing ones? I believe in this band, some of the operators definitely can use existing antennas because of what they have currently on the towers. Okay. That's really, really helpful. Would your PNT take up much of the capacity where, I guess, you know, the 10 MHz of downlink? The PNT takes about 2%-5% of the capacity, not the megahertz. Megahertz is not split. This is a 5G network that's spewing energy, and it has signals that you turn on for this thing or that thing, and you turn it on for PNT in this case. When you turn on PNT, that requires a 2%-5% capacity that's not available for the broadband users that are using data voice communications on 5G. That's the impact to them. Our software, and going back to the next question, because our PNT solution is software-based, it doesn't, you know, that's not a handset tower or any other capacity impact. You'd have to upgrade. There'd have to be incremental software on the handsets and any IoT device. Just like today, right now, our Z-axis solution has an app in the background of the handset. It's not an Apple-like thing because when you get the real estate with the phone, it's all about hardware limitations. If you're not adding hardware and you're an app in the background on software, that's a very different case. Currently, our Z-axis that's sitting on in handsets for Verizon, that's operating in software. There's no impact to the handset or the network. You know, I often find in urban areas that the GPS is fairly inaccurate. Have you ever compared your accuracy in these urban areas of your PNT versus GPS? Yeah, absolutely. I mean, I wrote an article earlier this year in Forbes when I went to Mobile World Congress in Barcelona. I mean, it was a challenge. It was a big challenge finding places. Absolutely, we will solve that problem, which is a big commercial problem, not only in cities like Barcelona, but in New York City. You want to get an Uber. Sometimes you're not able to find the position properly. We have tested it with existing technology, and we will test again with 5G technology when those towers are ready to go again early next year. We're trying to beat that timeline. If one of the three big carriers were to basically partner with you to buy you or like a licensed spectrum, do you think they'd be able to market a more accurate PNT service to their customers as part of their overall service plans? Yeah, absolutely. They could market a more accurate PNT service. They could leverage the fact that it would be a backup to critical infrastructure. They could have newer commercial use cases coming out of it because the precision on timing and the positioning improvement in indoors is much needed in a lot of the commercial applications. They could, you know, collectively, either together or if they buy it by themselves, they could absolutely leverage this. I mean, I know it's hard to, but how accurate is your PNT in urban areas? Is it down to centimeters, you know, meters? Yeah. This is about, you know, think about it as a coverage problem, right? What happens is satellite, it hits a building, and you're not seeing the signal, so you can't try to light or read. You get no positioning off. The 900 MHz spectrum, it penetrates the buildings. You see it, and you will be having the single-digit accuracy that GPS provides in open space. It doesn't do it in urban. If you go to open space of GPS, it's beautiful. You're seeing all the satellites, and you're seeing there's no buildings. We can do that when there's buildings because 900 MHz propagates, you know, indoors, and buildings are not a problem for it as much as a satellite. Yeah. I mean, I know surveyors that use, I used to be a civil engineer in a prior life, that use the GPS system very, very effectively. In rural areas, I guess the more satellites you can kind of triangulate to, the more accuracy you can get. They can get down to like centimeter accuracy in rural areas with certain equipment. In urban areas, do you have a sense like in New York, does that, you know, decline to, you know, maybe, you know, 100 meters and you guys can kind of keep that centimeter accuracy? 100 meters is not very good accuracy. We would definitely go single digits. Think of a number between 1-9. To your point, when the use case is there and a commercial monetization makes sense, you could actually do more to provide centimeter accuracy, just like high precision GPS, right? It's broad everywhere, certain accuracy. In areas like in agriculture, they've actually deployed more to do centimeter. You don't want to do centimeter everywhere because that's of no use. That's a waste of resources. You want to do it where you need it. Can we do centimeter? Absolutely. We're going to do that based on, you know, what's the rate of return on that extra cost. The 1-9 you're referring to, is that feet, centimeters, meters? Meters, meters. 1 meter-9 meters. Okay. Yeah, you want to be below nine for good accuracy. Okay. Got it. How much coverage do you think will get built out? I know you're covering over 90% of the country. Do you think the carriers will likely build out the entire country? The carriers could build out the entire country. They normally add a low band propagation spectrum, which is what also gets deployed in rural areas, right? Nobody deploys C-band or mid-band in rural areas. They could deploy that because it's of use. The propagation characteristics make economic sense. Absolutely, they could deploy this. They're definitely deployed in urban areas where there's a coverage problem, but they can also deploy it in the rural areas and match the footprint of their existing towers for what they have as low-band. T-Mobile 600, Verizon, AT&T 700, 850, these already have a footprint that's nationwide. I guess worst-case scenario, let's say the FCC doesn't grant your spectrum rebanding. What's the plan B, if any? We're not like a drug company where there's a binary outcome for us. Our spectrum is very valuable. It will be put to use, and our technology is also valuable, and it will be put to use. We would like to focus on this because that's, in our opinion, the highest return that solves the national security problem. We really are confident in this path. That does not mean that if this path very unlikely doesn't pan out, that all of a sudden we have a binary outcome. That's not our case. Got it. I mean, you could have some potentially geographic exclusion zones or lower power levels, or you might have to spend some money on upgrading some existing equipment out there. There are definitely ways to fix this. Then last thing on the valuation front, you know, how did they come up with the $14 billion valuation? You know, how do you think about the valuation of the spectrum? The Berkeley Research Group was looking at GPS loss. That's different. They did not do spectrum valuation. They looked at how much would it be a loss to the economy and where GPS is used. As far as spectrum valuation for us, we have not put out any numbers. If someone's interested in that, they should look at the recent transactions, right? Nobody can put out a number to say, "This is what my spectrum's worth." It's all about timing. It's all about the characteristics of the spectrum. It's very early for us to put a number on this. Recent transactions of low band, whether it's 600 MHz, whether it's 850 MHz spectrum, whether it's any other spectrum that is in low band, are good indicators for what low band spectrum's worth. What was the average dollar per MHz-pop on those transactions? There was, I mean, 600 MHz has gone as averages of $2.70 that I've seen in some of the transactions. 850 is very hard to say. I think anyone who's looked at that, there's a value associated with the 600 MHz. There's a value associated with what the cash deal was with this as a grain in T-Mobile. There's also a return on when the spectrum is sold. You have to take those, add that, and come up with a number. I don't want to put any speculative numbers out there, but it's a good low band value, I would say. Those will be two good indicators. Above a dollar per MHz-pop anyway? Yeah. I would say, I think ultimately with the return to T-Mobile from the sale of the spectrum, it could very well be above $1. Lastly, you are spending a lot of money on a monthly, quarterly basis. Is there a way to reduce expenses over the next couple of years? What are you spending the money on for this process here? Yeah. We're really a small and mighty team, and we operate very efficiently. We have an existing live network that's monitored 24/7. It's a terrestrial network that's deployed in the U.S. We have a commercial product that saves lives by E911 callers on certain handsets of Verizon. We work with FirstNet. We're not just, you know, this FCC process, which is very important to us. It's not that. There's a lot going on in the company. The towers, the live network, the commercial products, the SLAs that we have, and we do this very efficiently. The significant cost that we will have reduced is, one, no taxpayer dollars and no need to raise billions of dollars to deploy a 5G network. I think that's the best way to look at it. Right now, we're operating very efficiently. Great job, Mariam. Really appreciate the time. Good luck with the whole process here. We'll talk soon. Thank you, Tim. It's always a pleasure talking to you. Thank you so much. You too. Bye.

Speaker 1: Great. Good morning, and thank you, Tim, and Oppenheimer for the opportunity to present, the great stuff we're doing over here at NextNav, which is solving a national security issue by strengthening the national positioning, navigation, and timing, which I will abbreviate to PNT, during this presentation. If we can move on to the next slide, please. At a high level, let's talk about our investment highlights. We have great technology in commercial networks, and we're evolving it to be a next-generation PNT solution that is embedded in 5G. We have valuable spectrum assets. We'll talk about them a little bit more later, which have great propagation characteristics to enable this PNT and also broadband 5G. We have a great management team, board, and shareholders. Great. great Good morning, and thank you, Tim, and Oppenheimer for the opportunity to present, the great stuff we're doing over here at NextNav, which is solving a national security issue by strengthening the national positioning, navigation, and timing, which I will abbreviate to PNT, during this presentation. good morning and thank you tim and oppenheimer for the opportunity to present the great stuff we're doing over here at nextnav which is solving a national security issue by strengthening the national positioning navigation and timing which i will abbreviate to pnt during this presentation If we can move on to the next slide, please. if we can move on to the next slide please At a high level, let's talk about our investment highlights. at a high level let's talk about our investment highlights We have great technology in commercial networks, and we're evolving it to be a next-generation PNT solution that is embedded in 5G. we have great technology in commercial networks and we're evolving it to be a next-generation pnt solution that is embedded in 5g We have valuable spectrum assets. we have valuable spectrum assets We'll talk about them a little bit more later, which have great propagation characteristics to enable this PNT and also broadband 5G. we'll talk about them a little bit more later which have great propagation characteristics to enable this pnt and also broadband 5g We have a great management team, board, and shareholders. we have a great management team board and shareholders Management and board are previous telco, spectrum technology evangelists commercializing innovation, and we work with, we also have leaders in our national security and location services. We have great customers and partners. It's not a full list, but it includes AT&T, Verizon, and NASA. We have a robust balance sheet, and we have great liquidity to fund our operations. Let's move on to the next slide. Let's talk about the problem statement about why terrestrial GPS complement and backup is needed. Many of you use GPS on a daily basis. Besides using it for navigation, GPS also is used in our telecommunications, power grids, water supply, financial transaction, and many other critical infrastructure. Management and board are previous telco, spectrum technology evangelists commercializing innovation, and we work with, we also have leaders in our national security and location services. management and board are previous telco spectrum technology evangelists commercializing innovation and we work with we also have leaders in our national security and location services We have great customers and partners. we have great customers and partners It's not a full list, but it includes AT&T, Verizon, and NASA. it's not a full list but it includes at&t verizon and nasa We have a robust balance sheet, and we have great liquidity to fund our operations. we have a robust balance sheet and we have great liquidity to fund our operations Let's move on to the next slide. let's move on to the next slide Let's talk about the problem statement about why terrestrial GPS complement and backup is needed. let's talk about the problem statement about why terrestrial gps complement and backup is needed Many of you use GPS on a daily basis. many of you use gps on a daily basis Besides using it for navigation, GPS also is used in our telecommunications, power grids, water supply, financial transaction, and many other critical infrastructure. besides using it for navigation gps also is used in our telecommunications power grids water supply financial transaction and many other critical infrastructure The problem statement is the satellite-based systems, which GPS is one, they have coverage limitations in urban canyons and indoors, and also, they're very vulnerable to spoofing and jamming, either by rogue actors or unintentional interference, and also, they're susceptible to disruptions such as when natural phenomena like solar flares happen. To the right of the screen, this is a lot of the quotes that we've picked about national security leading experts, DOD experts that talk about how this is a major problem for our country and how a single point of failure is an issue. Also, how you can very cheaply, this is a DOD quote from Tom Rondeau, you can, with $300, jam GPS off-the-shelf equipment. The problem statement is real. The problem statement is the satellite-based systems, which GPS is one, they have coverage limitations in urban canyons and indoors, and also, they're very vulnerable to spoofing and jamming, either by rogue actors or unintentional interference, and also, they're susceptible to disruptions such as when natural phenomena like solar flares happen. the problem statement is the satellite-based systems which gps is one they have coverage limitations in urban canyons and indoors and also they're very vulnerable to spoofing and jamming either by rogue actors or unintentional interference and also they're susceptible to disruptions such as when natural phenomena like solar flares happen To the right of the screen, this is a lot of the quotes that we've picked about national security leading experts, DOD experts that talk about how this is a major problem for our country and how a single point of failure is an issue. to the right of the screen this is a lot of the quotes that we've picked about national security leading experts dod experts that talk about how this is a major problem for our country and how a single point of failure is an issue Also, how you can very cheaply, this is a DOD quote from Tom Rondeau, you can, with $300, jam GPS off-the-shelf equipment. also how you can very cheaply this is a dod quote from tom rondeau you can with $300 jam gps off-the-shelf equipment The problem statement is real. the problem statement is real It's there, and we would like to provide the solution, be a part of the solution for it by providing a terrestrial GPS complement and backup, which is going to address the satellite vulnerabilities. Let's move on to the next slide. Our PNT vision is that we're going to leverage our spectrum assets in the lower 900 MHz band. We're going to build a PNT network that's embedded in 5G NR, aligned with 3GPP global standards in devices commercially, leveraging economies of scale. Our goal is to create a future-proof, complement and backup to GPS that is wide scale and also is available indoor and in urban canyons. Let's go on to the next slide. Our solution is really very simple. The problem statement is that we need a backup, a backup that is a system of systems. It's there, and we would like to provide the solution, be a part of the solution for it by providing a terrestrial GPS complement and backup, which is going to address the satellite vulnerabilities. it's there and we would like to provide the solution be a part of the solution for it by providing a terrestrial gps complement and backup which is going to address the satellite vulnerabilities Let's move on to the next slide. let's move on to the next slide Our PNT vision is that we're going to leverage our spectrum assets in the lower 900 MHz band. our pnt vision is that we're going to leverage our spectrum assets in the lower 900 mhz band We're going to build a PNT network that's embedded in 5G NR, aligned with 3GPP global standards in devices commercially, leveraging economies of scale. we're going to build a pnt network that's embedded in 5g nr aligned with 3gpp global standards in devices commercially leveraging economies of scale Our goal is to create a future-proof, complement and backup to GPS that is wide scale and also is available indoor and in urban canyons. our goal is to create a future-proof complement and backup to gps that is wide scale and also is available indoor and in urban canyons Let's go on to the next slide. let's go on to the next slide Our solution is really very simple. our solution is really very simple The problem statement is that we need a backup, a backup that is a system of systems. the problem statement is that we need a backup a backup that is a system of systems We are a part of the solution, and that part is a terrestrial component. The issue with why this hasn't been done before is because building a terrestrial network that is wide scale and covers a terrestrial footprint is extremely costly to compete with a free service, which is GPS. What we're proposing is that we're going to use our lower 900 MHz licenses. We're going to partner with a 5G network operator to then use the spectrum for 5G, but take a sliver off of the top of it to provide the PNT, which is the terrestrial backup and complement to GPS. We do all of this without taxpayer funding. We don't need any funding from the government. Let's move on to the next slide. Let's talk about our spectrum a little bit, the lower 900 MHz. You see to the left is a map of the United States. We are a part of the solution, and that part is a terrestrial component. we are a part of the solution and that part is a terrestrial component The issue with why this hasn't been done before is because building a terrestrial network that is wide scale and covers a terrestrial footprint is extremely costly to compete with a free service, which is GPS. the issue with why this hasn't been done before is because building a terrestrial network that is wide scale and covers a terrestrial footprint is extremely costly to compete with a free service which is gps What we're proposing is that we're going to use our lower 900 MHz licenses. what we're proposing is that we're going to use our lower 900 mhz licenses We're going to partner with a 5G network operator to then use the spectrum for 5G, but take a sliver off of the top of it to provide the PNT, which is the terrestrial backup and complement to GPS. we're going to partner with a 5g network operator to then use the spectrum for 5g but take a sliver off of the top of it to provide the pnt which is the terrestrial backup and complement to gps We do all of this without taxpayer funding. we do all of this without taxpayer funding We don't need any funding from the government. we don't need any funding from the government Let's move on to the next slide. let's move on to the next slide Let's talk about our spectrum a little bit, the lower 900 MHz. let's talk about our spectrum a little bit the lower 900 mhz You see to the left is a map of the United States. you see to the left is a map of the united states We hold the rights to licenses covering over 96% of the U.S. population. We have the rights to approximately 4 billion MHz-pop in the lower 900 MHz. We'll talk about what we're doing to optimize the band plan and optimize the spectrum. What this optimized band plan is going to do is going to attract and retain high-value subscribers similar to public safety who need, who are also being served by PNT. The total value of this GPS complement and backup through a BRG report that we have a slide on is $14.6 billion, a $14.6 billion insurance that we're providing. Basically, this is all done on amazing low band, very great propagation spectrum. All spectrum is equal. When you go to low band, such as 900 MHz, and spectrum below 1 GHz specifically has the ability to go and penetrate walls and serve the urban canyons really well. We hold the rights to licenses covering over 96% of the U.S. population. we hold the rights to licenses covering over 96% of the u.s population We have the rights to approximately 4 billion MHz-pop in the lower 900 MHz. we have the rights to approximately 4 billion mhz-pop in the lower 900 mhz We'll talk about what we're doing to optimize the band plan and optimize the spectrum. we'll talk about what we're doing to optimize the band plan and optimize the spectrum What this optimized band plan is going to do is going to attract and retain high-value subscribers similar to public safety who need, who are also being served by PNT. what this optimized band plan is going to do is going to attract and retain high-value subscribers similar to public safety who need who are also being served by pnt The total value of this GPS complement and backup through a BRG report that we have a slide on is $14.6 billion, a $14.6 billion insurance that we're providing. the total value of this gps complement and backup through a brg report that we have a slide on is $14.6 billion a $14.6 billion insurance that we're providing Basically, this is all done on amazing low band, very great propagation spectrum. basically this is all done on amazing low band very great propagation spectrum All spectrum is equal. all spectrum is equal When you go to low band, such as 900 MHz, and spectrum below 1 GHz specifically has the ability to go and penetrate walls and serve the urban canyons really well. when you go to low band such as 900 mhz and spectrum below 1 ghz specifically has the ability to go and penetrate walls and serve the urban canyons really well In addition to all of this, we are going to also not only solve the PNT issue, but also be a part of the solution for the PNT issue. We have 10 MHz of downlink for broadband data, which is significant bandwidth in low band. Again, not to compare to C-band or any of the high band spectrum, which is more capacity spectrum. Low band will remain as the only solution for coverage spectrum. Let's move on to the next slide. What have we done in this past year and a half, a little over a year? Currently, the band plan that we have licenses in is in this first chart. It's called the MLMS spectrum. There's an A block, there's a B, and a C block. These were intended to provide multilateration, location, and monitoring services. What we have proposed is the band plan below. In addition to all of this, we are going to also not only solve the PNT issue, but also be a part of the solution for the PNT issue. in addition to all of this we are going to also not only solve the pnt issue but also be a part of the solution for the pnt issue We have 10 MHz of downlink for broadband data, which is significant bandwidth in low band. we have 10 mhz of downlink for broadband data which is significant bandwidth in low band Again, not to compare to C-band or any of the high band spectrum, which is more capacity spectrum. again not to compare to c-band or any of the high band spectrum which is more capacity spectrum Low band will remain as the only solution for coverage spectrum. low band will remain as the only solution for coverage spectrum Let's move on to the next slide. let's move on to the next slide What have we done in this past year and a half, a little over a year? what have we done in this past year and a half a little over a year Currently, the band plan that we have licenses in is in this first chart. currently the band plan that we have licenses in is in this first chart It's called the MLMS spectrum. it's called the mlms spectrum There's an A block, there's a B, and a C block. there's an a block there's a b and a c block These were intended to provide multilateration, location, and monitoring services. these were intended to provide multilateration location and monitoring services What we have proposed is the band plan below. what we have proposed is the band plan below This is what our FCC petition would be to say, let's optimize the band plan. Let's create contiguous blocks of 10 MHz + 5 MHz uplink for 5G such that it will be attractive for a nationwide operator or other partners to build using 5G. We could then enable PNT that is within the 5G standards. This is what we have proposed to the FCC, to optimize to solve not only a national security concern, but also to put more spectrum, low band spectrum, to address the coverage gaps that I think we all still face no matter which operator you use today. Let's move on to the next slide. Let's talk about our PNT architecture because you've heard me say that this 5G is embedded in, the PNT is embedded in 5G. This is what our FCC petition would be to say, let's optimize the band plan. this is what our fcc petition would be to say let's optimize the band plan Let's create contiguous blocks of 10 MHz + 5 MHz uplink for 5G such that it will be attractive for a nationwide operator or other partners to build using 5G. let's create contiguous blocks of 10 mhz + 5 mhz uplink for 5g such that it will be attractive for a nationwide operator or other partners to build using 5g We could then enable PNT that is within the 5G standards. we could then enable pnt that is within the 5g standards This is what we have proposed to the FCC, to optimize to solve not only a national security concern, but also to put more spectrum, low band spectrum, to address the coverage gaps that I think we all still face no matter which operator you use today. this is what we have proposed to the fcc to optimize to solve not only a national security concern but also to put more spectrum low band spectrum to address the coverage gaps that i think we all still face no matter which operator you use today Let's move on to the next slide. let's move on to the next slide Let's talk about our PNT architecture because you've heard me say that this 5G is embedded in, the PNT is embedded in 5G. let's talk about our pnt architecture because you've heard me say that this 5g is embedded in the pnt is embedded in 5g It really is a signaling that's part of the 3GPP standards that you need to turn on to provide these beacons that we can then multilaterate on to provide positioning and timing. This network will seamlessly, and then after this beacon is turned on, we will put our software on top of that and extract the positioning and timing. This seamlessly integrates into the 5G networks with just software solutions sitting on top of what any carrier deploys today for 5G. We will leverage the 5G partners' network facilities so we don't need to build a network. They will add spectrum to their towers just like they add any new spectrum, just like they will do that all the time because they're not going to be able to not expand their spectrum footprint as population capacity and coverage demand increases. It really is a signaling that's part of the 3GPP standards that you need to turn on to provide these beacons that we can then multilaterate on to provide positioning and timing. it really is a signaling that's part of the 3gpp standards that you need to turn on to provide these beacons that we can then multilaterate on to provide positioning and timing This network will seamlessly, and then after this beacon is turned on, we will put our software on top of that and extract the positioning and timing. this network will seamlessly and then after this beacon is turned on we will put our software on top of that and extract the positioning and timing This seamlessly integrates into the 5G networks with just software solutions sitting on top of what any carrier deploys today for 5G. this seamlessly integrates into the 5g networks with just software solutions sitting on top of what any carrier deploys today for 5g We will leverage the 5G partners' network facilities so we don't need to build a network. we will leverage the 5g partners' network facilities so we don't need to build a network They will add spectrum to their towers just like they add any new spectrum, just like they will do that all the time because they're not going to be able to not expand their spectrum footprint as population capacity and coverage demand increases. they will add spectrum to their towers just like they add any new spectrum just like they will do that all the time because they're not going to be able to not expand their spectrum footprint as population capacity and coverage demand increases The build-out of this network, or what's known as a topology, will be just like 5G networks. We don't need to build additional towers. This will facilitate partnerships with existing providers and enable us to leverage their existing deployment. To the right is a picture of what the architecture would look like and how we will take this very thin sliver of capacity, not spectrum, so they will deploy the 10 + 5 like a 5G network and will take a sliver of their capacity, the data, because you turn on the beacon that will get used and then we'll have our software extracting this to positioning and timing and navigation ultimately. Let's go on to the next slide. This is what I was talking about. The Berkeley Research Group last year did an amazing economic report that quantified the value we bring by having a terrestrial backup to GPS. The build-out of this network, or what's known as a topology, will be just like 5G networks. the build-out of this network or what's known as a topology will be just like 5g networks We don't need to build additional towers. we don't need to build additional towers This will facilitate partnerships with existing providers and enable us to leverage their existing deployment. this will facilitate partnerships with existing providers and enable us to leverage their existing deployment To the right is a picture of what the architecture would look like and how we will take this very thin sliver of capacity, not spectrum, so they will deploy the 10 + 5 like a 5G network and will take a sliver of their capacity, the data, because you turn on the beacon that will get used and then we'll have our software extracting this to positioning and timing and navigation ultimately. to the right is a picture of what the architecture would look like and how we will take this very thin sliver of capacity not spectrum so they will deploy the 10 + 5 like a 5g network and will take a sliver of their capacity the data because you turn on the beacon that will get used and then we'll have our software extracting this to positioning and timing and navigation ultimately Let's go on to the next slide. let's go on to the next slide This is what I was talking about. this is what i was talking about The Berkeley Research Group last year did an amazing economic report that quantified the value we bring by having a terrestrial backup to GPS. the berkeley research group last year did an amazing economic report that quantified the value we bring by having a terrestrial backup to gps Again, this is a critical point with no taxpayer funding. There are a lot of solutions out there that for a very long time, some of them for decades, have not been able to deploy because the economics to compete with GPS are not great. They have requested government funding to solve this national security issue. We do this, we provide this $14.6 billion of insurance without any taxpayer funding. The economic report highlights what it would look like if we were to not have GPS. On the left-hand side, a one-day outage would have a $1.6 billion economic loss. Seven-day, $12 billion, 30-day, $58 billion. This is very significant. We will prevent this economic loss, and we will be a part of the system of systems that enables this insurance plan that we're providing for critical infrastructure and also consumer use of PNT. Again, this is a critical point with no taxpayer funding. There are a lot of solutions out there that for a very long time, some of them for decades, have not been able to deploy because the economics to compete with GPS are not great. again this is a critical point with no taxpayer funding. there are a lot of solutions out there that for a very long time some of them for decades have not been able to deploy because the economics to compete with gps are not great They have requested government funding to solve this national security issue. they have requested government funding to solve this national security issue We do this, we provide this $14.6 billion of insurance without any taxpayer funding. we do this we provide this $14.6 billion of insurance without any taxpayer funding The economic report highlights what it would look like if we were to not have GPS. the economic report highlights what it would look like if we were to not have gps On the left-hand side, a one-day outage would have a $1.6 billion economic loss. on the left-hand side a one-day outage would have a $1.6 billion economic loss Seven-day, $12 billion, 30-day, $58 billion. seven-day $12 billion 30-day $58 billion This is very significant. this is very significant We will prevent this economic loss, and we will be a part of the system of systems that enables this insurance plan that we're providing for critical infrastructure and also consumer use of PNT. we will prevent this economic loss and we will be a part of the system of systems that enables this insurance plan that we're providing for critical infrastructure and also consumer use of pnt Let's move on to the next slide. This is a lot of activities just to show you what we've been doing starting in April of 2024. Of course, immediately after our acquisition of A block licenses, if you saw on that spectrum chart, we had the B and C block. We acquired A block from Tellisouris. Immediately after that, we filed a petition at the FCC that proposes to reband and proposes to optimize the spectrum for 5G. The FCC issued a public notice in the previous administration. We filed comments. Others also filed in that docket. There was an administration change, and the new administration came in, particularly Chairman Carr, and he put a lot of focus on solving this problem holistically. We were mentioned in what is called a notice of inquiry by the FCC. When it came out this year in April, we filed comments. Let's move on to the next slide. let's move on to the next slide This is a lot of activities just to show you what we've been doing starting in April of 2024. this is a lot of activities just to show you what we've been doing starting in april of 2024 Of course, immediately after our acquisition of A block licenses, if you saw on that spectrum chart, we had the B and C block. of course immediately after our acquisition of a block licenses if you saw on that spectrum chart we had the b and c block We acquired A block from Tellisouris. we acquired a block from tellisouris Immediately after that, we filed a petition at the FCC that proposes to reband and proposes to optimize the spectrum for 5G. immediately after that we filed a petition at the fcc that proposes to reband and proposes to optimize the spectrum for 5g The FCC issued a public notice in the previous administration. the fcc issued a public notice in the previous administration We filed comments. we filed comments Others also filed in that docket. others also filed in that docket There was an administration change, and the new administration came in, particularly Chairman Carr, and he put a lot of focus on solving this problem holistically. there was an administration change and the new administration came in particularly chairman carr and he put a lot of focus on solving this problem holistically We were mentioned in what is called a notice of inquiry by the FCC. we were mentioned in what is called a notice of inquiry by the fcc When it came out this year in April, we filed comments. when it came out this year in april we filed comments Other industry members filed comments, as well as some in opposition, some in support. Opposers are people who are in the band and don't want a status quo. They want to remain with the status quo. They don't want to change. People who are supporting are primarily public safety, but also a lot of the other filers mentioned how a market-based solution is really important. They supported the NextNav petition. Since then, after the NOI, we've also filed several very critical studies to show that the existing operations in the band, which are consisting of the active filers consisting of licensed operations and unlicensed operations, how there will be no impact to unlicensed. With licensed tolling operations, the impact and the retuning they would need to do from that shift I showed you on that chart is very minimal. It is very feasible. Other industry members filed comments, as well as some in opposition, some in support. other industry members filed comments as well as some in opposition some in support Opposers are people who are in the band and don't want a status quo. opposers are people who are in the band and don't want a status quo They want to remain with the status quo. they want to remain with the status quo They don't want to change. they don't want to change People who are supporting are primarily public safety, but also a lot of the other filers mentioned how a market-based solution is really important. people who are supporting are primarily public safety but also a lot of the other filers mentioned how a market-based solution is really important They supported the NextNav petition. they supported the nextnav petition Since then, after the NOI, we've also filed several very critical studies to show that the existing operations in the band, which are consisting of the active filers consisting of licensed operations and unlicensed operations, how there will be no impact to unlicensed. since then after the noi we've also filed several very critical studies to show that the existing operations in the band which are consisting of the active filers consisting of licensed operations and unlicensed operations how there will be no impact to unlicensed With licensed tolling operations, the impact and the retuning they would need to do from that shift I showed you on that chart is very minimal. with licensed tolling operations the impact and the retuning they would need to do from that shift i showed you on that chart is very minimal It is very feasible. it is very feasible Therefore, we believe that the FCC can move on to the next stage of what is known as a Notice of Proposed Rulemaking, which then seeks comments once more to be able to finally adopt a rule-making. Our studies solved the economic problem, solved the technical issues, and we are in a great place and a very, very urgent timeline, as is demonstrated in this and how fast things have moved for us. I believe that must be the last slide, if I'm not mistaken. Yes. That wraps it up. I look forward to Tim's questions and the audience's questions. Therefore, we believe that the FCC can move on to the next stage of what is known as a Notice of Proposed Rulemaking, which then seeks comments once more to be able to finally adopt a rule-making. therefore we believe that the fcc can move on to the next stage of what is known as a notice of proposed rulemaking which then seeks comments once more to be able to finally adopt a rule-making Our studies solved the economic problem, solved the technical issues, and we are in a great place and a very, very urgent timeline, as is demonstrated in this and how fast things have moved for us. our studies solved the economic problem solved the technical issues and we are in a great place and a very very urgent timeline as is demonstrated in this and how fast things have moved for us I believe that must be the last slide, if I'm not mistaken. i believe that must be the last slide if i'm not mistaken Yes. yes That wraps it up. that wraps it up I look forward to Tim's questions and the audience's questions. i look forward to tim's questions and the audience's questions Great job, Mariam. Thanks a lot for the presentation. Very comprehensive. What is the next step in the FCC process? They've given an order granting the rebanding already, I believe. What does that take to become, I guess, law or permanent? Great job, Mariam. great job mariam Thanks a lot for the presentation. thanks a lot for the presentation Very comprehensive. very comprehensive What is the next step in the FCC process? what is the next step in the fcc process They've given an order granting the rebanding already, I believe. they've given an order granting the rebanding already i believe What does that take to become, I guess, law or permanent? what does that take to become i guess law or permanent They've given an order to approve our assignment application, which included waiving certain rules that don't permit three blocks being held by a single licensee. That was a great, great thing. We're very thankful to the FCC with all the timing and staffing resource issues that they've been having. The next process for the petition is really, and the NOI is really what's known as a Notice of Proposed Rulemaking. They will, or NPRM for short, issue an NPRM and seek comments again, then study those and determine what the final rule and reporting order would be. That's what we're looking forward to. We're advocating very urgently with the FCC to move on to the next one after we've demonstrated that there should be no issues and there's no data demonstrating there's a problem. They've given an order to approve our assignment application, which included waiving certain rules that don't permit three blocks being held by a single licensee. they've given an order to approve our assignment application which included waiving certain rules that don't permit three blocks being held by a single licensee That was a great, great thing. that was a great great thing We're very thankful to the FCC with all the timing and staffing resource issues that they've been having. we're very thankful to the fcc with all the timing and staffing resource issues that they've been having The next process for the petition is really, and the NOI is really what's known as a Notice of Proposed Rulemaking. the next process for the petition is really and the noi is really what's known as a notice of proposed rulemaking They will, or NPRM for short, issue an NPRM and seek comments again, then study those and determine what the final rule and reporting order would be. they will or nprm for short issue an nprm and seek comments again then study those and determine what the final rule and reporting order would be That's what we're looking forward to. that's what we're looking forward to We're advocating very urgently with the FCC to move on to the next one after we've demonstrated that there should be no issues and there's no data demonstrating there's a problem. we're advocating very urgently with the fcc to move on to the next one after we've demonstrated that there should be no issues and there's no data demonstrating there's a problem Got it. The primary issue is, would you interfere with existing use cases? You filed some technical studies. Can you maybe detail who is in opposition right now and what your technical studies found? Got it. got it The primary issue is, would you interfere with existing use cases? the primary issue is would you interfere with existing use cases You filed some technical studies. you filed some technical studies Can you maybe detail who is in opposition right now and what your technical studies found? can you maybe detail who is in opposition right now and what your technical studies found Of course. The opposition in the license, and again, spectrum is licensed, meaning people pay for the usage. Then there's an unlicensed allocation, which is free for use. License has priority over unlicensed always in every band. In the licensed category, the toll operators also operate in that band, and they have been opposing NextNav. Basically, what we have filed is a very comprehensive, detailed, validated, fact-based study that showed that the tolls can coexist in that middle segment of the band with us with just very, very minimal retuning. If folks are familiar with spectrum and other spectrum rebandings, a lot of the times when you impact an operation and they have to move, they have to take out equipment and put in new equipment. This is not the case in this band. Of course. of course The opposition in the license, and again, spectrum is licensed, meaning people pay for the usage. the opposition in the license and again spectrum is licensed meaning people pay for the usage Then there's an unlicensed allocation, which is free for use. then there's an unlicensed allocation which is free for use License has priority over unlicensed always in every band. license has priority over unlicensed always in every band In the licensed category, the toll operators also operate in that band, and they have been opposing NextNav. in the licensed category the toll operators also operate in that band and they have been opposing nextnav Basically, what we have filed is a very comprehensive, detailed, validated, fact-based study that showed that the tolls can coexist in that middle segment of the band with us with just very, very minimal retuning. basically what we have filed is a very comprehensive detailed validated fact-based study that showed that the tolls can coexist in that middle segment of the band with us with just very very minimal retuning If folks are familiar with spectrum and other spectrum rebandings, a lot of the times when you impact an operation and they have to move, they have to take out equipment and put in new equipment. if folks are familiar with spectrum and other spectrum rebandings a lot of the times when you impact an operation and they have to move they have to take out equipment and put in new equipment This is not the case in this band. this is not the case in this band This is really a software change to really shift because they are able to operate in the entire band down below. That's one study we did with respect to the licensed operators. We also have provided an unlicensed study. These folks, Tim, that you asked, are folks like, they're not, this is not a Wi-Fi band that you use, and all of us are using Wi-Fi right now. This is more of an IoT band type application. You're talking about very small bits of data that go from a smart meter or, ECHOBEE in your home reading your thermostat or these kinds of operations that are very, you know, they don't operate the whole day. They just send bits out, and then they respond back. These folks will not have any impact because the existing licenses in the band already allow for a certain operation. This is really a software change to really shift because they are able to operate in the entire band down below. this is really a software change to really shift because they are able to operate in the entire band down below That's one study we did with respect to the licensed operators. that's one study we did with respect to the licensed operators We also have provided an unlicensed study. we also have provided an unlicensed study These folks, Tim, that you asked, are folks like, they're not, this is not a Wi-Fi band that you use, and all of us are using Wi-Fi right now. these folks tim that you asked are folks like they're not this is not a wi-fi band that you use and all of us are using wi-fi right now This is more of an IoT band type application. this is more of an iot band type application You're talking about very small bits of data that go from a smart meter or, ECHOBEE in your home reading your thermostat or these kinds of operations that are very, you know, they don't operate the whole day. you're talking about very small bits of data that go from a smart meter or echobee in your home reading your thermostat or these kinds of operations that are very you know they don't operate the whole day They just send bits out, and then they respond back. they just send bits out and then they respond back These folks will not have any impact because the existing licenses in the band already allow for a certain operation. these folks will not have any impact because the existing licenses in the band already allow for a certain operation That operation, we're not changing that in any way that impacts the unlicensed operations. These folks can continue with their, with their whatever equipment that they have in the IoT space. They can stay in the band. We're not asking for them to relocate. The technical study shows that the energy that we would have put out in our existing licenses is not changing when we go to the total energy of 5G. In fact, in part of the band, we're reducing the energy that we've been permitted to operate on because handsets require very low energy. That operation, we're not changing that in any way that impacts the unlicensed operations. that operation we're not changing that in any way that impacts the unlicensed operations These folks can continue with their, with their whatever equipment that they have in the IoT space. these folks can continue with their with their whatever equipment that they have in the iot space They can stay in the band. they can stay in the band We're not asking for them to relocate. we're not asking for them to relocate The technical study shows that the energy that we would have put out in our existing licenses is not changing when we go to the total energy of 5G. the technical study shows that the energy that we would have put out in our existing licenses is not changing when we go to the total energy of 5g In fact, in part of the band, we're reducing the energy that we've been permitted to operate on because handsets require very low energy. in fact in part of the band we're reducing the energy that we've been permitted to operate on because handsets require very low energy Very good. Have you actually performed trials yet in certain locations that retune, for example, the toll equipment to prove this theory out? Very good. very good Have you actually performed trials yet in certain locations that retune, for example, the toll equipment to prove this theory out? have you actually performed trials yet in certain locations that retune for example the toll equipment to prove this theory out We've worked with labs. We've worked with measurements. Basically, that is a very key and important part. You take a toll reader and transponder, you take it to the lab, you measure, you simulate the outdoor environment. We've also proposed to put a network up. We already have an existing, by the way, network. That network is in proximity to all of these operations and is transmitting. We haven't heard a single, single complaint of interference. We're changing that to 5G. We will take this out on the field as well and show it and demonstrate it. Right now, the lab measurements and the paper analysis are enough to move to the next step, which is an NPRM. There is no field study required of this stuff. We've worked with labs. we've worked with labs We've worked with measurements. we've worked with measurements Basically, that is a very key and important part. basically that is a very key and important part You take a toll reader and transponder, you take it to the lab, you measure, you simulate the outdoor environment. you take a toll reader and transponder you take it to the lab you measure you simulate the outdoor environment We've also proposed to put a network up. we've also proposed to put a network up We already have an existing, by the way, network. we already have an existing by the way network That network is in proximity to all of these operations and is transmitting. that network is in proximity to all of these operations and is transmitting We haven't heard a single, single complaint of interference. we haven't heard a single single complaint of interference We're changing that to 5G. we're changing that to 5g We will take this out on the field as well and show it and demonstrate it. we will take this out on the field as well and show it and demonstrate it Right now, the lab measurements and the paper analysis are enough to move to the next step, which is an NPRM. right now the lab measurements and the paper analysis are enough to move to the next step which is an nprm There is no field study required of this stuff. there is no field study required of this stuff The lack of data by the opposition, I think, just attests to that because if there was a problem and we were wrong, they'd come out with tons of data showing why it's wrong. That's nonexistent. The lack of data by the opposition, I think, just attests to that because if there was a problem and we were wrong, they'd come out with tons of data showing why it's wrong. the lack of data by the opposition i think just attests to that because if there was a problem and we were wrong they'd come out with tons of data showing why it's wrong That's nonexistent. that's nonexistent How long would it take you to kind of upgrade your trial network to 5G? How long of a proof period do you think would be good to kind of show that there, in real life, there is no interference? I know it's not required, but it seems like it would help the story. How long would it take you to kind of upgrade your trial network to 5G? how long would it take you to kind of upgrade your trial network to 5g How long of a proof period do you think would be good to kind of show that there, in real life, there is no interference? how long of a proof period do you think would be good to kind of show that there in real life there is no interference I know it's not required, but it seems like it would help the story. i know it's not required but it seems like it would help the story It really is not required for interference. For commercialization of the technology, we definitely have to have this up. That's the primary goal while we have the live network up. Our current network operates really well, and we're evolving that to next generation to be based on 5G. We had a milestone earlier this year that actually did demonstrate that at the existing power levels on the field. Now what we're doing is going to the 5G power levels. Our goal is to finalize that by early next year to be able to commercialize the technology. It is not for interference basis. We do not believe a field test is required for interference basis. That is our position right now. It really is not required for interference. it really is not required for interference For commercialization of the technology, we definitely have to have this up. for commercialization of the technology we definitely have to have this up That's the primary goal while we have the live network up. that's the primary goal while we have the live network up Our current network operates really well, and we're evolving that to next generation to be based on 5G. our current network operates really well and we're evolving that to next generation to be based on 5g We had a milestone earlier this year that actually did demonstrate that at the existing power levels on the field. we had a milestone earlier this year that actually did demonstrate that at the existing power levels on the field Now what we're doing is going to the 5G power levels. now what we're doing is going to the 5g power levels Our goal is to finalize that by early next year to be able to commercialize the technology. our goal is to finalize that by early next year to be able to commercialize the technology It is not for interference basis. it is not for interference basis We do not believe a field test is required for interference basis. we do not believe a field test is required for interference basis That is our position right now. that is our position right now Got it. I very understood your position. Do you think, have you gotten any thought feedback from the FCC? Do they agree with your position? Are they ready, do you think, to move forward with an NPRM, or would they kind of require more of a technical trial, a commercial trial? Got it. got it I very understood your position. i very understood your position Do you think, have you gotten any thought feedback from the FCC? do you think have you gotten any thought feedback from the fcc Do they agree with your position? do they agree with your position Are they ready, do you think, to move forward with an NPRM, or would they kind of require more of a technical trial, a commercial trial? are they ready do you think to move forward with an nprm or would they kind of require more of a technical trial a commercial trial I think the FCC would not come out and agree or disagree with anyone, right? Their process includes collecting comments, feedback from the industry to then make a decision on how to move forward. That decision, sometimes, you know, there'll be people who will be unhappy about it. They'll make a decision. They'll definitely weigh the public interest, as they have outlined. That is a goal of the FCC. They'll demonstrate, they'll evaluate the impact and make a decision to go to the NPRM. They don't tell you ahead of time of their decision and what they're doing. So far, every meeting that we've had, and this is all public, that's on the docket, this procedure is all public. Every meeting that we've had, we have had extremely positive exchanges with the FCC in terms of understanding our data, in terms of explaining what we have provided. I think the FCC would not come out and agree or disagree with anyone, right? i think the fcc would not come out and agree or disagree with anyone right Their process includes collecting comments, feedback from the industry to then make a decision on how to move forward. their process includes collecting comments feedback from the industry to then make a decision on how to move forward That decision, sometimes, you know, there'll be people who will be unhappy about it. that decision sometimes you know there'll be people who will be unhappy about it They'll make a decision. they'll make a decision They'll definitely weigh the public interest, as they have outlined. they'll definitely weigh the public interest as they have outlined That is a goal of the FCC. that is a goal of the fcc They'll demonstrate, they'll evaluate the impact and make a decision to go to the NPRM. they'll demonstrate they'll evaluate the impact and make a decision to go to the nprm They don't tell you ahead of time of their decision and what they're doing. they don't tell you ahead of time of their decision and what they're doing So far, every meeting that we've had, and this is all public, that's on the docket, this procedure is all public. so far every meeting that we've had and this is all public that's on the docket this procedure is all public Every meeting that we've had, we have had extremely positive exchanges with the FCC in terms of understanding our data, in terms of explaining what we have provided. every meeting that we've had we have had extremely positive exchanges with the fcc in terms of understanding our data in terms of explaining what we have provided They've been very good meetings with very good questions. They've been very good meetings with very good questions. they've been very good meetings with very good questions When did you initially file the application for the rebanding? How long has the process taken so far? Just remind me. When did you initially file the application for the rebanding? when did you initially file the application for the rebanding How long has the process taken so far? how long has the process taken so far Just remind me. just remind me We filed the petition in April of last year. The public notice came out in August and concluded sometime in September, towards the end of the year. The NOI came out March of this year. Those are extremely speedy movements for the FCC. The NOI came into March of this year. They're looking at the comments that were filed within those notices of inquiry to then evaluate what their decision would be going to the NPRM. Our position is we should go to an NPRM. We should do it as fast as possible to solve this national security problem. We filed the petition in April of last year. we filed the petition in april of last year The public notice came out in August and concluded sometime in September, towards the end of the year. the public notice came out in august and concluded sometime in september towards the end of the year The NOI came out March of this year. the noi came out march of this year Those are extremely speedy movements for the FCC. those are extremely speedy movements for the fcc The NOI came into March of this year. the noi came into march of this year They're looking at the comments that were filed within those notices of inquiry to then evaluate what their decision would be going to the NPRM. they're looking at the comments that were filed within those notices of inquiry to then evaluate what their decision would be going to the nprm Our position is we should go to an NPRM. our position is we should go to an nprm We should do it as fast as possible to solve this national security problem. we should do it as fast as possible to solve this national security problem Okay. Any best guess on the timing of the NPRM, or you just can't predict it from the outside? Yeah. Okay. okay Any best guess on the timing of the NPRM, or you just can't predict it from the outside? any best guess on the timing of the nprm or you just can't predict it from the outside Yeah. yeah It's going to be very hard to predict what is their timing and their process. Right now, they are dealing with very important issues. Chairman Carr put out a C-band NOI. There's the auction and the spectrum bill. There's a lot on their plate. We like the fact that we've also been prioritized, and we look forward to them treating us as a priority with all these other priorities that they have. It's going to be their time. It's going to be their staff that is working with all of these important issues to determine how they get this to the next stage. It's going to be very hard to predict what is their timing and their process. it's going to be very hard to predict what is their timing and their process Right now, they are dealing with very important issues. right now they are dealing with very important issues Chairman Carr put out a C-band NOI. chairman carr put out a c-band noi There's the auction and the spectrum bill. there's the auction and the spectrum bill There's a lot on their plate. there's a lot on their plate We like the fact that we've also been prioritized, and we look forward to them treating us as a priority with all these other priorities that they have. we like the fact that we've also been prioritized and we look forward to them treating us as a priority with all these other priorities that they have It's going to be their time. it's going to be their time It's going to be their staff that is working with all of these important issues to determine how they get this to the next stage. it's going to be their staff that is working with all of these important issues to determine how they get this to the next stage To be clear, once they do issue the Notice of Proposed Rulemaking, how long does the comment period usually last, and how long before that's finalized here? To be clear, once they do issue the Notice of Proposed Rulemaking, how long does the comment period usually last, and how long before that's finalized here? to be clear once they do issue the notice of proposed rulemaking how long does the comment period usually last and how long before that's finalized here The NOI comment period was 30 days and 15 days. There's normally one comment and then one reply comment. I can't tell what the NPRM comment period is going to be. They have ranges. Sometimes a C-band NOI was a three-month comment period. We were a lot quicker and had a faster comment period on our NOI of Chairman Carr. It's hard to tell. They'll weigh different things, but it could be anywhere from 30-15 or longer than that. 30 and 15 is very speedy. The NOI comment period was 30 days and 15 days. the noi comment period was 30 days and 15 days There's normally one comment and then one reply comment. there's normally one comment and then one reply comment I can't tell what the NPRM comment period is going to be. i can't tell what the nprm comment period is going to be They have ranges. they have ranges Sometimes a C-band NOI was a three-month comment period. sometimes a c-band noi was a three-month comment period We were a lot quicker and had a faster comment period on our NOI of Chairman Carr. we were a lot quicker and had a faster comment period on our noi of chairman carr It's hard to tell. it's hard to tell They'll weigh different things, but it could be anywhere from 30- 15 or longer than that. 30 and 15 is very speedy. they'll weigh different things but it could be anywhere from 30- 15 or longer than that 30 and 15 is very speedy You mean the public has like 30 days or a few months to make comments? You mean the public has like 30 days or a few months to make comments? you mean the public has like 30 days or a few months to make comments Yeah. Yeah. yeah Then there reply comments. Could that be like a two or three cycle process, or usually like two cycles? Then there reply comments. then there reply comments Could that be like a two or three cycle process, or usually like two cycles? could that be like a two or three cycle process or usually like two cycles No, it could be, it could, it would be more than that. First, a comment period that could be, let's say, two to three months. After that, they have to take the meetings. They have to talk to people. They have to review. People will go in, advocate for their positions. They'll set aside time to discuss those comments. They'll move into, this is post-NPRM since you asked, to determining the writing the report in order. Writing these also takes time by the staff, right? They're very comprehensive. The way it works is they say, "Company A said this. Company B said this. Entity C said this. Now we do this." It's a very intensive process. It will take, it's months. No, it could be, it could, it would be more than that. no it could be it could it would be more than that First, a comment period that could be, let's say, two to three months. first a comment period that could be let's say two to three months After that, they have to take the meetings. after that they have to take the meetings They have to talk to people. they have to talk to people They have to review. they have to review People will go in, advocate for their positions. people will go in advocate for their positions They'll set aside time to discuss those comments. they'll set aside time to discuss those comments They'll move into, this is post-NPRM since you asked, to determining the writing the report in order. they'll move into this is post-nprm since you asked to determining the writing the report in order Writing these also takes time by the staff, right? writing these also takes time by the staff right They're very comprehensive. they're very comprehensive The way it works is they say, "Company A said this. the way it works is they say "company a said this Company B said this. company b said this Entity C said this. entity c said this Now we do this." It's a very intensive process. now we do this." it's a very intensive process It will take, it's months. it will take it's months The whole process, we don't know, but it could be another one to two years, essentially, from now. The whole process, we don't know, but it could be another one to two years, essentially, from now. the whole process we don't know but it could be another one to two years essentially from now I would like to remind the FCC of the urgency. While I can't comment on their time, this is an urgent issue. We're advocating and we'll continue to push that. I would like to remind the FCC of the urgency. i would like to remind the fcc of the urgency While I can't comment on their time, this is an urgent issue. while i can't comment on their time this is an urgent issue We're advocating and we'll continue to push that. we're advocating and we'll continue to push that Okay. Good. It seems like a very, very high likelihood that this is going to be granted. The FCC has a policy, I believe. They want to get as much spectrum into place as possible. They want to grow the economy. Obviously, this is a geopolitical issue on many, many fronts. It seems highly, highly likely that it will be granted. The next step is, what do you do to maximize the value of the spectrum, and what do you do to kind of get it built out and get it filled out? What do you think is the best way to build out the PNT once it's granted? Okay. okay Good. good It seems like a very, very high likelihood that this is going to be granted. it seems like a very very high likelihood that this is going to be granted The FCC has a policy, I believe. the fcc has a policy i believe They want to get as much spectrum into place as possible. they want to get as much spectrum into place as possible They want to grow the economy. they want to grow the economy Obviously, this is a geopolitical issue on many, many fronts. obviously this is a geopolitical issue on many many fronts It seems highly, highly likely that it will be granted. it seems highly highly likely that it will be granted The next step is, what do you do to maximize the value of the spectrum, and what do you do to kind of get it built out and get it filled out? the next step is what do you do to maximize the value of the spectrum and what do you do to kind of get it built out and get it filled out What do you think is the best way to build out the PNT once it's granted? what do you think is the best way to build out the pnt once it's granted You said, sorry, we had a question in there. You said, sorry, we had a question in there. you said sorry we had a question in there What will happen to the spectrum once it's granted? What do you think is the process at that point? Once it's granted, how would you build it out and how would you put it into use? What will happen to the spectrum once it's granted? what will happen to the spectrum once it's granted What do you think is the process at that point? what do you think is the process at that point Once it's granted, how would you build it out and how would you put it into use? once it's granted how would you build it out and how would you put it into use How would we put the PNT into use? How would we put the PNT into use? how would we put the pnt into use How would you build out the spectrum? Yeah. How would you build out the spectrum? how would you build out the spectrum Yeah. yeah I am an operator, right? With either a wireless facilities infrastructure provider. I want to make sure, am I cutting out? Because you were cutting out for me. You can hear me, right? I am an operator, right? i am an operator right With either a wireless facilities infrastructure provider. with either a wireless facilities infrastructure provider I want to make sure, am I cutting out? i want to make sure am i cutting out Because you were cutting out for me. because you were cutting out for me You can hear me, right? you can hear me right Yeah, I can hear you. Yeah, yeah. Yeah, I can hear you. yeah i can hear you Yeah, yeah. yeah yeah Okay. By partnering with, you know, most likely a 5G operator, but there could be other partnerships, they will build the network for 5G, not for PNT. We will then use that 5G network to enable PNT. It will serve not only as a backup and complement, but it also could have value of commercial use cases. Partnership is our route. Okay. okay By partnering with, you know, most likely a 5G operator, but there could be other partnerships, they will build the network for 5G, not for PNT. by partnering with you know most likely a 5g operator but there could be other partnerships they will build the network for 5g not for pnt We will then use that 5G network to enable PNT. we will then use that 5g network to enable pnt It will serve not only as a backup and complement, but it also could have value of commercial use cases. it will serve not only as a backup and complement but it also could have value of commercial use cases Partnership is our route. partnership is our route Okay. Can you operate the PNT as a separate division within this build-out, or is it most likely that the spectrum would get sold? Yeah. Okay. okay Can you operate the PNT as a separate division within this build-out, or is it most likely that the spectrum would get sold? can you operate the pnt as a separate division within this build-out or is it most likely that the spectrum would get sold Yeah. yeah It would be whatever that makes sense for the partner. Primarily, our goal is to increase shareholder value. We're going to look at what is best for our investors and decide how this model will look like. It's a little bit premature to say what it will look like. Is it sale or lease or a revenue share? All options are right now on the table, and we're going to pick the best option for us. It would be whatever that makes sense for the partner. it would be whatever that makes sense for the partner Primarily, our goal is to increase shareholder value. primarily our goal is to increase shareholder value We're going to look at what is best for our investors and decide how this model will look like. we're going to look at what is best for our investors and decide how this model will look like It's a little bit premature to say what it will look like. it's a little bit premature to say what it will look like Is it sale or lease or a revenue share? is it sale or lease or a revenue share All options are right now on the table, and we're going to pick the best option for us. all options are right now on the table and we're going to pick the best option for us Do you need any upgrades to handsets or other equipment to basically be able to use the PNT? I guess the same thing for the cellular networks. Yeah. Do you need any upgrades to handsets or other equipment to basically be able to use the PNT? do you need any upgrades to handsets or other equipment to basically be able to use the pnt I guess the same thing for the cellular networks. i guess the same thing for the cellular networks Yeah. yeah Not for the PNT, but for 5G, any new spectrum that any operator actually deploys, and they will continue to do this, will have to go into handsets and radios on towers. It impacts both of them. It primarily impacts the radio. Some spectrum even need new antennas. We sit in a very sweet spot. It's within existing spectrum, but when you go up in frequencies, you're going to even need a lot more changes. You're going to need a lot more sites for C-band. For low band, you really are deploying on top of what you would have at 700 MHz or 800 MHz or 600 MHz. It's the same very close propagation characteristics. You swap out the radios or add to the radios or combine radios. You do that on the towers. You also need to put new components in the handset or optimize them. Not for the PNT, but for 5G, any new spectrum that any operator actually deploys, and they will continue to do this, will have to go into handsets and radios on towers. not for the pnt but for 5g any new spectrum that any operator actually deploys and they will continue to do this will have to go into handsets and radios on towers It impacts both of them. it impacts both of them It primarily impacts the radio. it primarily impacts the radio Some spectrum even need new antennas. some spectrum even need new antennas We sit in a very sweet spot. we sit in a very sweet spot It's within existing spectrum, but when you go up in frequencies, you're going to even need a lot more changes. it's within existing spectrum but when you go up in frequencies you're going to even need a lot more changes You're going to need a lot more sites for C-band. you're going to need a lot more sites for c-band For low band, you really are deploying on top of what you would have at 700 MHz or 800 MHz or 600 MHz. for low band you really are deploying on top of what you would have at 700 mhz or 800 mhz or 600 mhz It's the same very close propagation characteristics. it's the same very close propagation characteristics You swap out the radios or add to the radios or combine radios. you swap out the radios or add to the radios or combine radios You do that on the towers. you do that on the towers You also need to put new components in the handset or optimize them. you also need to put new components in the handset or optimize them Sometimes it's very complex, but this time, there's existing equipment and existing filters that cover this band. It's a minimal change to the handset. This is part of a routine that any operator today does. It goes 3GPP standards. They get a band plan. They get the handset manufacturers to include it on a roadmap, the base station manufacturers to include it on the roadmap. It is not a complex issue to solve for an operator. If you're somebody who has a very unique spectrum and it doesn't have an economy to scale and you're not the big operators, these things could be a challenge to get into the ecosystem. Apple's not going to put your spectrum in because they do volumes. When you're partnering with one of the operators, you absolutely, for them, it's a roadmap discussion. Sometimes it's very complex, but this time, there's existing equipment and existing filters that cover this band. sometimes it's very complex but this time there's existing equipment and existing filters that cover this band It's a minimal change to the handset. it's a minimal change to the handset This is part of a routine that any operator today does. this is part of a routine that any operator today does It goes 3GPP standards. it goes 3gpp standards They get a band plan. they get a band plan They get the handset manufacturers to include it on a roadmap, the base station manufacturers to include it on the roadmap. they get the handset manufacturers to include it on a roadmap the base station manufacturers to include it on the roadmap It is not a complex issue to solve for an operator. it is not a complex issue to solve for an operator If you're somebody who has a very unique spectrum and it doesn't have an economy to scale and you're not the big operators, these things could be a challenge to get into the ecosystem. if you're somebody who has a very unique spectrum and it doesn't have an economy to scale and you're not the big operators these things could be a challenge to get into the ecosystem Apple's not going to put your spectrum in because they do volumes. apple's not going to put your spectrum in because they do volumes When you're partnering with one of the operators, you absolutely, for them, it's a roadmap discussion. when you're partnering with one of the operators you absolutely for them it's a roadmap discussion Great. Do the new radios have to put new antennas in also, or can they use existing ones? Great. great Do the new radios have to put new antennas in also, or can they use existing ones? do the new radios have to put new antennas in also or can they use existing ones I believe in this band, some of the operators definitely can use existing antennas because of what they have currently on the towers. I believe in this band, some of the operators definitely can use existing antennas because of what they have currently on the towers. i believe in this band some of the operators definitely can use existing antennas because of what they have currently on the towers Okay. That's really, really helpful. Would your PNT take up much of the capacity where, I guess, you know, the 10 MHz of downlink? Okay. okay That's really, really helpful. that's really really helpful Would your PNT take up much of the capacity where, I guess, you know, the 10 MHz of downlink? would your pnt take up much of the capacity where i guess you know the 10 mhz of downlink The PNT takes about 2%-5% of the capacity, not the megahertz. Megahertz is not split. This is a 5G network that's spewing energy, and it has signals that you turn on for this thing or that thing, and you turn it on for PNT in this case. When you turn on PNT, that requires a 2%-5% capacity that's not available for the broadband users that are using data voice communications on 5G. That's the impact to them. Our software, and going back to the next question, because our PNT solution is software-based, it doesn't, you know, that's not a handset tower or any other capacity impact. The PNT takes about 2%- 5% of the capacity, not the megahertz. the pnt takes about 2%- 5% of the capacity not the megahertz Megahertz is not split. megahertz is not split This is a 5G network that's spewing energy, and it has signals that you turn on for this thing or that thing, and you turn it on for PNT in this case. this is a 5g network that's spewing energy and it has signals that you turn on for this thing or that thing and you turn it on for pnt in this case When you turn on PNT, that requires a 2%- 5% capacity that's not available for the broadband users that are using data voice communications on 5G. when you turn on pnt that requires a 2%- 5% capacity that's not available for the broadband users that are using data voice communications on 5g That's the impact to them. that's the impact to them Our software, and going back to the next question, because our PNT solution is software-based, it doesn't, you know, that's not a handset tower or any other capacity impact. our software and going back to the next question because our pnt solution is software-based it doesn't you know that's not a handset tower or any other capacity impact You'd have to upgrade. There'd have to be incremental software on the handsets and any IoT device. You'd have to upgrade. you'd have to upgrade There'd have to be incremental software on the handsets and any IoT device. there'd have to be incremental software on the handsets and any iot device Just like today, right now, our Z-axis solution has an app in the background of the handset. It's not an Apple-like thing because when you get the real estate with the phone, it's all about hardware limitations. If you're not adding hardware and you're an app in the background on software, that's a very different case. Currently, our Z-axis that's sitting on in handsets for Verizon, that's operating in software. There's no impact to the handset or the network. Just like today, right now, our Z-axis solution has an app in the background of the handset. just like today right now our z-axis solution has an app in the background of the handset It's not an Apple-like thing because when you get the real estate with the phone, it's all about hardware limitations. it's not an apple-like thing because when you get the real estate with the phone it's all about hardware limitations If you're not adding hardware and you're an app in the background on software, that's a very different case. if you're not adding hardware and you're an app in the background on software that's a very different case Currently, our Z-axis that's sitting on in handsets for Verizon, that's operating in software. currently our z-axis that's sitting on in handsets for verizon that's operating in software There's no impact to the handset or the network. there's no impact to the handset or the network You know, I often find in urban areas that the GPS is fairly inaccurate. Have you ever compared your accuracy in these urban areas of your PNT versus GPS? You know, I often find in urban areas that the GPS is fairly inaccurate. you know i often find in urban areas that the gps is fairly inaccurate Have you ever compared your accuracy in these urban areas of your PNT versus GPS? have you ever compared your accuracy in these urban areas of your pnt versus gps Yeah, absolutely. I mean, I wrote an article earlier this year in Forbes when I went to Mobile World Congress in Barcelona. I mean, it was a challenge. It was a big challenge finding places. Absolutely, we will solve that problem, which is a big commercial problem, not only in cities like Barcelona, but in New York City. You want to get an Uber. Sometimes you're not able to find the position properly. We have tested it with existing technology, and we will test again with 5G technology when those towers are ready to go again early next year. We're trying to beat that timeline. Yeah, absolutely. yeah absolutely I mean, I wrote an article earlier this year in Forbes when I went to Mobile World Congress in Barcelona. i mean i wrote an article earlier this year in forbes when i went to mobile world congress in barcelona I mean, it was a challenge. i mean it was a challenge It was a big challenge finding places. it was a big challenge finding places Absolutely, we will solve that problem, which is a big commercial problem, not only in cities like Barcelona, but in New York City. absolutely we will solve that problem which is a big commercial problem not only in cities like barcelona but in new york city You want to get an Uber. you want to get an uber Sometimes you're not able to find the position properly. sometimes you're not able to find the position properly We have tested it with existing technology, and we will test again with 5G technology when those towers are ready to go again early next year. we have tested it with existing technology and we will test again with 5g technology when those towers are ready to go again early next year We're trying to beat that timeline. we're trying to beat that timeline If one of the three big carriers were to basically partner with you to buy you or like a licensed spectrum, do you think they'd be able to market a more accurate PNT service to their customers as part of their overall service plans? If one of the three big carriers were to basically partner with you to buy you or like a licensed spectrum, do you think they'd be able to market a more accurate PNT service to their customers as part of their overall service plans? if one of the three big carriers were to basically partner with you to buy you or like a licensed spectrum do you think they'd be able to market a more accurate pnt service to their customers as part of their overall service plans Yeah, absolutely. They could market a more accurate PNT service. They could leverage the fact that it would be a backup to critical infrastructure. They could have newer commercial use cases coming out of it because the precision on timing and the positioning improvement in indoors is much needed in a lot of the commercial applications. They could, you know, collectively, either together or if they buy it by themselves, they could absolutely leverage this. Yeah, absolutely. yeah absolutely They could market a more accurate PNT service. they could market a more accurate pnt service They could leverage the fact that it would be a backup to critical infrastructure. they could leverage the fact that it would be a backup to critical infrastructure They could have newer commercial use cases coming out of it because the precision on timing and the positioning improvement in indoors is much needed in a lot of the commercial applications. they could have newer commercial use cases coming out of it because the precision on timing and the positioning improvement in indoors is much needed in a lot of the commercial applications They could, you know, collectively, either together or if they buy it by themselves, they could absolutely leverage this. they could you know collectively either together or if they buy it by themselves they could absolutely leverage this I mean, I know it's hard to, but how accurate is your PNT in urban areas? Is it down to centimeters, you know, meters? Yeah. I mean, I know it's hard to, but how accurate is your PNT in urban areas? i mean i know it's hard to but how accurate is your pnt in urban areas Is it down to centimeters, you know, meters? is it down to centimeters you know meters Yeah. yeah This is about, you know, think about it as a coverage problem, right? What happens is satellite, it hits a building, and you're not seeing the signal, so you can't try to light or read. You get no positioning off. The 900 MHz spectrum, it penetrates the buildings. You see it, and you will be having the single-digit accuracy that GPS provides in open space. It doesn't do it in urban. If you go to open space of GPS, it's beautiful. You're seeing all the satellites, and you're seeing there's no buildings. We can do that when there's buildings because 900 MHz propagates, you know, indoors, and buildings are not a problem for it as much as a satellite. This is about, you know, think about it as a coverage problem, right? this is about you know think about it as a coverage problem right What happens is satellite, it hits a building, and you're not seeing the signal, so you can't try to light or read. what happens is satellite it hits a building and you're not seeing the signal so you can't try to light or read You get no positioning off. you get no positioning off The 900 MHz spectrum, it penetrates the buildings. the 900 mhz spectrum it penetrates the buildings You see it, and you will be having the single-digit accuracy that GPS provides in open space. you see it and you will be having the single-digit accuracy that gps provides in open space It doesn't do it in urban. it doesn't do it in urban If you go to open space of GPS, it's beautiful. if you go to open space of gps it's beautiful You're seeing all the satellites, and you're seeing there's no buildings. you're seeing all the satellites and you're seeing there's no buildings We can do that when there's buildings because 900 MHz propagates, you know, indoors, and buildings are not a problem for it as much as a satellite. we can do that when there's buildings because 900 mhz propagates you know indoors and buildings are not a problem for it as much as a satellite Yeah. I mean, I know surveyors that use, I used to be a civil engineer in a prior life, that use the GPS system very, very effectively. In rural areas, I guess the more satellites you can kind of triangulate to, the more accuracy you can get. They can get down to like centimeter accuracy in rural areas with certain equipment. In urban areas, do you have a sense like in New York, does that, you know, decline to, you know, maybe, you know, 100 meters and you guys can kind of keep that centimeter accuracy? Yeah. yeah I mean, I know surveyors that use, I used to be a civil engineer in a prior life, that use the GPS system very, very effectively. i mean i know surveyors that use i used to be a civil engineer in a prior life that use the gps system very very effectively In rural areas, I guess the more satellites you can kind of triangulate to, the more accuracy you can get. in rural areas i guess the more satellites you can kind of triangulate to the more accuracy you can get They can get down to like centimeter accuracy in rural areas with certain equipment. they can get down to like centimeter accuracy in rural areas with certain equipment In urban areas, do you have a sense like in New York, does that, you know, decline to, you know, maybe, you know, 100 meters and you guys can kind of keep that centimeter accuracy? in urban areas do you have a sense like in new york does that you know decline to you know maybe you know 100 meters and you guys can kind of keep that centimeter accuracy 100 meters is not very good accuracy. We would definitely go single digits. Think of a number between 1-9. To your point, when the use case is there and a commercial monetization makes sense, you could actually do more to provide centimeter accuracy, just like high precision GPS, right? It's broad everywhere, certain accuracy. In areas like in agriculture, they've actually deployed more to do centimeter. You don't want to do centimeter everywhere because that's of no use. That's a waste of resources. You want to do it where you need it. Can we do centimeter? Absolutely. We're going to do that based on, you know, what's the rate of return on that extra cost. 100 meters is not very good accuracy. 100 meters is not very good accuracy We would definitely go single digits. we would definitely go single digits Think of a number between 1-9. think of a number between 1-9 To your point, when the use case is there and a commercial monetization makes sense, you could actually do more to provide centimeter accuracy, just like high precision GPS, right? to your point when the use case is there and a commercial monetization makes sense you could actually do more to provide centimeter accuracy just like high precision gps right It's broad everywhere, certain accuracy. it's broad everywhere certain accuracy In areas like in agriculture, they've actually deployed more to do centimeter. in areas like in agriculture they've actually deployed more to do centimeter You don't want to do centimeter everywhere because that's of no use. you don't want to do centimeter everywhere because that's of no use That's a waste of resources. that's a waste of resources You want to do it where you need it. you want to do it where you need it Can we do centimeter? can we do centimeter Absolutely. absolutely We're going to do that based on, you know, what's the rate of return on that extra cost. we're going to do that based on you know what's the rate of return on that extra cost The 1-9 you're referring to, is that feet, centimeters, meters? The 1-9 you're referring to, is that feet, centimeters, meters? the 1-9 you're referring to is that feet centimeters meters Meters, meters. Meters, meters. meters meters 1 meter-9 meters. Okay. 1 meter-9 meters. 1 meter-9 meters Okay. okay Yeah, you want to be below nine for good accuracy. Yeah, you want to be below nine for good accuracy. yeah you want to be below nine for good accuracy Okay. Got it. How much coverage do you think will get built out? I know you're covering over 90% of the country. Do you think the carriers will likely build out the entire country? Okay. okay Got it. got it How much coverage do you think will get built out? how much coverage do you think will get built out I know you're covering over 90% of the country. i know you're covering over 90% of the country Do you think the carriers will likely build out the entire country? do you think the carriers will likely build out the entire country The carriers could build out the entire country. They normally add a low band propagation spectrum, which is what also gets deployed in rural areas, right? Nobody deploys C-band or mid-band in rural areas. They could deploy that because it's of use. The propagation characteristics make economic sense. Absolutely, they could deploy this. They're definitely deployed in urban areas where there's a coverage problem, but they can also deploy it in the rural areas and match the footprint of their existing towers for what they have as low-band. T-Mobile 600, Verizon, AT&T 700, 850, these already have a footprint that's nationwide. The carriers could build out the entire country. the carriers could build out the entire country They normally add a low band propagation spectrum, which is what also gets deployed in rural areas, right? they normally add a low band propagation spectrum which is what also gets deployed in rural areas right Nobody deploys C-band or mid-band in rural areas. nobody deploys c-band or mid-band in rural areas They could deploy that because it's of use. they could deploy that because it's of use The propagation characteristics make economic sense. the propagation characteristics make economic sense Absolutely, they could deploy this. absolutely they could deploy this They're definitely deployed in urban areas where there's a coverage problem, but they can also deploy it in the rural areas and match the footprint of their existing towers for what they have as low- band. they're definitely deployed in urban areas where there's a coverage problem but they can also deploy it in the rural areas and match the footprint of their existing towers for what they have as low- band T-Mobile 600, Verizon, AT&T 700, 850, these already have a footprint that's nationwide. t-mobile 600 verizon at&t 700 850 these already have a footprint that's nationwide I guess worst-case scenario, let's say the FCC doesn't grant your spectrum rebanding. What's the plan B, if any? I guess worst-case scenario, let's say the FCC doesn't grant your spectrum rebanding. i guess worst-case scenario let's say the fcc doesn't grant your spectrum rebanding What's the plan B, if any? what's the plan b if any We're not like a drug company where there's a binary outcome for us. Our spectrum is very valuable. It will be put to use, and our technology is also valuable, and it will be put to use. We would like to focus on this because that's, in our opinion, the highest return that solves the national security problem. We really are confident in this path. That does not mean that if this path very unlikely doesn't pan out, that all of a sudden we have a binary outcome. That's not our case. We're not like a drug company where there's a binary outcome for us. we're not like a drug company where there's a binary outcome for us Our spectrum is very valuable. our spectrum is very valuable It will be put to use, and our technology is also valuable, and it will be put to use. it will be put to use and our technology is also valuable and it will be put to use We would like to focus on this because that's, in our opinion, the highest return that solves the national security problem. we would like to focus on this because that's in our opinion the highest return that solves the national security problem We really are confident in this path. we really are confident in this path That does not mean that if this path very unlikely doesn't pan out, that all of a sudden we have a binary outcome. that does not mean that if this path very unlikely doesn't pan out that all of a sudden we have a binary outcome That's not our case. that's not our case Got it. I mean, you could have some potentially geographic exclusion zones or lower power levels, or you might have to spend some money on upgrading some existing equipment out there. There are definitely ways to fix this. Then last thing on the valuation front, you know, how did they come up with the $14 billion valuation? You know, how do you think about the valuation of the spectrum? Got it. got it I mean, you could have some potentially geographic exclusion zones or lower power levels, or you might have to spend some money on upgrading some existing equipment out there. i mean you could have some potentially geographic exclusion zones or lower power levels or you might have to spend some money on upgrading some existing equipment out there There are definitely ways to fix this. there are definitely ways to fix this Then last thing on the valuation front, you know, how did they come up with the $14 billion valuation? then last thing on the valuation front you know how did they come up with the $14 billion valuation You know, how do you think about the valuation of the spectrum? you know how do you think about the valuation of the spectrum The Berkeley Research Group was looking at GPS loss. That's different. They did not do spectrum valuation. They looked at how much would it be a loss to the economy and where GPS is used. As far as spectrum valuation for us, we have not put out any numbers. If someone's interested in that, they should look at the recent transactions, right? Nobody can put out a number to say, "This is what my spectrum's worth." It's all about timing. It's all about the characteristics of the spectrum. It's very early for us to put a number on this. Recent transactions of low band, whether it's 600 MHz, whether it's 850 MHz spectrum, whether it's any other spectrum that is in low band, are good indicators for what low band spectrum's worth. The Berkeley Research Group was looking at GPS loss. the berkeley research group was looking at gps loss That's different. that's different They did not do spectrum valuation. they did not do spectrum valuation They looked at how much would it be a loss to the economy and where GPS is used. they looked at how much would it be a loss to the economy and where gps is used As far as spectrum valuation for us, we have not put out any numbers. as far as spectrum valuation for us we have not put out any numbers If someone's interested in that, they should look at the recent transactions, right? if someone's interested in that they should look at the recent transactions right Nobody can put out a number to say, "This is what my spectrum's worth." It's all about timing. nobody can put out a number to say "this is what my spectrum's worth." it's all about timing It's all about the characteristics of the spectrum. it's all about the characteristics of the spectrum It's very early for us to put a number on this. it's very early for us to put a number on this Recent transactions of low band, whether it's 600 MHz, whether it's 850 MHz spectrum, whether it's any other spectrum that is in low band, are good indicators for what low band spectrum's worth. recent transactions of low band whether it's 600 mhz whether it's 850 mhz spectrum whether it's any other spectrum that is in low band are good indicators for what low band spectrum's worth What was the average dollar per MHz-pop on those transactions? What was the average dollar per MHz-pop on those transactions? what was the average dollar per mhz-pop on those transactions There was, I mean, 600 MHz has gone as averages of $2.70 that I've seen in some of the transactions. 850 is very hard to say. I think anyone who's looked at that, there's a value associated with the 600 MHz. There's a value associated with what the cash deal was with this as a grain in T-Mobile. There's also a return on when the spectrum is sold. You have to take those, add that, and come up with a number. I don't want to put any speculative numbers out there, but it's a good low band value, I would say. Those will be two good indicators. There was, I mean, 600 MHz has gone as averages of $2.70 that I've seen in some of the transactions. 850 is very hard to say. there was i mean 600 mhz has gone as averages of $2.70 that i've seen in some of the transactions 850 is very hard to say I think anyone who's looked at that, there's a value associated with the 600 MHz. i think anyone who's looked at that there's a value associated with the 600 mhz There's a value associated with what the cash deal was with this as a grain in T-Mobile. there's a value associated with what the cash deal was with this as a grain in t-mobile There's also a return on when the spectrum is sold. there's also a return on when the spectrum is sold You have to take those, add that, and come up with a number. you have to take those add that and come up with a number I don't want to put any speculative numbers out there, but it's a good low band value, I would say. i don't want to put any speculative numbers out there but it's a good low band value i would say Those will be two good indicators. those will be two good indicators Above a dollar per MHz-pop anyway? Above a dollar per MHz-pop anyway? above a dollar per mhz-pop anyway Yeah. I would say, I think ultimately with the return to T-Mobile from the sale of the spectrum, it could very well be above $1. Yeah. yeah I would say, I think ultimately with the return to T-Mobile from the sale of the spectrum, it could very well be above $1. i would say i think ultimately with the return to t-mobile from the sale of the spectrum it could very well be above $1 Lastly, you are spending a lot of money on a monthly, quarterly basis. Is there a way to reduce expenses over the next couple of years? What are you spending the money on for this process here? Lastly, you are spending a lot of money on a monthly, quarterly basis. lastly you are spending a lot of money on a monthly quarterly basis Is there a way to reduce expenses over the next couple of years? is there a way to reduce expenses over the next couple of years What are you spending the money on for this process here? what are you spending the money on for this process here Yeah. We're really a small and mighty team, and we operate very efficiently. We have an existing live network that's monitored 24/7. It's a terrestrial network that's deployed in the U.S. We have a commercial product that saves lives by E911 callers on certain handsets of Verizon. We work with FirstNet. We're not just, you know, this FCC process, which is very important to us. It's not that. There's a lot going on in the company. The towers, the live network, the commercial products, the SLAs that we have, and we do this very efficiently. The significant cost that we will have reduced is, one, no taxpayer dollars and no need to raise billions of dollars to deploy a 5G network. I think that's the best way to look at it. Right now, we're operating very efficiently. Yeah. yeah We're really a small and mighty team, and we operate very efficiently. we're really a small and mighty team and we operate very efficiently We have an existing live network that's monitored 24/7. we have an existing live network that's monitored 24/7 It's a terrestrial network that's deployed in the U.S. it's a terrestrial network that's deployed in the u.s We have a commercial product that saves lives by E911 callers on certain handsets of Verizon. we have a commercial product that saves lives by e911 callers on certain handsets of verizon We work with FirstNet. we work with firstnet We're not just, you know, this FCC process, which is very important to us. we're not just you know this fcc process which is very important to us It's not that. it's not that There's a lot going on in the company. there's a lot going on in the company The towers, the live network, the commercial products, the SLAs that we have, and we do this very efficiently. the towers the live network the commercial products the slas that we have and we do this very efficiently The significant cost that we will have reduced is, one, no taxpayer dollars and no need to raise billions of dollars to deploy a 5G network. the significant cost that we will have reduced is one no taxpayer dollars and no need to raise billions of dollars to deploy a 5g network I think that's the best way to look at it. i think that's the best way to look at it Right now, we're operating very efficiently. right now we're operating very efficiently Great job, Mariam. Really appreciate the time. Good luck with the whole process here. We'll talk soon. Great job, Mariam. great job mariam Really appreciate the time. really appreciate the time Good luck with the whole process here. good luck with the whole process here We'll talk soon. we'll talk soon Thank you, Tim. It's always a pleasure talking to you. Thank you so much. Thank you, Tim. thank you tim It's always a pleasure talking to you. it's always a pleasure talking to you Thank you so much. thank you so much You too. Bye. You too. you too Bye. bye