Navan Inc-A 2025年季度报告

FORM 10-Q (Mark One) ☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the quarterly period ended October31, 2025OR☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the transition period from ________ to ________Commission File Number: 001-42922 NAVAN, INC. (Exact name of registrant as specified in its charter) Delaware47-3424780(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification Number) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 duringthe preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirementsfor the past 90 days.Yes☐No☒ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 ofRegulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).Yes☒No☐ Large accelerated filer☐Accelerated filer☐Non-accelerated filer☒Smaller reporting company☐Emerging growth company☒ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new orrevised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes☐No☒ As of December8, 2025, Navan, Inc. had outstanding 233,339,369 shares of Class A common stock, par value of $0.00000625, and 15,304,696 shares ofClass B common stock, par value $0.00000625. TABLE OF CONTENTS Special Note RegardingForward-Looking Statements PART 1.FINANCIAL INFORMATIONItem 1.Financial Statements (Unaudited)Condensed Consolidated Balance SheetsCondensed Consolidated Statementsof OperationsCondensed Consolidated Statements of Comprehensive LossCondensed Consolidated Statements of Redeemable Convertible Preferred Stock andStockholders’Equity (Deficit)Condensed Consolidated Statements of Cash FlowsNotes to Condensed Consolidated Financial StatementsItem 2.Management’s Discussion and Analysis of Financial Condition and Results of OperationsItem 3.Quantitative and Qualitative Disclosures about Market RiskItem 4.Controls and Procedures PART IIOTHER INFORMATIONItem 1.Legal ProceedingsItem 1A.Risk FactorsItem 2.Unregistered Sales of Equity Securities and Use of ProceedsItem 3.Defaults Upon Senior SecuritiesItem 4.Mine Safety DisclosuresItem 5.Other InformationItem 6.ExhibitsSignatures SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q contains forward-looking statements, within the meaning of the Private SecuritiesLitigation Reform Act of 1995, about us and our industry that involve substantial risks and uncertainties. All statements otherthan statements of historical facts contained in this Quarterly Report on Form 10-Q, including statements regarding our futureresults of operations and financial condition, our business strategy and plans, market growth, and our objectives for futureoperations, are forward-looking statements. The words “believe,” “may,” “will,” “potentially,” “estimate,” “continue,” “anticipate,”“intend,” “could,” “would,” “project,” “target,” “plan,” “expect,” “predict,” “should,” “toward,” the negative of these words, andother similar expressions are intended to identify forward-looking statements. These forward-looking statements include, but are not limited to, statements concerning the following: •our future financial performance, including our expectations regarding our gross booking volume, payment volume,revenue, cost of revenue, gross profit or gross margin, cash flow, operating expenses, including changes in operatingexpenses, and our ability to achieve and maintain future profitability; •our business plan and our ability to effectively manage our growth;•anticipated trends, growth rates, and challenges in our business and in the markets in which we operate;•our expectations regarding overall demand for business travel and global travel trends;•our expectations regarding our customers’ travel and expense budgets and IT spending budgets;•market acceptance of our platform and our ability to increase adoption of our platform;•beliefs and objectives for future operations;•our ability to attract new customers and retain and grow sales within our existing customers;•our ability to drive adoption and expansion of our additional offerings, including Payments, Expense Management,Meetings and Events, VIP, and Bleisure;•our ability to continue developing, improving, and implementing AI and machine learning (“ML”) into our platform andofferings, including Navan Cognition, our proprietary AI fra