Rimini Street Announces Fiscal First Quarter 2025 Financial and Operating Results

Rimini Street, Inc. (Nasdaq: RMNI), a global provider of end-to-end enterprise software support and innovation solutions, and the leading third-party support provider for Oracle, SAP and VMware software, today announced results for the fiscal first quarter ended March 31, 2025.

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Select First Quarter 2025 Financial Results

• Revenue was $104.2 million for the 2025 first quarter, a decrease of 2.4% compared to $106.7 million for the same period last year.
• U.S. revenue was $50.1 million for the 2025 first quarter, a decrease of 6.9% compared to $53.8 million for the same period last year.
• International revenue was $54.1 million for the 2025 first quarter, an increase of 2.2% compared to $52.9 million for the same period last year.
• Subscription revenue was $99.0 million, which accounted for 95.0% of total revenue for the 2025 first quarter, compared to subscription revenue of $103.9 million, which accounted for 97.4% of total revenue for the same period last year.
• Annualized Recurring Revenue was $396.2 million for the 2025 first quarter, a decrease of 4.7% compared to $415.8 million for the same period last year.
• Active Clients as of March 31, 2025 were 3,092, an increase of 1.7% compared to 3,040 Active Clients as of March 31, 2024.
• Revenue Retention Rate was 88% for the trailing twelve months ended March 31, 2025 and 89% for the comparable period ended March 31, 2024.
• Billings was $79.4 million for the 2025 first quarter, an increase of 7.2% compared to $74.1 million for the same period last year.
• Gross margin was 61.0% for the 2025 first quarter compared to 59.8% for the same period last year.
• Operating income was $9.4 million for the 2025 first quarter compared to $3.4 million for the same period last year.
• Non-GAAP Operating Income was $14.5 million for the 2025 first quarter compared to $8.8 million for the same period last year.
• Net income was $3.4 million for the 2025 first quarter compared to $1.3 million for the same period last year.
• Non-GAAP Net Income was $8.4 million for the 2025 first quarter compared to $6.8 million for the same period last year.
• Adjusted EBITDA for the 2025 first quarter was $15.3 million compared to $10.7 million for the same period last year.
• Basic and diluted earnings per share attributable to common stockholders was $0.04 for the 2025 first quarter compared to $0.01 for the same period last year.
• Cash and cash equivalents were $122.6 million at March 31, 2025 compared to $129.0 million at March 31, 2024.

Select First Quarter 2025 Operating Results

• Announced representative new clients that switched to, or existing clients that expanded their agreements with, Rimini Street, including the following:
  • Pan Ocean, a global bulk carrier, selected Rimini Street to provide support for its highly customized Oracle EBS platform. The decision enabled the company to avoid a costly, disruptive move to the cloud and to consolidate multiple maintenance contracts for greater savings and ease.
  • Hitachi Vantara, a leader in data infrastructure, intelligent data management and AI powered hybrid cloud solutions, selected Rimini Support™ for Oracle as part of its IT cost-savings efforts and to receive better, more comprehensive support for its mission-critical systems with expertise in areas such as JAVA and Oracle licensing.
• Announced partnership with Workday to provide Application Management Services for Workday’s suite of products. Organizations can now rely on Rimini Manage™ to seamlessly manage and streamline day-to-day operations and help address costs and staffing needs to drive better business outcomes.
• Announced a strategic partnership with T-Systems North America to deliver an integrated approach to enterprise IT support, enabling clients to optimize their technology investments while benefiting from industry-leading service quality, infrastructure expertise and cloud capabilities.
• Announced Rimini Protect™ Advanced Hypervisor Security for VMware, Nutanix and all other Linux-based Hypervisors - powered by Vali Cyber AI/ML security technology - to safeguard against ransomware and other vulnerabilities.
• Closed over 7,200 support cases and delivered over 10,000 tax, legal and regulatory updates to clients across 28 countries, while achieving an average client satisfaction rating on the Company’s support delivery and onboarding services of 4.9 out of 5.0 (where 5.0 is rated excellent).
• Winner of Business Intelligence Group’s 2025 Best AI-based Customer Service Solution of the Year Award, for our patented and proprietary, human-first, AI-enhanced enterprise software support and processes solution.
• Honored with Great Place to Work® award for Korea’s Most Respected CEO to Rimini Street’s CEO Seth Ravin and Best Workplaces™ certifications in Israel, Japan, Korea, Singapore, UK and USA, celebrating Rimini Street’s commitment to an extraordinary workplace culture of fairness and togetherness.
• Honored with two prestigious Stevie® 2025 Awards, a Silver Stevie for Front-Line Customer Service Team of the Year and a Bronze Stevie for Best Customer Satisfaction Strategy.
• Celebrated the 10th anniversary of the Rimini Street Foundation with a $100,000 RMNI LOVE Grant Program, inviting certified charities in select cities to apply for one of ten $10,000 grants.

2025 Business Outlook

The Company is continuing to suspend guidance until there is more clarity around impacts from current litigation activity before the U.S. Federal courts in the Company’s ongoing litigation with Oracle.

Webcast and Conference Call Information

Rimini Street will host a conference call and webcast to discuss the first quarter 2025 results and select second quarter 2025 performance-to-date commentary at 5:00 p.m. Eastern Time / 2:00 p.m. Pacific Time on May 1, 2025. A live webcast of the event will be available on Rimini Street’s Investor Relations site at Rimini Street IR events link and directly via the webcast link. Dial-in participants can access the conference call by dialing 1-800-836-8184. A replay of the webcast will be available for one year following the event.

Company’s Use of Non-GAAP Financial Measures

This press release contains certain “non-GAAP financial measures.” Non-GAAP financial measures are not based on a comprehensive set of accounting rules or principles. This non-GAAP information supplements and is not intended to represent a measure of performance in accordance with disclosures required by U.S. generally accepted accounting principles, or GAAP. Non-GAAP financial measures should be considered in addition to, and not as a substitute for or superior to, financial measures determined in accordance with GAAP.

Reconciliations of the non-GAAP financial measures included in this press release and described below to their most directly comparable GAAP financial measures are provided in the financial tables included at the end of this press release. An explanation of these measures, why we believe they are meaningful and how they are calculated is also included under the heading “About Non-GAAP Financial Measures and Certain Key Metrics.”