in

Fintech nCino Reports Stable Business and Revenue Growth in Cloud Banking

nCino, Inc. (NASDAQ: NCNO), a pioneer in cloud banking for the global financial services industry, has announced its financial results for the second quarter of fiscal year 2024, ending July 31, 2023.

The company reported total revenues of $117.2 million for the second quarter, representing an 18% increase compared to the same quarter last year. Subscription revenues also saw a significant growth, reaching $99.9 million, up from $84.4 million in the second quarter of fiscal 2023.

Pierre Naudé, Chairman and CEO of nCino, expressed his satisfaction with the results, highlighting the strong rebound in sales activity across the business. He emphasized the company’s strategic investments in expanding its platform and solutions while exceeding profitability expectations. Naudé also emphasized the positive outlook for the rest of the year and beyond, as the U.S. banking industry emerges from the liquidity crisis and financial institutions worldwide prioritize operational efficiency and customer experience.

In terms of financial performance, nCino reported a GAAP loss from operations of $(14.8) million for the second quarter of fiscal 2024, compared to $(25.0) million in the same quarter last year. However, non-GAAP operating income saw a significant improvement, reaching $11.2 million, compared to a loss of $(2.8) million in the second quarter of fiscal 2023.

The company reported a GAAP net loss attributable to nCino of $(15.9) million for the second quarter of fiscal 2024, in contrast to a net loss of $(27.2) million in the same quarter last year. On a non-GAAP basis, nCino achieved a net income of $9.9 million, compared to a net loss of $(4.9) million in the second quarter of fiscal 2023.

nCino’s financial outlook for the third quarter ending October 31, 2023, includes total revenues between $120.0 million and $121.0 million, subscription revenues between $102.5 million and $103.5 million, non-GAAP operating income between $13.0 million and $15.0 million, and non-GAAP net income attributable to nCino per share of $0.10 to $0.12.

For the full fiscal year 2024, nCino projects total revenues between $475.0 million and $478.5 million, subscription revenues between $406.0 million and $409.0 million, non-GAAP operating income between $51.0 million and $54.0 million, and non-GAAP net income attributable to nCino per share of $0.38 to $0.41.

nCino, known as the worldwide leader in cloud banking, offers a software-as-a-service (SaaS) platform that helps financial institutions modernize their operations and enhance customer experiences. Its platform enables these institutions to efficiently onboard clients, manage loan lifecycles, make loans, and open accounts. With over 1,850 financial services providers globally, nCino has established itself as a trusted partner in the industry.

Segui Avvisatore su Instagram: @avvisatore.it

What do you think?

363 Points
Upvote Downvote

Written by editorial

Leave a Reply

Your email address will not be published. Required fields are marked *

Sumsub Introduces a Six-Month Free Solution for Travel Rule Compliance

Hong Kong Financial Secretary Cautions Against Tax Reduction as Possible Solution to Revive the City’s Stock Market