Rimini Street Inc

For the period ended Mar 31, 2025. Filed May 1, 2025.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Mar 31, 2025 · Filed May 1, 2025

RMNI$5.41+3.6%Stored close · as of Nov 9, 2026

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Contents

ITEM 1. Financial Statements

Unaudited Condensed Consolidated Balance Sheets

(In thousands, except per share amounts)

	March 31,	December 31,
	2025	2024
ASSETS
Current assets:
Cash and cash equivalents	$122,574	$88,792
Restricted cash	1,203	430
Accounts receivable, net of allowance of $762 and $653, respectively	74,362	130,784
Deferred contract costs, current	16,596	17,076
Prepaid expenses and other	20,422	19,194
Total current assets	235,157	256,276
Long-term assets:
Property and equipment, net of accumulated depreciation and amortization of $21,898 and $21,305, respectively	9,585	9,891
Operating lease right-of-use assets	7,004	7,161
Deferred contract costs, noncurrent	20,534	22,084
Deposits and other	4,631	5,068
Deferred income taxes, net	66,119	68,583
Total assets	$343,030	$369,063
LIABILITIES, REDEEMABLE PREFERRED STOCK AND STOCKHOLDERS’ DEFICIT
Current liabilities:
Current maturities of long-term debt	$3,093	$3,093
Accounts payable	4,815	5,275
Accrued compensation, benefits and commissions	28,127	33,586
Other accrued liabilities	20,520	20,688
Operating lease liabilities, current	3,869	3,967
Deferred revenue, current	234,806	257,983
Total current liabilities	295,230	324,592
Long-term liabilities:
Long-term debt, net of current maturities	81,412	82,187
Deferred revenue, noncurrent	21,617	23,214
Operating lease liabilities, noncurrent	6,842	7,064
Other long-term liabilities	1,625	1,451
Total liabilities	406,726	438,508
Commitments and contingencies (Note 8)
Stockholders’ deficit:
Preferred stock; $0.0001 par value. Authorized 99,820 (excluding 180 shares of Series A Preferred Stock) no other series has been designated	—	—
Common stock; $0.0001 par value. Authorized 1,000,000 shares; issued and outstanding 91,351 and 91,120 shares, respectively	9	9
Additional paid-in capital	180,241	177,533
Accumulated other comprehensive loss	(7,698)	(7,389)
Accumulated deficit	(235,132)	(238,482)
Treasury stock	(1,116)	(1,116)
Total stockholders' deficit	(63,696)	(69,445)
Total liabilities and stockholders' deficit	$343,030	$369,063

Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income

(In thousands, except per share amounts)

	Three Months EndedMarch 31,
	2025	2024
Revenue	$104,204	$106,745
Cost of revenue	40,670	42,914
Gross profit	63,534	63,831
Operating expenses:
Sales and marketing	34,255	39,141
General and administrative	17,531	18,401
Reorganization costs	462	—
Litigation costs and related recoveries:
Professional fees and other costs of litigation	1,925	2,926
Litigation costs and related recoveries, net	1,925	2,926
Total operating expenses	54,173	60,468
Operating income	9,361	3,363
Non-operating income and (expenses):
Interest expense	(1,675)	(1,341)
Other income (expenses), net	(77)	964
Income before income taxes	7,609	2,986
Income taxes	(4,259)	(1,669)
Net income	3,350	1,317
Other comprehensive income
Foreign currency translation gain (loss)	674	(991)
Derivative instrument and other adjustments, net of tax	(983)	300
Comprehensive income	$3,041	$626
Net income per share attributable to common stockholders:
Basic	$0.04	$0.01
Diluted	$0.04	$0.01
Weighted average number of shares of Common Stock outstanding:
Basic	91,240	89,754
Diluted	93,320	90,560

Unaudited Condensed Consolidated Statements of Stockholders' Deficit

	Three Months Ended March 31,
	2025	2024
Common Stock, Shares
Beginning of period	91,120	89,595
Exercise of stock options for cash	2	—
Restricted stock units vested	229	336
End of period	91,351	89,931
Total Stockholders' Deficit, beginning of period	$(69,445)	$(39,496)
Common Stock, Amount
Beginning of period	9	9
Exercise of stock options for cash	—	—
Restricted stock units vested	—	—
End of period	9	9
Additional Paid-in Capital
Beginning of period	177,533	167,988
Stock based compensation expense	2,702	2,558
Exercise of stock options for cash	6	—
Restricted stock units vested	—	—
End of period	180,241	170,546
Accumulated Other Comprehensive Loss
Beginning of period	(7,389)	(4,167)
Other comprehensive loss	(309)	(691)
End of period	(7,698)	(4,858)
Accumulated Deficit
Beginning of period	(238,482)	(202,210)
Net income	3,350	1,317
End of period	(235,132)	(200,893)
Treasury Stock	(1,116)	(1,116)
Total Stockholders' Deficit, end of period	$(63,696)	$(36,312)

Unaudited Condensed Consolidated Statements of Cash Flows

	Three Months Ended March 31,
	2025	2024
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$3,350	$1,317
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation expense	2,702	2,558
Depreciation and amortization	930	873
Accretion and amortization of debt discount and issuance costs	162	243
Deferred income taxes	2,464	(759)
Amortization and accretion related to operating right of use assets	1,191	1,112
Changes in operating assets and liabilities:
Accounts receivable	57,491	39,763
Prepaid expenses, deposits and other	(1,166)	3,517
Deferred contract costs	2,030	2,509
Accounts payable	(431)	(2,342)
Accrued compensation, benefits, commissions and other liabilities	(7,283)	(8,422)
Deferred revenue	(27,732)	(29,281)
Net cash provided by operating activities	33,708	11,088
CASH FLOWS USED IN INVESTING ACTIVITIES:
Capital expenditures	(895)	(1,172)
Payment for purchases of short term investments	—	(7,458)
Proceeds from sales and maturities of short term investments	—	17,284
Net cash provided by (used in) investing activities	(895)	8,654
CASH FLOWS FROM FINANCING ACTIVITIES:
Principal payments on borrowings	(938)	(1,688)
Principal payments on capital leases	(94)	(87)
Proceeds from exercise of employee stock options	6	—
Net cash used in financing activities	(1,026)	(1,775)
Effect of foreign currency translation changes	2,768	(4,386)
Net change in cash, cash equivalents and restricted cash	34,555	13,581
Cash, cash equivalents and restricted cash at beginning of period	89,222	115,852
Cash, cash equivalents and restricted cash at end of period	$123,777	$129,433

Unaudited Condensed Consolidated Statements of Cash Flows, Continued

	Three Months Ended March 31,
	2025	2024
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid for interest	$1,513	$1,068
Cash paid for income taxes	843	502
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
Increase in payables for capital expenditures	$—	$7

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.