First Quarter Financial Highlights Include:
Remaining Performance Obligations (RPO) of $643.6 million, up 16.4% year over year
Adjusted Calculated Billings of $92.2 million, up 22.9% year over year
Adjusted Annualized Recurring Revenue (ARR) of $388.0 million, up 5.0% year over year
LAS VEGAS, April 30, 2026 – Rimini Street, Inc., (Nasdaq: RMNI), a global provider of end-to-end enterprise software support, managed services and Agentic AI ERP 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, 2026.
“Our first quarter results reflect continued growth and accelerating momentum in our core Rimini Support™ business as organizations turn to the proven Rimini Smart Path™ to execute their global ERP and operational transaction processes faster, better and cheaper with more agility and speed to value – all within existing budgets,” said Seth Ravin, president and CEO, Rimini Street. “We help organizations avoid unnecessary, costly and risky ERP and other enterprise software upgrades, migrations and replatformings that often deliver low ROI and little competitive advantage. Instead, organizations can invest in the modernization of their existing systems by leveraging next generation Rimini Agentic AI ERP solutions that can be quickly and economically deployed over their current ERP and other enterprise software to deliver real competitive advantage.”
“We delivered strong first quarter 2026 results that built on second half 2025 momentum, reflecting continued, growing market demand for our differentiated, proven support and innovation solutions,” said Michael Perica, CFO, Rimini Street. “We continued to make additional strategic investments in new AI and innovation offerings to drive growth and further streamlined global operations to provide leverage with scale. Looking ahead, we remain focused on profitable growth, disciplined cost management and a strong balance sheet and cash position. Capital allocation actions in the quarter included a $10 million debt prepayment that reduced outstanding debt to $58.4 million and increased net cash to $73.8 million as of March 31, 2026.”
Select First Quarter 2026 Financial Results
- Revenue was $105.5 million for the first quarter of 2026, an increase of 1.2% compared to $104.2 million for the same period last year; excluding the support services for Oracle’s PeopleSoft software products, revenue increased by 5.2%.
- U.S. revenue was $46.9 million for the first quarter of 2026, a decrease of 6.4% compared to $50.1 million for the same period last year; excluding the support services for Oracle’s PeopleSoft software products, U.S. revenue decreased by 0.3%.
- International revenue was $58.6 million for the first quarter of 2026, an increase of 8.3% compared to $54.1 million for the same period last year; excluding the support services for Oracle’s PeopleSoft software products, international revenue increased by 9.9%.
- Subscription revenue was $100.2 million, which accounted for 95.0% of total revenue for the first quarter of 2026, compared to subscription revenue of $99.0 million, which accounted for 95.0% of total revenue for the same period last year; excluding the support services for Oracle’s PeopleSoft software products, subscription revenue was $97.0 million, or 94.9% of total revenue, for the first quarter of 2026 compared to $92.4 million, or 95.0% of total revenue, for the same period last year.
- Annualized Recurring Revenue was $400.8 million for the first quarter of 2026, an increase of 1.2% compared to $396.2 million for the same period last year; excluding the support services for Oracle’s PeopleSoft software products, Adjusted Annualized Recurring Revenue was $388.0 million for the first quarter of 2026, an increase of 5.0% compared to $369.6 million for the same period last year.
- Active Clients as of March 31, 2026 were 3,130, an increase of 1.2% compared to 3,092 Active Clients as of March 31, 2025.
- Revenue Retention Rate was 88% and 88% for the trailing 12 months ended March 31, 2026 and 2025, respectively.
- Calculated Billings was $95.3 million for the first quarter of 2026, an increase of 19.9% compared to $79.4 million for the same period last year.
- Adjusted Calculated Billings, which excludes Calculated Billings related to the support services for Oracle’s PeopleSoft software products, was $92.2 million for the first quarter of 2026, an increase of 22.9% compared to $75.0 million for the same period last year.
- Remaining Performance Obligations (RPO) was $643.6 million as of March 31, 2026, an increase of 16.4% compared to $553.1 million as of March 31, 2025; excluding the support services for Oracle’s PeopleSoft software products, Adjusted RPO was $633.2 million as of March 31, 2026, an increase of 18.2% compared to $535.8 million as of March 31, 2025.
- Gross margin was 59.0% for the first quarter of 2026 compared to 61.0% for the same period last year.
- Operating income was $4.8 million for the first quarter of 2026 compared to $9.4 million for the same period last year.
- Non-GAAP Operating Income was $7.9 million for the first quarter of 2026 compared to $14.5 million for the same period last year.
- Net income was $1.4 million for the first quarter of 2026 compared to $3.4 million for the same period last year.
- Non-GAAP Net Income was $4.0 million for the first quarter of 2026 compared to $9.5 million for the same period last year.
- Adjusted EBITDA for the first quarter of 2026 was $8.9 million compared to $15.7 million for the same period last year.
- Both the basic and diluted earnings per share attributable to common stockholders were $0.01 for the first quarter of 2026, compared to a basic and diluted earnings per share of $0.04 for the same period last year.
- Cash and cash equivalents were $132.2 million at March 31, 2026 compared to $122.6 million at March 31, 2025.
- Voluntary debt prepayment of $10.0 million during the first quarter, reducing the term loan outstanding to $58.4 million.
Select First Quarter 2026 Operating Results
- Announced new and existing clients that expanded their agreements with Rimini Street, including the following:
- LF, a leading South Korean lifestyle company, selected Rimini Support™ for SAP ECC 6.0 and Oracle Database to reduce maintenance costs, improve support quality and stability, and reinvest savings in AI-driven automation and digital transformation.
- Cubic Corporation, a U.S. based global innovation technology partner for the defense and transportation industries, partnered with Rimini Street to support its strategy to modernize while maintaining SAP ECC as a stable core.
- KleanNara, a leading South Korean manufacturer of paper and hygiene products, selected Rimini Support™ for its SAP ECC 6.0 and Oracle Database systems, freeing up funds and team focus for AI-driven innovation and growth.
- Flexitech, a French manufacturer for the global automobile industry, selected Rimini Support™ for SAP to strengthen security, accelerate compliance readiness and free budget for R&D and modernization initiatives.
- Lwart Environmental Solutions, a world leading Brazilian re-refinery and industrial sustainability organization, expanded its long-time partnership with Rimini Street by consolidating support for VMware and SAP support to regain control of its licensing and roadmap decisions, eliminating vendor-driven timelines and cost escalation.
- Lotte Rental, South Korea’s top car rental company, selected Rimini Support™ for its SAP and Oracle systems, using the resulting savings to invest in AI, mobility services and cloud capabilities.
- Resolved more than 6,800 support cases and delivered over 11,000 tax, legal, and regulatory updates across 23 countries, achieving an average client satisfaction score of 4.9 out of 5.0 (where 5.0 is rated excellent).
- Received multiple industry Stevie® Awards for Best Use of AI in Customer Service, Front-Line Customer Service Team of the Year in the Technology Industry and Best Customer Satisfaction Strategy.
Business Outlook
The Company is providing second quarter 2026 revenue guidance to be in the range of $106 million to $108 million and reiterating the full year 2026 guidance provided at our Investor Day in December 2025 of revenue growth in the 4% to 6% range and Adjusted EBITDA margins in the 12.5% to 15.5% range (combined to achieve “Rule of 20”).
Webcast and Conference Call Information
Rimini Street will host a conference call and webcast to discuss the first quarter of 2026 results and offer commentary on full year 2026 at 5:00 p.m. Eastern Time / 2:00 p.m. Pacific Time on April 30, 2026. 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.”
RIMINI STREET, INC.
Unaudited Condensed Consolidated Balance Sheets
(In thousands, except per share amounts)
| ASSETS | March 31, 2026 | December 31, 2025 | |
| Current assets: | |||
| Cash and cash equivalents | $132,189 | $119,974 | |
| Restricted cash, current | 342 | 341 | |
| Accounts receivable, net of allowance of $1,783 and $1,443, respectively | 95,746 | 136,866 | |
| Deferred contract costs, current | 17,570 | 17,734 | |
| Prepaid expenses and other | 28,286 | 25,447 | |
| Total current assets | 274,133 | 300,362 | |
| Long-term assets: | |||
| Restricted cash, noncurrent | 784 | 785 | |
| Property and equipment, net of accumulated depreciation and amortization of $23,952 and $23,822, respectively | 9,879 | 10,239 | |
| Operating lease right-of-use assets | 20,494 | 21,371 | |
| Deferred contract costs, noncurrent | 24,087 | 24,436 | |
| Deposits and other | 8,745 | 8,379 | |
| Deferred income taxes, net | 58,979 | 57,540 | |
| Total assets | $397,101 | $423,112 | |
| LIABILITIES, REDEEMABLE PREFERRED STOCK AND STOCKHOLDERS’ DEFICIT | |||
| Current liabilities: | |||
| Current maturities of long-term debt | — | $4,031 | |
| Accounts payable | 4,966 | 5,752 | |
| Accrued compensation, benefits and commissions | 33,747 | 39,609 | |
| Other accrued liabilities | 23,475 | 24,307 | |
| Operating lease liabilities, current | 4,815 | 4,984 | |
| Deferred revenue, current | 257,382 | 268,717 | |
| Total current liabilities | 324,385 | 347,400 | |
| Long-term liabilities: | |||
| Long-term debt, net of current maturities | 56,412 | 63,156 | |
| Deferred revenue, noncurrent | 19,947 | 18,824 | |
| Operating lease liabilities, noncurrent | 17,357 | 18,843 | |
| Other long-term liabilities | 1,566 | 1,918 | |
| Total liabilities | 419,667 | 450,141 | |
| Stockholders’ deficit: | |||
| Preferred Stock, $0.0001 par value per share. Authorized 99,820 shares (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 92,133 and 91,603 shares, respectively | 9 | 9 | |
| Additional paid-in capital | 184,073 | 181,075 | |
| Accumulated other comprehensive loss | (5,509) | (5,613) | |
| Accumulated deficit | (200,023) | (201,384) | |
| Treasury stock,, at cost, 137 and 137 shares, respectively | (1,116) | (1,116) | |
| Total stockholders’ deficit | (22,566) | (27,029) | |
| Total liabilities and stockholders’ deficit | $397,101 | $423,112 | |
RIMINI STREET, INC.
Unaudited Condensed Consolidated Statements of Operations
(In thousands, except per share amounts)
| Three Months Ended | |||
| March 31, | |||
| 2026 | 2025 | ||
| Revenue | $105,473 | $104,204 | |
| Cost of revenue | 43,208 | 40,670 | |
| Gross profit | 62,265 | 63,534 | |
| Operating expenses: | |||
| Sales and marketing | 38,636 | 34,255 | |
| General and administrative | 17,850 | 17,531 | |
| Reorganization costs | 407 | 462 | |
| Research and development | 571 | — | |
| Litigation costs and related recoveries: | |||
| Professional fees and other costs of litigation | — | 1,925 | |
| Litigation costs and related recoveries, net | 1,925 | ||
| Total operating expenses | 57,464 | 54,173 | |
| Operating income | 4,801 | 9,361 | |
| Non-operating income and (expenses): | |||
| Interest expense | (1,251) | (1,675) | |
| Other income (expenses), net | (1,240) | (77) | |
| Income before income taxes | 2,310 | 7,609 | |
| Income taxes | (949) | (4,259) | |
| Net income | $1,361 | $3,350 | |
| Net income per share attributable to common stockholders: | |||
| Basic | $0.01 | $0.04 | |
| Diluted | $0.01 | $0.04 | |
| Weighted average number of shares of Common Stock outstanding: | |||
| Basic | 91,791 | 91,240 | |
| Diluted | 93,918 | 93,320 | |
RIMINI STREET, INC.
GAAP to Non-GAAP Reconciliations
(In thousands)
| Three Months Ended | |||
| March 31, | |||
| 2026 | 2025 | ||
| Non-GAAP operating income reconciliation: | |||
| Operating income | $4,801 | $9,361 | |
| Non-GAAP adjustments: | |||
| Litigation costs and related recoveries, net | — | 1,925 | |
| Stock-based compensation expense | 2,661 | 2,702 | |
| Reorganization costs | 407 | 462 | |
| Non-GAAP operating income | $7,869 | $14,450 | |
| Non-GAAP net income reconciliation: | |||
| Net income | $2,310 | $7,609 | |
| Non-GAAP adjustments: | |||
| Litigation costs and related recoveries, net | — | 1,925 | |
| Stock-based compensation expense | 2,661 | 2,702 | |
| Reorganization costs | 407 | 462 | |
| Non-GAAP income taxes | $(1,328) | $(3,187) | |
| Non-GAAP net income | $4,050 | $9,511 | |
| Non-GAAP Adjusted EBITDA reconciliation: | |||
| Net income | $1,361 | $3,350 | |
| Non-GAAP adjustments: | |||
| Interest expense | 1,251 | 1,675 | |
| Income taxes | 949 | 4,259 | |
| Depreciation and amortization expense | 995 | 930 | |
| EBITDA | 4,556 | 10,214 | |
| Non-GAAP adjustments: | |||
| Litigation costs and related recoveries, net | — | 1,925 | |
| Stock-based compensation expense | 2,661 | 2,702 | |
| Reorganization costs | 407 | 462 | |
| Unrealized foreign exchange losses | 1,281 | 400 | |
| Adjusted EBITDA | $8,905 | $15,703 | |
| Calculated Billings: | |||
| Revenue | $105,473 | $104,204 | |
| Deferred revenue, current and noncurrent, end of the period | 277,329 | 256,423 | |
| Deferred revenue, current and noncurrent, beginning of the period | 287,541 | 281,197 | |
| Change in deferred revenue | (10,212) | (24,774) | |
| Calculated billings | $95,261 | $79,430 | |
| Less PeopleSoft calculated billings | $(3,063) | $(4,426) | |
| Calculated billings | $92,198 | $75,004 | |
RIMINI STREET, INC.
GAAP to Non-GAAP Reconciliations
(In thousands)
| Three Months Ended | ||||
| March 31, | ||||
| 2026 | 2025 | |||
| Annualized recurring revenue | $400,812 | $396,156 | ||
| Less annualized PeopleSoft recurring revenue | 12,768 | 26,572 | ||
| Adjusted annualized recurring revenue | $388,044 | $369,584 | ||
| March 31, 2026 | March 31, 2025 | |||
| Remaining performance obligations | $643,614 | $553,070 | ||
| Less PeopleSoft remaining performance obligations | 10,399 | 17,257 | ||
| Adjusted remaining performance obligations | $633,215 | $535,813 | ||
About Non-GAAP Financial Measures and Certain Key Metrics
To provide investors and others with additional information regarding Rimini Street’s results, we have disclosed the following non-GAAP financial measures and certain key metrics. We have described below Active Clients, Annualized Recurring Revenue, Adjusted Annualized Recurring Revenue and Revenue Retention Rate, each of which is a key operational metric for our business. In addition, we have disclosed the following non-GAAP financial measures: non-GAAP operating income, non-GAAP net income, EBITDA, Adjusted EBITDA, Calculated Billings, Adjusted Calculated Billings, Remaining Performance Obligations and Adjusted Remaining Performance Obligations. In addition, we present certain financial metrics excluding our Oracle’s PeopleSoft software product offering to permit investors to see the operation of our continuing business, excluding reductions associated with the PeopleSoft wind down. Rimini Street has provided in the tables above a reconciliation of each non-GAAP financial measure used in this earnings release to the most directly comparable GAAP financial measure. These non-GAAP financial measures are also described below.
The primary purpose of using non-GAAP measures is to provide supplemental information that management believes may prove useful to investors and to enable investors to evaluate our results in the same way management does. We also present the non-GAAP financial measures because we believe they assist investors in comparing our performance across reporting periods on a consistent basis, as well as comparing our results against the results of other companies, by excluding items that we do not believe are indicative of our core operating performance. Specifically, management uses these non-GAAP measures as measures of operating performance; to prepare our annual operating budget; to allocate resources to enhance the financial performance of our business; to evaluate the effectiveness of our business strategies; to provide consistency and comparability with past financial performance; to facilitate a comparison of our results with those of other companies, many of which use similar non-GAAP financial measures to supplement their GAAP results; and in communications with our board of directors concerning our financial performance. Investors should be aware however, that not all companies define these non-GAAP measures consistently.
Active Client is a distinct entity that purchases our services to support a specific product, including a company, an educational or government institution, or a business unit of a company. For example, we count as two separate active clients when support for two different products is being provided to the same entity. We believe that our ability to expand our active clients is an indicator of the growth of our business, the success of our sales and marketing activities, and the value that our services bring to our clients.
Annualized Recurring Revenue is the amount of subscription revenue recognized during a fiscal quarter and multiplied by four. This gives us an indication of the revenue that can be earned in the following 12-month period from our existing client base, assuming no cancellations or price changes occur during that period. Subscription revenue excludes any non-recurring revenue, which has been insignificant to date.
Adjusted Annualized Recurring Revenue is annualized recurring revenue adjusted to exclude subscription revenue associated with services for Oracle’s PeopleSoft software products recognized during a fiscal quarter and multiplied by four.
Revenue Retention Rate is the actual subscription revenue (dollar-based) recognized over a 12-month period from customers that were clients on the day prior to the start of such 12-month period, divided by our Annualized Recurring Revenue as of the day prior to the start of the 12-month period.
Non-GAAP Operating Income is operating income adjusted to exclude: litigation costs and related recoveries, net, stock-based compensation expense and reorganization costs. The exclusions are discussed in further detail below.
Non-GAAP Income Taxes is the income tax effect adjusted to exclude: litigation costs and related recoveries, net, stock-based compensation expense and reorganization costs from income before income taxes.
Non-GAAP Net Income is net income adjusted to exclude: litigation costs and related recoveries, net, stock-based compensation expense and reorganization costs after taxes. These exclusions are discussed in further detail below.
Specifically, management excludes the following items from its non-GAAP financial measures, as applicable, for the periods presented:
Litigation Costs and Related Recoveries, Net: Litigation costs and the associated litigation settlement, insurance and appeal recoveries relate to outside costs of litigation activities. These costs and recoveries reflect the litigation we are involved with, and do not relate to the day-to-day operations or our core business of serving our clients.
Stock-Based Compensation Expense: Our compensation strategy includes the use of stock-based compensation to attract and retain employees. This strategy is principally aimed at aligning employee interests with those of our stockholders and to achieve long-term employee retention. As a result, stock-based compensation expense varies for reasons that are generally unrelated to operational decisions in any particular period.
Reorganization Costs: The costs consist primarily of severance costs associated with the Company’s reorganization plan.
EBITDA is net income adjusted to exclude: interest expense, income taxes, and depreciation and amortization expense.
Adjusted EBITDA is EBITDA adjusted to exclude: litigation costs and related recoveries, net, stock-based compensation expense and reorganization costs, as discussed above. In addition, it is also adjusted by unrealized foreign exchange (gains) or losses.
Calculated Billings represents the change in deferred revenue for the current period plus revenue for the current period.
Adjusted Calculated Billings is calculated billings adjusted to exclude the calculated billings associated with services for Oracle’s PeopleSoft software products.
Remaining Performance Obligations represent all future non-cancellable revenue under contract that has not yet been recognized as revenue, and includes deferred revenue and unbilled amounts.
Adjusted Remaining Performance Obligations is the Company’s remaining performance obligations adjusted to exclude the remaining performance obligations for services for Oracle’s PeopleSoft software products.
Rule of 20 is achieved when the revenue growth percentage and adjusted EBITDA percentage of revenue equal 20% when added together.