Company: NAVN
Filing Date: 2025-06-20
Form Type: DRS
Source: 0001628279-25-000383
Chunk: 134

Company: Navan, Inc.
Filing Date: 2025-06-20
Form: DRS
Chunk 134
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. Navan Cognition is designed to leverage third-party large language models with our own proprietary, internally developed software to enable us to create, train, deploy, and supervise our specialized virtual agents that can handle many complex tasks previously requiring human intervention. Our purpose-designed AI-powered virtual agents can reliably handle a range of autonomous tasks, from communicating with users through chat or voice commands to real-time decision making, such as booking and cancelling flights and expense tracking. Because this workforce responds to the significant majority of travelers’ needs, we typically require only limited human agent intervention. This technology enables us to efficiently scale our platform, allowing us to maintain a high level of service to customers for their basic needs and reserve agent time for more critical or complex customer service situations. See the section titled “Business–Our Solution–Navan Cognition: Our New Paradigm in AI-Powered Travel Management” for more information about Navan Cognition.

Our AI workforce’s performance, quality and accuracy has been rated with a CSAT of as of , 2025. An increasing amount of our support services is becoming automated through our AI-powered virtual agent chatbot, Ava, with more than % of interactions being handled without live agent intervention as of , 2025. Our ability to control customer support costs over time, even as customer support volume has increased significantly, has contributed to an increase in GAAP gross margin from 60% in fiscal 2024 to 68% in fiscal 2025, and non-GAAP gross margin increased from 62% in fiscal 2024 to 69% in fiscal 2025. See the section titled “Non-GAAP Financial Measures” below for information regarding our use of non-GAAP gross margin and a reconciliation of gross margin to non-GAAP gross margin.

We intend to continue investing in our infrastructure and AI capabilities to make our offerings even more scalable and personalized to our users.

#### Expand Organically and Inorganically
We have a highly successful track record of organic and inorganic investments and may consider additional M&A opportunities. We have previously executed and integrated multiple acquisitions, including R&M, Comtravo, Resia, Atlanta, Tripeur, and Regent, expanding our geographic footprint and strengthening our offering capabilities across core markets. Historically, inorganic growth efforts have focused on expanding international presence, deepening supply relationships, and extending our presence in key regions. For example, in April 2021, we acquired R&M (UK business travel management company) and in February 2022, we acquired