WILMINGTON — NCino, Inc. (NCNO) on Wednesday reported a loss of $11.2 million in its fiscal first quarter, but CEO Pierre Naudé sees better days coming.
“We are pleased to begin the year reporting a strong quarter with record operating income ($31.3 million) and free cash flow ($29.7 million),” Naudé said in a statement. “I’m incredibly proud of how our teams continue to deliver for our customers around the globe. The record number of attendees earlier this month at our annual user conference, nSight, is a testament to the ongoing demand for nCino’s single end-to-end cloud banking platform and the value of our ecosystem.
“We remain confident in our future trajectory while navigating current market conditions and believe we are well positioned for long-term profitable growth,” he added.
Earlier this year, nCino laid off 7% of its workforce as troubles mounted in the U.S. banking sector.
Wilmington fintech firm nCino cuts 7% of workforce in round of layoffs
The Wilmington- based company said it had a loss of 10 cents per share. Earnings, adjusted for one-time gains and costs, came to 7 cents per share.
The results beat Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 5 cents per share.
The company posted revenue of $113.7 million in the period, also topping Street forecasts. Six analysts surveyed by Zacks expected $112.5 million.
For the current quarter ending in July, nCino expects its per-share earnings to range from 6 cents to 8 cents.
The company said it expects revenue in the range of $114 million to $115.5 million for the fiscal second quarter.
NCino expects full-year earnings in the range of 37 cents to 40 cents per share, with revenue ranging from $474 million to $478.5 million.
