NNHIGH SIGNALFINANCIAL10-K

NN's stockholders' equity collapsed from $50.1M to negative $86.2M while net losses nearly doubled to $189.3M, indicating severe financial deterioration.

The company has moved from positive equity to a significant deficit position, suggesting potential solvency concerns and increased financial risk. The dramatic increase in total liabilities to $333.3M combined with worsening operating losses signals mounting financial pressure that could threaten the company's ability to continue operations without additional capital or restructuring.

Comparing 2026-03-17 vs 2025-03-12View on EDGAR →
FINANCIAL ANALYSIS

NN experienced severe financial deterioration with stockholders' equity turning negative by $136.3M and net losses worsening 86% to $189.3M, while total liabilities tripled to $333.3M. Despite cash increasing 90% to $152.1M, the company burned through $50.7M in operating cash flow with minimal capital investment, suggesting the cash increase likely came from debt or equity financing rather than operations. The combination of negative equity, mounting losses, and poor operating cash flow creates a concerning financial profile that raises questions about the company's long-term viability.

FINANCIAL STATEMENT CHANGES
Stockholders Equity
Balance Sheet
-272.1%
$50.1M→-$86.2M

Equity declined sharply — large losses, buybacks, or write-downs reducing book value significantly.

Total Liabilities
Balance Sheet
+198.6%
$111.6M→$333.3M

Liabilities grew 198.6% — significant increase in debt or obligations, assess impact on financial flexibility.

Cash & Equivalents
Balance Sheet
+89.9%
$80.1M→$152.1M

Cash position surged 89.9% — strong cash generation or capital raise providing significant financial cushion.

Net Income
P&L
-85.8%
-$101.9M→-$189.3M

Net income declined 85.8% — review whether driven by operations, interest costs, or non-recurring items.

Capital Expenditure
Cash Flow
-85.7%
$350K→$50K

Capex reduced 85.7% — investment cycle winding down or capital discipline; may improve near-term free cash flow.

Current Assets
Balance Sheet
+82.9%
$86.0M→$157.4M

Current assets grew 82.9% — improving short-term liquidity or inventory/receivables build.

Interest Expense
P&L
+77.8%
$10.0M→$17.8M

Interest expense surged 77.8% — significant debt increase or rising rates materially impacting earnings.

Total Assets
Balance Sheet
+52.7%
$161.7M→$247.0M

Asset base grew 52.7% — expansion through organic growth, acquisitions, or capital deployment.

Operating Cash Flow
Cash Flow
-33.5%
-$38.0M→-$50.7M

Operating cash flow fell 33.5% — earnings quality concerns; investigate working capital changes and non-cash items.

Accounts Receivable
Balance Sheet
-28.9%
$3.3M→$2.3M

Receivables declined — improved collection efficiency or conservative revenue recognition.

LANGUAGE CHANGES
NEW — 2026-03-17
PRIOR — 2025-03-12
ADDED
See the definitions of large accelerated filer, accelerated filer, smaller reporting company, and emerging growth company in Rule 12b-2 of the Exchange Act.
7262(b)) by the registered public accounting firm that prepared or issued its audit report.
There were 135,595,665 of the registrant s common stock outstanding as of March 13, 2026 .
We have included important factors in the cautionary statements included in this Annual Report on Form 10-K, particularly in Item 1A.
The Indenture governing our 5% Senior Secured Convertible Notes due in 2028 (the 2028 Notes ) contains restrictions and other provisions regarding events of default that may make it more difficult to execute our strategy or to effectively compete, or that could materially and adversely affect our financial position.
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REMOVED
See the definitions of large accelerated filer, accelerated filer, smaller reporting company, and emerging growth company in Rule 12 b- 2 of the Exchange Act.
7262 (b)) by the registered public accounting firm that prepared or issued its audit report.
There were 131,451,767 shares of the registrant s common stock outstanding as of March 7, 2025 .
expectations related to the successful resolution of our petition before the Federal Communications Commission ( FCC ) to modify our Lower 900 MHz licenses; 2 .
our ability to recognize the anticipated benefits of the Asset Purchase Agreement (as defined in Note 3 in the notes to the consolidated financial statements below), and any subsequent asset purchases, mergers, acquisitions, or other similar transactions, which may be affected by, among other things, competition, and the ability of the combined business to grow and manage growth profitably; 4 .
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