MongoDB Revenue Dominated by Subscription Sales

By Tamara Parker • Saturday, August 31 15:11 • Permanent Link

MongoDB, Inc. has recently released its 10-Q report, providing a detailed insight into its financial performance and operations. MongoDB, Inc. is a global provider of general-purpose database platforms, offering solutions such as MongoDB Atlas, MongoDB Enterprise Advanced, and Community Server. The company also provides professional services including consulting and training. MongoDB, Inc. was formerly known as 10gen, Inc. and is headquartered in New York, New York.

In ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS, MongoDB, Inc. reported revenue primarily from sales of subscriptions, which accounted for 97% of its total revenue for the three and six months ended July 31, 2024. MongoDB Atlas, the company's hosted multi-cloud database-as-a-service offering, represented 71% and 70% of total revenue during the same periods. MongoDB Enterprise Advanced, the proprietary commercial database server, accounted for 24% of the subscription revenue. Revenue from services, including consulting and training, accounted for 3% of the total revenue.

The company's total headcount increased to 5,360 as of July 31, 2024, from 4,626 as of July 31, 2023. MongoDB, Inc. generates revenue from a diverse customer base, with over 50,700 customers across a wide range of industries and in over 100 countries as of July 31, 2024. The company had over 7,300 customers sold through its direct sales force and channel partners. MongoDB Atlas customers increased to over 49,200 as of July 31, 2024, compared to over 43,500 as of July 31, 2023.

The report also highlighted key factors affecting MongoDB, Inc.'s performance, including the impact of adverse macroeconomic conditions on the growth rate for existing MongoDB Atlas applications. The company is focused on growing its customer base, expanding its global reach, and retaining and expanding revenue from existing customers. It calculates annualized recurring revenue (ARR) and annualized monthly recurring revenue (MRR) to measure subscription revenue performance, with the number of customers with $100,000 or greater in ARR and annualized MRR being 2,189 and 1,855 as of July 31, 2024 and 2023, respectively.

Today the company's shares have moved 18.3% to a price of $290.79. Check out the company's full 10-Q submission here.

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