Rimini Street reports fourth quarter and full-year 2024 financial results

Business Wire report highlights revenue performance, operational updates, and strategic partnerships

Rimini Street. Photo: Portal ERP. Portal ERP South Africa.

Rimini Street, Inc. (Nasdaq: RMNI), a global provider of enterprise software support and innovation solutions, has released its financial results for the fourth quarter and full-year 2024, as reported by Business Wire.

Key Fourth Quarter 2024 Financial Highlights:

• Revenue reached $114.2 million, a 1.9% increase from $112.1 million in Q4 2023.
• U.S. revenue decreased by 6.5% to $53.1 million, while international revenue grew by 10.5% to $61.1 million.
• Subscription revenue accounted for 95.5% of total revenue at $109.1 million.
• Annualized Recurring Revenue (ARR) was $414.8 million, reflecting a 4.1% decline.
• Active clients increased by 1.4% to 3,081.
• Revenue retention rate was 88% compared to 90% in the previous year.
• Gross margin improved to 63.7%, up from 61.0%.
• Operating income rose to $14.9 million from $11.5 million.
• Net income declined to $6.7 million from $9.4 million.
• Adjusted EBITDA was $20.0 million, compared to $21.3 million.
• Cash and short-term investments stood at $88.8 million, down from $125.3 million.
• The company incurred $1.1 million in reorganization costs.

Full-Year 2024 Financial Highlights:

• Revenue slightly declined to $428.8 million from $431.5 million in 2023.
• Gross margin decreased to 60.9% from 62.3%.
• Operating loss stood at $32.1 million, reversing from a $43.8 million operating income in 2023.
• Adjusted EBITDA was $53.1 million, down from $71.9 million.
• Net loss totaled $36.3 million, compared to a net income of $26.1 million in 2023.

Operational Updates:

• Rimini Street secured new and expanded client agreements, including Gunung Raja Paksi (GRP) in Indonesia and Bumhan Mecatec in South Korea.
• The company announced a partnership with ServiceNow to enhance enterprise software innovation without disrupting existing ERP systems.
• Expansion of Rimini Protect™ and Rimini Connect™ solutions, enhancing security and interoperability features.
• A VMware customer survey indicated strong demand for Rimini Custom™ VMware support, launched in May 2024.
• The company resolved over 6,900 support cases and delivered more than 8,300 tax, legal, and regulatory updates across 22 countries, maintaining a customer satisfaction rating above 4.9 out of 5.0.

Non-GAAP Financial Measures: This report includes non-GAAP financial measures to supplement traditional GAAP metrics. These measures provide additional insights but should not be considered a substitute for GAAP-reported results. Detailed reconciliations of these metrics are available in the full report.

For further details, the original report can be accessed via Business Wire.