nCino Reports Fourth Quarter and Fiscal Year 2025 Financial Results

Q4 Total Revenues of $141.4M, up 14% year-over-year Fiscal Year 2025 Total Revenues of $540.7M, up 13% year-over-year Q4 Subscription Revenues of $125.0M, up 16% year-over-year Fiscal Year 2025 Subscription Revenues of $469.2M, up 15% year-over-year

WILMINGTON, N.C., April 01, 2025 (GLOBE NEWSWIRE) -- nCino, Inc. (NASDAQ:NCNO), the leading provider of intelligent, best-in-class banking solutions, today announced financial results for the fourth quarter and fiscal year 2025, ended January 31, 2025.

"We ended the year strong, with meaningful year-over-year subscription revenues and ACV growth, while continuing to realize efficiencies across our operations," said Sean Desmond, Chief Executive Officer at nCino. "With AI embedded across our onboarding, account opening, lending and portfolio management offerings that span commercial, consumer, small business and mortgage lines of business globally, nCino is uniquely positioned to seize the vertical AI market opportunity as we continue the journey of delivering long-term value to our stakeholders."

"Reflecting confidence in our strategy and commitment to allocating capital where it can generate stockholder value, we are pleased to announce our Board of Directors has authorized a Stock Repurchase Program whereby nCino may repurchase up to $100,000,000 of nCino's outstanding common stock," said Greg Orenstein, Chief Financial Officer at nCino.

Fourth Quarter Fiscal 2025 Financial Highlights

Revenues: Total revenues for the fourth quarter of fiscal 2025 were $141.4 million, a 14% increase from $123.7 million in the fourth quarter of fiscal 2024. Subscription revenues for the fourth quarter were $125.0 million, up from $107.5 million one year ago, an increase of 16%.

Income (Loss) from Operations: GAAP loss from operations in the fourth quarter of fiscal 2025 was $(5.7) million compared to $(3.2) million in the same quarter of fiscal 2024. Non-GAAP operating income in the fourth quarter was $24.4 million compared to $19.3 million in the fourth quarter of fiscal 2024, an increase of 26%.

Net Income (Loss) Attributable to nCino: GAAP net loss attributable to nCino in the fourth quarter of fiscal 2025 was $(18.6) million compared to GAAP net income attributable to nCino of $1.2 million in the fourth quarter of fiscal 2024. Non-GAAP net income attributable to nCino in the fourth quarter was $13.9 million compared to $23.8 million in the fourth quarter of fiscal 2024. Non-GAAP net income attributable to nCino in the fourth quarter was impacted by approximately $(10.3) million due to non-operating, predominantly non-cash foreign currency fluctuations on intercompany loans.

Net Income (Loss) Attributable to nCino per Share: GAAP net loss attributable to nCino in the fourth quarter of fiscal 2025 was $(0.16) per basic and diluted share compared to GAAP net income attributable to nCino per diluted share of $0.01 in the fourth quarter of fiscal 2024. Non-GAAP net income attributable to nCino in the fourth quarter was $0.12 per diluted share compared to $0.21 per diluted share in the fourth quarter of fiscal 2024. Non-GAAP net income attributable to nCino per diluted share in the fourth quarter was impacted by $(0.09) due to non-operating, predominantly non-cash foreign currency fluctuations on intercompany loans.

Cash: As of of January 31, 2025, cash, cash equivalents, and restricted cash were $121.3 million and $166.0 million was outstanding under nCino's revolving credit facility.

Full Year Fiscal 2025 Financial Highlights

Revenues: Total revenues for fiscal 2025 were $540.7 million, a 13% increase from $476.5 million in fiscal 2024. Subscription revenues for fiscal 2025 were $469.2 million, up from $409.5 million in fiscal 2024, an increase of 15%.

Income (Loss) from Operations: GAAP loss from operations for fiscal year 2025 was $(18.1) million compared to $(39.5) million in fiscal 2024. Non-GAAP operating income for fiscal 2025 was $96.2 million compared to $61.8 million in fiscal 2024, an increase of 56%.

Net Income (Loss) Attributable to nCino: GAAP net loss attributable to nCino for fiscal 2025 was $(37.9) million compared to $(42.3) million in fiscal 2024. Non-GAAP net income attributable to nCino for fiscal 2025 was $76.1 million compared to $58.0 million in fiscal 2024. Non-GAAP net income attributable to nCino was impacted by approximately $(10.5) million in fiscal 2025 due to non-operating, predominantly non-cash foreign currency fluctuations on intercompany loans.

Net Income (Loss) Attributable to nCino per Share: GAAP net loss attributable to nCino for fiscal 2025 was $(0.33) per basic and diluted share compared to $(0.38) per basic and diluted share in fiscal 2024. Non-GAAP net income attributable to nCino for fiscal 2025 was $0.65 per diluted share compared to a $0.50 per diluted share in fiscal 2024. Non-GAAP net income attributable to nCino per diluted share was impacted by $(0.09) in fiscal 2025 due to non-operating, predominantly non-cash foreign currency fluctuations on intercompany loans.

Annual Contract Value (ACV): On a reported basis, ACV as of January 31, 2025, was $516.4 million, an increase of 13% year over year, or 8% on an organic basis. On a constant currency basis, ACV increased 14% year over year, or 9% on an organic basis. nCino defines ACV as the highest annualized subscription fee obligation under customer contracts in effect at the end of the reporting period, converted to USD with foreign exchange rates in effect as of the end of the applicable period.

Stock Repurchase Program

nCino's Board of Directors authorized a Stock Repurchase Program under which the Company may repurchase up to $100,000,000 (One-Hundred Million Dollars) of the Company's outstanding common stock.

Recent Business Highlights

Announced Appointment of Sean Desmond as President and CEO: Sean Desmond announced as President & CEO and member of the Company's Board of Directors. Desmond succeeds Pierre Naudé, who becomes Executive Chairman.

Acquired Sandbox Banking: The acquisition strengthens nCino's ability to enhance data connectivity and streamline operations for banks and credit unions through an industry-leading Integration Platform as a Service (iPaaS) solution for a more intelligent and harmonious technology platform.

Selected by a Top-50 Bank in the U.S. for Consumer Lending: A top-50 U.S. bank by assets expanded their use of nCino to include Consumer Lending, Automated Spreading, and Banking Advisor.

Expanded Relationship with Top-4 Bank in the U.S. with Banking Advisor: A top-4 U.S. bank by assets adopted Banking Advisor to build on automation and efficiencies already achieved with nCino.

Signed first customer in the Czech Republic: Československá obchodní banka (CSOB) selected the nCino Platform to digitize and streamline its Commercial & SME Lending operations.

Financial Outlook nCino is providing guidance for its first quarter ending April 30, 2025, as follows:

Total revenues between $138.75 million and $140.75 million.

Subscription revenues between $121.75 million and $123.75 million.

Non-GAAP operating income between $22.5 million and $24.5 million.

Non-GAAP net income attributable to nCino per diluted share of $0.15 to $0.16.

nCino is providing guidance for its fiscal year 2026 ending January 31, 2026, as follows:

Total revenues between $574.5 million and $578.5 million.

Subscription revenues between $503.0 million and $507.0 million.

Non-GAAP operating income between $107.0 million and $111.0 million.

Non-GAAP net income attributable to nCino per diluted share of $0.66 to $0.69.

Annual Contract Value (ACV) between $564 million and $567 million.

Conference CallnCino will host a conference call at 4:30 p.m. ET today to discuss its financial results and outlook. The conference call will be available via live webcast and replay at the Investor Relations section of nCino's website: https://investor.ncino.com/news-events/events-and-presentations.

About nCinonCino (NASDAQ:NCNO) is powering a new era in financial services. The Company was founded to help financial institutions digitize and reengineer business processes to boost efficiencies and create better banking experiences. With over 2,700 customers worldwide - including community banks, credit unions, independent mortgage banks, and the largest financial entities globally - nCino offers a trusted platform of best-in-class, intelligent solutions. By integrating artificial intelligence and actionable insights into its platform, nCino is helping financial institutions consolidate legacy systems to enhance strategic decision-making, improve risk management, and elevate customer satisfaction by cohesively bringing together people, AI and data. For more information, visit www.ncino.com.

Forward-Looking Statements:This press release contains forward-looking statements about nCino's financial and operating results, which include statements regarding nCino's future performance, outlook, guidance, the benefits from the use of nCino's solutions, our strategies, and general business conditions. Forward-looking statements generally include actions, events, results, strategies and expectations and are often identifiable by use of the words "believes," "expects," "intends," "anticipates," "plans," "seeks," "estimates," "projects," "may," "will," "could," "might," or "continues" or similar expressions and the negatives thereof. Any forward-looking statements contained in this press release are based upon nCino's historical performance and its current plans, estimates, and expectations and are not a representation that such plans, estimates, or expectations will be achieved. These forward-looking statements represent nCino's expectations as of the date of this press release. Subsequent events may cause these expectations to change and, except as may be required by law, nCino does not undertake any obligation to update or revise these forward-looking statements. These forward-looking statements are subject to known and unknown risks and uncertainties that may cause actual results to differ materially including, but not limited to risks associated with (i) adverse changes in the financial services industry, including as a result of customer consolidation or bank failures; (ii) adverse changes in economic, regulatory, or market conditions, including as a direct or indirect consequence of higher interest rates; (iii) risks associated with acquisitions we undertake, (iv) breaches in our security measures or unauthorized access to our customers' or their clients' data; (v) the accuracy of management's assumptions and estimates; (vi) our ability to attract new customers and succeed in having current customers expand their use of our solution, including in connection with our migration to an asset-based pricing model; (vii) competitive factors, including pricing pressures and migration to asset-based pricing, consolidation among competitors, entry of new competitors, the launch of new products and marketing initiatives by our competitors, and difficulty securing rights to access or integrate with third party products or data used by our customers; (viii) the rate of adoption of our newer solutions and the results of our efforts to sustain or expand the use and adoption of our more established solutions; (ix) fluctuation of our results of operations, which may make period-to-period comparisons less meaningful; (x) our ability to manage our growth effectively including expanding outside of the United States; (xi) adverse changes in our relationship with Salesforce; (xii) our ability to successfully acquire new companies and/or integrate acquisitions into our existing organization; (xiii) the loss of one or more customers, particularly any of our larger customers, or a reduction in the number of users our customers purchase access and use rights for; (xiv) system unavailability, system performance problems, or loss of data due to disruptions or other problems with our computing infrastructure or the infrastructure we rely on that is operated by third parties; (xv) our ability to maintain our corporate culture and attract and retain highly skilled employees; and (xvi) the outcome and impact of legal proceedings and related fees and expenses.

Additional risks and uncertainties that could affect nCino's business and financial results are included in our reports filed with the U.S. Securities and Exchange Commission (available on our web site at www.ncino.com or the SEC's web site at www.sec.gov). Further information on potential risks that could affect actual results will be included in other filings nCino makes with the SEC from time to time.

nCino, Inc.CONDENSED CONSOLIDATED BALANCE SHEETS(In thousands)(Unaudited)

 

 

January 31, 2024

 

January 31, 2025

Assets

 

 

 

Current assets

 

 

 

Cash and cash equivalents

$

112,085

 

 

$

120,928

 

Accounts receivable, net

 

112,975

 

 

 

146,787

 

Costs capitalized to obtain revenue contracts, current portion, net

 

10,544

 

 

 

13,462

 

Prepaid expenses and other current assets

 

15,171

 

 

 

21,072

 

Total current assets

 

250,775

 

 

 

302,249

 

Property and equipment, net

 

79,145

 

 

 

74,953

 

Operating lease right-of-use assets, net

 

19,261

 

 

 

16,026

 

Costs capitalized to obtain revenue contracts, noncurrent, net

 

17,425

 

 

 

23,735

 

Goodwill

 

838,869

 

 

 

1,019,375

 

Intangible assets, net

 

115,572

 

 

 

154,571

 

Investments

 

9,294

 

 

 

9,294

 

Long-term prepaid expenses and other assets

 

10,089

 

 

 

10,178

 

Total assets

$

1,340,430

 

 

$

1,610,381

 

Liabilities, redeemable non-controlling interest, and stockholders' equity

 

 

 

Current liabilities

 

 

 

Accounts payable

$

11,842

 

 

$

13,640

 

Accrued compensation and benefits

 

16,283

 

 

 

23,626

 

Accrued expenses and other current liabilities

 

10,847

 

 

 

16,239

 

Deferred revenue

 

170,941

 

 

 

191,174

 

Financing obligations, current portion

 

1,474

 

 

 

1,680

 

Operating lease liabilities, current portion

 

3,649

 

 

 

5,153

 

Total current liabilities

 

215,036

 

 

 

251,512

 

Operating lease liabilities, noncurrent

 

16,423

 

 

 

12,819

 

Deferred income taxes, noncurrent

 

3,687

 

 

 

13,851

 

Deferred revenue, noncurrent

 

—

 

 

 

269

 

Revolving credit facility, noncurrent

 

—

 

 

 

166,000

 

Financing obligations, noncurrent

 

52,680

 

 

 

51,172

 

Other long-term liabilities

 

—

 

 

 

17,160

 

Total liabilities

 

287,826

 

 

 

512,783

 

Commitments and contingencies

 

 

 

Redeemable non-controlling interest

 

3,428

 

 

 

8,286

 

Stockholders' equity

 

 

 

Common stock

 

57

 

 

 

58

 

Additional paid-in capital

 

1,400,881

 

 

 

1,474,413

 

Accumulated other comprehensive income

 

996

 

 

 

176

 

Accumulated deficit

 

(352,758

)

 

 

(385,335

)

Total stockholders' equity

 

1,049,176

 

 

 

1,089,312

 

Total liabilities, redeemable non-controlling interest, and stockholders' equity

$

1,340,430

 

 

$

1,610,381

 

nCino, Inc.CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(In thousands, except share and per share data)(Unaudited)

 

 

Three Months Ended January 31,

 

Fiscal Year Ended January 31,

 

 

2024

 

 

 

2025

 

 

 

2024

 

 

 

2025

 

Revenues

 

 

 

 

 

 

 

Subscription

$

107,483

 

 

$

124,957

 

 

$

409,479

 

 

$

469,168

 

Professional services and other

 

16,210

 

 

 

16,413

 

 

 

67,064

 

 

 

71,489

 

Total revenues

 

123,693

 

 

 

141,370

 

 

 

476,543

 

 

 

540,657

 

Cost of revenues

 

 

 

 

 

 

 

Subscription

 

31,380

 

 

 

36,016

 

 

 

120,861

 

 

 

134,932

 

Professional services and other

 

17,830

 

 

 

20,997

 

 

 

70,609

 

 

 

80,937

 

Total cost of revenues

 

49,210

 

 

 

57,013

 

 

 

191,470

 

 

 

215,869

 

Gross profit

 

74,483

 

 

 

84,357

 

 

 

285,073

 

 

 

324,788

 

Gross margin %

 

60

%

 

 

60

%

 

 

60

%

 

 

60

%

Operating expenses

 

 

 

 

 

 

 

Sales and marketing

 

29,996

 

 

 

33,744

 

 

 

130,547

 

 

 

123,231

 

Research and development

 

30,184

 

 

 

32,131

 

 

 

117,311

 

 

 

129,422

 

General and administrative

 

17,488

 

 

 

24,220

 

 

 

76,727

 

 

 

90,266

 

Total operating expenses

 

77,668

 

 

 

90,095

 

 

 

324,585

 

 

 

342,919

 

Loss from operations

 

(3,185

)

 

 

(5,738

)

 

 

(39,512

)

 

 

(18,131

)

Non-operating income (expense)

 

 

 

 

 

 

 

Interest income

 

510

 

 

 

353

 

 

 

2,567

 

 

 

1,761

 

Interest expense

 

(858

)

 

 

(3,798

)

 

 

(4,135

)

 

 

(8,763

)

Other income (expense), net

 

1,777

 

 

 

(10,265

)

 

 

(856

)

 

 

(10,427

)

Loss before income taxes

 

(1,756

)

 

 

(19,448

)

 

 

(41,936

)

 

 

(35,560

)

Income tax provision (benefit)

 

(3,130

)

 

 

(3,871

)

 

 

1,590

 

 

 

(2,511

)

Net income (loss)

 

1,374

 

 

 

(15,577

)

 

 

(43,526

)

 

 

(33,049

)

Net loss attributable to redeemable non-controlling interest

 

(241

)

 

 

(63

)

 

 

(1,109

)

 

 

(472

)

Adjustment attributable to redeemable non-controlling interest

 

455

 

 

 

3,096

 

 

 

(71

)

 

 

5,301

 

Net income (loss) attributable to nCino, Inc.

$