Third quarter revenue grew 29% year-over-year to $195 million

第三季度收入同比增長 29%，達到 1.95 億美元

Amy Butte will depart as Chief Financial Officer, effective January 9, 2026

艾米·布特將於2026年1月9日離任首席財務官

PALO ALTO, Calif.--(BUSINESS WIRE)-- Navan, Inc. (NASDAQ: NAVN), the leading all-in-one business travel, payments, and expense management platform, today reported financial results for its third quarter ended October 31, 2025.

加利福尼亞州帕洛阿爾託 --（商業新聞）-- Navan, Inc.（納斯達克：NAVN），領先的一體化商務旅行、支付和費用管理平台，今天公佈了截至2025年10月31日的第三季度財務業績。

Management Commentary:

管理層評論：

“Q3 was a strong debut quarter as a public company for Navan. All parts of the business performed well, highlighted by continued momentum in the enterprise market and new highs in customer satisfaction, with CSAT at 97% and NPS at 45,” said Navan co-founder and CEO, Ariel Cohen. “Our end-to-end AI-first platform is clearly resonating with customers in the massive business travel and expense market. With access to an extremely wide range of travel inventory, a leading consumer-grade user interface, and AI-powered booking and customer support, everyone in the travel ecosystem benefits – users, customers, and suppliers. I’m pleased with our team’s execution across product, customer success, and go-to-market. At the same time, we are making great progress on innovation, building the next generation of Navan. I’ve never been more optimistic about the opportunity ahead as we pursue our mission to make travel easy for every frequent traveler.”

“第三季度是 Navan 作為一家上市公司的強勁首秀。業務的各個部分表現良好，企業市場的持續增長和客户滿意度的新高是亮點，客户滿意度（CSAT）為 97%，淨推薦值（NPS）為 45，” Navan 聯合創始人兼首席執行官阿里爾·科恩表示。“我們的端到端 AI 優先平台顯然與龐大的商務旅行和費用市場的客户產生了共鳴。憑藉極其廣泛的旅行庫存、領先的消費者級用户界面以及 AI 驅動的預訂和客户支持，旅行生態系統中的每個人都受益——用户、客户和供應商。我對我們團隊在產品、客户成功和市場推廣方面的執行感到滿意。同時，我們在創新方面也取得了重大進展，正在構建 Navan 的下一代。我從未對未來的機會感到如此樂觀，因為我們致力於讓每位頻繁旅行者的旅行變得輕鬆。”

“Navan delivered a strong third quarter, and we’re encouraged by the combination of revenue growth and increased operating margin that we achieved," said Amy Butte, Navan CFO. “We were able to deliver 29% revenue growth year-over-year in Q3, and 870 basis points of non-GAAP operating margin expansion. These results demonstrate our differentiated product and effective execution. We did not see a material impact to our business from travel disruptions related to the government shutdown in October and early November, and we continue to see strong demand in the corporate travel and expense market. As a reminder, we are a seasonal business. While we are reporting Q3 today, which is our seasonally strongest quarter, when we think about our business we think about it annually over an entire fiscal year.”

“Navan 在第三季度交出了強勁的業績，我們對收入增長和運營利潤率提升的結合感到鼓舞，” Navan 首席財務官艾米·布特表示。“我們在第三季度實現了同比 29% 的收入增長，非 GAAP 運營利潤率擴張 870 個基點。這些結果證明了我們差異化的產品和有效的執行。我們沒有看到由於政府在十月和十一月初關閉而導致的旅行中斷對我們業務的重大影響，我們繼續看到企業旅行和費用市場的強勁需求。請記住，我們是一家季節性企業。雖然我們今天報告的是第三季度，這是我們季節性最強的季度，但當我們考慮我們的業務時，我們是以整個財年的年度為單位來思考的。”

Third Quarter Fiscal Year 2026 Financial Highlights:

2026 財年第三季度財務亮點：

Revenue

收入

Total Revenue was $195 million, an increase of 29% year-over-year.
- Usage revenue was $180 million, an increase of 29% year-over-year.
- Subscription revenue was $15 million, an increase of 26% year-over-year.
- Gross Booking Volume (“GBV”) grew 40% year-over-year, to $2.6 billion in the quarter.
- Payment Volume grew 12% year-over-year, to $1.1 billion in the quarter.

總收入為 1.95 億美元，同比增長 29%。
- 使用收入為 1.8 億美元，同比增長 29%。
- 訂閲收入為 1500 萬美元，同比增長 26%。
- 毛預訂量（“GBV”）同比增長 40%，達到 26 億美元。
- 支付量同比增長 12%，達到 11 億美元。

Gross Profit

毛利潤

GAAP gross profit reached $138 million, representing 71% gross margin, compared to $107 million, or 71% gross margin in the third quarter of fiscal year 2025.
Non-GAAP gross profit was $144 million, representing 74% non-GAAP gross margin, compared to $108 million, or 72% non-GAAP gross margin in the third quarter of fiscal year 2025.

GAAP 毛利潤達到 1.38 億美元，毛利率為 71%，相比 2025 財年第三季度的 1.07 億美元，毛利率為 71%。
非 GAAP 毛利潤為 1.44 億美元，非 GAAP 毛利率為 74%，相比 2025 財年第三季度的 1.08 億美元，非 GAAP 毛利率為 72%。

Income (Loss) from Operations

運營收入（損失）

GAAP loss from operations was ($79 million), compared to a loss from operations of ($19 million) in the third quarter of fiscal year 2025; GAAP operating margin was (41%), compared to (13%) in the third quarter of fiscal year 2025.
Non-GAAP income from operations was $25 million, compared to non-GAAP income from operations of $6 million in the third quarter of fiscal year 2025; non-GAAP operating margin was 13%, compared to 4% in the third quarter of fiscal year 2025.

GAAP 運營損失為 7900 萬美元，相比 2025 財年第三季度的 1900 萬美元運營損失；GAAP 運營利潤率為（41%），相比 2025 財年第三季度的（13%）。
非 GAAP 運營收入為 2500 萬美元，相比 2025 財年第三季度的 600 萬美元非 GAAP 運營收入；非 GAAP 運營利潤率為 13%，相比 2025 財年第三季度的 4%。

Net Income (Loss)

淨收入（損失）

GAAP net loss was ($225 million), compared to a net loss of ($42 million) in the third quarter of fiscal year 2025.
Non-GAAP net income was $9 million, compared to a non-GAAP net loss of ($14 million) in the third quarter of fiscal year 2025.

GAAP 淨損失為 2.25 億美元，相比 2025 財年第三季度的 4200 萬美元淨損失。
非 GAAP 淨收入為 900 萬美元，相比 2025 財年第三季度的 1400 萬美元非 GAAP 淨損失。

Recent Business Highlights:

近期業務亮點：

Strong enterprise momentum including closing the second largest European deal in company history with a CAC40 company, alongside deals with Frasers Group and Axel Springer.
Forrester released a Total Economic Impact™ study on Navan with some incredible results: 16% saved on travel spend annually, 70% less time spent by employees on travel booking, 5 minutes average travel booking time and 376% ROI with Navan over three years.
Upgraded Ava model including new reasoning for FAQs and general travel knowledge, now deflecting over 54% of all interactions in November 2025.
Continued NDC leadership: Emirates NDC is now live and Qantas NDC has moved to a direct connect while upgrading to the newest standards in the industry.
Launched innovative new guided multi-city flight itinerary shopping flow with better pricing through Navan Fare Choice, mixed provider capabilities, and guideposts for shoppers to select optimal fare combinations.

強勁的企業勢頭，包括與 CAC40 公司達成公司歷史上第二大歐洲交易，以及與 Frasers Group 和 Axel Springer 的交易。
Forrester 發佈了 Navan 的總經濟影響™研究 ，結果令人驚歎： 每年節省 16% 的旅行支出，員工在旅行預訂上花費的時間減少 70%，平均旅行預訂時間為 5 分鐘，Navan 在三年內的投資回報率為 376%。
升級的 Ava 模型，包括新的常見問題解答和一般旅行知識的推理，現在在 2025 年 11 月中，超過 54% 的所有互動都得到了處理。
持續的 NDC 領導地位： 阿聯酋航空的 NDC 現已上線，澳大利亞航空的 NDC 已轉為直接連接，同時升級到行業最新標準。
推出創新的新多城市航班行程購物流程，通過 Navan Fare Choice 提供更好的定價，混合提供商能力，以及為購物者選擇最佳票價組合的指導。

Chief Financial Officer Transition:

首席財務官過渡：

The company also announced that Amy Butte will depart as Chief Financial Officer, effective January 9, 2026. Ms. Butte will help support a seamless leadership transition and will continue to serve as a strategic advisor to Navan while the Board conducts its search for the company’s next CFO. Anne Giviskos, the current SVP, Strategic Finance and Chief Accounting Officer, will assume the role of Interim CFO.

公司還宣佈，艾米·布特將於2026年1月9日離任首席財務官。布特女士將幫助支持順利的領導過渡，並將在董事會進行公司下一任首席財務官的搜索期間繼續擔任 Navan 的戰略顧問。現任戰略財務高級副總裁兼首席會計官安妮·吉維斯科斯將擔任臨時首席財務官。

“I want to thank Amy for her contributions to Navan during an important chapter in our company’s history. As she did for the New York Stock Exchange, Amy played a critical role in building out our finance organization and readying our company for the public markets. With our listing now complete and momentum underway across the business, it was the right time for her to move on to her next opportunity. We wish her the best,” said Ariel Cohen, co-founder and CEO of Navan.

“我想感謝艾米在我們公司歷史的重要階段對 Navan 的貢獻。正如她在紐約證券交易所所做的那樣，艾米在建立我們的財務組織和為我們公司進入公開市場做好準備方面發揮了關鍵作用。隨着我們的上市現已完成，業務的勢頭正在加速，現在是她邁向下一個機會的合適時機。我們祝願她一切順利，” Navan 聯合創始人兼首席執行官阿里爾·科恩表示。

“I am pleased to have achieved my goals at Navan, including helping to complete Navan’s IPO, and wish the company and its leadership team continued success,” Ms. Butte said.

“我很高興在 Navan 實現了我的目標，包括幫助完成 Navan 的首次公開募股，並祝願公司及其領導團隊繼續成功，” 布特女士表示。

Financial Outlook:

財務展望：

For the fourth quarter of fiscal year 2026 (ending January 31, 2026), Navan currently expects:

對於 2026 財年第四季度（截至2026年1月31日），Navan 目前預計：

Total revenue in the range of $161 - $163 million, representing year-over-year growth of 23% at the midpoint.
Non-GAAP loss from operations in the range of ($15.5) - ($14.5) million and non-GAAP operating margin of (9%) at the midpoint.

總收入在 1.61 億至 1.63 億美元之間，按中位數計算，同比增長 23%。
非 GAAP 運營虧損在（1550 萬）至（1450 萬）之間，非 GAAP 運營利潤率在中位數為（9%）。

For the fiscal year 2026 (ending January 31, 2026), Navan currently expects:

對於 2026 財年（截至2026年1月31日），Navan 目前預計：

Total revenue in the range of $685 - $687 million, representing year-over-year growth of 28% at the midpoint.
Non-GAAP income from operations of $21 - $22 million and non-GAAP operating margin of 3% at the midpoint.

總收入在 6.85 億至 6.87 億美元之間，按中位數計算，同比增長 28%。
非 GAAP 運營收入在 2100 萬至 2200 萬之間，非 GAAP 運營利潤率在中位數為 3%。

A reconciliation of non-GAAP guidance measures to corresponding GAAP measures is not available on a forward-looking basis without unreasonable effort due to the uncertainty of expenses that may be incurred in the future, although it is important to note that these factors could be material to Navan's results computed in accordance with GAAP.

由於未來可能發生的費用不確定性，非 GAAP 指導措施與相應 GAAP 措施的對賬在前瞻性基礎上無法在不付出不合理努力的情況下提供，儘管需要注意的是，這些因素可能對 Navan 根據 GAAP 計算的結果具有重要影響。

Earnings Webcast:

收益網絡直播：

Navan will host a conference call on Monday December 15, 2025 at 4:30 p.m. Eastern Time (ET) to discuss the company’s third quarter fiscal 2026 financial results and its business outlook. To register for this conference call, please use this dial in registration link or visit Navan's Investor Relations website at investors.navan.com. After registering, a confirmation email will be sent, including dial-in details and a unique code for entry. Participants who wish to register for the conference call webcast please use this link.

Navan 將在2025年12月15日星期一東部時間下午 4:30 舉行電話會議，討論公司 2026 財年第三季度財務結果及其業務前景。要註冊此次電話會議，請使用此撥入註冊鏈接或訪問 Navan 的投資者關係網站，網址為 investors.navan.com。註冊後，將發送確認電子郵件，包括撥入詳細信息和唯一的入場代碼。希望註冊電話會議網絡直播的參與者請使用此鏈接。

An archived webcast of this conference call will also be available on Navan's Investor Relations website at investors.navan.com.

此次電話會議的錄音網絡直播也將在 Navan 的投資者關係網站上提供，網址為 investors.navan.com。

The company has used, and intends to continue to use, the investor relations portion of its website as a means of disclosing material non-public information and for complying with disclosure obligations under Regulation FD.

公司已使用並打算繼續使用其網站的投資者關係部分作為披露重要非公開信息的手段，並遵守《FD 法規》下的披露義務。

Non-GAAP Financial Measures:

非 GAAP 財務指標：

Navan has provided in this press release supplemental financial information that has not been prepared in accordance with accounting principles generally accepted in the United States (GAAP), including references to non-GAAP gross profit, non-GAAP gross margin, non-GAAP income (loss) from operations, non-GAAP operating margin, non-GAAP net income (loss), non-GAAP net income (loss) per share, and free cash flow. Navan uses these non-GAAP financial measures internally in analyzing its financial results and believes that the disclosure of these non-GAAP financial measures is useful to investors as an additional tool to evaluate ongoing operating results and trends and because it allows for greater transparency with respect to key measures used by senior management in our financial and operational decision making. These non-GAAP financial measures, which may be different from similarly-titled measures used by other companies, are presented to enhance investors’ overall understanding of our operating performance and should not be considered substitutes for, or superior to, the financial information prepared and presented in accordance with GAAP.

Navan 在本新聞稿中提供了未按照美國公認會計原則（GAAP）編制的補充財務信息，包括對非 GAAP 毛利潤、非 GAAP 毛利率、非 GAAP 運營收入（虧損）、非 GAAP 運營利潤率、非 GAAP 淨收入（虧損）、非 GAAP 每股淨收入（虧損）和自由現金流的引用。Navan 在內部分析其財務結果時使用這些非 GAAP 財務指標，並認為披露這些非 GAAP 財務指標對投資者作為評估持續運營結果和趨勢的額外工具是有用的，因為它使得高管在財務和運營決策中使用的關鍵指標更加透明。這些非 GAAP 財務指標可能與其他公司使用的類似標題的指標不同，旨在增強投資者對我們運營表現的整體理解，不應被視為替代或優於根據 GAAP 編制和呈現的財務信息。

We include these non-GAAP financial measures because they are important measures upon which our management assesses our operating performance and the operating leverage in our business. We believe that these non-GAAP financial measures are useful to investors because they provide useful information about our financial performance, consistency and comparability with past financial performance and may assist in comparisons with other companies in our industry, some of which use similar non-GAAP financial information to supplement their GAAP results.

我們包括這些非 GAAP 財務指標，因為它們是管理層評估我們運營表現和業務運營槓桿的重要指標。我們認為這些非 GAAP 財務指標對投資者有用，因為它們提供了有關我們財務表現、一致性和與過去財務表現的可比性的信息，並可能有助於與我們行業中其他公司進行比較，其中一些公司使用類似的非 GAAP 財務信息來補充其 GAAP 結果。

Non-GAAP financial measures have limitations in their usefulness to investors and should not be considered in isolation or as substitutes for financial information presented under GAAP. Non-GAAP financial measures have no standardized meaning prescribed by GAAP and are not prepared under any comprehensive set of accounting rules or principles. In addition, other companies, including companies in our industry, may calculate similarly titled non-GAAP financial measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of our non-GAAP financial measures as tools for comparison.

非 GAAP 財務指標在對投資者的有用性方面存在侷限性，不應孤立考慮或作為根據 GAAP 呈現的財務信息的替代品。非 GAAP 財務指標沒有 GAAP 規定的標準含義，並且不按照任何全面的會計規則或原則編制。此外，包括我們行業中的其他公司在內的其他公司可能以不同的方式計算類似標題的非 GAAP 財務指標，或可能使用其他指標來評估其表現，這都可能降低我們非 GAAP 財務指標作為比較工具的有用性。

A reconciliation of Navan’s historical non-GAAP financial measures presented in this press release to their most directly comparable GAAP measures has been provided in the financial statement tables included herein, and investors are encouraged to review the reconciliations.

Navan 在本新聞稿中提供的歷史非 GAAP 財務指標與其最直接可比的 GAAP 指標的對賬已在此處包含的財務報表表格中提供，鼓勵投資者查看這些對賬。

Non-GAAP Gross Profit and Non-GAAP Gross Margin. Navan defines non-GAAP gross profit as GAAP gross profit, excluding stock-based compensation-related charges and amortization of intangible assets. Navan defines non-GAAP gross margin as non-GAAP gross profit divided by revenue.

非 GAAP 毛利潤和非 GAAP 毛利率。 Navan 將非 GAAP 毛利潤定義為 GAAP 毛利潤，排除與股票薪酬相關的費用和無形資產的攤銷。Navan 將非 GAAP 毛利率定義為非 GAAP 毛利潤除以收入。

Non-GAAP Income (Loss) from Operations and Non-GAAP Operating Margin. Navan defines non-GAAP income (loss) from operations as GAAP loss from operations, excluding stock-based compensation-related charges and amortization of intangible assets. Navan defines non-GAAP operating margin as non-GAAP income (loss) from operations divided by revenue.

非 GAAP 運營收入（虧損）和非 GAAP 運營利潤率。 Navan 將非 GAAP 運營收入（虧損）定義為 GAAP 運營虧損，排除與股票薪酬相關的費用和無形資產的攤銷。Navan 將非 GAAP 運營利潤率定義為非 GAAP 運營收入（虧損）除以收入。

Non-GAAP Net Income (Loss). Navan defines non-GAAP net income (loss) as GAAP net loss, excluding stock-based compensation-related charges, amortization of intangible assets, amortization of debt discount and debt issuance costs, loss (gain) on fair value adjustments, SAFE debt issuance costs expensed, and loss on extinguishment of debt, and adjusted to reflect the income tax effects of the non-GAAP adjustments to GAAP loss before income tax expense.

非 GAAP 淨收入（虧損）。 Navan 將非 GAAP 淨收入（虧損）定義為 GAAP 淨虧損，排除與股票薪酬相關的費用、無形資產的攤銷、債務折扣和債務發行成本的攤銷、公允價值調整的損失（收益）、SAFE 債務發行成本的費用化以及債務的清償損失，並調整以反映非 GAAP 調整對 GAAP 税前虧損的所得税影響。

Non-GAAP Net Income (Loss) Per Share. Navan defines non-GAAP basic income (loss) per share as non-GAAP net income (loss) divided by weighted-average shares outstanding used in computing net loss per share attributable to common stockholders, basic. We define non-GAAP diluted income (loss) per share as non-GAAP net income (loss) divided by weighted-average shares outstanding giving effect to the weighted average of all potentially dilutive common stock equivalents outstanding for the period including options to purchase common stock, restricted stock units, and unexercised warrants to purchase common stock. The dilutive effect of outstanding stock awards is reflected in non-GAAP diluted income per share by application of the treasury method.

非公認會計原則每股淨收入（虧損）。 Navan 將非公認會計原則基本每股收入（虧損）定義為非公認會計原則淨收入（虧損）除以用於計算歸屬於普通股股東的每股淨虧損的加權平均流通股數。我們將非公認會計原則攤薄每股收入（虧損）定義為非公認會計原則淨收入（虧損）除以考慮所有潛在攤薄普通股等價物的加權平均流通股數，包括購買普通股的期權、限制性股票單位和未行使的購買普通股的認股權證。未行使股票獎勵的攤薄效應通過應用國庫法反映在非公認會計原則攤薄每股收入中。

Free Cash Flow. Navan defines free cash flow as GAAP net cash used in operating activities reduced by cash used for investing activities for capitalized software development costs and purchases of property and equipment. We believe that free cash flow is a meaningful indicator of our sources of liquidity and capital requirements that provides information to management and investors in evaluating the cash flow trends of our business.

自由現金流。 Navan 將自由現金流定義為 GAAP 經營活動中使用的淨現金減去用於資本化軟件開發成本和購買物業及設備的投資活動所用現金。我們認為自由現金流是我們流動性來源和資本需求的一個重要指標，為管理層和投資者提供評估我們業務現金流趨勢的信息。

Key Business Metrics:

關鍵業務指標：

We monitor and review a number of metrics, including the following key business metrics, to evaluate our business, measure our performance, identify trends affecting our business, formulate financial projections, and make strategic decisions. We believe that these key business metrics provide meaningful supplemental information in assessing our operating performance.

我們監控和審查多個指標，包括以下關鍵業務指標，以評估我們的業務、衡量我們的表現、識別影響我們業務的趨勢、制定財務預測並做出戰略決策。我們認為這些關鍵業務指標在評估我們的運營表現時提供了有意義的補充信息。

Gross Booking Volume (GBV)

總預訂量（GBV）

We define GBV as the total amount paid for valid bookings on our platform, measured on a booked basis and inclusive of total price, taxes, and fees, and adjusted for cancellations and refunds. We generate GBV through hotel, flight, car, and rail bookings, along with usage of our Meetings and Events, VIP, and Bleisure offerings by our customers. We expand GBV by growing our customer base, managing more business travel spend on our platform, and introducing new offerings to address different types of business travel.

我們將 GBV 定義為在我們的平台上有效預訂的總支付金額，以預訂為基礎，包括總價、税費和費用，並調整取消和退款。我們通過酒店、航班、汽車和鐵路預訂，以及客户使用我們的會議和活動、VIP 和休閒商務服務來生成 GBV。我們通過擴大客户基礎、管理更多的差旅支出以及推出新服務來應對不同類型的商務旅行，從而擴大 GBV。

Payment Volume

支付量

We define payment volume as the aggregate dollar amount of spend through Navan issued cards, settled for a given period and net of any chargebacks, cancellations, or refunds. Our payment volume grows as we increase adoption and usage of our Corporate Payments offering, where we support and issue our own cards.

我們將支付量定義為通過 Navan 發放的卡在特定期間內的總支出金額，扣除任何退款、取消或退單。隨着我們增加企業支付服務的採用和使用，我們的支付量不斷增長，我們支持併發行自己的卡。

Forward-Looking Statements:

前瞻性聲明：

This press release and the related conference call contain express and implied “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding Navan’s anticipated total revenue, non-GAAP income (loss) from operations, and non-GAAP operating margin for the fiscal quarter and year ending January 31, 2026, the size of Navan’s market opportunity, market trends, and the company’s business strategy and plans. In some cases, you can identify forward-looking statements by terms such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “plan,” “project,” “will,” or similar expressions. Such statements are subject to risks, uncertainties and other factors that may cause actual results to be materially different from any future results expressed or implied by the forward-looking statements. These include, but are not limited to: Navan’s limited operating history; the growth rate of the markets in which Navan competes; Navan’s ability to effectively manage and sustain its growth; Navan’s ability to compete with existing competitors and new market entrants; Navan’s ability to attract new and retain existing customers, or to renew and expand its relationships with current customers; adverse changes in relationships with third parties on which Navan depends; Navan’s ability to utilize AI successfully in its current and future products; disruptions or other business interruptions that affect the availability of Navan’s platform, including cybersecurity incidents; and general global market, political, economic, and business conditions, including those related to global macroeconomic conditions, actual or perceived instability in the banking sector, supply chain disruptions, a potential recession, inflation, interest rate volatility, and geopolitical uncertainty, including ongoing conflicts around the world. Additional risks and uncertainties that could cause actual outcomes and results to differ materially from those contemplated by the forward-looking statements contained herein are included in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of Navan’s prospectus dated October 29, 2025 filed with the Securities and Exchange Commission (SEC) pursuant to Rule 424(b) of the Securities Act of 1933, as amended, on October 31, 2025, as they may be updated by Navan’s subsequent filings with the SEC. Except as required by law, Navan undertakes no obligation, and does not intend, to update these forward-looking statements.

本新聞稿及相關電話會議包含根據 1995 年《私人證券訴訟改革法》定義的明確和隱含的 “前瞻性聲明”，包括但不限於關於 Navan 預期總收入、非公認會計原則運營收入（虧損）和截至2026年1月31日的財務季度和年度的非公認會計原則運營利潤率、Navan 的市場機會規模、市場趨勢以及公司的商業戰略和計劃的聲明。在某些情況下，您可以通過 “預期”、“相信”、“估計”、“期望”、“打算”、“可能”、“計劃”、“項目”、“將” 或類似表達來識別前瞻性聲明。這些聲明受到風險、不確定性和其他因素的影響，可能導致實際結果與前瞻性聲明所表達或暗示的未來結果存在重大差異。這些因素包括但不限於：Navan 的有限運營歷史；Navan 競爭市場的增長率；Navan 有效管理和維持其增長的能力；Navan 與現有競爭對手和新市場參與者競爭的能力；Navan 吸引新客户和保留現有客户的能力，或續簽和擴大與當前客户的關係；與 Navan 依賴的第三方關係的不利變化；Navan 在當前和未來產品中成功利用人工智能的能力；影響 Navan 平台可用性的中斷或其他業務中斷，包括網絡安全事件；以及全球市場、政治、經濟和商業條件的一般情況，包括與全球宏觀經濟條件、銀行業的實際或感知不穩定、供應鏈中斷、潛在衰退、通貨膨脹、利率波動和地緣政治不確定性（包括全球範圍內的持續衝突）相關的情況。可能導致實際結果與前瞻性聲明所設想的結果存在重大差異的其他風險和不確定性已包含在 Navan 於2025年10月29日提交給證券交易委員會（SEC）的招股説明書的 “風險因素” 和 “管理層對財務狀況和經營成果的討論與分析” 部分中，該招股説明書根據 1933 年證券法第 424(b) 條修訂版於2025年10月31日提交，可能會通過 Navan 後續向 SEC 提交的文件進行更新。除法律要求外，Navan 不承擔任何義務，也不打算更新這些前瞻性聲明。

About Navan, Inc.:

關於 Navan, Inc.:

Navan is the leading all-in-one business travel, payments, and expense management solution that makes travel easy for frequent travelers. From finding flights and hotels, to automating expense reconciliation, with 24/7 support along the way, Navan delivers an intuitive experience travelers love and finance teams rely on. See how Navan customers benefit and learn more at navan.com.

Navan 是領先的一體化商務旅行、支付和費用管理解決方案，使頻繁旅行者的旅行變得輕鬆。從尋找航班和酒店，到自動化費用對賬，並提供全天候支持，Navan 提供了旅行者喜愛的直觀體驗和財務團隊所依賴的服務。瞭解 Navan 客户的受益情況並獲取更多信息，請訪問 navan.com。


NAVAN, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except share and per share amounts) (unaudited)

	Three Months Ended October 31,		Nine Months Ended October 31,
		2025			2024			2025			2024
Revenue	$	194,934		$	151,118		$	524,347		$	404,845
Cost of revenue		57,080			44,522			149,663			127,067
Gross profit		137,854			106,596			374,684			277,778
Operating expenses
Research and development		51,195			33,000			115,955			90,784
Sales and marketing		94,949			58,086			225,325			161,616
General and administrative		70,946			34,968			140,791			100,206
Total operating expenses		217,090			126,054			482,071			352,606
Loss from operations		(79,236	)		(19,458	)		(107,387	)		(74,828	)
Interest expense		(15,539	)		(19,658	)		(47,510	)		(57,509	)
Other income (expense), net		(544	)		1,022			6,155			2,975
Loss on extinguishment of debt		(97,450	)		—			(117,978	)		—
Gain (loss) on fair value adjustments		(29,155	)		1,381			(47,041	)		4,401
Loss before income tax expense		(221,924	)		(36,713	)		(313,761	)		(124,961	)
Income tax expense		3,465			5,169			11,508			9,465
Net loss	$	(225,389	)	$	(41,882	)	$	(325,269	)	$	(134,426	)
Net loss per share attributable to common stockholders:
Basic and diluted net loss per share	$	(4.58	)	$	(0.92	)	$	(6.94	)	$	(2.97	)

Weighted-average shares outstanding used to compute net loss per share attributable to common stockholders		49,258,348			45,324,084			46,884,867			45,210,172


NAVAN, INC. 及其子公司
簡明合併損益表
(單位：千美元，除每股和每股金額外)
(未經審計)

	截至 10 月 31 日的三個月		截至 10 月 31 日的九個月
		2025			2024			2025			2024
收入	$	194,934		$	151,118		$	524,347		$	404,845
收入成本		57,080			44,522			149,663			127,067
毛利潤		137,854			106,596			374,684			277,778
營業費用
研發費用		51,195			33,000			115,955			90,784
銷售和營銷費用		94,949			58,086			225,325			161,616
一般和行政費用		70,946			34,968			140,791			100,206
總營業費用		217,090			126,054			482,071			352,606
營業損失		(79,236	)		(19,458	)		(107,387	)		(74,828	)
利息費用		(15,539	)		(19,658	)		(47,510	)		(57,509	)
其他收入（費用），淨額		(544	)		1,022			6,155			2,975
債務清償損失		(97,450	)		—			(117,978	)		—
公允價值調整損益		(29,155	)		1,381			(47,041	)		4,401
税前損失		(221,924	)		(36,713	)		(313,761	)		(124,961	)
所得税費用		3,465			5,169			11,508			9,465
淨損失	$	(225,389	)	$	(41,882	)	$	(325,269	)	$	(134,426	)
歸屬於普通股東的每股淨損失：
基本和稀釋後每股淨損失	$	(4.58	)	$	(0.92	)	$	(6.94	)	$	(2.97	)

用於計算歸屬於普通股東的每股淨損失的加權平均流通股		49,258,348			45,324,084			46,884,867			45,210,172


NAVAN, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) (unaudited)

	As of
	October 31, 2025		January 31, 2025
Assets
Current assets:
Cash and cash equivalents	$	809,080		$	157,672
Restricted cash, current		81,469			148,157
Accounts receivable, net		220,038			184,856
Corporate card receivables, net		200,323			157,755
Contract acquisition costs, current		7,389			4,784
Prepaid expenses and other current assets		60,061			35,628
Total current assets		1,378,360			688,852
Restricted cash, non-current		4,705			4,766
Contract acquisition costs, non-current		22,715			16,185
Operating lease right-of-use assets		41,624			48,006
Property, equipment, and software, net		32,735			29,538
Intangible assets, net		54,599			55,633
Goodwill		232,883			219,728
Other non-current assets		25,036			21,246
Total assets	$	1,792,657		$	1,083,954
Liabilities, redeemable convertible preferred stock and stockholders’ equity (deficit)
Current liabilities:
Accounts payable	$	62,325		$	42,829
Accrued expenses and other current liabilities		194,814			136,798
Notes payable, current		1,329			175,913
Trade loan facility		—			45,000
Operating lease liabilities, current		10,174			11,389
Deferred revenue, current		38,457			34,097
Total current liabilities		307,099			446,026
Operating lease liabilities, non-current		37,476			43,098
Convertible notes		—			182,394
Embedded derivative liability		—			59,820
ABL facility		37,000			—
Warehouse credit facility		168,174			214,238
Notes payable, non-current		130			394
Deferred revenue, non-current		—			813
Other non-current liabilities		23,957			22,949
Total liabilities		573,836			969,732
Redeemable convertible preferred stock		—			1,301,121
Stockholders’ equity (deficit)
Preferred stock		—			—
Class A common stock		2			1
Class B common stock		—			—
Additional paid-in capital		3,177,712			467,835
Accumulated deficit		(1,942,382	)		(1,617,113	)
Accumulated other comprehensive loss		(16,511	)		(37,622	)
Total stockholders’ equity (deficit)		1,218,821			(1,186,899	)
Total liabilities, redeemable convertible preferred stock and stockholders’ equity (deficit)	$	1,792,657		$	1,083,954


NAVAN, INC. 及其子公司
簡明合併資產負債表
(單位：千美元)
(未經審計)

	截至
	2025年10月31日		2025年1月31日
資產
流動資產：
現金及現金等價物	$	809,080		$	157,672
限制性現金（流動）		81,469			148,157
應收賬款，淨額		220,038			184,856
企業信用卡應收款，淨額		200,323			157,755
合同獲取成本（流動）		7,389			4,784
預付費用及其他流動資產		60,061			35,628
流動資產總計		1,378,360			688,852
限制性現金（非流動）		4,705			4,766
合同獲取成本（非流動）		22,715			16,185
租賃使用權資產		41,624			48,006
財產、設備及軟件，淨額		32,735			29,538
無形資產，淨額		54,599			55,633
商譽		232,883			219,728
其他非流動資產		25,036			21,246
資產總計	$	1,792,657		$	1,083,954
負債、可贖回可轉換優先股及股東權益（赤字）
流動負債：
應付賬款	$	62,325		$	42,829
應計費用及其他流動負債		194,814			136,798
應付票據（流動）		1,329			175,913
貿易貸款設施		—			45,000
租賃負債（流動）		10,174			11,389
遞延收入（流動）		38,457			34,097
流動負債總計		307,099			446,026
租賃負債（非流動）		37,476			43,098
可轉換票據		—			182,394
嵌入式衍生負債		—			59,820
ABL 設施		37,000			—
倉庫信貸設施		168,174			214,238
應付票據（非流動）		130			394
遞延收入（非流動）		—			813
其他非流動負債		23,957			22,949
負債總計		573,836			969,732
可贖回可轉換優先股		—			1,301,121
股東權益（赤字）
優先股		—			—
A 類普通股		2			1
B 類普通股		—			—
額外實收資本		3,177,712			467,835
累計赤字		(1,942,382	)		(1,617,113	)
累計其他綜合損失		(16,511	)		(37,622	)
股東權益（赤字）總計		1,218,821			(1,186,899	)
負債、可贖回可轉換優先股及股東權益（赤字）總計	$	1,792,657		$	1,083,954


NAVAN, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (unaudited)

	Three Months Ended October 31,		Nine Months Ended October 31,
		2025			2024			2025			2024
Cash flows from operating activities:
Net loss	$	(225,389	)	$	(41,882	)	$	(325,269	)	$	(134,426	)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation, net of amounts capitalized		99,182			24,574			135,091			59,487
Non-cash interest expense		8,179			11,765			25,813			35,817
Deferred income taxes		47			(165	)		397			(536	)
Depreciation and amortization		5,916			6,005			18,125			18,832
Amortization of contract acquisition costs		1,631			960			4,172			3,676
Provision for doubtful accounts		2,248			1,531			6,633			4,439
Loss (gain) on fair value adjustments		29,155			(1,381	)		47,041			(4,401	)
Debt issuance costs expensed related to SAFEs		—			—			2,913			—
Loss on extinguishment of debt		97,450			—			117,978			—
Other		164			180			(163	)		202
Changes in operating assets and liabilities, net of effect of business acquisitions:
Accounts receivable		(31,326	)		(25,858	)		(32,844	)		(26,287	)
Prepaid expenses and other current assets		(7,363	)		(3,814	)		(22,290	)		(14,015	)
Contract acquisition costs		(4,060	)		(5,935	)		(13,307	)		(16,648	)
Other non-current assets		(1,655	)		(701	)		(797	)		(689	)
Accounts payable		3,793			10,599			6,726			31,096
Accrued expenses and other current liabilities		17,825			13,346			24,669			(2,461	)
Deferred revenue		(2,325	)		(2,404	)		3,533			1,196
Operating lease right-of-use asset and operating lease liabilities, net		(379	)		(12	)		(475	)		2,491
Other non-current liabilities		812			757			743			759
Net cash used in operating activities		(6,095	)		(12,435	)		(1,311	)		(41,468	)
Cash flows from investing activities:
Capitalized software development costs		(4,865	)		(3,700	)		(13,072	)		(11,567	)
Purchases of property and equipment		(401	)		(200	)		(589	)		(774	)
Proceeds from sale of subsidiary, net of cash sold		—			—			(354	)		—
Decrease (increase) in corporate card receivables		(33,227	)		(19,266	)		(35,533	)		19,126
Cash consideration for business acquisition, net of cash acquired		—			—			—			(3,879	)
Net cash provided by (used in) investing activities		(38,493	)		(23,166	)		(49,548	)		2,906
Cash flows from financing activities:
Proceeds from stock option exercises		17,528			746			23,682			3,023
Proceeds from borrowings of debt		24,965			33,082			215,932			84,800
Proceeds from issuance of SAFEs		—			—			155,000			—
Payments of borrowings of debt		(134,349	)		(6,080	)		(468,124	)		(8,350	)
Payments for debt issuance costs		—			(1,477	)		(10,985	)		(1,512	)
Payments of deferred offering costs		(3,410	)		—			(4,165	)		—
Payment of deferred consideration in business combinations		—			—			—			(275	)
Proceeds from issuance of common stock in IPO, net of underwriting costs		713,302			—			713,302			—
Taxes collected from selling shareholders stock option exercises		14,281			—			14,281			—
Payment of tax withholdings on settlement of RSUs		(8,333	)		—			(8,333	)		—
Proceeds from exercise of warrants		35			—			35			—
Net cash provided by financing activities		624,019			26,271			630,625			77,686
Effect of exchange rate changes on cash, cash equivalents and restricted cash		285			(117	)		4,893			(616	)
Net increase (decrease) in cash, cash equivalents and restricted cash		579,716			(9,447	)		584,659			38,508
Cash, cash equivalents and restricted cash, beginning of period	$	315,538		$	315,337		$	310,595		$	267,382
Cash, cash equivalents and restricted cash, end of period	$	895,254		$	305,890		$	895,254		$	305,890


NAVAN, INC. 及其子公司
簡明合併現金流量表
(單位：千美元)
(未經審計)

	截至 10 月 31 日的三個月		截至 10 月 31 日的九個月
		2025			2024			2025			2024
經營活動產生的現金流量：
淨虧損	$	(225,389	)	$	(41,882	)	$	(325,269	)	$	(134,426	)
調整淨虧損以對賬經營活動中使用的淨現金：
基於股票的補償，扣除資本化金額		99,182			24,574			135,091			59,487
非現金利息費用		8,179			11,765			25,813			35,817
遞延所得税		47			(165	)		397			(536	)
折舊和攤銷		5,916			6,005			18,125			18,832
合同獲取成本的攤銷		1,631			960			4,172			3,676
壞賬準備		2,248			1,531			6,633			4,439
公允價值調整損失（收益）		29,155			(1,381	)		47,041			(4,401	)
與 SAFEs 相關的債務發行費用		—			—			2,913			—
債務清償損失		97,450			—			117,978			—
其他		164			180			(163	)		202
經營資產和負債的變動，扣除業務收購的影響：
應收賬款		(31,326	)		(25,858	)		(32,844	)		(26,287	)
預付費用和其他流動資產		(7,363	)		(3,814	)		(22,290	)		(14,015	)
合同獲取成本		(4,060	)		(5,935	)		(13,307	)		(16,648	)
其他非流動資產		(1,655	)		(701	)		(797	)		(689	)
應付賬款		3,793			10,599			6,726			31,096
應計費用和其他流動負債		17,825			13,346			24,669			(2,461	)
遞延收入		(2,325	)		(2,404	)		3,533			1,196
經營租賃使用權資產和經營租賃負債，淨額		(379	)		(12	)		(475	)		2,491
其他非流動負債		812			757			743			759
經營活動中使用的淨現金		(6,095	)		(12,435	)		(1,311	)		(41,468	)
投資活動產生的現金流量：
資本化軟件開發成本		(4,865	)		(3,700	)		(13,072	)		(11,567	)
購置物業和設備		(401	)		(200	)		(589	)		(774	)
出售子公司的收益，扣除出售現金		—			—			(354	)		—
企業卡應收款的減少（增加）		(33,227	)		(19,266	)		(35,533	)		19,126
業務收購的現金對價，扣除獲得的現金		—			—			—			(3,879	)
投資活動提供的（使用的）淨現金		(38,493	)		(23,166	)		(49,548	)		2,906
融資活動產生的現金流量：
股票期權行使的收益		17,528			746			23,682			3,023
借款的收益		24,965			33,082			215,932			84,800
SAFEs 的發行收益		—			—			155,000			—
借款的償還		(134,349	)		(6,080	)		(468,124	)		(8,350	)
債務發行費用的支付		—			(1,477	)		(10,985	)		(1,512	)
遞延發行費用的支付		(3,410	)		—			(4,165	)		—
業務合併中遞延對價的支付		—			—			—			(275	)
IPO 中普通股發行的收益，扣除承銷費用		713,302			—			713,302			—
從出售股東股票期權行收取的税款		14,281			—			14,281			—
RSUs 結算的税款扣繳		(8,333	)		—			(8,333	)		—
權證行使的收益		35			—			35			—
融資活動提供的淨現金		624,019			26,271			630,625			77,686
匯率變動對現金、現金等價物和受限現金的影響		285			(117	)		4,893			(616	)
現金、現金等價物和受限現金的淨增加（減少）		579,716			(9,447	)		584,659			38,508
期初現金、現金等價物和受限現金	$	315,538		$	315,337		$	310,595		$	267,382
期末現金、現金等價物和受限現金	$	895,254		$	305,890		$	895,254		$	305,890


*Non-GAAP Gross Profit and Non-GAAP Gross Margin*

	Three Months Ended October 31,		Nine Months Ended October 31,
		2025			2024			2025			2024
	(dollars in thousands)
GAAP gross profit	$	137,854		$	106,596		$	374,684		$	277,778
GAAP gross margin		71	%		71	%		71	%		69	%
Stock-based compensation-related charges		6,632			1,683			8,742			3,525
Amortization of intangible assets		—			64			85			192
Non-GAAP gross profit	$	144,486		$	108,343		$	383,511		$	281,495
Non-GAAP gross margin		74	%		72	%		73	%		70	%


*非公認會計准則毛利潤和非公認會計准則毛利率*

	截至 10 月 31 日的三個月		截至 10 月 31 日的九個月
		2025			2024			2025			2024
	（以千美元計）
GAAP 毛利潤	$	137,854		$	106,596		$	374,684		$	277,778
GAAP 毛利率		71	%		71	%		71	%		69	%
與股票相關的補償費用		6,632			1,683			8,742			3,525
無形資產攤銷		—			64			85			192
非公認會計准則毛利潤	$	144,486		$	108,343		$	383,511		$	281,495
非公認會計准則毛利率		74	%		72	%		73	%		70	%


*Non-GAAP Income (Loss) from Operations* *and Non-GAAP Operating Margin*

	Three Months Ended October 31,		Nine Months Ended October 31,
		2025			2024			2025			2024
	(dollars in thousands)
GAAP loss from operations		(79,236	)		(19,458	)		(107,387	)		(74,828	)
GAAP operating margin		(41	)%		(13	)%		(20	)%		(18	)%
Stock-based compensation expense-related charges		103,363			24,576			139,960			59,868
Amortization of intangible assets		1,289			1,348			3,919			3,941
Non-GAAP income (loss) from operations	$	25,416		$	6,466		$	36,492		$	(11,019	)
Non-GAAP operating margin		13	%		4	%		7	%		(3	)%


*非公認會計准則營業收入（虧損）和非公認會計准則營業利潤率*

	截至 10 月 31 日的三個月		截至 10 月 31 日的九個月
		2025			2024			2025			2024
	（以千美元計）
GAAP 營業虧損		(79,236	)		(19,458	)		(107,387	)		(74,828	)
GAAP 營業利潤率		(41	)%		(13	)%		(20	)%		(18	)%
與股票相關的補償費用		103,363			24,576			139,960			59,868
無形資產攤銷		1,289			1,348			3,919			3,941
非公認會計准則營業收入（虧損）	$	25,416		$	6,466		$	36,492		$	(11,019	)
非公認會計准則營業利潤率		13	%		4	%		7	%		(3	)%


**Non-GAAP Net Income (Loss) and Non-GAAP Net Income (Loss) Per Share**

	Three Months Ended October 31,		Nine Months Ended October 31,
		2025			2024			2025			2024
	(in thousands, except share and per share amounts)
GAAP net loss	$	(225,389	)	$	(41,882	)	$	(325,269	)	$	(134,426	)
Stock-based compensation expense-related charges		103,363			24,576			139,960			59,868
Amortization of intangible assets		1,289			1,348			3,919			3,941
Amortization of debt discount and debt issuance costs		1,600			2,735			4,584			10,245
Loss (gain) on fair value adjustments		29,155			(1,381	)		47,041			(4,401	)
SAFE debt issuance costs expensed		—			—			2,913			—
Loss on extinguishment of debt		97,450			—			117,978			—
Non-GAAP provision for income taxes		1,731			682			3,298			1,438
Non-GAAP net income (loss)	$	9,199		$	(13,922	)	$	(5,576	)	$	(63,335	)
GAAP net loss per share attributable to common stockholders, basic and diluted	$	(4.58	)	$	(0.92	)	$	(6.94	)	$	(2.97	)
Weighted-average shares outstanding used to compute GAAP net loss per share attributable to common stockholders, basic and diluted		49,258,348			45,324,084			46,884,867			45,210,172
Non-GAAP net income (loss) per share attributable to common stockholders, basic	$	0.19			(0.31	)	$	(0.12	)	$	(1.40	)
Weighted-average shares outstanding used to compute non-GAAP net income (loss) per share attributable to common stockholders, basic		49,258,348			45,324,084			46,884,867			45,210,172
Non-GAAP net income (loss) per share attributable to common stockholders, diluted	$	0.14		$	(0.31	)	$	(0.12	)	$	(1.40	)
Weighted-average shares outstanding used to compute GAAP net loss per share attributable to common stockholders, basic		49,258,348			45,324,084			46,884,867			45,210,172
Add: Effect of potentially dilutive common stock equivalents		18,503,077			—			—			—
Weighted-average shares outstanding used to compute non-GAAP net income (loss) per share attributable to common stockholders, diluted		67,761,425			45,324,084			46,884,867			45,210,172


*非公認會計准則淨收入（虧損）和非公認會計准則每股淨收入（虧損）*

	截至 10 月 31 日的三個月		截至 10 月 31 日的九個月
		2025			2024			2025			2024
	（以千計，除每股和每股金額外）
GAAP 淨虧損	$	(225,389	)	$	(41,882	)	$	(325,269	)	$	(134,426	)
與股票相關的補償費用		103,363			24,576			139,960			59,868
無形資產攤銷		1,289			1,348			3,919			3,941
債務折扣和債務發行成本攤銷		1,600			2,735			4,584			10,245
公允價值調整損失（收益）		29,155			(1,381	)		47,041			(4,401	)
SAFE 債務發行成本費用		—			—			2,913			—
債務清償損失		97,450			—			117,978			—
非公認會計准則所得税準備金		1,731			682			3,298			1,438
非公認會計准則淨收入（虧損）	$	9,199		$	(13,922	)	$	(5,576	)	$	(63,335	)
GAAP 每股淨虧損（歸屬於普通股東，基本和稀釋）	$	(4.58	)	$	(0.92	)	$	(6.94	)	$	(2.97	)
計算 GAAP 每股淨虧損（歸屬於普通股東，基本和稀釋）所用的加權平均流通股		49,258,348			45,324,084			46,884,867			45,210,172
非公認會計准則每股淨收入（虧損）歸屬於普通股東，基本	$	0.19			(0.31	)	$	(0.12	)	$	(1.40	)
計算非公認會計准則每股淨收入（虧損）所用的加權平均流通股，基本		49,258,348			45,324,084			46,884,867			45,210,172
非公認會計准則每股淨收入（虧損）歸屬於普通股東，稀釋	$	0.14		$	(0.31	)	$	(0.12	)	$	(1.40	)
計算 GAAP 每股淨虧損（歸屬於普通股東，基本）所用的加權平均流通股		49,258,348			45,324,084			46,884,867			45,210,172
加：潛在稀釋普通股等價物的影響		18,503,077			—			—			—
計算非公認會計准則每股淨收入（虧損）所用的加權平均流通股，稀釋		67,761,425			45,324,084			46,884,867			45,210,172


*Free Cash Flow*

	Three Months Ended October 31,		Nine Months Ended October 31,
		2025			2024			2025			2024
	(in thousands)
Net cash used in operating activities	$	(6,095	)	$	(12,435	)	$	(1,311	)	$	(41,468	)
Less: Capitalized software development costs		(4,865	)		(3,700	)		(13,072	)		(11,567	)
Less: Purchases of property and equipment		(401	)		(200	)		(589	)		(774	)
Free cash flow	$	(11,361	)	$	(16,335	)	$	(14,972	)	$	(53,809	)


*自由現金流*

	截至 10 月 31 日的三個月		截至 10 月 31 日的九個月
		2025			2024			2025			2024
	（以千計）
經營活動中使用的淨現金	$	(6,095	)	$	(12,435	)	$	(1,311	)	$	(41,468	)
減：資本化的軟件開發成本		(4,865	)		(3,700	)		(13,072	)		(11,567	)
減：購置物業和設備		(401	)		(200	)		(589	)		(774	)
自由現金流	$	(11,361	)	$	(16,335	)	$	(14,972	)	$	(53,809	)

View source version on businesswire.com: https://www.businesswire.com/news/home/20251213266660/en/

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Source: Navan, Inc.

來源：Navan, Inc.

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