Company: NAVN
Filing Date: 2025-09-19
Form Type: S-1
Source: 0001628280-25-042130
Chunk: 9

Company: Navan, Inc.
Filing Date: 2025-09-19
Form: S-1
Chunk 9
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, 2025. Our payment volume grew 35% year-over-year from $2.7 billion in fiscal 2024 to $3.7 billion in fiscal 2025, and grew 10% period-over-period from $1.8 billion for the six months ended July 31, 2024 to $2.0 billion for the six months ended July 31, 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, handled approximately 50% of user interactions during the six months ended July 31, 2025. Our gross margin improved from 60% in fiscal 2024 to 68% in fiscal 2025, and improved from 67% for the six months ended July 31, 2024 to 72% for the six months ended July 31, 2025. Our non- GAAP gross margin improved from 62% in fiscal 2024 to 69% in fiscal 2025, and improved from 68% for the six months ended July 31, 2024 to 73% for the six months ended July 31, 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. Limitations of Existing Solutions for Key Stakeholders in Business Travel • For Travelers : When working with legacy solutions, users are forced to navigate a global web of challenging interfaces that present limited booking options and offer little guidance on company 3 travel and expense policy. It is difficult to assess which travel options are compliant with company policy, especially as users rely heavily on live booking agents to assist. Additionally, travelers are tasked with the frustrating process of tracking and uploading receipts, filling out cumbersome forms, and often needing to front personal dollars for their company spend. Travelers who book outside of approved systems can also miss critical travel alerts and support services provided by corporate programs. • For Companies : Frustration with limited booking options, siloed systems, and poor user experience can often lead to limited adoption of systems by travelers. Existing solutions may require travelers to book or modify travel through a travel agent, resulting in the company paying additional fees. Companies also