01—Abstract
Summary
Summary of the 10-K filed March 21, 2025. Cited figures are marked; the original filing is the authoritative source.
MongoDB, Inc. reported fiscal 2025 (year ended January 31, 2025) total revenue of $2,006.4 milliona, up from $1,683.0 million in fiscal 2024 and $1,284.0 million in fiscal 2023, with a 19% increase in total revenue for fiscal 2025.
Subscription revenue was $1,943.9 millionb, and MongoDB Atlas represented 70% of total revenue versus 66% in the prior year. The company narrowed its net loss to $129.1 million from $176.6 million, though it still reported losses in every period since inception and an accumulated deficit of $1.8 billion. Operating cash flow was $150.2 million, and cash, cash equivalents, short-term investments and restricted cash totaled $2.3 billion at year-end.
The filing highlights a slowdown in growth for existing MongoDB Atlas applications attributed to adverse macroeconomic conditions, which management expects to continue to weigh on revenue growth in the short term. The net ARR expansion rate was approximately 118%c as of January 31, 2025, which management notes is below the historically over 120% level, attributing the decline to a smaller contribution from expanding customers. Customers grew to over 54,500 from over 47,800 a year earlier.
The filing also discloses a putative securities class action (Baxter v. MongoDB, Inc.) alleging material misstatements regarding sales strategy and financial results, along with a related shareholder derivative lawsuit, which the company intends to vigorously defend. The 2026 convertible notes were redeemed in December 2024, with approximately $1.1 billiond converted into common stock.
02—Key points
Key Highlights
- Total revenue of $2,006.4 million in fiscal 2025, up from $1,683.0 million in fiscal 2024, a 19% increase
- MongoDB Atlas represented 70% of total revenue in fiscal 2025, compared with 66% in fiscal 2024
- Net loss narrowed to $129.1 million from $176.6 million; gross margin declined to 73% from 75%
- Net ARR expansion rate was approximately 118% at January 31, 2025, below the historically over 120% level
- Management reported slower-than-historical growth of existing Atlas applications due to adverse macroeconomic conditions, expected to persist in the short term
- Cash, cash equivalents, short-term investments and restricted cash totaled $2.3 billion; operating cash flow was $150.2 million
- Securities class action (Baxter v. MongoDB, Inc.) and related derivative lawsuit pending; company cannot estimate reasonably possible loss
03—One dollar
Follow one dollar
For each $1.00 of revenue in FY2025, MongoDB lost $0.06.
- Revenue$2.01B100.0%
- Cost of revenue−$535.3M26.7%
- Gross profit$1.47B73.3%
- Operating costs−$1.69B84.1%
- Operating income−$216.1M10.8%
- Interest, other & tax$87.0M4.3%
- Net income−$129.1M6.4%
04—Financials
Financial Highlights
Figures from 10-KFY2025filed March 21, 2025Financial Statements
FY2025 against FY2024
| Line item | FY2025FY2024 | Change |
|---|---|---|
| Revenue | $2.01B$1.68B | +19.2% |
| Cost of Revenue | $535.30M$424.49M | +26.1% |
| Gross Profit | $1.47B$1.26B | +16.9% |
| R&D Expenses | $596.84M$515.94M | +15.7% |
| Operating Expenses | $1.69B$1.49B | +13.1% |
| Operating Income | -$216.06M-$233.73M | +7.6% |
| Interest Expense | $8.09M$9.39M | −13.8% |
| Net Income | -$129.07M-$176.60M | +26.9% |
| EPS (Basic) | $-1.73$-2.48 | +30.2% |
| EPS (Diluted) | $-1.73$-2.48 | +30.2% |
| Shares Outstanding (Basic) | 74.56M71.25M | +4.6% |
| Shares Outstanding (Diluted) | 74.56M71.25M | +4.6% |
05—Questions
Frequently Asked Questions
How did MongoDB's revenue and profitability trend in fiscal 2025?
Total revenue rose to $2,006.4 million from $1,683.0 million, with subscription revenue at $1,943.9 million. Net loss decreased to $129.1 million from $176.6 million, though the company remains unprofitable and has an accumulated deficit of $1.8 billion.
How significant is MongoDB Atlas to the business?
MongoDB Atlas represented 70% of total revenue in fiscal 2025, up from 66% in fiscal 2024. MongoDB Enterprise Advanced represented 23% of total revenue in fiscal 2025, down from 26%.
What did management say about growth headwinds?
Management stated that adverse macroeconomic conditions resulted in slower than historical growth of existing MongoDB Atlas applications during the year and expects macroeconomic headwinds on growth rate for these applications in the short term. The net ARR expansion rate was approximately 118%, below the historically over 120% level.
What legal proceedings does MongoDB face?
A putative class action, Baxter v. MongoDB, Inc., filed July 9, 2024, alleges material misstatements regarding sales strategy and financial results between June 1, 2023 and May 30, 2024. A related shareholder derivative lawsuit (Roy v. Ittycheria et al.) was consolidated and has been stayed pending the outcome of the motion to dismiss the securities action. The company intends to vigorously defend these matters.
What happened to MongoDB's convertible debt?
The 0.25% convertible senior notes due 2026 were called for redemption on October 16, 2024. Approximately $1.1 billion principal was converted into 5,662,979 shares of common stock, with $0.4 million settled in cash, and the remaining notes were redeemed in December 2024. The company had no convertible notes outstanding as of January 31, 2025.
06—Continue