Core Viewpoint - Navan's stock has been declining since its IPO, and despite revenue growth, the company reported significant losses in Q3 2026, raising questions about its profitability potential [1][4]. Financial Performance - Navan's revenue grew by 29% year-over-year in Q3, reaching $195 million, with usage revenue at $180 million and recurring subscription revenue at $15 million [3]. - Gross booking volume increased by 40% year-over-year to $2.6 billion, while the gross profit margin remained steady at 71% [3]. - The company reported a loss of $225 million in the quarter, which is more than five times the losses from the previous year [4]. Management Changes - The CFO of Navan will be leaving the company effective January 9, with the Chief Accounting Officer serving as interim CFO during the search for a permanent replacement [4]. Future Guidance - For Q4, Navan expects revenue to range from $161 million to $163 million, which is above analyst forecasts [5]. - The full-year revenue is projected to be approximately $686.5 million, aligning with analyst expectations, indicating no positive surprise [5]. - Navan anticipates reporting positive non-GAAP income of $21 million to $22 million this year, although free cash flow remains negative at about $15 million [6].
Why Navan Stock Just Crashed