Company: NAVN
Filing Date: 2025-07-28
Form Type: DRS/A
Source: 0001628279-25-000476
Chunk: 142

Company: Navan, Inc.
Filing Date: 2025-07-28
Form: DRS/A
Chunk 142
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2024 |     |   |  Change |     |     | % Change |   |
|:---------------------|:-----------------------|:-----------------------|--------:|:----|:--|--------:|:----|:--|--------:|:----|:----|---------:|:--|
| Usage-based revenue  |                        | $                      | 490,356 |     | $ | 371,728 |     | $ | 118,628 |     |     |       32 | % |
| Subscription revenue |                        | $                      |  46,481 |     | $ |  30,528 |     | $ |  15,953 |     |     |       52 | % |
| Total revenue        |                        | $                      | 536,837 |     | $ | 402,256 |     | $ | 134,581 |     |     |       33 | % |

Revenue for the year ended January 31, 2025 increased by $134.6 million, or 33%.

The increase in revenue for the year ended January 31, 2025, compared to the year ended January 31, 2024, was due to (i) an increase in usage-based revenue driven by a 32% increase in GBV and a 35% increase in payment volume as we increased our customer base and expanded engagement with our platform and offerings by existing customers, and (ii) an increase in subscription revenue primarily driven by increased adoption of our Expense Management offering by new and existing customers on our platform.

The impact of foreign currency translation on the change in revenue from the year ended January 31, 2024 to the year ended January 31, 2025 was not material.

Cost of Revenue and Gross Profit

|                 | (dollars in thousands) | Year Ended January 31, |    2025 |   |     |   |    2024 |   |     |   |  Change |     |     | % Change |   |
|:----------------|:-----------------------|:-----------------------|--------:|:--|:----|:--|--------:|:--|:----|:--|--------:|:----|:----|---------:|:--|
| Cost of revenue |                        | $                      | 169,815 |   |     | $ | 162,622 |   |     | $ |   7,193 |