Summary
MongoDB reported total revenue of $450.56 million for the first quarter of fiscal 2025, up 22.3% from the first quarter of fiscal 2024. The company's Atlas revenue grew 32% year-over-year and represented 70% of total revenue. Customer growth remained strong. MongoDB ended the quarter with over 49,200 customers, up from over 43,100 a year earlier. Direct sales customers exceeded 7,100, compared to over 6,700. Atlas customers reached over 47,700, up from over 41,600. The number of customers with at least $100,000 in annualized recurring revenue and annualized monthly recurring revenue rose to 2,137 from 1,761. MongoDB also said its net ARR expansion rate has consistently been over 120%.
Gross profit was $327.86 million, and gross margin was 72.8%, down from 73.5% in the prior-year quarter. The operating loss widened to $98.19 million from $68.55 million. The net loss widened to $80.59 million from $54.25 million. On a non-GAAP basis, income from operations was $32.8 million, down from $43.7 million. Non-GAAP net income was $42.7 million, or $0.51 per share, compared to $45.3 million, or $0.56 per share. Operating cash flow was $63.61 million, up from $53.73 million. Free cash flow was $61.0 million, up from $51.8 million. Capital expenditures were $0.54 million. Deferred revenue was $340.10 million, down 17.6% from the prior-year quarter. The operating margin was negative 21.8%, down from negative 18.6%.
For the second quarter of fiscal 2025, MongoDB guided revenue to $460.0 million to $464.0 million. For the full fiscal year 2025, revenue guidance is $1.88 billion to $1.90 billion. Non-GAAP income from operations is expected to be $35.0 million to $38.0 million for the second quarter and $168.0 million to $183.0 million for the full year. Non-GAAP net income per share guidance is $0.46 to $0.49 for the second quarter and $2.15 to $2.30 for the full year. The CEO noted 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. The company expects macroeconomic headwinds on the growth rate for existing Atlas applications in the short term.
MongoDB faces risks including adverse macroeconomic conditions, geopolitical conflicts, economic downturns, rising interest rates, inflation, and competition. The company has a history of losses and expects to continue to incur operating losses. Other risks include failure to meet publicly announced guidance, limited operating history, failure of the platform to satisfy customer demands, and increased competition. The company believes the market for its offerings is large and growing, citing IDC data that the worldwide database software market was $93 billion in 2023 and is expected to grow to approximately $170 billion in 2028. Headcount increased to 5,213 from 4,527. Product highlights included the preview of MongoDB 8.0, general availability of Atlas Stream Processing, and the MongoDB AI Applications Program. Accenture joined as the first global systems integrator in MAAP. Bendigo and Adelaide Bank modernized its core banking technology with MongoDB.
Forecast
Reported figures
GAAP, from SEC filings| Metric | Q1 FY2025 | Q4 FY2024 | QoQ | Q1 FY2024 | YoY |
|---|---|---|---|---|---|
| Revenue | $450.6M | $458.0M | -1.6% | $368.3M | +22.3% |
| Gross profit | $327.9M | $343.4M | -4.5% | $270.8M | +21.1% |
| Gross margin | 72.8% | 75.0% | -2.2 pp | 73.5% | -0.8 pp |
| Research & development | $146.1M | $145.6M | +0.3% | $116.8M | +25.0% |
| Sales & marketing | $219.4M | $211.1M | +3.9% | $182.7M | +20.1% |
| General & administrative | $60.5M | $57.7M | +5.0% | $39.8M | +52.0% |
| Total operating expenses | $426.1M | $414.3M | +2.8% | $339.4M | +25.5% |
| Operating income (loss) | -$98.2M | -$71.0M | -38.4% | -$68.5M | -43.2% |
| Operating margin | -21.8% | -15.5% | -6.3 pp | -18.6% | -3.2 pp |
| Net income (loss) | -$80.6M | -$55.5M | -45.3% | -$54.2M | -48.6% |
| Net margin | -17.9% | -12.1% | -5.8 pp | -14.7% | -3.2 pp |
| Customers | 368,280 | — | — | 285,447 | +29.0% |
Risks
MD&A states adverse macroeconomic conditions negatively impacted the business during the three months ended April 30, 2024, causing slower than historical growth rates for existing MongoDB Atlas applications. Management expects macroeconomic headwinds on existing Atlas application growth in the short term and expects the macroeconomic environment to continue to negatively impact revenue growth for the remainder of the year.
MongoDB derives more than the majority of revenue from MongoDB Atlas, which is primarily usage-based. The filing notes slower than historical growth of existing Atlas applications for the three months ended April 30, 2024 and limited visibility into timing of revenue recognition.
The business depends substantially on customers renewing subscriptions and expanding usage, and a majority of subscription contracts were one year in duration in fiscal year 2024. Retention and net ARR expansion rate may decline or fluctuate due to customer satisfaction, competition, pricing, and global economic conditions.
The conditional conversion feature of the 2026 Notes was triggered during the three months ended April 30, 2024, making the notes currently convertible at holder option from May 1, 2024 through July 31, 2024. If holders convert, MongoDB may need to settle in cash or reclassify the notes as a current liability, which could reduce net working capital.
MongoDB faces intense competition from legacy database providers such as IBM, Microsoft, and Oracle and from public cloud providers such as AWS, GCP, and Microsoft Azure, some of which can bundle competing products and have greater resources. The filing also notes AI and machine learning development may require significant resources and competitors may respond by lowering prices.
The sales cycle is long and unpredictable, generally three to nine months but can extend to more than a year for some customers. Rising inflation, interest rates, and global economic uncertainty may cause potential customers to reduce or delay technology spending and extend the sales cycle.
In December 2023, a previously unknown flaw in a third-party application enabled an unauthorized third party to phish and gain access to certain corporate applications, including support services applications with customer contact information and account metadata. The investigation found no evidence of unauthorized access to MongoDB Atlas clusters, but the incident shows exposure through third-party providers.
The filing highlights social, ethical, security, and regulatory issues from AI and generative AI in offerings or partnerships, including flawed or hallucinatory outputs, intellectual property and data rights concerns, and evolving rules such as the EU AI Act. These could increase research and development costs and create reputational or legal liability.
Community Server is offered under the SSPL or AGPL, and the filing notes uncertainty about enforceability and commercial adoption, including that the SSPL has not been approved by the Open Source Initiative. If the licenses are unenforceable or enterprises avoid SSPL-licensed software, MongoDB may lose monetization and intellectual property protection.
MongoDB is subject to stringent and evolving data privacy and security laws, including the CCPA, GDPR, and U.K. GDPR, with fines up to 20 million euros or 4% of global turnover under the GDPR. Cross-border transfer restrictions and changing adequacy decisions could increase compliance costs and limit data processing.
SaaS KPIs
All quarters →Total Customers
MongoDB Atlas Customers
Direct Sales Customers
Free Cash Flow
Net ARR Expansion Rate
Non-GAAP Gross Margin
Non-GAAP Operating Margin
MongoDB Atlas Revenue % of Total Revenue
MongoDB Atlas Revenue Growth
Summary, forecast, risks and KPIs are extracted from MongoDB, Inc.'s SEC filings for Q1 FY2025 (10-Q / 10-K and the 8-K earnings release); GAAP figures in the summary are checked against the reported XBRL data. They can contain errors; the filings are authoritative. Processed Oct 2, 2026.