Research Reports

Prepared Highlights

Total revenue of $688M, up 25% YoY, beating high end of guidance and accelerating from 22% growth in prior-year Q1 (CEO, CFO).
Atlas revenue grew 29.4% YoY, with a record $117M YoY dollar growth; Atlas now at a $2B run rate, fourth straight quarter of >=29% YoY growth; Atlas accounts for ~75% of total Q1 revenue (up from 72% a year ago) (CEO, CFO).
EA and other revenue grew 13% YoY (solid, driven by finance and technology verticals); EA and other ARR grew ~11% YoY (normalized for duration) (CFO).
Non-GAAP operating margin of 18%, above high end of guidance (CEO, CFO).
Total customers >67.7K, adding 2.5K sequentially; Atlas customers 66.4K; 2.9K customers with > $100K ARR (16% YoY growth) (CFO).
Remaining performance obligations (contracts >12 months) of $1.46B, up 88% YoY; current portion grew 60% YoY (CFO).
Net ARR expansion rate of 121% vs 119% a year ago (CFO).
Operating cash flow $202M, Free cash flow $198M, vs $110M and $106M respectively a year ago (CFO).
Non-GAAP gross margin 74.5%, expanding ~40bps YoY; subscription gross margin 77.1% (CFO).
GAAP profitability for second consecutive quarter (CFO).
Acquired ClarityDB Solutions (~$10M annual services revenue, roughly breakeven) to accelerate US federal vertical (CFO).

Official Guidance

Q2 FY27: Revenue $729M–$734M (23–24% YoY growth); Non-GAAP operating income $152M–$156M (~21% operating margin at high end); Non-GAAP EPS $1.58–$1.61 (86.3M diluted shares); Atlas revenue growth expected ~26% YoY; EA and other revenue growth expected ~20% YoY (CFO).
Full-year FY27: Revenue $2.92B–$2.96B (19–20% YoY growth); Non-GAAP operating income $571M–$591M (~20% operating margin at high end, targeting Rule of 40); Non-GAAP EPS $5.95–$6.14 (86.7M diluted shares); Full-year Atlas growth raised to 23–25% (up 200bps); Full-year EA and other growth raised to mid single digits (implies flat in H2 due to tough comps) (CFO).

Mgmt Quotes

“These conversations reinforce my conviction in both what we have built and the scale of the opportunity ahead. That opportunity has 2 dimensions. The first is core workloads. […] The second is AI.” (CEO)
“This dual opportunity coming together is what gives us so much optimism about the road ahead.” (CEO)
“Zoom […] runs MongoDB Enterprise Advanced as a unified data platform for Zoom meetings, Zoom phone, Zoom contact center, and Zoom Virtual [Brent] deployed across dozens of clusters globally.” (CEO)
“Adobe’s Journey Agent […] with MongoDB as the agent’s long term memory and reasoning layer.” (CEO)
“We are very pleased with our Q1 results and remain highly confident in the long term opportunity ahead for MongoDB.” (CFO)

Prepared Metrics

Metric	Value	Speaker/Context
Total Revenue	$688M, +25% YoY	CEO, CFO
Atlas Revenue Growth	+29.4% YoY	CEO, CFO
EA & Other Revenue Growth	+13% YoY	CFO
Non-GAAP Operating Margin	18%	CEO, CFO
Total Customers	67.7K (+2.5K QoQ)	CEO, CFO
Customers >$100K ARR	2.9K (+16% YoY)	CFO
RPO (>12-month contracts)	$1.46B (+88% YoY)	CFO
Net ARR Expansion Rate	121%	CFO
Operating Cash Flow	$202M	CFO
Free Cash Flow	$198M	CFO
Subscription Gross Margin	77.1%	CFO
Non-GAAP Gross Margin	74.5%	CFO
Q2 FY27 Revenue Guidance	$729M–$734M	CFO
Q2 FY27 Non-GAAP Op Margin	~21% (high end)	CFO
FY27 Revenue Guidance	$2.92B–$2.96B	CFO
FY27 Non-GAAP Op Margin	~20% (high end)	CFO
FY27 Atlas Growth Guidance	23%–25% YoY (raised)	CFO
FY27 EA & Other Growth Guidance	Mid single digits (raised)	CFO

Q&A Batch (1-5 of 9)

Q1 — Matthew Martino

Topic: 代理工作负载在生产中的部署进展及Atlas收入指引
Key points:
- 企业客户对MongoDB作为实时"智能系统"（结合搜索、向量化、嵌入功能的统一平台）用于规模化代理工作负载表示兴奋，但整体仍处早期阶段。
- Q1 Atlas消费超预期，Q2指引延续了前两个季度的框架（Q4消费符合预期，Q1略好），并由此实现全年上调指引。
- Q2 Atlas指引反映了对业务真实强度的审慎评估，公司未改变保守指引的哲学。
Mgmt stance: 谨慎乐观——代理工作负载早期但平台已准备好，Atlas消费季节性正常化但仍具不确定性。

Q2 — Ryan MacWilliams

Topic: Atlas季节性变化及AI原生公司的机会
Key points:
- Q2 Atlas指引基于Q1强劲消费，环比有季节性小变动，但同比不应有显著变化。
- AI原生公司（如ElevenLabs，ARR达5亿美元）从Postgres等迁移MongoDB，因其单一平台内搜索、向量搜索、操作性数据能力解决了性能瓶颈。
- AI原生公司的贡献已有"非常令人鼓舞的信号"，但增长主体仍由核心企业工作负载驱动。
Mgmt stance: 看涨——平台满足AI原生公司扩展需求，企业客户后续将类似受益。

Q3 — Raimo Lenschow

Topic: 数据现代化与迁移趋势，以及销售团队变动影响
Key points:
- CJ在Q1单独会见了200个客户，观察到更多是"现代化加速"（迁移至Atlas以准备AI工作负载）而非数据整合。
- 因MongoDB内置搜索与向量搜索，客户无需ETL至其他搜索提供商；Postgres等客户因MongoDB对非结构化数据（JSON/BSON）支持良好而迁移。
- 新任销售主管Ryan的计划已就位，本财年（F2027）内不会更改区域计划或配额，可能的调整仅在下一年。
Mgmt stance: 看涨（数据迁移） + 中性（销售组织）——现代化加速明确，销售团队调整无短期干扰。

Q4 — Ittai Kidron

Topic: 面向AI原生公司的销售策略演变，以及EA指引中的全年展望
Key points:
- AI原生公司主要通过自服务渠道获取；公司在学习何时介入（如Q1一家AI/机器人公司增长后立刻联系），但整体策略仍在完善中。
- EA第二季度（H2）同比持平指引主要由F2026年（去年）Q4强劲表现驱动，而非当期大额多年合同变动；合同规模基本符合预期，公司保持审慎。
Mgmt stance: 中性（销售策略） + 审慎（EA指引）——对AI原生渠道策略是"工作进行中"，EA指引反映既有数据而非过激预测。

Q5 — Jason Ader

Topic: 联邦业务机遇与NRR提升驱动因素
Key points:
- 联邦业务（美国、欧洲）潜力巨大：大量非结构化数据（税务、政务文档）需要高性能、低成本存储；目前客户多用社区版，期待FedRAMP高认证后合规销售。
- 收购Clarity旨在将服务能力内化，配合FedRAMP高认证（本财年内获得），为下一年增长奠定基础。
- NRR环比上升2个百分点，公司整体NRR受Atlas（高于均值）驱动，而EA平均略低；增长主因是平台采用率提升及大型企业市场拓展。
Mgmt stance: 看涨——联邦业务是未开发的大TAM，认证与整合将推动长期增长；NRR改善反映Atlas及企业客户健康扩张。

Q&A Batch (6-9 of 9)

Q6 — Analyst

Topic: Frontier Labs partnerships and mission-critical workloads
Key points:
- Analyst noted "Frontier Labs" (plural) in prepared remarks, asking if MongoDB works with more than one lab.
- Question on unpacking "mission critical workloads and use cases" statement.
Mgmt stance: Neutral – CEO Chirantan Jitendra Desai began response but input cuts off (“So short answer to your”); no complete stance provided.

Q7 — Analyst

Topic: AI opportunity early stage, LangChain partnership, platform expansion with 2 CPOs
Key points:
- AI opportunity described as “early at this point.”
- LangChain partnership extended to “more strategic.”
- Two CPOs now in place to expand platform.
Mgmt stance: Neutral – CEO began response (“Absolutely. So I will answer your”) but input cuts off; no complete stance provided.

Q8 — Analyst

Topic: Blockbuster deal ramp (Q4 announcements) in April quarter
Key points:
- Two deals announced 3 months prior: $90 million tech deal and $100 million financial deal.
- CFO Michael J. Berry: These are multiyear deals, combination of Atlas and EA; future growth from Atlas expansion not part of original transaction.
- Booking in Q1 largely reflected what was seen in the quarter; CRPO (not RPO) is “really encouraging.”
Mgmt stance: Neutral – deals long-term; ramp still ahead with Atlas growth expected; no bullish/cautious explicit tone.

Q9 — Analyst (Sanjit Singh)

Topic: AI/agent value capture stack rank; RPO/CRPO composition
Key points:
- Value capture stack (CEO): #1 – MongoDB’s architecture (no schema, native JSON) perfectly suited for AI workloads (e.g., long-term memory for chat context). #2 – Real-time intelligence on operational data + embeddings to lower token costs and improve retrieval accuracy.
- RPO/CRPO (CFO): Majority of RPO from existing enterprise customers, not net new logos; but incremental ARR driven by net new workloads and expansion within those relationships.
- CEO added: Go-to-market teams “executed on what we asked them to execute on Q1.”
Mgmt stance: Bullish – architecture called “perfectly suited for AI workloads”; CFO emphasized incremental revenue drive from existing base.