WILMINGTON — nCino (NCNO) on Wednesday reported a loss of $16.4 million in its fiscal third quarter.
The Wilmington-based cloud banking company said it had a loss of 15 cents per share. Earnings, adjusted for one-time gains and costs, were 14 cents per share.
The results topped Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 11 cents per share.
The company posted revenue of $121.9 million in the period, also beating Street forecasts. Six analysts surveyed by Zacks expected $120.5 million.
“We posted another solid quarter in Q3, with revenues and profitability again exceeding expectations,” said Pierre Naudé, Chairman and CEO of nCino, in a statement. “Notably, we added key new customers, such as our first enterprise Consumer ending deal with a $200 billion bank in the U.S., and our largest customer to date in Japan. We are also pleased that our U.S. mortgage business achieved double-digit revenue growth despite generationally-high interest rates.”
“With years of experience successfully managing through market cycles, our financial strength allows us to continue investing and innovating to expand our market leadership. I am confident nCino has the products, strategy, and team to continue driving sustainable and profitable growth in Q4 and beyond.”
For the current quarter ending in January, nCino expects its per-share earnings to range from 11 cents to 13 cents.
The company said it expects revenue in the range of $123.5 million to $125.5 million for the fiscal fourth quarter.
NCino expects full-year earnings in the range of 40 cents to 42 cents per share, with revenue ranging from $476.5 million to $478.5 million.
“With years of experience successfully managing through market cycles, our financial strength allows us to continue investing and innovating to expand our market leadership,” Naude said. “I am confident nCino has the products, strategy, and team to continue driving sustainable and profitable growth in Q4 and beyond.”
