Company: NCNO
Filing Date: 2025-05-28
Form Type: 10-Q
Source: 0001902733-25-000076
Chunk: 138

Company: nCino, Inc.
Filing Date: 2025-05-28
Form: 10-Q
Item: Part I, Item 2
Chunk 138
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 financial statements included in Part I, Item I of this Quarterly Report on Form 10-Q for more information.

We funded the purchase of Sandbox Banking and our share repurchases primarily through borrowings under our credit facility.

For the three months ended April 30, 2024 and 2025, our total revenues were $128.1 million and $144.1 million, respectively, representing a 12.5% increase. For the three months ended April 30, 2024 and 2025, our subscription revenues were $110.4 million and $125.6 million, respectively, representing a 13.8% increase. Our total subscriptions revenues include an aggregate of $7.4 million from DocFox, ILT, FullCircl and Sandbox Banking for the three months ended April 30, 2025. We recorded net income attributable to nCino, Inc. of $5.6 million for the three months ended April 30, 2025, compared to a net (loss) attributable to nCino, Inc. of $(3.0) million for the three months ended April 30, 2024. We have included the financial results of Sandbox Banking in the unaudited condensed consolidated financial statements from the Sandbox Acquisition Date. For fiscal 2026, our financial results also include the operating results of our fiscal 2025 acquisitions of DocFox, ILT, and FullCircl from their acquisition dates of March 20, 2024, April 1, 2024, and November 5, 2024, respectively.

On May 27, 2025, the Company announced a workforce reduction of approximately seven percent (7%) and office space reductions in certain markets.  See Note 15 "Subsequent Events" of the notes to our unaudited condensed consolidated financial statements included in Part I, Item I of this Quarterly Report on Form 10-Q for more information.

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Factors Affecting Our Operating Results

Market Adoption of Our Solution. Our future growth depends on our ability to expand our reach to new FI customers and increase adoption with existing customers as they broaden their use of our solutions within and across lines of business. Our success in growing our customer base and expanding adoption of our solutions by existing customers requires a focused direct sales engagement and the ability to convince key decision makers at FIs to replace legacy third-party point solutions or internally developed software with our solutions. Our ability to successfully implement our new asset-based pricing model that formally started