In its first earnings report since becoming a public company, Navan, a TMC, reported a 29% year-over-year increase in revenue as well as a $225 million loss in the third quarter of its fiscal year, which ended Oct. 31.  The loss for the same period in 2024 was $42 million. The company also announced that CFO Amy Butte would be leaving her position.

Ariel Cohen, CEO, said the quarter was “strong” and that “all parts of the business performed well, highlighted by continued momentum in the enterprise market and new highs in customer satisfaction.”

Butte said that Navan is “encouraged by the combination of revenue growth and increased operating margin that we achieved.”

Revenue for the quarter totaled $195 million, up from $151.1 million in the third quarter of the 2024 fiscal year. That includes usage revenue of $180 million, up 29% year over year, and subscription revenue of $15 million, up 26%. International customers represented 37% of total revenue in the quarter.

These results, said Butte, demonstrate Navan’s differentiated product and effective execution. She said the company did not see a material impact to its business from travel disruptions related to the government shutdown in October and early November.

Cohen said that Butte “helped build out our finance organization and prepare the company for the public markets.” With the listing now complete and the business carrying strong momentum, he said, “it was the right time for her to move on to find her next opportunity.”

Butte will step down as CFO on Jan. 9, and Anne Giviskos, senior vice president of strategic finance and chief accounting officer, will serve as interim CFO while Navan’s board conducts a search for a new CFO.