Company: NAVN
Filing Date: 2025-10-10
Form Type: S-1/A
Source: 0001628280-25-044812
Chunk: 151

Company: Navan, Inc.
Filing Date: 2025-10-10
Form: S-1/A
Chunk 151
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| Other income, net............................................. |                    $6,699 |     | $1,953 |     | $4,746 |     | 243%     |

Other income for the six months ended July 31, 2025 increased by $4.7 million, or 243%, primarily due to an increase in foreign currency transaction gains of $8.3 million, partially offset by debt issuance costs of $2.9 million incurred in connection with the issuance of the SAFEs, which were expensed when incurred. Loss on Extinguishment of Debt

|                                                     | Six Months Ended July 31, |     |      |     |           |     |          |
|                                                     |                      2025 |     | 2024 |     | Change    |     | % Change |
|                                                     |     -dollars in thousands |     |      |     |           |     |          |
| Loss on extinguishment of debt..................... |                 $(20,528) |     |   $— |     | $(20,528) |     | NM       |

______________ *NM - Not meaningful Loss on extinguishment of debt for the six months ended July 31, 2025 was $20.5 million, which represented the loss on the settlement of the 2022 Promissory Note. Gain (Loss) on Fair Value Adjustments

|                                                   | Six Months Ended July 31, |     |        |     |           |     |          |
|                                                   |                      2025 |     |   2024 |     | Change    |     | % Change |
|                                                   |     -dollars in thousands |     |        |     |           |     |          |
| Gain (loss) on fair value adjustments............ |                 $(17,886) |     | $3,020 |     | $(20,906) |     | NM       |

______________ *NM - Not meaningful Gain (loss) on fair value adjustments for the six months ended July 31, 2025 changed by $20.9 million, primarily due to a $39.2 million increase in the fair value of the SAFEs and common stock warrant liabilities, which were issued during the six months ended July 31, 2025, offset by an $18.3 million decrease in the fair value of the embedded derivative liability related to the Convertible Notes.

106

Income Tax Expense

|                                                             | Six Months Ended July 31, |     |        |