Company: NAVN
Filing Date: 2025-09-19
Form Type: S-1
Source: 0001628280-25-042130
Chunk: 148

Company: Navan, Inc.
Filing Date: 2025-09-19
Form: S-1
Chunk 148
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 ended January 31, 2024, which resulted in non-recurring income in the prior year, and (ii) an increase in foreign currency transaction losses of $3.9 million. Gain (Loss) on Fair Value Adjustments

|                                                   | Year Ended January 31, 
                   2025 |     | 2024      |     |  Change |     | % Change |
|:--------------------------------------------------|-----------------------:|:----|:----------|:----|--------:|:----|:---------|
|                                                   |  -dollars in thousands |     |           |     |         |     |          |
| Gain (loss) on fair value adjustments............ |                $12,200 |     | $(26,594) |     | $38,794 |     | NM       |

______________ * NM - Not meaningful Gain (loss) on fair value adjustments for the year ended January 31, 2025 changed by $38.8 million, primarily due to changes in the value of the embedded derivative liability related to the Convertible Notes. Income Tax Expense

|                                                             | Year Ended January 31, 
                   2025 |     |   2024 |     | Change |     | % Change |
|:------------------------------------------------------------|-----------------------:|:----|-------:|:----|-------:|:----|:---------|
|                                                             |  -dollars in thousands |     |        |     |        |     |          |
| Income tax expense......................................... |                 $9,570 |     | $5,428 |     | $4,142 |     | 76%      |

Income tax expense for the year ended January 31, 2025 increased by $4.1 million, or 76%, primarily due to increases in foreign profits and nondeductible expenses. Non-GAAP Financial Measures To supplement our consolidated financial statements, which are prepared and presented in accordance with GAAP, we use certain non-GAAP financial measures, which include non-GAAP gross profit, non-GAAP gross margin, non-GAAP income (loss) from operations, and non-GAAP net loss, to understand and evaluate our core operating performance. These non-GAAP financial measures, which may be different from similarly-titled measures used by other companies, are presented to enhance investors’ overall understanding of our operating performance and should not be considered substitutes for, or superior to, the financial information prepared and presented in accordance with GAAP.

106 We include these non