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1. Company Snapshot

1.a. Company Description

Rimini Street, Inc.provides enterprise software products, services, and support for various industries.The company offers software support services for Oracle and SAP enterprise software products.


It sells its solutions primarily through direct sales organizations in North America, Latin America, Europe, Africa, the Middle East, Asia, and the Asia-Pacific.Rimini Street, Inc.was incorporated in 2005 and is headquartered in Las Vegas, Nevada.

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1.b. Last Insights on RMNI

Rimini Street's recent performance was driven by a strong Q4 earnings beat, with earnings per share of $0.12 surpassing the Zacks Consensus Estimate of $0.11. The company's revenue also topped estimates, indicating a resilient business model. Additionally, the recent appellate court decision significantly reduced Rimini's legal risks from its longstanding copyright infringement litigation with Oracle, alleviating a major overhang. Furthermore, the company's strategic partnership with T-Systems North America is expected to enhance its software support and hosting solutions, providing a growth catalyst.

1.c. Company Highlights

2. Rimini Street's Q3 2025 Earnings: A Mixed Bag

Rimini Street reported Q3 2025 revenue of $103.4 million, a 1.2% year-over-year decrease, with annualized recurring revenue (ARR) of $391 million, down 2.6%. The company's gross margin was 59.9% of revenue, and non-GAAP gross margin was 60.4%. Net income attributable to shareholders was $2.8 million or $0.03 per diluted share, and non-GAAP net income was $6.9 million or $0.07 per diluted share, slightly below estimates of $0.08 actual EPS relative to $0.1 expected. Adjusted EBITDA was $10.1 million or 9.8% of revenue.

Publication Date: Dec -02

📋 Highlights
  • Revenue Decline:: Q3 2025 revenue fell to $103.4 million (-1.2% YoY), with ARR dropping to $391 million (-2.6% YoY).
  • New Client Growth:: Closed 17 new deals with $63.1 million TCV, adding 79 new logos and a record backlog of $611.2 million (+6.4% YoY).
  • Profitability Metrics:: Gross margin at 59.9%, non-GAAP net income of $6.9 million ($0.07/share), and adjusted EBITDA of $10.1 million (9.8% of revenue).
  • Strategic Shifts:: Oracle litigation settled, PeopleSoft services to wind down by 2028; partnered with American Digital and launched AI ERP solutions (26 client engagements).
  • Operational Costs:: Sales & marketing expenses rose to 36.7% of revenue, but indirect/channel sales efficiency improved, and litigation costs will decrease post-settlement.

Operational Highlights

The company closed 17 new client sales transactions with a total contract value (TCV) of $63.1 million and added 79 new logos, demonstrating its ability to attract new customers. The record backlog of $611.2 million, up 6.4% year-over-year, provides a solid foundation for future growth. Rimini Street's CEO, Seth Ravin, noted that the company's new agentic AI ERP innovation solution powered by ServiceNow's AI platform achieved 26 client engagements, showcasing the potential of its AI-driven solutions.

Strategic Developments

Rimini Street settled its Oracle litigation and will wind down PeopleSoft services by July 31, 2028. The company also announced a strategic partnership with American Digital and launched a U.S. federal and state local education sales team. According to Ravin, the indirect and channel sales area will increase sales efficiency, and the revenue from this channel currently stands at a significant percentage. The settlement of Oracle litigation has led to prospects and partners coming back to Rimini Street, as the litigation concern is now resolved.

Valuation and Outlook

Analysts estimate next year's revenue growth at 3.1%. With a P/S Ratio of 0.82 and EV/EBITDA of 3.51, the company's valuation appears reasonable. However, the ROE of -90.85% and ROIC of 54.06% indicate a mixed picture. The newly secured GSA schedule is expected to help Rimini Street do business with the U.S. government, and the company does not expect an impact from the current government shutdown.

Future Prospects

Rimini Street is focused on deploying AI to reduce costs and improve service, with a new global CIO, Joe Locandro, brought in to aggressively pursue cost reductions using AI. The partnership with American Digital aims to provide a full-stack solution to customers, helping them avoid upgrading and keeping them on their current hosting platform. With over 100 organizations using Rimini Street's VMware solution, the majority being net new logos, the company is poised for growth.

3. NewsRoom

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Rimini Street, Inc. (RMNI) Analyst/Investor Day Transcript

Dec -05

Source: seekingalpha.com

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Rimini Street Launches Rimini Agentic UX™ to Bring Agentic AI Innovation to ERP Processes

Dec -03

Source: businesswire.com

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Boston Partners Raises Stock Holdings in Rimini Street, Inc. $RMNI

Dec -01

Source: defenseworld.net

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Rimini Street: Q3 Missed Optically, But The Core Business Is Still Intact

Nov -19

Source: seekingalpha.com

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Rimini Street, Inc. (RMNI) Q3 2025 Earnings Call Transcript

Oct -31

Source: seekingalpha.com

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Rimini Street (RMNI) Lags Q3 Earnings and Revenue Estimates

Oct -30

Source: zacks.com

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Rimini Street Announces Fiscal Third Quarter 2025 Financial and Operating Results

Oct -30

Source: businesswire.com

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Rimini Street to Host Investor Day 2025 on December 3, 2025

Oct -29

Source: businesswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (1.00%)

6. Segments

Enterprise Software Support Services

Expected Growth: 1.0%

Rimini Street's Enterprise Software Support Services growth is driven by increasing demand for cost-effective, premium support alternatives to vendor-provided maintenance, coupled with the need for organizations to optimize their IT budgets and focus on digital transformation initiatives.

7. Detailed Products

Rimini Street Support for Oracle

Third-party support for Oracle products, including database, middleware, and applications

Rimini Street Support for SAP

Third-party support for SAP products, including ERP, CRM, and HANA

Rimini Street Support for Salesforce

Third-party support for Salesforce products, including CRM, Marketing Cloud, and Commerce Cloud

Rimini Street Application Management Services (AMS)

Proactive management and maintenance of ERP and CRM systems

Rimini Street Advanced Database Security (ADS)

Real-time database monitoring and security solutions

Rimini Street Cloud Services

Cloud-based infrastructure and application management services

Rimini Street Professional Services

Custom consulting and implementation services for ERP, CRM, and other systems

8. Rimini Street, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Rimini Street's services are specialized and customized, making it difficult for customers to find substitutes.

Bargaining Power Of Customers

While customers have some bargaining power due to the availability of alternative providers, Rimini Street's strong relationships and customized services mitigate this power.

Bargaining Power Of Suppliers

Rimini Street has a diverse supplier base, and its suppliers have limited bargaining power due to the company's strong negotiating position.

Threat Of New Entrants

While there are barriers to entry in the enterprise software support market, new entrants could potentially disrupt the market, but Rimini Street's established brand and customer base provide a competitive advantage.

Intensity Of Rivalry

The enterprise software support market is highly competitive, with several established players, including Oracle and SAP, competing for market share.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 211.81%
Debt Cost 10.30%
Equity Weight -111.81%
Equity Cost 10.30%
WACC 10.30%
Leverage -189.44%

11. Quality Control: Rimini Street, Inc. passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
CoreCard

A-Score: 5.1/10

Value: 3.7

Growth: 5.7

Quality: 7.4

Yield: 0.0

Momentum: 10.0

Volatility: 4.0

1-Year Total Return ->

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Stock-Card
Paycor HCM

A-Score: 5.0/10

Value: 2.8

Growth: 7.7

Quality: 5.2

Yield: 0.0

Momentum: 9.5

Volatility: 5.0

1-Year Total Return ->

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Stock-Card
Rimini Street

A-Score: 4.7/10

Value: 7.9

Growth: 2.4

Quality: 6.0

Yield: 0.0

Momentum: 10.0

Volatility: 2.0

1-Year Total Return ->

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Stock-Card
SoundHound AI

A-Score: 4.0/10

Value: 6.0

Growth: 4.3

Quality: 3.9

Yield: 0.0

Momentum: 9.5

Volatility: 0.3

1-Year Total Return ->

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Stock-Card
EZFill

A-Score: 3.7/10

Value: 8.4

Growth: 4.3

Quality: 4.9

Yield: 0.0

Momentum: 4.0

Volatility: 0.7

1-Year Total Return ->

View Full Report
Stock-Card
NextPlat

A-Score: 3.7/10

Value: 9.2

Growth: 5.6

Quality: 4.2

Yield: 0.0

Momentum: 2.0

Volatility: 1.0

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

4.16$

Current Price

4.16$

Potential

-0.00%

Expected Cash-Flows