Navan (NAVN) Investor update summary

Vision, Strategy, and Market Opportunity

• 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 (TAM) is $185B across travel, bleisure, payments, and expense.

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

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

• Revenue from international customers accounts for 38% of total, with no single customer contributing more than 2% of revenue.

Technology and Product Innovation

• AI-driven platform (Ava) handles over 55% of interactions, with proprietary models now managing 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.

• Recent product launches include Navan Edge, TravelClaw, Audit Agent, and Headless TMC, with over 450 new features launched in FY26.

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

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

Go-to-Market Strategy and Customer Growth

• Dual approach: sales-led growth (SLG) for larger companies and product-led growth (PLG) for SMBs, enabling global reach and efficient scaling.

• PLG motion allows rapid onboarding and expansion, with AI-driven onboarding and support compressing ramp times to weeks.

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

• Revenue from PLG channel more than doubled in FY26, with PLG and SLG channels contributing an increasing share of total revenue.

• Account executive productivity is up 50% year-over-year, reflecting efficiency gains and successful upmarket expansion.