nCino, Inc.

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 Call
nCino 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 nCino
nCino (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.

Non-GAAP Financial Measures

In nCino’s public disclosures, nCino has provided non-GAAP measures, which are measurements of financial performance that have not been prepared in accordance with generally accepted accounting principles in the United States, or GAAP. In addition to its GAAP measures, nCino uses these non-GAAP financial measures internally for budgeting and resource allocation purposes and in analyzing our financial results. For the reasons set forth below, nCino believes that excluding the following items provides information that is helpful in understanding our operating results, evaluating our future prospects, comparing our financial results across accounting periods, and comparing our financial results to our peers, many of which provide similar non-GAAP financial measures.

• Amortization of Purchased Intangibles. nCino incurs amortization expense for purchased intangible assets in connection with certain mergers and acquisitions. Because these costs have already been incurred, cannot be recovered, are non-cash, and are affected by the inherent subjective nature of purchase price allocations, nCino excludes these expenses for our internal management reporting processes. nCino’s management also finds it useful to exclude these charges when assessing the appropriate level of various operating expenses and resource allocations when budgeting, planning and forecasting future periods. Although nCino excludes amortization expense for purchased intangibles from these non-GAAP measures, management believes it is important for investors to understand that such intangible assets were recorded as part of purchase accounting and contribute to revenue generation.

• Stock-Based Compensation Expenses. nCino excludes stock-based compensation expenses primarily because they are non-cash expenses that nCino excludes from our internal management reporting processes. nCino’s management also finds it useful to exclude these expenses when they assess the appropriate level of various operating expenses and resource allocations when budgeting, planning and forecasting future periods. Moreover, because of varying available valuation methodologies, subjective assumptions and the variety of award types that companies can use, nCino believes excluding stock-based compensation expenses allows investors to make meaningful comparisons between our recurring core business operating results and those of other companies.

• Acquisition-Related Expenses. nCino excludes expenses related to acquisitions as they limit comparability of operating results with prior periods. Acquisition-related expenses include but are not limited to: costs incurred from third-party professional services firms in connection with business combination and one-time integration activities. We believe these costs are non-recurring in nature and outside the ordinary course of business.

• Litigation Expenses. nCino excludes fees and expenses related to litigation expenses incurred from legal matters outside the ordinary course of our business as we believe their exclusion from non-GAAP operating expenses will facilitate a more meaningful explanation of operating results and comparisons with prior period results.

• Restructuring Costs. nCino excludes costs incurred related to bespoke restructuring plans and other one-time costs that are fundamentally different in strategic nature and frequency from ongoing initiatives. We believe excluding these costs facilitates a more consistent comparison of operating performance over time. Adjustments to stock-based compensation in connection with restructuring events are presented in Stock-Based Compensation Expenses.

• Tax (Benefit) Provision Related to Acquisitions. Upon certain acquisitions, nCino reduced the valuation allowance against U.S. deferred tax assets, resulting in a one-time tax benefit recorded in Income tax (benefit) provision. We believe that the exclusion of this benefit from our non-GAAP net loss attributable to nCino and non-GAAP net loss attributable to nCino per share provides a more direct comparison to all periods presented.

• Income Tax Effect on Non-GAAP Adjustments. The income tax effects are related to the imputed tax impact on the difference between GAAP and non-GAAP costs and expenses.

• Adjustment to Redeemable Non-Controlling Interest. nCino adjusts the value of redeemable non-controlling interest of its joint venture nCino K.K. in accordance with the operating agreement for that entity. nCino believes investors benefit from an understanding of the company’s operating results absent the effect of this adjustment, and for comparability, has reconciled this adjustment for previously reported non-GAAP results.

• Intercompany Foreign Currency Exchange Gain/Loss. Beginning with the first quarter of fiscal 2026, nCino adjusts for foreign currency exchange gains and losses due to intercompany loans that are denominated in currencies other than the underlying functional currency of the applicable entity.
  

There are limitations to using non-GAAP financial measures because non-GAAP financial measures are not prepared in accordance with GAAP and may be different from non-GAAP financial measures provided by other companies. The non-GAAP financial measures are limited in value because they exclude certain items that may have a material impact upon our reported financial results. In addition, they are subject to inherent limitations as they reflect the exercise of judgments by nCino’s management about which items are adjusted to calculate its non-GAAP financial measures. nCino compensates for these limitations by analyzing current and future results on a GAAP basis as well as a non-GAAP basis and also by providing GAAP measures in its public disclosures. Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. nCino encourages investors and others to review our financial information in its entirety, not to rely on any single financial measure to evaluate our business, and to view our non-GAAP financial measures in conjunction with the most directly comparable GAAP financial measures. A reconciliation of GAAP to the non-GAAP financial measures has been provided in the tables below.

¹Stock-based compensation benefit related to restructuring is included in Stock-based compensation.
²Columns may not foot due to rounding.
³These amounts represent the non-interest component of payments towards financing obligations for facilities.

CONTACTS

INVESTOR CONTACT
Harrison Masters
nCino
Harrison.masters@ncino.com

MEDIA CONTACT
Natalia Moose
nCino
Natalia.moose@ncino.com