nCino, Inc. reported its financial results for the third quarter of fiscal 2025, revealing a total revenue of $138.8 million for the three months ended October 31, 2024, a 13.8% increase from $121.9 million in the same period last year. Subscription revenues rose by 14.4% to $119.9 million, up from $104.8 million, while professional services and other revenues increased to $18.9 million from $17.2 million. The company recorded a net loss of $5.3 million, significantly reduced from a loss of $16.4 million in the prior year quarter, reflecting improved operational efficiency.
For the nine months ending October 31, 2024, nCino's total revenues reached $399.3 million, a 13.2% increase compared to $352.9 million for the same period in fiscal 2024. Subscription revenues for the nine-month period also grew by 14.0%, totaling $344.2 million, up from $302.0 million. The net loss for the nine months was $19.3 million, compared to a loss of $43.5 million in the previous year, indicating a trend towards narrowing losses as the company continues to scale its operations.
Strategically, nCino has made significant moves to enhance its market position, including the acquisition of DocFox, a company specializing in automating onboarding experiences for commercial banking, for approximately $74.3 million in March 2024. Additionally, the company acquired Integrated Lending Technologies, LLC for $20 million in April 2024, and in November 2024, it announced the acquisition of Artesian Solutions Limited, known as FullCircl, for $129.7 million. These acquisitions are aimed at expanding nCino's product offerings and enhancing its capabilities in client lifecycle management.
Operationally, nCino reported a total of 115.7 million shares outstanding as of November 29, 2024, with a headcount of 205 sales personnel in the U.S. and 99 in international offices. The company has also seen a significant increase in its customer base, with a focus on expanding its reach in international markets, which accounted for 21.3% of total revenues in the latest quarter. The company’s remaining performance obligations stood at $1.1 billion as of October 31, 2024, indicating a strong pipeline of future revenue.
Looking ahead, nCino anticipates continued growth driven by its strategic investments in product development and market expansion. The company plans to leverage its recent acquisitions to enhance its service offerings and expects to maintain a focus on increasing subscription revenue as a proportion of total revenue. Despite the challenges posed by a higher interest rate environment affecting the mortgage market, nCino remains optimistic about its growth trajectory and operational efficiency improvements.
About nCino, Inc.
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