Company: NAVN
Filing Date: 2025-10-10
Form Type: S-1/A
Source: 0001628280-25-044812
Chunk: 408

Company: Navan, Inc.
Filing Date: 2025-10-10
Form: S-1/A
Chunk 408
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160 |
| Common stock warrants.................................................................................... |     1,697,811 |     |                — |
| Total common stock reserved for issuance....................................................              |   203,327,822 |     |      197,511,756 |

NOTE 11 - INCOME TAXES The Company's provision for income tax expense and the effective tax rates are as follows (in thousands, except percentages):

|                                                                                                                       | Six Months Ended July 31, |     |        |
|                                                                                                                       |                      2025 |     |   2024 |
| Income Tax Provision.............................................................................................     |                    $8,043 |     | $4,296 |
| Effective Tax Rate................................................................................................... |                    (8.8)% |     | (4.9)% |

The Company's provision for income taxes for interim periods is determined using an estimated annual effective tax rate ("ETR"), adjusted for discrete items arising in the relevant period. In each quarter, the Company updates their estimated annual ETR and makes a year-to-date calculation of the provision. The Company's provision for income taxes was $8.0 million and $4.3 million , for the six months ended July 31, 2025 and 2024 , respectively. The effective tax rates for the six months ended July 31, 2025 and 2024 differed from the federal statutory tax rate primarily due to the Company's full valuation on U.S. federal and certain state deferred tax assets, partially offset by foreign income taxed at rates higher than the U.S. statutory rate.

F-76 NAVAN, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (unaudited)

The Company has evaluated all available evidence, both positive and negative, including historical levels of income and expectations and risks associated with estimates of future taxable income, and has determined that it is more likely than not that its net deferred tax assets will not be realized. As of July 31, 2025 , the Company continues to maintain valuation allowances against its U.S. federal, certain states, and certain foreign deferred tax assets. The Company is subject to income tax audits in the U.S. and foreign jurisdictions. The Company records liabilities related to uncertain tax positions and believes that it has provided adequate reserves for income tax uncertainties in all open tax years. It is reasonably possible that there could be changes to the amount of uncertain tax positions due to activities of the taxing authorities, settlement of audit issues, reassessment of existing uncertain tax positions