Financial Data and Key Metrics Changes - Revenue for Q3 was $195 million, representing a 29% year-over-year increase [19] - Non-GAAP operating margin reached 13%, an improvement of 870 basis points year-over-year [22] - Non-GAAP gross margin expanded to 74%, a new high, driven by automation and efficiencies [20][21] - Free cash flow was -$11 million, an improvement of 30% compared to Q3 fiscal year 2025 [22] Business Line Data and Key Metrics Changes - Usage revenue increased by 29%, while subscription revenue grew by 26% year-over-year [19] - Gross booking volume reached $2.62 billion, growing 40% year-over-year [19] - Payment volume processed through Navan Cards was $1.13 billion, up 12% year-over-year [20] Market Data and Key Metrics Changes - Revenue from international customers represented 37% of total revenue in Q3 [20] - Customer satisfaction hit a high of 97%, with a Net Promoter Score (NPS) of 45, significantly above the industry average [8] Company Strategy and Development Direction - The company aims to drive sustained high growth across all customer segments, accelerate innovation, and maintain a balance between growth and profitability [15] - Focus on AI-driven solutions to enhance customer experience and operational efficiency [10][12] - Plans to leverage the IPO proceeds to enhance payment solutions and expand customer credit offerings [25] Management's Comments on Operating Environment and Future Outlook - The current business travel environment remains robust, with expectations for continued strength through the fiscal year [19] - Management noted no significant impact from travel disruptions related to the government shutdown, with record performance in October [18] - The company anticipates Q4 to be seasonally lower than Q3, reflecting typical business travel patterns [27] Other Important Information - The company is undergoing a leadership transition with the departure of the CFO, who will assist in a seamless transition [6][16] - The Navan Cognition AI platform is central to the company's strategy, enhancing service quality and operational margins [12][14] Q&A Session Summary Question: What is the outlook for enterprise business and share capture from incumbents? - Management sees strong momentum in enterprise, driven by customer satisfaction, market consolidation, and AI capabilities [33] Question: What drove the strength in gross booking volume and usage yield? - Growth in GBV is attributed to existing customer expansion, ramping of new customers, and strong go-to-market strategies [35] Question: How are large enterprise deals structured and their revenue recognition? - Most enterprise deals involve multiple product attachments at launch, with a stable ramp-up period [44] Question: What is the sustainability of gross margin and yield? - Gross margin sustainability is linked to AI efficiencies, while yield is expected to stabilize around 7% [75] Question: How will the company deploy cash for credit payments? - The deployment of cash for credit will phase in over fiscal year 2027, with expected impacts in 2028 [78] Question: How does the company view the SAP Concur partnership with Amex GBT? - Management views the old model of stitching together services as outdated, emphasizing the need for integrated solutions [89]

Financial Data and Key Metrics Changes - Revenue for Q3 was $195 million, representing a 29% year-over-year increase [19] - Non-GAAP operating margin reached 13%, an improvement of 870 basis points year-over-year [22] - Non-GAAP gross margin expanded to 74%, a new high, driven by automation and efficiencies [20][21] - Free cash flow was negative $11 million, but improved by 30% compared to Q3 fiscal year 2025 [22] Business Line Data and Key Metrics Changes - Usage revenue grew by 29%, while subscription revenue increased by 26% year-over-year [19] - Gross booking volume reached $2.62 billion, growing 40% year-over-year [19] - Payment volume processed through Navan Cards was $1.13 billion, up 12% year-over-year [20] Market Data and Key Metrics Changes - Revenue from international customers represented 37% of total revenue in Q3 [20] - The company operates in a $185 billion addressable market, with strong momentum in enterprise deals [7] Company Strategy and Development Direction - The company aims to drive sustained high growth across all customer segments, accelerate innovation, and maintain a balance between growth and profitability [15] - Focus on AI-driven solutions to enhance customer experience and operational efficiency [10][12] - Plans to develop Navan Edge, an AI-powered travel booking experience [14] Management's Comments on Operating Environment and Future Outlook - The current business travel environment remains robust, with expectations for continued strength through the fiscal year [19] - Management noted no significant impact from travel disruptions related to the government shutdown [18] - The company is committed to being free cash flow positive for the full year of fiscal 2027 [28] Other Important Information - The CFO, Amy Butte, will leave the company on January 9, with Ann Giviskos serving as interim CFO [6] - The company has a strong balance sheet with $809 million in cash and $207 million in debt [25] Q&A Session Summary Question: What is the outlook for enterprise business and capturing market share? - Management sees strong momentum in enterprise, driven by customer satisfaction, market consolidation, and AI capabilities [33] Question: What drove the strength in gross booking volume and usage yield? - Growth in GBV is attributed to existing customer expansion, ramping of new customers, and strong go-to-market strategies [35] Question: Are large enterprise deals complete implementations or partial? - Most enterprise deals involve multiple products at launch, indicating a stable and accelerating ramp [44] Question: How sustainable is the margin leverage seen this quarter? - Margin leverage is driven by AI efficiencies and is expected to be sustainable, though Q4 margins may compress seasonally [46] Question: What is the investment plan for the PLG motion? - Investments began in the second half of fiscal 2026, with revenue contributions expected in fiscal 2028 [52] Question: How does the company factor large deals into guidance? - Guidance incorporates active customers, ramping customers, and expected launches, using machine learning for accuracy [54] Question: Has the IPO impacted visibility and competitive positioning? - The IPO has increased market awareness and credibility, leading to more leads and opportunities [62] Question: What is the strategy for M&A opportunities? - The company is always looking for opportunities, particularly in AI and enhancing its platform, but currently sees better potential in-house development [87]

Financial Data and Key Metrics Changes - Revenue for Q3 2026 was $195 million, representing a 29% year-over-year increase [16] - Non-GAAP operating margin reached 13%, an improvement of nearly 9 percentage points year-over-year [6][18] - Non-GAAP gross margin expanded to 74%, up from the low 60s, marking an all-time high [11][18] - Free cash flow was negative $11 million, an improvement of 30% compared to Q3 fiscal year 2025 [18] Business Line Data and Key Metrics Changes - Usage revenue increased by 29%, while subscription revenue grew by 26% year-over-year [16] - Gross booking volume reached $2.62 billion, growing 40% year-over-year [16] - Payment volume processed through Navan Cards was $1.13 billion, up 12% year-over-year [17] Market Data and Key Metrics Changes - Revenue from international customers represented 37% of total revenue in Q3 [17] - Customer satisfaction hit a high of 97%, with a Net Promoter Score (NPS) of 45, significantly above the industry average [7] Company Strategy and Development Direction - The company aims to drive sustained high growth across all customer segments, accelerate innovation, and maintain a balance between growth and profitability [12][13] - Focus on AI-driven experiences and leveraging data to enhance customer service and operational efficiency [9][12] - The company is positioned as an AI leader in travel and expense management, with a strong emphasis on integrating AI into its platform [10][11] Management's Comments on Operating Environment and Future Outlook - The current business travel environment remains robust, with expectations for continued strength through the fiscal year [15][16] - Management noted no significant impact from travel disruptions related to the government shutdown, with record performance in October [15] - The company anticipates Q4 to be seasonally lower than Q3, reflecting typical business travel patterns [24] Other Important Information - The CFO, Amy Bute, will leave the company on January 9, 2026, with Ann Giviskos serving as interim CFO [5] - The company has a strong balance sheet with $809 million in cash and $207 million in debt, supporting future growth initiatives [22] Q&A Session Summary Question: What is the outlook for enterprise business and share capture from incumbents? - Management sees strong momentum in enterprise, driven by customer satisfaction, market consolidation, and AI capabilities [27] Question: What drove the strength in gross booking volume and usage yield? - Growth in GBV is attributed to existing customer retention, ramping new customers, and new customer acquisition [29] Question: Are large enterprise deals complete implementations or partial? - Most enterprise deals involve multiple products at launch, indicating a stable and accelerating ramp-up [32] Question: How sustainable is the margin leverage seen this quarter? - Margin leverage is driven by efficiencies from AI support and is expected to be sustainable, though Q4 margins may compress seasonally [33] Question: What is the investment plan for PLG motion and expected revenue contribution? - Investments in Navan Edge and AI will continue, with expected revenue contributions more visible in fiscal year 2028 [36] Question: How does the company factor large deals into guidance? - Guidance incorporates active customers, ramping customers, and expected launches, using machine learning for forecasting [38] Question: Has the IPO impacted visibility and competitive positioning? - The IPO has increased market awareness and credibility, leading to more leads and reduced questions from potential clients [41] Question: What is the strategy for M&A opportunities? - The company is always looking for opportunities but currently believes in developing in-house capabilities, particularly in AI [52]

As filed with the Securities and Exchange Commission on December 1, 2025. Registration No. 333- UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Jet.AI Inc. (Exact name of registrant as specified in its charter.) (State or other jurisdiction of incorporation or organization) (Primary Standard Industrial Classification Number) Delaware 4522 93-2971741 (IRS Employer Identification No.) 10845 Griffith Peak Dr. Suite 200 Las ...

As filed with the Securities and Exchange Commission on December 1, 2025. UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Jet.AI Inc. (Exact name of registrant as specified in its charter.) (State or other jurisdiction of incorporation or organization) (Primary Standard Industrial Classification Number) Delaware 4522 93-2971741 (IRS Employer Registration No. 333- Copies to: Kate L. Bechen M. Ali Panjwani Peter F. Waltz ...

Core Viewpoint - Navan Inc. is viewed as undervalued by analysts following its recent IPO and subsequent decline, with a consensus "buy" rating from twelve institutions and an average 12-month target price of $25.33, indicating a potential upside of 69% from its last closing price [1] Group 1: Analyst Ratings and Market Position - Twelve institutions have initiated coverage on Navan, all giving a "buy" rating, highlighting the company's innovative approach in the corporate travel sector [1] - Citigroup's analyst team describes Navan as an "innovator and disruptor" in corporate travel, emphasizing its cloud-native architecture and AI-driven methods as significant advantages over traditional competitors [1][2] - Mizuho Securities believes Navan is well-positioned to disrupt the fragmented corporate travel ecosystem dominated by companies like Amex GBT and SAP Concur, projecting a compound annual revenue growth rate of over 25% through 2028 [2] Group 2: Financial Performance and Growth Potential - Navan's revenue based on usage accounts for less than 1% of its total addressable market of approximately $1.85 trillion, with the corporate travel segment alone valued at $86 billion [2] - Analysts predict that Navan's proprietary platform, Navan Cloud, will enable it to capture market share in both managed and unmanaged travel sectors, with a target price of $26 from Citigroup [2] - The AI-driven operating system, Navan Cognition, has significantly contributed to profit margin expansion, with its AI assistant Ava handling over 50% of customer service requests, leading to a 10 percentage point improvement in gross margins over the past two years [3] Group 3: Current Challenges and Investor Sentiment - Despite the optimistic outlook, Navan reported a net loss of $99.9 million for the six months ending July 31, which is an increase from a $92.5 million loss in the same period last year, although revenue has grown [3] - Concerns have been raised regarding Navan's near-term profit margins, particularly the high sales and marketing costs relative to revenue, but analysts maintain that the company's customer acquisition productivity and profitability per customer remain robust [4]

Summary of RingCentral Conference Call Company Overview - **Company**: RingCentral - **Industry**: Unified Communications as a Service (UCaaS) Key Points Financial Performance - **Q3 Earnings**: Achieved revenue at the top end of guidance with record operating margins [8] - **Free Cash Flow**: Expanded free cash flow to over $525 million, with free cash flow per share growth of 35% [10][50] - **Stock Buybacks**: Continued stock buybacks, reducing share count to 2020 levels [11][54] - **Debt Management**: Reduced gross debt to under $2 billion, with a commitment to reach $1 billion by the end of 2026 [11][54] Market Position - **Market Share**: Maintains a 20% market share in the UCaaS sector, serving over 500,000 customers and 8 million digital lines [8][56] - **Customer Growth**: Added over 1,000 customers to the RingCX contact center solution in under two years [56] Product Development - **AI Product Portfolio**: Launched new AI products (Air, Ava, Ace) that are driving demand and revenue growth [9][32][34] - **Air**: Handles initial calls, improving efficiency and reducing missed calls, leading to increased revenues for clients [23][24] - **Ava**: Acts as a copilot during calls, taking notes and assisting agents [32] - **Ace**: Provides conversational intelligence, allowing for analysis of 100% of calls [34] - **Ease of Deployment**: New products are easy to deploy, allowing customers to set them up without professional services [28] Customer Segments - **Golden Verticals**: Approximately 50% of business comes from healthcare, financial services, retail, and professional services, where voice remains critical [20] - **New Customer Acquisition**: Half of the new product users are new customers, indicating strong market demand [21][22] Competitive Landscape - **Differentiation**: RingCentral's scale and established platform provide a competitive advantage in the AI space, with a significant investment in innovation [57][58] - **Market Dynamics**: The company is well-positioned to capture market share from smaller players and benefit from the ongoing migration from on-premise to cloud solutions [56][64] Operational Efficiency - **AI Utilization**: Increased use of AI across various functions, leading to improved operating margins and productivity [41][42] - **Cost Management**: Focus on revenue growth outpacing expense growth, with disciplined hiring and vendor consolidation [49] Future Outlook - **Growth Strategy**: Plans to continue expanding the AI product suite and leveraging existing customer relationships for cross-selling opportunities [44] - **Market Trends**: Anticipates accelerated migration to cloud solutions driven by the need for AI capabilities [64] Additional Insights - **Customer Success Stories**: Highlighted examples of clients achieving significant revenue increases and improved customer satisfaction through the use of AI products [24][42] - **Investment in R&D**: Over $250 million allocated to R&D, with a focus on AI products [53] This summary encapsulates the key insights and developments discussed during the RingCentral conference call, highlighting the company's strong financial performance, innovative product offerings, and strategic market positioning.

Core Viewpoint - Navon, a corporate travel and expense software developer, is going public on NASDAQ with an IPO priced at $25 per share, raising approximately $925 million and achieving a valuation of around $6.2 billion [1] Company Overview - Navon has been recognized on CNBC's Disruptor 50 list for two consecutive years, highlighting its innovative approach in the corporate travel sector [1] - The company focuses on enhancing the travel experience for business travelers, providing quick solutions for travel changes and expense management [2][12] Technology and Services - Navon's platform includes a chatbot named Ava, which assists travelers in managing their itineraries, changing flights, and booking accommodations with just one click [3][12] - The company utilizes machine learning and AI to streamline the expense management process, allowing users to swipe a credit card and automatically generate receipts based on transaction data [6][14] Customer Base - Navon serves a diverse range of clients, from large corporations like Unilever and Adobe to small businesses with as few as 10 employees, ensuring that all travelers receive efficient support [4][5] Cost Savings - Companies using Navon's services reportedly save about 15% on their travel budgets, demonstrating the platform's effectiveness in optimizing travel expenses [14]

Group 1 - Navan plans to raise up to $960 million through an IPO in the U.S., with a proposed share price range of $24 to $26 [1] - The IPO will consist of 30 million newly issued shares and 6.9 million shares sold by existing shareholders, including CEO Ariel Cohen and CTO Ilan Twig [1] - The company intends to list on NASDAQ under the ticker symbol "NAVN" [1] Group 2 - Navan, formerly known as TripActions, offers a business travel and expense management platform with proprietary systems like Navan Cloud and Navan Cognition [2] - As of January 31, 2025, Navan has over 10,000 active customers [2] - For the six months ending July 31, the company reported revenue of $329.4 million and a net loss of $99.9 million, compared to $253.7 million in revenue and a net loss of $92.5 million in the same period the previous year [2]

Core Viewpoint - The article discusses the increasing reliance on AI customer service and the challenges it presents, highlighting the tension between efficiency and the need for human empathy in customer interactions [5][12][34]. Group 1: AI Customer Service Adoption - AI customer service is being adopted widely across various industries, with many businesses transitioning from human to AI support to reduce costs and improve efficiency [7][12]. - The cost of AI customer service is significantly lower than traditional human customer service, with one AI service provider offering a monthly fee of 99 yuan compared to an average monthly cost of 3000 yuan for human agents [7][10]. - The Chinese intelligent customer service market reached 3.94 billion yuan in 2023 and is projected to grow to 9.07 billion yuan by 2027, indicating a rapid expansion in this sector [12]. Group 2: Limitations of AI Customer Service - Despite the cost benefits, AI customer service often fails to address complex or urgent customer needs, leading to frustration among users who find it difficult to reach human agents [23][24]. - A survey indicated that over 80% of human customer service agents are hard to reach, with many consumers unable to find a way to connect with them [26][27]. - Privacy concerns are also prevalent, as customer interactions with AI systems are stored on third-party servers, raising fears of data breaches and misuse [29]. Group 3: Human Element in Customer Service - The article emphasizes that while AI can handle simple queries, it lacks the ability to understand human emotions and complex needs, which can lead to dissatisfaction among customers [24][32]. - Human customer service representatives are better equipped to respond to emotional cues and provide personalized assistance, which is often lacking in AI interactions [31][34]. - The shift towards AI in customer service raises questions about the future of human roles in this field, with some companies already reducing their workforce significantly due to AI implementation [34][36].