Summary
MongoDB closed fiscal 2024 with a fourth quarter that paired solid top-line growth with narrower losses. Fourth-quarter revenue was $458.0 million, up 26.8% year over year. Full-year revenue reached $1.68 billion, up 31.1%. Atlas revenue grew 34% and accounted for 68% of fourth-quarter revenue. The company ended the period with over 47,800 customers, including over 7,000 direct sales customers and 2,052 customers with at least $100,000 in annualized recurring revenue. Atlas is now available in 117 cloud regions globally. Those metrics show that MongoDB's cloud database platform continues to win new workloads, even as management notes macroeconomic pressure on existing Atlas applications.
Profitability improved on a GAAP basis, though the company still posted losses. Fourth-quarter gross profit was $343.4 million, and gross margin was 75.0%, down 0.4 percentage points year over year. The operating loss was $71.0 million, narrower than the prior-year quarter. Net loss was $55.5 million. For the full year, net loss was $176.6 million, and diluted loss per share was $2.48, both narrower than the prior year. Non-GAAP results were positive: fourth-quarter non-GAAP income from operations was $69.2 million, compared with $37.2 million a year earlier, and non-GAAP net income was $71.1 million, or $0.86 per share. Full-year non-GAAP income from operations was $270.4 million, compared with $62.0 million, and full-year non-GAAP net income was $274.2 million, or $3.33 per share. The gap between GAAP and non-GAAP results remains large, driven mainly by stock-based compensation.
Cash generation was a bright spot. Fourth-quarter operating cash flow was $54.6 million, up 111.2% year over year. Full-year operating cash flow was $121.5 million, up from negative operating cash flow in the prior year. Capital expenditures were $2.7 million in the fourth quarter and $6.1 million for the full year, down 16.2% year over year. Free cash flow, a non-GAAP measure, was $50.5 million in the fourth quarter and $109.9 million for the full year. Deferred revenue was $377.4 million, down 18.0% year over year. Remaining performance obligations were $591.4 million, up 28.3%. The deferred revenue decline alongside RPO growth suggests a shift in billing and contract mix rather than a collapse in demand.
Guidance points to slower growth in fiscal 2025. For the first quarter of fiscal 2025, management guided revenue to $436.0 million to $440.0 million. For the full fiscal year 2025, revenue guidance is $1.90 billion to $1.93 billion. Non-GAAP income from operations guidance is $22.0 million to $25.0 million for the first quarter and $186.0 million to $201.0 million for the full year. Non-GAAP net income per share guidance is $0.34 to $0.39 for the first quarter and $2.27 to $2.49 for the full year. The outlook reflects the impact of over $80 million of fiscal 2024 revenue from multi-year term licenses and unused Atlas commitments that management does not expect to repeat in fiscal 2025. Risks include macroeconomic headwinds that have slowed growth in existing Atlas applications, higher inflation and interest rates, geopolitical conflicts, competition, and a history of losses. Management expects the macroeconomic environment to continue to negatively affect revenue growth in the near term.
Forecast
Reported figures
GAAP, from SEC filings| Metric | Q4 FY2024 | Q3 FY2024 | QoQ | Q4 FY2023 | YoY |
|---|---|---|---|---|---|
| Revenue | $458.0M | $432.9M | +5.8% | $361.3M | +26.8% |
| Gross profit | $343.4M | $325.9M | +5.4% | $272.2M | +26.2% |
| Gross margin | 75.0% | 75.3% | -0.3 pp | 75.3% | -0.3 pp |
| Research & development | $145.6M | $128.2M | +13.6% | $110.9M | +31.3% |
| Sales & marketing | $211.1M | $193.0M | +9.4% | $189.9M | +11.2% |
| General & administrative | $57.7M | $50.0M | +15.4% | $44.3M | +30.2% |
| Total operating expenses | $414.3M | $371.1M | +11.6% | $345.1M | +20.1% |
| Operating income (loss) | -$71.0M | -$45.2M | -56.9% | -$72.9M | +2.7% |
| Operating margin | -15.5% | -10.4% | -5.1 pp | -20.2% | +4.7 pp |
| Net income (loss) | -$55.5M | -$29.3M | -89.3% | -$64.4M | +13.9% |
| Net margin | -12.1% | -6.8% | -5.3 pp | -17.8% | +5.7 pp |
| Diluted EPS | -$0.78 | — | — | -$0.94 | +$0.16 |
Risks
Adverse macroeconomic conditions negatively impacted FY2024, including slower than historical growth rates for existing MongoDB Atlas applications. Management expects macroeconomic headwinds on the growth rate for existing Atlas applications in the short term.
MongoDB derives more than the majority of revenue from MongoDB Atlas, which represented 66% of total revenue in FY2024 versus 63% in the prior year. The usage-based model limits visibility into timing of revenue recognition and customers may consume Atlas more slowly than expected.
In December 2023 a previously unknown flaw in a third-party application enabled an unauthorized third party to phish and access certain corporate applications, including support services containing customer contact information and account metadata. Investigation found no evidence of unauthorized access to MongoDB Atlas clusters, but the incident may lead to litigation, regulatory investigations, or reputational harm.
The conditional conversion feature of the 0.25% convertible senior notes due 2026 was triggered during the three months ended January 31, 2024, making the notes currently convertible at holder option from February 1, 2024 through April 30, 2024. If holders convert, MongoDB may need to settle in cash or reclassify principal as current, adversely affecting liquidity and 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, Google Cloud Platform, and Microsoft Azure. Some competitors can bundle competing products or offer them at low or no cost, which may pressure pricing and customer acquisition.
The business depends substantially on customers renewing subscriptions and expanding usage, and the majority of subscription contracts were one year in duration in FY2024. If customers do not renew or renew on less favorable terms, results of operations and financial condition could be materially harmed.
The sales cycle is long and unpredictable, generally three to nine months and extending beyond a year for some customers. Rising inflation, higher interest rates, and global economic uncertainty may cause potential customers to delay technology spending and further extend the sales cycle.
New and evolving technologies such as AI and generative AI present reputational, legal, security, and intellectual property risks. Use of generative AI in code development could pose ownership and security risks, and MongoDB is monitoring the EU AI Act and other evolving frameworks.
MongoDB is subject to stringent and evolving data privacy and security laws, including the CCPA, GDPR, UK GDPR, and Brazil LGPD, with GDPR fines up to the greater of 20 million euros or 4% of global turnover. Compliance costs and potential liability may increase.
MongoDB is substantially dependent on its direct sales force and plans to expand sales and marketing, but faces significant competition for experienced sales professionals, particularly when targeting larger enterprises. New hires require significant training and may not become as productive as quickly as expected.
Community Server is offered under the SSPL or AGPL, and the SSPL has not been interpreted by courts or approved by the Open Source Initiative, which may deter adoption. The licensing model could limit MongoDB's ability to monetize and protect intellectual property, and competitors could use the software to compete.
SaaS KPIs
All quarters →Total Customers
MongoDB Atlas Customers
Direct Sales Customers
Free Cash Flow
Net ARR Expansion Rate
Customers over $100K ARR
Non-GAAP Operating Margin
MongoDB Atlas Revenue % of Total Revenue
Direct Sales Customers Revenue % of Subscription Revenue
MongoDB Enterprise Advanced % of Subscription Revenue
MongoDB Atlas Revenue Growth
Summary, forecast, risks and KPIs are extracted from MongoDB, Inc.'s SEC filings for Q4 FY2024 (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.