Corporate travel platform Navan reports 50% year-over-year growth in gross booking volume, beating expectations and raising full-year revenue guidance.
Navan (NASDAQ:NAVN) shares climbed over 12% after reporting first-quarter gross booking volume of $3 billion, a 50% year-over-year increase. Revenue growth accelerated to 40%, driven by market share gains from legacy competitors, while non-GAAP operating margin reached 11%.
The company raised its full-year revenue outlook to $907 million to $913 million, up from $866 million to $874 million previously. Second-quarter revenue is projected at $219 million to $221 million, reflecting a slower growth pace than the first quarter.
Free cash flow turned negative, with a $11.5 million burn after reporting positive cash flow in the prior quarter.