Company: NAVN
Filing Date: 2025-06-20
Form Type: DRS
Source: 0001628279-25-000383
Chunk: 143

Company: Navan, Inc.
Filing Date: 2025-06-20
Form: DRS
Chunk 143
---
594 |     | $ | 38,794 |     |     | (146     | %) |

Gain (loss) on fair value adjustments for the year ended January 31, 2025 changed by $38.8 million, or 146%, primarily due to changes in the value of the embedded derivative liability related to our convertible notes.

Income Tax Expense

|                    | (dollars in thousands) | Year Ended January 31, |  2025 |     |   |  2024 |     |   | Change |     |     | % Change |   |
|:-------------------|:-----------------------|:-----------------------|------:|:----|:--|------:|:----|:--|-------:|:----|:----|---------:|:--|
| Income tax expense |                        | $                      | 9,570 |     | $ | 5,428 |     | $ |  4,142 |     |     |       76 | % |

Income tax expense for the year ended January 31, 2025 increased by $4.1 million, or 76%, primarily due to increases in foreign profits and nondeductible expenses.

### Non-GAAP Financial Measures
To supplement our consolidated financial statements, which are prepared and presented in accordance with GAAP, we use certain non-GAAP financial measures, which include non-GAAP gross profit, non-GAAP gross margin, non-GAAP loss from operations, and non-GAAP net loss, to understand and evaluate our core operating performance. These non-GAAP financial measures, which may be different from similarly-titled measures used by other companies, are presented to enhance investors’ overall understanding of our operating performance and should not be considered substitutes for, or superior to, the financial information prepared and presented in accordance with GAAP.

We include these non-GAAP financial measures in this prospectus because they are important measures upon which our management assesses our operating performance and the operating leverage in our business. We believe that these non-GAAP financial measures are useful to investors because they provide useful information about our financial performance, consistency and comparability with past financial performance and may assist in comparisons with other companies in our industry, some of which use similar non-GAAP financial information to supplement their GAAP results.

<div align='center'>97</div>

Non-GAAP financial measures have limitations in their usefulness to investors and should not be considered in isolation or as substitutes for financial information presented under GAAP. Non