The NoSQL database market is expected to grow at 28% CAGR to reach a $24.9 billion industry by 2027 driven by the continuing rapid adoption of e-commerce applications and web applications. Recently listed Couchbase (Nasdaq: BASE) is a leading vendor in the market that recently announced its first-quarter earnings.

Couchbase’s Financials

Couchbase’s first quarter revenues grew 25% to $34.9 million and loss was $0.32 per share. The market was looking for revenues of $32.62 million and a loss of $0.39 per share.

Total ARR grew 31% to $139.7 million, and subscription revenues grew 20.84% to $113.9 million.

For the second quarter, the company forecast revenues of $35.8-$36 million. For the fiscal year, it forecast revenues of $147.2-$148.2 million.

Couchbase’s Offerings

Recently, Couchbase announced upgrades to Couchbase Capella that allow it to fully manage and host a backend for mobile and IoT applications called Capella App Services. The new offering allows developers to easily design and deploy fast and resilient mobile applications that seamlessly sync data between the cloud and devices, allowing applications to work regardless of being online or offline. Deployment teams are able to save time, effort, and resources by streamlining setup configuration, synchronization, and ongoing backend services management. The enhancement allows Couchbase to offer a competitive cloud offering that makes it easier for developers to build improved mobile and IoT applications.

Couchbase has been focused on releasing product upgrades that drive efficiencies for developers. Earlier this year, it also announced a new release of its platform that reduces deployment costs while delivering advancements in performance, storage capacity, and workload breadth, and also includes improved operational analytics support with direct Tableau integration. The release allows enterprise architects and development teams access to increased support for conventional database capabilities and expanded support for ARM processors.

The NoSQL market is a crowded one with giants like Microsoft, Oracle, and Google and niche players like MongoDB, CloudDB, and MarkLogic. But analysts believe that Couchbase’s tech stack offers strong competition. According to the IDC analysts, its technology is helping bridge the gap between the document and relational models by providing full JSON document support, while also offering functionality that SQL users expect.

Couchbase’s stock is currently trading at $16.49 with a market capitalization of $726.6 million. It reported a year high of $52.26 in August last year and a year low of $11.68 in May. The company went public in July last year when it raised $200 million at a valuation of $1.4 billion.

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