Couchbase Announces Fourth Quarter and Fiscal 2025 Financial Results
Couchbase (NASDAQ: BASE) reported strong Q4 and fiscal 2025 results, with total revenue reaching $54.9 million in Q4 (up 10% YoY) and $209.5 million for the full year (up 16% YoY). The company's Annual Recurring Revenue (ARR) grew 17% YoY to $237.9 million.
Q4 highlights include subscription revenue of $52.8 million (10% YoY growth), gross margin of 88.6%, and positive free cash flow of $4.0 million - the highest quarterly free cash flow in company history. Operating loss improved to $15.8 million compared to $22.6 million in Q4 FY24.
Notable developments include the launch of Capella AI Services preview for building secure agentic applications, integration with NVIDIA AI Enterprise software platform, and the introduction of Capella Analytics Services on Google Cloud for JSON data analysis at scale.
Couchbase (NASDAQ: BASE) ha riportato risultati solidi per il quarto trimestre e per l'anno fiscale 2025, con un fatturato totale che ha raggiunto $54,9 milioni nel quarto trimestre (in aumento del 10% rispetto all'anno precedente) e $209,5 milioni per l'intero anno (in aumento del 16% rispetto all'anno precedente). Il fatturato annuale ricorrente (ARR) dell'azienda è cresciuto del 17% rispetto all'anno precedente, raggiungendo $237,9 milioni.
I punti salienti del quarto trimestre includono ricavi da abbonamenti di $52,8 milioni (crescita del 10% rispetto all'anno precedente), un margine lordo dell'88,6% e un flusso di cassa libero positivo di $4,0 milioni - il flusso di cassa libero trimestrale più alto nella storia dell'azienda. La perdita operativa è migliorata a $15,8 milioni rispetto ai $22,6 milioni del quarto trimestre dell'anno fiscale 24.
Sviluppi notevoli includono il lancio della Capella AI Services in anteprima per la creazione di applicazioni agentiche sicure, l'integrazione con la piattaforma software NVIDIA AI Enterprise e l'introduzione dei Capella Analytics Services su Google Cloud per l'analisi di dati JSON su larga scala.
Couchbase (NASDAQ: BASE) reportó resultados sólidos para el cuarto trimestre y el año fiscal 2025, con ingresos totales que alcanzaron $54.9 millones en el cuarto trimestre (un aumento del 10% interanual) y $209.5 millones para el año completo (un aumento del 16% interanual). Los ingresos recurrentes anuales (ARR) de la compañía crecieron un 17% interanual, alcanzando $237.9 millones.
Los aspectos destacados del cuarto trimestre incluyen ingresos por suscripción de $52.8 millones (crecimiento del 10% interanual), un margen bruto del 88.6% y un flujo de caja libre positivo de $4.0 millones - el flujo de caja libre trimestral más alto en la historia de la empresa. La pérdida operativa mejoró a $15.8 millones en comparación con $22.6 millones en el cuarto trimestre del año fiscal 24.
Desarrollos notables incluyen el lanzamiento de la vista previa de Capella AI Services para construir aplicaciones seguras y autónomas, la integración con la plataforma de software NVIDIA AI Enterprise y la introducción de Capella Analytics Services en Google Cloud para el análisis de datos JSON a gran escala.
Couchbase (NASDAQ: BASE)는 2025 회계연도 4분기 및 전체 연도 결과가 강력하다고 보고했으며, 4분기 총 수익은 $54.9 백만에 달하고 (전년 대비 10% 증가), 전체 연도 수익은 $209.5 백만에 달하며 (전년 대비 16% 증가) ARR(연간 반복 수익)은 전년 대비 17% 증가하여 $237.9 백만에 도달했습니다.
4분기 주요 내용으로는 구독 수익이 $52.8 백만 (전년 대비 10% 증가), 총 이익률이 88.6%, 그리고 $4.0 백만의 긍정적인 자유 현금 흐름이 기록되었습니다 - 이는 회사 역사상 가장 높은 분기별 자유 현금 흐름입니다. 운영 손실은 FY24 4분기 $22.6 백만에 비해 $15.8 백만으로 개선되었습니다.
주목할 만한 발전으로는 안전한 에이전트 응용 프로그램을 구축하기 위한 Capella AI Services 미리보기가 출시되었고, NVIDIA AI Enterprise 소프트웨어 플랫폼과의 통합이 이루어졌으며, Google Cloud에서 대규모 JSON 데이터 분석을 위한 Capella Analytics Services의 도입이 있었습니다.
Couchbase (NASDAQ: BASE) a annoncé de solides résultats pour le quatrième trimestre et l'exercice fiscal 2025, avec un chiffre d'affaires total atteignant 54,9 millions de dollars au quatrième trimestre (en hausse de 10 % par rapport à l'année précédente) et 209,5 millions de dollars pour l'année entière (en hausse de 16 % par rapport à l'année précédente). Le revenu récurrent annuel (ARR) de l'entreprise a augmenté de 17 % par rapport à l'année précédente, atteignant 237,9 millions de dollars.
Les points forts du quatrième trimestre incluent des revenus d'abonnement de 52,8 millions de dollars (croissance de 10 % par rapport à l'année précédente), une marge brute de 88,6 % et un flux de trésorerie libre positif de 4,0 millions de dollars - le flux de trésorerie libre trimestriel le plus élevé de l'histoire de l'entreprise. La perte d'exploitation s'est améliorée à 15,8 millions de dollars contre 22,6 millions de dollars au quatrième trimestre de l'exercice fiscal 24.
Les développements notables incluent le lancement de l'aperçu des Capella AI Services pour la création d'applications sécurisées et autonomes, l'intégration avec la plateforme logicielle NVIDIA AI Enterprise et l'introduction des Capella Analytics Services sur Google Cloud pour l'analyse de données JSON à grande échelle.
Couchbase (NASDAQ: BASE) hat starke Ergebnisse für das vierte Quartal und das Geschäftsjahr 2025 gemeldet, mit einem Gesamtumsatz von 54,9 Millionen US-Dollar im vierten Quartal (ein Anstieg von 10% im Vergleich zum Vorjahr) und 209,5 Millionen US-Dollar für das gesamte Jahr (ein Anstieg von 16% im Vergleich zum Vorjahr). Der jährliche wiederkehrende Umsatz (ARR) des Unternehmens wuchs um 17% im Vergleich zum Vorjahr auf 237,9 Millionen US-Dollar.
Die Highlights des vierten Quartals umfassen ein Abonnement-Einkommen von 52,8 Millionen US-Dollar (10% Wachstum im Vergleich zum Vorjahr), eine Bruttomarge von 88,6% und einen positiven freien Cashflow von 4,0 Millionen US-Dollar - der höchste vierteljährliche freie Cashflow in der Unternehmensgeschichte. Der operative Verlust verbesserte sich auf 15,8 Millionen US-Dollar im Vergleich zu 22,6 Millionen US-Dollar im vierten Quartal des Geschäftsjahres 24.
Bemerkenswerte Entwicklungen umfassen die Einführung der Capella AI Services Vorschau zur Erstellung sicherer agentenbasierter Anwendungen, die Integration mit der NVIDIA AI Enterprise Software-Plattform und die Einführung der Capella Analytics Services auf Google Cloud zur Analyse von JSON-Daten in großem Maßstab.
- Revenue growth of 16% YoY to $209.5M for FY2025
- ARR increased 17% YoY to $237.9M
- Record quarterly free cash flow of $4.0M in Q4
- Operating loss improved by $5.8M YoY in Q4
- Gross margin improved to 88.1% for FY2025
- Still operating at a loss of $78.7M for FY2025
- Negative free cash flow of $18.8M for full year
- Slight decline in Q4 gross margin to 88.6% from 89.7% YoY
- RPO growth slowed to 4% YoY
Insights
Couchbase delivered an impressive fourth quarter that caps a transformative fiscal 2025, marking significant progress in its journey toward profitability while maintaining strong growth. The company reported
The standout metric is Annual Recurring Revenue (ARR) growth of
Couchbase's profitability trajectory shows remarkable improvement. Q4 non-GAAP operating loss narrowed dramatically to just
The company maintains robust gross margins of
One potential yellow flag is the
Couchbase's strategic focus on AI capabilities represents a pragmatic approach to market trends. Rather than attempting to compete directly with AI model providers, the company is integrating with established players like NVIDIA while focusing on enabling developers to build and deploy AI-powered applications using their database platform. This strategy leverages Couchbase's strengths in managing operational data while participating in the AI growth wave.
The company's partnership with Google Cloud for Capella Analytics Services demonstrates their multi-cloud strategy and ability to form strategic alliances with major cloud providers, despite competing with them in certain areas.
For investors, Couchbase's improving financial profile – particularly the inflection to positive free cash flow – represents a significant de-risking event. With
The current market capitalization of approximately
"We finished fiscal 2025 on a strong note, including the highest quarterly free cash flow and net new ARR results in company history," said Matt Cain, Chair, President and CEO of Couchbase. "We delivered top- and bottom-line outcomes that exceeded the high end of our outlook, saw robust expansions and migrations, and made further progress with Capella uptake. I'm pleased with the team's execution in the quarter and confident in our ability to continue our momentum in fiscal 2026."
Fourth Quarter Fiscal 2025 Financial Highlights
- Revenue: Total revenue for the quarter was
$54.9 million 10% year-over-year. Subscription revenue for the quarter was$52.8 million 10% year-over-year. - Annual recurring revenue (ARR): Total ARR as of January 31, 2025 was
$237.9 million 17% year-over-year as reported and on a constant currency basis. Relative to currency rates underpinning the quarter and full year guidance, total ARR was$239.8 million - Gross margin: Gross margin for the quarter was
88.6% , compared to89.7% for the fourth quarter of fiscal 2024. Non-GAAP gross margin for the quarter was89.4% , compared to90.4% for the fourth quarter of fiscal 2024. See the section titled "Use of Non-GAAP Financial Measures" and the tables titled "Reconciliation of GAAP to Non-GAAP Results" below for details. - Loss from operations: Loss from operations for the quarter was
$15.8 million $22.6 million $0.1 million $4.1 million - Cash flow: Cash flow provided by operating activities for the quarter was
$4.4 million $6.5 million $0.4 million $4.0 million $7.7 million - Remaining performance obligations (RPO): RPO as of January 31, 2025 was
$251.1 million 4% year-over-year.
Full Year Fiscal 2025 Financial Highlights
- Revenue: Total revenue for the year was
$209.5 million 16% year-over-year. Subscription revenue for the year was$200.4 million 17% year-over-year. - Gross margin: Gross margin for the year was
88.1% , compared to87.7% for fiscal 2024. Non-GAAP gross margin for the year was88.9% , compared to88.5% for fiscal 2024. - Loss from operations: Loss from operations for the year was
$78.7 million $84.5 million $14.4 million $31.3 million - Cash flow: Cash flow used in operating activities for the year was
$15.8 million $26.9 million $3.0 million $18.8 million $31.6 million
Recent Business Highlights
- Launched the private preview of Capella AI Services to help customers build and deploy secure agentic applications while reducing development complexity and operational costs. The offering empowers developers to more easily build agents by giving them control over RAG workflows, access to AI models, and management of agent transcripts and metadata for data governance. With simplified workflows and integrated AI models, everything developers need is available in a single platform.
- Announced that Couchbase is helping enterprises accelerate the development of agentic AI applications with NVIDIA AI. Capella AI Model Services have integrated with NVIDIA NIM microservices, part of the NVIDIA AI Enterprise software platform, to offer a safe and fast way for organizations to build, deploy and evolve AI-powered applications. This integration gives customers the flexibility to run their preferred generative AI models while delivering optimized performance, security, support and reliability for AI workloads.
- Introduced the availability of Capella Analytics Services on Google Cloud, empowering enterprises to analyze operational JSON data at scale, driving faster, smarter decisions in an AI world. Built on Google's C4A instances with Arm-based processors and Titanium SSDs, Capella Analytics Services addresses the historical challenges of incorporating JSON data into analytics, machine learning, and AI, better enabling developers to build cutting-edge AI-powered applications.
- Earned prestigious industry recognition, including placement among CRN's 20 Coolest Cloud Software Companies of 2025 and multiple product awards for Capella, highlighted by SiliconANGLE Media's Most Innovative Database,
UK IT Industry's Cloud Innovation of the Year award, and a DEVIES award for best innovation in data storage and management.
Financial Outlook
For the first quarter and full year of fiscal 2026, Couchbase expects:
Q1 FY2026 Outlook | FY2026 Outlook | |||
Total Revenue | ||||
Total ARR | ||||
Non-GAAP Operating Loss | ||||
The guidance provided above is based on several assumptions that are subject to change and many of which are outside our control. If actual results vary from these assumptions, our expectations may change. There can be no assurance that we will achieve these results.
Couchbase is not able, at this time, to provide GAAP targets for operating loss for the first quarter or full year of fiscal 2026 because of the difficulty of estimating certain items excluded from non-GAAP operating loss that cannot be reasonably predicted, such as charges related to stock-based compensation expense. The effect of these excluded items may be significant.
Conference Call Information
Couchbase will host a live webcast at 1:30 p.m. Pacific Time (or 4:30 p.m. Eastern Time) on Tuesday, February 25, 2025, to discuss its financial results and business highlights. The conference call can be accessed by dialing 877-407-8029 from
About Couchbase
As industries race to embrace AI, traditional database solutions fall short of rising demands for versatility, performance and affordability. Couchbase is seizing the opportunity to lead with Capella, the developer data platform architected for critical applications in our AI world. By uniting transactional, analytical, mobile and AI workloads into a seamless, fully-managed solution, Couchbase empowers developers and enterprises to build and scale applications and AI agents with complete flexibility – delivering exceptional performance, scalability and cost-efficiency from cloud to edge and everything in between. Couchbase enables organizations to unlock innovation, accelerate AI transformation and redefine customer experiences wherever they happen. Discover why Couchbase is the foundation of critical everyday applications by visiting www.couchbase.com and following us on LinkedIn and X.
Couchbase has used, and intends to continue using, its investor relations website and the corporate blog at blog.couchbase.com to disclose material non-public information and to comply with its disclosure obligations under Regulation FD. Accordingly, you should monitor our investor relations website and the corporate blog in addition to following our press releases, SEC filings and public conference calls and webcasts.
Use of Non-GAAP Financial Measures
In addition to our financial information presented in accordance with GAAP, we believe certain non-GAAP financial measures are useful to investors in evaluating our operating performance. We use certain non-GAAP financial measures, collectively, to evaluate our ongoing operations and for internal planning and forecasting purposes. We believe that non-GAAP financial measures, when taken together with the corresponding GAAP financial measures, may be helpful to investors because they provide consistency and comparability with past financial performance and meaningful supplemental information regarding our performance by excluding certain items that may not be indicative of our business, results of operations or outlook. Non-GAAP financial measures are presented for supplemental informational purposes only, have limitations as analytical tools and should not be considered in isolation or as a substitute for financial information presented in accordance with GAAP, and may be different from similarly-titled non-GAAP financial measures used by other companies. In addition, other companies, including companies in our industry, may calculate similarly-titled non-GAAP financial measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of our non-GAAP financial measures as tools for comparison. Investors are encouraged to review the related GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures (provided in the financial statement tables included in this press release), and not to rely on any single financial measure to evaluate our business.
Non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating loss, non-GAAP operating margin, non-GAAP net income (loss) and non-GAAP net income (loss) per share: We define these non-GAAP financial measures as their respective GAAP measures, excluding expenses related to stock-based compensation expense, employer payroll taxes on employee stock transactions, restructuring charges and impairment of capitalized internal-use software. We use these non-GAAP financial measures in conjunction with GAAP measures to assess our performance, including in the preparation of our annual operating budget and quarterly forecasts, to evaluate the effectiveness of our business strategies and to communicate with our board of directors concerning our financial performance.
For the fourth quarter of fiscal 2024, we excluded the impairment of capitalized internal-use software, a non-cash operating expense, from our non-GAAP results as it is not reflective of ongoing operating results. This impairment charge related to certain previously capitalized internal-use software that we determined would no longer be placed into service. Prior period non-GAAP financial measures have not been adjusted to reflect this change as we did not incur impairment of capitalized internal-use software in any prior period presented.
Free cash flow: We define free cash flow as cash provided by or used in operating activities less additions to property and equipment, which includes capitalized internal-use software costs. We believe free cash flow is a useful indicator of liquidity that provides our management, board of directors and investors with information about our future ability to generate or use cash to enhance the strength of our balance sheet and further invest in our business and pursue potential strategic initiatives.
Please see the reconciliation tables at the end of this press release for the reconciliation of GAAP and non-GAAP results.
Key Business Metrics
We review a number of operating and financial metrics, including ARR, to evaluate our business, measure our performance, identify trends affecting our business, formulate business plans and make strategic decisions.
We define ARR as of a given date as the annualized recurring revenue that we would contractually receive from our customers in the month ending 12 months following such date. Based on historical experience with customers, we assume all contracts will be renewed at the same levels unless we receive notification of non-renewal and are no longer in negotiations prior to the measurement date. For Capella products, ARR in a customer's initial year is calculated as the greater of: (i) initial year contract revenue as described above or (ii) annualized prior 90 days of actual consumption; and ARR for subsequent years is calculated with method (ii). ARR excludes services revenue.
Prior to fiscal 2025, ARR excluded on-demand revenue and, for Capella products in a customer's initial year, ARR was calculated solely on the basis of initial year contract revenue. The reason for these changes is to better reflect ARR where usage rates or timing of purchases may be uneven and to better align with how ARR is used to measure the performance of the business. ARR for prior periods has not been adjusted to reflect this change as it is not material to any period previously presented.
ARR should be viewed independently of revenue, and does not represent our revenue under GAAP on an annualized basis, as it is an operating metric that can be impacted by contract start and end dates and renewal dates. ARR is not intended to be a replacement for forecasts of revenue. Although we seek to increase ARR as part of our strategy of targeting large enterprise customers, this metric may fluctuate from period to period based on our ability to acquire new customers, expand within our existing customers and consumption dynamics. We believe that ARR is an important indicator of the growth and performance of our business.
We also attempt to represent the changes in the underlying business operations by eliminating fluctuations caused by changes in foreign currency exchange rates within the current period. We calculate constant currency growth rates by applying the applicable prior period exchange rates to current period results.
Forward-Looking Statements
This press release contains "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are based on management's beliefs and assumptions and on information currently available to management. Forward-looking statements include, but are not limited to, quotations of management, the section titled "Financial Outlook" above and statements about the expected client demand for and benefits of our offerings, the impact of our recently-released and planned products and services and our market position, strategies and potential market opportunities. Forward-looking statements generally relate to future events or our future financial or operating performance. Forward-looking statements include all statements that are not historical facts and, in some cases, can be identified by terms such as "anticipate," "expect," "intend," "plan," "believe," "continue," "could," "potential," "remain," "may," "might," "will," "would" or similar expressions and the negatives of those terms. However, not all forward-looking statements contain these identifying words. Forward-looking statements involve known and unknown risks, uncertainties and other factors, including factors beyond our control, which may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. These risks include, but are not limited to: our history of net losses and ability to achieve or maintain profitability in the future; our ability to continue to grow on pace with historical rates; our ability to manage our growth effectively; intense competition and our ability to compete effectively; cost-effectively acquiring new customers or obtaining renewals, upgrades or expansions from our existing customers; the market for our products and services being highly competitive and evolving, and our future success depending on the growth and expansion of this market; our ability to innovate in response to changing customer needs, new technologies or other market requirements, including new capabilities, programs and partnerships and their impact on our customers and our business; our limited operating history, which makes it difficult to predict our future results of operations; the significant fluctuation of our future results of operations and ability to meet the expectations of analysts or investors; our significant reliance on revenue from subscriptions, which may decline and, the recognition of a significant portion of revenue from subscriptions over the term of the relevant subscription period, which means downturns or upturns in sales are not immediately reflected in full in our results of operations; and the impact of geopolitical and macroeconomic factors. Further information on risks that could cause actual results to differ materially from forecasted results are included in our filings with the Securities and Exchange Commission that we may file from time to time, including those more fully described in our Quarterly Report on Form 10-Q for the fiscal quarter ended October 31, 2024. Additional information will be made available in our Annual Report on Form 10-K for the fiscal year ended January 31, 2025 that will be filed with the Securities and Exchange Commission, which should be read in conjunction with this press release and the financial results included herein. Any forward-looking statements contained in this press release are based on assumptions that we believe to be reasonable as of this date. Except as required by law, we assume no obligation to update these forward-looking statements, or to update the reasons if actual results differ materially from those anticipated in the forward-looking statements.
Couchbase, Inc. | |||||||
Condensed Consolidated Statements of Operations | |||||||
(in thousands, except per share data) | |||||||
(unaudited) | |||||||
Three Months Ended January 31, | Year Ended January 31, | ||||||
2025 | 2024 | 2025 | 2024 | ||||
Revenue: | |||||||
License | $ 6,464 | $ 7,196 | $ 22,908 | $ 21,514 | |||
Support and other | 46,317 | 40,865 | 177,502 | 150,040 | |||
Total subscription revenue | 52,781 | 48,061 | 200,410 | 171,554 | |||
Services | 2,141 | 2,028 | 9,056 | 8,483 | |||
Total revenue | 54,922 | 50,089 | 209,466 | 180,037 | |||
Cost of revenue: | |||||||
Subscription(1) | 4,838 | 3,580 | 18,116 | 14,647 | |||
Services(1) | 1,420 | 1,560 | 6,843 | 7,435 | |||
Total cost of revenue | 6,258 | 5,140 | 24,959 | 22,082 | |||
Gross profit | 48,664 | 44,949 | 184,507 | 157,955 | |||
Operating expenses: | |||||||
Research and development(1) | 17,873 | 16,491 | 70,576 | 64,069 | |||
Sales and marketing(1) | 33,818 | 34,055 | 141,937 | 130,558 | |||
General and administrative(1) | 12,806 | 11,840 | 50,649 | 42,663 | |||
Impairment of capitalized internal-use software | — | 5,156 | — | 5,156 | |||
Restructuring(1) | — | — | — | 46 | |||
Total operating expenses | 64,497 | 67,542 | 263,162 | 242,492 | |||
Loss from operations | (15,833) | (22,593) | (78,655) | (84,537) | |||
Interest expense | (14) | — | (60) | (43) | |||
Other income, net | 802 | 1,766 | 5,864 | 5,752 | |||
Loss before income taxes | (15,045) | (20,827) | (72,851) | (78,828) | |||
Provision for income taxes | 566 | 575 | 1,802 | 1,355 | |||
Net loss | $ (15,611) | $ (21,402) | $ (74,653) | $ (80,183) | |||
Net loss per share, basic and diluted | $ (0.30) | $ (0.44) | $ (1.45) | $ (1.70) | |||
Weighted-average shares used in computing net loss per share, basic and diluted | 52,766 | 48,513 | 51,310 | 47,175 | |||
(1) Includes stock-based compensation expense as follows: |
Three Months Ended January 31, | Year Ended January 31, | ||||||
2025 | 2024 | 2025 | 2024 | ||||
Cost of revenue - subscription | $ 315 | $ 148 | $ 1,200 | $ 707 | |||
Cost of revenue - services | 101 | 116 | 455 | 529 | |||
Research and development | 4,430 | 3,422 | 17,134 | 12,920 | |||
Sales and marketing | 5,283 | 4,310 | 21,910 | 15,771 | |||
General and administrative | 5,097 | 4,630 | 20,598 | 15,846 | |||
Restructuring | — | — | — | 1 | |||
Total stock-based compensation expense | $ 15,226 | $ 12,626 | $ 61,297 | $ 45,774 | |||
Couchbase, Inc. | |||
Condensed Consolidated Balance Sheets | |||
(in thousands) | |||
(unaudited) | |||
As of January 31, 2025 | As of January 31, 2024 | ||
Assets | |||
Current assets | |||
Cash and cash equivalents | $ 30,536 | $ 41,351 | |
Short-term investments | 116,635 | 112,281 | |
Accounts receivable, net | 49,242 | 44,848 | |
Deferred commissions | 16,774 | 15,421 | |
Prepaid expenses and other current assets | 15,206 | 10,385 | |
Total current assets | 228,393 | 224,286 | |
Property and equipment, net | 7,214 | 5,327 | |
Operating lease right-of-use assets | 3,935 | 4,848 | |
Deferred commissions, noncurrent | 19,602 | 11,400 | |
Other assets | 1,454 | 1,891 | |
Total assets | $ 260,598 | $ 247,752 | |
Liabilities and Stockholders' Equity | |||
Current liabilities | |||
Accounts payable | $ 2,186 | $ 4,865 | |
Accrued compensation and benefits | 21,091 | 18,116 | |
Other accrued expenses | 8,443 | 4,581 | |
Operating lease liabilities | 1,356 | 3,208 | |
Deferred revenue | 94,252 | 81,736 | |
Total current liabilities | 127,328 | 112,506 | |
Operating lease liabilities, noncurrent | 2,960 | 2,078 | |
Deferred revenue, noncurrent | 2,694 | 2,747 | |
Total liabilities | 132,982 | 117,331 | |
Stockholders' equity | |||
Preferred stock | — | — | |
Common stock | — | — | |
Additional paid-in capital | 692,812 | 621,024 | |
Accumulated other comprehensive income | 116 | 56 | |
Accumulated deficit | (565,312) | (490,659) | |
Total stockholders' equity | 127,616 | 130,421 | |
Total liabilities and stockholders' equity | $ 260,598 | $ 247,752 | |
Couchbase, Inc. | |||||||
Condensed Consolidated Statements of Cash Flows | |||||||
(in thousands) | |||||||
(unaudited) | |||||||
Three Months Ended January 31, | Year Ended January 31, | ||||||
2025 | 2024 | 2025 | 2024 | ||||
Cash flows from operating activities | |||||||
Net loss | $ (15,611) | $ (21,402) | $ (74,653) | $ (80,183) | |||
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||
Depreciation and amortization | 760 | 390 | 2,280 | 2,424 | |||
Stock-based compensation, net of amounts capitalized | 15,226 | 12,626 | 61,297 | 45,774 | |||
Amortization of deferred commissions | 4,788 | 4,886 | 17,443 | 18,628 | |||
Non-cash lease expense | 910 | 762 | 3,303 | 3,075 | |||
Impairment of capitalized internal-use software | — | 5,156 | — | 5,156 | |||
Foreign currency transaction losses | 626 | 116 | 857 | 765 | |||
Other | (379) | (973) | (2,248) | (3,553) | |||
Changes in operating assets and liabilities: | |||||||
Accounts receivable | (20,953) | (14,496) | (4,746) | (5,382) | |||
Deferred commissions | (13,382) | (10,937) | (26,998) | (24,829) | |||
Prepaid expenses and other assets | (4,672) | (3,111) | (4,835) | (2,274) | |||
Accounts payable | (2,952) | 1,712 | (3,101) | 3,447 | |||
Accrued compensation and benefits | 8,820 | 8,989 | 3,030 | 5,472 | |||
Other Accrued Expenses | 4,016 | 1,481 | 3,541 | (1,516) | |||
Operating lease liabilities | (959) | (828) | (3,460) | (3,389) | |||
Deferred revenue | 28,120 | 9,179 | 12,462 | 9,492 | |||
Net cash provided by (used in) operating activities | 4,358 | (6,450) | (15,828) | (26,893) | |||
Cash flows from investing activities | |||||||
Purchases of short-term investments | (25,362) | (40,704) | (100,976) | (131,160) | |||
Maturities of short-term investments | 18,000 | 39,322 | 99,144 | 151,296 | |||
Additions to property and equipment | (375) | (1,285) | (3,020) | (4,710) | |||
Net cash (used in) provided by investing activities | (7,737) | (2,667) | (4,852) | 15,426 | |||
Cash flows from financing activities | |||||||
Proceeds from exercise of stock options | 1,172 | 3,580 | 6,423 | 10,933 | |||
Proceeds from issuance of common stock under ESPP | — | — | 3,515 | 2,000 | |||
Net cash provided by financing activities | 1,172 | 3,580 | 9,938 | 12,933 | |||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (288) | (19) | (616) | (561) | |||
Net (decrease) increase in cash, cash equivalents and restricted cash | (2,495) | (5,556) | (11,358) | 905 | |||
Cash, cash equivalents, and restricted cash at beginning of period | 33,031 | 47,450 | 41,894 | 40,989 | |||
Cash, cash equivalents, and restricted cash at end of period | $ 30,536 | $ 41,894 | $ 30,536 | $ 41,894 | |||
Reconciliation of cash, cash equivalents, and restricted cash within the consolidated balance sheets to the amounts shown above: | |||||||
Cash and cash equivalents | $ 30,536 | $ 41,351 | $ 30,536 | $ 41,351 | |||
Restricted cash included in other assets | — | 543 | — | 543 | |||
Total cash, cash equivalents and restricted cash | $ 30,536 | $ 41,894 | $ 30,536 | $ 41,894 | |||
Couchbase, Inc. | |||||||
Reconciliation of GAAP to Non-GAAP Results | |||||||
(in thousands, except per share data) | |||||||
(unaudited) | |||||||
Three Months Ended January 31, | Year Ended January 31, | ||||||
2025 | 2024 | 2025 | 2024 | ||||
Reconciliation of GAAP gross profit to non-GAAP gross profit: | |||||||
Total revenue | $ 54,922 | $ 50,089 | $ 209,466 | $ 180,037 | |||
Gross profit | $ 48,664 | $ 44,949 | $ 184,507 | $ 157,955 | |||
Add: Stock-based compensation expense | 416 | 264 | 1,655 | 1,236 | |||
Add: Employer taxes on employee stock transactions | 13 | 61 | 133 | 147 | |||
Non-GAAP gross profit | $ 49,093 | $ 45,274 | $ 186,295 | $ 159,338 | |||
Gross margin | 88.6 % | 89.7 % | 88.1 % | 87.7 % | |||
Non-GAAP gross margin | 89.4 % | 90.4 % | 88.9 % | 88.5 % | |||
Three Months Ended January 31, | Year Ended January 31, | ||||||
2025 | 2024 | 2025 | 2024 | ||||
Reconciliation of GAAP operating expenses to non-GAAP operating expenses: | |||||||
GAAP research and development | $ 17,873 | $ 16,491 | $ 70,576 | $ 64,069 | |||
Less: Stock-based compensation expense | (4,430) | (3,422) | (17,134) | (12,920) | |||
Less: Employer taxes on employee stock transactions | (122) | (181) | (707) | (611) | |||
Non-GAAP research and development | $ 13,321 | $ 12,888 | $ 52,735 | $ 50,538 | |||
GAAP sales and marketing | $ 33,818 | $ 34,055 | $ 141,937 | $ 130,558 | |||
Less: Stock-based compensation expense | (5,283) | (4,310) | (21,910) | (15,771) | |||
Less: Employer taxes on employee stock transactions | (269) | (377) | (1,647) | (1,154) | |||
Non-GAAP sales and marketing | $ 28,266 | $ 29,368 | $ 118,380 | $ 113,633 | |||
GAAP general and administrative | $ 12,806 | $ 11,840 | $ 50,649 | $ 42,663 | |||
Less: Stock-based compensation expense | (5,097) | (4,630) | (20,598) | (15,846) | |||
Less: Employer taxes on employee stock transactions | (59) | (77) | (450) | (341) | |||
Non-GAAP general and administrative | $ 7,650 | $ 7,133 | $ 29,601 | $ 26,476 | |||
Three Months Ended January 31, | Year Ended January 31, | ||||||
2025 | 2024 | 2025 | 2024 | ||||
Reconciliation of GAAP loss from operations to non-GAAP loss from operations: | |||||||
Total revenue | $ 54,922 | $ 50,089 | $ 209,466 | $ 180,037 | |||
Loss from operations | $ (15,833) | $ (22,593) | $ (78,655) | $ (84,537) | |||
Add: Stock-based compensation expense | 15,226 | 12,626 | 61,297 | 45,773 | |||
Add: Employer taxes on employee stock transactions | 463 | 696 | 2,937 | 2,253 | |||
Add: Impairment of capitalized internal-use software | — | 5,156 | — | 5,156 | |||
Add: Restructuring(2) | — | — | — | 46 | |||
Non-GAAP loss from operations | $ (144) | $ (4,115) | $ (14,421) | $ (31,309) | |||
Operating margin | (29) % | (45) % | (38) % | (47) % | |||
Non-GAAP operating margin | — % | (8) % | (7) % | (17) % | |||
Three Months Ended January 31, | Year Ended January 31, | ||||||
2025 | 2024 | 2025 | 2024 | ||||
Reconciliation of GAAP net loss to non-GAAP net income (loss): | |||||||
Net loss | $ (15,611) | $ (21,402) | $ (74,653) | $ (80,183) | |||
Add: Stock-based compensation expense | 15,226 | 12,626 | 61,297 | 45,773 | |||
Add: Employer taxes on employee stock transactions | 463 | 696 | 2,937 | 2,253 | |||
Add: Impairment of capitalized internal-use software | — | 5,156 | — | 5,156 | |||
Add: Restructuring(2) | — | — | — | 46 | |||
Non-GAAP net income (loss) | $ 78 | $ (2,924) | $ (10,419) | $ (26,955) | |||
GAAP net loss per share, basic and dilutive | $ (0.30) | $ (0.44) | $ (1.45) | $ (1.70) | |||
Non-GAAP net income (loss) per share, basic and dilutive | $ — | $ (0.06) | $ (0.20) | $ (0.57) | |||
Weighted average shares outstanding, basic | 52,766 | 48,513 | 51,310 | 47,175 | |||
Weighted average shares outstanding, dilutive(3) | 56,093 | 48,513 | 51,310 | 47,175 | |||
(2) | For the twelve months ended January 31, 2024, an immaterial amount of stock-based compensation expense related to restructuring charges was included in the restructuring expense line. |
(3) | For periods where the Company is in a net loss position, basic and dilutive weighted average shares are equivalent. |
The following table presents a reconciliation of free cash flow to net cash provided by (used in) operating activities, the most directly comparable GAAP measure (in thousands, unaudited):
Three Months Ended January 31, | Year Ended January 31, | ||||||
2025 | 2024 | 2025 | 2024 | ||||
Net cash provided by (used in) operating activities | $ 4,358 | $ (6,450) | $ (15,828) | $ (26,893) | |||
Less: Additions to property and equipment | (375) | (1,285) | (3,020) | (4,710) | |||
Free cash flow | $ 3,983 | $ (7,735) | $ (18,848) | $ (31,603) | |||
Net cash (used in) provided by investing activities | $ (7,737) | $ (2,667) | $ (4,852) | $ 15,426 | |||
Net cash provided by financing activities | $ 1,172 | $ 3,580 | $ 9,938 | $ 12,933 | |||
Couchbase, Inc. | ||||||||||||||||
Key Business Metrics | ||||||||||||||||
(in millions) | ||||||||||||||||
(unaudited) | ||||||||||||||||
As of: | ||||||||||||||||
April 30, | July 31, | Oct. 31, | Jan. 31, | April 30, | July 31, | Oct. 31, | Jan 31, | |||||||||
2023 | 2023 | 2023 | 2024 | 2024 | 2024 | 2024 | 2025 | |||||||||
ARR | $ 172.2 | $ 180.7 | $ 188.7 | $ 204.2 | $ 207.7 | $ 214.0 | $ 220.3 | $ 237.9 | ||||||||
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SOURCE Couchbase, Inc.
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