Navan (NAVN) Investor update summary

Vision, Strategic Vision, and Technology Leadership

• Mission is to deliver the best travel experience globally, leveraging AI to orchestrate seamless support between automated and human agents, resulting in high customer satisfaction and resilience during disruptions.

• Estimated total addressable market is $185B across travel, bleisure, payments, and expense, with a strategy to capture all segments and geographies.

• Platform serves over 12,500 customers, with more than 12 million trips and $9.1B in gross booking volume in FY26.

• High customer satisfaction with a 96% CSAT and NPS of 45 for FY26.

• Deep supplier relationships and real-time connectivity to travel and fintech partners drive platform growth and user loyalty.

Technology and Product Innovation

• AI-driven platform (Ava) now handles over 55% of interactions, with proprietary models powering 30% of calls, improving efficiency, accuracy, and cost.

• AI and human intelligence are combined to deliver superior service, with 80%+ of chats resolved without human intervention during major disruptions.

• Proprietary AI models and orchestration layer (Navan Cognition) coordinate AI and human agents.

• Over 450 new features and products, including Navan Edge, TravelClaw, and Audit Agent, launched in FY26, supporting rapid development and market adaptation.

• AI-driven support and automation are structurally reducing cost-to-serve and driving margin expansion.

Go-to-Market Strategy, Momentum, and Customer Growth

• Dual go-to-market approach: sales-led growth (SLG) for larger, managed clients and product-led growth (PLG) for SMBs and fast-scaling companies.

• RFP volume up over 200% YoY, driven by AI leadership, brand impact, and word-of-mouth from satisfied customers.

• PLG revenue more than doubled in FY26, and SLG revenue grew 40% YoY, fueling a strong flywheel effect.

• Global sales and marketing operations, with increasing AE productivity (up 50% YoY) and expanding international revenue (38% of total).

• Customer base is broad and diversified across industries and geographies, with no single customer contributing more than 2% of platform revenue.