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SEC filingMongoDB's Q1 FY26 revenue grew 22% YoY to $549M, driven by Atlas share rising to 72%, while operating loss narrowed to 10% of revenue.
In Q1 FY26 (three months ended April 30, 2025), MongoDB reported total revenue of $549.0 million, a 22% increase from $450.6 million in the year-ago period. Subscription revenue grew 22% to $531.5 million, driven primarily by an increase of $79.2 million from Direct Sales Customers, including those who were self-serve Atlas customers in the prior year. Services revenue rose 28% to $17.6 million. Gross profit increased 19% to $391.0 million, but gross margin contracted 200 basis points to 71%, reflecting a greater mix of lower-margin Atlas revenue (72% of total vs. 70% in Q1 FY25) and higher services costs (services gross margin remained negative at -62%).
Operating loss improved significantly to $53.6 million (10% of revenue) from $98.2 million (22% of revenue) in the prior year. The improvement was driven by disciplined expense management: sales & marketing expense grew only 1% to $220.9 million, research & development increased 16% to $168.8 million, and general & administrative expense decreased 10% to $54.8 million, partly due to a $7.1 million release of VAT reserves. Net loss narrowed to $37.6 million from $80.6 million, and net cash provided by operations increased to $109.9 million from $63.6 million.
MongoDB Atlas revenue represented 72% of total revenue, up from 70% in the prior year, reflecting continued adoption of the cloud database-as-a-service offering. Atlas revenue growth was partially offset by slower-than-historical growth rates for existing applications due to macroeconomic headwinds, which management expects to persist in the short term. MongoDB Enterprise Advanced revenue declined as a percentage of subscription revenue from 25% to 22%, consistent with the ongoing mix shift toward Atlas. Total customer count grew to over 57,100, up from over 49,200, and Atlas customers increased to over 55,800 from over 47,700. Customers with $100,000+ in ARR grew to 2,506 from 2,137. Net ARR expansion rate was approximately 119%, indicating strong renewal and expansion activity despite macro pressure.
Management expects continued macroeconomic headwinds, particularly on the growth rate of existing Atlas applications, and anticipates that these pressures will negatively impact revenue growth in the near term. The company intends to continue investing in sales and marketing, research and development, and customer success to drive customer acquisition and expansion. No specific numerical guidance was provided in the MD&A section. Key strategic priorities include converting users of free offerings (Community Server and Atlas free tier) to paid customers, expanding the partner channel, and growing the global customer base. The company believes its cash, cash equivalents, and short-term investments of $2.5 billion are sufficient to fund operations for at least 12 months.
As of April 30, 2025, MongoDB held $657.8 million in cash and cash equivalents and $1.80 billion in short-term investments (U.S. government treasury securities), totaling $2.45 billion in highly liquid assets. Total assets were $3.62 billion, up from $3.43 billion at January 31, 2025, driven primarily by a $119.96 million increase in goodwill from the Voyage AI acquisition. The company had no outstanding debt as of April 30, 2025, following the full redemption of its 0.25% convertible senior notes due 2026 in December 2024. Stockholders' equity was $3.03 billion, compared to $2.78 billion at the start of the fiscal year.
MongoDB disclosed $774.3 million in remaining performance obligations as of April 30, 2025, with approximately 58% expected to be recognized as revenue over the next 12 months and 38% in 13 to 36 months. Deferred revenue totaled $320.1 million ($295.7 million current, $24.3 million non-current). The company also reported non-cancelable operating lease commitments of $42.8 million and finance lease commitments of $39.9 million on an undiscounted basis. No material changes to other contractual obligations were noted outside of ordinary course.
In February 2025, MongoDB's Board authorized a $200 million share repurchase program; no shares were repurchased during the three months ended April 30, 2025. On June 3, 2025, the Board authorized an additional $800 million in repurchases, bringing the total authorized to $1.0 billion. The company paid no dividends. Capital expenditures were $1.6 million for the quarter (0.3% of revenue). There was no debt issuance or repayment activity during the period. The company also invested $5.0 million in non-marketable equity securities and $2.0 million net cash in the Voyage AI acquisition.
MongoDB operates as a single reportable segment. Revenue is disaggregated by geography and product category. For the three months ended April 30, 2025, Americas contributed $332.9 million (60.6% of total), EMEA $150.8 million (27.5%), and Asia Pacific $65.4 million (11.9%). By product, MongoDB Atlas-related revenue was $395.9 million (72.1% of total), other subscription revenue was $135.6 million (24.7%), and services revenue was $17.6 million (3.2%). The United States accounted for 54% of total revenue.