Navan beats quarterly estimates, raises forecast; shares tumble on cost concerns

Navan, which went public last year, also said it would acquire AI-powered event management platform BoomPop for an undisclosed amount. A person familiar with the matter said the cash-and-stock deal was valued at up to $95 million.

During its earnings call, Nolf said the acquisition would have a "very low single-digit" revenue impact in fiscal 2027 and an immaterial effect on results this year.

Business travel has remained resilient despite geopolitical uncertainty, with corporate investment in artificial intelligence prompting sales teams, engineers and executives to travel more frequently.

"Demand for corporate travel has been very, very strong," CFO Aurélien Nolf told Reuters in an interview.

"On average, every traveler is (taking) more trips year over year. And each of those trips is on average generating higher bookings than they were a year ago."