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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
___________________
FORM 10-Q
___________________
(Mark One)
☑      QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended October 31, 2025
OR
☐      TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from          to         
Commission File Number: 001-38240
___________________
MONGODB, INC.
(Exact Name of Registrant as Specified in its Charter)
___________________

Delaware 26-1463205
(State or other jurisdiction of
incorporation or organization) (I.R.S. Employer
Identification No.)
1633 Broadway, 38th Floor
New York, NY 10019
(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: 646 - 727-4092
Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Stock, par value $0.001 per share MDB The Nasdaq Stock Market LLC
(Nasdaq Global Market)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes    þ  No   ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes    þ   No   ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer þ
Accelerated filer ☐
Non-accelerated filer ☐ Smaller reporting company ☐
Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes    ☐    No þ
As of November 28, 2025, there were 81,391,760 shares of the registrant’s common stock, par value $0.001 per share, outstanding.

Table of Contents
 

Page
PART I. FINANCIAL INFORMATION

Item 1.
Financial Statements
1

Unaudited Condensed Consolidated Balance Sheets as of October 31, 2025 and January 31, 2025
1

Unaudited Condensed Consolidated Statements of Operations for the three and nine months ended October 31, 2025 and 2024
2

Unaudited Condensed Consolidated Statements of Comprehensive Loss for the three and nine months ended October 31, 2025 and 2024
3

Unaudited Condensed Consolidated Statements of Stockholders’ Equity for the three and nine months ended October 31, 2025 and 2024
4

Unaudited Condensed Consolidated Statements of Cash Flows for the nine months ended October 31, 2025 and 2024
6

Notes to Condensed Consolidated Financial Statements (unaudited)
7

Item 2.
Management’s Discussion and Analysis of Financial Condition and Results of Operations
21

Item 3.
Quantitative and Qualitative Disclosures About Market Risk
34

Item 4.
Controls and Procedures
35

PART II. OTHER INFORMATION

Item 1.
Legal Proceedings
36

Item 1A.
Risk Factors
36

Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
72

Item 3.
Defaults Upon Senior Securities
73

Item 4.
Mine Safety Disclosures
73

Item 5.
Other Information
73

Item 6.
Exhibits
74

Signatures
75

Table of Contents

PART I—FINANCIAL INFORMATION

ITEM 1.    FINANCIAL STATEMENTS.

MONGODB, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands of U.S. dollars, except share and per share data)
(unaudited)

October 31, 2025 January 31, 2025
Assets
Current assets:
Cash and cash equivalents $ 834,092   $ 490,133  
Short-term investments 1,471,669   1,846,444  
Accounts receivable, net of allowance for doubtful accounts of $ 12,305 and $ 8,888 as of October 31, 2025 and January 31, 2025, respectively
416,494   393,099  
Deferred commissions 122,882   112,632  
Prepaid expenses and other current assets
87,177   81,214  
Total current assets 2,932,314   2,923,522  

Property and equipment, net 40,704   46,377  
Operating lease right-of-use assets 30,914   34,607  
Goodwill 189,641   69,679  
Intangible assets, net 38,308   24,597  
Deferred tax assets 23,012   20,810  
Other assets
311,756   310,701  
Total assets
$ 3,566,649   $ 3,430,293  
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable $ 14,811   $ 10,467  
Accrued compensation and benefits 131,760   120,354  
Operating lease liabilities 9,145   9,126  
Other accrued liabilities 101,444   87,659  
Deferred revenue
300,873   334,381  
Total current liabilities 558,033   561,987  
Deferred tax liability 560   262  
Operating lease liabilities
25,480   27,374  
Deferred revenue
66,173   25,404  
Other liabilities
27,964   33,042  
Total liabilities
678,210   648,069  
Commitments and contingencies (Note 8)

Stockholders’ equity:
Common stock, par value of $ 0.001 per share; 1,000,000,000 shares authorized as of October 31, 2025 and January 31, 2025; 82,919,928 shares issued and 81,357,418 shares outstanding as of October 31, 2025; 80,558,847 shares issued and 80,467,811 shares outstanding as of January 31, 2025
81   78  
Additional paid-in capital 5,152,122   4,625,093  
Treasury stock, 1,562,510 shares (repurchased at an average of $ 221.86 per share) as of October 31, 2025 and 99,371 shares (repurchased at an average of $ 13.27 per share) as of January 31, 2025
( 346,654 ) ( 1,319 )
Accumulated other comprehensive income (loss) 10,275   ( 924 )
Accumulated deficit
( 1,927,385 ) ( 1,840,704 )
Total stockholders’ equity
2,888,439   2,782,224  
Total liabilities and stockholders’ equity
$ 3,566,649   $ 3,430,293  

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
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MONGODB, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands of U.S. dollars, except share and per share data)
(unaudited)

Three Months Ended October 31, Nine Months Ended October 31,
2025 2024 2025 2024
Revenue:

Subscription
$ 609,067   $ 512,205   $ 1,712,877   $ 1,412,906  
Services
19,242   17,170   55,848   45,139  
Total revenue
628,309   529,375   1,768,725   1,458,045  
Cost of revenue:

Subscription
146,921   111,150   416,455   318,728  
Services
32,256   24,181   92,191   67,553  
Total cost of revenue
179,177   135,331   508,646   386,281  
Gross profit
449,132   394,044   1,260,079   1,071,764  
Operating expenses:

Sales and marketing
230,864   217,954   695,852   658,937  
Research and development
176,610   151,410   527,178   446,437  
General and administrative
60,082   52,556   174,321   163,892  
Total operating expenses
467,556   421,920   1,397,351   1,269,266  
Loss from operations
( 18,424 ) ( 27,876 ) ( 137,272 ) ( 197,502 )
Other income (expense):
Interest income
21,160   23,869   68,255   71,240  
Interest expense
( 801 ) ( 2,278 ) ( 3,340 ) ( 6,457 )
Other income (expense), net
( 585 ) ( 824 ) ( 2,737 ) ( 3,034 )
Income (loss) before provision for income taxes 1,350   ( 7,109 ) ( 75,094 ) ( 135,753 )
Provision for income taxes
3,357   2,667   11,587   9,145  
Net loss
$ ( 2,007 ) $ ( 9,776 ) $ ( 86,681 ) $ ( 144,898 )
Net loss per share, basic and diluted
$ ( 0.02 ) $ ( 0.13 ) $ ( 1.07 ) $ ( 1.97 )
Weighted-average shares used to compute net loss per share, basic and diluted
81,401,853   74,020,593   81,245,331   73,472,900  

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
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MONGODB, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(in thousands of U.S. dollars)
(unaudited)

Three Months Ended October 31, Nine Months Ended October 31,
2025 2024 2025 2024
Net loss
$ ( 2,007 ) $ ( 9,776 ) $ ( 86,681 ) $ ( 144,898 )
Other comprehensive income (loss), net of tax:
Unrealized income (loss) on available-for-sale securities
3,845   1,734   4,853   ( 818 )
Foreign currency translation adjustment
849   ( 29 ) 6,346   ( 1,121 )
Other comprehensive income (loss)
4,694   1,705   11,199   ( 1,939 )
Total comprehensive income (loss)
$ 2,687   $ ( 8,071 ) $ ( 75,482 ) $ ( 146,837 )

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
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MONGODB, INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(in thousands of U.S. dollars, except share data)
(unaudited)
Common Stock
Additional Paid-In Capital
Treasury Stock
Accumulated Other Comprehensive Income (Loss)
Accumulated Deficit
Total Stockholders’ Equity

Shares
Amount

Balances as of January 31, 2025 80,467,811   $ 78   $ 4,625,093   $ ( 1,319 ) $ ( 924 ) $ ( 1,840,704 ) $ 2,782,224  
Stock option exercises 77,519   —  579   —  —  —  579  
Vesting of restricted stock units 381,937   1   —  —  —  —  1  
Vesting of performance stock units 91,319   —  —  —  —  —  — 
Issuance of common stock in connection with a business combination subject to future vesting 213,023   —  —  —  —  —  — 
Issuance of common stock in connection with a business combination 484,169   1   141,401   —  —  —  141,402  
Stock-based compensation —  —  132,431   —  —  —  132,431  
Unrealized gain on available-for-sale securities —  —  —  —  6,858   —  6,858  
Foreign currency translation adjustment —  —  —  —  7,081   —  7,081  
Net loss —  —  —  —  —  ( 37,626 ) ( 37,626 )
Balances as of April 30, 2025 81,715,778   80   4,899,504   ( 1,319 ) 13,015   ( 1,878,330 ) 3,032,950  
Stock option exercises 168,293   —   1,210   —  —  —  1,210  
Vesting of restricted stock units 460,554   1   —  —  —  —  1  
Stock-based compensation —  —  140,400   —  —  —  140,400  
Repurchases of common stock ( 929,674 ) —  —  ( 200,022 ) —  —  ( 200,022 )
Issuance of common stock under the Employee Stock Purchase Plan 131,117   —  22,917   —  —  —  22,917  
Unrealized loss on available-for-sale securities —  —  —  —  ( 5,850 ) —  ( 5,850 )
Foreign currency translation adjustment —  —  —  —  ( 1,584 ) —  ( 1,584 )
Net loss
—  —  —  —  —  ( 47,048 ) ( 47,048 )
Balances as of July 31, 2025 81,546,068   $ 81   $ 5,064,031   $ ( 201,341 ) $ 5,581   $ ( 1,925,378 ) $ 2,942,974  
Stock option exercises 68,076   —  533   —  —  —  533  
Vesting of restricted stock units 425,178   —  —  —  —  —  —  
Shares withheld related to net share settlement of equity awards ( 148,439 ) —  ( 46,072 ) —  —  —  ( 46,072 )
Stock-based compensation —  —  133,630   —  —  —  133,630  
Repurchases of common stock ( 513,620 ) —  —  ( 145,313 ) —  —  ( 145,313 )
RSA forfeitures
( 19,845 ) —  —  —  —  —  — 
Unrealized gain on available-for-sale securities —  —  —  —  3,845   —  3,845  
Foreign currency translation adjustment —  —  —  —  849   —  849  
Net loss
—  —  —  —  —  ( 2,007 ) ( 2,007 )
Balances as of October 31, 2025 81,357,418   $ 81   $ 5,152,122   $ ( 346,654 ) $ 10,275   $ ( 1,927,385 ) $ 2,888,439  

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Common Stock
Additional Paid-In Capital
Treasury Stock
Accumulated Other Comprehensive Income (Loss)
Accumulated Deficit
Total Stockholders’ Equity

Shares
Amount

Balances as of January 31, 2024 72,741,321   $ 73   $ 2,777,322   $ ( 1,319 ) $ 4,545   $ ( 1,711,632 ) $ 1,068,989  

Stock option exercises 132,617   —  953   —  —  —  953  

Vesting of restricted stock units 399,213   —  —  —  —  —  — 
Vesting of performance stock units 77,444   —  —  —  —  —  — 
Stock-based compensation —  —  120,763   —  —  —  120,763  

Unrealized loss on available-for-sale securities —  —  —  —  ( 9,541 ) —  ( 9,541 )
Foreign currency translation adjustment —  —  —  —  ( 1,007 ) —  ( 1,007 )
Reclassification of derivative related to the Capped Call associated with the 2024 Notes —  —  169,692   —  —  —  169,692  
Net loss —  —  —  —  —  ( 80,593 ) ( 80,593 )
Balances as of April 30, 2024 73,350,595   $ 73   $ 3,068,730   $ ( 1,319 ) $ ( 6,003 ) $ ( 1,792,225 ) $ 1,269,256  
Stock option exercises 41,954   —  353   —  —  —  353  
Vesting of restricted stock units 374,560   —  —  —  —  —  — 
Stock-based compensation —  —  122,423   —  —  —  122,423  

Issuance of common stock under the Employee Stock Purchase Plan 96,603   —  18,640   —  —  —  18,640  
Unrealized gain on available-for-sale securities —  —  —  —  6,989   —  6,989  
Foreign currency translation adjustment —  —  —  —  ( 85 ) —  ( 85 )

Net loss
—  —  —  —  —  ( 54,529 ) ( 54,529 )
Balances as of July 31, 2024 73,863,712   73   3,210,146   ( 1,319 ) 901   ( 1,846,754 ) 1,363,047  
Stock option exercises 40,672   —  315   —  —  —  315  
Vesting of restricted stock units 385,695   —  —  —  —  —  — 
Stock-based compensation —  —  125,712   —  —  —  125,712  
Conversion of convertible senior notes 103,696   —  20,973   —  —  —  20,973  
Unrealized gain on available-for-sale securities —  —  —  —  1,734   —  1,734  
Foreign currency translation adjustment —  —  —  —  ( 29 ) —  ( 29 )
Net loss
—  —  —  —  —  ( 9,776 ) ( 9,776 )
Balances as of October 31, 2024 74,393,775   $ 73   $ 3,357,146   $ ( 1,319 ) $ 2,606   $ ( 1,856,530 ) $ 1,501,976  

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
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MONGODB, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands of U.S. dollars)
(unaudited)

Nine Months Ended October 31,
2025 2024
Cash flows from operating activities
Net loss $ ( 86,681 ) $ ( 144,898 )
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization 16,654   9,580  
Stock-based compensation 406,461   368,898  
Amortization of debt discount and issuance costs —   2,419  
Amortization of finance right-of-use assets 2,981   2,981  
Amortization of operating right-of-use assets 8,498   8,300  
Deferred income taxes ( 687 ) ( 799 )
Amortization of premium and accretion of discount on short-term investments, net ( 8,749 ) ( 19,117 )

Realized and unrealized loss (gain) on financial instruments, net 563   ( 1,190 )
Unrealized foreign exchange loss 1,040   1,992  
Change in operating assets and liabilities:
Accounts receivable, net ( 25,188 ) ( 11,258 )
Prepaid expenses and other current assets ( 1,883 ) ( 582 )
Deferred commissions 10,952   ( 38,794 )
Other long-term assets ( 13,999 ) ( 17,704 )
Accounts payable 3,555   1,569  

Accrued liabilities 10,923   22,494  
Operating lease liabilities
( 8,321 ) ( 9,145 )
Deferred revenue
9,459   ( 71,352 )
Other liabilities, non-current
( 34 ) ( 3,741 )
Net cash provided by operating activities 325,544   99,653  
Cash flows from investing activities
Purchases of property, equipment and other assets ( 3,826 ) ( 3,571 )

Business combination, net of cash acquired ( 2,032 ) —  
Investments in non-marketable securities ( 8,322 ) ( 5,750 )
Proceeds from maturities of marketable securities 595,970   570,000  
Proceeds from the sales of marketable securities
127,660   —  
Purchases of marketable securities
( 337,292 ) ( 971,803 )
Net cash provided by (used in) investing activities 372,158   ( 411,124 )
Cash flows from financing activities

Repurchases of common stock ( 343,079 ) —  
Proceeds from settlement of capped calls
—   170,589  
Proceeds from the issuance of common stock under the Employee Stock Purchase Plan 22,917   18,640  
Proceeds from exercise of stock options 2,322   1,621  

Taxes paid related to net share settlement of equity awards ( 38,496 ) —  
Principal payments of finance leases
( 5,800 ) ( 4,534 )

Net cash (used in) provided by financing activities ( 362,136 ) 186,316  
Effect of exchange rate changes on cash, cash equivalents and restricted cash
8,851   ( 2,825 )
Net increase in cash, cash equivalents and restricted cash 344,417   ( 127,980 )
Cash, cash equivalents and restricted cash, beginning of period
492,753   803,643  
Cash, cash equivalents and restricted cash, end of period
$ 837,170   $ 675,663  
Supplemental cash flow disclosure
Cash paid during the period for:

Income taxes, net of refunds
$ 10,644   $ 11,703  
Interest expense
1,459   3,236  
Noncash investing and financing activities:

Issuance of common stock in connection with a business combination 141,402   —  
Purchases of property and equipment included in accounts payable and accrued liabilities
1,402   1,296  
Unpaid taxes for net share settlement of equity awards included in accrued compensation and benefits
7,576   —  
Reconciliation of cash, cash equivalents and restricted cash within the condensed consolidated balance sheets, end of period, to the amounts shown in the statements of cash flows above:
Cash and cash equivalents
$ 834,092   $ 673,054  
Restricted cash, non-current
3,078   2,609  
Total cash, cash equivalents and restricted cash
$ 837,170   $ 675,663  

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
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MONGODB, INC.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

1. Organization and Description of Business
MongoDB, Inc. (“MongoDB” or the “Company”) was originally incorporated in the state of Delaware in November 2007 under the name 10Gen, Inc. In August 2013, the Company changed its name to MongoDB, Inc. The Company is headquartered in New York City. MongoDB is the developer data platform company. The foundation of the Company’s offering is the leading, modern general purpose database, which is built on a unique document-based architecture. Organizations can deploy the Company’s database at scale in the cloud, on-premises, or in a hybrid environment. The Company’s robust platform enables developers to build and modernize applications rapidly and cost-effectively across a broad range of use cases. In addition to selling subscriptions to its software, the Company provides post-contract support, training and consulting services for its offerings. The Company’s fiscal year ends on January 31.

2. Summary of Significant Accounting Policies
Basis of Presentation
The accompanying interim condensed consolidated financial statements are unaudited and have been prepared in accordance with generally accepted accounting principles in the United States of America ("U.S. GAAP") for interim financial information and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. These interim unaudited condensed consolidated financial statements include the accounts of the Company and all of its wholly-owned subsidiaries. The interim unaudited condensed consolidated financial statements have been prepared on a basis consistent with the annual consolidated financial statements and in the opinion of management, reflect all adjustments, including normal recurring adjustments, which are considered necessary for the fair statement of the Company’s financial position, results of operations and cash flows for the periods presented. All intercompany transactions and accounts have been eliminated. The results of operations for the interim periods should not be considered indicative of results for the full year or for any other future year or interim period.
The year-end condensed balance sheet data was derived from audited financial statements but does not include all disclosures required by U.S. GAAP. Therefore, these interim unaudited condensed consolidated financial statements and accompanying footnotes should be read in conjunction with the Company’s annual consolidated financial statements and related footnotes included in its Annual Report on Form 10-K for the fiscal year ended January 31, 2025 (the “2025 Form 10-K”).
Use of Estimates
The preparation of the interim unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates, assumptions and judgments that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Such estimates include, but are not limited to, revenue recognition, allowances for doubtful accounts, the period of benefit for deferred contract acquisition costs, the incremental borrowing rate related to the Company’s lease liabilities, stock-based compensation, legal contingencies, fair value of acquired intangible assets and goodwill, useful lives and carrying values of intangible assets and property and equipment, fair value of non-marketable securities and accounting for income taxes. The Company bases these estimates on historical and anticipated results, trends and various other assumptions that it believes are reasonable under the circumstances, including assumptions as to future events.
Estimates and assumptions about future events and their effects cannot be determined with certainty and therefore require the exercise of judgment. As of the date of issuance of these financial statements, the Company is not aware of any specific event or circumstance that would require the Company to update its estimates, assumptions and judgments or adjust the carrying value of its assets or liabilities. These estimates may change as new events occur and additional information is obtained and are recognized in the condensed consolidated financial statements as soon as they become known. Actual results could differ from those estimates and any such differences may be material to the Company’s financial statements.
Significant Accounting Policies
With the exception of the policies discussed below, there have been no other changes to the Company’s significant accounting policies as described in the Company’s 2025 Form 10-K.
Business Combinations
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MONGODB, INC.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

The Company applies a screen test to evaluate if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets to determine whether a transaction is accounted for as an asset acquisition or business combination. When the Company acquires a business, the purchase consideration is allocated to the tangible assets acquired, liabilities assumed, and intangible assets acquired based on their estimated respective fair values. The excess of the fair value of purchase consideration over the fair values of these identifiable assets and liabilities is recorded as goodwill. Estimates used in valuing certain intangible assets include, but are not limited to, time and resources required to recreate the assets acquired. These estimates are based on information obtained from the management of the acquired companies, the Company’s assessment of the information, and historical experience. The Company’s estimates of fair value are based upon assumptions believed to be reasonable, but which are inherently uncertain and unpredictable and, as a result, actual results may differ from estimates. During the measurement period, the Company may record adjustments to the preliminary fair value of the assets acquired and liabilities assumed. After the measurement period, any subsequent adjustments are reflected in the consolidated statements of operations and comprehensive income (loss). Acquisition costs are expensed as incurred.
Treasury Stock
Treasury stock is accounted for using the cost method and recorded as a reduction to stockholders’ equity on the condensed consolidated balance sheets. Incremental direct costs to purchase treasury stock are included in the cost of the shares acquired.
Recently Issued Accounting Pronouncements
Improvements to Income Tax Disclosures . In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires companies to disclose additional information about income taxes, primarily their rate reconciliation information and income taxes paid. The new guidance requires companies to disclose in their rate reconciliation table additional categories of information about federal, state and foreign income taxes and to provide more details about the reconciling items in some categories if the items meet a quantitative threshold. Additionally, companies will be required to disclose annually income taxes paid (net of refunds received) disaggregated by federal, state and foreign taxes and to disaggregate the information by jurisdiction based on a quantitative threshold. The guidance is effective for the Company for the fiscal year ending January 31, 2026, and may be applied on a retrospective or prospective basis, with early adoption permitted. The Company is currently evaluating the impact of ASU 2023-09 on its consolidated financial statements.
Disaggregation—Income Statement Expenses . In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires disclosures about specific types of expenses included in the expense captions presented on the Statement of Operations as well as disclosures about selling expenses. The guidance is effective for annual filings for the Company's fiscal year beginning February 1, 2027, and interim filings for the fiscal year beginning February 1, 2028, and can be applied either prospectively or retrospectively, with early adoption permitted. The Company is currently evaluating the impact of ASU 2024-03 on its consolidated financial statements.

Targeted Improvements to the Accounting for Internal-Use Software. In September 2025, the FASB issued an update to ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which removes all references to prescriptive and sequential software development stages and allows software development costs to be capitalized once management commits to funding the project and it is probable that the project will be completed and used as intended. The new guidance introduces the concept of "significant development uncertainty," which if present, prevents capitalization. The guidance is effective for annual filings for the Company's fiscal year beginning February 1, 2028, and interim reporting periods within those annual reporting periods, and can be applied using a prospective, retrospective, or modified transition approach, with early adoption permitted. The Company is currently evaluating the impact of the updates to ASU 2025-06 on its consolidated financial statements.

3. Fair Value Measurements
The following tables present information about the Company’s financial assets that have been measured at fair value on a recurring basis as of October 31, 2025 and January 31, 2025 and indicate the fair value hierarchy of the valuation inputs utilized to determine such fair value (in thousands):
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MONGODB, INC.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

Fair Value Measurement as of October 31, 2025

Level 1
Level 2
Level 3
Total

Financial Assets:

Cash and cash equivalents:

Money market funds $ 250,305   $ —   $ —   $ 250,305  
Short-term investments:
U.S. government treasury securities
1,471,669   —   —   1,471,669  
Total financial assets
$ 1,721,974   $ —   $ —   $ 1,721,974  

Fair Value Measurement as of January 31, 2025

Level 1
Level 2
Level 3
Total

Financial Assets:
Cash and cash equivalents:
Money market funds $ 152,588   $ —   $ —   $ 152,588  
Short-term investments:
U.S. government treasury securities
1,846,444   —   —   1,846,444  
Total financial assets
$ 1,999,032   $ —   $ —   $ 1,999,032  

The Company utilized the market approach and Level 1 valuation inputs to value its money market mutual funds and U.S. government treasury securities because published net asset values were readily available.
The following table summarizes the amortized cost and fair value of the Company’s short-term investments by remaining contractual maturity as of October 31, 2025 and January 31, 2025 (in thousands):

October 31, 2025 January 31, 2025
Amortized
Cost Net Unrealized
Gains Fair Value Amortized
Cost Net Unrealized
Gains Fair Value
Due within one year $ 907,233   $ 2,157   $ 909,390   $ 968,748   $ 944   $ 969,692  
Due after one year and within three years 558,042   4,237   562,279   876,154   598   876,752  
Total short-term investments $ 1,465,275   $ 6,394   $ 1,471,669   $ 1,844,902   $ 1,542   $ 1,846,444  

As of October 31, 2025 and January 31, 2025, net unrealized gains on the Company’s U.S. government treasury securities were approximately $ 6.4  million and $ 1.5  million, respectively. These net unrealized gains were caused by fluctuations in interest rates, which results in changes to the market value of these securities. Since the fluctuation in fair value is due to changes in interest rates and not credit quality, and because the Company does not intend to sell the investments and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost bases, which may be at maturity, the Company concluded that an allowance for credit losses was unnecessary for short-term investments as of October 31, 2025. Gross realized gains and losses were not material for each of the three and nine months ended October 31, 2025 and 2024. There were no material short-term investments in a continuous loss position for greater than twelve months.
Non-marketable Securities
As of October 31, 2025 and January 31, 2025, the total amount of non-marketable equity securities included in other assets on the Company’s condensed consolidated balance sheets were $ 31.9  million and $ 24.2  million, respectively. The Company invested an additional $ 8.5  million and $ 5.8  million of its cash in non-marketable equity securities during the nine months ended October 31, 2025 and 2024, respectively. The Company recognized immaterial net unrealized losses on certain of these non-marketable securities during the three and nine months ended October 31, 2025. The Company recognized immaterial net unrealized gains on certain of these non-marketable securities during the three and nine months ended October 31, 2024.

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MONGODB, INC.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

4. Business Combinations
Voyage AI Innovations, Inc.
On February 17, 2025 (the “Acquisition Date”), the Company acquired all outstanding shares of Voyage AI Innovations, Inc. (“Voyage AI”), an AI-powered software company that specializes in embedding and reranking models. The Company acquired Voyage AI for its developed technology and talent.
The Company accounted for the transaction as a business acquisition under the acquisition method of accounting.
The acquisition date fair value of the purchase consideration was $ 160.9  million, which comprised the following (in thousands):

Estimated Fair Value
Cash $ 19,464  
Common stock (1)
141,402  
Total $ 160,866  

(1) Approximately 484,169 shares of the Company’s common stock were included in the purchase consideration and the fair values of these shares were determined based on the opening market price of $ 292.05 per share on February 18, 2025. Because the acquisition closed on a market holiday, the Company elected to use the opening market price on the first trading day subsequent to the acquisition date.
In connection with this business combination, the Company also issued to certain of Voyage AI’s employees a total of 213,023 shares of restricted stock awards and 35,152 shares of restricted stock units in exchange for a portion of their Voyage AI stock. These shares are subject to vesting agreements contingent upon each of these employees’ continued employment with the Company or its affiliates, pursuant to which the shares will vest over the weighted-average requisite service period of 2.7 years. The $ 62.2  million fair value of these restricted stock awards and $ 10.3  million fair value of these restricted stock units are accounted for as post-combination stock-based compensation expense over the weighted-average requisite service period.
The following table summarizes the preliminary allocation of purchase consideration to assets acquired and liabilities assumed based on their respective estimated fair values as of the date of acquisition:

Estimated Fair Value
(in thousands) Estimated Useful Life
(in years)
Cash and cash equivalents $ 17,365  
Prepaid expenses and other current assets
1,435  
Goodwill 119,962  
Developed technology intangible asset 24,000   2.0
Accounts payable and accrued expenses ( 954 )
Deferred tax liabilities, net (1)
( 942 )
Total purchase price $ 160,866  

(1) Deferred tax liabilities, net primarily relate to the intangible asset acquired and the amount presented is net of deferred tax assets.
The fair value of the developed technology was estimated using the reproduction cost method (Level 3), which utilized assumptions for the cost to replace, such as the workforce, timing and resources required, as well as a theoretical profit margin and opportunity cost. The Company determined the economic useful life to be two years based on the expected time period that the asset would contribute to the Company’s future cash flows without significant upgrades. The values assigned to the assets acquired and liabilities assumed are based on preliminary estimates of fair value available as of the date of this Quarterly Report on Form 10-Q. The Company continues to collect information with regards to the estimates and assumptions, including identification of potential liabilities, contingencies, and the allocation of the purchase price. Adjustments to the fair value of the net assets acquired, liabilities assumed and goodwill will be recorded within the measurement period, if necessary.
Goodwill related to the acquisition, which represents the difference between the purchase price and fair values of identifiable net assets, is not tax deductible for U.S. income tax purposes. The Company believes the goodwill balance
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associated with this business combination is attributable to the assembled workforce as well as synergies expected from expanded market opportunities when integrating the acquired developed technology with the Company’s offerings.
The Company incurred acquisition-related costs for the Voyage AI acquisition of $ 1.5  million during the nine months ended October 31, 2025. These acquisition-related costs were included in general and administrative expenses in the Company’s interim condensed consolidated statements of operations.
From the date of acquisition through October 31, 2025, revenue attributable to Voyage AI, included in the Company’s interim condensed consolidated statements of operations for the three and nine months ended October 31, 2025, was not material.
Grainite, Inc.
On September 27, 2023, the Company acquired the assets of Grainite, Inc. (“Grainite”), for total cash consideration of $ 15.0  million. Grainite is a stream processing application company and the transaction is intended to accelerate the development of the Company’s stream processing offering. The Company accounted for the transaction as a business combination, after determining that the acquired set of assets, the fair value of which was not concentrated in a single asset, or group of similar assets, and included (a) an assembled workforce and (b) intangible asset, met the definition of a business. As a result, the Company allocated the estimated fair value of $ 3.1  million of the identifiable asset acquired to the developed technology intangible asset. The fair value assigned to the intangible asset was determined through the use of a third-party valuation firm using replacement cost approach methodology, and includes the expected profit margin of a hypothetical third-party developer and a market participant’s opportunity cost. Judgment was applied for a number of assumptions used in the valuation of the identified intangible asset. The excess of the cash consideration over the identifiable intangible assets in the amount of $ 11.9  million was allocated to goodwill. This transaction is accounted for as an asset acquisition for tax purposes, and therefore both the goodwill and acquired intangible asset are deductible for tax purposes. Tax impacts were not material. Acquisition-related transaction costs were not material and have been expensed as incurred and included in general and administrative expenses in the condensed consolidated statements of operations. The business combination did not have a material impact on the Company’s consolidated financial statements for the year ended January 31, 2024.

5. Goodwill and Intangible Assets, Net
The following table summarizes the changes in the carrying amount of goodwill during the periods presented (in thousands):

October 31, 2025 January 31, 2025
Balance, beginning of year $ 69,679   $ 69,679  
Increase in goodwill related to business combinations 119,962   —  
Balance, end of period $ 189,641   $ 69,679  

The gross carrying amount and accumulated amortization of the Company’s intangible assets are as follows (in thousands):

October 31, 2025
Gross Carrying Value Accumulated Amortization Net Book Value
Developed technology $ 65,200   $ ( 49,333 ) $ 15,867  
Customer relationships 15,200   ( 15,200 ) —  
IP addresses 24,445   ( 2,004 ) 22,441  
Total $ 104,845   $ ( 66,537 ) $ 38,308  

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January 31, 2025
Gross Carrying Value Accumulated Amortization Net Book Value
Developed technology $ 41,200   $ ( 40,407 ) $ 793  
Customer relationships 15,200   ( 15,200 ) —  
IP addresses 23,986   ( 182 ) 23,804  
Total $ 80,386   $ ( 55,789 ) $ 24,597  

Intangible assets are primarily acquired through business combinations. See Note 4, Business Combinations , for further details. During the year ended January 31, 2025, the Company purchased $ 24.0  million of intangible assets for IP addresses and the costs are amortized on a straight-line basis over an estimated useful life of ten years .
Intangible assets are amortized on a straight-line basis. Amortization expense of intangible assets was $ 3.8 million and $ 10.7 million for the three and nine months ended October 31, 2025, respectively and $ 0.2 million and $ 3.0 million for the three and nine months ended October 31, 2024, respectively. Amortization expense for developed technology is included as cost of subscription revenue and research and development expense in the Company’s interim condensed consolidated statements of operations. Amortization expense for customer relationships is included as sales and marketing expense in the Company’s interim condensed consolidated statements of operations. Amortization expense for IP addresses is included as cost of subscription revenue in the Company’s interim condensed consolidated statements of operations.
As of October 31, 2025, future amortization expense related to the intangible assets is as follows (in thousands):

Fiscal Period:

Remainder of 2026 $ 3,806  
2027 14,558  
2028 3,003  
2029 2,444  
2030 2,444  
Thereafter 12,053  
Total $ 38,308  

6. Convertible Senior Notes
In January 2020, the Company issued $ 1.0 billion aggregate principal amount of 0.25 % convertible senior notes due 2026 in a private placement and, also in January 2020, the Company issued an additional $ 150.0 million aggregate principal amount of convertible senior notes pursuant to the exercise in full of the initial purchasers’ option to purchase additional convertible senior notes (collectively, the “2026 Notes”). The 2026 Notes were senior unsecured obligations of the Company and interest was payable semiannually in arrears on July 15 and January 15 of each year, beginning on July 15, 2020, at a rate of 0.25 % per year. The 2026 Notes had an original maturity date of January 15, 2026, unless earlier converted, redeemed or repurchased. The total net proceeds from the offering, after deducting initial purchase discounts and estimated debt issuance costs, were approximately $ 1.1 billion.
In October 2024, the optional redemption feature of the 2026 Notes was satisfied as the last reported sale price of the Company’s common stock was more than or equal to 130 % of the conversion price for at least 20 trading days in the period of 30 consecutive trading days. On October 16, 2024, the Company issued a notice of redemption (the “Redemption Notice”) for all aggregate principal amount outstanding of its 2026 Notes. Pursuant to the Redemption Notice, on December 16, 2024 (the “Redemption Date”), the Company redeemed all 2026 Notes that had not been converted prior to such date at a redemption price in cash equal to 100 % of the principal amount of such 2026 Notes, plus accrued and unpaid interest from July 15, 2024 to, but excluding, the Redemption Date (the “Redemption Price”). On the Redemption Date, the Redemption Price was due and payable upon each 2026 Notes redeemed and interest thereon ceased to accrue on and after the Redemption Date.
The 2026 Notes called for redemption were converted by holders at any time before 5:00 p.m. (New York City time) on December 13, 2024 (the “Conversion Deadline”). The Conversion Rate for 2026 Notes converted after the date of the
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Redemption Notice and prior to the Conversion Deadline equaled to 4.9260 shares of the Company’s common stock, par value $ 0.001 per share, per $1,000 principal amount of the 2026 Notes, which included an increase of the conversion rate of 0.1911 additional shares of the Company’s common stock per $1,000 principal amount of the 2026 Notes as a result of the 2026 Notes being called for optional redemption.
The Company satisfied its conversion obligations with respect to conversions occurring after the date of the Redemption Notice and prior to the Redemption Date by delivering shares of the Company’s common stock, plus cash in lieu of any resulting fractional shares. Pursuant to the Redemption Notice, on the Redemption Date, the Company redeemed the outstanding principal of the 2026 Notes that were not converted prior to such date at a redemption price in cash equal to 100 % of the principal amount of the 2026 Notes, plus accrued and unpaid interest. Approximately $ 1.1 billion aggregate principal amount was converted to 5,662,979 shares of the Company’s common stock with $ 0.4  million settled in cash. The Company recorded the carrying amount of the converted debt into common stock and additional paid-in-capital with no material gain or loss recognized.
Refer to Note 6, Convertible Senior Notes , in the Notes to Consolidated Financial Statements included in Part II, Item 8 of the Company’s 2025 Form 10-K for further information on the 2026 Notes.
Capped Calls
In connection with the pricing of the issuance of the Company’s convertible notes due June 15, 2024 which were converted or extinguished in December 2021 (the “2024 Notes”) and the 2026 Notes, the Company entered into privately negotiated capped call transactions with certain counterparties (the “Capped Calls”). The Capped Calls associated with the 2024 Notes each had an initial strike price of approximately $ 68.15 per share, subject to certain adjustments, which corresponded to the initial conversion price of the 2024 Notes. These Capped Calls had initial cap prices of $ 106.90 per share, subject to certain adjustments.
In April 2024, the Company elected cash settlement for the Capped Calls associated with the 2024 Notes. Upon the cash settlement election, the instrument, initially indexed to the Company’s own stock, no longer met the criteria for equity classification and was reclassified from stockholder’s equity to assets on the Company’s condensed consolidated balance sheet. The reclassification resulted in the recognition of a derivative asset, with an estimated fair value at cash settlement election date of $ 169.7  million, with a corresponding increase in additional paid in capital. In June 2024, the derivative asset was settled and the Company received $ 170.6 million in cash and recognized a realized gain of $ 0.9 million three and six months ended July 31, 2024, which was recorded in other income (expense), net, on the Company’s interim condensed consolidated statements of operations.
The Capped Calls associated with the 2026 Notes each have an initial strike price of approximately $ 211.20 per share, subject to certain adjustments, which corresponds to the initial conversion price of the 2026 Notes. These Capped Calls have initial cap prices of $ 296.42 per share, subject to certain adjustments. The Company did not unwind any of these Capped Calls through October 31, 2025.
Refer to Note 6, Convertible Senior Notes , in the Notes to Consolidated Financial Statements included in Part II, Item 8 of the Company’s 2025 Form 10-K for further information on the Capped Calls.

7. Leases
The Company has entered into non-cancelable operating and finance lease agreements, principally real estate for office space globally. The Company may receive renewal or expansion options, leasehold improvement allowances or other incentives on certain lease agreements. Lease terms range from one to 12 years and may include renewal options, which the Company deems reasonably certain to be renewed. The exercise of the lease renewal option is at the Company's discretion.
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Lease Costs
The components of the Company’s lease costs included in its interim condensed consolidated statements of operations were as follows (in thousands):

Three Months Ended October 31, Nine Months Ended October 31,
2025 2024 2025 2024
Finance lease cost:
Amortization of finance lease right-of-use assets $ 995   $ 994   $ 2,981   $ 2,981  
Interest on finance lease liabilities 463   556   1,459   1,733  
Operating lease cost 3,398   3,716   9,992   9,873  
Short-term lease cost 1,128   1,222   3,330   4,254  
Variable lease cost 1,238   945   3,643   2,931  
Total lease cost $ 7,222   $ 7,433   $ 21,405   $ 21,772  

Balance Sheet Components
The balances of the Company’s finance and operating leases were recorded on the condensed consolidated balance sheets as follows (in thousands):

October 31, 2025 January 31, 2025
Finance Lease:
Property and equipment, net $ 16,559   $ 19,540  
Other accrued liabilities, current 6,381   6,814  
Other liabilities, non-current 25,330   30,697  
Operating Leases:
Operating lease right-of-use assets $ 30,914   $ 34,607  
Operating lease liabilities, current 9,145   9,126  
Operating lease liabilities, non-current 25,480   27,374  

Maturities of Lease Liabilities
Future minimum lease payments under non-cancelable finance and operating leases on an annual undiscounted cash flow basis as of October 31, 2025 were as follows (in thousands):

Fiscal Period:
Finance Lease
Operating Leases

Remainder of 2026 $ 1,452   $ 2,114  
2027 8,711   11,986  
2028 8,711   8,810  
2029 8,711   6,856  
2030 7,985   4,118  
Thereafter
—   5,303  
Total minimum payments
35,570   39,187  
Less imputed interest
( 3,859 ) ( 4,562 )
Present value of future minimum lease payments
31,711   34,625  
Less current obligations under leases
( 6,381 ) ( 9,145 )
Non-current lease obligations
$ 25,330   $ 25,480  

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8. Commitments and Contingencies
Non-cancelable Material Commitments
During the three months ended October 31, 2025, the Company entered into a renewal agreement with a cloud infrastructure provider that includes a non-cancelable commitment of $ 300  million to be paid over a period from October 2025 through October 2028.
During the nine months ended October 31, 2025, other than certain non-cancelable operating leases described in Note 7, Leases and the renewal agreement with a cloud infrastructure provider, there have been no material changes outside the ordinary course of business t o the Company’s contractual obligations and commitments from those disclosed in the 2025 Form 10-K.
Legal Matters
The Company investigates all claims, litigation and other legal matters as they arise. From time to time, the Company has become involved in claims, litigation and other legal matters arising in the ordinary course of business, including intellectual property, labor and employment and breach of contract claims. For example, on July 9, 2024, a putative class action lawsuit, captioned Baxter v. MongoDB, Inc., et al., was filed in the United States District Court for the Southern District of New York against MongoDB, former CEO Dev Ittycheria, and former COO and CFO Michael Gordon. On January 27, 2025, the lead plaintiff in the lawsuit (the “Securities Action”) filed an Amended Complaint naming former Senior Vice President of Finance and former Interim CFO Srdjan Tanjga as an additional defendant. The operative complaint asserts claims under Sections 10(b) and 20(a) of the Securities Exchange Act, and alleges that defendants made material misstatements and/or omissions, including regarding MongoDB’s sales strategy and its financial results. The complaint is purportedly brought on behalf of a putative class of persons who purchased or otherwise acquired MongoDB common stock between June 1, 2023 and May 30, 2024. It seeks unspecified monetary damages, costs and attorneys’ fees, and other unspecified relief. Defendants filed a motion to dismiss the complaint on May 9, 2025. Plaintiffs filed an opposition brief on July 1, 2025, and defendants filed their reply brief on July 29, 2025. The Court has not yet ruled on Defendants’ motion. The Company is unable to estimate any reasonably possible loss, or range of loss, with respect to these matters at this time. The Company intends to vigorously defend itself in this matter.
On October 7, 2024, a purported shareholder derivative lawsuit was filed in the U.S. District Court for the Southern District of New York, Case. No. 1:24-cv-07594, against the Company, as a nominal defendant, and former CEO Dev Ittycheria, former COO and CFO Michael Gordon, and several of the Company’s current and former directors. The case is captioned Roy v. Ittycheria et al. The lawsuit alleges that the individual defendants breached their fiduciary duties and committed other alleged misconduct in connection with the statements at issue in the Securities Action and by causing the Company to issue allegedly false and misleading statements to investors. Another similar case was subsequently filed in the same district and has been consolidated with the Roy action with the caption In re MongoDB, Inc. Shareholder Litigation (the “S.D.N.Y. Derivative Litigation”). On September 12, 2025 another purported derivative action was filed in the Court of Chancery of the State of Delaware, Case No. 2025-1030, against the Company, as a nominal defendant, and former CEO Dev Ittycheria, former COO and CFO Michael Gordon, and several of the Company’s current and former directors. The case is captioned Sansone v. Ittycheria, et al. The lawsuit, like the S.D.N.Y. Derivative Action, alleges that the individual defendants breached their fiduciary duties and committed other alleged misconduct in connection with the statements at issue in the Securities Action and by causing the Company to issue allegedly false and misleading statements to investors. The S.D.N.Y. Derivative Litigation and the Delaware Derivative Action are both at early stages and have both been stayed pending the outcome of the Court’s decision on the defendants’ motion to dismiss the Securities Action.
Although claims and litigation are inherently unpredictable, as of October 31, 2025, other than as disclosed above, the Company is currently not aware of any matters that, if determined adversely to the Company, would individually or taken together have a material adverse effect on its business, financial position, results of operations or cash flows. The Company accrues estimates for resolution of legal and other contingencies when losses are probable and estimable. Regardless of the outcome, litigation can have an adverse impact on the Company because of defense and settlement costs, diversion of management resources and other factors.
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Indemnification
The Company enters into indemnification provisions under its agreements with other companies in the ordinary course of business, including business partners, landlords, contractors and parties performing its research and development. Pursuant to these arrangements, the Company agrees to indemnify, hold harmless and reimburse the indemnified party for certain losses suffered or incurred by the indemnified party as a result of the Company’s activities. The terms of these indemnification agreements are generally perpetual. The maximum potential amount of future payments the Company could be required to make under these agreements is not determinable. To date, the Company has not incurred material costs as a result of such commitments. The Company maintains commercial general liability insurance and product liability insurance to offset certain of the Company’s potential liabilities under these indemnification provisions.
The Company has entered into indemnification agreements with each of its directors and executive officers. These agreements require the Company to indemnify such individuals, to the fullest extent permitted by Delaware law, for certain liabilities to which they may become subject as a result of their affiliation with the Company.

9. Revenue
Disaggregation of Revenue
The Company believes that the nature, amount, timing and uncertainty of its revenue and cash flows and how they are affected by economic factors is most appropriately depicted through the Company’s primary geographical markets and subscription product categories. The Company’s primary geographical markets are North and South America (“Americas”); Europe, Middle East and Africa (“EMEA”); and Asia Pacific. The Company also disaggregates its subscription products between its MongoDB Atlas-related offerings and other subscription products, which include MongoDB Enterprise Advanced.
The following table presents the Company’s revenues disaggregated by primary geographical markets, subscription product categories and services (in thousands):
Three Months Ended October 31, Nine Months Ended October 31,
2025 2024 2025 2024
Primary geographical markets:
Americas
$ 380,004   $ 325,076   $ 1,077,115   $ 881,958  
EMEA
175,348   140,744   487,074   400,864  
Asia Pacific
72,957   63,555   204,536   175,223  
Total
$ 628,309   $ 529,375   $ 1,768,725   $ 1,458,045  

Subscription product categories and services:
MongoDB Atlas-related
$ 470,399   $ 362,604   $ 1,305,262   $ 1,016,142  
Other subscription
138,668   149,601   407,615   396,764  
Services
19,242   17,170   55,848   45,139  
Total
$ 628,309   $ 529,375   $ 1,768,725   $ 1,458,045  

Contract Liabilities
The Company’s contract liabilities are recorded as deferred revenue in the Company’s condensed consolidated balance sheets and consist of customer invoices issued or payments received in advance of revenues being recognized from the Company’s subscription and services contracts. Deferred revenue, including current and non-current balances, as of October 31, 2025 and January 31, 2025 was $ 367.0 million and $ 359.8  million, respectively. Approximately 17 % and 22 % of the total revenue recognized for the nine months ended October 31, 2025 and 2024, respectively, was from deferred revenue at the beginning of each respective period.
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Remaining Performance Obligations
Remaining performance obligations represent the aggregate amount of the transaction price in contracts allocated to performance obligations not delivered, or partially undelivered, as of the end of the reporting period. Remaining performance obligations include unearned revenue, multi-year contracts with future installment payments and certain unfulfilled orders against accepted customer contracts at the end of any given period. As of October 31, 2025, the aggregate transaction price allocated to remaining performance obligations was $ 994.3 million. Approximately 55 % is expected to be recognized as revenue over the next 12 months, 42 % in 13 to 36 months and the remainder thereafter. The Company applies the practical expedient to omit disclosure with respect to the amount of the transaction price allocated to remaining performance obligations if the related contract has a total duration of 12 months or less.
Unbilled Receivables
Revenue recognized in excess of invoiced amounts creates an unbilled receivable, which represents the Company’s unconditional right to consideration in exchange for goods or services that the Company has transferred to the customer. Unbilled receivables are recorded as part of accounts receivable, net in the Company’s condensed consolidated balance sheets. As of October 31, 2025 and January 31, 2025, unbilled receivables were $ 17.3 million and $ 22.5  million, respectively.
Allowance for Doubtful Accounts
The Company considers expectations of forward-looking losses, in addition to historical loss rates, to estimate its allowance for doubtful accounts on its accounts receivable. The following is a summary of the changes in the Company’s allowance for doubtful accounts (in thousands):

Allowance for Doubtful Accounts
Balance at January 31, 2025
$ 8,888  
Provision 11,302  
Recoveries/write-offs ( 7,885 )
Balance as of October 31, 2025
$ 12,305  

Costs Capitalized to Obtain Contracts with Customers
Deferred commissions were $ 352.4 million and $ 363.4  million as of October 31, 2025 and January 31, 2025, respectively, of which $ 229.5 million and $ 250.7  million comprised the non-current portion and was included in other assets on the Company’s consolidated balance sheets as of October 31, 2025 and January 31, 2025, respectively. Amortization expense with respect to deferred commissions, which is included in sales and marketing expense in the Company’s interim condensed consolidated statements of operations, was $ 33.1 million and $ 101.2 million for the three and nine months ended October 31, 2025, respectively, and $ 28.6 million and $ 82.2 million for the three and nine months ended October 31, 2024, respectively. There was no impairment loss in relation to the costs capitalized for the periods presented.

10. Equity
Equity Incentive Plan
The Company adopted the 2008 Stock Incentive Plan (as amended, the “2008 Plan”) and the 2016 Equity Incentive Plan (as amended the “2016 Plan”), primarily for the purpose of granting stock-based awards to eligible employees, directors and consultants, including stock options, restricted stock units (“RSUs”), restricted stock awards (“RSAs”) and other stock-based awards. With the establishment of the 2016 Plan in December 2016, all shares available for grant under the 2008 Plan were transferred to the 2016 Plan. The Company no longer grants any stock-based awards under the 2008 Plan and any shares underlying stock options canceled under the 2008 Plan will be automatically transferred to the 2016 Plan.
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Stock Options
The following table summarizes stock option activity for the nine months ended October 31, 2025 (in thousands, except share and per share data and years):

Shares
Weighted-Average
Exercise
Price Per Share
Weighted- Average
Remaining
Contractual Term
(In Years)
Aggregate
Intrinsic
Value

Balance - January 31, 2025
567,425   $ 8.41   1.5 $ 150,319  
Stock options exercised ( 313,888 ) 7.72  
Stock options forfeited and expired
—   —  
Balance - October 31, 2025
253,537   9.26   1.2 88,883  
Vested and exercisable - January 31, 2025
567,425   8.41   1.5 150,319  
Vested and exercisable - October 31, 2025
253,537   $ 9.26   1.2 $ 88,883  

Restricted Stock Units
During the three months ended October 31, 2025, the Company began funding withholding taxes in certain jurisdictions due upon the vesting of employee RSUs and executive PSUs by net share settlement, rather than its previous approach of selling shares of the Company’s common stock. The amount of withholding taxes related to net share settlement of employee RSUs and executive PSUs are reflected as (i) a reduction to additional paid-in-capital, and (ii) cash outflows for financing activities when the payments are made. The shares withheld by the Company as a result of the net share settlement of RSUs and executive PSUs are not considered issued and outstanding, and do not impact the calculation of basic net income (loss) per share attributable to common stockholders. No executive PSUs vested during the three months ended October 31, 2025.
The following table summarizes RSU activity for the nine months ended October 31, 2025:

Shares
Weighted-Average Grant Date Fair Value per RSU

Unvested - January 31, 2025
3,533,507   $ 291.43  
RSUs granted 3,005,681   215.79  
RSUs vested ( 1,267,669 ) 282.32  
RSUs forfeited and canceled ( 766,082 ) 254.07  
Unvested - October 31, 2025
4,505,437   $ 249.89  

Restricted Stock Awards
The Company has granted restricted common stock outside of the Plans. Restricted common stock is not deemed to be outstanding for accounting purposes until it vests. Refer to Note 4, Business Combinations , for further details on the issuance of restricted stock awards in connection with the acquisition of Voyage AI.
The following table summarizes RSA activity for the nine months ended October 31, 2025:

Shares
Weighted-Average Grant Date Fair Value per RSA

Unvested - January 31, 2025
—   $ —  
RSAs granted 213,023   292.05  
RSAs vested ( 61,408 ) 292.05  
RSAs forfeited and canceled ( 19,845 ) 292.05  
Unvested - October 31, 2025
131,770   $ 292.05  

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Executive Performance Share Awards
The following table summarizes PSU activity for the nine months ended October 31, 2025:

Shares
Weighted-Average Grant Date Fair Value per PSU

Unvested - January 31, 2025
146,284   $ 287.57  
PSUs granted 115,708   192.99  
PSUs vested ( 91,319 ) 266.18  
Adjustment for performance achievement 17,955   216.79  
PSUs forfeited and canceled ( 30,403 ) 274.62  
Unvested - October 31, 2025
158,225   $ 225.21  

2017 Employee Stock Purchase Plan
In October 2017, the Company’s Board of Directors adopted, and stockholders approved, the 2017 Employee Stock Purchase Plan (the “2017 ESPP”). Subject to any plan limitations, the 2017 ESPP allows eligible employees to contribute, normally through payroll deductions, up to 15 % of their earnings for the purchase of the Company’s common stock at a discounted price per share. In June 2025, the Company issued 131,117 shares of its common stock under the 2017 ESPP. The Company’s current offering period began on June 16, 2025 and is expected to end December 15, 2025.
Stock-Based Compensation Expense
Total stock-based compensation expense recognized in the Company’s interim condensed consolidated statements of operations is as follows (in thousands):

Three Months Ended October 31, Nine Months Ended October 31,
2025 2024 2025 2024
Cost of revenue—subscription
$ 8,990   $ 7,884   $ 26,216   $ 21,566  
Cost of revenue—services
4,572   3,495   12,739   10,151  
Sales and marketing
36,965   40,540   112,332   121,193  
Research and development
67,255   57,850   208,773   168,211  
General and administrative
15,848   15,943   46,401   47,777  
Total stock-based compensation expense
$ 133,630   $ 125,712   $ 406,461   $ 368,898  

Share Repurchase Program
In February 2025, the Company’s Board of Directors authorized a program to repurchase up to $ 200.0  million of the Company’s common stock (the “Share Repurchase Program”). Repurchases under the Share Repurchase Program may be effected through open market purchases, privately-negotiated transactions, or otherwise in accordance with applicable federal securities laws, including through Rule 10b5-1 trading plans and under Rule 10b-18 of the Securities Exchange Act of 1934. The timing and actual number of shares repurchased will depend on a variety of factors, including price, general business and market conditions and alternate uses of capital. The current authorization may be suspended or discontinued at any time and does not have a specified expiration date. In June 2025, the Company’s Board of Directors authorized an additional $ 800.0  million in repurchases under the Share Repurchase Program, bringing the aggregate authorized repurchase amount to $ 1.0  billion.

During the three and nine months ended October 31, 2025, the Company repurchased 513,620 and 1,443,294 shares of common stock for $ 145.3  million and $ 345.3  million, respectively, of which, $ 2.3  million is included in other accrued liabilities on the Company’s condensed consolidated balance sheet as of October 31, 2025. The average price per share for the three and nine months ended October 31, 2025 was $ 294.01 and $ 265.88 , respectively. All repurchases were made in open market transactions and recorded in treasury stock. As of October 31, 2025, our total remaining authorization under our stock repurchase plan is $ 654.7 million.
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NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

11. Net Loss Per Share
The Company calculates basic net loss per share by dividing the net loss by the weighted-average number of shares of common stock outstanding during the period, less shares subject to repurchase. Diluted net loss per share is computed by giving effect to all potentially dilutive common shares outstanding for the period, including stock options, restricted stock units and restricted stock awards. Basic and diluted net loss per share was the same for each period presented, as the inclusion of all potential common shares outstanding would have been anti-dilutive due to the net loss reported for each period presented.
The following table sets forth the computation of basic and diluted net loss per share (in thousands, except share and per share data):

Three Months Ended October 31, Nine Months Ended October 31,
2025 2024 2025 2024
Numerator:

Net loss
$ ( 2,007 ) $ ( 9,776 ) $ ( 86,681 ) $ ( 144,898 )

Denominator:

Weighted-average shares used to compute net loss per share, basic and diluted
81,401,853   74,020,593   81,245,331   73,472,900  

Net loss per share, basic and diluted
$ ( 0.02 ) $ ( 0.13 ) $ ( 1.07 ) $ ( 1.97 )

In connection with the issuance of the 2024 Notes and 2026 Notes, the Company entered into Capped Calls, which were not included for the purpose of calculating the number of diluted shares outstanding, as their effect would have been anti-dilutive. The Capped Calls were expected to partially offset the potential dilution to the Company’s common stock upon any conversion of the 2026 Notes. During the three months ended April 30, 2024, the Company elected a settlement in cash, as opposed to the Company’s common stock, of the Capped Calls associated with 2024 Notes. In June 2024 the related derivative was settled and the Capped Calls associated with the 2024 Notes were successfully unwound, refer to Note 6. Convertible Senior Notes for more information.
The following shares of common stock were excluded from the computation of diluted net loss per share attributable to the Company for the periods presented because including them would have been anti-dilutive as the Company has reported net loss for each of the periods presented:

Three Months Ended October 31, Nine Months Ended October 31,
2025 2024 2025 2024
Stock options pursuant to the 2016 Equity Incentive Plan
190,117   303,833   190,117   326,151  
Stock options pursuant to the 2008 Stock Incentive Plan 63,420   336,783   63,420   364,653  
Unvested restricted stock units
4,505,437   3,814,958   4,505,437   3,877,567  
Unvested restricted stock awards 131,770   —   131,770   —  
Unvested executive PSUs 158,225   179,053   158,225   184,532  
Shares underlying the conversion option of the 2026 Notes —   5,561,065   —   5,483,690  
Total 5,048,969   10,195,692   5,048,969   10,236,593  

12. Income Taxes
The Company recorded a provision for income taxes of $ 3.4 million and 11.6 million for the three and nine months ended October 31, 2025, respectively, and $ 2.7  million and $ 9.1  million for the three and nine months ended October 31, 2024, respectively. The provisions recorded during each of the three and nine months ended October 31, 2025 and 2024 were driven by an increase in global income and the associated foreign taxes as the Company continues its global expansion. The calculation of income taxes was based upon the estimated annual effective tax rates for the year applied to the jurisdictional mix of current period loss before tax plus the tax effect of any significant unusual items, discrete events or changes in tax law.
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NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

The Company regularly assesses the need for a valuation allowance against its deferred tax assets. In making that assessment, the Company considers both positive and negative evidence related to the likelihood of realization of the deferred tax assets to determine, based on the weight of available evidence, whether it is more likely than not that some or all of the deferred tax assets will not be realized. The Company has maintained a valuation allowance on U.S. and Ireland net deferred tax assets, as it is more likely than not that some or all of the deferred tax assets will not be realized.
The Company assesses uncertain tax positions in accordance with ASC 740-10, Accounting for Uncertainties in Tax . As of January 31, 2025, the Company’s net unrecognized tax benefits totaled $ 104.5  million, $ 1.3 million of which would have an impact on the Company’s effective tax rate if recognized.
On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted in the United States. The OBBBA includes significant provisions, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, modifications to the international tax framework and the restoration of favorable tax treatment for certain business provisions including the immediate expensing of United States research and development expenditures. The legislation has multiple effective dates, with certain provisions effective in the current fiscal period and others in the fiscal year ended January 31, 2027. We have completed a current fiscal year assessment of the related tax impacts this quarter on our condensed consolidated financial statements. Given the ongoing tax losses and full valuation allowance against our domestic deferred tax assets, we do not expect any material impacts from the provisions effective in the fiscal year ended January 31, 2026 on our consolidated financial statements.

The Company continues to monitor and interpret the impact of proposed and enacted global tax legislation. To date, globally enacted tax legislation has not materially impacted income tax expense of the financial statements due to the presence of net operating losses and full valuation allowances within the Company’s two most significant tax jurisdictions, the United States and Ireland.

13. Segment and Geographic Information
Segment Information
The Company’s chief operating decision maker (“CODM”), the Chief Executive Officer, manages the Company’s business activities as a single operating and reportable segment at the consolidated level. Accordingly, the CODM uses consolidated net loss to make operating decisions, allocate resources and assess performance. The CODM uses consolidated net loss to evaluate cost optimization and allocate resources, including personnel-related and financial or capital resources, in the annual budget and forecasting process, as well as budget-to-actual variances on a monthly basis. Further, the CODM reviews and utilizes functional expenses (cost of revenues, sales and marketing, research and development, and general and administrative) at the consolidated level to manage the Company’s operations. Other segment items included in consolidated net loss are interest income, interest expense, other income (expense), net and the provision for income taxes, which are reflected in the interim condensed consolidated statements of operations.
Geographic Information
Customers located in the United States accounted for 53 % and 54 % of total revenue for the three and nine months ended October 31, 2025, respectively, and 55 % and 54 % of total revenue for the three and nine months ended October 31, 2024, respectively. No other country accounted for 10% or more of revenue for the periods presented.
Long-lived assets located in the United States accounted for 85 % of total long-lived assets as of October 31, 2025 and 86 % as of October 31, 2024. No other countries accounted for 10 % or more of long-lived assets as of October 31, 2025 and October 31, 2024.

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.
Unless the context otherwise indicates, references in this report to the terms “MongoDB,” “the Company,” “we,” “our” and “us” refer to MongoDB, Inc., its divisions and its subsidiaries. The following discussion and analysis of our financial condition and results of operations should be read in conjunction with (1) our interim unaudited condensed consolidated financial statements and related notes appearing elsewhere in this Quarterly Report on Form 10-Q and (2) the audited consolidated financial statements and the related notes and the discussion under the heading “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in our Annual Report on Form 10-K for the fiscal year
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ended January 31, 2025 (the “2025 Form 10-K”). All information presented herein is based on our fiscal calendar year, which ends January 31. Unless otherwise stated, references to particular years, quarters, months or periods refer to our fiscal years ended January 31 and the associated quarters, months and periods of those fiscal years.
This Quarterly Report on Form 10-Q contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). These statements are often identified by the use of words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “project,” “will,” “would” or the negative or plural of these words or similar expressions or variations, including our expectations regarding our future growth opportunity, revenue and revenue growth, investments, strategy, operating expenses and the anticipated impact of the global economic uncertainty and financial market conditions, caused by the macroeconomic environment, on our business, results of operations and financial condition. Such forward-looking statements are subject to a number of risks, uncertainties, assumptions and other factors that could cause actual results and the timing of certain events to differ materially from future results expressed or implied by the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those identified herein, and those discussed in the section titled “Risk Factors,” set forth in Part 2, Item 1A of this Quarterly Report on Form 10-Q. You should not rely upon forward-looking statements as predictions of future events. Furthermore, such forward-looking statements speak only as of the date of this report. Except as required by law, we undertake no obligation to update any forward-looking statements to reflect events or circumstances after the date of such statements.
Our corporate website is located at www.mongodb.com . We make available free of charge, on or through our corporate website, our annual, quarterly and current reports, and any amendments to those reports, as soon as reasonably practicable after electronically filing such reports with, or furnishing such reports to, the Securities and Exchange Commission (“SEC”). Information contained on our corporate website is not part of this Quarterly Report on Form 10-Q or any other report filed with or furnished to the SEC.

Overview
MongoDB is the developer data platform company whose mission is to empower developers to create, transform, and disrupt industries by unleashing the power of software and data. The foundation of our offering is the world’s leading, modern general purpose database. Organizations can deploy our database at scale in the cloud, on-premises, or in a hybrid environment. Built on our unique document-based architecture, our database is designed to meet the needs of organizations for performance, scalability, flexibility and reliability while maintaining the strengths of relational databases. In addition to the database, our developer data platform includes a set of, tightly integrated, capabilities such as search, time series, data lifecycle, application-driven analytics and stream processing that allow developers to address a broader range of application requirements. Our business model combines the developer mindshare and adoption benefits of open source with the economic benefits of a proprietary software subscription business model. MongoDB is headquartered in New York City and our total headcount increased to 5,639 as of October 31, 2025, from 5,436 as of October 31, 2024.
We generate revenue primarily from sales of subscriptions, which accounted for 97% of our total revenue for both the three and nine months ended October 31, 2025, respectively, and 97% for both the three and nine months ended October 31, 2024.
MongoD B Atlas is our hosted multi-cloud database-as-a-service (“DBaaS”) offering, which we run and manage in the cloud, and includes comprehensive infrastructure and management, as well as a host of additional features, such as MongoDB Atlas Search, Vector Search, time series, data lifecycle, application-driven analytics and stream processing. During the three and nine months ended October 31, 2025, MongoDB Atlas revenue represented 75% and 74%, respectively, as compared to 68% and 70% of our total revenue during the three and nine months ended October 31, 2024, respectively, reflecting the continued strength of MongoDB Atlas since its introduction in June 2016. We have experienced strong growth in self-serve customers of MongoDB Atlas, which are charged monthly in arrears based on their usage. We have also seen growth in MongoDB Atlas customers sold by our sales force, which typically sign annual contracts and pay in advance or are invoiced monthly in arrears based on usage. Customers sold by our sales force may also sign contracts that remain in effect until terminated and are invoiced monthly in arrears based on usage. We expect to continue to see a higher portion of our MongoDB Atlas contracts to be billed monthly in arrears based on usage without requiring upfront commitments.
MongoDB Enterprise Advanced is our proprietary commercial database server offering for enterprise customers that can run in the cloud, on-premises or in a hybrid environment . MongoDB Enterprise Advanced revenue represented 20% and 21% for the three and nine months ended October 31, 2025, respectively, and 25% and 24% of our subscription revenue for
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the three and nine months ended October 31, 2024, respectively. We sell subscriptions directly through our field and inside sales teams, as well as indirectly through channel partners. The majority of our subscription contracts are one year in duration and are invoiced upfront. When we enter into multi-year subscriptions, the customer is typically invoiced on an annual basis or pays upfront.
Many of our enterprise customers initially get to know our software by using Community Server, which is our free-to-download version of our database that includes the core functionality developers need to get started with MongoDB without all the features of our commercial platform. Our platform has been downloaded from our website more than 650 million times since February 2009. We also offer a free tier of MongoDB Atlas, which provides access to our hosted database solution with limited processing power and storage, as well as certain operational limitations. As a result, with the availability of both Community Server and MongoDB Atlas free tier offerings, our direct sales prospects are often familiar with our platform and may have already built applications using our technology. A core component of our growth strategy for MongoDB Atlas and MongoDB Enterprise Advanced is to convert developers and their organizations who are already using Community Server or the free tier of MongoDB Atlas to become customers of our commercial products and enjoy the benefits of either a self-managed or hosted offering.
We also generate revenue from services, which consist primarily of fees associated with consulting and training services. Revenue from services accoun ted for 3% of our total revenue for both the three and nine months ended October 31, 2025, and 3% for both the three and nine months ended October 31, 2024 . We expect to continue to invest in our services organization as we believe it plays an important role in accelerating our customers’ realization of the benefits of our platform, which helps drive customer retention and expansion.
We believe the market for our offerings is large and growing. According to IDC, the worldwide data software market, which it refers to as the Data Management Software market, was $93 billion in 2024 growing to approximately $169 billion in 2029. This represents a 13% five year compound annual growth rate.
We have experienced rapid growth and have made substantial investments in developing our platform and expanding our sales and marketing footprint. We intend to continue to invest to grow our business to take advantage of our market opportunity.

Key Factors Affecting Our Performance
Macroeconomic and Other Factors
Our operational and financial performance is subject to risks including those caused by the adverse macroeconomic environment and the geopolitical landscape.
Adverse macroeconomic conditions include slower or negative economic growth and higher inflation. While the impact of these macroeconomic conditions on our business, results of operations and financial position remain uncertain over the long term, we expect to experience macroeconomic headwinds on growth rate for our existing MongoDB Atlas applications in the short term.
We continue to monitor the developments of the macroeconomic environment and the geopolitical landscape. As these factors develop and we evaluate their impact on our business, we may adjust our business practices accordingly. For further discussion of the potential impacts of these factors on our business, operating results, and financial condition, see the section titled “Risk Factors” included in Part II, Item 1A of this Quarterly Report on Form 10-Q. Other factors affecting our performance are discussed below.
Growing Our Customer Base and Expanding Our Global Reach
We are intensely focused on continuing to grow our customer base. We have invested, and expect to continue to invest, in our sales and marketi ng efforts and developer community outreach, which are critical to driving customer acquisition. As of October 31, 2025, we had over 62,500 customers across a wide range of industries and in over 100 countries, compared to over 52,600 customers as of October 31, 2024. All affiliated entities are counted as a single customer and our definition of “customer” excludes users of our free offerings.
As of October 31, 2025, we had over 7,000 customers that were sold through our direct sales force and channel partners, as compared to over 7,400 such customers as of October 31, 2024. These customers, which we refer to as our Direct Sales Customers, accounted for 87% of our subscription revenue for both the three and nine months ended October 31, 2025 and 88% for both the three and nine months ended October 31, 2024, respectively. We plan to continue to invest in acquiring
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new customers and additional workloads from existing customers across all of our channels. We had over 60,800 MongoDB Atlas customers as of October 31, 2025 compared to over 51,100 as of October 31, 2024. The growth in MongoDB Atlas customers included new customers to MongoDB and existing MongoDB Enterprise Advanced customers adding incremental MongoDB Atlas workloads.
Retaining and Expanding Revenue from Existing Customers
The economic attractiveness of our subscription-based model is demonstrated by customer renewals and increasing existing customer subscriptions over time, referred to as land-and-expand. We believe that there is a significant opportunity to drive additional sales to existing customers, and expect to invest in sales and marketing and customer success personnel and activities to achieve additional revenue growth from existing customers. If an application grows and requires additional capacity, our customers increase their usage of our platform. Our customers add incremental workloads or expand their subscriptions to our platform as they migrate additional existing applications or build new applications, either within the same department or in other lines of business or geographies. Also, as customers modernize their information technology infrastructure and move to the cloud, they may migrate applications from legacy databases. Our goal is to increase the number of customers that standardize on our platform within their organization, as well as add new workloads with new and existing customers. Over time, the subscription amount for our typical Direct Sales Customer has increased.
We calculate annualized recurring revenue (“ARR”) and annualized monthly recurring revenue (“MRR”) to help us measure our subscription revenue performance. ARR includes the revenue we expect to receive from our customers over the following 12 months based on contractual commitments and, in the case of Direct Sales Customers of MongoDB Atlas, by annualizing the prior 90 days of their actual usage of MongoDB Atlas, assuming no increases or reductions in their subscriptions or usage. For all other customers of our self-serve products, we calculate annualized MRR by annualizing the prior 30 days of their actual usage of such products, assuming no increases or reductions in usage. ARR and annualized MRR exclude professional services. The number of customers with $100,000 or greater in ARR and annualized MRR was 2,694 and 2,314 as of October 31, 2025 and 2024 , respectively. Our ability to increase sales to existing customers will depend on a number of factors, including customers’ satisfaction or dissatisfaction with our products and services, competition, pricing, economic conditions or overall changes in our customers’ spending levels.
We also examine the rate at which our customers increase their spend with us, which we call net ARR expansion rate. We calculate net ARR expansion rate by dividing the ARR and annualized MRR at the close of a given period (the “measurement period”), from customers who were also customers at the close of the same period in the prior year (the “base period”), by the ARR and annualized MRR from all customers at the close of the base period, including those who churned or reduced their subscriptions. As of October 31, 2025, our net ARR expansion rate was 120%. Our net ARR expansion rate may fluctuate in future periods due to a variety of factors, including the volume and type of workloads that we onboard, growth rate of historical workloads on our platform and changes in the macroeconomic environment.

Components of Results of Operations
Revenue
Subscription Revenue. Our subscription revenue is comprised of term licenses and database-as-a-service solutions. Revenue from our MongoDB Atlas database-as-a-service offering is primarily generated on a usage basis and is billed either monthly in arrears or paid upfront. Subscriptions to term licenses include technical support and access to new software versions on a when-and-if available basis. Revenue from our term licenses is recognized upfront for the license component and ratably for the technical support and when-and-if available update components. Associated contracts are typically billed annually in advance. The majority of our subscription contracts are one year in duration. When we enter into multi-year subscriptions, the customer is typically invoiced on an annual basis or pays upfront. Our subscription contracts are generally non-cancelable and non-refundable.
Services Revenue. Services revenue is comprised of consulting and training services and is recognized over the period of delivery of the applicable services.
We expect our revenue may vary from period to period based on, among other things, the timing and size of new subscriptions, customer usage patterns, the proportion of term license contracts that commence within the period, the rate of customer renewals and expansions, delivery of professional services, the impact of significant transactions and seasonality of or fluctuations in usage from our MongoDB Atlas customers.
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Cost of Revenue
Cost of Subscription Revenue. Cost of subscription revenue primarily includes third-party cloud infrastructure expenses for our database-as-a-service solutions. We expect our cost of subscription revenue to increase in absolute dollars as our subscription revenue increases and, depending on the results of MongoDB Atlas, our cost of subscription revenue may increase as a percentage of subscription revenue as well. Cost of subscription revenue also includes personnel costs, including salaries, bonuses and benefits and stock-based compensation, for employees associated with our subscription arrangements principally related to technical support and allocated shared costs, as well as depreciation and amortization.
Cost of Services Revenue. Cost of services revenue primarily includes personnel costs, including salaries, bonuses and benefits, and stock‑based compensation, for employees associated with our professional service contracts, as well as, travel costs, allocated shared costs and depreciation and amortization. We expect our cost of services revenue to increase in absolute dollars as our services revenue increases.
Gross Profit and Gross Margin
Gross Profit. Gross profit represents revenue less cost of revenue.
Gross Margin. Gross margin, or gross profit as a percentage of revenue, has been and will continue to be affected by a variety of factors, including the average sales price of our products and services, the mix of products sold, transaction volume growth and the mix of revenue between subscriptions and services. We expect our gross margin to fluctuate over time depending on the factors described above and, to the extent MongoDB Atlas revenue increases as a percentage of total revenue, our gross margin may decline as a result of the associated hosting costs of MongoDB Atlas.
Operating Expenses
Our operating expenses consist of sales and marketing, research and development and general and administrative expenses. Personnel costs are the most significant component of each category of operating expenses. Operating expenses also include travel and related costs and allocated overhead costs for facilities, information technology and employee benefit costs.
Sales and Marketing. Sales and marketing expense consists primarily of personnel costs, including salaries, sales commission and benefits, bonuses and stock‑based compensation. These expenses also include costs related to marketing programs, travel‑related expenses and allocated overhead. Marketing programs consist of advertising, events, corporate communications, and brand‑building and developer‑community activities. We expect our sales and marketing expense to increase in absolute dollars over time as we expand our sales force and increase our marketing resources, expand into new markets and further develop our self-serve and partner channels.
Research and Development. Research and development expense consists primarily of personnel costs, including salaries, bonuses and benefits, and stock‑based compensation. It also includes amortization associated with intangible acquired assets and allocated overhead. We expect our research and development expenses to continue to increase in absolute dollars, as we continue to invest in our developer data platform and develop new products.
General and Administrative. General and administrative expense consists primarily of personnel costs, including salaries, bonuses and benefits, and stock‑based compensation for administrative functions including finance, legal, human resources and external legal and accounting fees, as well as allocated overhead. We expect general and administrative expense to increase in absolute dollars over time as we continue to invest in the growth of our business.
Other Income (Expense), Net
Other income (expense), net consists primarily of interest income, interest expense, gains and losses on financial instruments, net and gains and losses from foreign currency transactions.
Provision for Income Taxes
Provision for income taxes consists primarily of state income taxes in the United States and income taxes in certain foreign jurisdictions in which we conduct business.
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We account for income taxes and the related accounts under the liability method. Deferred tax liabilities and assets are determined based on the difference between the financial statement and tax bases of assets and liabilities, using enacted rates expected to be in effect during the year in which the basis differences reverse.
We regularly assess the need for a valuation allowance against our deferred tax assets. In making that assessment, we consider both positive and negative evidence related to the likelihood of realization of the deferred tax assets to determine, based on the weight of available evidence, whether it is more likely than not that some or all of the deferred tax assets will not be realized. We have maintained a valuation allowance on U.S. and Ireland net deferred tax assets, as it is more likely than not that some or all of the deferred tax assets will not be realized.
Results of Operations
The following tables set forth our results of operations for the periods presented in U.S. dollars (unaudited, in thousands) and as a percentage of our total revenue. Percentage of revenue figures are rounded and therefore may not subtotal exactly.

Three Months Ended October 31, Nine Months Ended October 31,
2025 2024 2025 2024
Consolidated Statements of Operations Data:

Revenue:

Subscription
$ 609,067  $ 512,205  $ 1,712,877  $ 1,412,906 
Services
19,242  17,170  55,848  45,139 
Total revenue
628,309  529,375  1,768,725  1,458,045 
Cost of revenue:

Subscription (1)
146,921  111,150  416,455  318,728 
Services (1)
32,256  24,181  92,191  67,553 
Total cost of revenue
179,177  135,331  508,646  386,281 
Gross profit
449,132  394,044  1,260,079  1,071,764 
Operating expenses:

Sales and marketing (1)
230,864  217,954  695,852  658,937 
Research and development (1)
176,610  151,410  527,178  446,437 
General and administrative (1)
60,082  52,556  174,321  163,892 
Total operating expenses 467,556  421,920  1,397,351  1,269,266 
Loss from operations
(18,424) (27,876) (137,272) (197,502)
Other income, net 19,774  20,767  62,178  61,749 
Income (loss) before provision for income taxes 1,350  (7,109) (75,094) (135,753)
Provision for income taxes
3,357  2,667  11,587  9,145 
Net loss
$ (2,007) $ (9,776) $ (86,681) $ (144,898)

(1)     Includes stock‑based compensation expense as follows (unaudited, in thousands):

Three Months Ended October 31, Nine Months Ended October 31,
2025 2024 2025 2024
Cost of revenue—subscription
$ 8,990  $ 7,884  $ 26,216  $ 21,566 
Cost of revenue—services
4,572  3,495  12,739  10,151 
Sales and marketing
36,965  40,540  112,332  121,193 
Research and development
67,255  57,850  208,773  168,211 
General and administrative
15,848  15,943  46,401  47,777 
Total stock‑based compensation expense
$ 133,630  $ 125,712  $ 406,461  $ 368,898 

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Three Months Ended October 31, Nine Months Ended October 31,
2025 2024 2025 2024
Percentage of Revenue Data:

Revenue:

Subscription
97  % 97  % 97  % 97  %
Services
3  % 3  % 3  % 3  %
Total revenue
100  % 100  % 100  % 100  %
Cost of revenue:

Subscription
24  % 21  % 24  % 21  %
Services
5  % 5  % 5  % 5  %
Total cost of revenue
29  % 26  % 29  % 26  %
Gross profit
71  % 74  % 71  % 74  %
Operating expenses:

Sales and marketing
37  % 41  % 39  % 45  %
Research and development
28  % 29  % 30  % 31  %
General and administrative
9  % 9  % 10  % 11  %
Total operating expenses
74  % 79  % 79  % 87  %
Loss from operations
(3) % (5) % (8) % (13) %
Other income, net 3  % 4  % 4  % 4  %
Income (loss) before provision for income taxes —  % (1) % (4) % (9) %
Provision for income taxes 1  % 1  % 1  % 1  %
Net loss
(1) % (2) % (5) % (10) %

Comparison of the Three Months Ended October 31, 2025 and 2024
Revenue

Three Months Ended October 31, Change

(unaudited, in thousands)
2025 2024 $
%

Subscription
$ 609,067  $ 512,205  $ 96,862  19  %
Services
19,242  17,170  2,072  12  %
Total revenue
$ 628,309  $ 529,375  $ 98,934  19  %
Headcount (at period end)
Subscription
483 458
Services
371 317
Total headcount
854 775

Total revenue growth reflects increased demand for our platform and related services. Subscription revenue increased by $96.9 million primarily due to an increase in consumption of MongoDB Atlas by our large existing customers as evidenced by our net ARR expansion rate of 120% as of October 31, 2025.
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Cost of Revenue, Gross Profit and Gross Margin Percentage

Three Months Ended October 31, Change

(unaudited, in thousands)
2025 2024 $
%

Subscription cost of revenue
$ 146,921  $ 111,150  $ 35,771  32  %
Services cost of revenue
32,256  24,181  8,075  33  %
Total cost of revenue
179,177  135,331  43,846  32  %
Gross profit
$ 449,132  $ 394,044  $ 55,088  14  %
Gross margin
71  % 74  %
Subscription
76  % 78  %
Services
(68) % (41) %

The increase in subscription cost of revenue was primarily due to a $26.5 million increase in third‑party cloud infrastructure costs, including costs associated with the growth of MongoDB Atlas, an increase of $5.0 million in personnel costs and stock-based compensation, and an increase of $3.0 million in amortization costs primarily related to acquired intangible assets. The increase in services cost of revenue was primarily due to a $4.8 million increase in personnel costs and stock-based compensation and a $2.5 million increase in third-party consultant costs related to the delivery of consulting and training services.
Our overall gross margin decreased to 71%. Our subscription gross margin declined to 76% due to an increase in subscription revenue from MongoDB Atlas as a percentage of our total subscription revenue. Services gross margin decreased due to the impact of higher third-party consultant and training costs, services personnel costs and stock-based compensation related to growth in headcount.
Operating Expenses
Sales and Marketing

Three Months Ended October 31, Change

(unaudited, in thousands)
2025 2024 $
%

Sales and marketing
$ 230,864  $ 217,954  $ 12,910  6  %
Headcount (at period end) 2,421 2,489

The increase in sales and marketing expense was primarily driven by a $7.7 million increase in spend on in-person events and digital marketing programs and a $6.7 million increase in commissions, partially offset by a $2.2 million decrease in overhead costs and travel-related expenses.
Research and Development

Three Months Ended October 31, Change

(unaudited, in thousands)
2025 2024 $
%

Research and development
$ 176,610  $ 151,410  $ 25,200  17  %
Headcount (at period end) 1,476 1,308

The increase in research and development expense was primarily driven by a $20.0 million increase in personnel costs and stock-based compensation and a $2.6 million increase in third-party infrastructure expenses to support ongoing product development and testing activities.
General and Administrative

Three Months Ended October 31, Change

(unaudited, in thousands)
2025 2024 $
%

General and administrative
$ 60,082  $ 52,556  $ 7,526  14  %
Headcount (at period end) 888 864
    The increase in general and administrative expense was due to higher costs to support the growth of our business. In particular, these higher costs were driven by a $3.8 million increase in personnel cost and stock-based compensation and a
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$3.5 million increase in software, hosting, and IT-related expenses associated with ongoing initiatives to enhance systems and operational efficiency.

Other Income, Net

Three Months Ended October 31, Change

(unaudited, in thousands)
2025 2024 $
%

Other income, net $ 19,774  $ 20,767  $ (993) (5) %

Other income, net for the three months ended October 31, 2025 decreased primarily due to lower interest income from our short-term investments.
Provision for Income Taxes

Three Months Ended October 31, Change

(unaudited, in thousands)
2025 2024 $
%

Provision for income taxes $ 3,357  $ 2,667  $ 690  26  %

The increase in the provision for income taxes during the three months ended October 31, 2025 was primarily due to an increase in foreign taxes as we continue our global expansion.

Comparison of the Nine Months Ended October 31, 2025 and 2024
Revenue

Nine Months Ended October 31, Change

(unaudited, dollars in thousands)
2025 2024 $
%

Subscription
$ 1,712,877  $ 1,412,906  $ 299,971  21  %
Services
55,848  45,139  10,709  24  %
Total revenue
$ 1,768,725  $ 1,458,045  $ 310,680  21  %
Headcount (at period end)
Subscription
483 458
Services
371 317
Total headcount
854 775

Total revenue growth reflects increased demand for our platform and related services. Subscription revenue increased by $300.0 million primarily due to an increase in consumption of MongoDB Atlas by our large existing customers as evidenced by our net ARR expansion rate of 120% as of October 31, 2025.
Cost of Revenue, Gross Profit and Gross Margin Percentage

Nine Months Ended October 31, Change

(unaudited, dollars in thousands)
2025 2024 $
%

Subscription cost of revenue
$ 416,455  $ 318,728  $ 97,727  31  %
Services cost of revenue
92,191  67,553  24,638  36  %
Total cost of revenue
508,646  386,281  122,365  32  %
Gross profit
$ 1,260,079  $ 1,071,764  $ 188,315  18  %
Gross margin
71  % 74  %
Subscription
76  % 77  %
Services
(65) % (50) %

The increase in subscription cost of revenue was primarily due to a $70.4 million increase in third‑party cloud
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infrastructure costs, including costs associated with the growth of MongoDB Atlas, and increase of $15.2 million personnel costs and stock-based compensation and $8.4 million increase in amortization costs primarily related to acquired intangible assets. The increase in third‑party cloud infrastructure costs was partially offset by continued cost efficiencies realized as we scale MongoDB Atlas. The increase in services cost of revenue was primarily due to a $14.3 million increase in personnel costs and stock-based compensation and a $7.9 million increase in third-party consultant costs related to the delivery of consulting and training services.
Our overall gross margin decreased to 71%. Our subscription gross margin declined to 76% due to an increase in subscription revenue from MongoDB Atlas as a percentage of our total subscription revenue. Services gross margin decreased due to the impact of higher third-party consultant and training costs, services personnel costs and stock-based compensation related to growth in headcount.
Operating Expenses
Sales and Marketing

Nine Months Ended October 31, Change

(unaudited, dollars in thousands)
2025 2024 $
%

Sales and marketing
$ 695,852  $ 658,937  $ 36,915  6  %
Headcount (at period end) 2,421 2,489

The increase in sales and marketing expense was primarily driven by a $26.5 million increase in commissions, a $22.6 million increase in personnel costs, $4.8 million in restructuring costs and a $4.1 million increase in spend on in-person events and digital marketing programs. The increase in sales and marketing was partially offset by a $13.9 million decrease in travel-related expenses due to reduced internal travel and sales events and a $8.9 million decrease in stock-based compensation.
Research and Development

Nine Months Ended October 31, Change

(unaudited, dollars in thousands)
2025 2024 $
%

Research and development
$ 527,178  $ 446,437  $ 80,741  18  %
Headcount (at period end) 1,476 1,308

The increase in research and development expense was primarily driven by a $71.7 million increase in personnel costs and stock-based compensation, a $5.5 million increase in third-party infrastructure expenses to support ongoing product development and testing activities, and a $3.2 million increase in allocated overhead costs.
General and Administrative

Nine Months Ended October 31, Change

(unaudited, dollars in thousands)
2025 2024 $
%

General and administrative
$ 174,321  $ 163,892  $ 10,429  6  %
Headcount (at period end) 888 864

The increase in general and administrative expense was primarily driven by a $11.3 million increase in personnel costs and a $6.6 million increase in software and hosting expenses associated with ongoing initiatives to enhance systems and operational efficiency, which was partially offset by a $7.2 million release of reserves for value-added tax expense related to our operations in certain non-US jurisdictions.
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Other Income, Net

Nine Months Ended October 31, Change

(unaudited, dollars in thousands)
2025 2024 $
%

Other income, net $ 62,178  $ 61,749  $ 429  1  %

Other income, net, for the nine months ended October 31, 2025 improved primarily due to higher interest income from our short-term investments.
Provision for Income Taxes

Nine Months Ended October 31, Change

(unaudited, dollars in thousands)
2025 2024 $
%

Provision for income taxes $ 11,587  $ 9,145  $ 2,442  27  %

The increase in the provision for income taxes during the nine months ended October 31, 2025, was primarily due to an increase in foreign taxes as we continue our global expansion.

Liquidity and Capital Resources
As of October 31, 2025, our principal sources of liquidity were cash, cash equivalents, short-term investments and restricted cash totaling $2.3 billion. Our cash and cash equivalents primarily consist of bank deposits and money market funds. Our short-term investments consist of U.S. government treasury securities, and our restricted cash represents collateral for our available credit on corporate credit cards. We believe our existing cash and cash equivalents and short-term investments will be sufficient to fund our operating and capital needs for at least the next 12 months.
In June 2025, the Company’s Board of Directors authorized an additional $800.0 million in repurchases under the Share Repurchase Program, bringing the aggregate authorized repurchase amount to $1.0 billion. During the nine months ended October 31, 2025, the Company repurchased 1,443,294 shares of common stock for $345.3 million, of which, $2.3 million is included in other accrued liabilities on the Company’s condensed consolidated balance sheet as of October 31, 2025, at an average price per share of $265.88. Refer to Note 10, Equity , in our Notes to Unaudited Condensed Consolidated Financial Statements included in Part I, Item 1, and “ Purchases of Equity Securities by the Issuer” included in Part II, Item 5 of this Quarterly Report on Form 10-Q for further details.
During the three months ended October 31, 2025, we began funding withholding taxes in certain jurisdictions due on the vesting of employee RSUs by net share settlement, rather than our previous approach of selling shares of our common stock to cover taxes upon vesting of such awards. The amount of withholding taxes paid related to net share settlement of employee RSUs was $38.5 million for the three months ended October 31, 2025.
We have generated significant operating losses as reflected in our accumulated deficit of $1.9 billion as of October 31, 2025. While we generated positive cash flows from operations in recent years, we have generated negative cash flows from operations in the past as reflected in our historical consolidated statements of cash flows. We expect to continue to incur operating losses, may experience negative cash flows from operations in the future and may require additional capital resources to execute strategic initiatives to grow our business. Our future capital requirements and adequacy of available funds will depend on many factors, including our growth rate and any impact on it from global macroeconomic conditions, including rising interest rates, inflation, the timing and extent of spending to support development efforts, the expansion of sales and marketing and international operation activities, the timing and size of new subscription introductions and customer usage of our developer data platform, the continuing market acceptance of our subscriptions and services and the impact of the macroeconomic conditions on the global economy and our business, financial condition and results of operations. As the impact of macroeconomic conditions on the global economy and our operations continues to evolve, we will continue to assess our liquidity needs. In the future, we may enter into arrangements to acquire or invest in complementary businesses, services and technologies, including intellectual property rights. We may be required to seek additional equity or debt financing. In the event that additional financing is required from outside sources, we may not be able to raise it on terms acceptable to us or at all. If we are unable to raise additional capital when desired, our business, operating results and financial condition would be adversely affected.
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The following table summarizes our cash flows for the periods presented (unaudited, in thousands):

Nine Months Ended October 31,
2025 2024
Net cash provided by operating activities $ 325,544  $ 99,653 
Net cash provided by (used in) investing activities 372,158  (411,124)
Net cash (used in) provided by financing activities (362,136) 186,316 

Operating Activities
Cash provided by operating activities during the nine months ended October 31, 2025 was $325.5 million, driven primarily by an increase in our cash collections reflecting the overall growth of our sales and expansion of our customer base. Our net loss of $86.7 million, includes $406.5 million of stock‑based compensation, $16.7 million of depreciation and amortization, $11.0 million of deferred commissions, $9.5 million of deferred revenue and $7.9 million of other net non-cash charges. Partially offsetting these benefits to our operating cash flow were an increase accounts receivable of $25.2 million and an increase in other long-term assets of $14.0 million.
Cash provided by operating activities during the nine months ended October 31, 2024 was $99.7 million, driven primarily by an increase in our cash collections reflecting the overall growth of our sales and expansion of our customer base. Accordingly, our accounts receivable increased by $11.3 million. In addition, our net loss of $144.9 million, includes non‑cash charges of $368.9 million for stock‑based compensation and $9.6 million for depreciation and amortization. Our accrued liabilities increased by $22.5 million reflecting our increase in expenses and timing of payments. Partially offsetting these benefits to our operating cash flow were a decrease in deferred revenue of $71.4 million, amortization of premium and accretion of discount on short-term investments, net of $19.1 million, an increase in deferred commissions of $38.8 million and other net non-cash charges of $15.9 million.
Investing Activities
Cash provided by investing activities during the nine months ended October 31, 2025 was $372.2 million, due to proceeds from maturities and sales of marketable securities, net of purchases, of $386.3 million, partially offset by cash used for investments in non-marketable securities of $8.3 million, purchases of property and equipment of $3.8 million and payments related to a business combination, net of cash acquired of $2.0 million.
Cash used in investing activities during the nine months ended October 31, 2024 was $411.1 million, due to purchases of marketable securities, net of maturities, of $401.8 million, cash used for investments in non-marketable securities of $5.8 million and purchases of property and equipment of $3.6 million.
Financing Activities
Cash used in financing activities during the nine months ended October 31, 2025 was $362.1 million, due to repurchases of common stock of $343 million, $38.5 million due to taxes paid related to net share settlement of equity awards, and principal payments of finance leases of $5.8 million, offset by proceeds from the issuance of common stock under the Employee Stock Purchase Plan of $22.9 million and proceeds from the exercises of stock options of $2.3 million.
Cash provided by financing activities during the nine months ended October 31, 2024 was $186.3 million, due to proceeds from the settlement of capped calls of $170.6 million, proceeds from the issuance of common stock under the Employee Stock Purchase Plan and exercises of stock options of $20.3 million, partly offset by principal payments of finance leases of $4.5 million.

Seasonality
We have experienced seasonal fluctuations in our revenue and operating results and this trend may continue in the future. We may experience variability and reduced comparability of our quarterly revenue and operating results with respect to the timing and nature of certain contracts, particularly multi-year contracts that contain a term license. We may also experience fluctuations as MongoDB Atlas revenue is recorded on a consumption basis and varies with usage, inclusive of
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seasonal variability. As MongoDB Atlas revenue continues to increase as a percentage of total revenue, these fluctuations may have a greater impact on our results of operations.

Contractual Obligations and Commitments
During the nine months ended October 31, 2025, the Company entered into a renewal agreement with a cloud infrastructure provider that includes a non-cancelable commitment of $ 300  million to be paid over a period from October 2025 through October 2028. There were no other material changes outside the ordinary course of business to our contractual obligations and commitments from those disclosed in our 2025 Form 10-K. Refer to Note 7, Leases and Note 8, Commitments and Contingencies , in our Notes to Unaudited Condensed Consolidated Financial Statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q for further details.

Critical Accounting Estimates
Our financial statements are prepared in accordance with GAAP. The preparation of these financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, expenses and related disclosures. We evaluate our estimates and assumptions on an ongoing basis. Our estimates are based on historical experience and various other assumptions that we believe to be reasonable under the circumstances. Our actual results could differ from these estimates.
With the exception of Business Combinations, as described below, there have been no other changes in our critical accounting estimates from those disclosed in Part II, Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of the 2025 Form 10-K.
Business Combinations
The Company applies a screen test to evaluate if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets to determine whether a transaction is accounted for as an asset acquisition or business combination. When the Company acquires a business, the purchase consideration is allocated to the tangible assets acquired, liabilities assumed, and intangible assets acquired based on their estimated respective fair values. The excess of the fair value of purchase consideration over the fair values of these identifiable assets and liabilities is recorded as goodwill. Estimates used in valuing certain intangible assets include, but are not limited to, time and resources required to recreate the assets acquired. These estimates are based on information obtained from the management of the acquired companies, the Company’s assessment of the information, and historical experience. The Company’s estimates of fair value are based upon assumptions believed to be reasonable, but which are inherently uncertain and unpredictable and, as a result, actual results may differ from estimates. During the measurement period, the Company may record adjustments to the preliminary fair value of the assets acquired and liabilities assumed. After the measurement period, any subsequent adjustments are reflected in the consolidated statements of operations and comprehensive income (loss). Acquisition costs are expensed as incurred.

Recently Issued Accounting Pronouncements
Refer to Note 2, Summary of Significant Accounting Policies , in our Notes to Unaudited Condensed Consolidated Financial Statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q for further details.
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ITEM 3.    QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.
We have operations both within the United States and internationally, and we are exposed to market risk in the ordinary course of business. The uncertainty that exists in the global economic environment has introduced significant volatility in the financial markets.
Interest Rate Risk
Our cash and cash equivalents primarily consist of bank deposits and money market funds, and our short-term investments consist of U.S. government treasury securities. As of October 31, 2025, we had cash, cash equivalents, restricted cash and short-term investments of $2.3 billion. The carrying amount of our cash equivalents reasonably approximates fair value, due to the short maturities of these instruments. The primary objectives of our investment activities are the preservation of capital, the fulfillment of liquidity needs and the fiduciary control of cash and investments. We do not enter into investments for trading or speculative purposes. Our investments are exposed to market risk due to a fluctuation in interest rates, which may affect our interest income and the fair market value of our investments. The effect of a hypothetical 10% increase or decrease in interest rates would not have had a material impact on the fair market value of our investments as of October 31, 2025.
Foreign Currency Risk
Our sales contracts are primarily denominated in U.S. dollars, British pounds (“GBP”) or Euros (“EUR”). A portion of our operating expenses are incurred outside the United States and denominated in foreign currencies and are subject to fluctuations due to changes in foreign currency exchange rates, particularly changes in the GBP and EUR. Additionally, fluctuations in foreign currency exchange rates may cause us to recognize transaction gains and losses in our statements of operations. The effect of a hypothetical 10% change in foreign currency exchange rates applicable to our business would not have a material impact on our historical consolidated financial statements for the three months ended October 31, 2025 and 2024. Given the impact of foreign currency exchange rates has not been material to our historical operating results, we have not entered into derivative or hedging transactions, but we may do so in the future if our exposure to foreign currency should become more significant. As our international operations grow, we will continue to reassess our approach to manage our risk relating to fluctuations in currency rates.
Market Risk
We could experience additional volatility to our consolidated statements of operations due to observable price changes and impairments to our non-marketable securities. These changes could be material based on market conditions and events, particularly in periods of significant market fluctuations that affect our non-marketable securities. Our non-marketable securities are subject to a risk of partial or total loss of invested capital. As of October 31, 2025 and January 31, 2025, the total amount of non-marketable securities included in other assets on our balance sheets was $31.9 million and $24.2 million, respectively.
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ITEM 4. CONTROLS AND PROCEDURES.
Evaluation of Disclosure Controls and Procedures
We maintain “disclosure controls and procedures,” as defined in Rule 13a-15(e) and Rule 15d-15(e) under the Exchange Act that are designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is accumulated and communicated to our management, including our principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.
Our management, with the participation of our Chief Executive Officer and our Chief Financial Officer, evaluated the effectiveness of our disclosure controls and procedures as of October 31, 2025 . Based on the evaluation of our disclosure controls and procedures as of October 31, 2025 , our Chief Executive Officer and Chief Financial Officer concluded that, as of such date, our disclosure controls and procedures were effective at the reasonable assurance level.
Changes in Internal Control Over Financial Reporting
There was no change in our internal control over financial reporting identified in connection with the evaluation required by Rule 13a-15(d) and Rule 15d-15(d) of the Exchange Act that occurred during the three months ended October 31, 2025 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.
Inherent Limitations on Effectiveness of Controls
Our management, including our Chief Executive Officer and Chief Financial Officer, believes that our disclosure controls and procedures and internal control over financial reporting are designed to provide reasonable assurance of achieving their objectives and are effective at the reasonable assurance level. However, our management does not expect that our disclosure controls and procedures or our internal control over financial reporting will prevent all errors and all fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, have been detected. These inherent limitations include the realities that judgments in decision making can be faulty, and that breakdowns can occur because of a simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people or by management override of the controls. The design of any system of controls also is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions; over time, controls may become inadequate because of changes in conditions, or the degree of compliance with policies or procedures may deteriorate. Because of the inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur and not be detected.
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PART II—OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS.
The information required to be set forth under this Item 1 is incorporated by reference to Note 8, Commitments and Contingencies of the Notes to Condensed Consolidated Financial Statements included in this Form 10-Q.
On July 9, 2024, a putative class action lawsuit, captioned Baxter v. MongoDB, Inc., et al., was filed in the United States District Court for the Southern District of New York against MongoDB, former CEO Dev Ittycheria, and former COO and CFO Michael Gordon. On January 27, 2025, the lead plaintiff in the lawsuit (the “Securities Action”) filed an Amended Complaint naming former Senior Vice President of Finance and former Interim CFO Srdjan Tanjga as an additional defendant. The operative complaint asserts claims under Sections 10(b) and 20(a) of the Securities Exchange Act, and alleges that defendants made material misstatements and/or omissions, including regarding MongoDB’s sales strategy and its financial results. The complaint is purportedly brought on behalf of a putative class of persons who purchased or otherwise acquired MongoDB common stock between June 1, 2023 and May 30, 2024. It seeks unspecified monetary damages, costs and attorneys’ fees, and other unspecified relief. Defendants filed a motion to dismiss the complaint on May 9, 2025. Plaintiffs filed an opposition brief on July 1, 2025, and defendants filed their reply brief on July 29, 2025. The Court has not yet ruled on Defendants’ motion. The Company is unable to estimate any reasonably possible loss, or range of loss, with respect to these matters at this time. The Company intends to vigorously defend itself in this matter.
On October 7, 2024, a purported shareholder derivative lawsuit was filed in the U.S. District Court for the Southern District of New York , Case. No. 1:24-cv-07594, against the Company, as nominal defendant, and former CEO Dev Ittycheria, former COO and CFO Michael Gordon, and several of the Company’s current and former directors. The case is captioned Roy v. Ittycheria et al. The lawsuit alleges that the individual defendants breached their fiduciary duties and committed other alleged misconduct in connection with the statements at issue in the Securities Action and by causing the Company to issue allegedly false and misleading statements to investors. Another similar case was subsequently filed in the same district and has been consolidated with the Roy action with the caption In re MongoDB, Inc. Shareholder Litigation (the “S.D.N.Y Derivative Litigation”). On September 12, 2025 another purported derivative action was filed in the Court of Chancery of the State of Delaware, Case No. 2025-1030, against the Company, as a nominal defendant, and former CEO Dev Ittycheria, former COO and CFO Michael Gordon, and several of the Company’s current and former directors. The case is captioned Sansone v. Ittycheria, et al. The lawsuit, like the S.D.N.Y. Derivative Action, alleges that the individual defendants breached their fiduciary duties and committed other alleged misconduct in connection with the statements at issue in the Securities Action and by causing the Company to issue allegedly false and misleading statements to investors. The S.D.N.Y. Derivative Litigation and the Delaware Derivative Action are both at early stages and have both been stayed, pending the outcome of the Court's decision on the defendants' motion to dismiss the Securities Action.
From time to time, we may be subject to other legal proceedings and claims in the ordinary course of business.
Future litigation may be necessary to defend ourselves, our partners and our customers by determining the scope, enforceability and validity of third-party proprietary rights, or to establish our proprietary rights. The results of any current or future litigation cannot be predicted with certainty and, regardless of the outcome, litigation can have an adverse impact on us because of defense and settlement costs, diversion of management resources and other factors.

ITEM 1A. RISK FACTORS.
Our operations and financial results are subject to various risks and uncertainties including those described below. You should consider carefully the risks and uncertainties described below, in addition to other information contained in this Form 10-Q, including our consolidated financial statements and related notes. The risks and uncertainties described below are not the only ones we face. Additional risks and uncertainties that we are unaware of, or that we currently believe are not material, may also become important factors that adversely affect our business. If any of the following risks or others not specified below materialize, our business, financial condition and results of operations could be materially and adversely affected. In that case, the trading price of our common stock could decline.
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Risk Factors Summary
Investing in our common stock involves a high degree of risk because we are subject to numerous risks and uncertainties that could negatively impact our business, financial condition and results of operations, as more fully described below. These risks and uncertainties include, but are not limited to, the following:
• Unfavorable conditions in our industry or the global economy or reductions in information technology spending could limit our ability to grow our business and materially and adversely affect our results of operations.
• Our business and results of operations depend substantially on our customers renewing their subscriptions with us and expanding their usage of software and related services. Any decline in our customer renewals or failure to convince our customers to broaden their usage of subscription offerings and related services could materially and adversely harm our business, results of operations and financial condition.
• We may fail to meet our publicly announced guidance or other expectations about our business and future operating results, which would cause our stock price to decline.
• We have a limited operating history at our current scale, which makes it difficult to predict our future results of operations.
• We have a history of losses and as our costs increase, we may not be able to generate sufficient revenue to achieve or sustain profitability.
• Because we derive more than the majority of our revenue from MongoDB Atlas, failure of MongoDB Atlas to satisfy customer demands could adversely affect our business, results of operations, financial condition and growth prospects and our future revenue may be more difficult to predict.
• We currently face significant competition and expect that intense competition will continue.
• If we do not effectively expand our sales and marketing organization, we may be unable to add new customers or increase sales to our existing customers.
• Our decision to offer Community Server under the Server Side Public License (“SSPL”) may harm the adoption of Community Server.
• We could be negatively impacted if the GNU Affero General Public License Version 3 (the “AGPL”), the SSPL and other open source licenses under which some of our software is licensed are not enforceable.
• Our licensing model for Community Server could negatively affect our ability to monetize and protect our intellectual property rights.
• We could incur substantial costs in obtaining, maintaining, protecting, defending or enforcing our intellectual property rights and any failure to obtain, maintain, protect, defend or enforce our intellectual property rights could reduce the value of our software and brand.
• If we are not able to introduce new features or services successfully and to make enhancements to our software or services, our business and results of operations could be adversely affected.
• We have experienced rapid growth in recent periods. If we fail to continue to grow and to manage our growth effectively, we may be unable to execute our business plan, increase our revenue, improve our results of operations, maintain high levels of service, or adequately address competitive challenges.
• If we or our third-party service providers, experience a security breach or other security incident, or unauthorized access to personal, proprietary, confidential or other sensitive data is otherwise obtained, our software may be perceived as not being secure, customers may reduce or terminate their use of our software and we may face litigation, regulatory investigations, significant liability and reputational damage.
• We rely on the performance of highly skilled personnel, including senior management and our engineering, professional services, sales and technology professionals; if we are unable to retain or motivate key personnel or hire, retain and motivate qualified personnel, our business would be harmed.
• If we are not able to maintain and enhance our brand, especially among developers, our business and results of operations may be adversely affected.
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Risks Related to Our Business and Industry
Unfavorable conditions in our industry or the global economy or reductions in information technology spending could limit our ability to grow our business and materially and adversely affect our results of operations.
Our overall performance depends in part on worldwide economic conditions and our results of operations may vary based on the impact of changes in our industry or the global economy on us or our customers. The revenue growth and potential profitability of our business depend on demand for database software and services generally and for our subscription offering and related services in particular. Current or future economic uncertainties or downturns could materially and adversely affect our business and results of operations. Negative conditions in the general economy both in the United States and abroad, including conditions resulting from changes in gross domestic product growth, labor shortages, supply chain disruptions, inflationary pressures, rising interest rates, financial and credit market fluctuations, changes in trade policies, such as trade wars, tariffs or other trade restrictions or the threat of such actions, international trade relations, political turmoil, natural catastrophes, regional or global outbreaks of contagious diseases, such as the COVID-19 pandemic, volatility in the banking sector, warfare and terrorist attacks on the United States, Europe, the Asia Pacific region or elsewhere, such as the conflict in the Middle East, could cause a decrease in business investments, including spending on information technology, disrupt the timing and cadence of key industry and marketing events and otherwise could materially and adversely affect the growth of our business and results of operations. Geopolitical risks, including those arising from trade tension and/or the imposition of trade tariffs, terrorist activity or acts of civil or international hostility, are increasing. In particular, there is currently significant uncertainty about trade policies, treaties, tariffs and taxes, which may lead to continuing volatility in U.S. and global financial and economic conditions and commodity markets, declining consumer confidence, significant inflation and diminished expectations for the economy, and which may ultimately lead to reduced usage or demand for our products. Similarly, the ongoing military conflict between Russia and Ukraine has had negative impacts on the global economy, including by contributing to rapidly rising costs of living (driven largely by higher energy prices) in Europe and creating uncertainty in the global capital markets and is expected to have further global economic consequences, including disruptions of the global supply chain and energy markets. The ongoing military conflict between Israel and Hamas, and any resulting conflicts in the region, may have similar negative impacts. Further, other events outside of our control, including natural disasters, climate change-related events, pandemics (such as the COVID-19 pandemic) or health crises may arise from time to time and be accompanied by governmental actions that may increase international tension. Any such events and responses, including regulatory developments, may cause significant volatility and declines in the global markets, disproportionate impacts to certain industries or sectors, disruptions to commerce (including to economic activity, travel and supply chains), loss of life and property damage, and may materially and adversely affect the global economy or capital markets, as well as our business and results of operations.
Additionally, the global economy, including credit and financial markets, has experienced extreme volatility and disruptions and may continue to experience such disruptions in the future, including severely diminished liquidity and credit availability, declines in consumer confidence, declines in economic growth, increases in unemployment rates, increases in inflation rates, higher interest rates and uncertainty about economic stability. As a result of these factors, our revenues may be affected by both decreased customer acquisition and lower than anticipated revenue growth from existing customers. For example, the COVID-19 pandemic resulted in widespread unemployment, economic slowdown and extreme volatility. Similarly, the ongoing military conflict between Russia and Ukraine has created extreme volatility in the global capital markets and has caused and could continue to cause disruptions of the global supply chain and energy markets. The ongoing military conflict between Israel and Hamas, and any resulting conflicts in the region, has caused and may continue to cause similar negative impacts. Any such volatility and disruptions may have material and adverse consequences on us, the third parties on whom we rely or our customers. Increased inflation and/or interest rates can adversely affect us by increasing our costs, including labor and employee benefit costs. Any significant increases in inflation and related increase in interest rates could have a material and adverse effect on our business, financial condition or results of operations.
Further, to the extent there is a sustained general economic downturn and our database software is perceived by customers and potential customers as costly, or too difficult to deploy or migrate to, our revenue may be disproportionately affected by delays or reductions in general information technology spending. This could also result in an extension of our sales cycle with potential customers, thus increasing the time and cost associated with our sales process. Further, if our customers experience reductions in their technology spending, even if they choose to use our products, they may not purchase additional products and services in the future due to budget limitations.
In addition, the banking sector has previously experienced increased volatility as a result of several distressed or closed banks and financial institutions. While we have not suffered any material effects as a result of the increased financial market volatility, we do regularly maintain cash balances at third-party financial institutions in excess of government- insured limits,
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and if financial institutions used by us or our customers face insolvency or illiquidity challenges due to events affecting the banking system and / or financial markets, our and our customers' ability to access existing cash, cash equivalents, and investments may be threatened. To the extent that the resulting receivership or insolvency causes customers to be unable to, or causes delays, in accessing bank deposits, our customers may not be able to pay us on time or at all for the products and services that we provide them and they may not renew their subscriptions with us. The failure of banks or financial institutions and the measures taken by governments, businesses and other organizations in response to such events could adversely impact our business, financial condition and results of operations.
Also, competitors, many of whom are larger and more established than we are, may respond to market conditions by lowering prices and attempting to lure away our customers. In addition, the increased pace of consolidation in certain industries may result in reduced overall spending on our subscription offerings and related services. We cannot predict the timing, strength or duration of any economic slowdown, instability or recovery, generally or within any particular industry. If the economic conditions of the general economy or markets in which we operate worsen from present levels, our business, results of operations and financial condition could be materially and adversely affected.
We have a limited operating history at our current scale, which makes it difficult to predict our future results of operations.
As a result of our limited operating history at our current scale, our ability to forecast our future results of operations is limited and subject to a number of uncertainties, including our ability to accurately predict future growth. Our historical revenue growth has been inconsistent and should not be considered indicative of our future performance. Further, in future periods, our revenue growth could slow or our revenue could decline for a number of reasons, including slowing adoption or usage of MongoDB or demand for our subscription offerings and related services, reduced conversion of users of our free offerings to paying customers, increasing competition, changes to technology or our intellectual property or our failure, for any reason, to continue to capitalize on growth opportunities. We have also encountered and will encounter risks and uncertainties frequently experienced by growing companies in rapidly changing industries, such as the risks and uncertainties described herein. If our assumptions regarding these risks and uncertainties and our future revenue growth are incorrect or change, or if we do not address these risks successfully, our operating and financial results could differ materially from our expectations and our business could suffer.
We have a history of losses and as our costs increase, we may not be able to generate sufficient revenue to achieve or sustain profitability.
We have incurred net losses in each period since our inception, including net losses of $129.1 million, $176.6 million and $345.4 million for the fiscal years ended January 31, 2025, 2024 and 2023, respectively. We had an accumulated deficit of $1.8 billion as of January 31, 2025. We expect our operating expenses to increase significantly as we increase our sales and marketing efforts, continue to invest in research and development and expand our operations and infrastructure, both domestically and internationally. In particular, we have entered into non-cancelable multi-year capacity commitments with respect to cloud infrastructure services with certain third-party cloud providers, which require us to pay for such capacity irrespective of actual usage. In addition, we have incurred and expect to continue to incur significant additional legal, accounting and other expenses related to being a public company. While our revenue has grown in recent years, if our revenue declines or fails to grow at a rate faster than these increases in our operating expenses, we will not be able to achieve and maintain profitability in future periods. As a result, we expect to continue to generate losses. We cannot assure you that we will achieve profitability in the future or that, if we do become profitable, we will be able to sustain profitability.
Because we derive more than the majority of our revenue from MongoDB Atlas, failure of MongoDB Atlas to satisfy customer demands could adversely affect our business, results of operations, financial condition and growth prospects and our future revenue may be more difficult to predict.
We derive and expect to continue to derive more than the majority of our revenue from MongoDB Atlas, our database-as-a-service offering, which is primarily recognized on a usage-basis. As such, market adoption and usage of MongoDB Atlas is critical to our continued success. Although MongoDB Atlas has seen rapid adoption since its commercial launch in June 2016, and though we intend to continue to direct a significant portion of our financial and operating resources to develop and grow MongoDB Atlas, including offering a free tier of MongoDB Atlas to generate developer usage and awareness, we cannot guarantee that rate of adoption will continue at the same pace or at all. Demand for MongoDB Atlas is affected by a number of factors, many of which are beyond our control, including economic downturns, continued market acceptance by developers, the availability of our Community Server offering, the continued volume, variety and velocity of data that is generated, timing of development and release of new offerings by our competitors, technological change and the rate of
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growth in our market. For instance, among other factors, the adverse macroeconomic conditions resulted in slower than historical growth of our existing Atlas applications for the nine months ended October 31, 2025. If we are unable to continue to meet the demands of our customers and the developer community, our business operations, financial results and growth prospects will be materially and adversely affected. In addition, because our customers’ usage of MongoDB Atlas may vary for a number of reasons, our visibility into the timing of revenue recognition is limited. There is a risk that customers will consume our MongoDB Atlas offering more slowly than we expect, and our actual results may differ from our forecasts and our future revenue may be less predictable going forward due to, among other things, fluctuations in the rate of customer renewals and expansions and seasonality of, or fluctuations in, usage of MongoDB Atlas.
Our business and results of operations depend substantially on our customers renewing their subscriptions with us and expanding their usage of software and related services. Any decline in our customer renewals or failure to convince our customers to broaden their usage of subscription offerings and related services could materially and adversely harm our business, results of operations and financial condition.
Our subscription offerings are term-based and a majority of our subscription contracts are one year in duration. In order for us to maintain or improve our results of operations, it is important that our customers renew their subscriptions with us when the existing subscription term expires and renew on the same or more favorable quantity and terms. Our customers have no obligation to renew their subscriptions and we may not be able to accurately predict customer renewal rates. In addition, the growth of our business depends in part on our customers expanding their use of subscription offerings and related services, including increasing their usage and workloads with us. Historically, some of our customers have elected not to renew their subscriptions with us or have not expanded their usage of our services over time for a variety of reasons, including as a result of changes in their strategic IT priorities, budgets, costs and, in some instances, due to competing solutions. Our retention rate and our net ARR expansion rate may also decline or fluctuate as a result of a number of other factors, including our customers’ satisfaction or dissatisfaction with our software, the increase in the contract value of subscription and support contracts from new customers, the effectiveness of our customer support services, our pricing, the prices of competing products or services, mergers and acquisitions affecting our customer base, global economic conditions and the other risk factors described herein. As a result, we cannot assure you that customers will renew subscriptions or increase their usage of our software and related services. If our customers do not renew their subscriptions or renew on less favorable terms, or if we are unable to expand our customers’ usage of our software, our business, results of operations and financial condition could be materially and adversely affected.
Further, to the extent there is a sustained general economic downturn and our database software is perceived by customers and potential customers as costly, or too difficult to deploy or migrate to, our revenue may be disproportionately affected by delays or reductions in general information technology spending. See “— Unfavorable conditions in our industry or the global economy or reductions in information technology spending could limit our ability to grow our business and materially and adversely affect our results of operations.”
We currently face significant competition and expect that intense competition will continue.
The database software market, for both relational and non-relational database products, is highly competitive and rapidly evolving, and others may put out competing databases or sell services in connection with existing open source or source available databases, including ours. The principal competitive factors in our market include: mindshare with software developers and information technology (“IT”) executives; product capabilities, including flexibility, scalability, performance, security and reliability; flexible deployment options, including fully managed as a service or self-managed in the cloud, on-premises or in a hybrid environment and ease of deployment; breadth of use cases supported; ease of integration with existing IT infrastructure; robustness of professional services and customer support; price and total cost of ownership; adherence to industry standards and certifications, including cybersecurity standards and certifications; size of customer base and level of user adoption; strength of sales and marketing efforts; and brand awareness and reputation. If we fail to compete effectively with respect to any of these competitive factors, we may fail to attract new customers or lose or fail to renew existing customers, which would cause our business and results of operations to suffer.
We primarily compete with established legacy database software providers such as IBM, Microsoft, Oracle and other similar companies. We also compete with public cloud providers such as Amazon Web Services (“AWS”), Google Cloud Platform (“GCP”) and Microsoft Azure that offer database functionality and with smaller, emerging database software providers. In addition, other large software and internet companies may seek to enter our market.
Some of our actual and potential competitors, in particular the legacy relational database providers and large cloud providers, have advantages over us, such as longer operating histories, more established relationships with current or
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potential customers and commercial partners, significantly greater financial, technical, marketing or other resources, stronger brand recognition, larger intellectual property portfolios and broader global distribution and presence. Such competitors may make their products available at a low cost or no cost basis in order to enhance their overall relationships with current or potential customers. Our competitors may also be able to respond more quickly and effectively than we can to new or changing opportunities, technologies, standards or customer requirements, or may be able to devote greater resources than we can to the development, promotion, and sale of their products and services. As we introduce new technologies and product enhancements, and as our existing markets see more market entry, we expect competition to intensify in the future. In addition, some of our larger competitors have substantially broader offerings and can bundle competing products with hardware or other software offerings, including their cloud computing and customer relationship management platforms. As a result, customers may choose a bundled offering from our competitors, even if individual products have more limited functionality compared to our software. These larger competitors are also often in a better position to withstand any significant reduction in technology spending and will therefore not be as susceptible to competition or economic downturns. In addition, some competitors may offer products or services that address one or a limited number of functions at lower prices, with greater depth than our products or in geographies where we do not operate.
Furthermore, our actual and potential competitors may establish cooperative relationships among themselves or with third parties that may further enhance their resources and offerings in the markets we address. In addition, third parties with greater available resources may acquire current or potential competitors. As a result of such relationships and acquisitions, our actual or potential competitors might be able to adapt more quickly to new technologies and customer needs, devote greater resources to the promotion or sale of their products, initiate or withstand substantial price competition, take advantage of other opportunities more readily or develop and expand their offerings more quickly than we do. For all of these reasons, we may not be able to compete successfully against our current or future competitors.
If we do not effectively expand our sales and marketing organization, we may be unable to add new customers or increase sales to our existing customers.
Increasing our customer base and achieving broader market acceptance of our subscription offerings and related services will depend, to a significant extent, on our ability to timely and effectively expand our sales and marketing operations and activities. We are substantially dependent on our direct sales force and our marketing efforts to obtain new customers. We believe that there is significant competition for experienced sales professionals with the sales skills and technical knowledge that we require, particularly as we continue to target larger enterprises. Our ability to achieve significant revenue growth in the future will depend, in part, on our success in recruiting, training and retaining a sufficient number of experienced sales professionals, especially in highly competitive markets. New hires require significant training and time before they achieve full productivity, particularly in new or developing sales territories. Our recent hires and planned hires may not become as productive as quickly as we expect, and we may be unable to hire or retain sufficient numbers of qualified individuals in the future in the markets where we do business. Because of our limited operating history, we cannot predict whether, or to what extent, our sales will increase as we expand our sales and marketing organization or how long it will take for sales personnel to become productive. Our business and results of operations could be harmed if the expansion of our sales and marketing organization does not generate a significant increase in revenue.
Our adoption strategies include offering Community Server and a free tier of MongoDB Atlas and we may not be able to realize the intended benefits of these strategies.
To encourage developer usage, familiarity and adoption of our platform, we offer Community Server as a “freemium” offering. Community Server is a free-to-download version of our database that does not include all of the features of our commercial platform. We also offer a free tier of MongoDB Atlas in order to accelerate adoption, promote usage and drive brand and product awareness. We do not know if we will be able to convert these users to paying customers of our platform. Our marketing strategy also depends in part on persuading users who use one of these free versions to convince others within their organization to purchase and deploy our platform. To the extent that users of Community Server or our free tier of MongoDB Atlas do not become, or lead others to become, paying customers, we will not realize the intended benefits of these strategies and our ability to grow our business or achieve profitability may be harmed.
Our decision to offer Community Server under the SSPL, may harm the adoption of Community Server.
On October 16, 2018, we announced that we were changing the license for Community Server from the AGPL to a new software license, the SSPL. The SSPL builds on the spirit of the AGPL, but includes an explicit condition that any organization attempting to exploit MongoDB as a service must open source the software that it uses to offer such service. Since the SSPL is a new license and has not been interpreted by any court, developers and the companies they work for may
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