One does occasionally wonder what passes for due diligence these days. Lightspeed Management, it appears, has decided to place a rather substantial wager on Navan – a company specializing in the predictably tiresome business of corporate travel and expense management. Nearly fifty million shares have been acquired, amounting to a commitment of $852.66 million. One hopes they’ve done their homework, though frankly, one isn’t holding one’s breath.
This, naturally, now constitutes a rather alarming 61.1% of the fund’s 13F reportable AUM. One pictures the portfolio manager, perhaps, having a particularly good day at the races. Or possibly, simply a lack of other sensible options. The current holdings, for those keeping score (though why anyone would is beyond me), are as follows:
- Navan: $852.66 million (a positively overwhelming 61.1% of the total)
- NOW: $273.22 million (a comparatively modest 19.6%)
- KDK: $80.16 million (a mere trifle, really)
- BLND: $70.31 million (one assumes they’re hoping for a blind spot in the market)
- PSNL: $64.96 million (personnel expenses, no doubt. A perpetual drain on resources)
As of February 17th, the shares were priced at $9.97. A sum, one suspects, that will soon be viewed with a degree of wistful nostalgia.
Navan, formerly known as TripActions (a name that lacked a certain je ne sais quoi), offers an AI-powered platform for booking travel, enforcing policies, and generally making life miserable for expense auditors. They serve the usual suspects: finance departments, HR, and those poor souls who actually manage corporate travel. A niche market, certainly, but one that appears to have attracted a rather excessive degree of enthusiasm from Lightspeed.
Here’s a quick snapshot of the financials, for those inclined to such dreary details:
| Metric | Value |
|---|---|
| Price (Feb. 27, 2026) | $9.74 |
| Market Capitalization | $2.42 billion |
| Revenue (TTM) | $656.34 million |
| Net Income (TTM) | ($371.92 million) |
One notes, with a certain detached amusement, that the “Net Income” is currently in negative territory. A detail that, one suspects, was either overlooked or dismissed with a wave of the hand.
So, what does this all mean? Well, frankly, it hasn’t been a roaring success. The stock has, shall we say, adjusted downwards by 43% since the end of 2025. A rather significant correction, wouldn’t you agree? One hopes Lightspeed has a plan to mitigate the damage, though one rather doubts it.
We await the results of Navan’s fourth quarter (ending January) on March 25th. The third quarter showed sales up 29% year over year to $194.9 million, and an adjusted gross profit margin of 74%. Adjusted net income rose to $9 million (from a loss of $14 million). However, on a GAAP basis, they reported a loss of $225 million. One suspects a generous application of accounting creativity is at play.
All in all, a rather bold gamble. One can only hope that Lightspeed knows what it’s doing. But then again, hope is a notoriously unreliable investment strategy.
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2026-03-01 21:54