Navan (NAVN) Q1 2027 earnings summary

Executive summary

• Achieved 40% year-over-year revenue growth to $220M in Q1 FY27, with gross bookings/GBV up 50% to $3.1B and payment volume up 29% year-over-year.

• Raised full-year FY27 revenue guidance to 30% growth, reflecting strong enterprise momentum, new customer wins, and expanded partnerships, including Visa and Google Cloud's Gemini Enterprise.

• AI leadership and platform orchestration between AI agents and live agents enhanced customer experience and operational efficiency, with AI agent Ava handling 56% of customer interactions.

• Net loss narrowed significantly to $20.5M from $61.3M in the prior year quarter, reflecting improved operating leverage.

• Completed IPO in October 2025, raising $713.3M in net proceeds.

Financial highlights

• Q1 FY27 total revenue: $220M, up 40% YoY; usage revenue: $202M (+41% YoY); subscription revenue: $18M (+26% YoY).

• Non-GAAP gross profit: $165M (75% margin, up 3 pts YoY); GAAP gross profit: $163M (74% margin, up 3 pts YoY).

• Non-GAAP operating income: $24M (11% margin, up from 2% YoY); GAAP operating loss: $(18)M (-8% margin, improved from -10% YoY).

• Adjusted (non-GAAP) net income was $22M, compared to a non-GAAP net loss of $7M in the prior year quarter.

• Ended Q1 with $518M–$681M in cash and short-term investments.

Outlook and guidance

• FY27 revenue guidance raised to $907M–$913M, representing 30% year-over-year growth at midpoint.

• FY27 non-GAAP operating income forecasted at $76M–$80M (9% margin midpoint).

• Q2 FY27 revenue guidance: $219M–$221M (+28% YoY); non-GAAP operating income: $13.5M–$14.5M.

• Management expects continued investment in sales, marketing, and R&D to drive growth, with operating losses likely to persist through fiscal 2027.

• Seasonality is expected to continue impacting results, with the third fiscal quarter typically strongest for travel revenue.