WILMINGTON – NCino, Inc. (NCNO) on Tuesday reported a loss of $21.2 million in its fiscal fourth quarter.
On a per-share basis, the Wilmington, North Carolina-based company said it had a loss of 19 cents. Earnings, adjusted for non-recurring costs and stock option expense, were 4 cents per share.
The results topped Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for a loss of 5 cents per share.
nCino cut 7% of its workforce in January.
“We are pleased with our strong fourth quarter financial results, as we once again exceeded top and bottom-line guidance,” said Pierre Naudé, Chairman and Chief Executive Officer of nCino. “While there is uncertainty in the banking industry right now, nCino is in an enviable position due to the visibility and resiliency of our business model, our large, diversified, global customer base, and our single platform which provides financial institutions a 360-degree view of their customers. We are confident in our strategy and our ability to continue driving the next wave of modernization in the financial services industry.”
The company posted revenue of $109.2 million in the period, also topping Street forecasts. Six analysts surveyed by Zacks expected $104.5 million.
- MORE NCINO COVERAGE: Federal investigation into Wilmington tech firm wraps up, but lawsuit remains open
For the year, the company reported a loss of $102.7 million, or 93 cents per share. Revenue was reported as $408.3 million.
For the current quarter ending in April, nCino expects its per-share earnings to range from 4 cents to 5 cents.
The company said it expects revenue in the range of $111.5 million to $113.5 million for the fiscal first quarter.
NCino expects full-year earnings in the range of 36 cents to 40 cents per share, with revenue ranging from $476 million to $483 million.