NNHIGH SIGNALFINANCIAL10-K

NN demonstrates a deteriorating operational profile with declining revenue, substantially higher net losses, and worsening cash burn despite a significant cash position increase.

The company's core business is contracting with revenue declining 19% while losses expanded dramatically, suggesting fundamental operational challenges. The substantial increase in cash and current assets likely reflects external financing rather than operational improvement, which may provide runway but doesn't address underlying performance issues.

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

NN's financial position presents a mixed picture with substantially higher cash and current assets suggesting recent capital raising activity, while operational metrics deteriorated meaningfully. Revenue declined 19% to $4.6M while net losses expanded substantially to $189.3M, accompanied by higher interest expense reflecting increased debt burden. The company's operating cash outflow worsened to $50.7M while capital expenditures dropped significantly, indicating potential constraints on growth investments amid mounting losses.

FINANCIAL STATEMENT CHANGES
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.

Revenue
P&L
-19.3%
$5.7M→$4.6M

Revenue softened 19.3% — monitor whether this is cyclical or structural.

SG&A Expense
P&L
+18.1%
$33.5M→$39.6M

SG&A increased modestly — likely reflects growth-related hiring or sales expansion investment.

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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