Company: NAVN
Filing Date: 2025-09-19
Form Type: S-1
Source: 0001628280-25-042130
Chunk: 369

Company: Navan, Inc.
Filing Date: 2025-09-19
Form: S-1
Chunk 369
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 primarily represents revenue earned from subscriptions to our expense management platform.

F-55 NAVAN, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (unaudited)

The following table summarizes revenue by region based on the billing country of customers (in thousands, except percentages):

|                                                                    | Six Months Ended July 31, |     |                      |     |          |     |                      |
|                                                                    |                      2025 |     |                      |     |     2024 |     |                      |
|                                                                    |                    Amount |     | Percentage ofRevenue |     |   Amount |     | Percentage ofRevenue |
| United States..................................................... |                  $201,318 |     | 61%                  |     | $147,676 |     | 59%                  |
| United Kingdom................................................     |                    71,549 |     | 22%                  |     |   64,518 |     | 25%                  |
| Rest of World(1).................................................  |                    56,546 |     | 17%                  |     |   41,533 |     | 16%                  |
| Total revenue...............................................       |                  $329,413 |     | 100%                 |     | $253,727 |     | 100%                 |

_______________ (1) No individual country within Rest of World comprises more than 10% of total revenue. Unbilled Receivables We receive payments from customers based on a billing schedule as established in our customer contracts. Accounts receivable are recorded when we have an unconditional right to consideration. In some arrangements, we have a right to consideration for our performance under the customer contract before invoicing the customer, resulting in an unbilled accounts receivable. We recognized unbilled accounts receivable of $67.7 million and $51.9 million , respectively, as of July 31, 2025 and January 31, 2025 . Unbilled accounts receivable is recorded within accounts receivable, net on the accompanying condensed consolidated balance sheets. Contract Liabilities Revenue is deferred when we have the right to invoice in advance of performance under a customer contract. The deferred revenue balance primarily consists of annual subscription payments. The current portion of deferred revenue represents the amounts that are expected to be recognized within one year of the balance sheet date. The non-current portion of deferred revenue represents amounts that are expected to be recognized more than one year from the balance sheet date. For the six months