Revenue Growth - Fourth quarter revenue grew 35% year-over-year to $178 million, with usage revenue at $161 million and subscription revenue at $17 million[1] - Full year revenue reached $702 million, a 31% increase year-over-year, with usage revenue at $640 million and subscription revenue at $62 million[3] - For Q1 FY'27, total revenue is expected to be in the range of $204 - $206 million, representing year-over-year growth of 30% at the midpoint[13] - For FY'27, total revenue is projected to be in the range of $866 - $874 million, indicating year-over-year growth of 24% at the midpoint[13] - Revenue for the three months ended January 31, 2026, was $177,918,000, representing a 34.7% increase from $131,992,000 in the same period of 2025[23] Gross Profit and Operating Income - Gross Booking Volume (GBV) increased 42% year-over-year to $2.3 billion in Q4, while payment volume grew 19% year-over-year to $1.0 billion[3] - Gross profit for the year ended January 31, 2026, was $500,471,000, up from $367,022,000 in 2025, indicating a 36.3% growth[23] - GAAP gross profit for Q1 2026 was $125,787,000, up from $89,244,000 in Q1 2025, representing a 41% increase[30] - Non-GAAP gross profit for Q1 2026 was $127,546,000, compared to $90,360,000 in Q1 2025, reflecting a 41% growth[30] - Non-GAAP income from operations for FY'26 was $37 million, compared to a non-GAAP loss of $25 million in FY'25, resulting in a non-GAAP operating margin of 5%[5] Net Loss and Cash Flow - GAAP net loss for Q4 was $73 million, compared to a net loss of $47 million in Q4 FY'25, while non-GAAP net income was $5 million, compared to a non-GAAP net loss of $33 million in Q4 FY'25[5] - Net loss for the three months ended January 31, 2026, was $72,761,000, compared to a net loss of $46,652,000 in the same period of 2025, showing a 55.8% increase in losses[23] - The company achieved its first full year of positive cash flows from operating activities, reaching $34 million in FY'26[1] - The company reported a net cash provided by operating activities of $34,982,000 for the three months ended January 31, 2026, compared to a net cash used of $8,938,000 in the same period of 2025[28] - Free cash flow for Q1 2026 was $29,736,000, compared to a negative free cash flow of $12,900,000 in Q1 2025[33] Expenses and Liabilities - Total operating expenses for the three months ended January 31, 2026, were $215,277,000, compared to $122,054,000 in 2025, reflecting a 76.4% increase[23] - The company incurred research and development expenses of $35,282,000 for the three months ended January 31, 2026, up from $31,602,000 in 2025, reflecting an increase of 11.8%[23] - The company’s total liabilities decreased to $500,700,000 as of January 31, 2026, from $969,732,000 in 2025, a reduction of 48.3%[25] Shareholder Information - The weighted-average shares outstanding used to compute net loss per share attributable to common stockholders increased to 248,835,778 in 2026 from 45,454,277 in 2025[23] - Weighted-average shares outstanding for GAAP net loss per share in Q1 2026 were 248,835,778, significantly higher than 45,454,277 in Q1 2025[32] - Non-GAAP net income per share for Q1 2026 was $0.02, compared to a loss of $0.73 per share in Q1 2025[32] Product Development and Partnerships - Launched Navan Edge, a hyper-personalized AI travel assistant, and announced plans to integrate Reed & Mackay customers into the Navan platform[5] - Navan continues to expand its enterprise market presence, partnering with companies like Yahoo and Simon-Kucher to modernize travel and expense programs[5]
Navan(NAVN) - 2025 Q4 - Annual Results