Company: NCNO
Filing Date: 2025-05-28
Form Type: 10-Q
Source: 0001902733-25-000076
Chunk: 118

Company: nCino, Inc.
Filing Date: 2025-05-28
Form: 10-Q
Item: Part I, Item 8
Chunk 118
---
 Months Ended April 30,($ in thousands)20242025Cost of revenues (percentage shown in comparison to related revenues):Cost of subscription revenues$31,780 28.8 %$36,125 28.8 %Cost of professional services and other revenues19,400 109.7 21,570 116.3 Total cost of revenues$51,180 40.0 $57,695 40.0 Gross profit$76,907 60.0 %$86,442 60.0 %

Cost of Subscription Revenues

Cost of subscription revenues increased $4.3 million for the three months ended April 30, 2025 compared to the three months ended April 30, 2024, generating a gross margin for subscription revenues of 71.2% for the three months ended April 30, 2024 and 2025. The increase was driven primarily by a $3.1 million increase in other data costs, as well as a $0.9 million increase in amortization expense related to acquired intangible assets. We expect the cost of subscription revenues will continue to increase in absolute dollars as the number of users of the nCino Platform grows.

Cost of Professional Services and Other Revenues

Cost of professional services and other revenues increased $2.2 million for the three months ended April 30, 2025 compared to the three months ended April 30, 2024, generating a gross margin for professional services and other revenues of (16.3)% compared to a gross margin of (9.7)% for the three months ended April 30, 2024.  For the three months ended April 30, 2025, personnel costs increased $1.6 million for professional services compared to the three months ended April 30, 2024, 

37

mainly from an increase in headcount, primarily due to acquisitions. The increase in cost of professional services and other revenues also included a $0.4 million increase for third-party costs of professional services.

Operating Expenses

Three Months Ended April 30,($ in thousands)20242025Operating expenses:Sales and marketing$28,045 21.9 %$32,971 22.9 %Research and development29,981 23.4 33,341 23.1 General and administrative22,544 17.6 21,643 15.0 Total operating expenses80,