MongoDB, Inc. reported significant financial developments in its latest 10-Q filing for the quarter ending July 31, 2024. The company achieved total revenue of $478.1 million for the three months ended July 31, 2024, marking a 13% increase from $423.8 million in the same period of 2023. Subscription revenue, which constitutes 97% of total revenue, rose to $463.8 million, up from $409.3 million year-over-year. For the first half of fiscal 2024, total revenue reached $928.7 million, compared to $792.1 million in the prior year, reflecting a 17% growth.
Despite the revenue growth, MongoDB reported a net loss of $54.5 million for the quarter, an increase from a net loss of $37.6 million in the same quarter of 2023. The net loss for the first half of fiscal 2024 was $135.1 million, compared to $91.8 million in the same period of the previous year. The increase in losses was attributed to rising operating expenses, which totaled $421.3 million for the quarter, up from $367.5 million in the prior year. The gross profit for the quarter was $349.9 million, with a gross margin of 73%, slightly down from 75% in the same period last year.
MongoDB's total assets increased to $3.1 billion as of July 31, 2024, up from $2.9 billion at the end of January 2024. The company reported cash and cash equivalents of $1.29 billion, a significant rise from $803.0 million at the beginning of the year. This increase in liquidity is attributed to net cash provided by operating activities of $62.2 million and net cash provided by financing activities of $186.9 million, which included proceeds from the settlement of capped calls.
Strategically, MongoDB acquired the assets of Grainite, Inc. for $15 million on September 27, 2023, aimed at enhancing its stream processing capabilities. The company also faced a putative class action lawsuit filed on July 9, 2024, alleging material misstatements regarding its sales strategy and financial results.
As of July 31, 2024, MongoDB had over 50,700 customers, an increase from over 45,000 a year prior, with a notable rise in customers generating $100,000 or more in annual recurring revenue. The company continues to navigate challenges posed by macroeconomic conditions, which have impacted growth rates for existing MongoDB Atlas applications.
About MongoDB, Inc.
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