Company: NAVN
Filing Date: 2025-09-19
Form Type: S-1
Source: 0001628280-25-042130
Chunk: 3

Company: Navan, Inc.
Filing Date: 2025-09-19
Form: S-1
Chunk 3
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, before expenses, to the selling stockholders...............................................................................................................................                           | $         |     | $     |

_______________ (1) See the section titled “Underwriting” for a description of the compensation payable to the underwriters. The underwriters have the option for a period of 30 days to purchase up to an additional shares of Class A common stock from us at the initial public offering price less underwriting discount. The underwriters expect to deliver the shares of Class A common stock against payment in New York, New York on , 2025 .

| Goldman Sachs & Co.LLC | Citigroup |

| Jefferies | Mizuho | Morgan Stanley |

| BNP PARIBAS |     | Citizens Capital Markets |     | Oppenheimer & Co. |     | MUFG |     | Needham & Company |     | BTIG |

| Loop Capital Markets | Academy Securities | Rosenblatt |

Prospectus dated , 2025. The information in this preliminary prospectus is not complete and may be changed. These securities may not be sold until the registration statement filed with the Securities and Exchange Commission is effective. This preliminary prospectus is not an offer to sell these securities and we are not soliciting offers to buy these securities in any jurisdiction where the offer or sale is not permitted. Subject to Completion. Dated , 2025.

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Table of Contents

|                                                                                                                                                                                                                            | Page |
| GLOSSARY OF TERMS...............................................................................................................................                                                                           |  iii |
| LETTER FROM OUR CO-FOUNDERS....................................................................................................                                                                                            |   vi |
| PROSPECTUS SUMMARY.........................................................................................................................                                                                                |    1 |
| RISK FACTORS.............................................................................................................................................                                                                  |   22 |
| SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS...............................................                                                                                                                           |   76 |
| INDUSTRY AND MARKET DATA...............................................................................................................                                                                                    |   78 |
| USE OF PROCEEDS....................................................................................................................................                                                                        |   79 |
| DIVIDEND POLICY........................................................................................................................................                                                                    |   81 |
| CAPITALIZATION..........................................................................................................................................                                                                   |   82 |
| DILUTION........................................................................................................................................................                                                           |   86 |
| MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTSOF OPERATIONS...................................................................................................................................... |   90 |
| BUSINESS......................................................................................................................................................                                                             |  123 |
| MANAGEMENT..............................................................................................................................................                                                                   |  159 |
| EXECUTIVE COMPENSATION..................................................................................................................                                                                                   |