Company: NAVN
Filing Date: 2025-09-19
Form Type: S-1
Source: 0001628280-25-042130
Chunk: 43

Company: Navan, Inc.
Filing Date: 2025-09-19
Form: S-1
Chunk 43
---
 into our offerings and expanding our use of AI; • our ability to maintain and expand our relationships with our suppliers, and to identify and attract new suppliers; • changes in overall demand for business travel due to technological changes or changes in business practices, including as a result of current macroeconomic conditions; • the occurrence of travel-related accidents or the grounding of aircraft due to safety concerns or regulatory actions; • technical and operational disruptions at key transit hubs, including key international airports, including due to insufficient funding of aviation and other travel or transportation agencies or governmental bodies; • fluctuations in demand for, or pricing of, our platform, including the mix of hotel and air travel booked each quarter; • seasonal demand fluctuations, such as reduced travel by our users during holiday periods; • changes in customers’ T&E budgets and IT spending budgets; • potential and existing customers choosing our competitors’ products and services; • the development or introduction of new products or services that are easier to use or more advanced than our platform; • the adoption or retention of more entrenched or rival services in the international markets where we compete; • our ability to control costs, including our operating expenses; • the amount and timing of payment for operating expenses, particularly research and development and sales and marketing expenses, including commissions; • the amount and timing of non-cash expenses, including stock-based compensation; • the amount and timing of costs associated with recruiting, training, and integrating new employees, and retaining and motivating existing employees; • fluctuation in market interest and foreign exchange rates, and the impact of inflation and instability in the global banking system on the United States and global economies; • the impact of the geopolitical conflicts, such as the ongoing conflicts in Ukraine and the Middle East, including related sanctions implemented by other countries, on global travel patterns and financial markets; • political unrest or instability; • our ability to successfully execute acquisitions and integrate acquired businesses, and their accounting impact on our results of operations, including impairment of goodwill; 31 • the impact of new accounting pronouncements or changes in our accounting policies or practices; • security breaches of, technical difficulties with, or interruptions to, the delivery and use of our platform; • our brand and reputation; • legal and regulatory compliance costs in new and existing markets; and • general economic conditions, both domestically and internationally, as well as economic conditions specifically affecting industries in which our customers participate. Any of these and other factors, or the cumulative effect of some of these factors, may cause our results of operations to vary significantly. In addition, our quarterly results