nCino reported Q2 2025 total revenues of $132.4 million, up 13% year over year, with non-GAAP gross margin at 66% and non-GAAP operating income of $19.3 million (15% non-GAAP operating margin). While GAAP operating income remained negative at about $(7.9) million and net income under GAAP was $(11.0) million, the company generated meaningful operating cash flow and free cash flow on a quarterly basis, underscoring the shift toward a platform-based revenue model and disciplined cost management. Management articulated a multi-year strategy to transition to platform pricing across the remainder of the business, a broadening product set (including Banking Advisor, DocFox, Allegro, SimpleNexus enhancements), and international expansion, with a stated objective of 50% YoY growth in net bookings for the year. The quarter featured rapid Banking Advisor adoption (8 deals in Q2 and the first live customer) and continued progress integrating DocFox and Allegro, while mortgage headwinds persisted but are expected to abate with anticipated rate cuts. The guidance implies continued topline momentum and a path to higher contribution from platform pricing in 2026 and beyond, albeit with ongoing Mortgage-related and international lumpiness risks.