Company: NAVN
Filing Date: 2025-06-20
Form Type: DRS
Source: 0001628279-25-000383
Chunk: 40

Company: Navan, Inc.
Filing Date: 2025-06-20
Form: DRS
Chunk 40
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 a longer operating history at the current scale, scope, and complexity of our business or operated in a more predictable or stable market.

We have also recently completed several acquisitions of complementary businesses and have also broadened the scope and extent of our offerings outside of the United States. We have limited experience operating this expanded business at current scale and in increasing non-U.S. jurisdictions, including under economic conditions characterized by high inflation or in economic recessions. Certain of our longer-term strategic initiatives may also be obstructed or have unintended effects in the event of an economic recession, which we may not be able to predict. If our assumptions regarding these risks and uncertainties are incorrect or change due to changes in our markets or otherwise, or if we do not address these risks successfully, our results of operations could differ materially from our expectations and our business, financial condition, results of operations, and prospects could be adversely affected. We cannot assure you that we will be successful in addressing these and other challenges we may face in the future.

Our results of operations may fluctuate significantly, which could make our future results difficult to predict and could cause our results of operations to fall below expectations.

Our results of operations have varied significantly from period to period in the past, and we expect that our results of operations will continue to vary significantly in the future such that period-to-period comparisons may not be meaningful. Accordingly, our results of operations in any one quarter should not be relied upon as indicative of our future performance. Our quarterly results of operations may fluctuate

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as a result of a number of factors, many of which are outside of our control and may be difficult to predict, including:

• our ability to attract new customers and retain and grow sales within our existing customers;

• our ability to drive adoption of our offerings beyond travel, including our Expense Management offerings;

• our ability to continue integrating AI into our offerings and expanding our use of AI;

• our ability to maintain and expand our relationships with our suppliers, and to identify and attract new suppliers;

• changes in overall demand for business travel due to technological changes or changes in business practices, including as a result of current macroeconomic conditions;

• the occurrence of travel-related accidents or the grounding of aircraft due to safety concerns or regulatory actions;

• technical and operational disruptions at key transit hubs, including key international airports, including due to insufficient funding of aviation and other travel or transportation agencies or governmental bodies;

• fluctuations in demand for, or pricing of, our platform, including the mix of hotel and