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Company Research23 May 2025
Upcoming IPOs to Watch in 2025
Potential IPOs in 2025 include prominent names like Shein, Databricks, Klarna, eToro, and Figma, to name a few. Let's take a closer look.
Navan (NAVN) investor relations material
Navan IPO Filing summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.IPO Filing summary10 Oct, 2025
Company overview and business model
Provides an AI-powered, end-to-end travel, payments, and expense management platform for businesses globally, serving over 10,000 customers as of January 31, 2025.
Platform integrates travel booking, expense management, corporate payments, meetings, events, VIP, and bleisure travel, with a focus on automation and user experience.
Navan Cognition, its proprietary AI framework, automates booking, support, and expense workflows, handling 50% of user interactions and enabling rapid, personalized service.
Revenue is generated primarily through usage-based fees from travel bookings and payment volume, as well as subscriptions for expense management.
The company targets both managed and unmanaged business travel markets, with a dual go-to-market strategy: sales-led for larger enterprises and product-led for smaller, traditionally unmanaged customers.
Financial performance and metrics
Fiscal 2025 revenue was $537M, up 33% from $402M in fiscal 2024; six months ended July 31, 2025 revenue was $329M, up 30% year-over-year.
Gross booking volume reached $6.6B in fiscal 2025 (32% YoY growth); payment volume was $3.7B (35% YoY growth).
Fiscal 2025 net loss was $181M, a 45% improvement from $332M in fiscal 2024; net loss for the six months ended July 31, 2025 was $100M.
GAAP gross margin improved to 68% in fiscal 2025 from 60% in fiscal 2024; non-GAAP gross margin reached 69% in fiscal 2025.
As of July 31, 2025, cash and cash equivalents were $223M; pro forma as adjusted for the IPO, cash would be $783M.
Use of proceeds and capital allocation
Net proceeds of $699.6M (or $830.3M if underwriters' option is exercised in full) expected, based on a $25.00/share midpoint.
Approximately $133.8M will be used to repay outstanding term loans under the Vista Facility; $17.4M for tax withholding on RSU settlements.
Remaining proceeds allocated to working capital, general corporate purposes, and potential acquisitions or investments in complementary businesses or technologies.
Quantify AI's impact on gross margin
Navan's strategy for unmanaged travel market
Geopolitical risks to Israel-based key personnel
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Next Navan earnings date
Q3 202615 Dec, 2025
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