Rimini Street ( (RMNI) ) has released its Q4 earnings. Here is a breakdown of the information Rimini Street presented to its investors.
Rimini Street, Inc. is a global provider of enterprise software support and innovation solutions, specializing in third-party support for Oracle, SAP, and VMware software. The company offers a comprehensive portfolio of solutions to optimize enterprise applications and technology software.
Rimini Street’s fiscal fourth quarter of 2024 saw a slight revenue increase of 1.9% year-over-year, reaching $114.2 million. The company also reported a gross margin improvement to 63.7% from 61.0% in the previous year, alongside a 7.1% increase in billings.
Key financial metrics for the quarter included a decrease in U.S. revenue by 6.5% and an increase in international revenue by 10.5%. The company’s net income dropped to $6.7 million from $9.4 million the previous year, while non-GAAP net income also saw a decline. Rimini Street’s annual revenue for 2024 slightly decreased by 0.6% compared to 2023, with a net loss reported for the year.
Strategically, Rimini Street expanded its offerings with new partnerships and product enhancements, such as collaborating with ServiceNow and expanding its database security solutions. The company also highlighted new client acquisitions and expanded agreements with existing clients, emphasizing its role in supporting digital transformation initiatives.
Looking forward, Rimini Street remains focused on navigating ongoing litigation challenges while continuing to expand its global footprint and enhance its service offerings. The company is currently suspending guidance due to uncertainties related to litigation impacts, but it aims to maintain its position as a leader in third-party enterprise software support.