Company: NAVN
Filing Date: 2025-10-10
Form Type: S-1/A
Source: 0001628280-25-044812
Chunk: 160

Company: Navan, Inc.
Filing Date: 2025-10-10
Form: S-1/A
Chunk 160
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 lease during the three months ended April 30, 2023, partially offset by an increase in salaries and related benefits. The increase in cost of revenue during the three months ended October 31, 2024 was primarily due to an increase in merchant fees and an increase in stock-based compensation expense driven by a modification to the terms of certain stock awards during the period. Refer to Note 10, “Equity Incentive Plan” to the consolidated financial statements included elsewhere in this prospectus for further information related to the stock award modification. The decrease in cost of revenue during the three months ended January 31, 2025 was primarily due to a decrease in merchant fees and stock-based compensation expense. The increase in cost of revenue during the three months ended April 30, 2025 was primarily due to an increase in merchant fees and salaries and related benefits. Research and Development Expense Trends Research and development expense has generally decreased as a percentage of revenue primarily due to the increase in revenue and the relative consistency of expenses over the quarters presented. The increase in research and development expense in the three months ended October 31, 2024 was primarily due to an increase in stock-based compensation expense driven by a modification to the terms of certain stock awards during the period. Refer to Note 10, “Equity Incentive Plan” to the consolidated financial statements included elsewhere in this prospectus for further information. As the expense related to the stock award modification recognized in the three months ended October 31, 2024 was non- recurring in nature, research and development expense in the three months ended January 31, 2025 correspondingly decreased. The increase in research and development expense in the three months ended July 31, 2025 was primarily due to an increase in salaries and related benefits driven by an increase in headcount. Sales and Marketing Expense Trends Sales and marketing expense has generally increased in the quarters presented primarily due to increased advertising expenses, sales commissions expense, and salaries and related benefits, including stock-based compensation, to promote our offerings and support revenue growth. The decrease in sales and marketing expenses in the three months ended April 30, 2024 was primarily due to a decrease in sales commissions expense driven by a decrease in sales commissions earned and a change in our sales compensation plans during the period, which resulted in an increase in the capitalization of certain contract acquisition costs. General and Administrative Expense Trends Excluding the impact of the release of a tax contingency reserve on general and administrative expense in the three months ended April