On May 30, 2024, MongoDB Inc (MDB, Financial) released its 8-K filing announcing its financial results for the first quarter of fiscal 2025. Founded in 2007, MongoDB is a document-oriented database with nearly 33,000 paying customers and well past 1.5 million free users. MongoDB provides both licenses as well as subscriptions as a service for its NoSQL database. MongoDB's database is compatible with all major programming languages and is capable of being deployed for a variety of use cases.
Performance Overview
MongoDB Inc (MDB, Financial) reported total revenue of $450.6 million for the first quarter of fiscal 2025, surpassing the analyst estimate of $439.65 million. This marks a 22% increase year-over-year. However, the company reported a net loss of $80.6 million, or $1.10 per share, which is a larger loss compared to the analyst estimate of -$1.25 per share.
Key Financial Achievements
Subscription revenue, which constitutes the bulk of MongoDB's income, was $436.9 million, reflecting a 23% year-over-year increase. Services revenue also saw a slight increase of 1% year-over-year, amounting to $13.7 million. Gross profit for the quarter was $327.9 million, representing a 73% gross margin, slightly down from 74% in the same period last year.
Income Statement Highlights
| Metric | Q1 FY2025 | Q1 FY2024 |
|---|---|---|
| Total Revenue | $450.6 million | $368.3 million |
| Gross Profit | $327.9 million | $270.8 million |
| Net Loss | -$80.6 million | -$54.2 million |
| Net Loss per Share | -$1.10 | -$0.77 |
Balance Sheet and Cash Flow
As of April 30, 2024, MongoDB had $2.1 billion in cash, cash equivalents, short-term investments, and restricted cash. The company generated $63.6 million of cash from operations during the quarter, resulting in a free cash flow of $61.0 million, compared to $51.8 million in the year-ago period.
Customer Growth and Product Development
MongoDB continues to experience strong customer growth, with over 49,200 customers as of April 30, 2024. MongoDB Atlas, the company's cloud database service, saw a 32% year-over-year revenue increase and accounted for 70% of total Q1 revenue. The company also announced several new products and capabilities, including the preview of MongoDB 8.0 and the general availability of Atlas Stream Processing.
Challenges and Future Outlook
Despite the solid revenue growth, MongoDB faced challenges with slower-than-expected Atlas consumption growth and new workload wins, which could impact the company's performance for the remainder of fiscal 2025. However, the company remains optimistic about its market opportunities, particularly in AI-powered applications.
"MongoDB’s delivered solid first quarter results, highlighted by 32% Atlas revenue growth. At the same time, we had a slower than expected start to the year for both Atlas consumption growth and new workload wins, which will have a downstream impact for the remainder of fiscal 2025," said Dev Ittycheria, President and Chief Executive Officer of MongoDB.
Guidance for Q2 and Full Year Fiscal 2025
| Metric | Q2 FY2025 | Full Year FY2025 |
|---|---|---|
| Revenue | $460.0 million to $464.0 million | $1.88 billion to $1.90 billion |
| Non-GAAP Income from Operations | $35.0 million to $38.0 million | $168.0 million to $183.0 million |
| Non-GAAP Net Income per Share | $0.46 to $0.49 | $2.15 to $2.30 |
For more detailed information, please refer to the full 8-K filing.
Explore the complete 8-K earnings release (here) from MongoDB Inc for further details.
