Slide 1: Q1 Fiscal 2027 Investor Presentation
Q1 Fiscal 2027 Investor Presentation
Slide 2: Safe Harbor Disclaimer
Safe Harbor Disclaimer This presentation contains “forward-looking statementsˮ within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding the anticipated total revenue of Navan, Inc. (the “Companyˮ or “Navanˮ), its non-GAAP income
Slide 3: Recent Business Highlights
Recent Business Highlights Outstanding Performance ● Accelerating growth with expanding margins - For Q1 FY27, revenue grew 40% YoY to $220M and GBV grew 50% to $3.1B, both accelerating from Q4, while Non-GAAP operating margin reached 11%, up 900 bps YoY. Raising full-year FY27 guidance. GTM Momentu
Slide 4: Navan AI Travel Agents Now Live Within Gemini Enterprise
Navan Anywhere Navan AI Travel Agents Now Live Within Gemini Enterprise New collaboration with Google Cloud brings Navan AI travel agents into employees' workflows. Users can now seamlessly plan, book, and manage their travel with Navan directly through Gemini Enterprise. Looking ahead, Navan plans
Slide 5: Q1 FY 2027: Revenue and Non-GAAP Income from Operations Exceeding Guidance
Q1 FY 2027: Revenue and Non-GAAP Income from Operations Exceeding Guidance 40% $220 11% $24 Q1 FY 2027 Q1 FY 2027 Revenue $M Non-GAAP Income from % YoY Growth Operations $M % Non-GAAP Margin* |5 Note: Refer to Financials & Reconciliations section for a reconciliation of non-GAAP to GAAP metric
Slide 6: Q1 Fiscal 2027 KPIs
Q1 Fiscal 2027 KPIs 29% 50% 12% 11% 19% 40% 10% 42% 30% 37% GBV $B Payment Volume $M % YoY Growth % YoY Growth |6
Slide 7: Q1 FY 2027: Accelerating Growth and Expanding Margins
Q1 FY 2027: Accelerating Growth and Expanding Margins 40% 29% 75% 29% 35% 74% 30% 73% 72% 72% Revenue $M Non-GAAP Gross Profit $M % Non-GAAP Margin* % YoY Growth |7 Note: Refer to Financials & Reconciliations section for a reconciliation of non-GAAP to GAAP metrics for the periods presented.
Slide 8: Our Efficient Business Model
Our Efficient Business Model Understanding Seasonality of Our Operating Margin Consistent Margin Improvement Non-GAAP Income Loss from Operations $M LTM Non-GAAP Operating Margin 8% 5% 3% 1% $25 $24 2% 5% 11% $8 $6 $3 22% $12 $6 $1 $14 32% FY25 FY26 FY27 FY25 FY26 FY27 |8 Note:
Slide 9: Forward Looking Guidance Summary
Forward Looking Guidance Summary Q2 FY27 YoY % Full Fiscal Year YoY % Guidance Guidance Estimated) Change 2027 Estimated) Change Total Revenue Total Revenue $219 $221 28%1 $907 $913 30%1 $M $M Non-GAAP Non-GAAP Income from $13.5 $14.5 67%1 Income from $76 $80 109%1 Operations$M Opera
Slide 10: Q1 Fiscal 2027 Financial Summary (GAAP)
Q1 Fiscal 2027 Financial Summary (GAAP) Summary Income Statement $M Q1 FY27 Q1 FY26 YoY Change Usage Revenue $202 $143 41% Subscription Revenue 18 14 26% Total Revenue $220 $157 40% Cost of Goods Sold $57 $46 Gross Profit $163 $112 46% Gross Margin 74% 71% 3% Research & Development $39 $31 Sales
Slide 11: Q1 Fiscal 2027 Financial Summary (Non-GAAP)
Q1 Fiscal 2027 Financial Summary (Non-GAAP) Summary Income Statement $M Q1 FY27 Q1 FY26 YoY Change Usage Revenue $202 $143 41% Subscription Revenue 18 14 26% Total Revenue $220 $157 40% Cost of Goods Sold $55 $45 Gross Profit $165 $113 46% Gross Margin 75% 72% 3% Research & Development $28 $25 Sa
Slide 12: Investment Overview
Investment Overview | 12
Slide 13: Navan's Mission
Navanʼs Mission Make travel easy for every traveler by being the best travel agency on the planet | 13
Slide 14: Delivering on Our Mission
Delivering on Our Mission Large Scale (all figures FY26 High Customer Satisfaction Huge Market >12,500 >12M 96% Customers1 Trips⁴ CSAT2 $185B Estimated TAM3 $9.1B $702M 45 GBV⁴ Revenue⁴ 38% YoY Growth 31% YoY Growth NPS2 1 Active customer defined as customer with 6 or more transactions on our platf
Slide 15: A Win-Win-Win Solution
A Win-Win-Win Solution Users Customers Suppliers Delightful, Time 15% Median Access to High-Value Saving Experience Travel Savings1 Customer Base ● Highly personalized ● Increased user adoption ● Flexible retailing and brand Centralized platform for user control ● ● Real-time visibility into spend
Slide 16: Navan's Infrastructure
UI Applications Layer Agents to All Ava, Navan Classic, Navan Edge, Navan Expense TravelClaw, Navan Anywhere Orchestration Layer: Navan Cognition Orchestrating Navanʼs AI Agents and Human Agents to Make Travel Easy Navan’s AI Navan Agents Layers Infrastructure Products and Services as Collaborative,
Slide 17: Navan Edge: Our AI Advantages Power the Next Generation of Travel Booking and Experience
Navan Edge: Our AI Advantages Power the Next Generation of Travel Booking and Experience | 17
Slide 18: Multiple Profitability Growth Levers
Multiple Profitability Growth Levers Upsell, Gross Margin S&M G&A Disciplined + + + + Attach Expansion Efficiency Leverage R&D Upsell: VIP, AI reducing Growing momentum, Fixed R&D investment Meetings & Events cost-to-serve and productivity. infrastructure driving high costs spread velocity product A
Slide 19: Leadership
Leadership Ariel Cohen Ilan Twig Aurélien Nolf Michael Sindicich Nina Herold Ofer Ben-David Hilary Phillips CEO & Co-Founder CTO & Co-Founder Chief Financial Officer President CEO, Reed & Mackay, Chief Operating Chief of Staff to CEO A Navan Company Officer Grant McGrail Howard Baik Yoad Shraybom Yu
Slide 20: Financials & Reconciliations
Financials & Reconciliations | 20
Slide 21: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation (in millions, except percentages) Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Revenue $120.9 $132.8 $151.1 $132.0 $157.5 $172.0 $194.9 $177.9 $220.2 GAAP loss from operations 31.0 24.4 19.5 32.8 15.9 12.3 79.2 89.5 18.1 Ad
Slide 22: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation LTM figures in millions, except %ʼs) Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 LTM Revenue $429.0 $462.4 $503.2 $536.8 $573.4 $612.5 $656.3 $702.3 $765.0 LTM GAAP loss from operations 226.1 183.8 141.8 107.6 92.6 80.4 140.2
Slide 23: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation (in millions, except percentages) Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Revenue $157.5 $172.0 $194.9 $177.9 $220.2 GAAP gross profit 111.8 125.0 137.9 125.8 163.1 Add: Stock-based compensation expense-related charges 1.0 1.1 6.6 1.7 1.8 Add: Amortization of intangib
Slide 24: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Trailing Twelve Months (in millions) Q1 FY26 Q1 FY27 Net cash provided by (used in) operating activities $35.8 $22.3 Less: Capitalized software development costs 15.5 18.7 Less: Purchases of property and equipment 1.0 0.9 Free cash flow $52.4 $2.7 | 24 Not
Slide 25: GAAP to Non-GAAP Reconciliation (1/2)
GAAP to Non-GAAP Reconciliation (1/2) Q1 FY26 Q1 FY27 (in millions, except percentages) Revenue $157.5 $220.2 GAAP Cost of goods sold $45.7 $57.2 Subtract: Stock-based compensation expense-related charges 1.0 1.8 Subtract: Amortization of intangible assets 0.0 - Subtract: Restructuring & other c
Slide 26: GAAP to Non-GAAP Reconciliation (2/2)
GAAP to Non-GAAP Reconciliation (2/2) Q1 FY26 Q1 FY27 (in millions, except percentages) GAAP Sales and marketing $61.9 $91.9 Subtract: Stock-based compensation expense-related charges 3.6 8.5 Subtract: Amortization of intangible assets 1.2 0.7 Subtract: Restructuring & other costs - 1.3 No