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Last year, Billion Dollar Unicorn club member MongoDB (Nasdaq: MDB) went public and became the first non-Hadoop Big Data vendor to do so. Since its listing, the stock has had a roller coaster ride, but despite the misses, has maintained its Unicorn status. Here is a quick look at its financials and performance so far.
MongoDB’s Financials
New York-based MongoDB was founded in 2007 by entrepreneurs Dwight Merriman and Eliot Horowitz. It has developed the NoSQL technology that can naturally scale-out architecture. Its technology allows organizations to string together commodity hardware to handle increased workload and caters to the new, complex, and unstructured data types that are being built and are needed by apps and programming languages. Overall, it is a data model that provides faster, real-time performance for app management while improving customer experience and cost management.
MongoDB operates on a subscription-based business model. It also offers its Community Server as part of a freemium service that helps promote developer usage, familiarity, and adoption of the platform. Overall, MongoDB’s software has been downloaded over 10 million times during 2017 and continues to earn them higher revenues. As of July 2017, MongoDB had more than 4,300 customers across 85 countries. For the fiscal year ended January revenues have grown to $101.4 million in 2017 from $65.3 million in 2016 and from $40.8 million in 2015. For the six months ended July 2017, revenues grew 51% to $68 million. Higher revenues have not translated to profits as the company continues to suffer losses. Net loss for fiscal 2017 came in at $86.7 million, compared with $73.5 million in 2016 and $76.7 million in 2015. For the six months ended July 2017, it reported a net loss of $45.8 million.
It recently announced its third quarter, fiscal 2018 results that beat expectations, but failed to do much for the stock. For the quarter, revenues grew 58% over the year to $41.5 million with subscription revenues growing 59% to $37.9 million and services revenue growing 44% to $3.6 million. Net loss increased to $24.2 million compared with $19.5 million reported a year ago. On an adjusted basis, net loss of $0.44 per share was higher than $0.40 reported a year ago. The market was looking for revenues of $37.2 million and a loss of $0.49 a share.
