Navan raises fiscal 2027 forecast on strong corporate travel demand, customer growth

For the second quarter, the company reported an adjusted profit per share of 5 cents, compared with 4 cents expected by Wall Street.

Revenues for the same period rose 35% to $233 million, beating analysts' expectations of $220.46 million.

Separately, Navan said it would acquire AI-powered event-management platform BoomPop for an undisclosed amount. The deal was valued at up to $95 million in cash and stock, according to a person familiar with the matter.

Navan forecast third-quarter revenue in the range of $253 million to $255 million, compared with analysts' expectations of $248.27 million, according to data compiled by LSEG.

Sept. 9 (Reuters) - Corporate travel and expense platform Navan raised its full-year forecasts for revenue and operating income on Wednesday, as strong demand for business travel and addition of new customers drive growth.

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

A fuller calendar of industrials conferences and an increase in cross-border dealmaking have also supported corporate booking volumes.

Navan, which went public in October last year, said gross booking volume grew 45% in its second quarter, while payment volume grew 34%.

"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."