Company: NAVN
Filing Date: 2025-10-10
Form Type: S-1/A
Source: 0001628280-25-044812
Chunk: 159

Company: Navan, Inc.
Filing Date: 2025-10-10
Form: S-1/A
Chunk 159
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 |     |      2025 |     |     2025 |
|                                      |      -in thousands |     |          |     |            |     |            |     |           |     |          |     |            |     |            |     |           |     |          |
| Usage-basedrevenue.................  |            $87,777 |     |  $91,895 |     |   $102,197 |     |    $89,859 |     |  $110,996 |     | $121,452 |     |   $139,205 |     |   $118,703 |     |  $143,149 |     | $156,549 |
| Subscriptionrevenue................. |              6,407 |     |    7,478 |     |      8,103 |     |      8,540 |     |     9,946 |     |   11,333 |     |     11,913 |     |     13,289 |     |    14,312 |     |   15,403 |
| Totalrevenue...                      |            $94,184 |     |  $99,373 |     |   $110,300 |     |    $98,399 |     |  $120,942 |     | $132,785 |     |   $151,118 |     |   $131,992 |     |  $157,461 |     | $171,952 |

Quarterly Trends Revenue Trends Usage-based revenue has increased in each of the above periods, other than in the fourth quarter of each fiscal year in which travel demand by business travelers has historically been impacted by seasonal travel trends. The overall increases in usage-based revenue were driven by increases in GBV and payment volume as we increased our customer base and expanded engagement with our platform and offerings by existing customers. Our subscription revenue increased sequentially in each of the above periods, primarily driven by increased adoption of our Expense Management offering by new and existing customers on our platform. Cost of Revenue Trends Cost of revenue is generally not significantly impacted by seasonal travel trends and has remained relatively consistent across the quarters presented, even as our total revenue has grown on an overall

114 basis over the same periods, primarily as a result of our delivery of AI-powered customer support. The decrease in cost of revenue during the three months ended July 31, 2023 was primarily due to the recognition of costs related to the early termination of an office