Navan (NAVN) Fiscal Q2 2027 Earnings Call: Revenue Up 35%, Guidance Raised
Source Tradingkey
Key Takeaways
- Fiscal Q2 2027 revenue rose 35% year over year to $233 million, while gross booking value (GBV) increased 45% to more than $3 billion.
- Non-GAAP gross margin reached 75%, and non-GAAP operating margin expanded to 7% from 5% a year earlier. Reported free cash flow improved to $28 million from a $33 million burn a year ago.
- Payments volume grew 34% to $1.3 billion, while subscription revenue increased 39% to $21 million. Product-led growth revenue more than doubled year over year.
- Navan signed $4 billion of new sales-led growth GBV during the last 12 months, up 60% from the comparable period. RFP volume tripled in the first half from a year earlier.
- Ava handled approximately 60% of customer interactions in Q2. Navan-owned models accounted for about 50% of Ava’s model calls, up from 30% in Q1.
- Management raised fiscal 2027 revenue guidance to $927 million–$933 million and non-GAAP operating income guidance to $82 million–$86 million.
Core Financial Data
| Metric | Fiscal Q2 2027 result | Change or context |
|---|---|---|
| Revenue | $233 million | Up 35% year over year |
| Gross booking value | More than $3 billion | Up 45% year over year |
| Payments volume | $1.3 billion | Up 34% year over year, versus 29% growth last quarter |
| Subscription revenue | $21 million | Up 39% year over year |
| Non-GAAP gross margin | 75% | Up approximately 200 basis points year over year |
| Non-GAAP operating margin | 7% | Up from 5% a year ago |
| Free cash flow | $28 million | Versus a $33 million burn a year ago |
| Cash and short-term investments | $820 million | Quarter-end balance |
| Debt | Approximately $125 million | Quarter-end balance |
| New signed SLG GBV | $4 billion | Last 12 months; up 60% from Q2 last year |
Business and Operating Performance
Disclaimer: For information purposes only. Past performance is not indicative of future results.
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