nCino increased its revenue by 14% year-over-year to $138.8 million by adding new customers and selling additional services to existing customers, which helped limit its third-quarter net loss to $5.3 million. did.
Whether you’re refining your business model, learning new technology, or finding a strategy to take advantage of the next market boom, Inman Connect New York prepares you to take bold steps. The next chapter is about to begin. Please join us. Join us and thousands of other real estate leaders from January 22-24, 2025.
Cloud banking solutions provider nCino Inc. grew revenue by adding new customers and selling additional services to existing customers, reducing its third-quarter loss by 67% from a year ago.
Revenue for the quarter ended Oct. 31 rose 14% from a year earlier to $138.8 million, and the Wilmington, North Carolina-based company reported a quarterly net loss of $5.3 million, up from $16.4 million a year earlier. decreased.
During Wednesday’s third-quarter earnings call, Chairman and CEO Pierre Naudet said nCino executives were “very pleased with the third-quarter results, which beat expectations for revenue and operating profit.” I’m satisfied.”
Pierre Naudet
“The team achieved solid execution globally, with more than 30 multi-solution deals and more total bookings from net new customers than the previous two quarters combined,” Naude said in a statement.
NCino’s guidance may have disappointed investors, with fourth-quarter sales expected to be flat between $139.5 million and $141.5 million.
nCino stock has traded as high as $43.20 and as low as $28.09 over the past 12 months, but was down 12% in after-hours trading from Wednesday’s closing price of $42.50.
In 2022, NCino spent nearly $1 billion to acquire mortgage technology provider SimpleNexus, rebranding it as nCino Mortgage the following year and expanding its presence in the mortgage business.
During the third quarter, nCino announced that “a mortgage lender affiliated with a major national home builder completed the deployment of the nCino Mortgage solution.”
The company also increased business with existing customers, with 64% of the $15 million increase in subscription revenue coming from customers activating additional seats and increasing adoption of nCino’s services. .
NCino’s mortgage customers include Synergy One Lending and Fairway Independent Mortgage Corporation, but most of its revenue comes from providing various technology services to global banks such as Bank of America, Barclays, Santander, and TD Bank. It comes from doing. enterprise banks, including Truist Bank and US Bank; Local community banks such as WaFd Bank and M&F Bank. Other credit unions include Navy Federal Credit Union, SAFE Credit Union, and Marine Credit Union.
Get Inman’s Mortgage Overview Newsletter delivered straight to your inbox. Get the world’s biggest mortgage and closing news all in one place every Wednesday. Click here to subscribe.
Email Matt Carter
