Why Navan Stock Just Crashed

• Recent AI IPO Navan reported beardown income maturation but different nonaccomplishment past night.

• Free currency travel for the twelvemonth is moving negative.

• 10 stocks we similar amended than Navan ›

Navan (NASDAQ: NAVN) stock, which uses artificial quality to powerfulness bundle for "business travel, payments, and disbursal management," and which has been falling fundamentally ever since its late-October IPO, took different tumble aft reporting fiscal Q3 2026 net past night.

As of 10:50 a.m. ET this morning, the banal is down 16.8%.

Navan grew its gross 29% year-over-year successful Q3, to $195 million, with "usage" gross of $180 million, and recurring "subscription" gross of $15 million. Gross booking volume, which tin foreshadow aboriginal gross growth, accrued by 40% year-over-year, to $2.6 billion, and gross nett borderline held dependable astatine 71%.

That's the bully news. The atrocious quality is that each this wasn't capable to crook Navan profitable. It mislaid $225 cardinal successful the quarter, much than 5 times its losses a twelvemonth ago, and announced its CFO volition beryllium leaving the institution effectual Jan. 9.

No imperishable replacement has been named, but the company's Chief Accounting Officer, Anne Giviskos, volition service arsenic interim CFO portion the hunt for a imperishable CFO continues.

Turning to guidance, Navan says Q4 gross should scope from $161 cardinal to $163 million, which is up of expert forecasts. Full-year revenue, however, of $686.5 cardinal positive oregon minus, is precisely what analysts were already looking for -- truthful not a affirmative surprise.

Navan did accidental it expects to beryllium profitable this year, oregon much precisely, to study affirmative non-GAAP income of $21 cardinal oregon $22 million. Free currency travel for the twelvemonth to date, however, remains antagonistic astatine astir $15 million.

With FCF inactive astatine slightest 2 years distant from breakeven, according to analysts, it's excessively soon to accidental if Navan banal is simply a "buy."

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