In its first earnings report since listing on the Nasdaq index in October, Navan announced that revenue increased to $195 million in the quarter to 31 October – up from $151.1 million in the third quarter of 2024.
Navan’s CFO Amy Butte said during an earnings call that international customers represented 37 per cent of the TMC’s total revenue in the quarter.
Gross booking volume in the quarter increased 40 per cent year-on-year to $2.6 billion, while payment volume grew 12 per cent year-on-year to $1.1 billion.
Navan said it had not seen any impact to its performance related to travel disruptions during the US government shutdown, with volumes rebounding to normal levels after the shutdown ended.
In its announcement, Navan also highlighted key recent clients wins in Europe, including “closing the second largest European deal in company history with a CAC40 company”, as well as securing deals with Frasers Group and Axel Springer.
“The current business travel environment remains robust, and our expectation is that these conditions will persist through the remainder of our fiscal year, ending 31 January," added Butte.
Navan reported a net loss of $225 million for the third quarter - significantly higher than its loss of $42 million in the third quarter of 2024. This larger loss included a loss of around $100 million on "extinguishment" of debt, while some expenses also were up significantly year-on-year.
The TMC’s sales and marketing costs for the quarter were $94.9 million, up from $58.1 million in the third quarter of 2024. Meanwhile research and development costs rose from $33 million to $51.2 million over the same period.
Navan also announced that Butte, who became Navan's CFO in June 2024 in advance of its IPO, will be departing the company in early 2026.
“Amy helped build out our finance organisation and prepare the company for the public markets," said co-founder and CEO Ariel Cohen during the earnings call. “With our listing now complete and the business carrying strong momentum, it was the right time for her to move on to find her next opportunity.”
Butte will step down as CFO on 9 January when she will be replaced on an interim basis by Anne Giviskos, who is currently Navan’s SVP of strategic finance and chief accounting officer. Butte will act as a strategic advisor to Navan during its search for a new permanent CFO.
Tags: Amy Butte Navan Travel management
