Cloud Stocks: MongoDB Has Miles To Go

IDC projects the database market to be $71 billion in 2020, growing to $97 billion in 2023. MongoDB (MDB) has less than 1% share of the global database market and a long runway for growth ahead of it.

Photo Credit: Garrett Heath/Flickr.com

MongoDB’s Financials

MongoDB’s fourth quarter revenues grew 44% over the year to $123.5 million, ahead of the market’s forecast of $110.57 million. Net loss was $62.6 million compared to $22.2 million a year ago. Non GAAP loss was $0.25 per share, missing the Street’s forecast of a loss of $0.28 per share.

Q4 subscription revenue grew 46% to $117.8 million, and services revenue grew 17% to $5.7 million. It added 1,100 customers in the quarter to end with over 17,000 customers. The growth in its total customer count is driven in large part by its Database as a Service Atlas, which had over 15,400 customers at the end of the quarter compared to over 11,400 a year ago. Driven by its deeper integration with Google Cloud Platform, Atlas grew over 80% and now represents 41% of total revenue, compared to 32% a year ago.

The company ended the quarter with 751 customers with at least $100,000 in ARR and annualized MRR, up from 557 a year ago. It had 62 customers with at least $1 million in ARR and annualized MRR, up from 39 a year ago.

For the full fiscal year 2020, total revenue grew 58% to $421.7 million. Subscription revenue grew 61% to $399.8 million, and services revenue grew 18% to $21.9 million.

For the first quarter, it expects revenues of $119-$121 million with a net loss of $0.25-$0.22 per share. It expects full year fiscal 2021 revenues of $510-$530 million and a net loss of $1.4-$1.23 per share.

MongoDB estimates $1 million to $2 million negative revenue impact from COVID-19 outbreak for the first quarter and $15 million to $25 million for the full-year fiscal 2021.

MongoDB’s New Products

Over the past year, MongoDB announced several products that demonstrate how it is evolving its data platform for applications with greater functionality and scope.

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Sramana Mitra is the founder of One Million by One Million (1M/1M), a global virtual incubator that aims to help one million entrepreneurs ...

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