Fri, Aug 30, 8:26 PM (137 days ago)
For the quarter ending July 31, 2024, MongoDB, Inc. reported total revenue of $478.1 million, up 13% from $423.8 million in the same quarter last year, primarily driven by a 13% increase in subscription revenue. However, the company experienced a net loss of $54.5 million, higher than the $37.6 million loss in Q2 2023, attributed to increased sales and marketing and R&D expenses. Operating cash flow improved to $62.2 million, compared to $28.4 million in the prior year. The company’s cash and cash equivalents totaled $1.29 billion, reflecting strong liquidity. Despite revenue growth, gross margin declined slightly to 73%, influenced by rising infrastructure costs associated with MongoDB Atlas, which accounted for 71% of total revenue. The firm continues to face macroeconomic uncertainties impacting growth rates, particularly for existing applications. The net annual recurring revenue (ARR) expansion rate decreased to 119%, indicating challenges in upselling existing customers. Overall, MongoDB's financial health shows promising revenue growth but highlights ongoing profitability challenges amid rising operational costs and external economic pressures.