Company: NAVN
Filing Date: 2025-06-20
Form Type: DRS
Source: 0001628279-25-000383
Chunk: 138

Company: Navan, Inc.
Filing Date: 2025-06-20
Form: DRS
Chunk 138
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 decline as a percentage of revenue in the long term.

In the quarter in which this offering is completed, we will recognize approximately $ million of stock-based compensation expense across our cost of revenue and operating expenses associated with the satisfaction of the performance-based vesting condition for outstanding RSUs for which the service-based vesting conditions have been fully or partially satisfied upon the effective date of the registration statement of which this prospectus forms a part.

#### Interest Expense
Interest expense primarily relates to interest expense on our borrowings, including amortization of debt discount and issuance costs related to our outstanding debt.

#### Other Income (Expense), Net
Other income (expense), net primarily consists of interest income earned on cash and cash equivalents, foreign exchange gains and losses, and other non-operating gains and losses.

#### Gain (Loss) on Fair Value Adjustments
Gain (loss) on fair value adjustments primarily consists of gains and losses as a result of recording our embedded derivative and warrant liabilities at fair value at the end of each reporting period.

#### Income Tax Expense
Income tax expense primarily consists of income taxes in certain federal, state, and foreign jurisdictions in which we conduct business. We maintain a full valuation allowance against our U.S. federal and state deferred tax assets, and certain foreign deferred tax assets, as we have concluded that it is not more likely than not that these deferred tax assets will be realized.

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### Results of Operations
The following table sets forth our consolidated statements of operations data for the periods indicated:

|                                       | (In thousands) | Year Ended January 31, |     2025 |     |   |     2024 |
|:--------------------------------------|:---------------|:-----------------------|---------:|:----|:--|---------:|
| Revenue                               |                | $                      |  536,837 |     | $ |  402,256 |
| Cost of revenue                       |                |                        |  169,815 |     |   |  162,622 |
| Gross profit                          |                |                        |  367,022 |     |   |  239,634 |
| Operating expenses                    |                |                        |          |     |   |          |
| Research and development              |                |                        |  122,386 |     |   |  132,442 |
| Sales and marketing                   |                |                        |  218,722 |     |   |  220,511 |
| General and administrative