Companies/US/RMNI

RIMINI STREET, INC.

Last · NasdaqGM$4.06-0.10 (-2.40%)stale · yahoo · 57h ago
Vol 184.5K ≈ 749.1K
Market cap$379.03M93.4M sh
P/E · TTM58.0fwd 8.5 · eps 0.07
Beta1.31vs S&P 500
Div yield0.00%annual · TTM
52w range
$2.87$5.68
Volume184.5Ksession

Issuer

Legal nameRIMINI STREET, INC.
HQUnited States (US)
ListingUS RMNI
ISINUS76674Q1076
SectorTechnology
IndustryBusiness & Consumer Services
SIC7389
CurrencyUSD
Entity registrysec:0001635282
CIK0001635282
Employees1,950
AddressRimini Street, Inc. 1700 South Pavilion Center Drive 89135, Las Vegas +702 839 9671
Headline financial metrics
Revenue$216.5M
Operating income$11.2M
Net income$3.8M
Free cash flow$21.5M
Operating margin5.2%
Net margin1.7%
Period2026
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OpenFilings analyst

Our analyst

Agentic read of the latest earnings call — recommendation updates when we process a new transcript. Research synthesis, not investment advice.

Strong strategic positioning, but execution and retention evidence are not yet sufficient for a clean buy.

Latest call · 2025-12-22

Hold: Rimini Street targets Q4 2025 revenue of $104–106 million and adjusted EBITDA of $10–13 million, while 2026 guidance calls for mid-single-digit revenue growth, low-60s gross margin and mid-teens adjusted EBITDA margins. The post-Oracle-litigation setup, 95% subscription revenue and potential Agentic AI upsell are credible positives, but the investment case still depends on unproven innovation revenue and a recovery in retention that management did not quantify.

Themes
  • Post Litigation
  • Agentic Ai Erp
  • Servicenow Partnership
  • Subscription Retention
  • Smartpath
  • Innovation Pillar
+2

Near term

Q4 seasonality and the $104–106 million revenue outlook; management noted Q4 is typically its largest invoicing quarter.

Completion of 26 ServiceNow-related pilots by year-end, with many expected to enter production in Q1 2026; conversion into material revenue remains the key near-term proof point.

Core support revenue is expected to grow in 2026 excluding PeopleSoft, but the declining PeopleSoft contribution will pressure reported growth.

Post-litigation pipeline, new partner activity and share repurchases could improve sentiment, although management provided mostly qualitative evidence of acceleration.

Longer term

The SmartPath model could improve retention and lifetime value by combining high-margin support with managed services, professional services and innovation offerings.

Agentic AI layered onto existing ERP systems could expand Rimini’s addressable opportunity and make customers less likely to leave for an ERP upgrade or SaaS migration.

The business has a favorable recurring-revenue base—about 95% of revenue is subscription-based—and core support carries roughly 70% gross margin, supporting cash generation.

Management targets a future mix with roughly one-quarter to one-third of revenue from optimized and innovation services, but the ability to reach that mix without diluting margins remains unproven.

Competitive moat risk remains: customer enthusiasm validates the use case, but the innovation layer will involve ServiceNow and other ecosystem partners, potentially limiting Rimini’s differentiation and economics.

Red flags

Retention has declined over the last two years because customers churned alongside technology changes; management said Agentic AI now gives them a reason to stay but did not quantify the expected retention improvement.

Management acknowledged it does not yet understand the full revenue ratio or TAM for the innovation pillar, making the 10–15% long-term growth framework highly dependent on unproven assumptions.

The 26 ServiceNow initiatives are largely pilots or proof-of-concepts; management expects many to enter production in Q1, but did not provide customer-level bookings, conversion rates or revenue contribution.

The 2026 outlook includes mid-single-digit growth while management simultaneously describes a path to double-digit growth, indicating that the current forecast does not yet reflect the full innovation thesis.

Optimized services carry materially lower margins than core support—roughly 40–50% for professional services and 20–30% for managed services—creating mix risk before innovation margins are demonstrated.

Client-panel evidence was largely testimonial and supportive; it did not establish repeatable, independently measurable economics for Rimini’s new Agentic UX or innovation offerings.

Forward outlook

revenue

104–106 $million

Q4 2025

official guidance

ebitda

10–13 $million

Q4 2025

official guidance

revenue growth

—

FY 2026

official guidance

gross margin

—

FY 2026

official guidance

operating margin

—

FY 2026

official guidance

ebitda

—

FY 2026

official guidance

revenue growth

10–15 pct

FY 2028

management framework

ebitda

20–25 pct

FY 2028

management framework

gross margin

—

FY 2028

management target

OpenFilings analyst view from primary-source filings and earnings calls — not investment advice.

Upcoming earnings

1 event
9:00 PM UTC+1
Period
Sep 2026
Est. EPS
$0.10
Est. revenue
110.8M

Earnings transcripts

2 recent

Press & signals

1 recent
  • Satelight

    Licensing costs driving 90 percent of VMware users to explore options: Survey

Documents

FormReporting forFiledFlags
2026-10-082026-10-090
2026-10-012026-10-020
2026-09-142026-09-240