Company: NAVN
Filing Date: 2025-09-19
Form Type: S-1
Source: 0001628280-25-042130
Chunk: 331

Company: Navan, Inc.
Filing Date: 2025-09-19
Form: S-1
Chunk 331
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 is currently evaluating the impact of this standard on its consolidated financial statements. NOTE 2 – REVENUE Disaggregation of Revenue Revenue consists of the following (in thousands):

|                                                                                                                     | Year Ended January 31, 
                   2025 |     |     2024 |
|:--------------------------------------------------------------------------------------------------------------------|-----------------------:|:----|---------:|
| Usage-based revenue............................................................................................     |               $490,356 |     | $371,728 |
| Subscription revenue..............................................................................................  |                 46,481 |     |   30,528 |
| Total revenue...................................................................................................... |               $536,837 |     | $402,256 |

Usage-based revenue primarily represents fees from our platform customers earned on a per- booking transaction basis and fees from our travel supply and payment partners, which are generally earned on a per-transaction basis. Under our arrangements with certain travel supply partners, we earn additional fees when cumulative actual booking or transaction dollar volume exceeds specified contractual thresholds. Subscription revenue primarily represents revenue earned from subscriptions to our expense management platform.

F-20 NAVAN, INC. AND SUBSIDIARIES Notes to Consolidated Financial Statements

The following table summarizes revenue by region based on the billing country of customers (in thousands, except percentages):

|                                                                    | Year Ended January 31, 
                   2025 |     |                      |     |     2024 |     |                      |
|:-------------------------------------------------------------------|-----------------------:|:----|:---------------------|:----|---------:|:----|:---------------------|
|                                                                    |                 Amount |     | Percentage ofRevenue |     |   Amount |     | Percentage ofRevenue |
| United States..................................................... |               $315,807 |     | 59%                  |     | $217,427 |     | 54%                  |
| United Kingdom................................................     |                129,412 |     | 24%                  |     |  115,234 |     | 29%                  |
| Rest of World(1).................................................  |                 91,618 |     | 17%                  |     |   69,595 |     | 17%                  |
| Total revenue...............................................       |               $536,837 |     | 100%                 |     | $402,256 |     | 100%                 |

________________ (1) No individual country within Rest of World comprises more than 10% of total revenue. Unbilled Receivables