Core Insights - MongoDB (MDB) has established a competitive advantage with its flexible document model and unified architecture, which supports various data types and AI workloads, leading to strong performance in revenue growth and operating margins [1][6][18] Financial Performance - In the fiscal third quarter, MDB reported revenues of $628.3 million, reflecting a 19% year-over-year increase, with non-GAAP operating margins rising to 20% from 19% [1] - MDB raised its full-year fiscal 2026 revenue guidance to between $2.434 billion and $2.439 billion, indicating a year-over-year growth of 21-22% [2] - The Zacks Consensus Estimate for MDB's fiscal 2026 revenues is $2.44 billion, suggesting a growth of 21.45%, with earnings expected to reach $4.79 per share, a 30.87% increase from the previous year [2] Stock Performance - MDB shares have surged 70.6% over the past six months, significantly outperforming the broader Zacks Computer and Technology sector, which increased by 10.5%, and the Zacks Internet-Software industry, which declined by 20.1% [3] Product and Platform Development - MDB's Atlas platform has evolved into a comprehensive operational platform, supporting various workloads and accommodating different data types, which enhances its appeal to enterprises modernizing their application stacks [6][8] - Atlas revenues grew by 30% year-over-year in the fiscal third quarter, making up 75% of total revenues, up from 68% in the previous year [8][9] AI Integration and Capabilities - The acquisition of Voyage AI is a strategic move for MDB, allowing for the integration of AI capabilities directly into the Atlas platform, which enhances its position in the AI market and simplifies the development of AI applications [10][11] - Adoption of Atlas among AI-native companies is increasing, with examples of significant growth in companies utilizing Voyage AI's capabilities [12] Customer Growth and Market Position - MDB added 2,600 customers in the fiscal third quarter, bringing the total to over 62,500, representing an 18.8% year-over-year increase [15] - The company is expanding its MongoDB for Startups initiative, which targets early-stage companies and positions MDB as a key player in the growing AI market projected to reach $1.77 trillion by 2032 [14] Strategic Partnerships - MDB has established strong partnerships with major cloud providers like Microsoft, Amazon, and Alphabet, facilitating easier deployment and reinforcing its role in hybrid and multi-cloud environments [13]

Core Insights - MongoDB's expanding partner network is becoming a structural growth lever, integrating the platform into the modern enterprise software stack and positioning Atlas as a default data layer [1] - The acquisition of Voyage AI enhances upsell opportunities, allowing AI-native customers to transition smoothly from Voyage embeddings to Atlas Vector Search and the core operational database [2] - Atlas revenues increased by 30% year over year, representing 75% of total revenues, with a net ARR expansion rate of 120%, indicating sustainable growth driven by partner adoption [3] Partner Ecosystem - The Zacks Consensus Estimate for fiscal 2026 projects total customers at 64,200, a 17.8% increase year over year, and customers generating over $100,000 in ARR at 2,786, a 16.3% increase year over year, suggesting an expanding partner ecosystem [4] - Co-sell agreements and broader integrations are expected to enhance MongoDB's growth trajectory, functioning as a long-term growth engine [4] Competitive Landscape - MongoDB faces significant competition from Snowflake and Amazon, both of which have extensive partner ecosystems [5] - Snowflake focuses on analytics workloads, while Amazon emphasizes vertically integrated services through AWS, but MongoDB differentiates itself by embedding directly into developer tools [6] Financial Performance - MongoDB shares have returned 62.2% over the past six months, outperforming the Zacks Internet – Software industry's decline of 22.4% and the Zacks Computer and Technology sector's return of 7.8% [7] - The stock is currently trading at a forward 12-month Price/Sales ratio of 10.36X, significantly higher than the industry's 3.9X, indicating a premium valuation [10] - The Zacks Consensus Estimate for fourth-quarter fiscal 2026 earnings is $1.47 per share, reflecting a year-over-year growth of 14.84% [12]

Core Insights - MongoDB (MDB) shares have surged 97% over the past six months, closing at $411.19, near its 52-week high of $444.72, significantly outperforming the Zacks Internet-Software industry's decline of 7.4% and the Computer and Technology sector's return of 19.1% [2][9] Performance Metrics - Atlas revenues grew 30% year-over-year in fiscal Q3, accounting for 75% of total revenues, with a consensus estimate for fiscal 2026 Atlas revenues at $1.8 billion, indicating 28% year-over-year growth [7][9] - MDB added 2,600 customers in fiscal Q3, bringing the total to over 62,500, reflecting an 18.8% year-over-year increase [13] Product and Technology Advancements - The Atlas platform supports various workloads, including transactional, full-text search, vector search, and stream processing, allowing enterprises to replace rigid relational databases with a flexible architecture [5] - The acquisition of Voyage AI has embedded advanced AI models into the platform, enhancing the accuracy and efficiency of AI applications while reducing costs [10] Market Position and Ecosystem - MDB is positioned to capture opportunities in AI infrastructure as enterprises transition from pilot projects to production-scale applications, with Atlas offering structural advantages over traditional relational systems [8] - The partner ecosystem continues to expand through integrations with major cloud providers like Amazon, Microsoft, and Alphabet, reinforcing MDB's role in hybrid and multi-cloud architectures [12][14] Valuation Insights - MDB trades at a forward price-to-sales multiple of 11.77x, significantly higher than the industry average of 4.65x and the sector average of 7.47x, supported by steady earnings estimates and a clear growth trajectory [15] - The premium valuation reflects strong execution and usage trends of the Atlas platform, which continues to deepen enterprise penetration and support durable growth characteristics [16] Conclusion - MDB's fundamentals remain robust, with strong adoption of the Atlas platform and alignment with major cloud ecosystems, making the stock attractive at current levels [17][18]

Financial Data and Key Metrics Changes - The company reported revenue of $549 million, a 22% year-over-year increase, exceeding the high end of guidance [4][22] - Non-GAAP operating income was $87 million, resulting in a 16% non-GAAP operating margin, compared to a 7% operating margin in the year-ago period [5][26] - Net income for the quarter was $86 million, or $1 per share, compared to $43 million, or $0.51 per share, in the previous year [27] Business Line Data and Key Metrics Changes - Atlas revenue grew 26% year-over-year, now representing 72% of total revenue, up from 70% in the first quarter of fiscal 2025 [4][22] - The total customer count increased to over 57,100, with approximately 2,600 net new customers added in the quarter [6][23] - The net ARR expansion rate was approximately 119%, consistent with recent quarters [25] Market Data and Key Metrics Changes - The company experienced strong customer additions across various industries, including significant projects from the European Commission, Lenovo, and CSX [17] - The self-serve customer additions were particularly strong, indicating robust adoption of MongoDB across a wide range of use cases [6][18] Company Strategy and Development Direction - The company aims to become the standard platform for enterprises and the default choice for developers building new applications, particularly in AI [7][14] - There is a focus on moving upmarket and modernizing legacy applications, with significant demand for these initiatives [14][15] - The recent acquisition of Voyage AI is expected to enhance the company's capabilities in serving AI applications [10][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to drive continued revenue and profitability growth despite a dynamic macroeconomic environment [28][30] - The company raised its full-year revenue guidance by $10 million, reflecting strong performance in Atlas [30] - Management noted that while AI adoption is still early among enterprises, the company is well-positioned to capitalize on this trend [92][94] Other Important Information - The company announced an increase in its share repurchase program, allowing for up to an additional $800 million in buybacks, bringing the total authorization to $1 billion [29] - The company ended the quarter with $2.5 billion in cash and cash equivalents, indicating a strong balance sheet [27] Q&A Session Summary Question: What is driving Atlas growth in terms of application types? - Management highlighted that customers are building a variety of applications, including transactional, IoT, and AI-focused solutions, all on a single platform [40][41] Question: How does the company view the competition from Postgres and other relational databases? - Management believes that the moves by competitors validate the importance of operational data stores for AI and emphasizes MongoDB's architectural advantages [53][57] Question: What are the expectations for AI's contribution to revenue growth? - Management indicated that while AI is still early in adoption, the company is well-positioned for future growth as enterprises begin to build custom AI applications [92][94] Question: What is the outlook for the EA business and potential upside? - Management noted that the EA business had a good quarter, but timing of renewals could impact future performance [86][87] Question: Has the company reached a stable trajectory for Atlas growth? - Management expressed pride in the strong Q1 results and indicated confidence in the growth trajectory moving forward, particularly with AI and app modernization initiatives [102]

Core Insights - MongoDB reported total revenue of $549.0 million for the first quarter of fiscal 2026, representing a 22% increase year-over-year [1][7] - The company added 2,600 customers, bringing the total customer count to over 57,100 as of April 30, 2025 [1][7] - MongoDB Atlas revenue grew by 26% year-over-year, accounting for 72% of total revenue in Q1 [1][7] - An additional share repurchase authorization of $800 million was announced, increasing the total buyback authorization to $1 billion [1][7] Financial Performance - Subscription revenue reached $531.5 million, also up 22% year-over-year, while services revenue increased by 28% to $17.5 million [7] - Gross profit for Q1 was $391.0 million, yielding a gross margin of 71%, down from 73% in the previous year [7] - The loss from operations was $53.6 million, an improvement from a loss of $98.2 million in the same period last year [7] - Non-GAAP income from operations was $87.4 million, compared to $32.8 million in the year-ago period [7] Cash Flow and Liquidity - As of April 30, 2025, MongoDB had $2.5 billion in cash, cash equivalents, and short-term investments [7] - The company generated $109.9 million in cash from operations, up from $63.6 million in the prior year [7] - Free cash flow for the quarter was $105.9 million, compared to $61.0 million in the same period last year [7] Strategic Developments - MongoDB launched two new retrieval models, voyage 3.5 and voyage 3.5 lite, enhancing AI application capabilities [7] - The MongoDB Model Context Protocol (MCP) Server was introduced in public preview, facilitating natural language interactions with data [7] - Mike Berry was appointed as the new Chief Financial Officer, bringing over 30 years of experience in technology and software [7] Guidance - For Q2 fiscal 2026, MongoDB expects revenue between $548.0 million and $553.0 million, and for the full year, revenue is projected to be between $2.250 billion and $2.290 billion [6][8]

Financial Data and Key Metrics Changes - The company reported revenue of $548.4 million for Q4, representing a 20% year-over-year increase and exceeding guidance [6][39] - Atlas revenue grew 24% year-over-year, now accounting for 71% of total revenue, up from 68% in the same quarter last year [39] - Non-GAAP operating income was $112.5 million, resulting in a 21% operating margin, compared to 15% in the previous year [48] - Net income for Q4 was $108.4 million, or $1.28 per share, compared to $71.1 million, or $0.86 per share, in the prior year [49] Business Line Data and Key Metrics Changes - Atlas consumption growth remained stable year-over-year, with strong retention rates indicating product quality [9][40] - Non-Atlas revenue exceeded expectations due to contributions from multi-year deals, with a notable $10 million benefit from multiyear license revenue [42] - Non-Atlas ARR growth was in the mid-single digits year-over-year, down from low double-digit growth in the previous year [43] Market Data and Key Metrics Changes - The customer base grew by approximately 1,900 sequentially, totaling over 54,500 customers, with over 53,100 of them using Atlas [45] - The company ended the quarter with 320 customers spending over $1 million annually, a 24% increase year-over-year [18][47] Company Strategy and Development Direction - The company aims to capitalize on AI opportunities, expecting gradual customer adoption of AI technologies [12][13] - Plans to scale application modernization efforts, particularly targeting Java applications running on Oracle [15] - The company is focused on moving upmarket, with significant investments in strategic accounts and R&D to enhance competitive positioning [19][58] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in stable consumption growth for Atlas in fiscal '26, supported by improved workload cohorts [11][54] - The company anticipates a headwind in non-Atlas business due to fewer multiyear deals and a shift of workloads to Atlas [12][54] - Management highlighted the importance of addressing the skills gap and trust issues in AI adoption among customers [121] Other Important Information - The company ended Q4 with $2.3 billion in cash and cash equivalents, and completed the redemption of its 2026 convertible notes, resulting in a debt-free balance sheet [50] - The acquisition of Voyage AI for $220 million is expected to enhance the company's AI capabilities, with a $200 million stock buyback authorized to offset dilution [61][62] Q&A Session Summary Question: Multiyear guidance and trends - Management clarified that the lower multiyear guidance is due to a reduced renewal base from previous strong performance, not a change in trends [68][69] Question: Voyage AI integration and market reach - The company plans to integrate Voyage AI into its platform while continuing to offer its models to third parties, enhancing the overall product offering [72][73] Question: Operating expense guidance and investment rationale - Management indicated that recent investments are aimed at capitalizing on AI opportunities and improving customer education on MongoDB's capabilities [85][114] Question: Atlas consumption trends and growth drivers - Management noted that Q4 consumption was seasonally lower, but stable growth is expected in fiscal '26 due to improved workload performance [91][95] Question: Non-Atlas business trajectory - Management discussed the historical growth rates of non-Atlas revenue and emphasized the importance of customer choice in workload deployment [128][129]