Navan shares extend decline as losses widen and CFO plans exit
The travel platform’s first post-IPO earnings sent shares down and pushed its market value below $4 billion.
Navan’s first quarterly earnings report as a public company was meant to mark a turning point after a bruising market debut. Instead, it underscored the pressures facing the corporate travel platform as investors continue to question its trajectory, governance stability and cost structure.
Shares in Navan fell following the company’s third-quarter earnings call on Monday, extending a steep post-IPO decline that has now wiped out more than 30% of its market value since listing earlier this fall. The sell-off has pushed Navan’s market capitalization below $4 billion, a sharp retreat from the $6.7 billion valuation at which it went public and an even steeper drop from its last private valuation of $9.2 billion in 2022.
The earnings release brought two headline developments: sharply widening losses and the impending departure of the company’s chief financial officer.
Navan reported third-quarter revenue of $195 million, up from $151 million in the same period last year, reflecting continued growth across its travel and expense management platform. But losses ballooned. Net loss widened to $225 million for the quarter, compared with $42 million a year earlier, while marketing expenses climbed to $51 million from $33 million.
At the same time, the company disclosed that Amy Butte, who joined as CFO in June 2024 and helped lead Navan through its IPO, will step down on January 9. Anne Giviskos, the company’s senior vice president of strategic finance and chief accounting officer, will serve as interim CFO while the board searches for a permanent replacement.
Speaking on the earnings call, Ariel Cohen, Navan’s co-founder and CEO, praised Butte’s role in preparing the company for life as a public entity. “As she did for the New York Stock Exchange, Amy played a critical role in building out our finance organization and readying our company for the public markets,” Cohen said, adding that “with our listing now complete and momentum underway across the business, it was the right time for her to move on to her next opportunity.”
Butte will remain involved as a strategic adviser during the transition, according to the company.
Cohen described the quarter as a “strong debut quarter,” pointing to momentum in the enterprise segment and high customer satisfaction scores. He also emphasized what he called Navan’s “AI-first, end-to-end platform,” highlighting its wide travel inventory, consumer-grade interface and AI-powered booking and support capabilities.
“I have never been more optimistic about the opportunity to streamline travel for frequent travelers,” Cohen said on the call.
The optimistic tone contrasted with investor reaction. Monday’s decline follows weeks of volatility since Navan’s listing, which was the largest IPO by an Israeli company this year but quickly faltered. Shares dropped sharply in their first days of trading and continued to slide in subsequent sessions, reflecting investor unease over valuation, debt levels and the timing of the offering.
Founded by Cohen and Ilan Twig, Navan has built an integrated platform covering nearly every aspect of corporate travel, from booking and payments to expense management, while expanding into “bleisure” travel that blends business and leisure. The company says its technology helps clients reduce travel costs by about 15%, with half of service requests now handled by AI rather than human agents.
