Company: NAVN
Filing Date: 2025-09-19
Form Type: S-1
Source: 0001628280-25-042130
Chunk: 375

Company: Navan, Inc.
Filing Date: 2025-09-19
Form: S-1
Chunk 375
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.21 - 1.21   |
| Discount for lack of marketability..................................................................................................... | 5.0 - 18.0%   |

The change in value of the common stock warrant liabilities during the six months ended July 31, 2025 is summarized below (in thousands):

| Balance as ofJanuary 31, 2025......................................................................................................        |      $— |
|:-------------------------------------------------------------------------------------------------------------------------------------------|--------:|
| Additions in the period..................................................................................................................  |  27,700 |
| Change in fair value...................................................................................................................... |   3,500 |
| Balance as ofJuly 31, 2025.............................................................................................................    | $31,200 |

Other Financial Instruments The fair value of other financial instruments that are not recognized at fair value on the balance sheet are presented below for disclosure purposes only (in thousands):

|                                                                                                   | Fair ValueHierarchy |               |    As of |                 |          |
|                                                                                                   |                     | July 31, 2025 |          | January 31,2025 |          |
| Convertible notes.........................................................................        | Level 3             |               | $354,000 |                 | $359,200 |
| Warehouse credit facility............................................................             | Level 3             |               | $140,864 |                 | $210,995 |
| ABL facility....................................................................................  | Level 3             |               |  $34,386 |                 |       $— |
| Vista facility................................................................................... | Level 3             |               | $129,725 |                 |       $— |
| Trade loan facility.........................................................................      | Level 3             |               |        — |                 |  $45,000 |
| 2022 promissory note.................................................................             | Level 3             |               |        — |                 | $179,932 |
| Other debt.....................................................................................   | Level 3             |               |   $1,810 |                 |     $933 |

F-60 NAVAN, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (unaudited)

NOTE 4 – SUPPLEMENTAL FINANCIAL STATEMENT INFORMATION Property, Equipment and Software, Net Property, equipment and software, net consisted of the following (in thousands):

|                                                                                                                        |         As of |     |                 |
|                                                                                                                        | July 31, 2025 |     | January 31,2025 |
| Capitalized software................................................................