Rimini Street, Inc. reported a revenue of $428.8 million for the fiscal year ending December 31, 2024, reflecting a slight decrease of 1% from $431.5 million in 2023. The company experienced a net loss of $36.3 million in 2024, a significant decline from the net income of $26.1 million recorded in the previous year. This downturn is attributed to a lower client retention rate and substantial litigation costs, particularly related to ongoing legal disputes with Oracle, which resulted in a $58.5 million payment for attorneys' fees and costs. The company has an accumulated deficit of $238.5 million as of the end of 2024.
In terms of operational metrics, Rimini Street supported over 3,080 active clients globally, including 73 Fortune 500 companies and 20 Fortune Global 100 companies. The company has expanded its service offerings, including the introduction of new solutions such as Rimini Protect Advanced Database Security Suite and Rimini Protect Advanced Hypervisor Security. The company also entered into a partnership with ServiceNow to enhance its service portfolio. Despite these developments, the revenue retention rate declined to 88% in 2024 from 90% in 2023, indicating challenges in maintaining existing client relationships.
Geographically, Rimini Street generated approximately 49% of its revenue from the United States and 51% from international markets in 2024. The company has been focusing on expanding its global footprint, with subsidiaries in various countries, including Japan, which represented 11% of total revenue. The company’s subscription-based revenue model provides a degree of predictability for future earnings, although the recent decline in revenue raises concerns about its sustainability.
Looking ahead, Rimini Street aims to continue investing in its growth strategy, which includes expanding its client base, enhancing its service offerings, and navigating the complexities of ongoing litigation. The company is also assessing the impact of its legal challenges on its business model, particularly regarding its support services for Oracle's PeopleSoft products. The management remains optimistic about future opportunities, despite the current financial challenges, and plans to leverage its existing client relationships to drive additional revenue growth.
About Rimini Street, Inc.
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