Summary
nCino reported total revenues of $128.1 million for the first quarter of fiscal 2025, up 12.7% from the prior-year quarter. Gross profit rose 14.0% to $76.9 million. Gross margin reached 60.0%, up from 59.4% a year earlier. The company still posted a GAAP operating loss of $3.7 million, but the loss narrowed from the prior-year quarter. GAAP net loss attributable to nCino was $3.0 million, and GAAP diluted EPS was -$0.03. Both improved on a year-over-year basis. On a non-GAAP basis, operating income was $24.4 million, up from $10.9 million. Non-GAAP net income attributable to nCino was $22.0 million, or $0.19 per diluted share, compared with $8.0 million, or $0.07 per diluted share, in the prior-year quarter. Non-GAAP operating margin was 19%, up 900 basis points from the prior-year quarter.
Cash generation was a clear bright spot. Operating cash flow was $54.4 million, up 73.9% from the prior-year quarter. Capital expenditures were $0.3 million, down 78.7%. Free cash flow, which the company reports as operating cash flow less purchases of property and equipment, was $54.1 million. The backlog also grew. Remaining performance obligations were $1.07 billion as of April 30, 2024, up 17.1% from April 30, 2023. Deferred revenue, current portion, was $179.8 million, up 4.8%. Those figures show growth in both cash flow and contracted work.
Operational momentum included what nCino called its highest first-quarter gross sales in company history. The company signed an expansion with M&T Bank for Continuous Credit Monitoring. It grew an existing relationship with an over $15 billion-asset bank that added Deposit Account Opening and small business and consumer banking solutions. It expanded a partnership with a district bank in the Farm Credit System through 2031. It also added a new logo with a specialist lender in the U.K. The company hosted nSight 2024 with over 1,600 attendees from 12 countries. It completed two acquisitions: DocFox for $74.3 million and ILT for $19.9 million. Those deals add onboarding automation and consumer loan origination software. As of April 30, 2024, nCino had 205 sales and sales support personnel in the U.S. and 88 outside the U.S.
Guidance points to continued growth. For the second quarter ending July 31, 2024, nCino guided non-GAAP operating income to $17.0 million to $18.5 million and non-GAAP net income attributable to nCino per diluted share to $0.12 to $0.13. For the full fiscal year 2025 ending January 31, 2025, the company guided non-GAAP operating income to $86.0 million to $89.0 million and non-GAAP net income attributable to nCino per diluted share to $0.65 to $0.68. The guidance is for the next quarter and the full fiscal year.
Risks remain. nCino operates in a higher interest rate environment that has hurt demand for mortgages and mortgage-related products, which has negatively affected its nCino Mortgage business. Sales cycles are lengthy, generally six to nine months for smaller financial institutions and 12 to 18 months or more for larger ones. International markets accounted for 20.2% of total revenues for the quarter. Other risks include customer consolidation or bank failures, competition and pricing pressure, reliance on Salesforce, security breaches or unauthorized data access, acquisition integration, and legal matters including the Antitrust Matters. The company expects capital expenditures of approximately $8.2 million in fiscal 2025 for planned office build-outs, primarily for an international office. It had $55.0 million outstanding under its credit facility with an applicable interest rate of 7.36% as of April 30, 2024.
Forecast
Reported figures
GAAP, from SEC filings| Metric | Q1 FY2025 | Q4 FY2024 | QoQ | Q1 FY2024 | YoY |
|---|---|---|---|---|---|
| Revenue | $128.1M | $123.7M | +3.6% | $113.7M | +12.7% |
| Gross profit | $76.9M | $74.5M | +3.3% | $67.5M | +14.0% |
| Gross margin | 60.0% | 60.2% | -0.2 pp | 59.4% | +0.7 pp |
| Research & development | $30.0M | $30.2M | -0.7% | $28.2M | +6.3% |
| Sales & marketing | $28.0M | $30.0M | -6.5% | $29.9M | -6.3% |
| General & administrative | $22.5M | $17.5M | +28.9% | $18.0M | +25.4% |
| Total operating expenses | $80.6M | $77.7M | +3.7% | $76.1M | +5.9% |
| Operating income (loss) | -$3.7M | -$3.2M | -15.0% | -$8.6M | +57.5% |
| Operating margin | -2.9% | -2.6% | -0.3 pp | -7.6% | +4.7 pp |
| Net income (loss) | -$2.3M | $1.4M | -267.2% | -$11.6M | +80.3% |
| Net margin | -1.8% | 1.1% | -2.9 pp | -10.2% | +8.4 pp |
| Diluted EPS | -$0.03 | $0.01 | -$0.04 | -$0.10 | +$0.07 |
Risks
MD&A states the higher interest rate environment has negatively impacted the U.S. real estate market and demand for mortgages and mortgage-related products, which has had a negative impact on the nCino Mortgage business.
MD&A notes sales cycles are typically lengthy, generally six to nine months for smaller FIs and 12 to 18 months or more for larger FIs, and growth depends on replacing legacy systems and taking customers live.
MD&A states growing the customer base will require increasing penetration outside the U.S., which accounted for 20.2% of total revenues for the three months ended April 30, 2024.
MD&A describes the DocFox and ILT acquisitions and related integration and financing activities, including borrowings under the Credit Facility, which could increase execution and leverage risk.
MD&A reports professional services and other gross margin was negative and worsened compared to the prior-year period, driven by higher personnel costs.
SaaS KPIs
All quarters →Free Cash Flow
Non-GAAP Operating Margin
Non-GAAP Operating Income
Non-GAAP Gross Margin
Remaining Performance Obligation (RPO)
Summary, forecast, risks and KPIs are extracted from nCino, Inc.'s SEC filings for Q1 FY2025 (10-Q / 10-K and the 8-K earnings release); GAAP figures in the summary are checked against the reported XBRL data. They can contain errors; the filings are authoritative. Processed Oct 1, 2026.