NextWave’s Q2 losses nearly double

NextWave Wireless Inc. lost more than $59.5 million during the second quarter, primarily due to an increase in operating expenses related to the expansion of its research and development teams and related support organizations, it reported in financial results.
The loss, which nearly doubled from the $33.5 million it lost in the same period a year ago, sent its stock down 4.6% to $6.43 per share.
The company has lost more than $114.7 million in the first six months of 2007, a drastic increase from the $38.1 million it lost in the first six months of the previous year.
The San Diego-based company also acquired IPWireless Inc. for $99.6 million and through its Inquam Broadband GmbH subsidiary, acquired a 65% controlling interest in WiMAX Telecom AG, during the quarter.
“The acquisition of IPWireless and WiMAX Telecom, and the successful fabrication of our first-generation WiMAX chipset, which is one of the first paired multi-band chipsets to enable global roaming for WiMAX users, were some of the important milestones achieved during the second quarter of 2007,” Chairman and CEO Allen Salmasi said in a prepared statement.
NextWave counts 895 full-time employees and 276 contractor personnel working on developing and marketing the company’s broadband and wireless multimedia products and technologies, it reported.