Company: NAVN
Filing Date: 2025-06-20
Form Type: DRS
Source: 0001628279-25-000383
Chunk: 139

Company: Navan, Inc.
Filing Date: 2025-06-20
Form: DRS
Chunk 139
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 $                      | 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 driven primarily by (i) a 32% increase in GBV and 35% increase in payment volume as we increased our customer base and expanded engagement with our platform and offerings by existing customers, and (ii) 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 |     |     |        4 | % |
| Gross profit    |                        | $                      | 367,022 |   |     | $ | 239,634 |   |     | $ | 127,388 |     |     |       53 | % |
| Gross margin    |                        |                        |      68 | % |     |   |      60 | % |     |   |         |     |     |          |   |

Cost of revenue for the year ended January 31, 2025 increased by $7.2 million, or 4%, primarily due to an increase in salaries and related benefits of $4.6 million, an increase in merchant fees of $2.9 million, and an increase in cloud hosting, support, processing and ticketing fees of $2.8 million, offset by a $2.