Company: NAVN
Filing Date: 2025-10-10
Form Type: S-1/A
Source: 0001628280-25-044812
Chunk: 150

Company: Navan, Inc.
Filing Date: 2025-10-10
Form: S-1/A
Chunk 150
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 service vesting conditions, calculated using the accelerated attribution method for RSUs with a performance-based vesting condition and using the straight-line method for RSUs granted following the completion of this offering and without a performance-based vesting condition. As a result, we expect that our general and administrative expenses will increase in absolute dollars for the foreseeable future. We expect our general and administrative expenses may vary from period to period as a percentage of revenue in the near term and to decline as a percentage of revenue in the long term. In the quarter in which this offering is completed, we will recognize approximately $81.1 milli on of stock-based compensation expense across our cost of revenue and operating expenses associated with the satisfaction of the performance-based vesting condition for outstanding RSUs for which the service- based vesting conditions have been fully or partially satisfied upon the effective date of the registration statement of which this prospectus forms a part. Interest Expense Interest expense primarily relates to interest expense on our borrowings, including amortization of debt discount and issuance costs related to our outstanding debt. Other Income (Expense), Net Other income (expense), net primarily consists of interest income earned on cash and cash equivalents, foreign exchange gains and losses, and other non-operating gains and losses. Gain (Loss) on Fair Value Adjustments Gain (loss) on fair value adjustments primarily consists of gains and losses as a result of recording our SAFEs, embedded derivative and warrant liabilities at fair value at the end of each reporting period. Loss on Extinguishment of Debt Loss on extinguishment of debt consists of losses incurred on the extinguishment of debt instruments. Income Tax Expense Income tax expense primarily consists of income taxes in certain federal, state, and foreign jurisdictions in which we conduct business. We maintain a full valuation allowance against our U.S. federal and state deferred tax assets, and certain foreign deferred tax assets, as we have concluded that it is not more likely than not that these deferred tax assets will be realized.

102

Results of Operations The following table sets forth our consolidated statements of operations data for the periods indicated:

|                                                                         | Year Ended January 31, 
                   2025 |     |       2024 |     | Six Months Ended July 31, 
                      2025 |     |      2024 |
|:------------------------------------------------------------------------|-----------------------:|:----|-----------:|:----|--------------------------:|:----|----------:|
|                                                                         |          -in thousands |     |            |     |                           |     |           |
|