Ellie Mae 3Q Report Positive Thanks to Software Offering

The mortgage software tech company Ellie Mae reported net earnings of $4.1 million for this past quarter on the strength of its loan origination system software.

Revenue from sales of its Encompass software grew 27% from the same period last year, to $26.5 million. This constituted about 65% of the company's total revenue for the quarter.

Total reported revenue grew 29.6%, to $42.8 million, with a gross profit of $31.1 million, a 26% year-over-year increase.

Total assets were $264.3 million, an increase of 15.6%.

Ellie Mae had an accumulated deficit of $5.1 million during the same period last year, so the company's net earnings represent an approximately $9 million swing.

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