Company: NAVN
Filing Date: 2025-10-10
Form Type: S-1/A
Source: 0001628280-25-044812
Chunk: 371

Company: Navan, Inc.
Filing Date: 2025-10-10
Form: S-1/A
Chunk 371
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,643 |
| Net deferred tax assets..........................................................................................  |                 23,144 |     |   23,796 |
| Deferred tax liabilities:                                                                                          |                        |     |          |
| Operating lease right-of-use asset..................................................................               |                -10,499 |     |  -11,023 |
| Reserves and accruals......................................................................................        |                    -45 |     |        — |
| Depreciation and amortization.........................................................................             |                -13,164 |     |  -13,902 |
| Stock-based compensation..............................................................................             |                   -621 |     |        — |
| Total deferred tax liabilities.................................................................................... |                -24,329 |     |  -24,925 |
| Total net deferred tax assets (liabilities)..............................................................          |               $(1,185) |     | $(1,129) |

In assessing the realization of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred assets will be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Based on the available objective evidence, the Company believes it is more likely than not that a portion of its net deferred tax assets may not be realized in the future. Accordingly, the Company established a full valuation allowance against its U.S. federal, certain states, and certain foreign deferred tax assets. The net change in the total valuation allowance for the years ended January 31, 2025 and 2024 was an increase of approximately $39.1 million and $70.0 million, respectively. As of January 31, 2025, the Company had approximately $805.0 million of federal, $628.6 million of state, and $20.0 million of foreign net operating loss carryforwards as reported on our tax returns available to reduce future taxable income. Of the $805.0 million federal net operating loss carryforwards, $789.9 million may be carried forward indefinitely with utilization limited to 80% of taxable income, and the remaining $15.1 million will begin to expire in 2036. State NOL carryforwards will begin to expire in 2027, unless utilized. The foreign net operating loss carryforwards will carryforward indefinitely. As of January 31, 2025, the Company also had federal and state research and development tax credit carryforwards as reported on our