Shares of NextNav (NASDAQ:NN), a provider of GPS and location-based services, declined 3.9% to $9.87 in premarket trading on Thursday following the release of its fourth-quarter earnings late Wednesday.
The company reported a Q4 loss of $32.3 million, significantly wider than the average analyst expectation of a $18.54 million loss, according to data compiled by LSEG.
Despite the larger-than-anticipated loss, NextNav posted a Q4 revenue of $1.9 million, slightly exceeding analysts’ estimates of $1.73 million.
The mixed results come amid a strong performance for the stock over the past year, with shares soaring 93.2% in the last 12 months, reflecting investor optimism about the company’s growth potential in the geolocation services sector.
The premarket drop suggests some investor disappointment with the earnings miss, though the revenue beat may provide a counterbalance.