Couchbase, Inc. reported significant financial developments in its latest 10-Q filing for the quarter ending July 31, 2024. The company achieved total revenue of $51.6 million for the three months ended July 31, 2024, marking a 19.5% increase from $43.1 million in the same period of 2023. For the six months ended July 31, 2024, total revenue reached $102.9 million, up 22.3% from $84.1 million year-over-year. Subscription revenue accounted for 96% of total revenue, reflecting a shift towards recurring revenue models, with Couchbase Capella, its Database as a Service (DBaaS) offering, contributing significantly to this growth.
The company reported a gross profit of $45.1 million for the three months ended July 31, 2024, compared to $37.2 million in the prior year, resulting in a gross margin of 87.5%, up from 86.3%. However, total operating expenses increased to $66.2 million from $59.1 million year-over-year, leading to a net loss of $19.9 million for the quarter, slightly improved from a net loss of $20.7 million in the same period of 2023. For the six months, the net loss was $40.9 million, compared to $42.5 million in the previous year.
Couchbase's cash and cash equivalents rose to $62.6 million as of July 31, 2024, up from $41.4 million a year earlier. However, total current assets decreased to $210.7 million from $224.3 million, and total assets fell to $235.9 million from $247.8 million. The accumulated deficit grew to $531.5 million, reflecting ongoing investments in growth despite the losses.
Strategically, Couchbase has focused on expanding its customer base, with a reported 273 customers as of July 31, 2024, up from 691 the previous year. The company has also entered into a loan agreement for a $25 million revolving credit facility, which it has not yet drawn upon, indicating a cautious approach to financing amid ongoing operational losses.
Couchbase continues to invest in research and development, with expenses increasing due to headcount growth and stock-based compensation. The company anticipates that its investments will support future growth, particularly in its cloud database solutions, as it navigates a competitive landscape characterized by rapid technological changes and evolving customer needs.
About Couchbase, Inc.
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