The News: MongoDB’s revenue for the fourth quarter of 2023 totaled $361.3 million, up 36 percent from $266.5 million one year ago, as the developer data platform company reported its latest earnings figures on March 8. MongoDB also reported its earnings for its full fiscal year of 2023 (FY2023) ending January 31, 2023, including revenue of $1.28 billion, up 47 percent from $873.8 million one year ago. Read the full Press Release from the MongoDB website.

MongoDB Revenue in Q4 Hits $361.3M, Up 36% from $266M YoY

Analyst Take: MongoDB’s revenue increase of 36 percent in Q4 2023 is positive news for the company as it continues to boost its customer numbers for its established open source, scale-out data platform, while also seeing revenue increases for its database services as well.

MongoDB is continuing to help its customers drive operational efficiencies using its data platform, giving customers broad abilities to store large amounts of structured and unstructured data using well-known tools and formats. Founded in 2007, MongoDB’s flexible, expandable architecture lets database developers store documents in a JSON-like format that maps directly to native objects in a wide range of programming languages.

MongoDB’s flexible and innovative architecture make it popular with developers who are building databases for highly available and scalable internet applications. The company’s flagship product is its MongoDB Atlas multi-cloud developer data platform.

The Q4 and FY2023 growth for MongoDB is particularly impressive due to the challenging macroeconomic conditions still being seen in the tech and consumer markets around the world.

Here are MongoDB’s Q4 and full FY2023 earnings results by the numbers:

Q4 2023 revenue of $361.3 million, up 36 percent from $266.5 million one year ago. The Q4 revenue figure handily beat analyst consensus estimates of $339.3 million from Investing.com.
Q4 2023 non-GAAP net income of $46.4 million, up 477 percent from $8.04 million one year ago.
Q4 2023 non-GAAP earnings per diluted share (EPS) of $0.57 per share, up from $0.10 per share one year ago. The EPS beat analyst consensus estimates of $0.07 per diluted share from Investing.com.
Q4 2023 non-GAAP gross profit of $281 million, up 43 percent from $197 million one year ago.
Q4 2023 non-GAAP gross margin of 78 percent, up from 74 percent one year ago.
Q4 2023 free cash flow of $23.8 million, compared to $16.8 million one year ago.
Full year FY2023 revenue of $1.28 billion, up 47 percent from $874 million one year ago.
Full year FY2023 non-GAAP net income of $64.7 million, compared to a net loss of $1 million one year ago.
Full year FY2023 non-GAAP EPS of $0.81 per share, up from a loss of $0.02 per share one year ago.
Full year FY2023 non-GAAP gross profit of $966 million, up 51 percent from $639 million one year ago.
Full year FY2023 non-GAAP gross margin of 75 percent, up from 73 percent one year ago.
Full year FY2023 free cash flow of negative $24.7 million, compared to free cash flow of negative $6.7 million one year ago.

Overall, MongoDB had a solid fourth quarter and full year of 2023 and is positioned to continue its earnings progress throughout the coming FY2024. Under the leadership of MongoDB’s president and CEO, Dev Ittycheria, and the rest of his leadership team, this is a company that is continuing to drive innovation and flexibility for enterprise database customers around the world.

MongoDB Revenue by Business Segment

MongoDB’s revenue is divided between database subscription revenue and services revenue.

In Q4 2023, the company generated $348 million in subscription revenue, up 34 percent from $258 million one year ago, and services revenue of $13 million, up 59 percent from $8.3 million one year ago.

In full FY2023, MongoDB generated $1.24 billion in subscription revenue, up 47 percent from $842 million one year ago, and services revenue of $49 million, up 54 percent from $31.7 million one year ago.

MongoDB Revenue Guidance for Q1 2024 and FY2024

As part of its Q4 earnings report, MongoDB also provided earnings guidance for the first quarter of 2024 and for FY2024.

MongoDB said it expects Q1 2024 revenue to be between $344 million to $348 million, with non-GAAP income from operations of $10 million to $13 million. It also expects non-GAAP net income per share of $0.17 to $0.20 cents for the quarter.

The company said it expects FY2024 revenue to be between $1.48 billion to $1.51 billion, with non-GAAP income from operations of $69 million to $84 million. It also expects non-GAAP net income per share of $0.96 to $1.10 for the full FY2024.

MongoDB Revenue Overview

MongoDB’s customer growth has been rising every quarter since at least January of 2021, giving it more than 40,800 enterprise customers by January of 2023. That is up from more than 33,000 customers one year ago and up from 24,800 customers in January of 2021.

Also increasing are the number of MongoDB customers that are spending more than $100,000 annually with the company – including 1,651 customers in January 2023, which is up 26 percent from 1,307 customers one year ago.

The growing popularity and enterprise use of the MongoDB Atlas database platform is clear evidence of the value of these tools for database developers as they create critical applications for their companies across a wide range of industries. I remain bullish about MongoDB’s future success and about its coming innovations and energy into the future.

Disclosure: Futurum Research is a research and advisory firm that engages or has engaged in research, analysis, and advisory services with many technology companies, including those mentioned in this article. The author does not hold any equity positions with any company mentioned in this article.

Analysis and opinions expressed herein are specific to the analyst individually and data and other information that might have been provided for validation, not those of Futurum Research as a whole.