Company: NAVN
Filing Date: 2025-06-20
Form Type: DRS
Source: 0001628279-25-000383
Chunk: 163

Company: Navan, Inc.
Filing Date: 2025-06-20
Form: DRS
Chunk 163
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 customer experience. Our platform also provides actionable analytics and intelligence for managers to monitor and approve travel and entertainment spend in real-time.

Our platform is easy-to-use, yet powerful enough to address customers of all sizes across any industry vertical. As of January 31, 2025, we had over 10,000 active customers up 27% from over 8,000 active customers as of fiscal 2024. Our revenue grew 33% year-over-year from $402 million in fiscal 2024 to $537 million in fiscal 2025. Our gross booking volume grew 32% year-over-year from $5.0 billion in fiscal 2024 to $6.6 billion in fiscal 2025. Our payment volume grew 35% year-over-year from $2.7 billion in fiscal 2024 to $3.7 billion in fiscal 2025.

Our proprietary AI framework, Navan Cognition, significantly enhances support capabilities and has improved our gross margins, while leveraging powerful technology capabilities across our platform, making Navan an increasingly formidable competitor. For example, our AI-powered virtual agent chatbot, Ava, was capable of effectively handling % of customer interactions as of , 2025. Our GAAP gross margin improved from 60% in fiscal 2024 to 68% in fiscal 2025. Our non-GAAP gross margin improved from 62% in fiscal 2024 to 69% in fiscal 2025. See the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Non-GAAP Financial Measures” for information regarding our use of non-GAAP gross margin and a reconciliation of gross margin to non-GAAP gross margin.

Navan’s Opportunity: Reshaping an Industry that Has Not Changed in 30 Years

Travel and Expense Management is a Large and Highly Fragmented Industry

Global travel is a massive and complex industry. According to the World Travel & Tourism Council, the travel and tourism sector’s contribution to the global economy reached $10.9 trillion in 2024, representing 10% of the global economy.

Over the last two decades, consumer travel has undergone significant innovation, with technology-driven marketplaces enhancing the user experience and simplifying transactions. Online penetration of global travel sales increased from 58% in 2019 to 66% in 2023, according to Euromonitor. For personal travel, which is often simpler by nature, consumers have grown accustomed to experiencing a high level of personalization and self-driven discovery. As