Company: NAVN
Filing Date: 2025-06-20
Form Type: DRS
Source: 0001628279-25-000383
Chunk: 321

Company: Navan, Inc.
Filing Date: 2025-06-20
Form: DRS
Chunk 321
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.12% - 4.15% |     |     |      | 4.23% - 4.65% |

The change in value of the embedded derivative liability during the years ended January 31, 2025 and 2024 is summarized below (in thousands):

| Balance as of January 31, 2023 |     | $ |  45,420 |
| Change in fair value           |     |   |  26,730 |
| Balance as of January 31, 2024 |     |   |  72,150 |
| Change in fair value           |     |   | -12,330 |
| Balance as of January 31, 2025 |     | $ |  59,820 |

Changes in fair value of the embedded derivative liability are recognized as a component of gain (loss) on fair value adjustments in the accompanying consolidated statements of operations.

<div align='center'>F-20</div>

### 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.

|                           |     | Fair Value Hierarchy |     |         | 2025 |     | As of January 31, |         |     | 2024 |     |   |         |
|:--------------------------|:----|:---------------------|:----|:--------|:-----|:----|:------------------|--------:|:----|:-----|:----|:--|--------:|
| Convertible notes         |     |                      |     | Level 3 |      |     | $                 | 359,200 |     |      |     | $ | 314,400 |
| Warehouse credit facility |     |                      |     | Level 3 |      |     | $                 | 210,995 |     |      |     | $ | 200,238 |
| Trade loan facility       |     |                      |     | Level 3 |      |     | $                 |  45,000 |     |      |     |   |       — |
| 2022 promissory note      |     |                      |     | Level 3 |      |     | $                 | 179,932 |     |      |     | $ | 161,518 |
| Other debt                |     |                      |     | Level 3 |      |     | $                 |     933 |     |