Company: NAVN
Filing Date: 2025-10-10
Form Type: S-1/A
Source: 0001628280-25-044812
Chunk: 354

Company: Navan, Inc.
Filing Date: 2025-10-10
Form: S-1/A
Chunk 354
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, and $0.3 million was recorded in cost of revenue within the consolidated statement of operations. During the year ended January 31, 2024 , amortization expense related to intangible assets of $4.8 million was recorded in sales and marketing expense, and $1.5 million was recorded in cost of revenue within the consolidated statement of operations.

F-28 NAVAN, INC. AND SUBSIDIARIES Notes to Consolidated Financial Statements

The expected future amortization expenses related to intangible assets as of January 31, 2025 were as follows (in thousands):

| Year Ended January 31,                                                                                                                                   
 2026.................................................................................................................................................... |     |  Amount 
  $4,937 |
|:---------------------------------------------------------------------------------------------------------------------------------------------------------|:----|--------:|
| 2027.................................................................................................................................................... |     |   4,855 |
| 2028.................................................................................................................................................... |     |   4,643 |
| 2029.................................................................................................................................................... |     |   4,624 |
| 2030.................................................................................................................................................... |     |   4,553 |
| Thereafter...........................................................................................................................................    |     |  32,021 |
| Total................................................................................................................................................    |     | $55,633 |

NOTE 8 – DEBT The Company had the following debt outstanding (in thousands):

|                                                                                                                         | As of January 31, |     |          |
|                                                                                                                         |              2025 |     |     2024 |
| Convertible notes....................................................................................................   |          $125,000 |     | $125,000 |
| Warehouse credit facility........................................................................................       |           214,238 |     |  206,404 |
| Trade loan facility.................................................................................................... |            45,000 |     |        — |
| Notes payable:                                                                                                          |                   |     |          |
| 2022 promissory note........................................................................................            |           150,000 |     |  150,000 |
| Other debt...........................................................................................................   |               968 |     |    3,439 |
| Total notes payable................................................................................................     |           150,968 |     |  153,439 |
| Total principal amount of debt and borrowings..................................................                         |           535,206 |     |  484,843 |
| Less: unamortized debt discount and issuance costs...............................                                       |           -11,324 |     |  -22,039 |