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NET LOSS PER SHARE - Earnings Per Share Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jul. 31, 2026	Apr. 30, 2026	Jul. 31, 2025	Apr. 30, 2025	Jul. 31, 2026	Jul. 31, 2025
Earnings Per Share [Abstract]
Net loss	$ (29,117)	$ (20,506)	$ (38,623)	$ (61,257)	$ (49,623)	$ (99,880)
Weighted-average shares outstanding used to compute net loss per share attributable to common stockholders, basic (in shares)	256,369,621		46,546,290		253,375,867	46,350,553
Weighted-average shares outstanding used to compute net loss per share attributable to common stockholders, diluted (in shares)	256,369,621		46,546,290		253,375,867	46,350,553
Net loss per share attributable to common stockholders, basic (in dollars per share)	$ (0.11)		$ (0.83)		$ (0.20)	$ (2.15)
Net loss per share attributable to common stockholders, diluted (in dollars per share)	$ (0.11)		$ (0.83)		$ (0.20)	$ (2.15)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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+ Details

GOODWILL AND OTHER INTANGIBLE ASSETS - Goodwill Rollforward (Details) $ in Thousands	6 Months Ended
	Jul. 31, 2026 USD ($)
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 241,309
Foreign currency translation impact	(4,516)
Goodwill, ending balance	$ 236,793

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

+ Details

REVENUE

6 Months Ended

Jul. 31, 2026

Revenue from Contract with Customer [Abstract]

REVENUE

NOTE 2 - REVENUE

Disaggregation of Revenue

Revenue consists of the following (in thousands):


	Three Months Ended July 31,				Six Months Ended July 31,
	2026		2025		2026		2025
Usage-based revenue	$	211,393	$	156,549	$	413,527	$	299,698
Subscription revenue	21,397		15,403		39,494		29,715
Total revenue	$	232,790	$	171,952	$	453,021	$	329,413

Usage-based revenue primarily represents fees from our platform customers earned on a per-booking transaction basis and fees from our travel supply and payment partners, which are generally earned on a per-transaction basis. Under our arrangements with certain travel supply partners, we earn additional fees when cumulative actual booking or transaction dollar volume exceeds specified contractual thresholds. Subscription revenue primarily represents revenue earned from subscriptions to our expense management platform.

The following table presents revenue by region based on the billing country of the customer where the revenue generating transaction originates (in thousands, except percentages):


	Three Months Ended July 31,								Six Months Ended July 31,
	2026				2025				2026				2025
	Amount		Percentage of Revenue		Amount		Percentage of Revenue		Amount		Percentage of Revenue		Amount		Percentage of Revenue
United States	$	154,181	66	%	$	105,514	61	%	$	298,887	66	%	$	201,318	61	%
United Kingdom	38,479		17	%	36,908		22	%	76,146		17	%	71,549		22	%
Rest of World(1)	40,130		17	%	29,530		17	%	77,988		17	%	56,546		17	%
Total revenue	$	232,790	100	%	$	171,952	100	%	$	453,021	100	%	$	329,413	100	%

________________

(1)No individual country within Rest of World comprises more than 10% of total revenue.

Unbilled Receivables

We receive payments from customers based on a billing schedule as established in our customer contracts. Accounts receivable are recorded when we have an unconditional right to consideration. In some arrangements, we have a right to consideration for our performance under the customer contract before invoicing the customer, resulting in an unbilled accounts receivable. We recognized unbilled accounts receivable of $93.3 million and $72.3 million, respectively, as of July 31, 2026 and January 31, 2026. Unbilled accounts receivable is recorded within accounts receivable, net on the accompanying condensed consolidated balance sheets.

Contract Liabilities

Revenue is deferred when we have the right to invoice in advance of performance under a customer contract. The deferred revenue balance primarily consists of annual subscription payments, and is expected to be recognized within one year of the balance sheet date. During the six months ended July 31, 2026 and July 31, 2025, revenue recognized from the deferred revenue balance at the beginning of the period was $31.3 million and $27.8 million, respectively.

Remaining performance obligations represent the amount of contracted future revenue that has not yet been recognized. We do not disclose the value of remaining performance obligations for (i) contracts with an original expected length of one year or less, and (ii) contracts for which variable consideration is allocated to an unsatisfied performance obligation. Our remaining performance obligations related to multi-year subscription contracts were $74.9 million as of July 31, 2026 of which we expect to recognize approximately 56% as revenue over the next 12 months, 33% as revenue over the subsequent 13 to 24 months, and the remainder thereafter.

Accounts Receivable and Allowance for Expected Credit Losses

Accounts receivable are generally due within thirty days and are recorded net of an allowance for estimated uncollectible amounts.

The following table presents the allowance for expected credit losses for the six months ended July 31, 2026 and 2025 (in thousands):


	Six Months Ended July 31,
	2026		2025
Balance at beginning of period	$	6,462	$	5,135
Provision for expected credit losses	5,005		2,488
Amounts written off, recoveries and other adjustments	(5,075)		(1,739)
Balance at end of period	$	6,392	$	5,884

Corporate Card Receivables and Allowance for Expected Credit Losses

We provide virtual and physical corporate credit cards to customers of our expense management offering through issuing bank partners. Under our payment partner arrangements, we are required to fund the dollar value of spend on these credit cards either by prefunding the spend, or funding the spend within one business day of the transaction settlement date. These transactions are accumulated on customer statements and are recognized as receivables, with payment generally due within ten days.

Corporate card receivables are recorded net of an allowance for expected credit losses, which includes an allowance for estimated uncollectible amounts and an estimate for charges our customers may dispute as invalid. The allowance for expected credit losses is based on our assessment of the collectability of these receivables.

The following table summarizes the corporate card receivables allowance for expected credit losses for the six months ended July 31, 2026 and 2025 (in thousands):


	Six Months Ended July 31,
	2026		2025
Balance at beginning of period	$	2,499	$	380
Provision for expected credit losses	900		1,675
Amounts written off, recoveries and other adjustments	(783)		(1,045)
Balance at end of period	$	2,616	$	1,010

Contract Acquisition Costs

During the three months ended July 31, 2026 and 2025, we capitalized $15.7 million and $6.7 million, respectively, of contract acquisition costs and recognized related amortization expense of $2.7 million and $1.3 million, respectively. During the six months ended July 31, 2026 and 2025, we capitalized $22.1 million and $9.2 million, respectively, of contract acquisition cost and recognized related amortization expense of $5.1 million and $2.5 million, respectively.

Amortization expense is included in sales and marketing expense in the condensed consolidated statements of operations.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

DESCRIPTION OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jul. 31, 2026
Accounting Policies [Abstract]
DESCRIPTION OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES	NOTE 1 - DESCRIPTION OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES Description of Business Navan, Inc. (the “Company”, “we”, “our”), together with its subsidiaries, is a cloud-based technology platform built to solve the comprehensive needs of frequent travelers. We offer a comprehensive, all-in-one, AI-powered travel, payments and expense management solution designed to streamline the entire travel lifecycle, from booking and policy enforcement to payment processing, expense reconciliation, and reporting. The Company was incorporated in the state of Delaware in February 2015. The Company is currently headquartered in Palo Alto, California and has operations in North America, Asia Pacific, the Middle East, and Europe. Initial Public Offering On October 31, 2025, the Company completed its initial public offering (the “IPO”) in which the Company issued and sold 30,000,000 shares of its Class A common stock at a public offering price of $25.00 per share, which resulted in net proceeds of $713.3 million after deducting underwriting discounts and before deducting offering costs. In addition, selling stockholders sold 6,924,406 shares of Class A common stock in the IPO at the public offering price of $25.00 per share. The Company did not receive any proceeds from the sale of Class A common stock by the selling stockholders. The underwriters’ option to purchase an additional 5,538,660 shares of Class A common stock at the public offering price of $25.00 less underwriting discounts expired unexercised during the year ended January 31, 2026. In connection with the IPO, the Company recognized a one-time cumulative stock-based compensation expense charge of $81.8 million associated with the satisfaction of the performance-based vesting condition for outstanding restricted stock units (“RSUs”) which was satisfied in connection with the IPO and for which the service-based vesting condition had also been satisfied as of that date, of which $0.9 million was capitalized related to software development. To meet the related tax withholding requirements for the net settlement of the vested RSUs, the Company withheld 709,106 shares underlying such equity awards, resulting in the net issuance of 934,353 shares of Class A common stock. Based on the IPO price of $25.00 per share, the Company’s related tax withholding obligation was $17.7 million, which was paid during the year ended January 31, 2026. Basis of Presentation and Principles of Consolidation The unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim financial information. Certain information and disclosures normally included in consolidated financial statements prepared in accordance with GAAP have been condensed or omitted. Accordingly, these unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the related notes for the year ended January 31, 2026, included in our Annual Report on Form 10-K. The unaudited condensed consolidated financial statements include, in the opinion of management, all adjustments, consisting of normal and recurring items, necessary for the fair statement of the condensed consolidated financial statements for the periods presented. We consolidate our wholly-owned subsidiaries and variable interest entities (“VIEs”) where we are deemed to be the primary beneficiary. See Note 7 — Variable Interest Entities for further details. All intercompany profits, transactions and balances have been eliminated in consolidation. There have been no significant changes in accounting policies during the six months ended July 31, 2026 from those disclosed in the annual consolidated financial statements for the year ended January 31, 2026 and the related notes. The Company’s fiscal year ends on January 31. References made to “fiscal 2027” and “fiscal 2026” refer to the Company’s fiscal years ending January 31, 2027 and ended January 31, 2026, respectively. Certain prior period amounts within footnote disclosures have been reclassified to conform to the current period presentation. These reclassifications had no impact on our previously reported total current assets, total assets, total current liabilities, total liabilities, results of operations, comprehensive loss or net cash flows from operating, financing, or investing activities. Use of Estimates The preparation of our condensed consolidated financial statements in conformity with GAAP requires management to make estimates, judgments and assumptions that affect the reported amounts in the condensed consolidated financial statements and accompanying notes. Estimates and judgments are based on historical experience, forecasted events and various other assumptions that the Company believes to be reasonable under the circumstances. On an ongoing basis, management evaluates estimates, including, but not limited to: carrying values and useful lives of long-lived assets and intangible assets; capitalization of internal-use software costs; the expected period of benefit for contract acquisition costs; the estimate of expected credit losses on accounts receivable; fair values of assets acquired and liabilities assumed in business combinations; fair values of financial instruments; fair values of stock-based awards issued; the vested and unpaid rewards earned by users of our platform; variable consideration related to achieving specified contractual thresholds in our revenue generating arrangements with travel supply partners; the incremental borrowing rate used for operating lease liabilities; and assumptions used in accounting for income taxes. These estimates are inherently subject to judgment and actual results could differ from those estimates. Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents, restricted cash, investments in marketable debt securities, and accounts receivable. The Company maintains its cash, cash equivalents, restricted cash, and marketable debt securities with high-quality financial institutions primarily in the United States, where the composition and maturities are regularly monitored by the Company. Deposits may exceed federally insured limits. The Company has not experienced any losses due to institutional failure or bankruptcy. The Company performs credit evaluations of its customers and generally does not require collateral for sales on credit. In certain cases, based on the Company’s credit evaluations, collateral, primarily in the form of cash deposits, is required to mitigate corporate card receivable collection risk. No customers accounted for 10% or more of the Company’s revenue during the three and six months ended July 31, 2026 and July 31, 2025. No customers accounted for 10% or more of accounts receivable or corporate card receivables as of July 31, 2026 and January 31, 2026. Revenue Recognition We recognize revenue in accordance with ASC 606, Revenue from Contracts with Customers, when a customer obtains control of promised services in an amount that reflects the consideration we expect to be entitled to in exchange for these services. Our primary sources of revenue are fees earned from platform customers for access to our travel and expense management platform or on-demand travel management services, and from travel supply and payment partners for connection to our network of travel bookings and corporate card transaction dollar volume. Fees from our platform customers are either earned on a per-booking transaction or subscription basis. Fees from our travel supply and payment partners are generally earned on a per-transaction basis. Under our arrangements with certain travel supply partners, we earn additional fees when cumulative actual booking or transaction dollar volume exceeds specified contractual thresholds. Our travel supply partners include airlines, hotels, car rental companies, rail carriers, and providers of Global Distribution Systems. Our payment partners primarily include our corporate card payment processors and card issuing partners. Platform Customers Our primary performance obligation is to provide platform customers with continuous access to our cloud-based travel and expense management platform or to our on-demand travel management services. Transaction-based fees are generally non-refundable, and represent variable consideration allocated to the period the booking occurs. Revenue from transaction-based fees is recognized at the time of booking. Subscription fees are recognized ratably over the non-cancellable contract term. We maintain a rewards program under which users of our platform receive credits for the purchase of future personal travel. These credits expire twelve months after they are earned. We record a rewards liability and a reduction to revenue related to the vested and unpaid rewards earned by users of our platform, net of expected breakage. Travel Supply and Payment Partner Fees Our primary performance obligation to our travel supply partners is to connect them to user bookings made on our cloud-based travel management platform or through our on-demand travel management services. For airline and rail carriers, we are generally entitled to fees at the time of booking. For hotel and car rental partners, we are generally entitled to fees at the completion of a traveler’s stay or at the end of the rental period, respectively. Revenue is recognized at the time we are entitled to these fees. Our primary obligation to our payment partners is to connect them with user transaction volume on our physical and virtual corporate cards. We earn fees and other incentives from our payment partners based on the transaction dollar volume of each physical or virtual corporate card payment transaction processed, and we recognize revenue in the period each transaction occurs. We provide rebates on eligible payment transactions in the form of statement credits to certain platform customers based on the dollar volume of payment transactions processed on our platform. Rebates provided are recognized as a reduction to revenue in the period the eligible transactions occur. Segment Information The Company’s chief operating decision maker (“CODM”) is its Chief Executive Officer, who reviews financial information presented on a consolidated basis for purposes of making operating decisions, assessing financial performance, and allocating resources. The Company operates its business in one operating segment and, therefore, has one reportable segment. The CODM uses consolidated net loss to measure segment profit or loss in order to assess, manage, and maintain performance of the business based on resource allocations. The CODM also uses consolidated net loss to approve operating budgets and to identify product development and market expansion opportunities. The Company’s objective in making resource allocation decisions is to optimize the consolidated financial results. Significant segment expenses that the CODM reviews and utilizes to manage the Company’s operations are cost of revenue, research and development, sales and marketing, and general and administrative expenses at the consolidated level, which are presented in the Company’s condensed consolidated statements of operations. Other segment items included in consolidated net loss include gain on sale of property and equipment, interest expense, other income, net, loss on extinguishment of debt, loss on fair value adjustments, and income tax expense, which are presented in the Company’s condensed consolidated statements of operations. The measure of segment assets is reported on the balance sheet as total consolidated assets. Recently Adopted Accounting Pronouncements In July 2025, the FASB issued ASU 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, which provides a practical expedient related to the estimation of expected credit losses for current accounts receivable and current contract assets arising from transactions accounted for under Topic 606, including those assets acquired in a business combination. The practical expedient permits an entity to assume that current conditions as of the balance sheet date do not change for the remaining life of the current accounts receivable and current contract assets. The Company adopted ASU 2025-05 as of February 1, 2026 on a prospective basis with no material impact to its consolidated financial statements. Recently Issued Accounting Pronouncements Not Yet Adopted In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires entities to annually (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pretax income (loss) by the applicable statutory income tax rate). This standard is effective for the Company for its fiscal year beginning February 1, 2026 on a prospective basis. Early adoption and retrospective application are permitted. The Company is currently evaluating the impact of this standard on its consolidated financial statement disclosures. In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The new guidance requires disaggregated information about certain income statement expense line items on an annual and interim basis. The standard is effective for the Company for its fiscal year beginning February 1, 2027 and interim periods within its fiscal year beginning February 1, 2028. The guidance may be applied on either a prospective or retrospective basis. Early adoption is permitted. The Company is currently evaluating the impact of this standard on its consolidated financial statement disclosures. In September 2025, the FASB issued ASU 2025-06, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, to modernize the accounting for costs related to internal-use software to more closely align with current software development methods. The guidance removes references to project stages and clarifies when the Company is required to start capitalizing eligible costs. The guidance is effective for the Company for its fiscal year and all interim periods beginning February 1, 2028. Early adoption is permitted. The guidance may be applied prospectively, retrospectively, or via a modified prospective transition method. The Company is currently evaluating the impact of the adoption of this standard on its consolidated financial statements. In December 2025, the FASB issued ASU 2025-10, Government Grants (Topic 832)—Accounting for Government Grants Received by Business Entities, which expands Topic 832 to establish a comprehensive accounting framework, largely based on International Accounting Standard 20, for the recognition, measurement, presentation, and disclosure of government grants received by business entities. The guidance is effective for the Company for its fiscal year and all interim periods beginning February 1, 2029. Early adoption is permitted. The guidance may be applied on a modified prospective, modified retrospective, or retrospective basis. The Company is currently evaluating the impact of the adoption of this standard on its consolidated financial statements. In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270)—Narrow-Scope Improvements, which clarifies interim disclosure requirements and the applicability of Topic 270. The standard is effective for the Company for all interim periods within its fiscal year beginning February 1, 2028. The guidance may be applied on either a prospective or retrospective basis. Early adoption is permitted. The Company is currently evaluating the impact of this standard on its consolidated financial statement disclosures.

STOCKHOLDERS’ EQUITY - Narrative (Details) $ / shares in Units, $ in Thousands		6 Months Ended
	Oct. 31, 2025 shares	Jul. 31, 2026 USD ($) segment vote $ / shares shares	Jul. 31, 2025 USD ($) $ / shares	Jan. 31, 2026 shares
Class of Stock [Line Items]
Common stock, capital shares reserved for future issuance (in shares)	2,070,000,000	95,633,967		91,406,527
Preferred stock, capital shares reserved for future issuance (in shares)	20,000,000
Stock issued during period, shares, conversion of convertible securities (in shares)	146,599,125
Options, grants in period, weighted average grant date fair value (in dollars per share) \| $ / shares		$ 5.94	$ 13.56
Exercises, aggregate intrinsic value \| $		$ 76,941	$ 7,400
Options, vested in period, fair value \| $		39,800	$ 37,000
Unrecognized compensation cost related to unvested stock options granted \| $		$ 63,000
Stock Option
Class of Stock [Line Items]
Common stock, capital shares reserved for future issuance (in shares)		31,865,065		39,283,485
Award vesting period (in years)		4 years
Award expiration period (in years)		10 years
Unrecognized compensation cost related to unvested stock options, weighted-average period (in years)		2 years
Restricted Stock Units with Performance Conditions
Class of Stock [Line Items]
Unrecognized compensation cost related to unvested stock options, weighted-average period (in years)		3 years 6 months
Award requisite service period (in years)		4 years
Unrecognized compensation cost related to unvested RSUs \| $		$ 328,600
Common Class A and B
Class of Stock [Line Items]
Common stock, capital shares reserved for future issuance (in shares)	2,050,000,000
Class A Common Stock
Class of Stock [Line Items]
Common stock, capital shares reserved for future issuance (in shares)	2,000,000,000
Common stock, number of votes \| vote		1
Class A Common Stock \| Common Stock
Class of Stock [Line Items]
Conversion of Class A to Class B common stock (in shares)	15,304,696
Class B Common Stock
Class of Stock [Line Items]
Common stock, capital shares reserved for future issuance (in shares)	50,000,000
Common stock, number of votes \| segment		30

COMMITMENTS AND CONTINGENCIES - Purchase Obligations (Details) $ in Thousands	Jul. 31, 2026 USD ($)
Payments Due By Period as of July 31, 2026
Total	$ 30,257
Less than 1 Year	14,850
1 - 3 Years	15,407
3 - 5 Years	0
More than 5 Years	$ 0

GOODWILL AND OTHER INTANGIBLE ASSETS - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jul. 31, 2026	Jul. 31, 2025	Jul. 31, 2026	Jul. 31, 2025
Goodwill [Line Items]
Goodwill, impairment loss			$ 0	$ 0
Impairment of intangible assets			0	0
Location, Statement of Income, Balance [Axis]: us-gaap:CostOfRevenue
Goodwill [Line Items]
Intangible asset, finite-lived, amortization expense				100,000
Amortization	$ 0	$ 0	0
Location, Statement of Income, Balance [Axis]: us-gaap:SellingAndMarketingExpense
Goodwill [Line Items]
Intangible asset, finite-lived, amortization expense	$ 700,000	$ 1,300,000	$ 1,400,000	$ 2,500,000

- Definition

Amount of amortization expense for finite-lived intangible asset. Excludes goodwill and capitalized cost for software to be sold, leased, or marketed.

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+ Details

- Definition

Amount of impairment loss from asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

VARIABLE INTEREST ENTITIES

6 Months Ended

Jul. 31, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

VARIABLE INTEREST ENTITIES

NOTE 7 - VARIABLE INTEREST ENTITIES

VIEs are legal entities that lack sufficient equity to finance their activities without future subordinated financial support. We consolidate the assets and liabilities of VIEs in which we hold a variable interest and are the primary beneficiary.

Liquid Labs

In August 2022, we created Liquid Labs, a Delaware limited liability company, with the Company as the sole shareholder. Liquid Labs was established to facilitate the funding of the corporate card offering by purchasing receivables from the Company using proceeds from the Warehouse Credit Facility. Refer to Note 6 — Debt for further information on the Warehouse Credit Facility.

The Company is a limited guarantor of certain obligations of Liquid Labs related to the Warehouse Credit Facility. During the periods presented, the Company has not provided financial support to Liquid Labs. Under the Warehouse Credit Facility, Liquid Labs pledges corporate card receivables purchased from the Company as collateral.

We have determined Liquid Labs is a VIE as the equity at risk is not sufficient to finance Liquid Labs’ operations. As the sole shareholder and holder of 100% of the equity investment in the entity, we consolidate Liquid Labs as we are the primary beneficiary.

Pursuant to the contractual arrangements with Liquid Labs, the Company has the power to direct activities of the VIE and can have assets transferred freely out of the VIE without any restrictions. Therefore, we have determined that there is no asset of the consolidated VIE that can be used only to settle obligations of the VIE. The creditors of the consolidated VIE do not have recourse to the Company other than to the assets of the consolidated VIE. As a result, the material liabilities of the VIE are separately presented within the condensed consolidated balance sheets.

The following table presents the carrying amounts of Liquid Labs’ assets and liabilities included in our condensed consolidated balance sheets (in thousands):


	As of
	July 31, 2026		January 31, 2026
Balance Sheet Data of Liquid Labs
Restricted cash, current	$	2,472	$	7,142
Corporate card receivables(1)	$	203,139	$	199,249
Prepaid expenses and other current assets	$	1,285	$	1,281
Other non-current assets	$	747	$	1,388
Accrued expenses and other current liabilities	$	764	$	8,560
Warehouse Credit Facility	$	118,174	$	118,174

________________

(1)Corporate card receivables as of July 31, 2026 and January 31, 2026 represent pledged customer receivables from Navan, Inc. to Liquid Labs.

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)

6 Months Ended

Jul. 31, 2026

Intangible Asset, Goodwill and Other [Abstract]

Schedule of Goodwill

The following table presents the changes in the carrying value of the goodwill balance (in thousands):


	Carrying Amount
Balance as of January 31, 2026	$	241,309

Foreign currency translation impact	(4,516)
Balance as of July 31, 2026	$	236,793

Schedule of Intangible Asset, Finite-Lived

Intangible assets consisted of the following (in thousands, except years data):


	As of July 31, 2026
	Weighted-Average Remaining Life (Years)	Gross Carrying Amount		Accumulated Amortization		Net Amount

Customer relationships	7.3	$	29,589	$	(12,349)	$	17,240
Domain names	11.3	587		(143)		444
Total intangible assets		$	30,176	$	(12,492)	$	17,684


	As of January 31, 2026
	Weighted-Average Remaining Life (Years)	Gross Carrying Amount		Accumulated Amortization		Net Amount
Customer relationships	7.7	$	29,978	$	(11,167)	$	18,811
Domain names	11.8	587		(124)		463
Total intangible assets		$	30,565	$	(11,291)	$	19,274

Schedule of Estimated Future Amortization Expense

The expected future amortization expenses related to intangible assets as of July 31, 2026 were as follows (in thousands):


Year Ended January 31,	Amount
Remainder of 2027	$	1,345
2028	2,490
2029	2,472
2030	2,394
2031	2,159
Thereafter	6,824
Total	$	17,684

- Definition

Tabular disclosure of goodwill.

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+ Details

COMMITMENTS AND CONTINGENCIES (Tables)

6 Months Ended

Jul. 31, 2026

Commitments and Contingencies Disclosure [Abstract]

Schedule of Purchase Obligations

The following table presents the summarized purchase obligations as of July 31, 2026 (in thousands):


	Payments Due By Period as of July 31, 2026
	Total		Less than 1 Year		1 - 3 Years		3 - 5 Years	More than 5 Years
Purchase obligations	$	30,257	$	14,850	$	15,407	—	—

Schedule of Government Grants

The NOW Scheme liability balances as of July 31, 2026 and January 31, 2026, and the changes during the six months ended July 31, 2026 were as follows (in thousands):


	Carrying Amount
Balance as of January 31, 2026	$	4,919
Repayments	—
Foreign currency translation impact	(143)
Balance as of July 31, 2026	$	4,776
Less: balance in accrued expenses and other current liabilities	(563)
Balance in other non-current liabilities	$	4,213

SUPPLEMENTAL FINANCIAL STATEMENT INFORMATION - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 31, 2026	Jul. 31, 2025	Jul. 31, 2026	Jul. 31, 2025
Property, Plant, and Equipment [Line Items]
Depreciation and amortization			$ 11,622	$ 12,209
Tangible asset impairment charges			0	0
Property, Equipment and Software
Property, Plant, and Equipment [Line Items]
Depreciation and amortization	$ 5,300	$ 5,000	10,300	9,600
Software, In-Development, Internally Developed, and Purchased
Property, Plant, and Equipment [Line Items]
Amortization	$ 4,600	$ 3,800	$ 8,900	$ 7,400

- Definition

The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets.

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+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147478704/905-360-25-4

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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147478964/842-20-50-7A

+ Details

REVENUE - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
REVENUE - Narrative (Details) - USD ($) $ in Thousands	Jul. 31, 2026	Jul. 31, 2025	Jul. 31, 2026	Jul. 31, 2025	Jan. 31, 2026
Disaggregation of Revenue [Line Items]
Unbilled receivables, current	$ 93,300		$ 93,300		$ 72,300
Contract with customer, liability, revenue recognized			31,300	$ 27,800
Capitalized contract acquisition cost, net	15,700	$ 6,700	22,100	9,200
Amortization of contract acquisition costs	2,700	$ 1,300	5,054	$ 2,541
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-08-01
Disaggregation of Revenue [Line Items]
Revenue, remaining performance obligation, amount	$ 74,900		$ 74,900
Revenue, remaining performance obligation, percentage	56.00%		56.00%
Revenue, remaining performance obligation, expected timing of satisfaction, period (in years)	12 months		12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-08-01
Disaggregation of Revenue [Line Items]
Revenue, remaining performance obligation, percentage	33.00%		33.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-08-01 \| Minimum
Disaggregation of Revenue [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period (in years)	13 months		13 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-08-01 \| Maximum
Disaggregation of Revenue [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period (in years)	24 months		24 months

INVESTMENTS AND FAIR VALUE MEASUREMENTS - Assets Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Jul. 31, 2026	Jan. 31, 2026
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	$ 356,864	$ 327,645
U.S. government and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments:	106,878	103,496
Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments:	16,866	24,087
Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments:	43,285	29,411
Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents:	156,129	129,893
Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents:	33,706	40,758
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	156,129	129,893
Level 1 \| U.S. government and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments:	0	0
Level 1 \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments:	0	0
Level 1 \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments:	0	0
Level 1 \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents:	156,129	129,893
Level 1 \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents:	0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	200,735	197,752
Level 2 \| U.S. government and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments:	106,878	103,496
Level 2 \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments:	16,866	24,087
Level 2 \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments:	43,285	29,411
Level 2 \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents:	0	0
Level 2 \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents:	33,706	40,758
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	0	0
Level 3 \| U.S. government and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments:	0	0
Level 3 \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments:	0	0
Level 3 \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments:	0	0
Level 3 \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents:	0	0
Level 3 \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents:	$ 0	$ 0

REVENUE - Corporate Card Receivables Allowance for Expected Credit Losses (Details) - USD ($) $ in Thousands	6 Months Ended
	Jul. 31, 2026	Jul. 31, 2025
Contract with Customer, Asset, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	$ 2,499	$ 380
Provision for expected credit losses	900	1,675
Amounts written off, recoveries and other adjustments	(783)	(1,045)
Balance at end of period	$ 2,616	$ 1,010

REVENUE - Allowance for Expected Credit Losses (Details) - USD ($) $ in Thousands	6 Months Ended
	Jul. 31, 2026	Jul. 31, 2025
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	$ 6,462	$ 5,135
Provision for expected credit losses	5,005	2,488
Amounts written off, recoveries and other adjustments	(5,075)	(1,739)
Balance at end of period	$ 6,392	$ 5,884

INVESTMENTS AND FAIR VALUE MEASUREMENTS

6 Months Ended

Jul. 31, 2026

Fair Value Disclosures [Abstract]

INVESTMENTS AND FAIR VALUE MEASUREMENTS

NOTE 3 - INVESTMENTS AND FAIR VALUE MEASUREMENTS

The following table presents the Company’s cash equivalents and investments on the consolidated balance sheets (in thousands):


	As of July 31, 2026
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Cash equivalents:
Money market funds	$	156,129	$	—	$	—	$	156,129

Commercial paper	33,706		—		—		33,706
Total cash equivalents	189,835		—		—		189,835
Short-term investments:
U.S. government and agency securities	107,161		7		(290)		106,878
Commercial paper	16,866		—		—		16,866
Corporate bonds	43,379		—		(94)		43,285
Total short-term investments	167,406		7		(384)		167,029
Total cash equivalents and investments	$	357,241	$	7	$	(384)	$	356,864


	As of January 31, 2026
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Cash equivalents:
Money market funds	$	129,893	$	—	$	—	$	129,893

Commercial paper	40,758		—		—		40,758
Total cash equivalents	170,651		—		—		170,651
Short-term investments:
U.S. government and agency securities	103,458		38		—		103,496
Commercial paper	24,087		—		—		24,087
Corporate bonds	29,387		26		(2)		29,411
Total short-term investments	156,932		64		(2)		156,994
Total cash equivalents and investments	$	327,583	$	64	$	(2)	$	327,645

The Company’s investments consist of available-for-sale debt securities. The Company considers debt securities as available for use in current operations, including those with maturity dates beyond one year, and therefore classifies these securities as short-term investments on the condensed consolidated balance sheets. The Company included $1.0 million and $0.8 million of interest receivable within prepaid expenses and other current assets on the condensed consolidated balance sheets as of July 31, 2026 and January 31, 2026, respectively.

Gross unrealized losses on the Company’s available-for-sale debt securities were not material as of July 31, 2026 and January 31, 2026. For investments with unrealized loss positions, the Company does

not intend to sell these securities and it is more likely than not that the Company will hold these securities until maturity or a recovery of the cost basis.

As of July 31, 2026, there was no allowance for credit losses related to our available-for-sale debt securities. As of July 31, 2026, the weighted-average remaining maturity of our available-for-sale debt securities was less than one year, and the contractual maturities of our available-for-sale debt securities did not exceed 24 months.

Assets Measured at Fair Value on a Recurring Basis

The following table presents the fair value hierarchy for the Company’s assets measured at fair value on a recurring basis based on the three-tier fair value hierarchy (in thousands):


	As of July 31, 2026
	Level 1		Level 2		Level 3		Total
Financial Assets
Cash equivalents:
Money market funds	$	156,129	$	—	$	—	$	156,129

Commercial paper	—		33,706		—		33,706
Short-term investments:
U.S. government and agency securities	—		106,878		—		106,878
Commercial paper	—		16,866		—		16,866
Corporate bonds	—		43,285		—		43,285
Total financial assets	$	156,129	$	200,735	$	—	$	356,864


	As of January 31, 2026
	Level 1		Level 2		Level 3		Total
Financial Assets
Cash equivalents:
Money market funds	$	129,893	$	—	$	—	$	129,893

Commercial paper	—		40,758		—		40,758
Short-term investments:
U.S. government and agency securities	—		103,496		—		103,496
Commercial paper	—		24,087		—		24,087
Corporate bonds	—		29,411		—		29,411
Total financial assets	$	129,893	$	197,752	$	—	$	327,645

As of July 31, 2026, and January 31, 2026, no financial liabilities were measured at fair value on a recurring basis.

There were no transfers between Level 1, Level 2 or Level 3 fair value hierarchy categories of financial instruments during the six months ended July 31, 2026 or the year ended January 31, 2026.

Cash Equivalents and Short-term Investments

The Company determines the fair value of its cash equivalents and short-term investments based on pricing from the Company’s service providers and market prices from industry-standard independent data providers. Such market prices may be quoted prices in active markets for identical assets (Level 1 inputs) or pricing determined using inputs other than quoted prices that are observable either directly or indirectly

(Level 2 inputs), such as yield curves, volatility factors, credit spreads, default rates, broker and dealer quotes, as well as other relevant economic measures.

Other Financial Instruments

The fair value of other financial instruments that are not recognized at fair value on the balance sheet are presented below for disclosure purposes only (in thousands):


	Fair Value Hierarchy	As of
		July 31, 2026		January 31, 2026

Warehouse credit facility	Level 3	$	117,952	$	122,464
ABL facility	Level 3	$	5,441	$	5,563



Other debt	Level 3	$	864	$	618

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
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-Section 50
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-Subparagraph (h)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

DESCRIPTION OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES (Details) $ / shares in Units, $ in Thousands		3 Months Ended		6 Months Ended		12 Months Ended
	Oct. 31, 2025 USD ($) $ / shares shares	Jul. 31, 2026 USD ($) shares	Jul. 31, 2025 USD ($)	Jul. 31, 2026 USD ($) segment shares	Jul. 31, 2025 USD ($)	Jan. 31, 2026 USD ($) shares
Class of Stock [Line Items]
Common stock, capital shares reserved for future issuance (in shares)	2,070,000,000	95,633,967		95,633,967		91,406,527
Share-based payment arrangement, accelerated cost \| $	$ 81,800
Capitalized stock-based compensation \| $	$ 900	$ 1,517	$ 825	$ 2,591	$ 1,395
Share-based payment arrangement, shares withheld for tax withholding obligation (in shares)	709,106
Share-based compensation arrangement by share-based payment award, shares issued in period (in shares)	934,353
Payment of tax withholdings on settlement of RSUs \| $				$ 437	$ 0	$ 17,700
Number of operating segments \| segment				1
Number of reportable segments \| segment				1
Class A Common Stock
Class of Stock [Line Items]
Common stock, capital shares reserved for future issuance (in shares)	2,000,000,000
IPO
Class of Stock [Line Items]
Sale of stock, number of shares issued in transaction (in shares)	30,000,000
Sale of stock, price per share (in dollars per share) \| $ / shares	$ 25.00
Sale of stock, consideration received on transaction \| $	$ 713,300
IPO \| Class A Common Stock
Class of Stock [Line Items]
Sale of stock, number of shares issued in transaction (in shares)	6,924,406
Sale of stock, price per share (in dollars per share) \| $ / shares	$ 25.00
Over-Allotment Option
Class of Stock [Line Items]
Common stock, capital shares reserved for future issuance (in shares)	5,538,660

INVESTMENTS AND FAIR VALUE MEASUREMENTS - Other Financial Instruments (Details) - USD ($) $ in Thousands	Jul. 31, 2026	Jan. 31, 2026
Line of Credit \| Warehouse credit facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value disclosure, off-balance-sheet risks, amount, liability	$ 117,952	$ 122,464
Line of Credit \| ABL facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value disclosure, off-balance-sheet risks, amount, liability	5,441	5,563
Other debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value disclosure, off-balance-sheet risks, amount, liability	$ 864	$ 618

SUPPLEMENTAL FINANCIAL STATEMENT INFORMATION - Other Income (Expense), Net (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 31, 2026	Jul. 31, 2025	Jul. 31, 2026	Jul. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Foreign currency exchange gains (losses), net	$ (2,508)	$ (299)	$ (6,315)	$ 7,622
Interest income	4,946	1,092	9,575	2,203
SAFE issuance costs expensed	0	0	0	(2,913)
Other, net	(247)	(213)	158	(213)
Total other income, net	$ 2,191	$ 580	$ 3,418	$ 6,699

INCOME TAXES (Tables)

6 Months Ended

Jul. 31, 2026

Income Tax Disclosure [Abstract]

Schedule of Effective Income Tax Rate Reconciliation

The Company's provision for income tax expense and the effective tax rates are as follows (in thousands, except percentages):


	Three Months Ended July 31,						Six Months Ended July 31,
	2026			2025			2026			2025
Income Tax Provision	$	2,833		$	3,561		$	3,635		$	8,043
Effective Tax Rate	(10.8)		%	(10.2)		%	(7.9)		%	(8.8)		%

VARIABLE INTEREST ENTITIES - Carrying Amounts of Liquid Labs’ Assets and Liabilities (Details) - USD ($) $ in Thousands	Jul. 31, 2026	Jan. 31, 2026
Variable Interest Entity [Line Items]
Restricted cash, current	$ 89,840	$ 79,647
Corporate card receivables	212,935	206,182
Prepaid expenses and other current assets	55,454	55,241
Other non-current assets	27,094	28,645
Accrued expenses and other current liabilities	204,208	197,253
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Restricted cash, current	2,472	7,142
Corporate card receivables	203,139	199,249
Prepaid expenses and other current assets	1,285	1,281
Other non-current assets	747	1,388
Accrued expenses and other current liabilities	764	8,560
Warehouse Credit Facility	$ 118,174	$ 118,174

STOCKHOLDERS’ EQUITY - Restricted Stock Units Activity (Details) - Restricted Stock Units with Performance Conditions - $ / shares	6 Months Ended
	Jul. 31, 2026	Jan. 31, 2026
Number of Shares Subject to RSUs
Unvested, beginning balance (in shares)	9,311,201
Granted (in shares)	16,497,425
Forfeited (in shares)	(1,430,919)
Vested (in shares)	(2,640,230)
Unvested, ending balance (in shares)	21,737,477
Weighted-Average Grant Date Fair Value
Unvested, beginning balance (in dollars per share)	$ 18.14	$ 22.23
Granted (in dollars per share)	16.41
Forfeited (in dollars per share)	20.15
Vested (in dollars per share)	20.68
Unvested, ending balance (in dollars per share)	$ 18.14

SUPPLEMENTAL FINANCIAL STATEMENT INFORMATION (Tables)

6 Months Ended

Jul. 31, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Property, Equipment and Software, Net

Property, equipment and software, net consisted of the following (in thousands):


	As of
	July 31, 2026		January 31, 2026
Capitalized software	$	55,102	$	46,126
Computers and equipment	6,822		6,868
Fixtures and fittings	897		2,976
Leasehold improvements	2,562		2,691
Construction in progress(1)	3,609		6,798
Property, equipment and software, gross	68,992		65,459
Less: accumulated depreciation	(30,930)		(30,431)
Property, equipment and software, net	$	38,062	$	35,028

________________

(1)Construction in progress consists of leasehold improvements and capitalized software development costs that have not been placed into service.

Schedule of Long-Lived Assets, Net

The following table presents long-lived assets, which includes property, equipment and software, net of depreciation and amortization, and operating lease ROU assets, by geographic region (in thousands):


	As of
	July 31, 2026		January 31, 2026
United States	$	60,349	$	59,470
United Kingdom	7,539		9,151
All other countries(1)	9,532		9,837
Total long-lived assets, net	$	77,420	$	78,458

________________

(1)No individual country within All other countries comprises more than 10% of Total long-lived assets, net.

Schedule of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following (in thousands):


	As of
	July 31, 2026		January 31, 2026
Accrued payroll-related expenses, taxes, and benefits	$	59,532	$	45,450


Accrued expenses	36,130		25,842

Amounts due to travel suppliers(1)	51,288		77,290
Reward liability(2)	14,118		12,337
Customer deposits and collateral	32,587		26,357

Indirect tax payable	5,314		6,404

Accrued interest	774		781
Other	4,465		2,792
Total accrued expenses and other current liabilities	$	204,208	$	197,253

________________

(1)This balance represents the timing difference of when the Company charges customers for certain travel booking transactions, and when the balance is remitted to travel suppliers or needs to be refunded.

(2)This balance represents both (i) Navan-funded rewards, which includes the value of earned rewards we expect to be redeemed by users prior to expiration, and (ii) customer funded rewards, which are payments made by our platform customers to fund future redemptions by their employees.

Schedule of Other Income, Net

The components of other income, net were as follows (in thousands):


	Three Months Ended July 31,				Six Months Ended July 31,
	2026		2025		2026		2025
Foreign currency exchange gains (losses), net	$	(2,508)	$	(299)	$	(6,315)	$	7,622
Interest income	4,946		1,092		9,575		2,203
SAFE issuance costs expensed	—		—		—		(2,913)
Other, net	(247)		$	(213)	158		(213)
Total other income, net	$	2,191	$	580	$	3,418	$	6,699

INVESTMENTS AND FAIR VALUE MEASUREMENTS - Narrative (Details) - USD ($) $ in Millions	Jul. 31, 2026	Jan. 31, 2026
Fair Value Disclosures [Abstract]
Interest receivable	$ 1.0	$ 0.8

STOCKHOLDERS’ EQUITY - Common Stock Reserved for Issuance (Details) - shares	Jul. 31, 2026	Jan. 31, 2026	Oct. 31, 2025
Class of Stock [Line Items]
Common stock, capital shares reserved for future issuance (in shares)	95,633,967	91,406,527	2,070,000,000
Stock options issued and outstanding
Class of Stock [Line Items]
Common stock, capital shares reserved for future issuance (in shares)	31,865,065	39,283,485
RSUs issued and outstanding
Class of Stock [Line Items]
Common stock, capital shares reserved for future issuance (in shares)	21,737,477	9,311,201
Shares of common stock available for future grants
Class of Stock [Line Items]
Common stock, capital shares reserved for future issuance (in shares)	34,818,026	37,811,841
Shares available for issuance under the 2025 Employee Stock Purchase Plan ("ESPP")
Class of Stock [Line Items]
Common stock, capital shares reserved for future issuance (in shares)	7,213,399	5,000,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-5

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
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-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
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-URI https://asc.fasb.org/1943274/2147480070/505-10-S50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480070/505-10-S50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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-Subparagraph (c)
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-11

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
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-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-5

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section S45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480100/505-10-S45-3

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section S45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480100/505-10-S45-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147479857/480-10-S50-1

Reference 27: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 272
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147483014/272-10-45-3

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482987/272-10-50-1

Reference 29: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 31: http://www.xbrl.org/2003/role/disclosureRef
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Reference 32: http://www.xbrl.org/2003/role/disclosureRef
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Reference 33: http://www.xbrl.org/2003/role/disclosureRef
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Reference 34: http://www.xbrl.org/2003/role/disclosureRef
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Reference 35: http://www.xbrl.org/2003/role/disclosureRef
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Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Paragraph 3
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

+ Details

GOODWILL AND OTHER INTANGIBLE ASSETS - Estimated Future Amortization Expense (Details) - USD ($) $ in Thousands	Jul. 31, 2026	Jan. 31, 2026
Intangible Asset, Finite-Lived, after Accumulated Amortization, Estimated Amortization Expense, Fiscal Year Maturity [Abstract]
Remainder of 2027	$ 1,345
2028	2,490
2029	2,472
2030	2,394
2031	2,159
Thereafter	6,824
Net Amount	$ 17,684	$ 19,274

COMMITMENTS AND CONTINGENCIES

6 Months Ended

Jul. 31, 2026

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

NOTE 10 - COMMITMENTS AND CONTINGENCIES

Purchase Obligations

In the normal course of business, the Company enters into non-cancelable purchase commitments with various parties primarily related to the purchase of cloud hosting arrangements and software subscriptions. The following table presents the summarized purchase obligations as of July 31, 2026 (in thousands):


	Payments Due By Period as of July 31, 2026
	Total		Less than 1 Year		1 - 3 Years		3 - 5 Years	More than 5 Years
Purchase obligations	$	30,257	$	14,850	$	15,407	—	—

Lease commitments

As of July 31, 2026, the Company has committed approximately $24.9 million in total minimum lease payments for office space leases which are signed but have not yet commenced. The lease terms range from approximately 2 to 5 years. The Company will recognize the related right-of-use assets and lease liabilities, which have not yet been determined, at the respective lease commencement dates.

Litigation

The Company is currently involved in, and may in the future be involved in, legal proceedings and administrative proceedings, disputes or claims. The Company records a liability when a loss is considered probable and the amount can be reasonably estimated. For legal proceedings for which there is a reasonable possibility of loss (meaning those losses for which the likelihood is more than remote but less than probable), the Company has determined it does not have material exposure on an aggregate basis. Due to the inherent uncertainties of litigation, the Company is unable to predict the ultimate outcome of these matters, and the unfavorable resolution of any matter could have a material adverse effect on the Company's business, results of operations, or financial condition.

Securities and Derivative Litigation

On February 23, 2026, a putative securities class action complaint was filed against the Company, its directors and certain of its current and former executive officers (collectively, the “Defendants”) in the U.S. District Court for the Northern District of California. On June 16, 2026, the Court appointed a lead plaintiff. An amended complaint was filed on August 5, 2026, alleging that the Defendants violated Sections 11 and 15 of the Securities Act of 1933, as amended, by making materially false and misleading statements and omissions in its IPO offering documents. On September 8, 2026, a shareholder derivative complaint was filed in the U.S. District Court for the Northern District of California. The allegations of this derivative complaint mirror the allegations in the securities class action case. The plaintiff purports to assert claims on behalf of the Company against the Company’s directors and certain of its current and former executive officers for breach of fiduciary duty and related claims. The Company intends to vigorously defend the cases. As of July 31, 2026, the Company is unable to reasonably estimate a possible loss or range of loss, if any, from both of these matters.

Repayment of Government Grants

During the years ended January 31, 2022 and 2021, the Company received $6.0 million in grants from the Dutch government under the NOW Scheme. The Company’s application for relief under the

NOW Scheme is currently under review. If the Dutch government concludes that the Company does not qualify under the conditions stipulated for the government grants, the Company may have to repay the Dutch government for grants provided. We recognized the $6.0 million in grants received as a liability in the period received.

During the year ended January 31, 2023, the Company received a tentative payment schedule from the Dutch government. The NOW Scheme liability balances as of July 31, 2026 and January 31, 2026, and the changes during the six months ended July 31, 2026 were as follows (in thousands):


	Carrying Amount
Balance as of January 31, 2026	$	4,919
Repayments	—
Foreign currency translation impact	(143)
Balance as of July 31, 2026	$	4,776
Less: balance in accrued expenses and other current liabilities	(563)
Balance in other non-current liabilities	$	4,213

As of July 31, 2026, the Company’s application for relief is still under review with the governmental authorities.

SUPPLEMENTAL FINANCIAL STATEMENT INFORMATION - Long-Lived Assets, Net (Details) - USD ($) $ in Thousands	Jul. 31, 2026	Jan. 31, 2026
Property, Plant, and Equipment [Line Items]
Total long-lived assets, net	$ 77,420	$ 78,458
United States
Property, Plant, and Equipment [Line Items]
Total long-lived assets, net	60,349	59,470
United Kingdom
Property, Plant, and Equipment [Line Items]
Total long-lived assets, net	7,539	9,151
All Other Countries
Property, Plant, and Equipment [Line Items]
Total long-lived assets, net	$ 9,532	$ 9,837

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

DEBT - 2022 Promissory Note (Details) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended		6 Months Ended
	Feb. 28, 2025	Sep. 30, 2022	Jul. 31, 2026	Jul. 31, 2025	Jul. 31, 2026	Jul. 31, 2025
Debt Instrument [Line Items]
Loss on extinguishment of debt			$ 0	$ 0	$ 0	$ 20,528
2022 promissory note \| 2022 promissory note
Debt Instrument [Line Items]
Debt issued		$ 150,000
Stock issued during period, shares, warrants issued (in shares)		599,280
Interest rate		11.50%
Prepayment multiplier		1.3
Warrants, outstanding value		$ 11,800
Debt issuance costs		$ 100
Effective interest rate after amortization to interest expense		14.50%
Payments to extinguish debt	$ 198,100
Loss on extinguishment of debt	$ 20,500
2022 promissory note \| 2022 promissory note \| Cash Interest Rate
Debt Instrument [Line Items]
Interest rate, cash portion		4.00%
2022 promissory note \| 2022 promissory note \| Paid-In-Kind Interest Rate
Debt Instrument [Line Items]
Interest rate, paid-in-kind interest, portion		7.50%

DEBT - Interest Expense (Details) - Line of Credit - Revolving Credit Facility - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 31, 2026	Jul. 31, 2025	Jul. 31, 2026	Jul. 31, 2025
Warehouse credit facility
Debt Instrument [Line Items]
Interest paid and payable	$ 2,267	$ 3,713	$ 684	$ 681
Amortization of debt issuance costs	342	342	4,469	8,098
Total interest expense	2,609	4,055	5,153	8,779
ABL facility
Debt Instrument [Line Items]
Interest paid and payable	154	690	270	224
Amortization of debt issuance costs	135	134	296	1,180
Total interest expense	$ 289	$ 824	$ 566	$ 1,404

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.9-06)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S45
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477657/942-210-S45-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478478/942-210-S50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

DEBT - SAFE Warrants (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
DEBT - SAFE Warrants (Details) - USD ($) $ in Thousands	Jul. 31, 2026	Jul. 31, 2025	Jan. 31, 2026
Debt Instrument [Line Items]
Proceeds from issuance of SAFEs	$ 0	$ 155,000
SAFE Warrants
Debt Instrument [Line Items]
Proceeds from issuance of SAFEs			$ 155,000
Issuance of warrant, interest rate			12.00%
Debt issuance costs	$ 2,900
SAFE Warrants \| Class A Common Stock
Debt Instrument [Line Items]
Number of shares called by warrants (in shares)	7,851,008
Warrants converted to common shares, discount price	15.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

DEBT - Warehouse Credit Facility (Details) - Line of Credit - Revolving Credit Facility - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Nov. 30, 2022	Jan. 31, 2026	Jan. 31, 2025	Jul. 31, 2026
Warehouse Credit Facility
Debt Instrument [Line Items]
Total commitment amount	$ 200.0			$ 250.0
Minimum utilization	50.00%			40.00%
Unused capacity, commitment fee	0.50%
Commitment fee	$ 2.0	$ 2.8	$ 1.4
Class A Facility
Debt Instrument [Line Items]
Total commitment amount	171.1
Class B Facility
Debt Instrument [Line Items]
Total commitment amount	$ 28.9

INCOME TAXES

6 Months Ended

Jul. 31, 2026

Income Tax Disclosure [Abstract]

INCOME TAXES

NOTE 9 - INCOME TAXES

The Company's provision for income tax expense and the effective tax rates are as follows (in thousands, except percentages):


	Three Months Ended July 31,						Six Months Ended July 31,
	2026			2025			2026			2025
Income Tax Provision	$	2,833		$	3,561		$	3,635		$	8,043
Effective Tax Rate	(10.8)		%	(10.2)		%	(7.9)		%	(8.8)		%

The Company's tax provision for interim periods is determined using an estimated annual effective tax rate ("ETR"), adjusted for discrete items arising in the relevant period. In each quarter, the Company updates its estimated annual ETR and makes a year-to-date calculation of the provision.

The Company’s provision for income taxes was $2.8 million and $3.6 million, for the three months ended July 31, 2026 and 2025, respectively. The Company’s provision for income taxes was $3.6 million and $8.0 million, for the six months ended July 31, 2026 and 2025, respectively.

The effective tax rates for the three and six months ended July 31, 2026 and 2025 differed from the federal statutory tax rate primarily due to the Company’s full valuation allowance on U.S. federal and certain state deferred tax assets, partially offset by foreign income taxed at rates higher than the U.S. statutory rate.

The Company has evaluated all available evidence, both positive and negative, including historical levels of income and expectations and risks associated with estimates of future taxable income, and has determined that it is more likely than not that its net deferred tax assets will not be realized in the United States. As of July 31, 2026, the Company continues to maintain valuation allowances against its U.S. federal, certain states and certain foreign deferred tax assets.

The Company is subject to income tax audits in the U.S. and foreign jurisdictions. The Company records liabilities related to uncertain tax positions and believes that it has provided adequate reserves for

income tax uncertainties in all open tax years. It is reasonably possible that there could be changes to the amount of uncertain tax positions that will significantly increase or decrease within 12 months of the reporting period; however, the Company is not able to estimate the impact of these items at this time.

- Definition

The entire disclosure for income tax.

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+ Details

Cover Page - shares	6 Months Ended
Cover Page - shares	Jul. 31, 2026	Sep. 03, 2026
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jul. 31, 2026
Document Transition Report	false
Entity File Number	001-42922
Registrant Name	NAVAN, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	47-3424780
Entity Address, Address Line One	260 California Avenue
Entity Address, Address Line Two	Floor 2
Entity Address, City or Town	Palo Alto
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94306
City Area Code	888
Local Phone Number	505-8747
Title of 12(b) Security	Class A Common Stock, par value $0.00000625 per share
Trading Symbol	NAVN
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Amendment Flag	false
Document Fiscal Year Focus	2027
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001639723
Current Fiscal Year End Date	--01-31
Class A Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		245,330,797
Class B Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		15,079,696

GOODWILL AND OTHER INTANGIBLE ASSETS - Intangible Assets (Details) - USD ($) $ in Thousands	Jul. 31, 2026	Jan. 31, 2026
Intangible Asset, Finite-Lived [Line Items]
Gross Carrying Amount	$ 30,176	$ 30,565
Accumulated Amortization	(12,492)	(11,291)
Net Amount	$ 17,684	$ 19,274
Customer relationships
Intangible Asset, Finite-Lived [Line Items]
Weighted-Average Remaining Life (Years)	7 years 3 months 18 days	7 years 8 months 12 days
Gross Carrying Amount	$ 29,589	$ 29,978
Accumulated Amortization	(12,349)	(11,167)
Net Amount	$ 17,240	$ 18,811
Domain names
Intangible Asset, Finite-Lived [Line Items]
Weighted-Average Remaining Life (Years)	11 years 3 months 18 days	11 years 9 months 18 days
Gross Carrying Amount	$ 587	$ 587
Accumulated Amortization	(143)	(124)
Net Amount	$ 444	$ 463

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

SUBSEQUENT EVENTS	6 Months Ended
SUBSEQUENT EVENTS	Jul. 31, 2026
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 12 - SUBSEQUENT EVENTS In September 2026, the Company acquired BoomPop, a U.S.-based meetings and events company, in exchange for total consideration of up to $95.0 million in cash and shares of the Company's Class A common stock, subject to customary purchase price adjustments. Given the recent timing of the closing of this transaction, the Company is in the process of determining the fair values of the acquired assets and assumed liabilities.

DEBT - Debt Outstanding (Details) - USD ($) $ in Thousands	Jul. 31, 2026	Jan. 31, 2026
Debt Instrument [Line Items]
Total principal amount of debt and borrowings	$ 125,041	$ 124,795
Line of Credit \| Revolving Credit Facility \| Warehouse credit facility
Debt Instrument [Line Items]
Total principal amount of debt and borrowings	118,174	118,174
Line of Credit \| Revolving Credit Facility \| ABL facility
Debt Instrument [Line Items]
Total principal amount of debt and borrowings	6,000	6,000
Notes payable
Debt Instrument [Line Items]
Total principal amount of debt and borrowings	$ 867	$ 621

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

INVESTMENTS AND FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Jul. 31, 2026

Fair Value Disclosures [Abstract]

Schedule of Cash Equivalents and Investments

The following table presents the Company’s cash equivalents and investments on the consolidated balance sheets (in thousands):


	As of July 31, 2026
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Cash equivalents:
Money market funds	$	156,129	$	—	$	—	$	156,129

Commercial paper	33,706		—		—		33,706
Total cash equivalents	189,835		—		—		189,835
Short-term investments:
U.S. government and agency securities	107,161		7		(290)		106,878
Commercial paper	16,866		—		—		16,866
Corporate bonds	43,379		—		(94)		43,285
Total short-term investments	167,406		7		(384)		167,029
Total cash equivalents and investments	$	357,241	$	7	$	(384)	$	356,864


	As of January 31, 2026
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Cash equivalents:
Money market funds	$	129,893	$	—	$	—	$	129,893

Commercial paper	40,758		—		—		40,758
Total cash equivalents	170,651		—		—		170,651
Short-term investments:
U.S. government and agency securities	103,458		38		—		103,496
Commercial paper	24,087		—		—		24,087
Corporate bonds	29,387		26		(2)		29,411
Total short-term investments	156,932		64		(2)		156,994
Total cash equivalents and investments	$	327,583	$	64	$	(2)	$	327,645

Schedule of Fair Value, Assets Measured on Recurring Basis

The following table presents the fair value hierarchy for the Company’s assets measured at fair value on a recurring basis based on the three-tier fair value hierarchy (in thousands):


	As of July 31, 2026
	Level 1		Level 2		Level 3		Total
Financial Assets
Cash equivalents:
Money market funds	$	156,129	$	—	$	—	$	156,129

Commercial paper	—		33,706		—		33,706
Short-term investments:
U.S. government and agency securities	—		106,878		—		106,878
Commercial paper	—		16,866		—		16,866
Corporate bonds	—		43,285		—		43,285
Total financial assets	$	156,129	$	200,735	$	—	$	356,864


	As of January 31, 2026
	Level 1		Level 2		Level 3		Total
Financial Assets
Cash equivalents:
Money market funds	$	129,893	$	—	$	—	$	129,893

Commercial paper	—		40,758		—		40,758
Short-term investments:
U.S. government and agency securities	—		103,496		—		103,496
Commercial paper	—		24,087		—		24,087
Corporate bonds	—		29,411		—		29,411
Total financial assets	$	129,893	$	197,752	$	—	$	327,645

Schedule of Other Financial Instruments Not Recognized at Fair Value on Balance Sheet

The fair value of other financial instruments that are not recognized at fair value on the balance sheet are presented below for disclosure purposes only (in thousands):


	Fair Value Hierarchy	As of
		July 31, 2026		January 31, 2026

Warehouse credit facility	Level 3	$	117,952	$	122,464
ABL facility	Level 3	$	5,441	$	5,563



Other debt	Level 3	$	864	$	618

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

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+ Details

SUPPLEMENTAL FINANCIAL STATEMENT INFORMATION - Property, Equipment and Software, Net (Details) - USD ($) $ in Thousands	Jul. 31, 2026	Jan. 31, 2026
Property, Plant, and Equipment [Line Items]
Property, equipment and software, gross	$ 68,992	$ 65,459
Less: accumulated depreciation	(30,930)	(30,431)
Property, equipment and software, net	38,062	35,028
Capitalized software
Property, Plant, and Equipment [Line Items]
Property, equipment and software, gross	55,102	46,126
Computers and equipment
Property, Plant, and Equipment [Line Items]
Property, equipment and software, gross	6,822	6,868
Fixtures and fittings
Property, Plant, and Equipment [Line Items]
Property, equipment and software, gross	897	2,976
Leasehold improvements
Property, Plant, and Equipment [Line Items]
Property, equipment and software, gross	2,562	2,691
Construction in progress
Property, Plant, and Equipment [Line Items]
Property, equipment and software, gross	$ 3,609	$ 6,798

- Definition

Amount of accumulated depreciation, depletion, and amortization of property, plant, and equipment. Includes, but is not limited to, land and land improvement; building; machinery and equipment; furniture and fixture; and work of art, historical treasure, or similar asset classified as collection.

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

- Definition

Amount, after accumulated depreciation, depletion, and amortization, of property, plant, and equipment. Includes, but is not limited to, land and land improvement; building; machinery and equipment; furniture and fixture; and work of art, historical treasure, or similar asset classified as collection.

+ References

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+ Details

SUPPLEMENTAL FINANCIAL STATEMENT INFORMATION - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Jul. 31, 2026	Jan. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accrued payroll-related expenses, taxes, and benefits	$ 59,532	$ 45,450
Accrued expenses	36,130	25,842
Amounts due to travel suppliers	51,288	77,290
Reward liability	14,118	12,337
Customer deposits and collateral	32,587	26,357
Indirect tax payable	5,314	6,404
Accrued interest	774	781
Other	4,465	2,792
Total accrued expenses and other current liabilities	$ 204,208	$ 197,253

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jul. 31, 2026 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Terminated	false
Ariel Cohen [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On July 9, 2026 Ariel Cohen, our co-founder, Chief Executive Officer and chairperson of our board of directors, and certain trusts affiliated with Mr. Cohen adopted a new trading arrangement intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) to replace a previously adopted trading arrangement upon its expiration on October 31, 2026. The new trading arrangement expires on April 30, 2027. The new trading arrangement provides for the potential sale by Mr. Cohen of up to 439,698 shares of our Class A common stock, and the potential sale by each of the Lihi Cohen GST Trust, the Shai Cohen GST Trust, and the Sivan Cohen GST Trust of up to 75,000 shares of our Class A common stock. Accordingly, the new trading arrangement provides for the sale of up to 664,698 shares, in the aggregate, of our Class A common stock.
Name	Ariel Cohen,
Title	co-founder, Chief Executive Officer and chairperson of our board of directors
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	July 9, 2026
Expiration Date	April 30, 2027
Arrangement Duration	295 days
Aggregate Available	664,698
Michael Sindicich [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On June 5, 2026, Michael Sindicich, our President, terminated a trading arrangement that he had previously adopted on January 5, 2026 that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) that would otherwise have expired on December 31, 2026. This trading arrangement provided for the potential sale of (i) up to 33,510 shares of our Class A common stock (ii) up to 46,743 additional shares of our Class A common stock issuable upon vesting and settlement of RSUs, excluding any shares withheld by us or sold to satisfy tax withholding obligations arising from the vesting of such RSU awards, and (iii) up to 81,272 shares of our Class A common stock subject to stock options previously awarded to Mr. Sindicich and exercisable on or prior to December 31, 2026. On July 14, 2026, Mr. Sindicich adopted a new trading arrangement that expires on June 30, 2027 and that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). This trading arrangement provides for the potential sale of up to 336,614 shares of our Class A common stock subject to stock options previously awarded to Mr. Sindicich and exercisable on or prior to June 30, 2027.
Michael Sindicich June 2026 Plan [Member] \| Michael Sindicich [Member]
Trading Arrangements, by Individual
Name	Michael Sindicich
Title	President
Rule 10b5-1 Arrangement Terminated	true
Termination Date	June 5, 2026
Michael Sindicich July 2026 Plan [Member] \| Michael Sindicich [Member]
Trading Arrangements, by Individual
Name	Michael Sindicich
Title	President
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	July 14, 2026
Expiration Date	June 30, 2027
Arrangement Duration	351 days
Aggregate Available	336,614
Michael Sindicich June 2026 Plan, Class A Common Stock [Member] \| Michael Sindicich [Member]
Trading Arrangements, by Individual
Aggregate Available	33,510
Michael Sindicich June 2026 Plan, Class A Common Stock Issuable Upon Vesting and Settlement of RSUs [Member] \| Michael Sindicich [Member]
Trading Arrangements, by Individual
Aggregate Available	46,743
Michael Sindicich June 2026 Plan, Common Class A Common Stock Subject to Stock Options Previously Awarded and Exercisable [Member] \| Michael Sindicich [Member]
Trading Arrangements, by Individual
Aggregate Available	81,272

NET LOSS PER SHARE (Tables)

6 Months Ended

Jul. 31, 2026

Earnings Per Share [Abstract]

Schedule of Earnings Per Share Basic and Diluted

The following table presents the computation of basic and diluted net loss per share attributable to common stockholders (in thousands, except share and per share data):


	Three Months Ended July 31,				Six Months Ended July 31,
	2026		2025		2026		2025
Net loss	$	(29,117)	$	(38,623)	$	(49,623)	$	(99,880)


Weighted-average shares outstanding used to compute net loss per share attributable to common stockholders, basic and diluted	256,369,621		46,546,290		253,375,867		46,350,553
Net loss per share attributable to common stockholders, basic and diluted	$	(0.11)	$	(0.83)	$	(0.20)	$	(2.15)

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The potential shares of common stock that were excluded from the computation of diluted net loss per share attributable to

common stockholders for the periods presented because including them would have been antidilutive are as follows:


	As of July 31,
	2026	2025
Redeemable convertible preferred shares	—	146,360,207
Stock options issued and outstanding	31,865,065	41,581,733
RSUs issued and outstanding	21,737,477	7,771,766
ESPP	733,515	—
Warrants to purchase redeemable convertible preferred stock	—	40,160
Warrants to purchase common stock	—	1,211,223
Shares of common stock subject to repurchase	1,740	21,751
Convertible notes	—	12,273,965
SAFEs	—	7,526,948
Total antidilutive securities	54,337,797	216,787,753

GOODWILL AND OTHER INTANGIBLE ASSETS

6 Months Ended

Jul. 31, 2026

Intangible Asset, Goodwill and Other [Abstract]

GOODWILL AND OTHER INTANGIBLE ASSETS

NOTE 5 - GOODWILL AND OTHER INTANGIBLE ASSETS

Goodwill

The following table presents the changes in the carrying value of the goodwill balance (in thousands):


	Carrying Amount
Balance as of January 31, 2026	$	241,309

Foreign currency translation impact	(4,516)
Balance as of July 31, 2026	$	236,793

There were no impairments of goodwill recognized during the six months ended July 31, 2026 and 2025.

Intangible Assets

Intangible assets consisted of the following (in thousands, except years data):


	As of July 31, 2026
	Weighted-Average Remaining Life (Years)	Gross Carrying Amount		Accumulated Amortization		Net Amount

Customer relationships	7.3	$	29,589	$	(12,349)	$	17,240
Domain names	11.3	587		(143)		444
Total intangible assets		$	30,176	$	(12,492)	$	17,684


	As of January 31, 2026
	Weighted-Average Remaining Life (Years)	Gross Carrying Amount		Accumulated Amortization		Net Amount
Customer relationships	7.7	$	29,978	$	(11,167)	$	18,811
Domain names	11.8	587		(124)		463
Total intangible assets		$	30,565	$	(11,291)	$	19,274

During the three and six months ended July 31, 2026, amortization expense related to intangible assets of $0.7 million and $1.4 million, respectively, was recorded in sales and marketing expense within the condensed consolidated statements of operations.

During the three and six months ended July 31, 2025, amortization expense related to intangible assets of $1.3 million and $2.5 million, respectively, was recorded in sales and marketing expense, and during the six months ended July 31, 2025, $0.1 million was recorded in cost of revenue within the condensed consolidated statements of operations.

No amortization expense was recorded in cost of revenue within the condensed consolidated statements of operations during the three and six months ended July 31, 2026 and the three months ended July 31, 2025.

The expected future amortization expenses related to intangible assets as of July 31, 2026 were as follows (in thousands):


Year Ended January 31,	Amount
Remainder of 2027	$	1,345
2028	2,490
2029	2,472
2030	2,394
2031	2,159
Thereafter	6,824
Total	$	17,684

There were no impairments of intangible assets recognized during the six months ended July 31, 2026 and 2025.

STOCKHOLDERS’ EQUITY - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended		12 Months Ended
	Jul. 31, 2026	Jul. 31, 2025	Jan. 31, 2026
Number of Stock Options Outstanding
Beginning balance (in shares)	39,283,485
Granted (in shares)	1,010,099
Exercised (in shares)	(7,804,467)
Cancelled/forfeited/expired (in shares)	(624,052)
Ending balance (in shares)	31,865,065		39,283,485
Vested and expected to vest as of end of period (in shares)	31,865,065
Exercisable as of end of period (in shares)	26,754,146
Weighted-Average Exercise Price per Share
Beginning balance (in dollars per share)	$ 13.91
Granted (in dollars per share)	9.97
Exercised (in dollars per share)	9.96
Cancelled/forfeited/expired (in dollars per share)	16.74
Ending balance (in dollars per share)	14.70		$ 13.91
Vested and expected to vest as of end of period (in dollars per share)	14.70
Exercisable as of end of period (in dollars per share)	$ 14.12
Weighted- Average Remaining Contractual Life (Years)
Outstanding, weighted average remaining contractual term (in years)	6 years 1 month 6 days		5 years 8 months 12 days
Vested and expected to vest as end of period, weighted average remaining contractual term (in years)	6 years 1 month 6 days
Vested and expected to vest as end of period, weighted average remaining contractual term (in years)	5 years 8 months 12 days
Aggregate Intrinsic Value
Outstanding, aggregate intrinsic value	$ 379,830		$ 55,743
Exercises, aggregate intrinsic value	76,941	$ 7,400
Vested and expected to vest, aggregate intrinsic value	379,830
Exercisable, aggregate intrinsic value	$ 334,447

DEBT - Borrowings and Repayments (Details) - USD ($) $ in Thousands	6 Months Ended
	Jul. 31, 2026	Jul. 31, 2025
Debt Instrument [Line Items]
Repayments	$ 519	$ 333,775
Line of Credit \| Revolving Credit Facility \| Warehouse Credit Facility
Debt Instrument [Line Items]
Borrowings	0	15,000
Repayments	$ 0	$ 81,100

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

STOCKHOLDERS’ EQUITY - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
	Oct. 31, 2025	Jul. 31, 2026	Jul. 31, 2025	Jul. 31, 2026	Jul. 31, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation expense, net of amounts capitalized		$ 41,857	$ 18,649	$ 79,169	$ 35,909
Capitalized stock-based compensation	$ 900	1,517	825	2,591	1,395
Total stock-based compensation cost		43,374	19,474	81,760	37,304
Location, Statement of Income, Balance [Axis]: us-gaap:CostOfRevenue
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation expense, net of amounts capitalized		2,362	855	4,082	1,902
Location, Statement of Income, Balance [Axis]: us-gaap:GeneralAndAdministrativeExpense
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation expense, net of amounts capitalized		11,026	6,178	27,399	11,898
Location, Statement of Income, Balance [Axis]: us-gaap:ResearchAndDevelopmentExpense
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation expense, net of amounts capitalized		15,652	7,473	26,616	14,371
Location, Statement of Income, Balance [Axis]: us-gaap:SellingAndMarketingExpense
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation expense, net of amounts capitalized		$ 12,817	$ 4,143	$ 21,072	$ 7,738

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
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-Paragraph 1D
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+ Details

DEBT - ABL Facility (Details) - Line of Credit - ABL facility $ in Millions	1 Months Ended
	Mar. 31, 2025 USD ($)
Debt Instrument [Line Items]
Total commitment amount	$ 100.0
Floating interest rate	2.50%
Unused capacity, commitment fee	0.25%
Fees incurred	$ 1.6

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

DEBT - Contractual Principal Payments (Details) - Notes payable $ in Thousands	Jul. 31, 2026 USD ($)
Debt Instrument [Line Items]
Remainder of 2027	$ 791
2028	76
2029	0
2030	0
2031	0
Thereafter	0
Net carrying value of debt and borrowings	$ 867

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References

+ Details

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jul. 31, 2026	Jan. 31, 2026
Current assets:
Cash and cash equivalents	$ 653,015	$ 583,516
Restricted cash, current	89,840	79,647
Short-term investments	167,029	156,994
Accounts receivable, net	212,476	215,941
Corporate card receivables, net	212,935	206,182
Contract acquisition costs, current	13,872	9,466
Prepaid expenses and other current assets	55,454	55,241
Total current assets	1,404,621	1,306,987
Restricted cash, non-current	5,603	4,911
Contract acquisition costs, non-current	41,853	29,177
Operating lease right-of-use assets	39,358	43,430
Property, equipment, and software, net	38,062	35,028
Intangible assets, net	17,684	19,274
Goodwill	236,793	241,309
Other non-current assets	27,094	28,645
Total assets	1,811,068	1,708,761
Current liabilities:
Accounts payable	56,792	65,939
Accrued expenses and other current liabilities	204,208	197,253
Notes payable, current	867	584
Operating lease liabilities, current	13,426	11,973
Deferred revenue, current	45,737	45,187
Total current liabilities	321,030	320,936
Operating lease liabilities, non-current	31,751	37,587
Notes payable, non-current	0	37
Other non-current liabilities	18,452	17,966
Total liabilities	495,407	500,700
Commitments and contingencies (Note 10)
Stockholders' equity
Preferred stock, par value $0.00000625 per share: 20,000,000 shares authorized, no shares issued and outstanding as of July 31, 2026 and January 31, 2026	0	0
Additional paid-in capital	3,390,753	3,226,427
Accumulated deficit	(2,064,766)	(2,015,143)
Accumulated other comprehensive loss	(10,328)	(3,225)
Total stockholders’ equity	1,315,661	1,208,061
Total liabilities and stockholders’ equity	1,811,068	1,708,761
Class A Common Stock
Stockholders' equity
Common stock, value, issued	2	2
Class B Common Stock
Stockholders' equity
Common stock, value, issued	0	0
ABL facility
Current liabilities:
Long-term line of credit, noncurrent	6,000	6,000
Warehouse credit facility
Current liabilities:
Long-term line of credit, noncurrent	$ 118,174	$ 118,174

DEBT - Vista Facility (Details) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended		6 Months Ended
DEBT - Vista Facility (Details) - USD ($) $ in Thousands	Oct. 31, 2025	Feb. 28, 2025	Jul. 31, 2026	Jul. 31, 2025	Jul. 31, 2026	Jul. 31, 2025
Debt Instrument [Line Items]
Proceeds from borrowings of debt					$ 769	$ 190,967
Loss on extinguishment of debt			$ 0	$ 0	0	$ 20,528
SAFE Warrants
Debt Instrument [Line Items]
Debt issuance costs			$ 2,900		$ 2,900
Vista Facility \| SAFE Warrants
Debt Instrument [Line Items]
Number of shares called by warrants (in shares)			486,005		486,005
Term Loan \| Vista Facility
Debt Instrument [Line Items]
Proceeds from borrowings of debt		$ 130,000
Stock issued during period, shares, warrants issued (in shares)		486,588
Warrants, outstanding value		$ 11,000
Debt issuance costs		$ 3,600
Effective interest rate after amortization to interest expense		12.80%
Payments to extinguish debt	$ 133,700
Loss on extinguishment of debt	$ 13,300
Term Loan \| Vista Facility \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Floating interest rate		5.00%
Term Loan \| Vista Facility \| Paid-In-Kind Interest Rate
Debt Instrument [Line Items]
Floating interest rate		1.50%

INCOME TAXES - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
INCOME TAXES - Narrative (Details) - USD ($) $ in Thousands	Jul. 31, 2026	Jul. 31, 2025	Jul. 31, 2026	Jul. 31, 2025
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 2,833	$ 3,561	$ 3,635	$ 8,043

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

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-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Subparagraph (a)
-SubTopic 20
-Topic 740
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482659/740-20-45-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
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-SubTopic 10
-Topic 235
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 31, 2026	Jul. 31, 2025	Jul. 31, 2026	Jul. 31, 2025
Income Statement [Abstract]
Revenue	$ 232,790	$ 171,952	$ 453,021	$ 329,413
Cost of revenue	60,321	46,915	117,497	92,583
Gross profit	172,469	125,037	335,524	236,830
Operating expenses
Research and development	47,214	33,358	86,612	64,760
Sales and marketing	104,593	68,496	196,508	130,376
General and administrative	48,404	35,440	98,255	69,845
Total operating expenses	200,211	137,294	381,375	264,981
Gain on sale of property and equipment	2,172	0	2,172	0
Loss from operations	(25,570)	(12,257)	(43,679)	(28,151)
Interest expense	(2,905)	(15,635)	(5,727)	(31,971)
Other income, net	2,191	580	3,418	6,699
Loss on extinguishment of debt	0	0	0	(20,528)
Loss on fair value adjustments	0	(7,750)	0	(17,886)
Loss before income tax expense	(26,284)	(35,062)	(45,988)	(91,837)
Income tax expense	2,833	3,561	3,635	8,043
Net loss	$ (29,117)	$ (38,623)	$ (49,623)	$ (99,880)
Net loss per share attributable to common stockholders:
Basic net loss per share (in dollars per share)	$ (0.11)	$ (0.83)	$ (0.20)	$ (2.15)
Diluted net loss per share (in dollars per share)	$ (0.11)	$ (0.83)	$ (0.20)	$ (2.15)
Weighted-average shares outstanding used to compute net loss per share attributable to common stockholders, basic (in shares)	256,369,621	46,546,290	253,375,867	46,350,553
Weighted-average shares outstanding used to compute net loss per share attributable to common stockholders, diluted (in shares)	256,369,621	46,546,290	253,375,867	46,350,553

STOCKHOLDERS’ EQUITY

6 Months Ended

Jul. 31, 2026

Equity [Abstract]

STOCKHOLDERS’ EQUITY

NOTE 8 - STOCKHOLDERS’ EQUITY

Common Stock

In connection with the IPO, the Company adopted an amended and restated certificate of incorporation and amended and restated bylaws, which became effective immediately prior to the completion of the IPO and authorized 2,070,000,000 shares of capital stock, consisting of: (a) 2,050,000,000 shares of Common Stock divided into two series with (i) 2,000,000,000 shares of the Common Stock being a series designated as Class A common stock and (ii) 50,000,000 shares of the Common Stock being a series designated as Class B common stock; and (b) 20,000,000 shares of undesignated preferred stock. In addition, all outstanding shares of the Company’s redeemable convertible preferred stock automatically converted into 146,599,125 shares of Class A common stock.

In connection with the IPO, all shares of the Company’s common stock outstanding prior to completion of the IPO were exchanged into an equivalent number of shares of Class A common stock. In addition, pursuant to an exchange agreement with the Company’s two co-founders (the “Co-Founders”) and certain of their affiliates, which became effective as of the completion of the IPO, 15,304,696 shares of the Company’s Class A common stock beneficially owned by the Co-Founders and their respective affiliated entities were exchanged for an equivalent number of shares of our Class B common stock. Subject to separate equity exchange right agreements entered into with them in connection with the IPO, each Co-Founder has a right (but not an obligation) to require the Company to exchange, for shares of Class B common stock, any shares of Class A common stock received by him upon the exercise or settlement of equity awards that were granted to the respective Co-Founders prior to the effectiveness of the filing of our amended and restated certificate of incorporation.

The rights of the holders of Class A common stock and Class B common stock are identical, except with respect to voting and conversion rights. Each share of Class A common stock is entitled to one vote per share. Each share of Class B common stock is entitled to 30 votes per share and is convertible into one share of Class A common stock.

The holders of both Class A and Class B common stock are entitled to receive dividends pro rata, on an equal priority, pari passu basis whenever funds are legally available therefor and when, as, and if declared by the Board of Directors.

Common stock reserved for issuance as of July 31, 2026 and January 31, 2026 are presented as follows:


	As of
	July 31, 2026	January 31, 2026

Stock options issued and outstanding	31,865,065	39,283,485
RSUs issued and outstanding	21,737,477	9,311,201
Shares of common stock available for future grants	34,818,026	37,811,841
Shares available for issuance under the 2025 Employee Stock Purchase Plan ("ESPP")	7,213,399	5,000,000


Total common stock reserved for issuance	95,633,967	91,406,527

Stock Options

Stock options granted continue to vest until the last day of employment and generally vest over 4 years and expire 10 years from the date of grant.

The following table presents stock option activity for the six months ended July 31, 2026 (in thousands, except price per share, share and years data):


	Number of Stock Options Outstanding	Weighted-Average Exercise Price per Share		Weighted- Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value
Balance as of January 31, 2026	39,283,485	$	13.91	5.7	$	55,743
Granted	1,010,099	$	9.97
Exercised	(7,804,467)	$	9.96		$	76,941
Cancelled/forfeited/expired	(624,052)	$	16.74
Balance as of July 31, 2026	31,865,065	$	14.70	6.1	$	379,830
Vested and expected to vest as of July 31, 2026	31,865,065	$	14.70	6.1	$	379,830
Exercisable as of July 31, 2026	26,754,146	$	14.12	5.7	$	334,447

For the six months ended July 31, 2026 and July 31, 2025, the weighted-average grant date fair value of options granted was $5.94 and $13.56 per share, the intrinsic value of options exercised was $76.9 million and $7.4 million, and the aggregate grant-date fair value of options that vested was $39.8 million and $37.0 million, respectively. As of July 31, 2026, there was approximately $63.0 million of unrecognized compensation cost related to unvested stock options granted, which is expected to be recognized over a weighted-average period of 2.0 years.

Restricted Stock Units

The Company has granted RSUs that vest either upon the satisfaction of a time-based service condition, or upon the satisfaction of both a time-based service and performance condition. The time-based service condition for these RSUs is generally four years. The performance-based vesting condition was satisfied in connection with the Company’s IPO.

The following table presents the activity related to RSUs for the six months ended July 31, 2026:


	Number of Shares Subject to RSUs	Weighted-Average Grant Date Fair Value








Unvested balance as of January 31, 2026	9,311,201	$	22.23
Granted	16,497,425	$	16.41
Forfeited	(1,430,919)	$	20.15
Vested	(2,640,230)	$	20.68
Unvested and outstanding as of July 31, 2026	21,737,477	$	18.14

As of July 31, 2026, there was approximately $328.6 million of unrecognized compensation cost related to unvested RSUs, which is expected to be recognized over a weighted-average period of 3.5 years.

Stock-based Compensation Expense

Stock-based compensation is included in the following components of expenses within the condensed consolidated statements of operations (in thousands):


	Three Months Ended July 31,				Six Months Ended July 31,
	2026		2025		2026		2025
Cost of revenue	$	2,362	$	855	$	4,082	$	1,902
Research and development	15,652		7,473		26,616		14,371
Sales and marketing	12,817		4,143		21,072		7,738
General and administrative	11,026		6,178		27,399		11,898
Total stock-based compensation expense, net of amounts capitalized	$	41,857	$	18,649	$	79,169	$	35,909
Capitalized stock-based compensation	1,517		825		2,591		1,395
Total stock-based compensation cost	$	43,374	$	19,474	$	81,760	$	37,304

During the six months ended July 31, 2026, the Company modified certain stock option and RSU awards for certain employees to extend the post-termination exercise period and accelerate vesting. The Company measured the modification charge as the difference between the fair value of the modified awards and the fair value of the original awards immediately prior to the modification. The incremental fair value associated with the modified awards during the six months ended July 31, 2026 was not material, and will be recognized at the modification date or over the remaining requisite service period.

- Definition

The entire disclosure for equity.

+ References

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-Topic 505
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-Name Accounting Standards Codification
-Section S50
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-URI https://asc.fasb.org/1943274/2147479951/505-20-S50-1

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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147480070/505-10-S50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-3

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147481520/505-30-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

NET LOSS PER SHARE - Antidilutive Securities (Details) - shares	6 Months Ended
	Jul. 31, 2026	Jul. 31, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total antidilutive securities (in shares)	54,337,797	216,787,753
Redeemable convertible preferred shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total antidilutive securities (in shares)	0	146,360,207
Stock options issued and outstanding
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total antidilutive securities (in shares)	31,865,065	41,581,733
RSUs issued and outstanding
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total antidilutive securities (in shares)	21,737,477	7,771,766
ESPP
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total antidilutive securities (in shares)	733,515	0
Warrants to purchase redeemable convertible preferred stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total antidilutive securities (in shares)	0	40,160
Warrants to purchase common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total antidilutive securities (in shares)	0	1,211,223
Shares of common stock subject to repurchase
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total antidilutive securities (in shares)	1,740	21,751
Convertible notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total antidilutive securities (in shares)	0	12,273,965
SAFEs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total antidilutive securities (in shares)	0	7,526,948

DEBT

6 Months Ended

Jul. 31, 2026

Debt Disclosure [Abstract]

DEBT

NOTE 6 - DEBT

The Company had the following debt outstanding (in thousands):


	As of
	July 31, 2026		January 31, 2026


Warehouse credit facility	$	118,174	$	118,174

ABL facility	6,000		6,000
Notes payable	867		621


Total principal amount of debt and borrowings	$	125,041	$	124,795

Warehouse Credit Facility

In November 2022, Liquid Labs SPV, LLC (“Liquid Labs”), a wholly-owned subsidiary of the Company, entered into a loan agreement with a group of lenders for a revolving warehouse credit facility (“Warehouse Credit Facility”). Under the original terms of the agreement, the Warehouse Credit Facility had a maturity date of February 18, 2025, or earlier pursuant to the loan agreement, and had a total commitment amount of $200.0 million, consisting of a Class A facility and a Class B facility for $171.1 million and $28.9 million, respectively. The original terms also included a minimum utilization of 50% of the committed amount. Any unused portion of the Warehouse Credit Facility will bear interest at 0.5% per annum. The Warehouse Credit Facility was established to finance the Company’s corporate payments offering. Borrowings on the Warehouse Credit Facility bear interest at a floating rate based on SOFR plus an applicable margin, as defined by the loan agreement. Borrowings under the Warehouse Credit Facility are secured by the corporate card receivables.

The Warehouse Credit Facility has been amended multiple times over the term to change the borrowing capacity and maturity date. As of July 31, 2026, the term of the Warehouse Credit Facility extends through February 18, 2028, the minimum utilization is 40% of the committed amount, and the borrowing capacity is $250.0 million.

The Warehouse Credit Facility contains mandatory and optional redemption features upon an event of default and other potential additional interest provisions that are bifurcated and treated as embedded derivative liabilities under the accounting guidance ASC 815, Derivatives and Hedging. At inception of the Warehouse Credit Facility, and as of July 31, 2026 and January 31, 2026, the fair value of the embedded derivative liabilities was determined to be immaterial.

We incurred upfront commitment fees of $2.0 million for the Warehouse Credit Facility when the agreement was executed, an incremental $1.4 million upon the execution of various amendments in the year ended January 31, 2025, and an incremental $2.8 million upon the extension of the Warehouse Credit Facility during the year ended January 31, 2026. These upfront commitment fees were recorded as a deferred cost asset on the balance sheet and are amortized on a straight-line basis as incremental interest expense.

Borrowings and repayments under the Warehouse Credit Facility consisted of the following (in thousands):


	Six Months Ended July 31,
		2026		2025
Borrowings		$	—	$	15,000
Repayments		$	—	$	81,100

Interest expense related to the Warehouse Credit Facility was as follows (in thousands):


	Three Months Ended July 31,				Six Months Ended July 31,
	2026		2025		2026		2025
Interest paid and payable	$	2,267	$	3,713	$	4,469	$	8,098
Amortization of debt issuance costs	342		342		684		681
Total interest expense	$	2,609	$	4,055	$	5,153	$	8,779

The Warehouse Credit Facility contains certain affirmative or negative covenants, including maintaining certain levels of minimum liquidity, maximum leverage, and minimum tangible net worth. As of July 31, 2026 and January 31, 2026, we remain in compliance with the covenants of the loan agreement.

ABL Facility

In March 2025, the Company entered into an asset-based lending revolving line of credit (the “ABL Facility”) with Citibank, N.A. (“Citibank”), as an agent for the lenders, which matures in March 2028. The ABL Facility has a borrowing limit of $100.0 million and incurs interest at SOFR plus 2.5%. Any unused portion of the ABL Facility will bear interest at 0.25% per annum. The available borrowings are based on eligible U.S. and UK travel receivables. Repayment is required if borrowings exceed stated limits. We may voluntarily prepay outstanding borrowings at any time without premium or penalty, other than customary breakage costs. We incurred fees of $1.6 million associated with entering into the ABL Facility, which are capitalized and amortized over the term.

The ABL Facility contains certain affirmative or negative covenants including, among other things, restrictions on repurchases of stock, dividends, and other distributions. As of July 31, 2026, we were in compliance with all covenants.

Interest expense related to the ABL Facility was as follows (in thousands):


	Three Months Ended July 31,				Six Months Ended July 31,
	2026		2025		2026		2025
Interest paid and payable	$	154	$	690	$	296	$	1,180
Amortization of debt issuance costs	135		134		270		224
Total interest expense	$	289	$	824	$	566	$	1,404

Contractual principal payments

Future payments of principal associated with other notes payable are as follows (in thousands):


Fiscal Year	Amount
Remainder of 2027	$	791
2028	76
2029	—
2030	—
2031	—
Thereafter	—
Total notes payable outstanding	$	867

Convertible Notes

In June 2020, we issued convertible notes of $125.0 million in aggregate principal amount, net of $2.9 million in debt issuance costs, with an initial maturity of June 2025. During the year ended January 31, 2025, the holders exercised their option to extend the term of the convertible notes by two years from June 2025 to June 2027. Prior to conversion, interest accrued on the principal amount at an initial rate of 7.5% per annum and was added to the principal as payment in kind (“PIK”) interest and compounded semi-annually. Beginning in June 2022, the stated interest rate escalated 1.0% biannually to 12.5% per annum through maturity. The interest rate remained unchanged through the extended term. The convertible notes contained certain affirmative or negative covenants applicable to the Company, including, among other things, restrictions on repurchases of stock, dividends and other distributions.

The convertible notes also contained embedded features, including conversion options that were exercisable upon the occurrence of various contingencies. The conversion options involved a discount to the conversion price ranging from 20% to 35% that increased with the passage of time. The share-settled redemption features of the convertible notes represented embedded derivatives requiring bifurcation. We recorded the initial fair value of the embedded derivative liability of $43.1 million as a discount on the convertible notes’ face amount. The debt discount was amortized to interest expense at an effective interest rate of 13.5% through the extended maturity date. If no conversion or settlement event was triggered prior to the notes’ maturity, the convertible notes would have been redeemed at a 12.5% internal rate of return (“IRR”). The 12.5% IRR payout at maturity was incorporated into the effective interest rate calculation.

In connection with the IPO, the convertible notes automatically converted into 12,827,963 shares of Class A common stock at a 35% discount to the IPO price. The Company recognized an $84.1 million loss on the debt extinguishment within the condensed consolidated statements of operations during the year ended January 31, 2026.

Simple Agreements for Future Equity (SAFEs)

During the year ended January 31, 2026, we entered into SAFEs with multiple investors in exchange for cash proceeds of $155.0 million, with an interest rate of 12% per annum. We issued common stock warrants to investors together with the SAFEs. In connection with the issuance of the SAFEs and common stock warrants, we incurred debt issuance costs of $2.9 million which were expensed when incurred and are presented within other income, net in the accompanying condensed consolidated statements of operations during the six months ended July 31, 2025.

In connection with the IPO, the SAFEs automatically converted into 7,851,008 shares of our Class A common stock at a 15% discount to the IPO price.

Vista Facility

In February 2025, we entered into a credit agreement with VCP Capital Markets, LLC, under which we issued term loans to lenders in exchange for proceeds of $130.0 million, with a maturity date of February 24, 2030 (the “Vista Facility”). In connection with the Vista Facility, we issued warrants covering 486,588 shares of common stock. The principal amount accrued cash interest at a floating rate based on SOFR plus 5%, and PIK interest of 1.5%. Interest was payable every three months in arrears, and PIK interest was added to the principal balance and compounded every three months.

Upon closing of the Vista Facility, the common stock warrants had a fair value of $11.0 million which was recorded as a debt discount. We incurred $3.6 million of debt issuance costs, which were recorded as a reduction to the debt liability. The debt discount and debt issuance costs were amortized to interest expense at an effective interest rate of 12.8% over the term of the loan. The common stock warrants were recorded within the condensed consolidated balance sheets as additional paid-in capital.

In connection with the IPO, we paid $133.7 million to settle the Vista Facility and recognized a $13.3 million loss on the debt extinguishment. We did not incur a prepayment penalty under the terms of the facility because we prepaid the Vista Facility in connection with a qualified IPO. The loss on extinguishment of debt was recognized within the condensed consolidated statements of operations during the year ended January 31, 2026. We were in compliance with all affirmative or negative covenants as of the settlement date. The common stock warrants issued in connection with the Vista Facility were net exercised for 486,005 shares of Class A common stock in connection with the IPO.

2022 Promissory Note

In September 2022, the Company issued a promissory note (the “2022 Promissory Note”) to a lender for $150.0 million with a maturity date of September 26, 2025. In conjunction with the 2022 Promissory Note, we issued 599,280 common stock warrants. Interest accrued on the principal amount at 11.5% per annum and was comprised of cash interest of 4% and PIK interest of 7.5%. Interest was payable quarterly in arrears and PIK interest was added to the principal balance and compounded on a quarterly basis. We had the option to prepay the 2022 Promissory Note at any time for a prepayment amount equal to the greater of: (a) 1.3 times the original promissory note amount of $150.0 million, plus any unpaid interest and expenses then accrued and unpaid as of such date, and (b) the aggregate principal amount as of such date, plus any unpaid interest and expenses then accrued and unpaid as of such date.

At issuance of the 2022 Promissory Note, the fair value of the common stock warrants was $11.8 million and was recorded as a debt discount. Debt issuance costs were approximately $0.1 million, consisting of advisor fees, legal fees, and other related expenses. Both amounts were recorded as a reduction of the carrying amount of the debt liability. The debt discount and debt issuance costs were amortized to interest expense at an effective interest rate of 14.5% over the term of the loan. The common stock warrants were subsequently exercised during the year ended January 31, 2023.

In February 2025, we paid $198.1 million to settle the 2022 Promissory Note and recognized a $20.5 million loss on the debt extinguishment. The loss on extinguishment of debt is recognized within the condensed consolidated statements of operations. We were in compliance with all affirmative or negative covenants as of the settlement date.

Trade Loan Facility

In June 2024, the Company entered into a loan agreement with Citibank for an uncommitted revolving line of credit facility (“Trade Loan Facility”), which was subsequently amended in July 2024 with changes to certain legal requirements. The loan agreement provided for a credit facility of up to $45.0 million. Borrowings under the facility required repayment subject to the terms of each borrowing request, subject to a maximum term of 90 days. Borrowings on the Trade Loan Facility incurred interest on a floating rate based on SOFR plus 2%. Borrowings under the Trade Loan Facility were secured by the Company’s billed accounts receivables. In March 2025, we paid $45.3 million to settle the Trade Loan Facility,

comprised of $45.0 million for the outstanding balance and $0.3 million for interest. No balances remain outstanding as of July 31, 2026 or January 31, 2026.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

REVENUE (Tables)

6 Months Ended

Jul. 31, 2026

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

Revenue consists of the following (in thousands):


	Three Months Ended July 31,				Six Months Ended July 31,
	2026		2025		2026		2025
Usage-based revenue	$	211,393	$	156,549	$	413,527	$	299,698
Subscription revenue	21,397		15,403		39,494		29,715
Total revenue	$	232,790	$	171,952	$	453,021	$	329,413

Schedule of Revenue by Region

The following table presents revenue by region based on the billing country of the customer where the revenue generating transaction originates (in thousands, except percentages):


	Three Months Ended July 31,								Six Months Ended July 31,
	2026				2025				2026				2025
	Amount		Percentage of Revenue		Amount		Percentage of Revenue		Amount		Percentage of Revenue		Amount		Percentage of Revenue
United States	$	154,181	66	%	$	105,514	61	%	$	298,887	66	%	$	201,318	61	%
United Kingdom	38,479		17	%	36,908		22	%	76,146		17	%	71,549		22	%
Rest of World(1)	40,130		17	%	29,530		17	%	77,988		17	%	56,546		17	%
Total revenue	$	232,790	100	%	$	171,952	100	%	$	453,021	100	%	$	329,413	100	%

________________

(1)No individual country within Rest of World comprises more than 10% of total revenue.

Schedule of Accounts Receivable, Allowance for Credit Loss

The following table presents the allowance for expected credit losses for the six months ended July 31, 2026 and 2025 (in thousands):


	Six Months Ended July 31,
	2026		2025
Balance at beginning of period	$	6,462	$	5,135
Provision for expected credit losses	5,005		2,488
Amounts written off, recoveries and other adjustments	(5,075)		(1,739)
Balance at end of period	$	6,392	$	5,884

Schedule of Contract with Customer, Asset, Allowance for Credit Loss

The following table summarizes the corporate card receivables allowance for expected credit losses for the six months ended July 31, 2026 and 2025 (in thousands):


	Six Months Ended July 31,
	2026		2025
Balance at beginning of period	$	2,499	$	380
Provision for expected credit losses	900		1,675
Amounts written off, recoveries and other adjustments	(783)		(1,045)
Balance at end of period	$	2,616	$	1,010

VARIABLE INTEREST ENTITIES - Narrative (Details)	Jul. 31, 2026
Liquid Labs
Variable Interest Entity [Line Items]
Subsidiary, ownership percentage, parent	100.00%

INVESTMENTS AND FAIR VALUE MEASUREMENTS - Cash Equivalents and Investments (Details) - USD ($) $ in Thousands	Jul. 31, 2026	Jan. 31, 2026
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	$ 357,241	$ 327,583
Gross Unrealized Gains	7	64
Gross Unrealized Losses	(384)	(2)
Estimated Fair Value	356,864	327,645
Location, Statement of Financial Position, Balance [Axis]: us-gaap:CashAndCashEquivalentsAtCarryingValue
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	189,835	170,651
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Estimated Fair Value	189,835	170,651
Location, Statement of Financial Position, Balance [Axis]: us-gaap:CashAndCashEquivalentsAtCarryingValue \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	156,129	129,893
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Estimated Fair Value	156,129	129,893
Location, Statement of Financial Position, Balance [Axis]: us-gaap:CashAndCashEquivalentsAtCarryingValue \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	33,706	40,758
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Estimated Fair Value	33,706	40,758
Location, Statement of Financial Position, Balance [Axis]: us-gaap:ShortTermInvestments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	167,406	156,932
Gross Unrealized Gains	7	64
Gross Unrealized Losses	(384)	(2)
Estimated Fair Value	167,029	156,994
Location, Statement of Financial Position, Balance [Axis]: us-gaap:ShortTermInvestments \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	16,866	24,087
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Estimated Fair Value	16,866	24,087
Location, Statement of Financial Position, Balance [Axis]: us-gaap:ShortTermInvestments \| U.S. government and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	107,161	103,458
Gross Unrealized Gains	7	38
Gross Unrealized Losses	(290)	0
Estimated Fair Value	106,878	103,496
Location, Statement of Financial Position, Balance [Axis]: us-gaap:ShortTermInvestments \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	43,379	29,387
Gross Unrealized Gains	0	26
Gross Unrealized Losses	(94)	(2)
Estimated Fair Value	$ 43,285	$ 29,411

REVENUE - Revenue by Region (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 31, 2026	Jul. 31, 2025	Jul. 31, 2026	Jul. 31, 2025
Disaggregation of Revenue [Line Items]
Revenue	$ 232,790	$ 171,952	$ 453,021	$ 329,413
Revenue Benchmark \| Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Percentage of Revenue	100.00%	100.00%	100.00%	100.00%
United States
Disaggregation of Revenue [Line Items]
Revenue	$ 154,181	$ 105,514	$ 298,887	$ 201,318
United States \| Revenue Benchmark \| Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Percentage of Revenue	66.00%	61.00%	66.00%	61.00%
United Kingdom
Disaggregation of Revenue [Line Items]
Revenue	$ 38,479	$ 36,908	$ 76,146	$ 71,549
United Kingdom \| Revenue Benchmark \| Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Percentage of Revenue	17.00%	22.00%	17.00%	22.00%
Rest of World
Disaggregation of Revenue [Line Items]
Revenue	$ 40,130	$ 29,530	$ 77,988	$ 56,546
Rest of World \| Revenue Benchmark \| Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Percentage of Revenue	17.00%	17.00%	17.00%	17.00%

- Definition

For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

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+ Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

SUBSEQUENT EVENTS (Details) $ in Millions	Sep. 10, 2026 USD ($)
Subsequent Event \| BoomPop
Subsequent Event [Line Items]
Business combination, consideration transferred	$ 95.0

DEBT - Trade Loan Facility (Details) - USD ($) $ in Thousands	1 Months Ended		6 Months Ended
	Mar. 31, 2025	Jun. 30, 2024	Jul. 31, 2026	Jul. 31, 2025
Debt Instrument [Line Items]
Payments of borrowings of debt			$ 519	$ 333,775
Line of Credit \| Trade loan facility
Debt Instrument [Line Items]
Total commitment amount		$ 45,000
Maximum term		90 days
Floating interest rate		2.00%
Payments for long-term debt	$ 45,300
Payments of borrowings of debt	45,000
Payments of borrowings of debt, interest	$ 300

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

SUPPLEMENTAL FINANCIAL STATEMENT INFORMATION

6 Months Ended

Jul. 31, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

SUPPLEMENTAL FINANCIAL STATEMENT INFORMATION

NOTE 4 - SUPPLEMENTAL FINANCIAL STATEMENT INFORMATION

Property, Equipment and Software, Net

Property, equipment and software, net consisted of the following (in thousands):


	As of
	July 31, 2026		January 31, 2026
Capitalized software	$	55,102	$	46,126
Computers and equipment	6,822		6,868
Fixtures and fittings	897		2,976
Leasehold improvements	2,562		2,691
Construction in progress(1)	3,609		6,798
Property, equipment and software, gross	68,992		65,459
Less: accumulated depreciation	(30,930)		(30,431)
Property, equipment and software, net	$	38,062	$	35,028

________________

(1)Construction in progress consists of leasehold improvements and capitalized software development costs that have not been placed into service.

Depreciation and amortization expense was $5.3 million and $10.3 million for the three and six months ended July 31, 2026, respectively. Included in these amounts were the amortization of capitalized internal-use software costs of $4.6 million and $8.9 million for the three and six months ended July 31, 2026, respectively.

Depreciation and amortization expense was $5.0 million and $9.6 million for the three and six months ended July 31, 2025, respectively. Included in these amounts were the amortization of capitalized internal-use software costs of $3.8 million and $7.4 million for the three and six months ended July 31, 2025, respectively.

No impairment losses of long-lived assets, including property, equipment and software, and operating lease right-of-use (“ROU”) assets, were recognized during the six months ended July 31, 2026 and 2025.

Long-Lived Assets, Net


	As of
	July 31, 2026		January 31, 2026
United States	$	60,349	$	59,470
United Kingdom	7,539		9,151
All other countries(1)	9,532		9,837
Total long-lived assets, net	$	77,420	$	78,458

________________

(1)No individual country within All other countries comprises more than 10% of Total long-lived assets, net.

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following (in thousands):


	As of
	July 31, 2026		January 31, 2026
Accrued payroll-related expenses, taxes, and benefits	$	59,532	$	45,450


Accrued expenses	36,130		25,842

Amounts due to travel suppliers(1)	51,288		77,290
Reward liability(2)	14,118		12,337
Customer deposits and collateral	32,587		26,357

Indirect tax payable	5,314		6,404

Accrued interest	774		781
Other	4,465		2,792
Total accrued expenses and other current liabilities	$	204,208	$	197,253

________________

Other Income, Net

The components of other income, net were as follows (in thousands):


	Three Months Ended July 31,				Six Months Ended July 31,
	2026		2025		2026		2025
Foreign currency exchange gains (losses), net	$	(2,508)	$	(299)	$	(6,315)	$	7,622
Interest income	4,946		1,092		9,575		2,203
SAFE issuance costs expensed	—		—		—		(2,913)
Other, net	(247)		$	(213)	158		(213)
Total other income, net	$	2,191	$	580	$	3,418	$	6,699

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended				6 Months Ended		12 Months Ended
	Jul. 31, 2026	Apr. 30, 2026	Jul. 31, 2025	Apr. 30, 2025	Jul. 31, 2026	Jul. 31, 2025	Jan. 31, 2026
Cash flows from operating activities:
Net loss	$ (29,117)	$ (20,506)	$ (38,623)	$ (61,257)	$ (49,623)	$ (99,880)
Adjustments to reconcile net loss to net cash provided by operating activities:
Stock-based compensation, net of amounts capitalized					79,169	35,909
Non-cash interest expense					945	17,634
Deferred income taxes					(401)	350
Depreciation and amortization					11,622	12,209
Gain on sale of property and equipment	(2,172)		0		(2,172)	0
Amortization of contract acquisition costs	2,700		1,300		5,054	2,541
Provision for doubtful accounts					5,905	4,385
Loss on fair value adjustments	0		7,750		0	17,886
Debt issuance costs expensed related to SAFEs					0	2,913
Loss on extinguishment of debt	0		0		0	20,528
Other					(286)	(327)
Changes in operating assets and liabilities:
Accounts receivable					(3,575)	(1,518)
Prepaid expenses and other current assets					(570)	(14,927)
Contract acquisition costs					(22,136)	(9,247)
Other non-current assets					657	858
Accounts payable					(4,858)	2,933
Accrued expenses and other current liabilities					(3,267)	6,844
Deferred revenue					2,903	5,858
Operating lease right-of-use asset and operating lease liabilities, net					(311)	(96)
Other non-current liabilities					(668)	(69)
Net cash provided by operating activities					18,388	4,784
Cash flows from investing activities:
Capitalized software development costs					(10,059)	(8,207)
Purchases of property and equipment					(1,028)	(188)
Purchases of investments					(110,989)	0
Maturities of investments					100,297	0
Proceeds from the sale of property and equipment					2,647	0
Change in corporate card receivables					(4,967)	(2,306)
Other					0	(354)
Cash Provided by (Used in) Investing Activity, Including Discontinued Operation, Total					(24,099)	(11,055)
Cash flows from financing activities:
Proceeds from stock option exercises					77,706	6,154
Proceeds from borrowings of debt					769	190,967
Proceeds from issuance of SAFEs					0	155,000
Payments of borrowings of debt					(519)	(333,775)
Payments for debt issuance costs					0	(10,985)
Payments of deferred offering costs					(495)	(755)
Taxes collected from the settlement of equity awards					11,213	0
Payment of tax withholdings on equity awards					(437)	0	$ (17,700)
Cash Provided by (Used in) Financing Activity, Including Discontinued Operation, Total					88,237	6,606
Effect of exchange rate changes on cash, cash equivalents and restricted cash					(2,142)	4,608
Net increase in cash, cash equivalents and restricted cash					80,384	4,943
Cash, cash equivalents and restricted cash, beginning of period		$ 668,074		$ 310,595	668,074	310,595	310,595
Cash, cash equivalents and restricted cash, end of period	$ 748,458		$ 315,538		748,458	315,538	$ 668,074
Supplemental disclosure of cash flow information:
Cash paid for interest					4,781	14,337
Cash paid for income taxes					5,690	9,386
Noncash investing and financing activities:
Capitalized stock-based compensation for internal-use software development costs					2,591	1,395
Issuance of common stock to settle Employee Share Purchase Plan liability					4,757	0
Deferred offering costs not yet paid					$ 0	$ 2,600

CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT) - USD ($)
$ in Thousands

Total

Common Stock

Additional Paid-in Capital

Accumulated Deficit

Accumulated Other Comprehensive Income (loss)

Beginning balance (in shares) at Jan. 31, 2025

146,360,207

Beginning balance at Jan. 31, 2025

$ 1,301,121

Ending balance (in shares) at Apr. 30, 2025

146,360,207

Ending balance at Apr. 30, 2025

$ 1,301,121

Beginning balance (in shares) at Jan. 31, 2025

45,782,871

Beginning balance at Jan. 31, 2025

(1,186,899)

$ 1

$ 467,835

$ (1,617,113)

$ (37,622)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net loss

(61,257)

Other comprehensive (loss) income, net of tax

26,035

Issuance of equity-classified warrants in connection with term loan

11,007

Issuance of common stock upon exercise of stock options (in shares)

187,013

Issuance of common stock upon exercise of stock options

1,820

Vesting of early exercised stock options

287

Stock-based compensation

17,830

Ending balance (in shares) at Apr. 30, 2025

45,969,884

Ending balance at Apr. 30, 2025

$ (1,191,177)

$ 1

498,779

(1,678,370)

(11,587)

Beginning balance (in shares) at Jan. 31, 2025

146,360,207

Beginning balance at Jan. 31, 2025

$ 1,301,121

Ending balance (in shares) at Jul. 31, 2025

146,360,207

Ending balance at Jul. 31, 2025

$ 1,301,121

Beginning balance (in shares) at Jan. 31, 2025

45,782,871

Beginning balance at Jan. 31, 2025

(1,186,899)

$ 1

467,835

(1,617,113)

(37,622)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net loss

(99,880)

Ending balance (in shares) at Jul. 31, 2025

46,331,272

Ending balance at Jul. 31, 2025

$ (1,208,451)

$ 1

522,555

(1,716,993)

(14,014)

Beginning balance (in shares) at Apr. 30, 2025

146,360,207

Beginning balance at Apr. 30, 2025

$ 1,301,121

Ending balance (in shares) at Jul. 31, 2025

146,360,207

Ending balance at Jul. 31, 2025

$ 1,301,121

Beginning balance (in shares) at Apr. 30, 2025

45,969,884

Beginning balance at Apr. 30, 2025

(1,191,177)

$ 1

498,779

(1,678,370)

(11,587)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net loss

(38,623)

Other comprehensive (loss) income, net of tax

(2,427)

Issuance of common stock upon exercise of stock options (in shares)

361,388

Issuance of common stock upon exercise of stock options

4,006

Vesting of early exercised stock options

296

Stock-based compensation

19,474

Ending balance (in shares) at Jul. 31, 2025

46,331,272

Ending balance at Jul. 31, 2025

$ (1,208,451)

$ 1

522,555

(1,716,993)

(14,014)

Beginning balance (in shares) at Jan. 31, 2026

Beginning balance at Jan. 31, 2026

$ 0

Ending balance (in shares) at Apr. 30, 2026

Ending balance at Apr. 30, 2026

$ 0

Beginning balance (in shares) at Jan. 31, 2026

^[1]

249,174,777

Beginning balance at Jan. 31, 2026

1,208,061

$ 2

^[1]

3,226,427

(2,015,143)

(3,225)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net loss

(20,506)

Other comprehensive (loss) income, net of tax

(5,632)

Issuance of common stock upon exercise of stock options (in shares)

^[1]

2,451,289

Issuance of common stock upon exercise of stock options

16,269

Issuance of common stock upon settlement of restricted stock units (in shares)

^[1]

945,347

Issuance of common stock upon settlement of restricted stock units

Vesting of early exercised stock options

Stock-based compensation

38,386

Ending balance (in shares) at Apr. 30, 2026

^[1]

252,571,413

Ending balance at Apr. 30, 2026

$ 1,236,616

$ 2

^[1]

3,281,120

(2,035,649)

(8,857)

Beginning balance (in shares) at Jan. 31, 2026

Beginning balance at Jan. 31, 2026

$ 0

Ending balance (in shares) at Jul. 31, 2026

Ending balance at Jul. 31, 2026

$ 0

Beginning balance (in shares) at Jan. 31, 2026

^[1]

249,174,777

Beginning balance at Jan. 31, 2026

1,208,061

$ 2

^[1]

3,226,427

(2,015,143)

(3,225)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net loss

$ (49,623)

Issuance of common stock upon exercise of stock options (in shares)

7,804,467

Ending balance (in shares) at Jul. 31, 2026

^[1]

259,897,822

Ending balance at Jul. 31, 2026

$ 1,315,661

$ 2

^[1]

3,390,753

(2,064,766)

(10,328)

Beginning balance (in shares) at Apr. 30, 2026

Beginning balance at Apr. 30, 2026

$ 0

Ending balance (in shares) at Jul. 31, 2026

Ending balance at Jul. 31, 2026

$ 0

Beginning balance (in shares) at Apr. 30, 2026

^[1]

252,571,413

Beginning balance at Apr. 30, 2026

1,236,616

$ 2

^[1]

3,281,120

(2,035,649)

(8,857)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net loss

(29,117)

Other comprehensive (loss) income, net of tax

(1,471)

Issuance of common stock upon exercise of stock options (in shares)

^[1]

5,353,178

Issuance of common stock upon exercise of stock options

61,471

Issuance of common stock upon settlement of restricted stock units (in shares)

^[1]

1,694,883

Issuance of common stock upon settlement of restricted stock units

Issuance of common stock under employee stock purchase plan (in shares)

^[1]

278,348

Issuance of common stock under employee stock purchase plan

4,757

Vesting of early exercised stock options

Stock-based compensation

43,374

Ending balance (in shares) at Jul. 31, 2026

^[1]

259,897,822

Ending balance at Jul. 31, 2026

$ 1,315,661

$ 2

^[1]

$ 3,390,753

$ (2,064,766)

$ (10,328)

[1]

The share amounts listed above combine common stock, Class A common stock and Class B common stock. In connection with the completion of our initial public offering, all previously outstanding shares of common stock were reclassified into Class A common stock and Class B common stock. Refer to Note 8 — Stockholders’ Equity for more information.

COMMITMENTS AND CONTINGENCIES - NOW Scheme Liability Balances (Details) $ in Thousands	6 Months Ended
	Jul. 31, 2026 USD ($)
Government Grants [Roll Forward]
Beginning balance	$ 4,919
Repayments	0
Foreign currency translation impact	(143)
Ending balance	4,776
Less: balance in accrued expenses and other current liabilities	(563)
Balance in other non-current liabilities	$ 4,213

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jul. 31, 2026	Jan. 31, 2026
Statement [Line Items]
Preferred stock, par or stated value per share (in dollars per share)	$ 0.00000625	$ 0.00000625
Preferred stock, shares authorized (in shares)	20,000,000	20,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Class A Common Stock
Statement [Line Items]
Common stock, par or stated value per share (in dollars per share)	$ 0.00000625	$ 0.00000625
Common stock, shares authorized (in shares)	2,000,000,000	2,000,000,000
Common stock, shares, issued (in shares)	244,593,126	233,870,081
Common stock, shares, outstanding (in shares)	244,593,126	233,870,081
Class B Common Stock
Statement [Line Items]
Common stock, par or stated value per share (in dollars per share)	$ 0.00000625	$ 0.00000625
Common stock, shares authorized (in shares)	50,000,000	50,000,000
Common stock, shares, issued (in shares)	15,304,696	15,304,696
Common stock, shares, outstanding (in shares)	15,304,696	15,304,696

STOCKHOLDERS’ EQUITY (Tables)

6 Months Ended

Jul. 31, 2026

Equity [Abstract]

Schedule of Common Stock Reserved for Issuance

Common stock reserved for issuance as of July 31, 2026 and January 31, 2026 are presented as follows:


	As of
	July 31, 2026	January 31, 2026

Stock options issued and outstanding	31,865,065	39,283,485
RSUs issued and outstanding	21,737,477	9,311,201
Shares of common stock available for future grants	34,818,026	37,811,841
Shares available for issuance under the 2025 Employee Stock Purchase Plan ("ESPP")	7,213,399	5,000,000


Total common stock reserved for issuance	95,633,967	91,406,527

Schedule of Stock Option Activity

The following table presents stock option activity for the six months ended July 31, 2026 (in thousands, except price per share, share and years data):


	Number of Stock Options Outstanding	Weighted-Average Exercise Price per Share		Weighted- Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value
Balance as of January 31, 2026	39,283,485	$	13.91	5.7	$	55,743
Granted	1,010,099	$	9.97
Exercised	(7,804,467)	$	9.96		$	76,941
Cancelled/forfeited/expired	(624,052)	$	16.74
Balance as of July 31, 2026	31,865,065	$	14.70	6.1	$	379,830
Vested and expected to vest as of July 31, 2026	31,865,065	$	14.70	6.1	$	379,830
Exercisable as of July 31, 2026	26,754,146	$	14.12	5.7	$	334,447

Schedule of Restricted Stock Units Activity

The following table presents the activity related to RSUs for the six months ended July 31, 2026:


	Number of Shares Subject to RSUs	Weighted-Average Grant Date Fair Value








Unvested balance as of January 31, 2026	9,311,201	$	22.23
Granted	16,497,425	$	16.41
Forfeited	(1,430,919)	$	20.15
Vested	(2,640,230)	$	20.68
Unvested and outstanding as of July 31, 2026	21,737,477	$	18.14

Schedule of Stock-based Compensation Expense

Stock-based compensation is included in the following components of expenses within the condensed consolidated statements of operations (in thousands):


	Three Months Ended July 31,				Six Months Ended July 31,
	2026		2025		2026		2025
Cost of revenue	$	2,362	$	855	$	4,082	$	1,902
Research and development	15,652		7,473		26,616		14,371
Sales and marketing	12,817		4,143		21,072		7,738
General and administrative	11,026		6,178		27,399		11,898
Total stock-based compensation expense, net of amounts capitalized	$	41,857	$	18,649	$	79,169	$	35,909
Capitalized stock-based compensation	1,517		825		2,591		1,395
Total stock-based compensation cost	$	43,374	$	19,474	$	81,760	$	37,304

DEBT (Tables)

6 Months Ended

Jul. 31, 2026

Debt Disclosure [Abstract]

Schedule of Debt Outstanding

The Company had the following debt outstanding (in thousands):


	As of
	July 31, 2026		January 31, 2026


Warehouse credit facility	$	118,174	$	118,174

ABL facility	6,000		6,000
Notes payable	867		621


Total principal amount of debt and borrowings	$	125,041	$	124,795

Schedule of Borrowings and Repayments

Borrowings and repayments under the Warehouse Credit Facility consisted of the following (in thousands):


	Six Months Ended July 31,
		2026		2025
Borrowings		$	—	$	15,000
Repayments		$	—	$	81,100

Schedule of Interest on Convertible Debt

Interest expense related to the Warehouse Credit Facility was as follows (in thousands):


	Three Months Ended July 31,				Six Months Ended July 31,
	2026		2025		2026		2025
Interest paid and payable	$	2,267	$	3,713	$	4,469	$	8,098
Amortization of debt issuance costs	342		342		684		681
Total interest expense	$	2,609	$	4,055	$	5,153	$	8,779

Interest expense related to the ABL Facility was as follows (in thousands):


	Three Months Ended July 31,				Six Months Ended July 31,
	2026		2025		2026		2025
Interest paid and payable	$	154	$	690	$	296	$	1,180
Amortization of debt issuance costs	135		134		270		224
Total interest expense	$	289	$	824	$	566	$	1,404

Schedule of Contractual Principal Payments

Future payments of principal associated with other notes payable are as follows (in thousands):


Fiscal Year	Amount
Remainder of 2027	$	791
2028	76
2029	—
2030	—
2031	—
Thereafter	—
Total notes payable outstanding	$	867

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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+ Details

NET LOSS PER SHARE

6 Months Ended

Jul. 31, 2026

Earnings Per Share [Abstract]

NET LOSS PER SHARE

NOTE 11 - NET LOSS PER SHARE

The rights, including the liquidation and dividend rights, of the holders of Class A and Class B common stock are identical, except with respect to voting and conversion rights. As the liquidation and dividend rights are identical, the undistributed earnings are allocated on a proportionate basis to each class of common stock and the resulting basic and diluted net loss per share attributable to common stockholders are the same for both Class A and Class B common stock on both an individual and combined basis.

The following table presents the computation of basic and diluted net loss per share attributable to common stockholders (in thousands, except share and per share data):


	Three Months Ended July 31,				Six Months Ended July 31,
	2026		2025		2026		2025
Net loss	$	(29,117)	$	(38,623)	$	(49,623)	$	(99,880)


Weighted-average shares outstanding used to compute net loss per share attributable to common stockholders, basic and diluted	256,369,621		46,546,290		253,375,867		46,350,553
Net loss per share attributable to common stockholders, basic and diluted	$	(0.11)	$	(0.83)	$	(0.20)	$	(2.15)

During the three and six months ended July 31, 2026 and 2025, the Company was in a net loss position. As a result, basic net loss per share is the same as diluted net loss per share, as the inclusion of all potential shares of common stock outstanding would have been antidilutive. The potential shares of common stock that were excluded from the computation of diluted net loss per share attributable to

common stockholders for the periods presented because including them would have been antidilutive are as follows:


	As of July 31,
	2026	2025
Redeemable convertible preferred shares	—	146,360,207
Stock options issued and outstanding	31,865,065	41,581,733
RSUs issued and outstanding	21,737,477	7,771,766
ESPP	733,515	—
Warrants to purchase redeemable convertible preferred stock	—	40,160
Warrants to purchase common stock	—	1,211,223
Shares of common stock subject to repurchase	1,740	21,751
Convertible notes	—	12,273,965
SAFEs	—	7,526,948
Total antidilutive securities	54,337,797	216,787,753

VARIABLE INTEREST ENTITIES (Tables)

6 Months Ended

Jul. 31, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Carrying Amounts of Liquid Labs’ Assets and Liabilities

The following table presents the carrying amounts of Liquid Labs’ assets and liabilities included in our condensed consolidated balance sheets (in thousands):


	As of
	July 31, 2026		January 31, 2026
Balance Sheet Data of Liquid Labs
Restricted cash, current	$	2,472	$	7,142
Corporate card receivables(1)	$	203,139	$	199,249
Prepaid expenses and other current assets	$	1,285	$	1,281
Other non-current assets	$	747	$	1,388
Accrued expenses and other current liabilities	$	764	$	8,560
Warehouse Credit Facility	$	118,174	$	118,174

________________

(1)Corporate card receivables as of July 31, 2026 and January 31, 2026 represent pledged customer receivables from Navan, Inc. to Liquid Labs.

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 31, 2026	Jul. 31, 2025	Jul. 31, 2026	Jul. 31, 2025
Statement of Comprehensive Income [Abstract]
Net loss	$ (29,117)	$ (38,623)	$ (49,623)	$ (99,880)
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	(1,287)	(2,427)	(6,663)	23,608
Unrealized loss on marketable securities	(184)	0	(440)	0
Total other comprehensive income (loss)	(1,471)	(2,427)	(7,103)	23,608
Total comprehensive loss	$ (30,588)	$ (41,050)	$ (56,726)	$ (76,272)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

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+ Details

REVENUE - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 31, 2026	Jul. 31, 2025	Jul. 31, 2026	Jul. 31, 2025
Disaggregation of Revenue [Line Items]
Total revenue	$ 232,790	$ 171,952	$ 453,021	$ 329,413
Usage-based revenue
Disaggregation of Revenue [Line Items]
Total revenue	211,393	156,549	413,527	299,698
Subscription revenue
Disaggregation of Revenue [Line Items]
Total revenue	$ 21,397	$ 15,403	$ 39,494	$ 29,715

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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COMMITMENTS AND CONTINGENCIES - Narrative (Details) - USD ($) $ in Thousands	Jul. 31, 2026	Jan. 31, 2026	Jan. 31, 2022	Jan. 31, 2021
Gain Contingencies [Line Items]
Minimum lease payments	$ 24,900
Government assistance, award amount			$ 6,000	$ 6,000
Grants received as a liability	$ 4,776	$ 4,919	$ 6,000	$ 6,000
Minimum
Gain Contingencies [Line Items]
Lease term	2 years
Maximum
Gain Contingencies [Line Items]
Lease term	5 years

DEBT - Convertible Notes (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
DEBT - Convertible Notes (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Jul. 31, 2026	Jul. 31, 2025	Jul. 31, 2026	Jul. 31, 2025	Jan. 31, 2026	Jun. 30, 2022
Debt Instrument [Line Items]
Length of extension	2 years
Loss on extinguishment of debt		$ 0	$ 0	$ 0	$ 20,528
Convertible notes \| Convertible notes
Debt Instrument [Line Items]
Debt issued	$ 125,000
Debt issuance costs	$ 2,900
Interest rate	7.50%						12.50%
Amount of increase to stated interest rate							1.00%
Embedded derivative liability	$ 43,100
Effective interest rate after amortization to interest expense	13.50%
Debt instrument, convertible, redemption price, percentage	12.50%
Shares converted (in shares)		12,827,963
Shares converted, discount percentage		35.00%		35.00%
Loss on extinguishment of debt						$ 84,100
Convertible notes \| Convertible notes \| Minimum
Debt Instrument [Line Items]
Conversion price percentage	0.20
Convertible notes \| Convertible notes \| Maximum
Debt Instrument [Line Items]
Conversion price percentage	0.35

INCOME TAXES - Provision for Income Tax Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 31, 2026	Jul. 31, 2025	Jul. 31, 2026	Jul. 31, 2025
Income Tax Disclosure [Abstract]
Income Tax Provision	$ 2,833	$ 3,561	$ 3,635	$ 8,043
Effective Tax Rate	(10.80%)	(10.20%)	(7.90%)	(8.80%)

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

+ Details

DESCRIPTION OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES (Policies)

6 Months Ended

Jul. 31, 2026

Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation and Principles of Consolidation

The unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim financial information. Certain information and disclosures normally included in consolidated financial statements prepared in accordance with GAAP have been condensed or omitted. Accordingly, these unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the related notes for the year ended January 31, 2026, included in our Annual Report on Form 10-K. The unaudited condensed consolidated financial statements include, in the opinion of management, all adjustments, consisting of normal and recurring items, necessary for the fair statement of the condensed consolidated financial statements for the periods presented.

We consolidate our wholly-owned subsidiaries and variable interest entities (“VIEs”) where we are deemed to be the primary beneficiary. See Note 7 — Variable Interest Entities for further details. All intercompany profits, transactions and balances have been eliminated in consolidation.

There have been no significant changes in accounting policies during the six months ended July 31, 2026 from those disclosed in the annual consolidated financial statements for the year ended January 31, 2026 and the related notes.

The Company’s fiscal year ends on January 31. References made to “fiscal 2027” and “fiscal 2026” refer to the Company’s fiscal years ending January 31, 2027 and ended January 31, 2026, respectively.

Certain prior period amounts within footnote disclosures have been reclassified to conform to the current period presentation. These reclassifications had no impact on our previously reported total current assets, total assets, total current liabilities, total liabilities, results of operations, comprehensive loss or net cash flows from operating, financing, or investing activities.

Principles of Consolidation

Basis of Presentation and Principles of Consolidation

Use of Estimates

The preparation of our condensed consolidated financial statements in conformity with GAAP requires management to make estimates, judgments and assumptions that affect the reported amounts in the condensed consolidated financial statements and accompanying notes. Estimates and judgments are based on historical experience, forecasted events and various other assumptions that the Company believes to be reasonable under the circumstances. On an ongoing basis, management evaluates estimates, including, but not limited to: carrying values and useful lives of long-lived assets and intangible assets; capitalization of internal-use software costs; the expected period of benefit for contract acquisition costs; the estimate of expected credit losses on accounts receivable; fair values of assets acquired and liabilities assumed in business combinations; fair values of financial instruments; fair values of stock-based awards issued; the vested and unpaid rewards earned by users of our platform; variable consideration related to achieving specified contractual thresholds in our revenue generating arrangements with travel supply partners; the incremental borrowing rate used for operating lease liabilities; and assumptions used in accounting for income taxes. These estimates are inherently subject to judgment and actual results could differ from those estimates.

Concentration of Credit Risk

Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents, restricted cash, investments in marketable debt securities, and accounts receivable. The Company maintains its cash, cash equivalents, restricted cash, and marketable debt securities with high-quality financial institutions primarily in the United States, where the composition and maturities are regularly monitored by the Company. Deposits may exceed federally insured limits. The Company has not experienced any losses due to institutional failure or bankruptcy. The Company performs credit evaluations of its customers and generally does not require collateral for sales on credit. In certain cases, based on the Company’s credit evaluations, collateral, primarily in the form of cash deposits, is required to mitigate corporate card receivable collection risk.

Revenue Recognition

We recognize revenue in accordance with ASC 606, Revenue from Contracts with Customers, when a customer obtains control of promised services in an amount that reflects the consideration we expect to be entitled to in exchange for these services. Our primary sources of revenue are fees earned from platform customers for access to our travel and expense management platform or on-demand travel management services, and from travel supply and payment partners for connection to our network of travel bookings and corporate card transaction dollar volume. Fees from our platform customers are either earned on a per-booking transaction or subscription basis. Fees from our travel supply and

payment partners are generally earned on a per-transaction basis. Under our arrangements with certain travel supply partners, we earn additional fees when cumulative actual booking or transaction dollar volume exceeds specified contractual thresholds. Our travel supply partners include airlines, hotels, car rental companies, rail carriers, and providers of Global Distribution Systems. Our payment partners primarily include our corporate card payment processors and card issuing partners.

Platform Customers

Our primary performance obligation is to provide platform customers with continuous access to our cloud-based travel and expense management platform or to our on-demand travel management services. Transaction-based fees are generally non-refundable, and represent variable consideration allocated to the period the booking occurs. Revenue from transaction-based fees is recognized at the time of booking. Subscription fees are recognized ratably over the non-cancellable contract term.

We maintain a rewards program under which users of our platform receive credits for the purchase of future personal travel. These credits expire twelve months after they are earned. We record a rewards liability and a reduction to revenue related to the vested and unpaid rewards earned by users of our platform, net of expected breakage.

Travel Supply and Payment Partner Fees

Our primary performance obligation to our travel supply partners is to connect them to user bookings made on our cloud-based travel management platform or through our on-demand travel management services. For airline and rail carriers, we are generally entitled to fees at the time of booking. For hotel and car rental partners, we are generally entitled to fees at the completion of a traveler’s stay or at the end of the rental period, respectively. Revenue is recognized at the time we are entitled to these fees.

Our primary obligation to our payment partners is to connect them with user transaction volume on our physical and virtual corporate cards. We earn fees and other incentives from our payment partners based on the transaction dollar volume of each physical or virtual corporate card payment transaction processed, and we recognize revenue in the period each transaction occurs. We provide rebates on eligible payment transactions in the form of statement credits to certain platform customers based on the dollar volume of payment transactions processed on our platform. Rebates provided are recognized as a reduction to revenue in the period the eligible transactions occur.

Unbilled Receivables

Contract Liabilities

Accounts Receivable and Allowance for Expected Credit Losses

Accounts receivable are generally due within thirty days and are recorded net of an allowance for estimated uncollectible amounts.

The following table presents the allowance for expected credit losses for the six months ended July 31, 2026 and 2025 (in thousands):


	Six Months Ended July 31,
	2026		2025
Balance at beginning of period	$	6,462	$	5,135
Provision for expected credit losses	5,005		2,488
Amounts written off, recoveries and other adjustments	(5,075)		(1,739)
Balance at end of period	$	6,392	$	5,884

Corporate Card Receivables and Allowance for Expected Credit Losses

Segment Information

The Company’s chief operating decision maker (“CODM”) is its Chief Executive Officer, who reviews financial information presented on a consolidated basis for purposes of making operating decisions, assessing financial performance, and allocating resources. The Company operates its business in one operating segment and, therefore, has one reportable segment.

The CODM uses consolidated net loss to measure segment profit or loss in order to assess, manage, and maintain performance of the business based on resource allocations. The CODM also uses consolidated net loss to approve operating budgets and to identify product development and market expansion opportunities. The Company’s objective in making resource allocation decisions is to optimize the consolidated financial results. Significant segment expenses that the CODM reviews and utilizes to manage the Company’s operations are cost of revenue, research and development, sales and marketing, and general and administrative expenses at the consolidated level, which are presented in the Company’s condensed consolidated statements of operations. Other segment items included in consolidated net loss include gain on sale of property and equipment, interest expense, other income, net, loss on extinguishment of debt, loss on fair value adjustments, and income tax expense, which are presented in the Company’s condensed consolidated statements of operations. The measure of segment assets is reported on the balance sheet as total consolidated assets.

Recently Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements Not Yet Adopted

Recently Adopted Accounting Pronouncements

In July 2025, the FASB issued ASU 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, which provides a practical expedient related to the estimation of expected credit losses for current accounts receivable and current contract assets arising from transactions accounted for under Topic 606, including those assets acquired in a business combination. The practical expedient permits an entity to assume that current conditions as of the balance sheet date do not change for the remaining life of the current accounts receivable and current contract assets. The Company adopted ASU 2025-05 as of February 1, 2026 on a prospective basis with no material impact to its consolidated financial statements.

Recently Issued Accounting Pronouncements Not Yet Adopted

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires entities to annually (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pretax income (loss) by the applicable statutory income tax rate). This standard is effective for the Company for its fiscal year beginning February 1, 2026 on a prospective basis. Early adoption and retrospective application are permitted. The Company is currently evaluating the impact of this standard on its consolidated financial statement disclosures.

In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The new guidance requires disaggregated information about certain income statement expense line items on an annual and interim basis. The standard is effective for the Company for its fiscal year beginning February 1, 2027 and interim periods within its fiscal year beginning February 1, 2028. The guidance may be applied on either a prospective or retrospective basis. Early adoption is permitted. The Company is currently evaluating the impact of this standard on its consolidated financial statement disclosures.

In September 2025, the FASB issued ASU 2025-06, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, to modernize the accounting for costs related to internal-use software to more closely align with current software development methods. The guidance removes references to project stages and clarifies when the Company is required to start capitalizing eligible costs. The guidance is effective for the Company for its fiscal year and all interim periods beginning February 1, 2028. Early adoption is permitted. The guidance may be applied prospectively, retrospectively, or via a modified prospective transition method. The Company is currently evaluating the impact of the adoption of this standard on its consolidated financial statements.

In December 2025, the FASB issued ASU 2025-10, Government Grants (Topic 832)—Accounting for Government Grants Received by Business Entities, which expands Topic 832 to establish a comprehensive accounting framework, largely based on International Accounting Standard 20, for the recognition, measurement, presentation, and disclosure of government grants received by business entities. The guidance is effective for the Company for its fiscal year and all interim periods beginning February 1, 2029. Early adoption is permitted. The guidance may be applied on a modified prospective, modified retrospective, or retrospective basis. The Company is currently evaluating the impact of the adoption of this standard on its consolidated financial statements.

In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270)—Narrow-Scope Improvements, which clarifies interim disclosure requirements and the applicability of Topic 270. The standard is effective for the Company for all interim periods within its fiscal year beginning February 1, 2028. The guidance may be applied on either a prospective or retrospective basis. Early adoption is

permitted. The Company is currently evaluating the impact of this standard on its consolidated financial statement disclosures.

- Definition

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