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MongoDB, Inc. (NASDAQ: MDB) is a leading force in the database technology space, providing a modern and highly scalable document-oriented database platform. Founded in 2007 and headquartered in New York, MongoDB revolutionizes how businesses harness data, supporting a wide range of applications from startups to large enterprises. With over 9 million downloads and nearly 33,000 paying customers, MongoDB's ecosystem is one of the fastest-growing in the database industry.
MongoDB's core offering is its NoSQL database, which is compatible with all major programming languages and can be deployed in diverse use cases. Through both license-based and subscription-based models, the company caters to various customer needs, ensuring flexibility and scalability.
One of MongoDB's prominent products is MongoDB Atlas, a multi-cloud developer data platform that integrates an operational database with data and application services. MongoDB Atlas simplifies the process of building, deploying, and managing modern applications that require high performance and scale. Recently, MongoDB announced new capabilities in Atlas that make it easier to build generative AI applications, enabling organizations to leverage real-time operational data more effectively.
In fiscal 2024, MongoDB reported strong financial performance with a 34% growth in Atlas revenue and an improvement in operating margins. The company continues to invest in product development and market expansion, recognizing the significant long-term growth opportunities, particularly in AI-driven applications.
MongoDB has also introduced the MongoDB AI Applications Program (MAAP), designed to help organizations rapidly build and deploy innovative applications enriched with generative AI technology. This program provides a comprehensive suite of tools, professional services, and strategic partnerships to support enterprises in embedding AI into their applications.
Furthermore, MongoDB's commitment to developer success is evident through MongoDB University, which has trained millions of developers, and through its extensive network of over 1,000 technology and service partners.
MongoDB's mission is to empower innovators to create, transform, and disrupt industries by unleashing the power of software and data. As the database landscape evolves, MongoDB remains at the forefront, enabling organizations to build smarter and more impactful applications with greater ease.
Bendigo and Adelaide Bank has partnered with MongoDB to modernize its core banking technology using MongoDB Atlas and generative AI. This initiative, aimed at enhancing customer-focused innovation, reduced development time by up to 90% and migration costs to one-tenth compared to traditional methods. The bank leveraged AI-powered automation to cut application testing time from over 80 hours to just five minutes. The modernization of the Agent Delivery System, a key retail banking application, was completed in under three months. The transition to a microservices architecture with a robust API ecosystem has improved data integration and enhanced developer efficiency. Future plans include migrating 50% of the bank's critical workloads to the cloud by year-end.
MongoDB (NASDAQ: MDB) reported its Q1 fiscal 2025 financial results, highlighting a 22% year-over-year increase in total revenue to $450.6 million. Subscription revenue rose by 23% to $436.9 million, while services revenue saw a modest 1% increase. Atlas revenue surged by 32%, contributing to 70% of total Q1 revenue. However, the company noted a slower-than-expected start for Atlas consumption growth and new workload wins, potentially affecting fiscal 2025 performance.
Gross profit was $327.9 million with a 73% gross margin. The net loss widened to $80.6 million ($1.10 per share) compared to $54.2 million ($0.77 per share) in the previous year. Non-GAAP net income was $42.7 million ($0.51 per share). Cash flow from operations was strong at $63.6 million, resulting in free cash flow of $61.0 million.
For Q2 and full-year fiscal 2025, MongoDB projects revenue between $460 million and $464 million and $1.88 billion to $1.90 billion, respectively. Non-GAAP net income per share is forecasted to be between $0.46 and $0.49 for Q2 and $2.15 to $2.30 for the full year.
MongoDB (NASDAQ: MDB) announced its participation in two major upcoming conferences: the Baird 2024 Global Consumer, Technology & Services Conference in New York, NY, and the 44th Annual William Blair Growth Stock Conference in Chicago, IL.
Chief Operating Officer and Chief Financial Officer, Michael Gordon, along with Senior Vice President of Finance, Serge Tanjga, will represent the company. They will present at the Baird Conference on June 4, 2024, at 1:25 PM ET and at the William Blair Conference on June 5, 2024, at 4:40 PM CT (5:40 PM ET).
Both presentations will be live-streamed and later available for replay on MongoDB's investor relations website.
MongoDB announced that its cloud database, MongoDB Atlas, has achieved four new security certifications: ISO 9001, TISAX, HDS, and TX-RAMP. These certifications enhance MongoDB's compliance portfolio, ensuring robust data security and meeting regulatory requirements for industries including automotive, healthcare, and public sectors. Customers, such as Wells Fargo and GE Healthcare, can now adopt MongoDB Atlas for critical workloads with greater confidence. ISO 9001 emphasizes quality management, TISAX focuses on automotive industry data security in the EU, HDS safeguards health data in France, and TX-RAMP certifies cloud services for Texas state agencies. This development highlights MongoDB's commitment to protecting sensitive data and facilitating compliance with stringent regulations.
MongoDB, Inc. (NASDAQ: MDB) will report its first quarter fiscal year 2025 financial results on May 30, 2024, after the U.S. financial markets close. The company will host a conference call to discuss financial results and business outlook. A live webcast will be available on the company's website, with dial-in details provided for phone access.
MongoDB, Inc. (NASDAQ: MDB) and Google Cloud (NASDAQ: GOOG) are collaborating to optimize Gemini Code Assist for developers building applications on MongoDB. Gemini Code Assist, powered by AI, provides code suggestions, updates codebases, and answers developers' questions, enhancing application development and modernization on MongoDB. The collaboration aims to empower developers to prototype new features faster, accelerate application development, and focus on challenging tasks by integrating generative AI into their workflows.
MongoDB, Inc. launches a Certification Program for Cloud Partners to offer MongoDB DBaaS, providing access to the latest MongoDB product features. Partners like Alibaba Cloud, Digital Ocean, IBM Cloud, and others will be able to provide managed database services with full-text search and vector search capabilities, enhancing their customers' experience.
MongoDB, Inc. (NASDAQ: MDB) announces new capabilities for MongoDB Atlas to streamline building modern applications. The company introduces MongoDB Atlas Stream Processing for real-time data, Search Nodes on Microsoft Azure for AI workloads, and Edge Server for distributed applications. These enhancements improve performance, scalability, and cost-efficiency for organizations building next-generation applications.
MongoDB, Inc. (NASDAQ: MDB) announced the general availability of MongoDB Atlas Vector Search on Knowledge Bases for Amazon Bedrock, facilitating the development of generative AI-powered applications. Customers like Novo Nordisk are benefiting from this integration to create innovative end-user experiences securely. The partnership between MongoDB and AWS allows for the customization of foundation models and the deployment of generative AI applications on AWS, providing accurate and relevant responses to user queries.
MongoDB, Inc. (NASDAQ: MDB) launched the MongoDB AI Applications Program (MAAP) to help organizations build modern applications with generative AI technology. MAAP offers strategic advisory, professional services, and technology stack from MongoDB and partners. The program assists in identifying business problems solvable with generative AI, providing roadmaps for adoption and implementation. Partners include industry leaders in cloud infrastructure and AI technologies.
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