Reporting its third-quarter earnings on Wednesday, nCino beat analysts’ predictions.

Revenue for the quarter came in at $138.8 million compared to the consensus estimate of $137.3 million, according to online financial analyst StreetInsider. The quarter’s earnings per share were 21 cents, 5 cents better than the analyst estimate of 16 cents.

For the Wilmington cloud-based banking software company, Q3 total revenue and subscription revenue were up 14% compared to the same quarter last year. The just-reported $138.8 million compares favorably with total revenue of $121.9 million in Q3 of fiscal year 2025. Likewise, subscription revenue – the money customers pay to use nCino’s programs – was $119.9 million, up from $104.8 for the same quarter last year.

Another bright spot was a much smaller operations loss than in previous quarters. Using generally accepted accounting principles (GAAP), the company reported its loss from operations in the third quarter of fiscal year 2025 at a negative $0.8 million compared to a negative $12.9 million in the same quarter of fiscal year 2024. Non-GAAP operating income in the third quarter of fiscal year 2025 was $28 million compared to $20.4 million in the third quarter of fiscal year 2024, an increase of 38%.

Non-GAAP measures disregard one-time or irregular costs.

“We are very pleased with our third quarter results, once again exceeding expectations for both revenues and non-GAAP operating income,” Pierre Naudé, nCino’s chairman and CEO, said in the earnings release.

“The team delivered solid execution globally, with over 30 multi-solution deals and more gross bookings from net new customers than the previous two quarters combined," Naudé stated. "We remain focused on innovation and delivering efficiencies that create real business value, and we're excited by the strength and expansion we saw in our business this quarter as a result of that reputation.”

In its report, nCino officials noted the quarter’s business highlights, including:

• Completing the acquisition of FullCircl, a UK-based software company. The addition of FullCircl will expand nCino’s onboarding capabilities by adding data aggregation components to its platform for financial institutions in Europe, the Middle East and Africa, according to the release.
• Signing its largest customer to date in Japan, Tokushima Taisho Bank;
• Signing an expansion agreement with Norway’s largest bank;
• Rolling out the nCino Mortgage Solution to the affiliate mortgage company of one of the largest home builders in the U.S.

Acquisition of FullCircl, Naudé said in Wednesday afternoon’s earnings call, “is just the latest example of nCino utilizing an acquisition to strategically expand our platform and grow the wallet share opportunity within our large and happy customer base. The acquisition of FullCircl brings additional depth to our customer onboarding capabilities with an initial focus on the U.K. and growing applicability across Europe.”

The transaction follows the successful acquisition of DocFox earlier this year. Its addition to the platform aims to improve the user experience in onboarding commercial customers.

“Today, onboarding, which is the process by which financial institutions verify the legitimacy of a prospective client or business for the prevention of things such as money laundering and fraud, is a highly manual and time-intensive process with a lot of complexity, particularly when onboarding larger and more sophisticated organizations,” Naudé stated. “FullCircl aggregates a premium data supply that our customers would otherwise be gathering from fragmented sources. Access to this data within the nCino platform will enable financial institutions to streamline application processes and improve client life cycle management across other processes being performed on nCino yielding a powerful combined integrated offering.”

Company officials also released their projections for Q4 and FY2025 as a whole.

For the fourth quarter, they expect total revenues of between $139.5 million and $141.5 million, with non-GAAP operating income between $23.25 million and $24.25 million. For the fiscal year as a whole, they project total revenues of between $539 million and $541 million, and non-GAAP operating income between $95 million and $96 million.

As of 2:45 p.m. Thursday, nCino shares were trading at $37.48 on the Nasdaq, down about $5 per share from Wednesday’s closing. Why, after news of a strong quarterly performance?

It's the projections, according to business news aggregator MarketWatch. The share price fell after nCino's estimates for total revenues for its fourth quarter and for the fiscal year missed analysts' expectations.