Company: NAVN
Filing Date: 2025-10-10
Form Type: S-1/A
Source: 0001628280-25-044812
Chunk: 348

Company: Navan, Inc.
Filing Date: 2025-10-10
Form: S-1/A
Chunk 348
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 72.6%          |     | 66.1% - 85.3% |
| Risk free rate....................................................................................................      | 4.12% - 4.15%          |     | 4.23% - 4.65% |

The change in value of the embedded derivative liability during the years ended January 31, 2025 and 2024 is summarized below (in thousands):

| Balance as of January 31, 2023......................................................................................................            | $45,420 |
| Change in fair value........................................................................................................................... |  26,730 |
| Balance as of January 31, 2024......................................................................................................            |  72,150 |
| Change in fair value........................................................................................................................... | -12,330 |
| Balance as of January 31, 2025......................................................................................................            | $59,820 |

Changes in fair value of the embedded derivative liability are recognized as a component of gain (loss) on fair value adjustments in the accompanying consolidated statements of operations. Other Financial Instruments The fair value of other financial instruments that are not recognized at fair value on the balance sheet are presented below for disclosure purposes only (in thousands):

|                                                                                                 | Fair ValueHierarchy |      | As of January 31, |      |          |
|                                                                                                 |                     | 2025 |                   | 2024 |          |
| Convertible notes.........................................................................      | Level 3             |      |          $359,200 |      | $314,400 |
| Warehouse credit facility............................................................           | Level 3             |      |          $210,995 |      | $200,238 |
| Trade loan facility.........................................................................    | Level 3             |      |           $45,000 |      |        — |
| 2022 promissory note.................................................................           | Level 3             |      |          $179,932 |      | $161,518 |
| Other debt..................................................................................... | Level 3             |      |              $933 |      |   $3,376 |

F-23 NAVAN, INC. AND SUBSIDIARIES Notes to Consolidated Financial Statements

NOTE 4 – BALANCE SHEET COMPONENTS Property, Equipment and Software, Net Property, equipment and software, net consisted of the following (in thousands):

|                                                                                                                        | As of January 31, |     |         |
|                                                                                                                        |              2025 |     |    2024 |
|