0001639723-25-000017 | 10-Q | XBRL Viewer

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Debt - Vista Facility (Details) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended		9 Months Ended
Debt - Vista Facility (Details) - USD ($) $ in Thousands	Oct. 31, 2025	Feb. 28, 2025	Oct. 31, 2025	Oct. 31, 2024	Oct. 31, 2025	Oct. 31, 2024	Oct. 30, 2025
Debt Instrument [Line Items]
Proceeds from issuance					$ 215,932	$ 84,800
Warrants, outstanding value							$ 900
Loss on extinguishment of debt			$ 97,450	$ 0	117,978	$ 0
SAFE Warrants
Debt Instrument [Line Items]
Debt issuance costs	$ 2,900		$ 2,900		$ 2,900
Number of shares called by warrants (in shares)	1,216,187		1,216,187		1,216,187
Vista Facility \| SAFE Warrants
Debt Instrument [Line Items]
Number of shares called by warrants (in shares)	486,005		486,005		486,005
Vista Facility \| Term Loan
Debt Instrument [Line Items]
Proceeds from issuance		$ 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
Vista Facility \| Term Loan \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Floating interest rate		5.00%
Vista Facility \| Term Loan \| Paid-In-Kind Interest Rate
Debt Instrument [Line Items]
Floating interest rate		1.50%

Debt (Tables)

9 Months Ended

Oct. 31, 2025

Debt Disclosure [Abstract]

Schedule of Debt Outstanding

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


	As of
	October 31, 2025		January 31, 2025
Convertible notes	$	—	$	125,000

Warehouse credit facility	168,174		214,238
Trade loan facility	—		45,000
ABL facility	37,000		—
Notes payable:
2022 promissory note	—		150,000

Other debt	1,459		968
Total notes payable	1,459		150,968
Total principal amount of debt and borrowings	206,633		535,206
Less: unamortized debt discount and issuance costs	—		(11,324)
Plus: accrued interest	—		94,056
Net carrying value of debt and borrowings	$	206,633	$	617,938

Schedule Of Interest On Convertible Debt

Interest expense related to the convertible notes was as follows (in thousands):


	Three Months Ended October 31,				Nine Months Ended October 31,
	2025		2024		2025		2024
Amortization of debt discount	$	509	$	1,076	$	1,327	$	5,684
Amortization of debt issuance costs	34		72		89		380
PIK interest	6,210		5,501		18,107		15,478
Total non-cash interest expense	$	6,753	$	6,649	$	19,523	$	21,542

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


	Three Months Ended October 31,				Nine Months Ended October 31,
	2025		2024		2025		2024
Amortization of debt discount	$	436	$	—	$	1,108	$	—
Amortization of debt issuance costs	144		—		366		—
PIK interest	502		—		1,355		—
Cash interest	3,092		—		8,395		—
Total interest expense	$	4,174	$	—	$	11,224	$	—

Interest expense related to the 2022 Promissory Note was as follows (in thousands):


	Three Months Ended October 31,				Nine Months Ended October 31,
	2025		2024		2025		2024
Amortization of debt discount	$	—	$	1,084	$	298	$	2,998
Amortization of debt issuance costs	—		9		3		25
PIK interest	—		3,254		839		9,515
Cash interest	—		1,736		448		5,076
Total interest expense	$	—	$	6,083	$	1,588	$	17,614

Schedule of Maturities of Long-Term Debt

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


Fiscal Year	Amount
Remainder of 2026	$	1,055
2027	335
2028	69
2029	—
2030	—
Thereafter	—
Total debt outstanding	$	1,459


Less: Notes payable, current	(1,329)
Notes payable, non-current	$	130

- 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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-Name Accounting Standards Codification
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+ Details

Supplemental Financial Statement Information

9 Months Ended

Oct. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Supplemental Financial Statement Information

SUPPLEMENTAL FINANCIAL STATEMENT INFORMATION

Property, Equipment and Software, Net

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


	As of
	October 31, 2025		January 31, 2025
Capitalized software	$	38,978	$	42,317
Computers and equipment	7,708		7,349
Fixtures and fittings	3,568		3,561
Leasehold improvements	2,812		2,779
Construction in progress(1)	5,602		2,960
Property, equipment and software, gross	58,668		58,966
Less: accumulated depreciation	(25,933)		(29,428)
Property, equipment and software, net	$	32,735	$	29,538

________________

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

For the three months ended October 31, 2025 and 2024, depreciation and amortization expense related to property, equipment and software was $4.6 million and $4.6 million, respectively. For the nine months ended October 31, 2025 and 2024, depreciation and amortization expense related to property, equipment and software was $14.2 million and $14.9 million, respectively. Included in these amounts was amortization expense for capitalized internal-use software costs of approximately $3.8 million and $3.9 million, respectively, for the three months ended October 31, 2025 and 2024 and $11.2 million and $11.5 million for the nine months ended October 31, 2025 and 2024.

No impairment losses of long-lived assets, including property, equipment and software, and operating lease right-of-use (“ROU”) assets, were recognized during the nine months ended October 31, 2025 and 2024.

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
	October 31, 2025		January 31, 2025
United States	$	58,316	$	59,181
United Kingdom	9,742		10,633
All other countries	6,301		7,730
Total long-lived assets, net	$	74,359	$	77,544

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following (in thousands):


	As of
	October 31, 2025		January 31, 2025
Prepaid expenses	$	20,624	$	16,965
Payment processor advances(1)	15,304		6,801
Tax receivable	3,035		3,196

Other current assets	21,098		8,666
Total prepaid expenses and other current assets	$	60,061	$	35,628

________________

(1)Payment processor advances represent amounts prefunded to and held by payment processors in order to fund future customer spend.

Accrued Expenses and Other Current Liabilities

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


	As of
	October 31, 2025		January 31, 2025
Accrued compensation and employee benefits	$	35,716	$	28,970
Accrued payroll taxes related to stock-based compensation awards	28,651		—
Accrued expenses	31,866		27,354
Accrued deferred offering costs	4,031		—
Amounts due to travel supply partners(1)	51,981		41,665
Reward liability(2)	12,389		11,408
Customer deposits and collateral	19,128		14,319
Corporate tax payable	2,160		4,640
Indirect tax payable	5,020		3,489
Early exercise liability	156		976
Accrued interest	1,349		2,642
Other	2,367		1,335
Total accrued expenses and other current liabilities	$	194,814	$	136,798

________________

(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 supply partners or needs to be refunded.

(2)This balance represents the vested and unpaid rewards earned by users of our platform.

Other Non-Current Liabilities

Other non-current liabilities consisted of the following (in thousands):


	As of
	October 31, 2025		January 31, 2025
Loss contingency reserves(1)	$	8,205	$	8,120
Deferred tax liability	8,043		7,655
Taxes payable for unrecognized tax benefits	2,726		2,288
Redeemable convertible preferred stock warrant liability	—		427
NOW Scheme contingency payable(2)	4,229		3,806
Other non-current liabilities	754		653
Total other non-current liabilities	$	23,957	$	22,949

________________

(1)Loss contingency reserves consist of accruals related primarily to employment taxes.

(2)Refer to Note 12 — Commitments and Contingencies for further information on the NOW Scheme.

Other Income (Expense), Net

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


	Three Months Ended October 31,				Nine Months Ended October 31,
	2025		2024		2025		2024
Foreign currency exchange gains (losses), net	$	(1,886)	$	(344)	$	5,737	$	(995)
Interest income	1,018		1,742		3,221		4,265
SAFE issuance costs expensed	—		—		(2,913)		—
Other, net	324		$	(376)	110		(295)
Total other income (expense), net	$	(544)	$	1,022	$	6,155	$	2,975

Debt - ABL Facility (Details) - ABL facility - Line of Credit - USD ($) $ in Thousands	1 Months Ended	3 Months Ended	9 Months Ended
	Mar. 31, 2025	Oct. 31, 2025	Oct. 31, 2025
Debt Instrument [Line Items]
Total commitment amount	$ 100,000
Floating interest rate	2.50%
Unused capacity, commitment fee	0.25%
Fees incurred	$ 1,600
Outstanding balance		$ 37,000	$ 37,000
Interest expense		800	2,200
Interest paid and payable		700	1,900
Amortization of debt issuance costs		$ 100	$ 300

Cover Page - shares	9 Months Ended
Cover Page - shares	Oct. 31, 2025	Dec. 08, 2025
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Oct. 31, 2025
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	3045 Park Boulevard
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 Small Business	false
Entity Filer Category	Non-accelerated Filer
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Amendment Flag	false
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q3
Central Index Key	0001639723
Current Fiscal Year End Date	--01-31
Class A common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		233,339,369
Class B common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		15,304,696

Fair Value Measurements - Narrative (Details) $ / shares in Units, $ in Millions, number in Billions	Oct. 31, 2025 shares	Oct. 30, 2025 USD ($) shares	Jan. 31, 2025 USD ($) shares	Dec. 31, 2015 $ / shares shares
Class of Warrant or Right [Line Items]
Warrants, outstanding value \| $		$ 0.9
Valuation Cap Conversion Price
Class of Warrant or Right [Line Items]
Embedded derivative liability, measurement input	5
SAFE Warrants
Class of Warrant or Right [Line Items]
Number of shares called by warrants (in shares)	1,216,187
Series Seed
Class of Warrant or Right [Line Items]
Number of shares called by warrants (in shares)				60,757
Exercise price (usd per share) \| $ / shares				$ 0.2469
Series A
Class of Warrant or Right [Line Items]
Number of shares called by warrants (in shares)				30,192
Exercise price (usd per share) \| $ / shares				$ 0.4968
Series A-1
Class of Warrant or Right [Line Items]
Number of shares called by warrants (in shares)				34,080
Exercise price (usd per share) \| $ / shares				$ 0.5853
Series B
Class of Warrant or Right [Line Items]
Number of shares called by warrants (in shares)				40,160
Exercise price (usd per share) \| $ / shares				$ 1.8675
Outstanding warrants (in shares)		40,160	40,160
Warrants, outstanding value \| $			$ 0.4
Class A common stock
Class of Warrant or Right [Line Items]
Outstanding warrants (in shares)	40,160
Class A common stock \| SAFE Warrants
Class of Warrant or Right [Line Items]
Number of shares called by warrants (in shares)	7,851,008

Debt - Warehouse Credit Facility (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended		12 Months Ended
	Nov. 30, 2022	Oct. 31, 2025	Oct. 31, 2024	Oct. 31, 2025	Oct. 31, 2024	Jan. 31, 2025
Debt Instrument [Line Items]
Payments of borrowings of debt				$ 468,124	$ 8,350
Revolving Credit Facility \| Warehouse credit facility \| Line of Credit
Debt Instrument [Line Items]
Total commitment amount	$ 200,000	$ 250,000		250,000
Minimum utilization	50.00%
Unused capacity, commitment fee	0.50%
Commitment fee	$ 2,000			2,800		$ 1,400
Proceeds from borrowings of debt				35,000	37,800
Payments of borrowings of debt				81,100	5,000
Interest expense		3,800	$ 6,100	12,600	17,500
Interest paid and payable		3,500	5,700	11,600	16,500
Amortization of debt issuance costs		$ 300	$ 400	$ 1,000	$ 1,000
Revolving Credit Facility \| Warehouse Credit Facility, Class A Facility \| Line of Credit
Debt Instrument [Line Items]
Total commitment amount	171,100
Revolving Credit Facility \| Warehouse Credit Facility, Class B Facility \| Line of Credit
Debt Instrument [Line Items]
Total commitment amount	$ 28,900

Net Loss Per Share - Antidilutive Securities (Details) - shares	9 Months Ended
	Oct. 31, 2025	Oct. 31, 2024
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total antidilutive securities (in shares)	48,431,708	204,322,823
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)	39,739,322	41,395,462
RSUs issued and outstanding
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total antidilutive securities (in shares)	8,642,683	2,993,378
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)	40,160	0
Shares of common stock subject to repurchase
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total antidilutive securities (in shares)	9,543	64,486
Convertible notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total antidilutive securities (in shares)	0	13,469,130

Debt - Trade Loan Facility (Details) - USD ($) $ in Thousands	1 Months Ended	9 Months Ended
	Jun. 30, 2024	Oct. 31, 2025	Oct. 31, 2024
Debt Instrument [Line Items]
Payments of borrowings of debt		$ 468,124	$ 8,350
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.

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-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 835
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-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

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-URI https://asc.fasb.org/1943274/2147482900/835-30-50-1

+ Details

Fair Value Measurements - Liabilities Measured on a Recurring Basis (Details) - USD ($) $ in Thousands	Oct. 31, 2025	Jan. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Redeemable convertible preferred stock warrant liability		$ 427
Embedded derivative liability	$ 0	59,820
Total		60,247
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Redeemable convertible preferred stock warrant liability		0
Embedded derivative liability		0
Total		0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Redeemable convertible preferred stock warrant liability		0
Embedded derivative liability		0
Total		0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Redeemable convertible preferred stock warrant liability		427
Embedded derivative liability		59,820
Total		$ 60,247

Variable Interest Entities - Narrative (Details)	Oct. 31, 2025
Liquid Labs
Variable Interest Entity [Line Items]
Subsidiary, ownership percentage, parent	100.00%

- 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

Goodwill and Other Intangible Assets

9 Months Ended

Oct. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

GOODWILL AND OTHER INTANGIBLE ASSETS

Goodwill

The goodwill balance as of October 31, 2025 and January 31, 2025, and the change during the nine months ended October 31, 2025 are as follows (in thousands):


	Carrying Amount
Balance as of January 31, 2025	$	219,728

Foreign currency translation impact	13,155
Balance as of October 31, 2025	$	232,883

There were no impairments of goodwill recognized during the nine months ended October 31, 2025 and 2024.

Intangible Assets

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


	As of October 31, 2025
	Weighted-Average Remaining Life (Years)	Gross Carrying Amount		Accumulated Amortization		Net Amount
Trade names	14.5	$	46,055	$	(10,908)	$	35,147
Customer relationships	8.0	29,206		(10,227)		18,979
Domain names	12.1	587		(114)		473
Total intangible assets		$	75,848	$	(21,249)	$	54,599


	As of January 31, 2025
	Weighted-Average Remaining Life (Years)	Gross Carrying Amount		Accumulated Amortization		Net Amount
Trade names	15.2	$	43,579	$	(8,601)	$	34,978
Customer relationships	8.6	27,989		(7,921)		20,068
Developed technology	0.3	507		(422)		85
Domain names	12.8	587		(85)		502
Total intangible assets		$	72,662	$	(17,029)	$	55,633

During the three months ended October 31, 2025 and 2024, amortization expense related to intangible assets of $1.3 million and $1.3 million, respectively, was recorded in sales and marketing expense. During the three months ended October 31, 2024, amortization expense related to intangible assets of $0.1 million was recorded in cost of revenue within the condensed consolidated statement of operations. No amortization expense related to intangible assets was recorded in cost of revenue within the condensed consolidated statement of operation during the three months ended October 31, 2025. During the nine months ended October 31, 2025 and 2024, amortization expense related to intangible assets of $3.8 million and $3.7 million, respectively, was recorded in sales and marketing expense, and $0.1 million and $0.2 million, respectively was recorded in cost of revenue within the condensed consolidated statements of operations.

The expected future amortization expenses related to intangible assets as of October 31, 2025 were as follows (in thousands):


Year Ended January 31,	Amount
Remainder of 2026	$	1,271
2027	5,085
2028	4,885
2029	4,867
2030	4,789
Thereafter	33,702
Total	$54,599

There were no impairments of intangible assets recognized during the nine months ended October 31, 2025 and 2024.

Equity Incentive Plan - Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
	Oct. 31, 2025	Oct. 31, 2025	Oct. 31, 2024	Oct. 31, 2025	Oct. 31, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation expense, net of amounts capitalized		$ 99,182	$ 24,574	$ 135,091	$ 59,487
Capitalized stock-based compensation	$ 900	2,127	686	3,522	1,782
Total stock-based compensation cost		101,309	25,260	138,613	61,269
Cost of revenue
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation expense, net of amounts capitalized		6,131	1,683	8,033	3,525
Research and development
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation expense, net of amounts capitalized		24,955	9,562	39,326	23,181
Sales and marketing
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation expense, net of amounts capitalized		27,863	5,426	35,601	13,040
General and administrative
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation expense, net of amounts capitalized		$ 40,233	$ 7,903	$ 52,131	$ 19,741

- 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

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-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

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+ Details

Equity Incentive Plan

9 Months Ended

Oct. 31, 2025

Share-Based Payment Arrangement [Abstract]

Equity Incentive Plan

EQUITY INCENTIVE PLANS

2015 Equity Incentive Plan and 2025 Equity Incentive Plan

In September 2025, the Company’s Board of Directors (the “Board of Directors”) adopted, and in October 2025, the stockholders approved, the 2025 Equity Incentive Plan (the “2025 Plan”). The 2025 Plan became effective upon the effectiveness of the registration statement for the Company’s IPO. No further grants will be made under the Company’s 2015 Equity Incentive Plan (the “2015 Plan” and together with the 2025 Plan, the “Plans”). The 2025 Plan provides for the grant of incentive stock options to employees, including employees of any parent or subsidiary, and for the grant of non-qualified stock options, stock appreciation rights, restricted stock awards, restricted stock unit awards, performance awards and other forms of awards to employees, directors, and consultants, including employees and consultants of our affiliates.

In connection with the IPO, the Board of Directors and the Company’s stockholders approved up to 82,887,502 shares of Class A common stock to be reserved for issuance under the 2025 Plan, consisting of 35,000,000 new shares plus up to 47,887,502 shares underlying outstanding awards granted under our 2015 Plan that may become available for issuance under the 2025 Plan from time to time that, after the date the 2025 Plan became effective, are either not issued (due to the awards expiring or being settled in cash), are forfeited or repurchased due to failure to vest, or are withheld to satisfy the exercise, strike, or purchase price or tax withholding obligations. In addition, subject to any capitalization adjustments made as provided under the 2025 Plan, the aggregate number of shares authorized for issuance will automatically increase on the first day of each fiscal year for a period of ten years commencing on the first day of the fiscal year ending January 31, 2027 and ending on (and including) the first day of the fiscal year ending January 31, 2036, in an amount equal to 5% of the total number of shares of common stock of the Company outstanding on the last day of the preceding fiscal year; provided, however, that the Board of Directors may act prior to the first day of a given fiscal year to provide that the increase for that fiscal year will be a lesser number of shares.

As of October 31, 2025, 38,567,992 shares of Class A common stock remain available for issuance under the 2025 Plan.

The exercise price of options granted under the Plans must be at least equal to 100% of the fair value of the Company’s common stock at the date of grant as determined by the Board of Directors. During the nine months ended October 31, 2025, no options have been granted to purchase stock at a price less than its fair value as determined by the Board of Directors at the time of grant.

Early Exercise of Common Stock — Certain stock options granted under the 2015 Plan provide option holders the right to elect to exercise unvested options in exchange for shares of common stock. Such unvested shares of common stock are subject to a repurchase right held by the Company at the original issuance price in the event the optionee’s service to the Company is terminated either voluntarily or involuntarily. The repurchase right lapses as the underlying shares vest. The proceeds from the early exercise of stock options are treated as a refundable deposit and are recorded within accrued expenses and other liabilities on the condensed consolidated balance sheets, and reclassified to additional paid-in capital as the Company’s repurchase right lapses. Common stock purchased pursuant to an early exercise of stock options is not deemed to be outstanding for accounting purposes until those shares vest. The Company includes unvested shares subject to repurchase in the number of shares of common stock outstanding in the condensed consolidated balance sheets and statements of redeemable convertible preferred stock and stockholders’ deficit.

As of October 31, 2025 and January 31, 2025, there were 9,543 and 49,761 shares, respectively, subject to repurchase due to early exercises and the corresponding liability was $0.2 million and $1.0 million respectively.

Stock Options — Options granted under the Plans continue to vest until the last day of employment and generally vest over four years and expire 10 years from the date of grant. The fair value of the stock options granted was estimated using the following assumptions in the Black-Scholes option pricing model:


	Three Months Ended October 31,				Nine Months Ended October 31,
	2025		2024		2025		2024
Expected volatility	56.40% - 56.68%		58.75% - 59.27%		56.40% - 58.49%		58.75% - 60.19%
Risk-free interest rate	3.79% - 3.97%		3.86% - 3.88%		3.79% - 4.07%		3.86% - 4.60%
Expected term (in years)	6.02 - 6.08		5.49 - 6.02		5.23 - 6.08		5.41 - 6.06
Expected dividend yield	—	%	—	%	—	%	—	%

Fair Value of Common Stock — Given the absence of a public trading market prior to the IPO, the fair value of the Company’s common stock was previously determined by the Board of Directors based on a number of factors, including contemporaneous valuations of common stock performed by an unrelated valuation specialist, developments in the business and stage of development, the Company’s operational and financial performance and condition, issuances of redeemable convertible preferred stock and the rights and preferences of redeemable convertible preferred stock relative to common stock, current condition of capital markets and the likelihood of achieving a liquidity event, such as an initial public offering or sale of the Company, and the lack of marketability of the Company’s common stock. For financial reporting purposes, the Company considered the amount of time between the valuation date and the grant date to determine whether to use the latest common stock valuation or a straight-line interpolation between the two valuation dates. The determination included an evaluation of whether the subsequent valuation indicated that any significant change in valuation had occurred between the previous valuation and the grant date.

Dividend Yield — The Company has never declared or paid any cash dividends and does not presently plan to pay cash dividends in the foreseeable future and applied an expected dividend yield of zero.

Risk-Free Interest Rate — The risk-free interest rate is based on the yield available on U.S. Treasury zero-coupon issues with a term that approximates the expected term of the option.

Expected Volatility — The volatility is derived from the average historical stock volatilities of peer group public companies that the Company considers to be comparable to its business over a period equivalent to the expected term of the stock-based grants.

Expected Term — The expected term represents the period that stock-based awards are expected to be outstanding. Since the Company did not have sufficient historical information to develop reasonable

expectations about future exercise behavior, the expected term for options issued to employees was calculated as the mean of the option vesting period and contractual term (the “Simplified Method”). The expected term for options issued to non-employees is the contractual term.

Stock Option Modifications — During the nine months ended October 31, 2025 , the Company modified certain stock option awards in connection with the termination of two former employees to extend the post-termination exercise period. 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 nine months ended October 31, 2025 was $0.3 million, which was recognized at the modification date.

The following table summarizes stock option activity for the nine months ended October 31, 2025 (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, 2025	40,971,097	$	12.80	7.0	$	402,471
Granted	3,571,419	$	23.35
Exercised	(2,894,372)	$	8.19		$	48,309
Cancelled/forfeited/expired	(1,908,822)	$	16.41
Balance as of October 31, 2025	39,739,322	$	13.90	6.4	$	253,242
Vested and expected to vest as of October 31, 2025	39,739,322	$	13.90	6.4	$	253,242
Exercisable as of October 31, 2025	29,397,559	$	12.12	5.6	$	239,926

The weighted-average grant date fair value of options granted during the nine months ended October 31, 2025 and 2024, was $13.76 and $11.62 per share, respectively. The intrinsic value of options exercised for the nine months ended October 31, 2025 and 2024 was $48.3 million and $3.1 million, respectively. The aggregate grant-date fair value of options that vested during the nine months ended October 31, 2025 and 2024, was $51.3 million and $118.0 million, respectively. As of October 31, 2025, there was approximately $108.1 million of unrecognized compensation cost related to unvested stock options granted, which is expected to be recognized over a weighted-average period of 2.3 years.

Restricted Stock Units with Performance Conditions

The Company has granted RSUs that vest upon the satisfaction of both time-based service and performance-based conditions. 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. Upon employee termination, RSUs that have satisfied the service condition remain outstanding until the earlier of a liquidity event or the expiration date, which is 10 years from the date of grant.

The following table summarizes the activity related to RSUs with performance-based conditions for the nine months ended October 31, 2025:


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








Unvested balance as of January 31, 2025	4,551,847	$	20.14
Granted	4,549,447	$	24.09
Forfeited	(609,793)	$	20.63
Vested	(1,643,459)	$	19.00
Unvested and outstanding as of October 31, 2025	6,848,042	$	22.99

The performance-based vesting condition was satisfied upon the effective date of our registration statement on Form S-1 in connection with our IPO. On that date, we recorded cumulative stock-based compensation expense of $81.8 million using the accelerated attribution method for RSUs for which the service-based vesting condition had been fully or partially satisfied prior to the IPO. Of the total cumulative stock-based compensation expense of $81.8 million, we capitalized $0.9 million related to software development. As of October 31, 2025, there was approximately $108.2 million of unrecognized stock-based compensation expense related to RSUs with performance-based vesting conditions that have not met the service condition, which is expected to be recognized over a weighted-average period of 3.4 years.

Restricted Stock Units with Service-Only Conditions

The following table summarizes the activity related to RSUs with service-only conditions for the nine months ended October 31, 2025:


	Number of Shares Subject to RSUs	Weighted-Average Grant Date Fair Value
Unvested balance as of January 31, 2025	102,000	$	22.38
Granted	1,715,807	$	24.55
Forfeited	(23,166)	$	23.39
Vested	(25,500)	22.38
Unvested balance as of October 31,	1,769,141	$	24.47
Vested and not yet settled	25,500	$	22.38
Outstanding as of October 31, 2025	1,794,641	$	24.44

During the nine months ended October 31, 2025, the Company recognized $2.9 million of stock-based compensation expense for RSUs with service-only vesting conditions. As of October 31, 2025, there was approximately $41.0 million of unrecognized compensation cost related to these unvested RSUs, which is expected to be recognized over a weighted-average period of 3.7 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 October 31,				Nine Months Ended October 31,
	2025		2024		2025		2024
Cost of revenue	$	6,131	$	1,683	$	8,033	$	3,525
Research and development	24,955		9,562		39,326		23,181
Sales and marketing	27,863		5,426		35,601		13,040
General and administrative	40,233		7,903		52,131		19,741
Total stock-based compensation expense, net of amounts capitalized	$	99,182	$	24,574	$	135,091	$	59,487
Capitalized stock-based compensation	2,127		686		3,522		1,782
Total stock-based compensation cost	$	101,309	$	25,260	$	138,613	$	61,269

2025 Employee Stock Purchase Plan

The Board of Directors adopted, and the Company's stockholders approved, the 2025 Employee Stock Purchase Plan (the “2025 ESPP”), which became effective in connection with the IPO. A total of 5,000,000 shares of Class A common stock were initially reserved for sale under the 2025 ESPP. The number of shares of our Class A common stock reserved for issuance will automatically increase on the first day of each of our 2027 through 2036 fiscal years, by the lesser of (i) 1% of the total number of shares of all classes of our common stock outstanding on the last day of the previous fiscal year or (ii) 5,000,000 shares; provided that before the date of any such increase, the 2025 ESPP’s administrator may determine that such increase will be less than such amount.

Subject to any limitations contained therein, the 2025 ESPP allows eligible employees to contribute (in the form of payroll deductions or otherwise to the extent permitted by the administrator) an amount established by the administrator from time to time in its discretion to purchase common stock at a discounted price per share. As of October 31, 2025 no shares have been purchased under the 2025 ESPP.

Fair Value Measurements

9 Months Ended

Oct. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurements

FAIR VALUE MEASUREMENTS

The following table presents our financial assets and liabilities measured at fair value on a recurring basis based on the three-tier fair value hierarchy (in thousands):


	Fair value measurements as of January 31, 2025
	Level 1		Level 2		Level 3		Total


Financial Liabilities
Redeemable convertible preferred stock warrant liability	—		—		427		427
Embedded derivative liability	—		—		59,820		59,820
Total	$	—	$	—	$	60,247	$	60,247

As of October 31, 2025, no financial assets or liabilities are 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 nine months ended October 31, 2025 or the year ended January 31, 2025.

Redeemable Convertible Preferred Stock Warrant Liability

In connection with a loan agreement entered into in December 2015, we issued redeemable convertible preferred stock warrants to purchase 60,757, 30,192, 34,080 and 40,160 shares of Series Seed, Series A, Series A-1 and Series B preferred stock at the stated exercise prices of $0.2469, $0.4968, $0.5853 and $1.8675 per share, respectively.

As of January 31, 2025, 40,160 Series B redeemable convertible preferred stock warrants remained outstanding and were recorded at a fair value of $0.4 million. Immediately prior to the IPO, 40,160 Series B redeemable convertible preferred stock warrants remained outstanding and were recorded at a fair value of $0.9 million. Upon the closing of the IPO on October 31, 2025, these redeemable convertible preferred stock warrants automatically converted to Class A common stock warrants and were reclassified to equity. As of October 31, 2025, 40,160 Class A common stock warrants remained outstanding.

The fair value of the redeemable convertible preferred stock warrant liability was determined using the Black-Scholes option pricing model. The following assumptions were used to calculate the fair value of the redeemable convertible preferred stock warrant liability:


	As of
	October 31, 2025		January 31, 2025
Volatility	50.0	%	55.0	%
Risk-free interest rate	3.7	%	4.1	%
Expected term (in years)	2.9		3.9
Dividend yield	—	%	—	%

Prior to the IPO, the redeemable convertible preferred stock warrant liability was recorded within other non-current liabilities on the condensed consolidated balance sheet as of January 31, 2025. Following the IPO, the redeemable convertible preferred stock warrant liability automatically converted to equity classified Class A common stock warrants recorded within additional paid-in capital on the condensed consolidated balance sheet as of October 31, 2025. Changes in fair value are recorded in gain (loss) on fair value adjustments on the accompanying condensed consolidated statements of operations for the three and nine months ended October 31, 2025 and 2024.

Fair value measurements are highly sensitive to changes in these inputs; significant changes in these inputs would result in a significantly higher or lower fair value. The change in value of the redeemable convertible preferred stock warrant liability is summarized below (in thousands):


Balance as of January 31, 2025	427
Change in fair value	510
Reclassification to equity	(937)
Balance as of October 31, 2025	$	—

Embedded Derivative Liability

The embedded derivative liability is bifurcated from the convertible notes issued in June 2020. In connection with the IPO, the convertible notes automatically converted into shares of Class A common stock, and the embedded derivative liability was extinguished. Refer to Note 7 — Debt for further information regarding the convertible notes and the conversion upon IPO.

Prior to the IPO, the fair value of the embedded derivative liability was computed using a combination of the income approach, the Black-Scholes option pricing model, a probability-weighted estimate of the time to conversion, and other Level 3 inputs. Significant management assumptions and estimates were involved in this determination. The significant unobservable inputs used in measuring the fair value of the embedded derivative liability include the following:


	As of
	January 31, 2025
Time to expiration (in years)	0.70 - 1.70
Time from conversion to maturity (in years)	0.65 - 1.65
Discount factor	9.0	%
Volatility	57.8% - 72.6%
Risk free rate	4.1% - 4.2%

The embedded derivative liability was measured at fair value immediately prior to the conversion of the convertible notes upon the completion of the IPO. The fair value of the embedded derivative liability immediately prior to the completion of the IPO was determined by comparing the fair value of the number

of shares issued upon the conversion of the convertible notes at the IPO price to the fair value of the number of shares that would have been issued had the convertible notes converted at a $5 billion valuation cap at a discount to the IPO price.

The change in value of the embedded derivative liability is summarized below (in thousands):


Balance as of January 31, 2025	$	59,820
Change in fair value	(25,150)
Extinguishment	(34,670)
Balance as of October 31, 2025	$	—

Changes in fair value of the embedded derivative liability are recognized as a component of gain (loss) on fair value adjustments in the accompanying condensed consolidated statements of operations. The loss on extinguishment of the embedded derivative liability was recognized within the condensed consolidated statements of operations during the three months ended October 31, 2025 as a component of the loss on debt extinguishment related to the convertible notes. Refer to Note 7 — Debt for further information regarding the convertible notes.

Simple Agreements for Future Equity (SAFEs) and Common Stock Warrants

During the nine months ended October 31, 2025, we entered into SAFEs with multiple investors. In connection with the IPO, the SAFEs automatically converted into shares of Class A common stock. Refer to Note 7 — Debt for further information regarding the conversion features and terms of the SAFEs.

We issued common stock warrants to investors together with the SAFEs. The number of shares issued upon exercise of the common stock warrants was determined based on a fixed percentage of the fully diluted capitalization prior to the earliest to occur of (a) a deemed liquidation event, (b) a liquidity event, and (c) the date of exercise. The SAFE warrants became exercisable for a fixed number of shares, were reclassified to equity, and were exercised for 1,216,187 shares of Class A common stock in connection with the IPO.

Prior to the IPO, the SAFEs and common stock warrants were measured at fair value on a recurring basis, with changes in fair value recognized as a component of gain (loss) on fair value adjustments in the accompanying condensed consolidated statements of operations. The fair value of the SAFEs was computed using an income approach, and the primary significant unobservable input used in measuring the fair value of the SAFEs was the time until conversion. The fair value of the common stock warrants was computed using the probability weighted expected return method. The significant inputs used in measuring the fair value of the common stock warrants were the number of shares that would be issued upon exercise of the warrants, the time until conversion, and the discount for lack of marketability. Immediately prior to the IPO, the fair value of the SAFEs and common stock warrants were measured at fair value using the IPO price and fully diluted capitalization.

The following table presents a summary of the changes in the fair value of the SAFEs and common stock warrants (in thousands):


	SAFEs		Common stock warrants
Balance as of January 31, 2025	$	—	$	—
Additions in the period	127,300		27,700
Change in fair value	68,975		2,706
Reclassification to equity	—		(30,406)
Conversion	(196,275)		—
Balance as of October 31, 2025	$	—	$	—

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.


	Fair Value Hierarchy	As of
		October 31, 2025		January 31, 2025
Convertible notes	Level 3	$	—	$	359,200
Warehouse credit facility	Level 3	$	155,728	$	210,995
ABL facility	Level 3	$	30,440	$	—

Trade loan facility	Level 3	—		$	45,000
2022 promissory note	Level 3	—		$	179,932
Other debt	Level 3	$	1,479	$	933

- 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)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-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 (Policies)

9 Months Ended

Oct. 31, 2025

Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation and Principles of Consolidation

The unaudited condensed consolidated financial statements and accompanying notes have been prepared in accordance with generally accepted accounting principles in the United States of America (“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, 2025 which can be found in the Company’s final prospectus dated October 29, 2025, filed with the SEC on October 31, 2025 pursuant to Rule 424(b)(4) under the Securities Act of 1933 (the “Prospectus”). The January 31, 2025 condensed consolidated balance sheet was derived from the Company’s audited consolidated financial statements as of that date. 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 over which we exercise control, and variable interest entities (“VIEs”) where we are deemed to be the primary beneficiary. See Note 8 — Variable Interest Entities for further details.

The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and entities in which it has a controlling financial interest in accordance with the consolidation accounting principles guidance. All intercompany profits, transactions, and balances have been eliminated in consolidation.

There have been no significant changes in accounting policies during the nine months ended October 31, 2025 from those disclosed in the annual consolidated financial statements for the year ended January 31, 2025 and the related notes.

The Company’s fiscal year ends on January 31. References made to “fiscal 2026” and “fiscal 2025” refer to the Company’s fiscal years ending January 31, 2026 and ended January 31, 2025, respectively.

Prior period amounts within Note 4 — Supplemental Financial Statement Information 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 income or net cash flows from operating, financing, or investing activities.

Principles of Consolidation

Basis of Presentation and Principles of Consolidation

Deferred Offering Costs

Deferred offering costs, which consist of direct incremental legal, consulting, accounting, and other fees related to the sale of the Company’s common stock in the IPO, were initially capitalized and recorded in prepaid expenses and other current assets on the condensed consolidated balance sheets. We incurred $9.3 million of deferred offering costs which were recorded as a reduction of additional paid-in capital on the condensed consolidated balance sheets as of October 31, 2025.

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; revenue recognition; 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 and accounts receivable. The Company’s cash and cash equivalents and restricted cash are on deposit with high-quality financial institutions that exceed federally insured limits. The Company regularly monitors the composition and maturities of cash and cash equivalent and restricted cash balances. 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 to certain platform customers based on the dollar volume of payment transactions processed on our platform. Rebates paid to customers are recognized as a reduction to 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 $81.7 million and $51.9 million, respectively, as of October 31, 2025 and January 31, 2025. 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. The current portion of deferred revenue represents the amounts that are expected to be recognized within one year of the balance sheet date. The non-current portion of deferred revenue represents amounts that are expected to be recognized more than one year from the balance sheet date. During the nine months ended October 31, 2025 and 2024, revenue recognized from the deferred revenue balance at the beginning of the respective period was $29.1 million and $26.2 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 $54.4 million as of October 31, 2025 of which we expect to recognize approximately 55% as revenue over the next 12 months, 32% 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. We estimate expected credit losses based on various factors, including the age of the receivable balance, credit quality of the customer, and past collection experience with the customer. We consider the need to adjust historical information used in our estimates to reflect the extent to which we expect current conditions and reasonable and supportable forecasts to differ from the conditions that existed for the period over which historical information was evaluated. Long-aged balances and other higher risk amounts are reviewed individually for collectability. We recognize estimated credit losses through the income statement, and the allowance for estimated credit losses is recorded in accounts receivable, net on the condensed consolidated balance sheets.

The following table summarizes the allowance for expected credit losses for the nine months ended October 31, 2025 and 2024 (in thousands):


	Nine Months Ended October 31,
	2025		2024
Balance at beginning of period	$	5,135	$	4,270
Provision for expected credit losses	3,826		2,279
Amounts written off, recoveries and other adjustments	(3,094)		(2,052)
Balance at end of period	$	5,867	$	4,497

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 certain payment partner arrangements, we are required to prefund spend on these credit cards. We recognize a receivable for each transaction, and receivables are generally due within ten days.

Corporate card receivables are recorded net of an allowance for expected credit losses. The allowance for expected credit losses is based on our assessment of the collectability of these receivables. We consider the following factors when determining the collectability of specific customer accounts: age of the receivable balance, credit quality of the customer, and past collection experience with the customer. We consider the need to adjust historical information used in our estimates to reflect the extent to which we expect current conditions and reasonable and supportable forecasts to differ from the conditions that existed for the period over which historical information was evaluated. In addition, we include an estimate for charges our customers may dispute as invalid. We recognize estimated credit losses through the income statement, and the allowance for estimated credit losses is recorded in corporate card receivables, net on the condensed consolidated balance sheets.

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 interest expense, other income (expense), net, loss on extinguishment of debt, gain (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 November 2023, the Financial Accounting Standards Board (FASB) issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which amends disclosure requirements relating to segment reporting, primarily through enhanced disclosure about significant segment expenses and by requiring disclosure of segment information on an annual and interim basis. The Company adopted ASU 2023-07 as of February 1, 2024 with no material impact on its consolidated financial statements. For further information, refer to Segment Information within Note 1 — Description of Business and Significant Accounting Policies.

In August 2020, the FASB issued ASU No. 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40)

(“ASU 2020-06”). ASU 2020-06 is intended to simplify the accounting for convertible instruments by removing certain separation models and to simplify the accounting for contracts in an entity’s own equity by eliminating the settlement criteria to qualify for a scope exception from derivative accounting. ASU 2020-06 also clarifies the diluted earnings per share calculation when convertible instruments and contracts in an entity’s own equity are involved. The Company adopted ASU 2020-06 as of February 1, 2024 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 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. This guidance is effective for the Company for its fiscal year and all interim periods beginning February 1, 2026 on a prospective basis. Early adoption is permitted. The Company is currently evaluating the impact of the adoption of this guidance on its condensed consolidated financial statements.

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.

- Definition

Disclosure of accounting policy for revenue from contract with customer.

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Goodwill and Other Intangible Assets - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Oct. 31, 2025	Oct. 31, 2024	Oct. 31, 2025	Oct. 31, 2024
Goodwill [Line Items]
Goodwill, impairment loss			$ 0	$ 0
Impairment of intangible assets (excluding goodwill)			0	0
Sales and marketing
Goodwill [Line Items]
Amortization	$ 1,300,000	$ 1,300,000	3,800,000	3,700,000
Cost of revenue
Goodwill [Line Items]
Amortization		$ 100,000	$ 100,000	$ 200,000

- 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

Revenue - Allowance for Expected Credit Losses (Details) - USD ($) $ in Thousands	9 Months Ended
	Oct. 31, 2025	Oct. 31, 2024
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	$ 5,135	$ 4,270
Provision for expected credit losses	3,826	2,279
Amounts written off, recoveries and other adjustments	(3,094)	(2,052)
Balance at end of period	$ 5,867	$ 4,497

Debt - SAFE Warrants (Details) - USD ($) $ in Thousands	9 Months Ended
Debt - SAFE Warrants (Details) - USD ($) $ in Thousands	Oct. 31, 2025	Oct. 31, 2024
Debt Instrument [Line Items]
Proceeds from issuance of SAFEs	$ 155,000	$ 0
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
Number of shares called by warrants (in shares)	1,216,187
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.

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Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 31, 2025	Oct. 31, 2024	Oct. 31, 2025	Oct. 31, 2024
Statement of Comprehensive Income [Abstract]
Net loss	$ (225,389)	$ (41,882)	$ (325,269)	$ (134,426)
Other comprehensive income, net of tax:
Foreign currency translation adjustments	(2,497)	2,772	21,111	5,716
Total other comprehensive income, net of tax	(2,497)	2,772	21,111	5,716
Total comprehensive loss	$ (227,886)	$ (39,110)	$ (304,158)	$ (128,710)

- 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.

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

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- Definition

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

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+ Details

Income Taxes (Tables)

9 Months Ended

Oct. 31, 2025

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 October 31,						Nine Months Ended October 31,
	2025			2024			2025			2024
Income Tax Provision	$	3,465		$	5,169		$	11,508		$	9,465
Effective Tax Rate	(1.6)		%	(14.1)		%	(3.7)		%	(7.6)		%

Revenue - Corporate Card Receivables Allowance for Expected Credit Losses (Details) - USD ($) $ in Thousands	9 Months Ended
	Oct. 31, 2025	Oct. 31, 2024
Contract with Customer, Asset, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	$ 380	$ 566
Provision for expected credit losses	2,658	1,926
Amounts written off, recoveries and other adjustments	(947)	(1,583)
Balance at end of period	$ 2,091	$ 909

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Oct. 31, 2025	Oct. 31, 2024	Oct. 31, 2025	Oct. 31, 2024
Income Tax Disclosure [Abstract]
Income Tax Provision	$ 3,465	$ 5,169	$ 11,508	$ 9,465
Effective Tax Rate	(1.60%)	(14.10%)	(3.70%)	(7.60%)

- Definition

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

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+ Details

Supplemental Financial Statement Information - Long-Lived Assets, Net (Details) - USD ($) $ in Thousands	Oct. 31, 2025	Jan. 31, 2025
Property, Plant and Equipment [Line Items]
Total long-lived assets, net	$ 74,359	$ 77,544
United States
Property, Plant and Equipment [Line Items]
Total long-lived assets, net	58,316	59,181
United Kingdom
Property, Plant and Equipment [Line Items]
Total long-lived assets, net	9,742	10,633
All other countries
Property, Plant and Equipment [Line Items]
Total long-lived assets, net	$ 6,301	$ 7,730

Equity Incentive Plan - Restricted Stock Units Activity (Details) - $ / shares	9 Months Ended
	Oct. 31, 2025	Jan. 31, 2025
Number of Shares Subject to RSUs
Vested and not yet settled (in shares)	25,500
Outstanding at end of period (in shares)	1,794,641
Weighted-Average Grant Date Fair Value
Vested and not yet settled (in dollars per share)	$ 24.44
Outstanding at end of period (in dollars per share)	$ 22.38
Restricted Stock Units with Performance Conditions
Number of Shares Subject to RSUs
Unvested, beginning balance (in shares)	4,551,847
Granted (in shares)	4,549,447
Forfeited (in shares)	(609,793)
Vested (in shares)	(1,643,459)
Unvested, ending balance (in shares)	6,848,042
Weighted-Average Grant Date Fair Value
Unvested, beginning balance (in dollars per share)	$ 22.99	$ 20.14
Granted (in dollars per share)	24.09
Forfeited (in dollars per share)	20.63
Vested (in dollars per share)	19.00
Unvested, ending balance (in dollars per share)	$ 22.99
Restricted Stock Units with Service-Only Conditions
Number of Shares Subject to RSUs
Unvested, beginning balance (in shares)	102,000
Granted (in shares)	1,715,807
Forfeited (in shares)	(23,166)
Vested (in shares)	(25,500)
Unvested, ending balance (in shares)	1,769,141
Weighted-Average Grant Date Fair Value
Unvested, beginning balance (in dollars per share)	$ 24.47	$ 22.38
Granted (in dollars per share)	24.55
Forfeited (in dollars per share)	23.39
Vested (in dollars per share)	22.38
Unvested, ending balance (in dollars per share)	$ 24.47

Description of Business and Significant Accounting Policies	9 Months Ended
	Oct. 31, 2025
Accounting Policies [Abstract]
Description of Business and Significant Accounting Policies	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. As of October 31, 2025, the underwriters had not exercised their 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. 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. Refer to Note 10 — Stockholder’s Equity (Deficit) for additional information. 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 “Equity Exchange Rights”). 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, of which $8.3 million was paid during the three months ended October 31, 2025. Refer to Note 9 — Equity Incentive Plans for additional information. Basis of Presentation and Principles of Consolidation The unaudited condensed consolidated financial statements and accompanying notes have been prepared in accordance with generally accepted accounting principles in the United States of America (“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, 2025 which can be found in the Company’s final prospectus dated October 29, 2025, filed with the SEC on October 31, 2025 pursuant to Rule 424(b)(4) under the Securities Act of 1933 (the “Prospectus”). The January 31, 2025 condensed consolidated balance sheet was derived from the Company’s audited consolidated financial statements as of that date. 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 over which we exercise control, and variable interest entities (“VIEs”) where we are deemed to be the primary beneficiary. See Note 8 — Variable Interest Entities for further details. The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and entities in which it has a controlling financial interest in accordance with the consolidation accounting principles guidance. All intercompany profits, transactions, and balances have been eliminated in consolidation. There have been no significant changes in accounting policies during the nine months ended October 31, 2025 from those disclosed in the annual consolidated financial statements for the year ended January 31, 2025 and the related notes. The Company’s fiscal year ends on January 31. References made to “fiscal 2026” and “fiscal 2025” refer to the Company’s fiscal years ending January 31, 2026 and ended January 31, 2025, respectively. Prior period amounts within Note 4 — Supplemental Financial Statement Information 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 income or net cash flows from operating, financing, or investing activities. Deferred Offering Costs Deferred offering costs, which consist of direct incremental legal, consulting, accounting, and other fees related to the sale of the Company’s common stock in the IPO, were initially capitalized and recorded in prepaid expenses and other current assets on the condensed consolidated balance sheets. We incurred $9.3 million of deferred offering costs which were recorded as a reduction of additional paid-in capital on the condensed consolidated balance sheets as of October 31, 2025. Reverse Stock Split On September 18, 2025, the Company effected a one-for-three reverse stock split of its common stock and redeemable convertible preferred stock. All share and per share information has been retroactively adjusted to reflect the reverse stock split for all periods presented. 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; revenue recognition; 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 and accounts receivable. The Company’s cash and cash equivalents and restricted cash are on deposit with high-quality financial institutions that exceed federally insured limits. The Company regularly monitors the composition and maturities of cash and cash equivalent and restricted cash balances. 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. One payment partner customer accounted for 11% of the Company’s revenue during the three and nine months ended October 31, 2024. No customers accounted for more than 10% of the Company’s revenue during the three and nine months ended October 31, 2025. One platform customer accounted for 12% of accounts receivable as of January 31, 2025. No customers accounted for more than 10% of accounts receivable as of October 31, 2025. The Company did not have any customers that accounted for 10% or more of corporate card receivables as of October 31, 2025 and January 31, 2025, respectively. 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 to certain platform customers based on the dollar volume of payment transactions processed on our platform. Rebates paid to customers are recognized as a reduction to revenue. 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 interest expense, other income (expense), net, loss on extinguishment of debt, gain (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 November 2023, the Financial Accounting Standards Board (FASB) issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which amends disclosure requirements relating to segment reporting, primarily through enhanced disclosure about significant segment expenses and by requiring disclosure of segment information on an annual and interim basis. The Company adopted ASU 2023-07 as of February 1, 2024 with no material impact on its consolidated financial statements. For further information, refer to Segment Information within Note 1 — Description of Business and Significant Accounting Policies. In August 2020, the FASB issued ASU No. 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40) (“ASU 2020-06”). ASU 2020-06 is intended to simplify the accounting for convertible instruments by removing certain separation models and to simplify the accounting for contracts in an entity’s own equity by eliminating the settlement criteria to qualify for a scope exception from derivative accounting. ASU 2020-06 also clarifies the diluted earnings per share calculation when convertible instruments and contracts in an entity’s own equity are involved. The Company adopted ASU 2020-06 as of February 1, 2024 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 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. This guidance is effective for the Company for its fiscal year and all interim periods beginning February 1, 2026 on a prospective basis. Early adoption is permitted. The Company is currently evaluating the impact of the adoption of this guidance on its condensed consolidated financial statements. 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.

Goodwill and Other Intangible Assets - Goodwill Rollforward (Details) $ in Thousands	9 Months Ended
	Oct. 31, 2025 USD ($)
Goodwill [Roll Forward]
Balance as of January 31, 2025	$ 219,728
Foreign currency translation impact	13,155
Balance as of October 31, 2025	$ 232,883

- 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.

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+ Details

Income Taxes

9 Months Ended

Oct. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

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 October 31,						Nine Months Ended October 31,
	2025			2024			2025			2024
Income Tax Provision	$	3,465		$	5,169		$	11,508		$	9,465
Effective Tax Rate	(1.6)		%	(14.1)		%	(3.7)		%	(7.6)		%

The Company’s provision for income taxes 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 their estimated annual ETR and makes a year-to-date calculation of the provision.

The Company’s provision for income taxes was $3.5 million and $5.2 million, for the three months ended October 31, 2025 and 2024, respectively. The Company's provision for income taxes was $11.5 million and $9.5 million, for the nine months ended October 31, 2025 and 2024, respectively.

The effective tax rates for the three and nine months ended October 31, 2025 and 2024 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.

On July 4, 2025, the U.S. government enacted The One Big Beautiful Bill Act of 2025 which includes, among other provisions, changes to the U.S. corporate income tax system to allow for the immediate expensing of qualifying research and development expenses and permanent extensions of certain provisions within the Tax Cuts and Jobs Act. Certain provisions are effective for the Company beginning fiscal 2026, for which we do not anticipate a material impact on our effective tax and cash tax rates. The Company is continuing to evaluate the future impact of these tax law changes on its financial statements.

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. As of October 31, 2025, 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 United States 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 due to activities of the taxing authorities, settlement of

audit issues, reassessment of existing uncertain tax positions, or the expiration of applicable statutes of limitations; 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

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 31, 2025	Oct. 31, 2024	Oct. 31, 2025	Oct. 31, 2024
Income Statement [Abstract]
Revenue	$ 194,934	$ 151,118	$ 524,347	$ 404,845
Cost of revenue	57,080	44,522	149,663	127,067
Gross profit	137,854	106,596	374,684	277,778
Operating expenses
Research and development	51,195	33,000	115,955	90,784
Sales and marketing	94,949	58,086	225,325	161,616
General and administrative	70,946	34,968	140,791	100,206
Total operating expenses	217,090	126,054	482,071	352,606
Loss from operations	(79,236)	(19,458)	(107,387)	(74,828)
Interest expense	(15,539)	(19,658)	(47,510)	(57,509)
Other income (expense), net	(544)	1,022	6,155	2,975
Loss on extinguishment of debt	(97,450)	0	(117,978)	0
Gain (loss) on fair value adjustments	(29,155)	1,381	(47,041)	4,401
Loss before income tax expense	(221,924)	(36,713)	(313,761)	(124,961)
Income tax expense	3,465	5,169	11,508	9,465
Net loss	$ (225,389)	$ (41,882)	$ (325,269)	$ (134,426)
Net loss per share attributable to common stockholders:
Basic net loss per share (in dollars per share)	$ (4.58)	$ (0.92)	$ (6.94)	$ (2.97)
Diluted net loss per share (in dollars per share)	$ (4.58)	$ (0.92)	$ (6.94)	$ (2.97)
Weighted-average shares outstanding used to compute net loss per share attributable to common stockholders, basic (in shares)	49,258,348	45,324,084	46,884,867	45,210,172
Weighted-average shares outstanding used to compute net loss per share attributable to common stockholders, diluted (in shares)	49,258,348	45,324,084	46,884,867	45,210,172

Description of Business and Significant Accounting Policies (Details)
$ / shares in Units, $ in Thousands

3 Months Ended

9 Months Ended

12 Months Ended

Oct. 31, 2025

USD ($)

$ / shares

Oct. 30, 2025

Sep. 18, 2025

Oct. 31, 2025

USD ($)

$ / shares

Oct. 31, 2024

USD ($)

Oct. 31, 2025

USD ($)

segment

$ / shares

Oct. 31, 2024

USD ($)

Jan. 31, 2025

Class of Stock [Line Items]

Common stock, capital shares reserved for future issuance (in shares)

86,990,157

2,070,000,000

86,990,157

197,511,756

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

Share-based payment arrangement, accelerated cost | $

$ 81,800

Capitalized stock-based compensation | $

$ 900

$ 2,127

$ 686

$ 3,522

$ 1,782

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

Share-based payment arrangement, decrease for Tax withholding obligation | $

17,700

Payment of tax withholdings on settlement of RSUs | $

8,300

8,333

$ 0

Deferred offering costs | $

$ 9,300

Stockholders' equity note, stock split, conversion ratio

0.333

Number of operating segments | segment

Number of reportable segments | segment

One Payment Partner | Revenue Benchmark | Customer Concentration Risk

Class of Stock [Line Items]

Concentration risk, percentage

11.00%

One Platform Customer | Accounts Receivable | Customer Concentration Risk

Class of Stock [Line Items]

Concentration risk, percentage

12.00%

Common Stock

Class of Stock [Line Items]

Stock issued during period, shares, conversion of convertible securities (in shares)

^[1]

1,702,192

Class A common stock

Class of Stock [Line Items]

Common stock, capital shares reserved for future issuance (in shares)

2,000,000,000

Stock issued during period, shares, conversion of convertible securities (in shares)

146,599,125

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

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 B common stock

Class of Stock [Line Items]

Common stock, capital shares reserved for future issuance (in shares)

50,000,000

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

[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 1 for more information.

Debt

9 Months Ended

Oct. 31, 2025

Debt Disclosure [Abstract]

Debt

DEBT

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


	As of
	October 31, 2025		January 31, 2025
Convertible notes	$	—	$	125,000

Warehouse credit facility	168,174		214,238
Trade loan facility	—		45,000
ABL facility	37,000		—
Notes payable:
2022 promissory note	—		150,000

Other debt	1,459		968
Total notes payable	1,459		150,968
Total principal amount of debt and borrowings	206,633		535,206
Less: unamortized debt discount and issuance costs	—		(11,324)
Plus: accrued interest	—		94,056
Net carrying value of debt and borrowings	$	206,633	$	617,938

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 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. The Warehouse Credit Facility has a minimum utilization of 50% of the committed amount, and any unused portion of the Warehouse Credit Facility will bear interest at 0.5% per annum. 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. In April 2025, we executed an amendment to extend the term of the

Warehouse Credit Facility through February 18, 2028. As of October 31, 2025, the borrowing capacity under the Warehouse Credit Facility 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 October 31, 2025, 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 nine months ended October 31, 2025. 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.

During the nine months ended October 31, 2025 and 2024, we drew down an aggregate of $35.0 million and $37.8 million, respectively. During the nine months ended October 31, 2025 and 2024, we repaid $81.1 million and $5.0 million of Warehouse Credit Facility, respectively.

During the three months ended October 31, 2025 and 2024, we recognized $3.8 million and $6.1 million, respectively, of interest expense, comprised of $3.5 million and $5.7 million, respectively, of interest paid and payable, and $0.3 million and $0.4 million, respectively, for the amortization of debt issuance costs. During the nine months ended October 31, 2025 and 2024, we recognized $12.6 million and $17.5 million, respectively, of interest expense, comprised of $11.6 million and $16.5 million, respectively, of interest paid and payable, and $1.0 million and $1.0 million, respectively, for the amortization of debt issuance costs.

As of October 31, 2025 and January 31, 2025, we remain in compliance with the covenants of the loan agreement.

ABL Facility

In March 2025, the Company executed an asset-based lending revolving line of credit (the “ABL Facility”) with Citibank, N.A. (“Citibank”) 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.

As of October 31, 2025, the Company had a total outstanding balance of $37.0 million on the ABL Facility. The ABL Facility contains certain affirmative or negative covenants including, among other things, restrictions on repurchases of stock, dividends, and other distributions. As of October 31, 2025, we were in compliance with all covenants.

During the three months ended October 31, 2025, we recognized $0.8 million of interest expense, comprised of $0.7 million of interest paid and payable, and $0.1 million for the amortization of debt issuance costs.

During the nine months ended October 31, 2025, we recognized $2.2 million of interest expense, comprised of $1.9 million of interest paid and payable, and $0.3 million for the amortization of debt issuance costs.

Contractual principal payments

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


Fiscal Year	Amount
Remainder of 2026	$	1,055
2027	335
2028	69
2029	—
2030	—
Thereafter	—
Total debt outstanding	$	1,459


Less: Notes payable, current	(1,329)
Notes payable, non-current	$	130

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. Refer to Note 3 — Fair Value Measurements for additional detail regarding the embedded derivative liability. 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.

As of January 31, 2025, the convertible notes were presented within convertible notes on the condensed consolidated balance sheets at their original issuance value plus PIK interest, net of the unamortized debt discount and issuance costs, and were not marked to fair value at each reporting period.

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. The loss on extinguishment of debt was recognized within the condensed consolidated statements of operations during the three months ended October 31, 2025.

Interest expense related to the convertible notes was as follows (in thousands):


	Three Months Ended October 31,				Nine Months Ended October 31,
	2025		2024		2025		2024
Amortization of debt discount	$	509	$	1,076	$	1,327	$	5,684
Amortization of debt issuance costs	34		72		89		380
PIK interest	6,210		5,501		18,107		15,478
Total non-cash interest expense	$	6,753	$	6,649	$	19,523	$	21,542

SAFEs

During the nine months ended October 31, 2025, we entered into SAFEs with multiple investors in exchange for cash proceeds (the “Purchase Amount”) of $155.0 million, with an interest rate of 12% per annum. We issued common stock warrants to investors together with the SAFEs. Refer to Note 3 — Fair Value Measurements for further information regarding the common stock warrants.

We incurred debt issuance costs of $2.9 million in connection with the issuance of the SAFEs and common stock warrants, which were expensed when incurred and are presented within other income (expense), net in the accompanying condensed consolidated statements of operations.

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 three months ended October 31, 2025. 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.

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


	Three Months Ended October 31,				Nine Months Ended October 31,
	2025		2024		2025		2024
Amortization of debt discount	$	436	$	—	$	1,108	$	—
Amortization of debt issuance costs	144		—		366		—
PIK interest	502		—		1,355		—
Cash interest	3,092		—		8,395		—
Total interest expense	$	4,174	$	—	$	11,224	$	—

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. During the nine months ended October 31, 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 October 31, 2025.

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.

Interest expense related to the 2022 Promissory Note was as follows (in thousands):


	Three Months Ended October 31,				Nine Months Ended October 31,
	2025		2024		2025		2024
Amortization of debt discount	$	—	$	1,084	$	298	$	2,998
Amortization of debt issuance costs	—		9		3		25
PIK interest	—		3,254		839		9,515
Cash interest	—		1,736		448		5,076
Total interest expense	$	—	$	6,083	$	1,588	$	17,614

- 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
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

Stockholders' Equity (Deficit)

9 Months Ended

Oct. 31, 2025

Equity [Abstract]

Stockholders' Equity (Deficit)

STOCKHOLDERS’ EQUITY (DEFICIT)

Redeemable Convertible Preferred Stock

Immediately prior to the completion of the Company’s IPO, all of the Company’s then-outstanding shares of redeemable convertible preferred stock were automatically converted into 146,599,125 shares of voting common stock and, in connection with the IPO, all shares of voting common stock underlying the redeemable convertible preferred stock were reclassified into an equivalent number of shares of Class A common stock.

In connection with the Company’s IPO, the Restated Certificate became effective, which authorized the issuance of 20,000,000 shares of preferred stock with a par value of $0.00000625 per share with rights and preferences, including voting rights, designated from time to time by the Board of Directors.

The following tables summarize the Company’s outstanding redeemable convertible preferred stock (collectively, the “Preferred Stock”, as of January 31, 2025 and prior to the completion of the Company’s IPO, (in thousands, except price per share amounts and share data)):


	As of January 31, 2025
	Shares Authorized	Shares Issued and Outstanding	Original Issuance Price Per Share		Liquidation Amount		Carrying Value
Series Seed	16,934,856	16,934,839	$	0.25	$	4,181	$	4,729
Series A	20,382,688	20,382,673	0.50		10,125		10,288
Series A-1	21,353,147	21,353,143	0.59		12,500		12,670
Series B	27,505,170	27,465,006	1.87		51,225		51,153
Series C	21,158,278	19,770,427	7.21		142,454		142,398
Series C-1	1,387,848	1,387,848	7.21		10,000		9,996
Series D	12,592,724	12,592,720	22.23		279,917		279,676
Series E	13,859,852	13,859,845	26.12		362,000		361,700
Series F	8,501,429	8,501,424	32.35		275,000		274,827
Series G	8,010,956	2,670,319	37.45		100,000		99,794
Series G-1	5,340,637	1,441,963	37.45		54,000		53,890
	157,027,585	146,360,207			$	1,301,402	$	1,301,121

As of October 31, 2025, there were no shares of redeemable convertible preferred stock issued and outstanding.

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.

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 October 31, 2025 and January 31, 2025 are summarized as follows:


	As of
	October 31, 2025	January 31, 2025
Redeemable convertible preferred stock	—	146,360,207
Stock options issued and outstanding	39,739,322	40,971,097
RSUs issued and outstanding	8,642,683	4,653,847
Shares of common stock available for future grants	38,567,992	5,486,445
Redeemable convertible preferred stock warrants	—	40,160
Common stock warrants	40,160	—
Total common stock reserved for issuance	86,990,157	197,511,756

- Definition

The entire disclosure for equity.

+ References

+ Details

Equity Incentive Plan (Tables)

9 Months Ended

Oct. 31, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions

The fair value of the stock options granted was estimated using the following assumptions in the Black-Scholes option pricing model:


	Three Months Ended October 31,				Nine Months Ended October 31,
	2025		2024		2025		2024
Expected volatility	56.40% - 56.68%		58.75% - 59.27%		56.40% - 58.49%		58.75% - 60.19%
Risk-free interest rate	3.79% - 3.97%		3.86% - 3.88%		3.79% - 4.07%		3.86% - 4.60%
Expected term (in years)	6.02 - 6.08		5.49 - 6.02		5.23 - 6.08		5.41 - 6.06
Expected dividend yield	—	%	—	%	—	%	—	%

Share-Based Payment Arrangement, Option, Activity

The following table summarizes stock option activity for the nine months ended October 31, 2025 (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, 2025	40,971,097	$	12.80	7.0	$	402,471
Granted	3,571,419	$	23.35
Exercised	(2,894,372)	$	8.19		$	48,309
Cancelled/forfeited/expired	(1,908,822)	$	16.41
Balance as of October 31, 2025	39,739,322	$	13.90	6.4	$	253,242
Vested and expected to vest as of October 31, 2025	39,739,322	$	13.90	6.4	$	253,242
Exercisable as of October 31, 2025	29,397,559	$	12.12	5.6	$	239,926

Share-Based Payment Arrangement, Restricted Stock Unit, Activity

The following table summarizes the activity related to RSUs with performance-based conditions for the nine months ended October 31, 2025:


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








Unvested balance as of January 31, 2025	4,551,847	$	20.14
Granted	4,549,447	$	24.09
Forfeited	(609,793)	$	20.63
Vested	(1,643,459)	$	19.00
Unvested and outstanding as of October 31, 2025	6,848,042	$	22.99

The following table summarizes the activity related to RSUs with service-only conditions for the nine months ended October 31, 2025:


	Number of Shares Subject to RSUs	Weighted-Average Grant Date Fair Value
Unvested balance as of January 31, 2025	102,000	$	22.38
Granted	1,715,807	$	24.55
Forfeited	(23,166)	$	23.39
Vested	(25,500)	22.38
Unvested balance as of October 31,	1,769,141	$	24.47
Vested and not yet settled	25,500	$	22.38
Outstanding as of October 31, 2025	1,794,641	$	24.44

Share-Based Payment Arrangement, Expensed and Capitalized, Amount

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


	Three Months Ended October 31,				Nine Months Ended October 31,
	2025		2024		2025		2024
Cost of revenue	$	6,131	$	1,683	$	8,033	$	3,525
Research and development	24,955		9,562		39,326		23,181
Sales and marketing	27,863		5,426		35,601		13,040
General and administrative	40,233		7,903		52,131		19,741
Total stock-based compensation expense, net of amounts capitalized	$	99,182	$	24,574	$	135,091	$	59,487
Capitalized stock-based compensation	2,127		686		3,522		1,782
Total stock-based compensation cost	$	101,309	$	25,260	$	138,613	$	61,269

Commitment and Contingencies - Purchase Obligation (Details) $ in Thousands	Oct. 31, 2025 USD ($)
Payments Due By Period as of October 31, 2025
Total	$ 38,672
Less than 1 Year	17,661
1 - 3 Years	18,961
3 - 5 Years	2,050
More than 5 Years	$ 0

Fair Value Measurements (Tables)

9 Months Ended

Oct. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following table presents our financial assets and liabilities measured at fair value on a recurring basis based on the three-tier fair value hierarchy (in thousands):


	Fair value measurements as of January 31, 2025
	Level 1		Level 2		Level 3		Total


Financial Liabilities
Redeemable convertible preferred stock warrant liability	—		—		427		427
Embedded derivative liability	—		—		59,820		59,820
Total	$	—	$	—	$	60,247	$	60,247

Fair Value Measurement Inputs and Valuation Techniques

The following assumptions were used to calculate the fair value of the redeemable convertible preferred stock warrant liability:


	As of
	October 31, 2025		January 31, 2025
Volatility	50.0	%	55.0	%
Risk-free interest rate	3.7	%	4.1	%
Expected term (in years)	2.9		3.9
Dividend yield	—	%	—	%

The significant unobservable inputs used in measuring the fair value of the embedded derivative liability include the following:


	As of
	January 31, 2025
Time to expiration (in years)	0.70 - 1.70
Time from conversion to maturity (in years)	0.65 - 1.65
Discount factor	9.0	%
Volatility	57.8% - 72.6%
Risk free rate	4.1% - 4.2%

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

The change in value of the redeemable convertible preferred stock warrant liability is summarized below (in thousands):


Balance as of January 31, 2025	427
Change in fair value	510
Reclassification to equity	(937)
Balance as of October 31, 2025	$	—

The change in value of the embedded derivative liability is summarized below (in thousands):


Balance as of January 31, 2025	$	59,820
Change in fair value	(25,150)
Extinguishment	(34,670)
Balance as of October 31, 2025	$	—

The following table presents a summary of the changes in the fair value of the SAFEs and common stock warrants (in thousands):


	SAFEs		Common stock warrants
Balance as of January 31, 2025	$	—	$	—
Additions in the period	127,300		27,700
Change in fair value	68,975		2,706
Reclassification to equity	—		(30,406)
Conversion	(196,275)		—
Balance as of October 31, 2025	$	—	$	—

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.


	Fair Value Hierarchy	As of
		October 31, 2025		January 31, 2025
Convertible notes	Level 3	$	—	$	359,200
Warehouse credit facility	Level 3	$	155,728	$	210,995
ABL facility	Level 3	$	30,440	$	—

Trade loan facility	Level 3	—		$	45,000
2022 promissory note	Level 3	—		$	179,932
Other debt	Level 3	$	1,479	$	933

Supplemental Financial Statement Information - Other Income (Expense), Net (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 31, 2025	Oct. 31, 2024	Oct. 31, 2025	Oct. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Foreign currency exchange gains (losses), net	$ (1,886)	$ (344)	$ 5,737	$ (995)
Interest income	1,018	1,742	3,221	4,265
SAFE issuance costs expensed	0	0	(2,913)	0
Other, net	324	(376)	110	(295)
Total other income (expense), net	$ (544)	$ 1,022	$ 6,155	$ 2,975

Fair Value Measurements - Measurement Inputs (Details) - Level 3	Oct. 31, 2025 yr	Jan. 31, 2025 yr
Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, measurement input	0.500	0.550
Risk-free interest rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, measurement input	0.037	0.041
Expected term (in years)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, measurement input	2.9	3.9
Dividend yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, measurement input	0	0
Discount factor
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability, measurement input		0.090
Minimum \| Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability, measurement input		0.578
Minimum \| Risk-free interest rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability, measurement input		0.041
Minimum \| Expected term (in years)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability, measurement input		0.70
Minimum \| Time from conversion to maturity (in years)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability, measurement input		0.65
Maximum \| Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability, measurement input		0.726
Maximum \| Risk-free interest rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability, measurement input		0.042
Maximum \| Expected term (in years)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability, measurement input		1.70
Maximum \| Time from conversion to maturity (in years)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability, measurement input		1.65

Revenue - Revenue by Region (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 31, 2025	Oct. 31, 2024	Oct. 31, 2025	Oct. 31, 2024
Disaggregation of Revenue [Line Items]
Revenue	$ 194,934	$ 151,118	$ 524,347	$ 404,845
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	$ 122,527	$ 90,481	$ 323,845	$ 238,157
United States \| Revenue Benchmark \| Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Percentage of Revenue	63.00%	60.00%	62.00%	59.00%
United Kingdom
Disaggregation of Revenue [Line Items]
Revenue	$ 39,752	$ 34,655	$ 111,301	$ 99,173
United Kingdom \| Revenue Benchmark \| Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Percentage of Revenue	20.00%	23.00%	21.00%	24.00%
Rest of World
Disaggregation of Revenue [Line Items]
Revenue	$ 32,655	$ 25,982	$ 89,201	$ 67,515
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.

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- 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.

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+ Details

Supplemental Financial Statement Information - Schedule of Other Non-Current Liabilities (Details) - USD ($) $ in Thousands	Oct. 31, 2025	Jan. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Loss contingency reserves	$ 8,205	$ 8,120
Deferred tax liability	8,043	7,655
Taxes payable for unrecognized tax benefits	2,726	2,288
Redeemable convertible preferred stock warrant liability	0	427
NOW Scheme contingency payable	4,229	3,806
Other non-current liabilities	754	653
Total other non-current liabilities	$ 23,957	$ 22,949

Supplemental Financial Statement Information (Tables)

9 Months Ended

Oct. 31, 2025

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
	October 31, 2025		January 31, 2025
Capitalized software	$	38,978	$	42,317
Computers and equipment	7,708		7,349
Fixtures and fittings	3,568		3,561
Leasehold improvements	2,812		2,779
Construction in progress(1)	5,602		2,960
Property, equipment and software, gross	58,668		58,966
Less: accumulated depreciation	(25,933)		(29,428)
Property, equipment and software, net	$	32,735	$	29,538

________________

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

Long-Lived Assets by Geographic Areas


	As of
	October 31, 2025		January 31, 2025
United States	$	58,316	$	59,181
United Kingdom	9,742		10,633
All other countries	6,301		7,730
Total long-lived assets, net	$	74,359	$	77,544

Schedule of Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following (in thousands):


	As of
	October 31, 2025		January 31, 2025
Prepaid expenses	$	20,624	$	16,965
Payment processor advances(1)	15,304		6,801
Tax receivable	3,035		3,196

Other current assets	21,098		8,666
Total prepaid expenses and other current assets	$	60,061	$	35,628

________________

(1)Payment processor advances represent amounts prefunded to and held by payment processors in order to fund future customer spend.

Schedule of Accounts Payable and Accrued Liabilities

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


	As of
	October 31, 2025		January 31, 2025
Accrued compensation and employee benefits	$	35,716	$	28,970
Accrued payroll taxes related to stock-based compensation awards	28,651		—
Accrued expenses	31,866		27,354
Accrued deferred offering costs	4,031		—
Amounts due to travel supply partners(1)	51,981		41,665
Reward liability(2)	12,389		11,408
Customer deposits and collateral	19,128		14,319
Corporate tax payable	2,160		4,640
Indirect tax payable	5,020		3,489
Early exercise liability	156		976
Accrued interest	1,349		2,642
Other	2,367		1,335
Total accrued expenses and other current liabilities	$	194,814	$	136,798

________________

(2)This balance represents the vested and unpaid rewards earned by users of our platform.

Other Noncurrent Liabilities

Other non-current liabilities consisted of the following (in thousands):


	As of
	October 31, 2025		January 31, 2025
Loss contingency reserves(1)	$	8,205	$	8,120
Deferred tax liability	8,043		7,655
Taxes payable for unrecognized tax benefits	2,726		2,288
Redeemable convertible preferred stock warrant liability	—		427
NOW Scheme contingency payable(2)	4,229		3,806
Other non-current liabilities	754		653
Total other non-current liabilities	$	23,957	$	22,949

________________

(1)Loss contingency reserves consist of accruals related primarily to employment taxes.

(2)Refer to Note 12 — Commitments and Contingencies for further information on the NOW Scheme.

Schedule of Other Income (Expense), Net

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


	Three Months Ended October 31,				Nine Months Ended October 31,
	2025		2024		2025		2024
Foreign currency exchange gains (losses), net	$	(1,886)	$	(344)	$	5,737	$	(995)
Interest income	1,018		1,742		3,221		4,265
SAFE issuance costs expensed	—		—		(2,913)		—
Other, net	324		$	(376)	110		(295)
Total other income (expense), net	$	(544)	$	1,022	$	6,155	$	2,975

Commitment and Contingencies - Narrative (Details) - USD ($) $ in Thousands	Oct. 31, 2025	Jan. 31, 2025	Jan. 31, 2022	Jan. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Government assistance, award amount			$ 6,000	$ 6,000
NOW Scheme contingency payable	$ 4,795	$ 4,315	$ 6,000	$ 6,000

Supplemental Financial Statement Information - Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Oct. 31, 2025	Jan. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Prepaid expenses	$ 20,624	$ 16,965
Payment processor advances	15,304	6,801
Tax receivable	3,035	3,196
Other current assets	21,098	8,666
Prepaid expenses and other current assets	$ 60,061	$ 35,628

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Oct. 31, 2025	Oct. 31, 2024	Oct. 31, 2025	Oct. 31, 2024
Income Tax Disclosure [Abstract]
Income Tax Provision	$ 3,465	$ 5,169	$ 11,508	$ 9,465

- Definition

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

+ References

+ Details

Variable Interest Entities (Tables)

9 Months Ended

Oct. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Variable Interest Entities

The carrying amounts of Liquid Labs’ assets and liabilities included in our condensed consolidated balance sheets are summarized below (in thousands):


	As of
	October 31, 2025		January 31, 2025
Balance Sheet Data of Liquid Labs
Restricted cash, current	$	16,205	$	57,535
Corporate card receivables(1)	$	192,942	$	158,124
Prepaid expenses and other current assets	$	1,281	$	1,001
Other non-current assets	$	1,708	$	83
Accrued expenses and other current liabilities	$	1,239	$	1,552
Warehouse Credit Facility	$	168,174	$	214,238

________________

(1)Corporate card receivables as of October 31, 2025 and January 31, 2025 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

Debt - Schedule of Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 31, 2025	Oct. 31, 2024	Oct. 31, 2025	Oct. 31, 2024
Convertible notes
Debt Instrument [Line Items]
Amortization of debt discount	$ 509	$ 1,076	$ 1,327	$ 5,684
Amortization of debt issuance costs	34	72	89	380
PIK interest	6,210	5,501	18,107	15,478
Total interest expense	6,753	6,649	19,523	21,542
2022 promissory note \| 2022 promissory note
Debt Instrument [Line Items]
Amortization of debt discount	0	1,084	298	2,998
Amortization of debt issuance costs	0	9	3	25
PIK interest	0	3,254	839	9,515
Cash interest	0	1,736	448	5,076
Total interest expense	0	6,083	1,588	17,614
Revolving Credit Facility \| Vista Facility \| Secured Debt
Debt Instrument [Line Items]
Amortization of debt discount	436	0	1,108	0
Amortization of debt issuance costs	144	0	366	0
PIK interest	502	0	1,355	0
Cash interest	3,092	0	8,395	0
Total interest expense	$ 4,174	$ 0	$ 11,224	$ 0

Net Loss Per Share - Earnings (Loss) per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Oct. 31, 2025	Jul. 31, 2025	Apr. 30, 2025	Oct. 31, 2024	Jul. 31, 2024	Apr. 30, 2024	Oct. 31, 2025	Oct. 31, 2024
Earnings Per Share [Abstract]
Net loss	$ (225,389)	$ (38,623)	$ (61,257)	$ (41,882)	$ (42,914)	$ (49,630)	$ (325,269)	$ (134,426)
Weighted-average shares outstanding used to compute net loss per share attributable to common stockholders, basic (in shares)	49,258,348			45,324,084			46,884,867	45,210,172
Weighted-average shares outstanding used to compute net loss per share attributable to common stockholders, diluted (in shares)	49,258,348			45,324,084			46,884,867	45,210,172
Net loss per share attributable to common stockholders, basic (in dollars per share)	$ (4.58)			$ (0.92)			$ (6.94)	$ (2.97)
Net loss per share attributable to common stockholders, diluted (in dollars per share)	$ (4.58)			$ (0.92)			$ (6.94)	$ (2.97)

- 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

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ Details

- Definition

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

+ References

+ Details

Commitment and Contingencies (Tables)

9 Months Ended

Oct. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Contractual Obligation, Fiscal Year Maturity

The table below presents the summarized purchase obligations as of October 31, 2025 (in thousands):


	Payments Due By Period as of October 31, 2025
	Total		Less than 1 Year		1 - 3 Years		3 - 5 Years		More than 5 Years
Purchase obligations	$	38,672	$	17,661	$	18,961	$	2,050	$	—

Schedule Of Government Grants

The NOW Scheme liability balances as of October 31, 2025 and January 31, 2025, and the changes during the nine months ended October 31, 2025 are as follows (in thousands):


	Carrying Amount
Balance as of January 31, 2025	$	4,315
Repayments	—
Foreign currency translation impact	480
Balance as of October 31, 2025	$	4,795
Less: balance in accrued expenses and other current liabilities	(566)
Balance in other non-current liabilities	$	4,229

Goodwill and Other Intangible Assets (Tables)

9 Months Ended

Oct. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

The goodwill balance as of October 31, 2025 and January 31, 2025, and the change during the nine months ended October 31, 2025 are as follows (in thousands):


	Carrying Amount
Balance as of January 31, 2025	$	219,728

Foreign currency translation impact	13,155
Balance as of October 31, 2025	$	232,883

Schedule of Finite-Lived Intangible Assets

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


	As of October 31, 2025
	Weighted-Average Remaining Life (Years)	Gross Carrying Amount		Accumulated Amortization		Net Amount
Trade names	14.5	$	46,055	$	(10,908)	$	35,147
Customer relationships	8.0	29,206		(10,227)		18,979
Domain names	12.1	587		(114)		473
Total intangible assets		$	75,848	$	(21,249)	$	54,599


	As of January 31, 2025
	Weighted-Average Remaining Life (Years)	Gross Carrying Amount		Accumulated Amortization		Net Amount
Trade names	15.2	$	43,579	$	(8,601)	$	34,978
Customer relationships	8.6	27,989		(7,921)		20,068
Developed technology	0.3	507		(422)		85
Domain names	12.8	587		(85)		502
Total intangible assets		$	72,662	$	(17,029)	$	55,633

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

The expected future amortization expenses related to intangible assets as of October 31, 2025 were as follows (in thousands):


Year Ended January 31,	Amount
Remainder of 2026	$	1,271
2027	5,085
2028	4,885
2029	4,867
2030	4,789
Thereafter	33,702
Total	$54,599

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Oct. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Commitment and Contingencies - NOW Scheme Liability Balances (Details) - USD ($) $ in Thousands	9 Months Ended
	Oct. 31, 2025	Jan. 31, 2025
Government Grants [Roll Forward]
Balance as of January 31, 2025	$ 4,315
Repayments	0
Foreign currency translation impact	480
Balance as of October 31, 2025	4,795
Less: balance in accrued expenses and other current liabilities	(566)
Balance in other non-current liabilities	$ 4,229	$ 3,806

Employee Benefit Plan (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Employee Benefit Plan (Details) - USD ($) $ in Millions	Oct. 31, 2025	Oct. 31, 2024	Oct. 31, 2025	Oct. 31, 2024
Retirement Benefits [Abstract]
Defined contribution plan, cost	$ 1.9	$ 1.7	$ 5.7	$ 4.4

Revenue (Tables)

9 Months Ended

Oct. 31, 2025

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

Revenue consists of the following (in thousands):


	Three Months Ended October 31,				Nine Months Ended October 31,
	2025		2024		2025		2024
Usage-based revenue	$	179,902	$	139,205	$	479,600	$	371,653
Subscription revenue	15,032		11,913		44,747		33,192
Total revenue	$	194,934	$	151,118	$	524,347	$	404,845

Revenue from External Customers by Geographic Areas

The following table summarizes revenue by region based on the billing country of customers (in thousands, except percentages):


	Three Months Ended October 31, 2025								Nine Months Ended October 31,
	2025				2024				2025				2024
	Amount		Percentage of Revenue		Amount		Percentage of Revenue		Amount		Percentage of Revenue		Amount		Percentage of Revenue
United States	$	122,527	63	%	$	90,481	60	%	$	323,845	62	%	$	238,157	59	%
United Kingdom	39,752		20	%	34,655		23	%	111,301		21	%	99,173		24	%
Rest of World(1)	32,655		17	%	25,982		17	%	89,201		17	%	67,515		17	%
Total revenue	$	194,934	100	%	$	151,118	100	%	$	524,347	100	%	$	404,845	100	%

________________

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

Accounts Receivable, Allowance for Credit Loss

The following table summarizes the allowance for expected credit losses for the nine months ended October 31, 2025 and 2024 (in thousands):


	Nine Months Ended October 31,
	2025		2024
Balance at beginning of period	$	5,135	$	4,270
Provision for expected credit losses	3,826		2,279
Amounts written off, recoveries and other adjustments	(3,094)		(2,052)
Balance at end of period	$	5,867	$	4,497

Contract with Customer, Asset, Allowance for Credit Loss

The following table summarizes the corporate card receivables allowance for expected credit losses for the nine months ended October 31, 2025 and 2024 (in thousands):


	Nine Months Ended October 31,
	2025		2024
Balance at beginning of period	$	380	$	566
Provision for expected credit losses	2,658		1,926
Amounts written off, recoveries and other adjustments	(947)		(1,583)
Balance at end of period	$	2,091	$	909

Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) - USD ($)
$ in Thousands

Total

Conversion of redeemable convertible preferred stock to common stock upon initial public offering

Conversion of SAFEs upon initial public offering

Conversion of convertible notes upon IPO

Common Stock

Conversion of redeemable convertible preferred stock to common stock upon initial public offering

Common Stock

Conversion of SAFEs upon initial public offering

Common Stock

Conversion of convertible notes upon IPO

Additional paid-in capital

Conversion of redeemable convertible preferred stock to common stock upon initial public offering

Additional paid-in capital

Conversion of SAFEs upon initial public offering

Additional paid-in capital

Conversion of convertible notes upon IPO

Accumulated deficit

Accumulated other comprehensive income (loss)

Beginning balance (in shares) at Jan. 31, 2024

146,360,207

Beginning balance at Jan. 31, 2024

$ 1,301,121

Ending balance at Apr. 30, 2024

$ 1,301,121

Ending balance (in shares) at Apr. 30, 2024

146,360,207

Beginning balance (in shares) at Jan. 31, 2024

45,117,008

Beginning balance at Jan. 31, 2024

$ (1,081,971)

$ 1

$ 382,356

$ (1,436,035)

$ (28,293)

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

Net loss

(49,630)

Other comprehensive income, net of tax

(3,891)

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

149,918

Issuance of common stock upon exercise of stock options

1,254

Vesting of early exercised stock options

188

Stock-based compensation

18,012

Ending balance at Apr. 30, 2024

$ (1,116,038)

$ 1

401,810

(1,485,665)

(32,184)

Ending balance (in shares) at Apr. 30, 2024

45,266,926

Beginning balance (in shares) at Jan. 31, 2024

146,360,207

Beginning balance at Jan. 31, 2024

$ 1,301,121

Increase (Decrease) in Temporary Equity [Roll Forward]

Conversion of redeemable convertible preferred stock to common stock upon initial public offering

Ending balance at Oct. 31, 2024

$ 1,301,121

Ending balance (in shares) at Oct. 31, 2024

146,360,207

Beginning balance (in shares) at Jan. 31, 2024

45,117,008

Beginning balance at Jan. 31, 2024

$ (1,081,971)

$ 1

382,356

(1,436,035)

(28,293)

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

Net loss

(134,426)

Ending balance at Oct. 31, 2024

$ (1,145,365)

$ 1

447,672

(1,570,461)

(22,577)

Ending balance (in shares) at Oct. 31, 2024

45,427,589

Beginning balance (in shares) at Apr. 30, 2024

146,360,207

Beginning balance at Apr. 30, 2024

$ 1,301,121

Ending balance at Jul. 31, 2024

$ 1,301,121

Ending balance (in shares) at Jul. 31, 2024

146,360,207

Beginning balance (in shares) at Apr. 30, 2024

45,266,926

Beginning balance at Apr. 30, 2024

$ (1,116,038)

$ 1

401,810

(1,485,665)

(32,184)

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

Net loss

(42,914)

Other comprehensive income, net of tax

6,835

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

89,382

Issuance of common stock upon exercise of stock options

726

Vesting of early exercised stock options

876

Stock-based compensation

17,997

Ending balance at Jul. 31, 2024

(1,132,518)

$ 1

421,409

(1,528,579)

(25,349)

Ending balance (in shares) at Jul. 31, 2024

45,356,308

Ending balance at Oct. 31, 2024

$ 1,301,121

Ending balance (in shares) at Oct. 31, 2024

146,360,207

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

Net loss

$ (41,882)

(41,882)

Other comprehensive income, net of tax

2,772

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

71,281

Issuance of common stock upon exercise of stock options

702

Vesting of early exercised stock options

301

Stock-based compensation

25,260

Ending balance at Oct. 31, 2024

$ (1,145,365)

$ 1

447,672

(1,570,461)

(22,577)

Ending balance (in shares) at Oct. 31, 2024

45,427,589

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

146,360,207

Beginning balance at Jan. 31, 2025

$ 1,301,121

Ending balance at Apr. 30, 2025

$ 1,301,121

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

146,360,207

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

45,782,871

^[1]

Beginning balance at Jan. 31, 2025

$ (1,186,899)

$ 1

^[1]

467,835

(1,617,113)

(37,622)

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

Net loss

(61,257)

Other comprehensive 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)

^[1]

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 at Apr. 30, 2025

$ (1,191,177)

$ 1

^[1]

498,779

(1,678,370)

(11,587)

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

^[1]

45,969,884

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

146,360,207

Beginning balance at Jan. 31, 2025

$ 1,301,121

Increase (Decrease) in Temporary Equity [Roll Forward]

Conversion of redeemable convertible preferred stock to common stock upon initial public offering

(1,301,120)

Ending balance at Oct. 31, 2025

$ 0

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

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

45,782,871

^[1]

Beginning balance at Jan. 31, 2025

$ (1,186,899)

$ 1

^[1]

467,835

(1,617,113)

(37,622)

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

Net loss

$ (325,269)

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

2,894,372

Ending balance at Oct. 31, 2025

$ 1,218,821

$ 2

^[1]

3,177,712

(1,942,382)

(16,511)

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

^[1]

248,591,155

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

146,360,207

Beginning balance at Apr. 30, 2025

$ 1,301,121

Ending balance at Jul. 31, 2025

$ 1,301,121

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

146,360,207

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

^[1]

45,969,884

Beginning balance at Apr. 30, 2025

$ (1,191,177)

$ 1

^[1]

498,779

(1,678,370)

(11,587)

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

Net loss

(38,623)

Other comprehensive income, net of tax

(2,427)

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

^[1]

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 at Jul. 31, 2025

$ (1,208,451)

$ 1

^[1]

522,555

(1,716,993)

(14,014)

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

^[1]

46,331,272

Increase (Decrease) in Temporary Equity [Roll Forward]

Conversion of redeemable convertible preferred stock to common stock upon initial public offering (in shares)

(146,360,207)

Conversion of redeemable convertible preferred stock to common stock upon initial public offering

$ (1,301,121)

Ending balance at Oct. 31, 2025

$ 0

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

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

Net loss

$ (225,389)

(225,389)

Other comprehensive income, net of tax

(2,497)

Issuance of common stock upon initial public offering, net of underwriting costs (in shares)

^[1]

30,000,000

Issuance of common stock upon initial public offering, net of underwriting costs

713,302

Deferred offering costs

(9,290)

Stock issued during period, shares, conversion of convertible securities (in shares)

^[1]

1,702,192

146,599,125

7,851,008

12,827,963

Stock issued during period, shares, conversion of convertible securities

$ 1,301,121

$ 196,275

$ 320,699

$ 1

^[1]

$ 1,301,120

$ 196,275

$ 320,699

Reclassification of preferred stock warrants & SAFE warrants to equity

31,343

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

^[1]

2,345,971

Issuance of common stock upon exercise of stock options

17,809

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

^[1]

934,353

Issuance of common stock upon settlement of restricted stock units, net of shares withheld

(17,728)

Vesting of early exercised stock options

283

Early exercised shares repurchased (in shares)

^[1]

(729)

Stock-based compensation

101,309

Ending balance at Oct. 31, 2025

$ 1,218,821

$ 2

^[1]

$ 3,177,712

$ (1,942,382)

$ (16,511)

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

^[1]

248,591,155

[1]

Variable Interest Entities (Details) - USD ($) $ in Thousands	Oct. 31, 2025	Jan. 31, 2025
Variable Interest Entity [Line Items]
Restricted cash, current	$ 81,469	$ 148,157
Corporate card receivables, net	200,323	157,755
Prepaid expenses and other current assets	60,061	35,628
Other non-current assets	25,036	21,246
Accrued expenses and other current liabilities	194,814	136,798
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Restricted cash, current	16,205	57,535
Corporate card receivables, net	192,942	158,124
Prepaid expenses and other current assets	1,281	1,001
Other non-current assets	1,708	83
Accrued expenses and other current liabilities	1,239	1,552
Warehouse Credit Facility	$ 168,174	$ 214,238

- 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

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Oct. 31, 2025	Jan. 31, 2025
Temporary equity, par or stated value per share (in dollars per share)	$ 0.00000625	$ 0.00000625
Temporary equity, shares authorized (in shares)	0	157,027,585
Temporary equity, shares issued (in shares)	0	146,360,207
Temporary equity, shares outstanding (in shares)	0	146,360,207
Liquidation preference	$ 1,301,402	$ 1,301,402
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	0
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, shares authorized (in shares)		253,919,000
Common stock, shares, issued (in shares)		45,782,871
Common stock, shares, outstanding (in shares)		45,782,871
Class A common stock
Common Stock, Par or Stated Value 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)	233,286,459
Common stock, shares, outstanding (in shares)	233,286,459
Class B common stock
Common Stock, Par or Stated Value Per Share	$ 0.00000625	$ 0.00000625
Common stock, shares authorized (in shares)	50,000,000	0
Common stock, shares, issued (in shares)	15,304,696	0
Common stock, shares, outstanding (in shares)	15,304,696	0

Commitment and Contingencies

9 Months Ended

Oct. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

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 table below presents the summarized purchase obligations as of October 31, 2025 (in thousands):


	Payments Due By Period as of October 31, 2025
	Total		Less than 1 Year		1 - 3 Years		3 - 5 Years		More than 5 Years
Purchase obligations	$	38,672	$	17,661	$	18,961	$	2,050	$	—

Litigation

In the ordinary course of business, the Company may be subject from time to time to various litigation and administrative proceedings, disputes or claims. In the event that the Company becomes a party to litigation in the future, the Company will record 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. As of October 31, 2025, the Company is not subject to any currently pending legal matters or claims that could have a material adverse effect on its financial position, results of operations, or cash flows should such litigation be resolved unfavorably.

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 October 31, 2025 and January 31, 2025, and the changes during the nine months ended October 31, 2025 are as follows (in thousands):


	Carrying Amount
Balance as of January 31, 2025	$	4,315
Repayments	—
Foreign currency translation impact	480
Balance as of October 31, 2025	$	4,795
Less: balance in accrued expenses and other current liabilities	(566)
Balance in other non-current liabilities	$	4,229

As of October 31, 2025, the Company’s application for relief is still under review with the governmental authorities.

Variable Interest Entities

9 Months Ended

Oct. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Variable Interest Entities

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 7 — 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 carrying amounts of Liquid Labs’ assets and liabilities included in our condensed consolidated balance sheets are summarized below (in thousands):


	As of
	October 31, 2025		January 31, 2025
Balance Sheet Data of Liquid Labs
Restricted cash, current	$	16,205	$	57,535
Corporate card receivables(1)	$	192,942	$	158,124
Prepaid expenses and other current assets	$	1,281	$	1,001
Other non-current assets	$	1,708	$	83
Accrued expenses and other current liabilities	$	1,239	$	1,552
Warehouse Credit Facility	$	168,174	$	214,238

________________

(1)Corporate card receivables as of October 31, 2025 and January 31, 2025 represent pledged customer receivables from Navan, Inc. to Liquid Labs.

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Oct. 31, 2025	Jan. 31, 2025
Current assets:
Cash and cash equivalents	$ 809,080	$ 157,672
Restricted cash, current	81,469	148,157
Accounts receivable, net	220,038	184,856
Corporate card receivables, net	200,323	157,755
Contract acquisition costs, current	7,389	4,784
Prepaid expenses and other current assets	60,061	35,628
Total current assets	1,378,360	688,852
Restricted cash, non-current	4,705	4,766
Contract acquisition costs, non-current	22,715	16,185
Operating lease right-of-use assets	41,624	48,006
Property, equipment, and software, net	32,735	29,538
Intangible assets, net	54,599	55,633
Goodwill	232,883	219,728
Other non-current assets	25,036	21,246
Total assets	1,792,657	1,083,954
Current liabilities:
Accounts payable	62,325	42,829
Accrued expenses and other current liabilities	194,814	136,798
Notes payable, current	1,329	175,913
Trade loan facility	0	45,000
Operating lease liabilities, current	10,174	11,389
Deferred revenue, current	38,457	34,097
Total current liabilities	307,099	446,026
Operating lease liabilities, non-current	37,476	43,098
Convertible notes	0	182,394
Embedded derivative liability	0	59,820
Notes payable, non-current	130	394
Deferred revenue, non-current	0	813
Other non-current liabilities	23,957	22,949
Total liabilities	573,836	969,732
Commitments and contingencies (Note 12)
Redeemable convertible preferred stock, par value $0.00000625: No shares authorized, issued, and outstanding as of October 31, 2025. 157,027,585 shares authorized, 146,360,207 shares issued and outstanding as of January 31, 2025 (aggregate liquidation preference of $1,301,402)	0	1,301,121
Stockholders’ equity (deficit)
Preferred stock, par value $0.00000625 per share: 20,000,000 shares authorized, no shares issued and outstanding as of October 31, 2025. No shares authorized, issued, and outstanding as of January 31, 2025	0	0
Additional paid-in capital	3,177,712	467,835
Accumulated deficit	(1,942,382)	(1,617,113)
Accumulated other comprehensive loss	(16,511)	(37,622)
Total stockholders’ equity (deficit)	1,218,821	(1,186,899)
Total liabilities, redeemable convertible preferred stock and stockholders’ equity (deficit)	1,792,657	1,083,954
Class A common stock
Stockholders’ equity (deficit)
Common stock, value, issued	2	1
Class B common stock
Stockholders’ equity (deficit)
Common stock, value, issued	0	0
ABL facility
Current liabilities:
Long-term line of credit, noncurrent	37,000	0
Warehouse credit facility
Current liabilities:
Long-term line of credit, noncurrent	$ 168,174	$ 214,238

Equity Incentive Plan - Valuation Assumptions (Details) - Stock options issued and outstanding	3 Months Ended		9 Months Ended
	Oct. 31, 2025	Oct. 31, 2024	Oct. 31, 2025	Oct. 31, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected volatility, minimum	56.40%	58.75%	56.40%	58.75%
Expected volatility, maximum	56.68%	59.27%	58.49%	60.19%
Risk-free interest rate, minimum	3.79%	3.86%	3.79%	3.86%
Risk-free interest rate, maximum	3.97%	3.88%	4.07%	4.60%
Expected dividend yield	0.00%	0.00%	0.00%	0.00%
Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term (in years)	6 years 7 days	5 years 5 months 26 days	5 years 2 months 23 days	5 years 4 months 28 days
Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term (in years)	6 years 29 days	6 years 7 days	6 years 29 days	6 years 21 days

Supplemental Financial Statement Information - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Oct. 31, 2025	Jan. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accrued compensation and employee benefits	$ 35,716	$ 28,970
Accrued payroll taxes related to stock-based compensation awards	28,651	0
Accrued expenses	31,866	27,354
Accrued deferred offering costs	4,031	0
Amounts due to travel supply partners	51,981	41,665
Reward liability	12,389	11,408
Customer deposits and collateral	19,128	14,319
Corporate tax payable	2,160	4,640
Indirect tax payable	5,020	3,489
Early exercise liability	156	976
Accrued interest	1,349	2,642
Other	2,367	1,335
Total accrued expenses and other current liabilities	$ 194,814	$ 136,798

Goodwill and Other Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands	Oct. 31, 2025	Jan. 31, 2025
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 75,848	$ 72,662
Accumulated Amortization	(21,249)	(17,029)
Net Amount	$ 54,599	$ 55,633
Trade names
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Remaining Life (Years)	14 years 6 months	15 years 2 months 12 days
Gross Carrying Amount	$ 46,055	$ 43,579
Accumulated Amortization	(10,908)	(8,601)
Net Amount	$ 35,147	$ 34,978
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Remaining Life (Years)	8 years	8 years 7 months 6 days
Gross Carrying Amount	$ 29,206	$ 27,989
Accumulated Amortization	(10,227)	(7,921)
Net Amount	$ 18,979	$ 20,068
Developed technology
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Remaining Life (Years)		3 months 18 days
Gross Carrying Amount		$ 507
Accumulated Amortization		(422)
Net Amount		$ 85
Domain names
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Remaining Life (Years)	12 years 1 month 6 days	12 years 9 months 18 days
Gross Carrying Amount	$ 587	$ 587
Accumulated Amortization	(114)	(85)
Net Amount	$ 473	$ 502

- Definition

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+ Details

Stockholders' Equity (Deficit) - Common Stock Reserved for Issuance (Details) - shares	Oct. 31, 2025	Oct. 30, 2025	Jan. 31, 2025
Class of Stock [Line Items]
Common stock, capital shares reserved for future issuance (in shares)	86,990,157	2,070,000,000	197,511,756
Redeemable convertible preferred shares
Class of Stock [Line Items]
Common stock, capital shares reserved for future issuance (in shares)	0		146,360,207
Stock options issued and outstanding
Class of Stock [Line Items]
Common stock, capital shares reserved for future issuance (in shares)	39,739,322		40,971,097
RSUs issued and outstanding
Class of Stock [Line Items]
Common stock, capital shares reserved for future issuance (in shares)	8,642,683		4,653,847
Shares of common stock available for future grants
Class of Stock [Line Items]
Common stock, capital shares reserved for future issuance (in shares)	38,567,992		5,486,445
Redeemable convertible preferred stock warrants
Class of Stock [Line Items]
Common stock, capital shares reserved for future issuance (in shares)	0		40,160
Common stock warrants
Class of Stock [Line Items]
Common stock, capital shares reserved for future issuance (in shares)	40,160		0

- 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 - Property, Equipment and Software, Net (Details) - USD ($) $ in Thousands	Oct. 31, 2025	Jan. 31, 2025
Property, Plant and Equipment [Line Items]
Property, equipment and software, gross	$ 58,668	$ 58,966
Less: accumulated depreciation	(25,933)	(29,428)
Property, equipment, and software, net	32,735	29,538
Capitalized software
Property, Plant and Equipment [Line Items]
Property, equipment and software, gross	38,978	42,317
Computers and equipment
Property, Plant and Equipment [Line Items]
Property, equipment and software, gross	7,708	7,349
Fixtures and fittings
Property, Plant and Equipment [Line Items]
Property, equipment and software, gross	3,568	3,561
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property, equipment and software, gross	2,812	2,779
Construction in progress
Property, Plant and Equipment [Line Items]
Property, equipment and software, gross	$ 5,602	$ 2,960

Business Combination	9 Months Ended
Business Combination	Oct. 31, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]
Business Combination	BUSINESS COMBINATION Regent International S.R.L On June 4, 2024, the Company acquired all outstanding stock of Regent International S.R.L. (“Regent”), a travel and event management company based in Rome, Italy for an aggregate purchase price of $7.9 million in cash. Of the aggregate purchase price, $6.6 million was paid at closing and the remaining $1.3 million was deferred. As of both October 31, 2025 and January 31, 2025, $0.7 million of cash payments remain unpaid. The transaction is expected to increase the Company’s market share as a provider of travel, corporate card and expense management solutions in Italy and has been accounted for as a business combination. Acquisition costs related to the Regent acquisition were approximately $0.3 million and were expensed as incurred. The purchase price was allocated to the following assets and liabilities: $11.8 million to current assets, $4.0 million to goodwill, $0.9 million to intangible assets for customer relationships, $0.4 million to other assets, $8.6 million to current liabilities, and $0.6 million to other liabilities. Goodwill was primarily attributed to the assembled workforce and expanded market opportunities from the Regent acquisition. Of the goodwill from the Regent acquisition, $2.9 million is deductible for U.S. federal income tax purposes. The acquired customer relationships have an estimated useful life of eight years. The financial results of Regent are included in our condensed consolidated financial statements from the date of acquisition. The financial results and pro forma results of Regent from the date of acquisition are not material and are not separately presented.

- Definition

The entire disclosure for business combination.

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+ Details

Revenue

9 Months Ended

Oct. 31, 2025

Revenue from Contract with Customer [Abstract]

Revenue

REVENUE

Disaggregation of Revenue

Revenue consists of the following (in thousands):


	Three Months Ended October 31,				Nine Months Ended October 31,
	2025		2024		2025		2024
Usage-based revenue	$	179,902	$	139,205	$	479,600	$	371,653
Subscription revenue	15,032		11,913		44,747		33,192
Total revenue	$	194,934	$	151,118	$	524,347	$	404,845

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 summarizes revenue by region based on the billing country of customers (in thousands, except percentages):


	Three Months Ended October 31, 2025								Nine Months Ended October 31,
	2025				2024				2025				2024
	Amount		Percentage of Revenue		Amount		Percentage of Revenue		Amount		Percentage of Revenue		Amount		Percentage of Revenue
United States	$	122,527	63	%	$	90,481	60	%	$	323,845	62	%	$	238,157	59	%
United Kingdom	39,752		20	%	34,655		23	%	111,301		21	%	99,173		24	%
Rest of World(1)	32,655		17	%	25,982		17	%	89,201		17	%	67,515		17	%
Total revenue	$	194,934	100	%	$	151,118	100	%	$	524,347	100	%	$	404,845	100	%

________________

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

Unbilled Receivables

Contract Liabilities

Accounts Receivable and Allowance for Expected Credit Losses

The following table summarizes the allowance for expected credit losses for the nine months ended October 31, 2025 and 2024 (in thousands):


	Nine Months Ended October 31,
	2025		2024
Balance at beginning of period	$	5,135	$	4,270
Provision for expected credit losses	3,826		2,279
Amounts written off, recoveries and other adjustments	(3,094)		(2,052)
Balance at end of period	$	5,867	$	4,497

Corporate Card Receivables and Allowance for Expected Credit Losses

The following table summarizes the corporate card receivables allowance for expected credit losses for the nine months ended October 31, 2025 and 2024 (in thousands):


	Nine Months Ended October 31,
	2025		2024
Balance at beginning of period	$	380	$	566
Provision for expected credit losses	2,658		1,926
Amounts written off, recoveries and other adjustments	(947)		(1,583)
Balance at end of period	$	2,091	$	909

Contract Acquisition Costs

During the three months ended October 31, 2025 and 2024, we capitalized $4.1 million and $5.9 million, respectively, of contract acquisition costs and recognized related amortization expense of $1.6 million and $1.0 million, respectively. During the nine months ended October 31, 2025 and 2024, we capitalized $13.3 million and $16.6 million, respectively, of contract acquisition costs and recognized related amortization expense of $4.2 million and $3.7 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
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Stockholders' Equity (Deficit) - Temporary Equity (Details) - USD ($) $ / shares in Units, $ in Thousands	Oct. 31, 2025	Jul. 31, 2025	Apr. 30, 2025	Jan. 31, 2025	Oct. 31, 2024	Jul. 31, 2024	Apr. 30, 2024	Jan. 31, 2024
Temporary Equity [Line Items]
Shares Authorized	0			157,027,585
Shares Issued (in shares)	0			146,360,207
Shares outstanding (in shares)	0	146,360,207	146,360,207	146,360,207	146,360,207	146,360,207	146,360,207	146,360,207
Liquidation Amount	$ 1,301,402			$ 1,301,402
Carrying Value	$ 0	$ 1,301,121	$ 1,301,121	$ 1,301,121	$ 1,301,121	$ 1,301,121	$ 1,301,121	$ 1,301,121
Series Seed
Temporary Equity [Line Items]
Shares Authorized				16,934,856
Shares Issued (in shares)				16,934,839
Shares outstanding (in shares)				16,934,839
Original issuance price per share (in dollars per share)				$ 0.25
Liquidation Amount				$ 4,181
Carrying Value				$ 4,729
Series A
Temporary Equity [Line Items]
Shares Authorized				20,382,688
Shares Issued (in shares)				20,382,673
Shares outstanding (in shares)				20,382,673
Original issuance price per share (in dollars per share)				$ 0.50
Liquidation Amount				$ 10,125
Carrying Value				$ 10,288
Series A-1
Temporary Equity [Line Items]
Shares Authorized				21,353,147
Shares Issued (in shares)				21,353,143
Shares outstanding (in shares)				21,353,143
Original issuance price per share (in dollars per share)				$ 0.59
Liquidation Amount				$ 12,500
Carrying Value				$ 12,670
Series B
Temporary Equity [Line Items]
Shares Authorized				27,505,170
Shares Issued (in shares)				27,465,006
Shares outstanding (in shares)				27,465,006
Original issuance price per share (in dollars per share)				$ 1.87
Liquidation Amount				$ 51,225
Carrying Value				$ 51,153
Series C
Temporary Equity [Line Items]
Shares Authorized				21,158,278
Shares Issued (in shares)				19,770,427
Shares outstanding (in shares)				19,770,427
Original issuance price per share (in dollars per share)				$ 7.21
Liquidation Amount				$ 142,454
Carrying Value				$ 142,398
Series C-1
Temporary Equity [Line Items]
Shares Authorized				1,387,848
Shares Issued (in shares)				1,387,848
Shares outstanding (in shares)				1,387,848
Original issuance price per share (in dollars per share)				$ 7.21
Liquidation Amount				$ 10,000
Carrying Value				$ 9,996
Series D
Temporary Equity [Line Items]
Shares Authorized				12,592,724
Shares Issued (in shares)				12,592,720
Shares outstanding (in shares)				12,592,720
Original issuance price per share (in dollars per share)				$ 22.23
Liquidation Amount				$ 279,917
Carrying Value				$ 279,676
Series E
Temporary Equity [Line Items]
Shares Authorized				13,859,852
Shares Issued (in shares)				13,859,845
Shares outstanding (in shares)				13,859,845
Original issuance price per share (in dollars per share)				$ 26.12
Liquidation Amount				$ 362,000
Carrying Value				$ 361,700
Series F
Temporary Equity [Line Items]
Shares Authorized				8,501,429
Shares Issued (in shares)				8,501,424
Shares outstanding (in shares)				8,501,424
Original issuance price per share (in dollars per share)				$ 32.35
Liquidation Amount				$ 275,000
Carrying Value				$ 274,827
Series G
Temporary Equity [Line Items]
Shares Authorized				8,010,956
Shares Issued (in shares)				2,670,319
Shares outstanding (in shares)				2,670,319
Original issuance price per share (in dollars per share)				$ 37.45
Liquidation Amount				$ 100,000
Carrying Value				$ 99,794
Series G-1
Temporary Equity [Line Items]
Shares Authorized				5,340,637
Shares Issued (in shares)				1,441,963
Shares outstanding (in shares)				1,441,963
Original issuance price per share (in dollars per share)				$ 37.45
Liquidation Amount				$ 54,000
Carrying Value				$ 53,890

Net Loss Per Share

9 Months Ended

Oct. 31, 2025

Earnings Per Share [Abstract]

Net Loss Per Share

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 sets forth 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 October 31,				Nine Months Ended October 31,
	2025		2024		2025		2024
Net loss	$	(225,389)	$	(41,882)	$	(325,269)	$	(134,426)


Weighted-average shares outstanding used to compute net loss per share attributable to common stockholders, basic and diluted	49,258,348		45,324,084		46,884,867		45,210,172
Net loss per share attributable to common stockholders, basic and diluted	$	(4.58)	$	(0.92)	$	(6.94)	$	(2.97)

During the nine months ended October 31, 2025 and 2024, 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 October 31,
	2025	2024
Redeemable convertible preferred shares	—	146,360,207
Stock options issued and outstanding	39,739,322	41,395,462
RSUs issued and outstanding	8,642,683	2,993,378
Warrants to purchase redeemable convertible preferred stock	—	40,160
Warrants to purchase common stock	40,160	—
Shares of common stock subject to repurchase	9,543	64,486
Convertible notes	—	13,469,130

Total antidilutive securities	48,431,708	204,322,823

Fair Value Measurements - Unobservable Reconciliation (Details) $ in Thousands	9 Months Ended
	Oct. 31, 2025 USD ($)
Redeemable Convertible Preferred Stock Warrant Liability
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance as of January 31, 2025	$ 427
Change in fair value	510
Reclassification to equity	(937)
Balance as of October 31, 2025	0
Embedded Derivative Liability
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance as of January 31, 2025	59,820
Change in fair value	(25,150)
Reclassification to equity	(34,670)
Balance as of October 31, 2025	0
SAFEs
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance as of January 31, 2025	0
Additions in the period	127,300
Change in fair value	68,975
Reclassification to equity	0
Conversion	(196,275)
Balance as of October 31, 2025	0
Common stock warrants
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance as of January 31, 2025	0
Additions in the period	27,700
Change in fair value	2,706
Reclassification to equity	(30,406)
Conversion	0
Balance as of October 31, 2025	$ 0

Supplemental Financial Statement Information - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 31, 2025	Oct. 31, 2024	Oct. 31, 2025	Oct. 31, 2024
Property, Plant and Equipment [Line Items]
Depreciation and amortization			$ 18,125	$ 18,832
Capitalized internal-use software costs	$ 3,800	$ 3,900	11,200	11,500
Tangible asset impairment charges			0	0
Property, Equipment And Software
Property, Plant and Equipment [Line Items]
Depreciation and amortization	$ 4,600	$ 4,600	$ 14,200	$ 14,900

- 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.

+ References + Details

Equity Incentive Plan - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended		12 Months Ended
	Oct. 31, 2025	Oct. 31, 2024	Jan. 31, 2025
Number of Stock Options Outstanding
Beginning balance (in shares)	40,971,097
Granted (in shares)	3,571,419
Exercised (in shares)	(2,894,372)
Cancelled/forfeited/expired (in shares)	(1,908,822)
Ending balance (in shares)	39,739,322		40,971,097
Vested and expected to vest as of end of period (in shares)	39,739,322
Exercisable as of end of period (in shares)	29,397,559
Weighted-Average Exercise Price per Share
Beginning balance (in dollars per share)	$ 12.80
Granted (in dollars per share)	23.35
Exercised (in dollars per share)	8.19
Cancelled/forfeited/expired (in dollars per share)	16.41
Ending balance (in dollars per share)	13.90		$ 12.80
Vested and expected to vest as of end of period (in dollars per share)	13.90
Exercisable as of end of period (in dollars per share)	$ 12.12
Weighted- Average Remaining Contractual Life (Years)
Outstanding, weighted average remaining contractual term (in years)	6 years 4 months 24 days		7 years
Vested and expected to vest as end of period, weighted average remaining contractual term (in years)	6 years 4 months 24 days
Vested and expected to vest as end of period, weighted average remaining contractual term (in years)	5 years 7 months 6 days
Aggregate Intrinsic Value
Outstanding, aggregate intrinsic value	$ 253,242		$ 402,471
Exercises, aggregate intrinsic value	48,309	$ 3,100
Vested and expected to vest, aggregate intrinsic value	253,242
Exercisable, aggregate intrinsic value	$ 239,926

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Oct. 31, 2025	Oct. 31, 2024
Cash flows from operating activities:
Net loss	$ (325,269)	$ (134,426)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation, net of amounts capitalized	135,091	59,487
Non-cash interest expense	25,813	35,817
Deferred income taxes	397	(536)
Depreciation and amortization	18,125	18,832
Amortization of contract acquisition costs	4,172	3,676
Provision for doubtful accounts	6,633	4,439
Loss (gain) on fair value adjustments	47,041	(4,401)
Amortization of debt issuance costs	2,913	0
Loss on extinguishment of debt	117,978	0
Other	(163)	202
Changes in operating assets and liabilities, net of effect of business acquisitions:
Accounts receivable	(32,844)	(26,287)
Prepaid expenses and other current assets	(22,290)	(14,015)
Contract acquisition costs	(13,307)	(16,648)
Other non-current assets	(797)	(689)
Accounts payable	6,726	31,096
Accrued expenses and other current liabilities	24,669	(2,461)
Deferred revenue	3,533	1,196
Operating lease right-of-use asset and operating lease liabilities, net	(475)	2,491
Other non-current liabilities	743	759
Net cash used in operating activities	(1,311)	(41,468)
Cash flows from investing activities:
Capitalized software development costs	(13,072)	(11,567)
Purchases of property and equipment	(589)	(774)
Proceeds from sale of subsidiary, net of cash sold	(354)	0
Decrease (increase) in corporate card receivables	(35,533)	19,126
Cash consideration for business acquisition, net of cash acquired	0	(3,879)
Net cash provided by (used in) investing activities	(49,548)	2,906
Cash flows from financing activities:
Proceeds from stock option exercises	23,682	3,023
Proceeds from issuance	215,932	84,800
Proceeds from issuance of SAFEs	155,000	0
Payments of borrowings of debt	(468,124)	(8,350)
Payments for debt issuance costs	(10,985)	(1,512)
Payments of deferred offering costs	(4,165)	0
Payment of deferred consideration in business combinations	0	(275)
Proceeds from issuance of common stock in IPO, net of underwriting costs	713,302	0
Taxes collected from selling shareholders stock option exercises	14,281	0
Payment of tax withholdings on settlement of RSUs	(8,333)	0
Proceeds from exercise of warrants	35	0
Net cash provided by financing activities	630,625	77,686
Effect of exchange rate changes on cash, cash equivalents and restricted cash	4,893	(616)
Net increase in cash, cash equivalents and restricted cash	584,659	38,508
Cash, cash equivalents and restricted cash, end of period	895,254	305,890
Supplemental disclosure of cash flow information:
Cash paid for interest	21,697	21,692
Cash paid for income taxes	12,816	5,514
Noncash investing and financing activities:
Vesting of early exercised stock options	866	1,365
Capitalized stock-based compensation for internal-use software development costs	3,522	1,782
Deferred offering costs not yet paid	5,126	0
Conversation of redeemable convertible preferred stock to common stock	1,301,120	0
Conversion of SAFEs to equity upon IPO	196,275	0
Reclassification of preferred stock warrants & SAFE warrants to equity upon IPO	31,343	0
Conversion of convertible notes to equity upon IPO	320,699	0
Tax withholding liability related to RSU net settlement	$ 9,395	$ 0

Stockholders' Equity (Deficit) (Tables)

9 Months Ended

Oct. 31, 2025

Equity [Abstract]

Temporary Equity


	As of January 31, 2025
	Shares Authorized	Shares Issued and Outstanding	Original Issuance Price Per Share		Liquidation Amount		Carrying Value
Series Seed	16,934,856	16,934,839	$	0.25	$	4,181	$	4,729
Series A	20,382,688	20,382,673	0.50		10,125		10,288
Series A-1	21,353,147	21,353,143	0.59		12,500		12,670
Series B	27,505,170	27,465,006	1.87		51,225		51,153
Series C	21,158,278	19,770,427	7.21		142,454		142,398
Series C-1	1,387,848	1,387,848	7.21		10,000		9,996
Series D	12,592,724	12,592,720	22.23		279,917		279,676
Series E	13,859,852	13,859,845	26.12		362,000		361,700
Series F	8,501,429	8,501,424	32.35		275,000		274,827
Series G	8,010,956	2,670,319	37.45		100,000		99,794
Series G-1	5,340,637	1,441,963	37.45		54,000		53,890
	157,027,585	146,360,207			$	1,301,402	$	1,301,121

Schedule of Capital Units

Common stock reserved for issuance as of October 31, 2025 and January 31, 2025 are summarized as follows:


	As of
	October 31, 2025	January 31, 2025
Redeemable convertible preferred stock	—	146,360,207
Stock options issued and outstanding	39,739,322	40,971,097
RSUs issued and outstanding	8,642,683	4,653,847
Shares of common stock available for future grants	38,567,992	5,486,445
Redeemable convertible preferred stock warrants	—	40,160
Common stock warrants	40,160	—
Total common stock reserved for issuance	86,990,157	197,511,756

- Definition

Tabular disclosure of temporary equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. If convertible, the issuer does not control the actions or events necessary to issue the maximum number of shares that could be required to be delivered under the conversion option if the holder exercises the option to convert the stock to another class of equity. If the security is a warrant or a rights issue, the warrant or rights issue is considered to be temporary equity if the issuer cannot demonstrate that it would be able to deliver upon the exercise of the option by the holder in all cases. Includes stock with put option held by ESOP and stock redeemable by holder only in the event of a change in control of the issuer.

+ References + Details

Debt - Contractual Principal Payments (Details) - USD ($) $ in Thousands	Oct. 31, 2025	Oct. 31, 2024
Debt Instrument [Line Items]
Net carrying value of debt and borrowings	$ 206,633	$ 617,938
Other debt
Debt Instrument [Line Items]
Remainder of 2026	1,055
2027	335
2028	69
2029	0
2030	0
Thereafter	0
Net carrying value of debt and borrowings	1,459
Notes payable, current	(1,329)
Notes payable, non-current	$ 130

Debt - Schedule of Debt Outstanding (Details) - USD ($) $ in Thousands	Oct. 31, 2025	Oct. 31, 2024
Debt Instrument [Line Items]
Total principal amount of debt and borrowings	$ 206,633	$ 535,206
Less: unamortized debt discount and issuance costs	0	(11,324)
Interest Payable	0	94,056
Net carrying value of debt and borrowings	206,633	617,938
Convertible notes
Debt Instrument [Line Items]
Total principal amount of debt and borrowings	0	125,000
Line of Credit \| Revolving Credit Facility \| Warehouse credit facility
Debt Instrument [Line Items]
Total principal amount of debt and borrowings	168,174	214,238
Line of Credit \| Revolving Credit Facility \| Trade loan facility
Debt Instrument [Line Items]
Total principal amount of debt and borrowings	0	45,000
Line of Credit \| Revolving Credit Facility \| ABL facility
Debt Instrument [Line Items]
Total principal amount of debt and borrowings	37,000	0
2022 promissory note
Debt Instrument [Line Items]
Total principal amount of debt and borrowings	0	150,000
Other debt
Debt Instrument [Line Items]
Total principal amount of debt and borrowings	1,459	968
Net carrying value of debt and borrowings	1,459
Total notes payable
Debt Instrument [Line Items]
Total principal amount of debt and borrowings	$ 1,459	$ 150,968

Employee Benefit Plan	9 Months Ended
Employee Benefit Plan	Oct. 31, 2025
Retirement Benefits [Abstract]
Employee Benefit Plan	EMPLOYEE BENEFIT PLANThe Company sponsors a 401(k) defined contribution retirement plan (the “401(k) Plan”) covering certain U.S. employees. Participants may contribute a portion of their compensation to the 401(k) Plan, subject to limitations under the Internal Revenue Code. The Company also maintains certain other defined contribution plans outside of the United States, for which it provides contributions for participating employees in the regions in which matching contributions is applicable. The Company’s contributions for all defined contribution retirement plans was $1.9 million and $1.7 million for the three months ended October 31, 2025 and 2024, respectively, and $5.7 million and $4.4 million for the nine months ended October 31, 2025 and 2024, respectively.

Goodwill and Other Intangible Assets - Impairments of Intangible Assets (Details) - USD ($) $ in Thousands	Oct. 31, 2025	Jan. 31, 2025
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Remainder of 2026	$ 1,271
2027	5,085
2028	4,885
2029	4,867
2030	4,789
Thereafter	33,702
Net Amount	$ 54,599	$ 55,633

Revenue - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Revenue - Narrative (Details) - USD ($) $ in Thousands	Oct. 31, 2025	Oct. 31, 2024	Oct. 31, 2025	Oct. 31, 2024	Jan. 31, 2025
Disaggregation of Revenue [Line Items]
Unbilled receivables, current	$ 81,700		$ 81,700		$ 51,900
Contract with customer, liability, revenue recognized			29,100	$ 26,200
Capitalized contract acquisition cost, net	4,100	$ 5,900	13,300	16,600
Amortization of contract acquisition costs	1,600	$ 1,000	4,172	$ 3,676
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-11-01
Disaggregation of Revenue [Line Items]
Revenue, remaining performance obligation, amount	$ 54,400		$ 54,400
Revenue, remaining performance obligation, percentage	55.00%		55.00%
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]: 2027-11-01
Disaggregation of Revenue [Line Items]
Revenue, remaining performance obligation, percentage	32.00%		32.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-11-01 \| 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]: 2027-11-01 \| Maximum
Disaggregation of Revenue [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period (in years)	24 months		24 months

Debt - Convertible Notes (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
Debt - Convertible Notes (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Oct. 31, 2025	Oct. 31, 2024	Oct. 31, 2025	Oct. 31, 2024	Jan. 31, 2025	Jun. 30, 2022
Debt Instrument [Line Items]
Embedded derivative liability		$ 0		$ 0		$ 59,820
Loss on extinguishment of debt		$ (97,450)	$ 0	$ (117,978)	$ 0
Convertible notes \| Convertible notes
Debt Instrument [Line Items]
Debt issued	$ 125,000
Debt issuance costs	$ 2,900
Length of extension	2 years
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

Debt - 2022 Promissory Note (Details) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended		9 Months Ended
	Feb. 28, 2025	Sep. 30, 2022	Oct. 31, 2025	Oct. 31, 2024	Oct. 31, 2025	Oct. 31, 2024	Oct. 30, 2025
Debt Instrument [Line Items]
Warrants, outstanding value							$ 900
Loss on extinguishment of debt			$ 97,450	$ 0	$ 117,978	$ 0
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%

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 31, 2025	Oct. 31, 2024	Oct. 31, 2025	Oct. 31, 2024
Disaggregation of Revenue [Line Items]
Revenue	$ 194,934	$ 151,118	$ 524,347	$ 404,845
Usage-Based Revenue
Disaggregation of Revenue [Line Items]
Revenue	179,902	139,205	479,600	371,653
Subscription Revenue
Disaggregation of Revenue [Line Items]
Revenue	$ 15,032	$ 11,913	$ 44,747	$ 33,192

- 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

Equity Incentive Plan - Narrative (Details) $ / shares in Units, $ in Thousands		3 Months Ended		9 Months Ended		12 Months Ended
	Oct. 31, 2025 USD ($) shares	Oct. 31, 2025 USD ($) shares	Oct. 31, 2024 USD ($)	Oct. 31, 2025 USD ($) $ / shares shares	Oct. 31, 2024 USD ($) $ / shares	Jan. 31, 2025 USD ($) shares	Oct. 30, 2025 shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock, capital shares reserved for future issuance (in shares)	86,990,157	86,990,157		86,990,157		197,511,756	2,070,000,000
Common stock, capital shares reserved for future issuance, increase in authorized shares per year, period of increase (in years)				10 years
Common stock, capital shares reserved for future issuance, increase in authorized shares per year, increase percentage				0.05
Share-based payment arrangement, plan modification, incremental cost \| $				$ 300
Options, grants in period, weighted average grant date fair value (in dollars per share) \| $ / shares				$ 13.76	$ 11.62
Exercises, aggregate intrinsic value \| $				$ 48,309	$ 3,100
Options, vested in period, fair value \| $				51,300	118,000
Share-based payment arrangement, nonvested award, option, cost not yet recognized, amount \| $	$ 108,100	$ 108,100		108,100
Share-based payment arrangement, accelerated cost \| $	81,800
Capitalized stock-based compensation \| $	$ 900	2,127	$ 686	3,522	1,782
Total stock-based compensation expense, net of amounts capitalized \| $		$ 99,182	$ 24,574	$ 135,091	$ 59,487
Share-based compensation arrangement by share-based payment award, shares issued in period (in shares)	934,353
Stock options issued and outstanding
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock, capital shares reserved for future issuance (in shares)	39,739,322	39,739,322		39,739,322		40,971,097
Award vesting period (in years)				4 years
Award expiration period (in years)				10 years
Expected dividend yield		0.00%	0.00%	0.00%	0.00%
Share-based payment arrangement, nonvested award, cost not yet recognized, period for recognition (in years)				2 years 3 months 18 days
Restricted Stock Units with Performance Conditions
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award expiration period (in years)				10 years
Share-based payment arrangement, nonvested award, cost not yet recognized, period for recognition (in years)				3 years 4 months 24 days
Share-based compensation arrangement by share-based payment award, award requisite service period (in years)				4 years
Share-based payment arrangement, nonvested award, excluding option, cost not yet recognized, amount \| $	$ 108,200	$ 108,200		$ 108,200
Restricted Stock Units with Service-Only Conditions
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based payment arrangement, nonvested award, cost not yet recognized, period for recognition (in years)				3 years 8 months 12 days
Share-based payment arrangement, nonvested award, excluding option, cost not yet recognized, amount \| $	41,000	41,000		$ 41,000
Total stock-based compensation expense, net of amounts capitalized \| $				$ 2,900
Employee Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Weighted average number of shares, common stock subject to repurchase or cancellation (in shares)				9,543		49,761
Common stock subject to repurchase or cancellation, liability \| $	$ 200	$ 200		$ 200		$ 1,000
Share-based compensation arrangement by share-based payment award, shares issued in period (in shares)				0
Class A common stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock, capital shares reserved for future issuance (in shares)	2,000,000,000	2,000,000,000		2,000,000,000
Class B common stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock, capital shares reserved for future issuance (in shares)	50,000,000	50,000,000		50,000,000
2025 Equity Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock, capital shares reserved for future issuance (in shares)	82,887,502	82,887,502		82,887,502
2025 Equity Incentive Plan \| Class A common stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock, capital shares reserved for future issuance, new shares (in shares)	35,000,000	35,000,000		35,000,000
Share-based compensation arrangement by share-based payment award, number of shares available for grant (in shares)	38,567,992	38,567,992		38,567,992
2015 Equity Incentive Plan \| Class A common stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock, capital shares reserved for future issuance, existing shares (in shares)	47,887,502	47,887,502		47,887,502
2025 Employee Stock Purchase Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Employee stock purchase plan, contingent increase, percentage	0.01	0.01		0.01
2025 Employee Stock Purchase Plan \| Class A common stock \| Employee Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, number of shares authorized (in shares)	5,000,000	5,000,000		5,000,000

Stockholders' Equity (Deficit) - Narrative (Details)	Oct. 31, 2025 vote $ / shares shares	Oct. 30, 2025 shares	Jul. 31, 2025 shares	Apr. 30, 2025 shares	Jan. 31, 2025 $ / shares shares	Oct. 31, 2024 shares	Jul. 31, 2024 shares	Apr. 30, 2024 shares	Jan. 31, 2024 shares
Class of Stock [Line Items]
Stock issued during period, shares, conversion of convertible securities (in shares)	146,599,125
Preferred stock, shares authorized (in shares)	20,000,000				0
Preferred stock, par or stated value per share (in dollars per share) \| $ / shares	$ 0.00000625				$ 0.00000625
Shares Issued (in shares)	0				146,360,207
Shares outstanding (in shares)	0		146,360,207	146,360,207	146,360,207	146,360,207	146,360,207	146,360,207	146,360,207
Common stock, capital shares reserved for future issuance (in shares)	86,990,157	2,070,000,000			197,511,756
Preferred stock, capital shares reserved for future issuance (in shares)	20,000,000
Class A common stock
Class of Stock [Line Items]
Stock issued during period, shares, conversion of convertible securities (in shares)		146,599,125
Common stock, capital shares reserved for future issuance (in shares)	2,000,000,000
Common stock, number of votes \| vote	1
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 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 \| vote	30

Business Combination (Details) - USD ($) $ in Thousands	Jun. 04, 2024	Oct. 31, 2025	Jan. 31, 2025
Business Combination [Line Items]
Goodwill		$ 232,883	$ 219,728
Regent International S.R.L
Business Combination [Line Items]
Business combination, consideration transferred	$ 7,900
Payments to acquire businesses, gross	6,600
Business combination, consideration transferred, liabilities incurred	1,300
Business combination, consideration transferred, liabilities payable		$ 700	$ 700
Business combination, acquisition-related cost, expense	300
Business combination, recognized asset acquired, asset, current	11,800
Goodwill	4,000
Business combination, recognized asset acquired, identifiable intangible asset, finite-lived	900
Business combination, recognized asset acquired, other asset, noncurrent	400
Business combination, recognized liability assumed, liability, current	8,600
Business combination, recognized liability assumed, other liability, noncurrent	600
Business combination, goodwill, expected tax deductible, amount	$ 2,900
Regent International S.R.L \| Customer relationships
Business Combination [Line Items]
Acquired finite-lived intangible assets, weighted average useful life	8 years

Net Loss Per Share (Tables)

9 Months Ended

Oct. 31, 2025

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The following table sets forth 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 October 31,				Nine Months Ended October 31,
	2025		2024		2025		2024
Net loss	$	(225,389)	$	(41,882)	$	(325,269)	$	(134,426)


Weighted-average shares outstanding used to compute net loss per share attributable to common stockholders, basic and diluted	49,258,348		45,324,084		46,884,867		45,210,172
Net loss per share attributable to common stockholders, basic and diluted	$	(4.58)	$	(0.92)	$	(6.94)	$	(2.97)

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 October 31,
	2025	2024
Redeemable convertible preferred shares	—	146,360,207
Stock options issued and outstanding	39,739,322	41,395,462
RSUs issued and outstanding	8,642,683	2,993,378
Warrants to purchase redeemable convertible preferred stock	—	40,160
Warrants to purchase common stock	40,160	—
Shares of common stock subject to repurchase	9,543	64,486
Convertible notes	—	13,469,130

Total antidilutive securities	48,431,708	204,322,823

Fair Value Measurements - Other Financial Instruments (Details) - USD ($) $ in Thousands	Oct. 31, 2025	Jan. 31, 2025
Other debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value disclosure, off-balance-sheet risks, amount, liability	$ 1,479	$ 933
Convertible notes \| Convertible notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value disclosure, off-balance-sheet risks, amount, liability	0	359,200
Warehouse credit facility \| Line of Credit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value disclosure, off-balance-sheet risks, amount, liability	155,728	210,995
ABL facility \| Line of Credit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value disclosure, off-balance-sheet risks, amount, liability	30,440	0
Trade loan facility \| Trade loan facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value disclosure, off-balance-sheet risks, amount, liability	0	45,000
2022 promissory note \| 2022 promissory note
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value disclosure, off-balance-sheet risks, amount, liability	$ 0	$ 179,932