NEXTNAV INC.

Previous wording

Item 2. Manag ement’s Discus sion and Analysis of Financial Condition and Results of Operations

Current wording

Management’s Discussion and Analysis of Financial Condition and Results of Operations

Previous wording

Thefollowing discussion and analysis of our financial condition and results of operations should be read in conjunction with the accompanying quarterly unaudited condensed consolidated financial statements and our Annual Report on Form 10-K for the year ended December 31, 2024 (the “2024 Form 10-K”). Our 2024 Form 10-K includes additional information about our significant accounting policies, practices, and the transactions that underlie our financial results, as well as a detailed discussion of the most significant risks and uncertainties associated with our financial condition and operating results. In addition to historical financial information, some of the information contained in the following discussion and analysis contains forward-looking statements that involve risks, uncertainties and assumptions. Forward-looking statements reflect management’s current expectations and are inherently uncertain. Actual results and outcomes could differ materially for a variety of reasons. You should review “Cautionary Note Regarding Forward-Looking Statements” at the beginning of this Quarterly Report on Form 10-Q, as well as Item 1 A, “Risk Factors” in our 2024 Form 10-K, as well as those otherwise described or updated from time to time in our other filings with the SEC, for a discussion of important factors that could cause our actual results to differ materially from the results described or implied by the forward-looking statements contained in the following discussion and analysis.

Current wording

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the accompanying quarterly unaudited condensed consolidated financial statements and our Annual Report on Form 10-K for the year ended December 31, 2024 (the “2024 Form 10-K”). Our 2024 Form 10-K includes additional information about our significant accounting policies, practices, and the transactions that underlie our financial results, as well as a detailed discussion of the most significant risks and uncertainties associated with our financial condition and operating results. In addition to historical financial information, some of the information contained in the following discussion and analysis contains forward-looking statements that involve risks, uncertainties and assumptions. Forward-looking statements reflect management’s current expectations and are inherently uncertain. Actual results and outcomes could differ materially for a variety of reasons. You should review “Cautionary Note Regarding Forward-Looking Statements” at the beginning of this Quarterly Report on Form 10-Q, as well as Item 1A, “Risk Factors” in our 2024 Form 10-K, as well as those otherwise described or updated from time to time in our other filings with the SEC, for a discussion of important factors that could cause our actual results to differ materially from the results described or implied by the forward-looking statements contained in the following discussion and analysis.

Previous wording

We are themarket leader in delivering resilient, next generation, complementary positioning, navigation and timing (“PNT”) solutions designed to overcome the limitations and vulnerabilities of the existing space-based Global Positioning System (“GPS”) and Global Navigation Satellite Systems (“GNSS”). We are evolving our complementary PNT solutions to use 5 G New Radio (“5 G NR”) technologies(“NextGen”), in conjunction with our Petition for Rulemaking filed withthe FCC, to update and reconfigure the Lower 900 MHz band and our spectrum licenses. We expect the evolution of our platform to NextGen will significantly improve the efficiency, flexibility, and scale of our operations, technically enabling the delivery of high-quality PNT based on a 5 G broadband network. Our NextGen solution is being designed to allow one or more partners to integrate our Lower 900 MHz spectrum into their 5 G networks. We expect that this will result in wide-scale availability of both complementary PNT services and additional broadband capacity.

Current wording

We are the market leader in delivering resilient, next generation, complementary positioning, navigation and timing (“PNT”) solutions designed to overcome the limitations and vulnerabilities of the existing space-based Global Positioning System (“GPS”) and Global Navigation Satellite Systems (“GNSS”). We are evolving our complementary PNT solutions to use 5G New Radio (“5G NR”) technologies (“NextGen”), in conjunction with our Petition for Rulemaking filed with the FCC, to update and reconfigure the Lower 900 MHz band and our spectrum licenses. We expect the evolution of our platform to NextGen will significantly improve the efficiency, flexibility, and scale of our operations, technically enabling the delivery of high-quality PNT based on a 5G broadband network. Our NextGen solution is being designed to allow one or more partners to integrate our Lower 900 MHz spectrum into their 5G networks. We expect that this will result in wide-scale availability of both complementary PNT services and additional broadband capacity.

Previous wording

Our complementary PNT solutions are built on a deep asset base, including valuable FCC licenses. Our licenses include a contiguous 8 MHz block of 900 MHz M-LMS spectrum covering over 90% of the U.S. population, and on March 7, 2024, we signed an agreement, subject to appropriate regulatory approvals, to acquire an additional 4 MHz of M-LMS licenses covering part of the U.S. population. On April 16, 2024, we petitioned the FCC to commence a rule making to reconfigure and update the rules governing the Lower 900 MHz band plan to allow us to utilize a 15 MHz nationwide configuration for both PNT and 5 G broadband (“Petition”). The Petition is subject to an ongoing FCC regulatory review process. We believe that modernizing the Lower 900 MHz band will simultaneously enable a high-quality terrestrial PNT network to complement and back up GPS, address a critical national security vulnerability, and add 5 G broadband capacity. We have been granted more than 158 patents related to our systems and services, and standardized certain of our technologies with the 3 rd Generation Partnership Project (3 GPP), a global telecommunications standards-setting body.

Current wording

Our complementary PNT solutions are built on a deep asset base, including valuable FCC licenses. Our licenses include a contiguous 8 MHz block of 900 MHz M-LMS spectrum covering over 90% of the U.S. population, and on March 7, 2024, we signed an agreement, subject to appropriate regulatory approvals, to acquire an additional 4 MHz of M-LMS licenses covering part of the U.S. population. On April 16, 2024, we petitioned the FCC to commence a rule making to reconfigure and update the rules governing the Lower 900 MHz band plan to allow us to utilize a 15 MHz nationwide configuration for both PNT and 5G broadband (“Petition”). The Petition is subject to an ongoing FCC regulatory review process. We believe that modernizing the Lower 900 MHz band will simultaneously enable a high-quality terrestrial PNT network to complement and back up GPS, address a critical national security vulnerability, and add 5G broadband capacity. We have been granted more than 160 patents related to our systems and services, and standardized certain of our technologies with the 3rd Generation Partnership Project (3GPP), a global telecommunications standards-setting body.

Previous wording

The impact of GPS on the U.S. economy was nearly $1.4 trillion in the aggregate between 1984 and 2017, according to data from a National Institute of Standards and Technology (“NIST”)-sponsored study conducted by RTI International (“RTI”), and the European Commission estimated the annual impact on the economy of the European Union in its 2018 budget process as EUR 1.2 trillion. The usage of GPS services is also rapidly expanding, with its presence in devices in the U.S. increasing from 600 million devices to 900 million devices between 2015 and 2019, according to information presented to the National Space-Based PNT Advisory Board by the National Coordination Office for Space-Based PNT. PNT resiliency is a priority of the U.S. Federal Government and is rising in priority in the European Union, non-European Union countries in Eastern Europe and in other parts of the world due to both the demonstrated vulnerability and lack of local control of space-based signals and systems. Critical infrastructure, including communications networks and power grids, require a reliable GPS signal for accurate timing. A failure of GPS could be catastrophic, and there is no comprehensive, terrestrial backup that is widely deployed today. The Department of Homeland Security has also classified the PNT vulnerabilities from GPS as cyber security threats, and the U.S. Department of Transportation (“DoT”) has also outlined a Complementary PNT Action Plan, among other key federal initiatives. Higher performance and availability will continue to expand the reach and value of PNT solutions, while terrestrial resilience is essential to protect the vast economic activity that is reliant on GPS.

Current wording

The impact of GPS on the U.S. economy was nearly $1.4 trillion in the aggregate between 1984 and 2017, according to data from a National Institute of Standards and Technology (“NIST”)-sponsored study conducted by RTI International (“RTI”), and the European Commission estimated the annual impact on the economy of the European Union in its 2018 budget process as EUR1.2 trillion. The usage of GPS services is also rapidly expanding, with its presence in devices in the U.S. increasing from 600 million devices to 900 million devices between 2015 and 2019, according to information presented to the National Space-Based PNT Advisory Board by the National Coordination Office for Space-Based PNT. PNT resiliency is a priority of the U.S. Federal Government and is rising in priority in the European Union, non-European Union countries in Eastern Europe and in other parts of the world due to both the demonstrated vulnerability and lack of local control of space-based signals and systems. Critical infrastructure, including communications networks and power grids, require a reliable GPS signal for accurate timing. A failure of GPS could be catastrophic, and there is no comprehensive, terrestrial backup that is widely deployed today. The Department of Homeland Security has also classified the PNT vulnerabilities from GPS as cyber security threats, and the U.S. Department of Transportation (“DoT”) has also outlined a Complementary PNT Action Plan, among other key federal initiatives. Higher performance and availability will continue to expand the reach and value of PNT solutions, while terrestrial resilience is essential to protect the vast economic activity that is reliant on GPS.

Previous wording

Simultaneously, demand for wireless data services continues to grow. The backbone of wireless data services, electromagnetic spectrum, is a finite resource. Our spectrum licenses, which lie in the Lower 900 MHz band, are referred to as “low-band spectrum.” There is a finite amount of low-band spectrum available, and low-band spectrum has favorable coverage characteristics compared to higher frequencies, including the ability to provide services indoors and over greater distances. These characteristics result in its ability to be used for coverage and to be deployed more economically, with higher-frequency spectrum often used to provide additional capacity in targeted locations. The transition to 5 G NR for our PNT services will provide a technical capability to support broadband data services, which, subject to appropriate regulatory approvals, may allow the spectrum to be utilized to help meet the continued, growing demand for wireless data capacity.

Current wording

Simultaneously, demand for wireless data services continues to grow. The backbone of wireless data services, electromagnetic spectrum, is a finite resource. Our spectrum licenses, which lie in the Lower 900 MHz band, are referred to as “low-band spectrum.” There is a finite amount of low-band spectrum available, and low-band spectrum has favorable coverage characteristics compared to higher frequencies, including the ability to provide services indoors and over greater distances. These characteristics result in its ability to be used for coverage and to be deployed more economically, with higher-frequency spectrum often used to provide additional capacity in targeted locations. The transition to 5G NR for our PNT services will provide a technical capability to support broadband data services, which, subject to appropriate regulatory approvals, may allow the spectrum to be utilized to help meet the continued, growing demand for wireless data capacity.

Previous wording

As we evolve our technology platform to NextGen and pursue regulatory changes to the Lower 900 MHz band and our spectrum licenses, we continue to deliver high-quality PNT services through our Pinnacle and TerraPoiNT solutions. Our Pinnacle solution, launched in partnership with AT&T Services, Inc. (“AT&T”) as part of its FirstNet®initiative, can provide accurate altitude service to any device with a barometric pressure sensor and covers over 90% of commercial structures over three stories in the U.S. Our Pinnacle system is primarily used for public safety applications, including enhanced 911 (“E 911”) for Verizon Communications, Inc. (“Verizon”), and a growing number of devices operating on the remaining national cellular network providers.

Current wording

As we evolve our technology platform to NextGen and pursue regulatory changes to the Lower 900 MHz band and our spectrum licenses, we continue to deliver high-quality PNT services through our Pinnacle and TerraPoiNT solutions. Our Pinnacle solution, launched in partnership with AT&T Services, Inc. (“AT&T”) as part of its FirstNet® initiative, can provide accurate altitude service to any device with a barometric pressure sensor and covers over 90% of commercial structures over three stories in the U.S. Our Pinnacle system is primarily used for public safety applications, including enhanced 911 (“E911”) for Verizon Communications, Inc. (“Verizon”), and a growing number of devices operating on the remaining national cellular network providers.

Previous wording

Revenue increased by $0.5 million, or 47.1%, to $1.5 million for thethree months ended March 31, 2025 from $1.0 million for thethree months ended March 31, 2024. The increase was driven by an increase in service revenue from technology and services contracts with government and commercial customers. For thethree months ended March 31, 2025, onecustomer accounted for 51% of total revenue and another customer accounted for 39% of total revenue. For thethree months ended March 31, 2024, one customer accounted for 75% of total revenue andanother customer accounted for 14% of total revenue.

Current wording

Revenue increased by $0.1 million, or 8.8%, to $1.2 million for thethree months ended June 30, 2025 from $1.1 million for thethree months ended June 30, 2024. The increase was driven by an increase in service revenue from technology and services contracts with government and commercial customers. For thethree months ended June 30, 2025, one customer accounted for 67% of total revenue and another customer accounted for 15% of total revenue. For thethree months ended June 30, 2024, one customer accounted for 71% of total revenue and another customer accounted for 14% of total revenue.

Previous wording

COGS decreased by $0.2 million, or 8.3%, to $2.5 million for thethree months ended March 31, 2025 from $2.8 million for thethree months ended March 31, 2024. The decrease was primarily driven by a $0.2 million decrease insoftware license and cloud expenses, a $0.1 million decrease inoutside consulting expenses, and a $0.1 million decrease inpayroll-related expenses. The decreases were partially offset by a $0.1 million increase instock-based compensation, and a $0.1 million increase in non-recurring engineering services.

Current wording

COGS decreased by $0.9 million, or 30.4%, to $2.0 million for thethree months ended June 30, 2025 from $2.9 million for thethree months ended June 30, 2024. The decrease was primarily driven by a $0.3 million decrease in payroll-related expenses, a $0.2 million decrease in software license and cloud expenses, a $0.2 million decrease in non-recurring engineering services, a $0.1 million decrease in outside consulting expenses, and a $0.1 million decrease in site rent expense.

Previous wording

Selling, general and administrative expenses increased by $2.1 million, or 24.6%, to $10.5 million for thethree months ended March 31, 2025 from $8.4 million for thethree months ended March 31, 2024. The increase was primarily driven by a $1.0 million increase inprofessional services, a$0.6 million increase inoutside consulting expenses, a $0.4 million increase in stock-based compensation, and a $0.3 million increase in marketing and recruiting cost. The increases were partially offset by a $0.1 million decrease in payroll-related expenses, anda $0.1 million decrease in other operational expenses.

Current wording

Selling, general and administrative expenses increased by $2.1 million, or 26.2%, to $10.2 million for thethree months ended June 30, 2025 from $8.1 million for thethree months ended June 30, 2024. The increase was primarily driven by a $0.8 million increase in professional services, a $0.7 million increase in payroll-related expenses, a $0.4 million increase in outside consulting expenses, and a $0.3 million increase in marketing and recruiting costs. The increases were partially offset by a $0.1 million decrease in stock-based compensation.

Previous wording

Depreciation and amortization expenses increased by $0.1 million, or 10.1%, to $1.5 million for thethree months ended March 31, 2025 from $1.3 million for thethree months ended March 31, 2024. The increase in depreciation and amortization expense is primarily attributable to placing the network assets in service after the first quarter of 2024.

Current wording

Depreciation and amortization expenses increased by $0.1 million, or 4.2%, to $1.4 million for thethree months ended June 30, 2025 from $1.3 million for thethree months ended June 30, 2024. The increase in depreciation and amortization expense is primarily attributable to placing the network assets in service after the second quarter of 2024.

Previous wording

Interest expense, net of interest income, increased by $0.6 million, or 26.3%, to $2.7 million for the three months ended March 31, 2025 from $2.2 million for the three months ended March 31, 2024. The increase in interest expense was primarily driven by higher interest and amortization of debt discounts expense and lower interest income.

Current wording

Interest expense, net of interest income, increased by $0.7 million, or 30.2%, to $3.0 million for the three months ended June 30, 2025 from $2.3 million for the three months ended June 30, 2024. The increase in interest expense was primarily driven by higher interest and amortization of debt discounts expense.

Previous wording

Research and development expenses decreased by $0.6 million, or 13.5%, to $4.0 million for thethree months ended March 31, 2025 from $4.7 million for thethree months ended March 31, 2024. The decrease was primarily driven by a $0.4 million decrease instock-based compensation, a $0.3 million decrease in software license expenses, and a $0.3 million decrease in payroll-related expenses. The decreases were partially offset by a $0.3 million increase innon-recurring engineering services, and a$0.1 million increase in outside consulting expenses.

Current wording

COGS decreased by $1.1 million, or 19.6%, to $4.6 million for the six months ended June 30, 2025 from $5.7 million for the six months ended June 30, 2024. The decrease was primarily driven by a $0.4 million decrease in software license and cloud expenses, a $0.4 million decrease in payroll-related expenses, a $0.2 million decrease in non-recurring engineering services, and a $0.1 million decrease in outside consulting expenses.

Previous wording

Other expense was $38.8 million for thethree months ended March 31, 2025 compared with other expense of $13.2 million for thethree months ended March 31, 2024. The change was primarily driven by a loss resulting from the change in the fair value of the derivative liability, non-cash expense related to warrants issued in connection with the March 2025 debt financing, and debt extinguishment loss. These were partially offset by a gain from the change in the fair value of the warrant liability.

Current wording

Other expense was $81.7 million for the six months ended June 30, 2025 compared with other expense of $19.9 million for the six months ended June 30, 2024. The change was primarily driven by a loss resulting from the change in the fair value of the derivative liability, a debt extinguishment loss, and a non-cash expense related to warrants issued in connection with the March 2025 debt financing, partially offset by lower losses from the change in the fair value of the warrant liability.

Previous wording

We have incurred losses since our inception and to date have generated only limited revenue. We have primarily relied upon debt and equity financings to fund our cash requirements. During thethree months ended March 31, 2025 and 2024, we incurred net losses of $58.6 million and $31.6 million, respectively. During thethree months ended March 31, 2025, our net cash used in operating activitieswas $12.2 million and net cash provided by investing activities was $3.0 million. During thethree months ended March 31, 2024, our net cash used in operating activities and investing activities was $7.0 million and $2.1 million, respectively. As of March 31, 2025, we had cash and cash equivalents and marketable securities of $188.4 million and an accumulated deficit of $920.7 million. We expect to incur additional losses and higher operating expenses for the foreseeable future. Our primary use of cash is to fund our operations as we continue to grow our business. We will require a significant amount of cash for expenditures as we invest in ongoing research and development and our PNT networks.

Current wording

We have incurred losses since our inception and to date have generated only limited revenue. We have primarily relied upon debt and equity financings to fund our cash requirements. During thesix months ended June 30, 2025 and 2024, we incurred net losses of $121.8 million and $56.0 million, respectively. During thesix months ended June 30, 2025, our net cash used in operating activities was $25.7 million and net cash provided by investing activities was $75.5 million. During thesix months ended June 30, 2024, our net cash used in operating activities and investing activities was $19.3 million and $22.3 million, respectively. As of June 30, 2025, we had cash and cash equivalents and marketable securities of $176.1 million and an accumulated deficit of $983.9 million. We expect to incur additional losses and higher operating expenses for the foreseeable future. Our primary use of cash is to fund our operations as we continue to grow our business. We will require a significant amount of cash for expenditures as we invest in ongoing research and development and our PNT networks.

Previous wording

On March 12, 2025, we entered into a Note Purchase Agreement to sell to a group of lenders in a private placement (the “Private Placement”) $190.0 million in aggregate principal amount of 5% Senior Secured Convertible Notes due in 2028 (the “2028 Notes”) at par. The 2028 Notes will mature on June 30, 2028 with interest payable in cash semi-annually in arrears on June 1 and December 1 of each year at 5% per annum. Upon the closing of the Private Placement, the Company used a portion of the net proceeds from the Private Placement to redeem all of its $70.0 million 2026 Notes, at a redemption price of 101% of the principal amount of the 2026 Notes, plus accrued and unpaid interest. Refer to Note 8 to our condensed consolidated financial statements for the three months ended March 31, 2025 included elsewhere in this Quarterly Report on Form 10-Q for more information.

Current wording

On March 12, 2025, we entered into a Note Purchase Agreement to sell to a group of lenders in a private placement (the “Private Placement”) $190.0 million in aggregate principal amount of 5% Senior Secured Convertible Notes due in 2028 (the “2028 Notes”) at par. The 2028 Notes will mature on June 30, 2028 with interest payable in cash semi-annually in arrears on June 1 and December 1 of each year at 5% per annum. Upon the closing of the Private Placement, the Company used a portion of the net proceeds from the Private Placement to redeem all of its $70.0 million 2026 Notes, at a redemption price of 101% of the principal amount of the 2026 Notes, plus accrued and unpaid interest. Refer to Note 8 to our condensed consolidated financial statements for thethree and six months ended June 30, 2025 included elsewhere in this Quarterly Report on Form 10-Q for more information.

Previous wording

Net cash used in operating activities during thethree months ended March 31, 2025 was $12.2 million, resulting primarily from a net loss of $58.6 million adjusted for non-cash charges of$24.5 million for change in the fair value of derivative liability,$13.7 million loss on the early extinguishment of the 2026 Notes, $5.8 million related to warrants issued in connection with 2028 Notes, $4.3 million for stock-based compensation,$1.7 million for amortization of debt discount, $1.5 million for depreciation and amortization and a net decreasein operating assets of$1.2 million. These changes were partially offset bynon-cash income of $6.0 million for change in the fair value of warrant liability, and a $0.3 million realized and unrealized gain on marketable securities.

Current wording

Net cash used in operating activities during thesix months ended June 30, 2025 was $25.7 million, resulting primarily from a net loss of $121.8 million adjusted for non-cash charges of $55.2 million for change in the fair value of derivative liability, $13.7 million loss on the early extinguishment of the 2026 Notes, $9.0 million related to warrants issued in connection with 2028 Notes, $8.0 million for stock-based compensation, $4.3 million for amortization of debt discount, non-cash expense of $2.8 million for change in the fair value of warrant liability, $2.8 million for depreciation and amortization and a net increase in operating liabilities of $1.3 million. These changes were partially offset by a $1.2 million realized and unrealized gain on marketable securities.

Previous wording

Net cash used in operating activities during thethree months ended March 31, 2024 was $7.0 million, resulting primarily from a net loss of $31.6 million adjusted for non-cash charges of $4.2 million for stock-based compensation, non-cash expense of $13.2 million for change in the fair value of warrant liability,$1.3 million for depreciation and amortization, and$1.4 million for amortization of debt discount. Additionally, there was a net increase in operating assets of $4.4 million.

Current wording

Net cash used in operating activities during the six months ended June 30, 2024 was $19.3 million, resulting primarily from a net loss of $56.0 million adjusted for non-cash charges of $7.9 million for stock-based compensation, non-cash expense of $21.7 million for change in the fair value of warrant liability, $2.6 million for depreciation and amortization, and $3.0 million for amortization of debt discount. These changes were partially offset by a net increase in operating liabilities of $3.6 million, non-cash income of $1.9 million for change in fair value of Asset Purchase Agreement liability and $0.3 million realized and unrealized gain on marketable securities.

Previous wording

Net cash used in investing activities during the three months ended March 31, 2024 was $2.1 million, representing net purchase of marketable securities of $1.9 million, and cash used for property and equipment, including internal use software, of $0.2 million.

Current wording

Net cash used in investing activities during thesix months ended June 30, 2025 was $75.5 million, representing net purchase of marketable securitiesof $75.2 million, and cash used for property and equipment, including internal use software, of $0.3 million.

Previous wording

Net cash provided by financing activities during thethree months ended March 31, 2025 was $120.2 million, primarily reflecting cash proceeds from the issuance of the 2028 Notes, net of repayment of the 2026 Notes (refer to Note 8 to our condensed consolidated financial statements for thethree months ended March 31, 2025 included elsewhere in this Quarterly Report on Form 10-Q for more information) and cash proceeds the from exercise of common stock options and warrants.

Current wording

Net cash provided by financing activities during thesix months ended June 30, 2025 was $120.4 million, primarily reflecting cash proceeds from the issuance of the 2028 Notes, net of repayment of the 2026 Notes (refer to Note 8 to our condensed consolidated financial statements for the three and six months ended June 30, 2025 included elsewhere in this Quarterly Report on Form 10-Q for more information) and cash proceeds the from exercise of common stock options and warrants.

Previous wording

Net cash provided by financing activities during thethree months ended March 31, 2024 was $0.5 million, primarily reflecting cash proceeds from the exercise of common stock options.

Current wording

Net cash provided by financing activities during thesix months ended June 30, 2024 was $22.7 million, primarily reflecting cash proceeds from the exercise of common stock options.

Previous wording

For a discussion of our critical accounting policies and estimates, please refer to Item 7 under Part II, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our 2024 Form 10-K and Note 2 to our condensed consolidated financial statements for thethree months ended March 31, 2025 included elsewhere in this Quarterly Report on Form 10-Q.

Current wording

For a discussion of our critical accounting policies and estimates, please refer to Item 7 under Part II, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our 2024 Form 10-K and Note 2 to our condensed consolidated financial statements for thethree and six months ended June 30, 2025 included elsewhere in this Quarterly Report on Form 10-Q.

Previous wording

For information regarding new accounting pronouncements, and the impact of these pronouncements on our condensed consolidated financial statements, refer to Note 2 to our condensed consolidated financial statements for thethree months ended March 31, 2025 included elsewhere in this Quarterly Report on Form 10-Q.

Current wording

For information regarding new accounting pronouncements, and the impact of these pronouncements on our condensed consolidated financial statements, refer to Note 2 to our condensed consolidated financial statements for the three and six months ended June 30, 2025 included elsewhere in this Quarterly Report on Form 10-Q.