FULLTEXT DEL 1 AV 2
10-Q – 2026-05-29 – mdb-20260430.htm
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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 April 30, 2026
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 May 27, 2026, there were 80,431,927 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 Statement s ( u naudited)
1
Condensed Consolidated Balance Sheets as of April 30, 2026 and January 31, 20 26
1
Condensed Consolidated Statements of Operations for the three months ended April 3 0 , 202 6 and 202 5
2
Condensed Consolidated Statements of Comprehensive Loss for the three months ended April 3 0 , 202 6 and 202 5
3
Condensed Consolidated Statements of Stockholders’ Equity for the three months ended April 3 0 , 2026 and 202 5
4
Condensed Consolidated Statements of Cash Flows for the three months ended A pril 3 0 , 202 6 and 202 5
5
Notes to Condensed Consolidated Financial Statements
6
Item 2.
Management’s Discussion and Analysis of Financial Condition and Results of Operations
18
Item 3.
Quantitative and Qualitative Disclosures About Market Risk
24
Item 4.
Controls and Procedures
25
PART II. OTHER INFORMATION
Item 1.
Legal Proceedings
26
Item 1A.
Risk Factors
26
Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
63
Item 3.
Defaults Upon Senior Securities
63
Item 4.
Mine Safety Disclosures
63
Item 5.
Other Information
63
Item 6.
Exhibits
65
Signatures
66
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)
April 30, 2026 January 31, 2026
Assets
Current assets:
Cash and cash equivalents $ 1,036,354 $ 1,083,540
Short-term investments 1,390,799 1,303,701
Accounts receivable, net of allowance for doubtful accounts of $ 12,252 and $ 12,979 as of April 30, 2026 and January 31, 2026, respectively
387,294 499,002
Deferred commissions 129,894 131,442
Prepaid expenses and other current assets
115,277 97,170
Total current assets 3,059,618 3,114,855
Property and equipment, net 40,900 39,773
Operating lease right-of-use assets 26,606 28,978
Goodwill 191,397 191,397
Intangible assets, net 30,851 34,502
Deferred tax assets 26,061 26,021
Other assets
317,258 323,322
Total assets
$ 3,692,691 $ 3,758,848
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable $ 41,664 $ 20,269
Accrued compensation and benefits 115,563 143,046
Operating lease liabilities 9,360 9,259
Other accrued liabilities 110,516 109,803
Deferred revenue
341,076 387,119
Total current liabilities 618,179 669,496
Deferred tax liability 358 352
Operating lease liabilities
21,067 23,600
Deferred revenue
91,236 83,588
Other liabilities
26,891 29,454
Total liabilities
757,731 806,490
Commitments and contingencies (Note 6)
Stockholders’ equity:
Common stock, par value of $ 0.001 per share; 1,000,000,000 shares authorized as of April 30, 2026 and January 31, 2026; 80,703,488 shares issued and 80,503,576 shares outstanding as of April 30, 2026; 83,370,769 shares issued and 80,492,774 shares outstanding as of January 31, 2026
81 81
Additional paid-in capital 4,843,315 5,345,494
Treasury stock, 199,912 shares (repurchased at an average of $ 41.43 per share) as of April 30, 2026 and 2,877,995 shares (repurchased at an average of $ 171.84 per share) as of January 31, 2026
( 8,283 ) ( 494,569 )
Accumulated other comprehensive income 7,268 13,207
Accumulated deficit
( 1,907,421 ) ( 1,911,855 )
Total stockholders’ equity
2,934,960 2,952,358
Total liabilities and stockholders’ equity
$ 3,692,691 $ 3,758,848
The accompanying notes are an integral part of these condensed consolidated financial statements.
1
Table of Contents
MONGODB, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands of U.S. dollars, except share and per share data)
(unaudited)
Three Months Ended April 30,
2026 2025
Revenue:
Subscription
$ 666,138 $ 531,455
Services
21,478 17,559
Total revenue
687,616 549,014
Cost of revenue:
Subscription
164,907 129,585
Services
26,534 28,456
Total cost of revenue
191,441 158,041
Gross profit
496,175 390,973
Operating expenses:
Sales and marketing
249,334 220,923
Research and development
200,409 168,829
General and administrative
71,236 54,775
Total operating expenses
520,979 444,527
Loss from operations
( 24,804 ) ( 53,554 )
Other income (expense):
Interest income
19,351 23,458
Interest expense
( 853 ) ( 1,066 )
Other income (expense), net
15,100 ( 2,162 )
Income (loss) before provision for income taxes 8,794 ( 33,324 )
Provision for income taxes
4,360 4,302
Net income (loss)
$ 4,434 $ ( 37,626 )
Net income (loss) per share
Basic $ 0.06 $ ( 0.46 )
Diluted $ 0.05 $ ( 0.46 )
Weighted-average shares used to compute net income (loss) per share
Basic 80,357,498 81,060,822
Diluted 81,581,387 81,060,822
The accompanying notes are an integral part of these condensed consolidated financial statements.
2
Table of Contents
MONGODB, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(in thousands of U.S. dollars)
(unaudited)
Three Months Ended April 30,
2026 2025
Net income (loss) $ 4,434 $ ( 37,626 )
Other comprehensive income (loss), net of tax:
Unrealized income (loss) on available-for-sale securities
( 4,688 ) 6,858
Foreign currency translation adjustment
( 1,251 ) 7,081
Other comprehensive income (loss)
( 5,939 ) 13,939
Total comprehensive loss
$ ( 1,505 ) $ ( 23,687 )
The accompanying notes are an integral part of these condensed consolidated financial statements.
3
Table of Contents
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
Accumulated Deficit
Total Stockholders’ Equity
Shares
Amount
Balances as of January 31, 2026 80,492,774 $ 81 $ 5,345,494 $ ( 494,569 ) $ 13,207 $ ( 1,911,855 ) $ 2,952,358
Stock option exercises 55,128 — 461 — — — 461
Vesting of restricted stock units 489,162 1 — — — — 1
Vesting of performance stock units 99,626 — — — — — —
Shares withheld related to net share settlement of equity awards
( 220,314 ) ( 53,930 ) — — — ( 53,930 )
Stock-based compensation — — 137,830 — — — 137,830
Retirement of treasury stock — ( 1 ) ( 586,540 ) 586,541 — — —
Repurchases of common stock
( 412,800 ) — ( 100,255 ) — — ( 100,255 )
Unrealized gain on available-for-sale securities — — — — ( 4,688 ) — ( 4,688 )
Foreign currency translation adjustment — — — — ( 1,251 ) — ( 1,251 )
Net income
— — — — — 4,434 4,434
Balances as of April 30, 2026 80,503,576 $ 81 $ 4,843,315 $ ( 8,283 ) $ 7,268 $ ( 1,907,421 ) $ 2,934,960
Common Stock
Additional Paid-In Capital
Treasury Stock
Accumulated Other Comprehensive Income
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
The accompanying notes are an integral part of these condensed consolidated financial statements.
4
Table of Contents
MONGODB, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands of U.S. dollars)
(unaudited)
Three Months Ended April 30,
2026 2025
Cash flows from operating activities
Net income (loss) $ 4,434 $ ( 37,626 )
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization 5,555 5,309
Stock-based compensation 137,830 132,431
Amortization of finance right-of-use assets 994 993
Amortization of operating right-of-use assets 2,578 2,758
Deferred income taxes 19 25
Amortization of premium and accretion of discount on short-term investments, net ( 1,084 ) ( 3,800 )
Realized and unrealized loss (gain) on financial instruments, net ( 16,420 ) 272
Unrealized foreign exchange loss 148 1,970
Change in operating assets and liabilities:
Accounts receivable, net 112,951 79,895
Prepaid expenses and other current assets ( 13,388 ) ( 4,973 )
Deferred commissions 12,239 7,772
Other long-term assets 1,125 ( 12,593 )
Accounts payable 20,496 ( 2,478 )
Accrued liabilities ( 22,802 ) ( 19,353 )
Operating lease liabilities
( 2,476 ) ( 2,688 )
Deferred revenue
( 39,864 ) ( 39,624 )
Other liabilities, non-current
( 704 ) 1,639
Net cash provided by operating activities 201,631 109,929
Cash flows from investing activities
Purchases of property, equipment and other assets ( 2,319 ) ( 1,611 )
Investments in non-marketable securities ( 3,000 ) ( 4,822 )
Business combination, net of cash acquired — ( 2,032 )
Proceeds from maturities of marketable securities 259,800 198,660
Proceeds from non-marketable securities 10,718 —
Purchases of marketable securities
( 352,122 ) ( 138,624 )
Net cash provided by (used in) investing activities ( 86,923 ) 51,571
Cash flows from financing activities
Repurchases of common stock ( 100,255 ) —
Proceeds from exercise of stock options 461 579
Taxes paid related to net share settlement of equity awards ( 58,317 ) —
Principal payments of finance leases
( 1,764 ) ( 2,394 )
Net cash used in financing activities ( 159,875 ) ( 1,815 )
Effect of exchange rate changes on cash, cash equivalents and restricted cash
( 1,698 ) 8,000
Net increase (decrease) in cash, cash equivalents and restricted cash ( 46,865 ) 167,685
Cash, cash equivalents and restricted cash, beginning of period
1,086,625 492,753
Cash, cash equivalents and restricted cash, end of period
$ 1,039,760 $ 660,438
Supplemental cash flow disclosure
Cash paid during the period for:
Income taxes, net of refunds
$ 3,837 $ 3,899
Interest expense
$ 414 $ 510
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
$ 2,641 $ 274
Unpaid taxes for net share settlement of equity awards included in accrued compensation and benefits
$ 5,417 $ —
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
$ 1,036,354 $ 657,809
Restricted cash, non-current
3,406 2,629
Total cash, cash equivalents and restricted cash
$ 1,039,760 $ 660,438
The accompanying notes are an integral part of these condensed consolidated financial statements.
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MONGODB, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
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. 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 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 condensed consolidated financial statements include the accounts of the Company and all of its wholly-owned subsidiaries. The 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 interim 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.
These 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, 2026 (the “2026 Form 10-K”).
Use of Estimates
The preparation of the 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.
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NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
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 income (loss) to make operating decisions, allocate resources and assess performance. The CODM uses consolidated net income (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 revenue, 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 income (loss) are interest income, interest expense, other income (expense), net and the provision for income taxes, which are reflected in the condensed consolidated statements of operations.
Significant Accounting Policies
With the exception of the policy discussed below, there have been no changes to the Company’s significant accounting policies as described in the Company’s 2026 Form 10-K.
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. Upon the retirement of treasury stock, the excess of repurchase price over par value is recorded to additional paid-in capital to the extent available, with any remaining excess charged to retained earnings on the Company’s condensed consolidated balance sheets.
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 April 30, 2026 and January 31, 2026 and indicate the fair value hierarchy of the valuation inputs utilized to determine such fair value (in thousands):
Fair Value Measurement as of April 30, 2026
Level 1
Level 2
Level 3
Total
Financial Assets:
Cash and cash equivalents:
Money market funds $ 338,920 $ — $ — $ 338,920
Short-term investments:
U.S. government treasury securities
1,390,799 — — 1,390,799
Total financial assets
$ 1,729,719 $ — $ — $ 1,729,719
Fair Value Measurement as of January 31, 2026
Level 1
Level 2
Level 3
Total
Financial Assets:
Cash and cash equivalents:
Money market funds $ 381,687 $ — $ — $ 381,687
Short-term investments:
U.S. government treasury securities
1,303,701 — — 1,303,701
Total financial assets
$ 1,685,388 $ — $ — $ 1,685,388
The Company utilized the market approach and Level 1 valuation inputs to value its money market 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 April 30, 2026 and January 31, 2026 (in thousands):
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NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
April 30, 2026 January 31, 2026
Amortized
Cost Net Unrealized
Gains Fair Value Amortized
Cost Net Unrealized
Gains Fair Value
Due within one year $ 688,576 $ 587 $ 689,163 $ 770,766 $ 1,539 $ 772,305
Due after one year and within three years 701,244 392 701,636 527,268 4,128 531,396
Total short-term investments $ 1,389,820 $ 979 $ 1,390,799 $ 1,298,034 $ 5,667 $ 1,303,701
As of April 30, 2026 and January 31, 2026, net unrealized gains on the Company’s U.S. government treasury securities were approximately $ 1.0 million and $ 5.7 million, respectively. These unrealized gains and losses 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 April 30, 2026. Gross realized gains and losses were not material during both the three months ended April 30, 2026 and 2025. There were no material short-term investments in a continuous loss position for greater than twelve months.
Non-marketable Securities
As of April 30, 2026 and January 31, 2026, the total amount of non-marketable equity securities included in other assets on the Company’s condensed consolidated balance sheets were $ 37.7 million and $ 32.3 million, respectively. The Company invested an additional $ 3.0 million and $ 5.0 million of its cash in non-marketable equity securities during the three months ended April 30, 2026 and 2025, respectively. The Company recognized $ 6.5 million in unrealized gains and $ 9.9 million in realized gains on certain of these non-marketable securities during the three months ended April 30, 2026. There were immaterial unrealized losses and no realized gains or losses recognized during the three months ended April 30, 2025.
4. Goodwill and Intangible Assets, Net
The following table summarizes the changes in the carrying amount of goodwill during the periods presented (in thousands):
April 30, 2026 January 31, 2026
Balance, beginning of year $ 191,397 $ 69,679
Increase in goodwill related to business combinations — 121,718
Balance, end of period $ 191,397 $ 191,397
The gross carrying amount and accumulated amortization of the Company’s intangible assets were as follows (in thousands):
April 30, 2026
Gross Carrying Value Accumulated Amortization Net Book Value
Developed technology $ 27,400 $ ( 17,767 ) $ 9,633
IP addresses 24,445 ( 3,227 ) 21,218
Total $ 51,845 $ ( 20,994 ) $ 30,851
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NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
January 31, 2026
Gross Carrying Value Accumulated Amortization Net Book Value
Developed technology $ 27,400 $ ( 14,728 ) $ 12,672
IP addresses 24,445 ( 2,615 ) 21,830
Total $ 51,845 $ ( 17,343 ) $ 34,502
Intangible assets are primarily acquired through business combinations and are amortized on a straight-line basis. Amortization expense of intangible assets was $ 3.7 million and $ 3.1 million for the three months ended April 30, 2026 and 2025, respectively. Amortization expense for developed technology is included as cost of subscription revenue and research and development expense in the Company’s condensed consolidated statements of operations. Amortization expense for IP addresses is included as cost of subscription revenue in the Company’s condensed consolidated statements of operations.
As of April 30, 2026, future amortization expense related to the intangible assets is as follows (in thousands):
Fiscal Period:
Amount
Remainder of 2027
$ 10,907
2028 3,003
2029 2,444
2030 2,444
2031 2,444
Thereafter 9,609
Total $ 30,851
5. 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.
Lease Costs
The components of the Company’s lease costs included in its condensed consolidated statements of operations were as follows (in thousands):
Three Months Ended April 30,
2026 2025
Finance lease cost:
Amortization of finance lease right-of-use assets $ 994 $ 993
Interest on finance lease liabilities 414 510
Operating lease cost 3,025 3,246
Short-term lease cost 1,240 1,088
Variable lease cost 979 908
Total lease cost $ 6,652 $ 6,745
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NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
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):
April 30, 2026 January 31, 2026
Finance Lease:
Property and equipment, net $ 14,572 $ 15,566
Other accrued liabilities, current 6,584 6,482
Other liabilities, non-current 21,624 23,490
Operating Leases:
Operating lease right-of-use assets $ 26,606 $ 28,978
Operating lease liabilities, current 9,360 9,259
Operating lease liabilities, non-current 21,067 23,600
Maturities of Lease Liabilities
Future minimum lease payments under non-cancelable finance and operating leases on an annual undiscounted cash flow basis as of April 30, 2026 were as follows (in thousands):
Fiscal Period:
Finance Lease
Operating Leases
Remainder of 2027
$ 5,808 $ 8,328
2028 8,711 9,040
2029 8,711 6,984
2030 7,985 4,226
2031 — 2,720
Thereafter
— 2,643
Total minimum payments
31,215 33,941
Less imputed interest
( 3,007 ) ( 3,514 )
Present value of future minimum lease payments
28,208 30,427
Less current obligations under leases
( 6,584 ) ( 9,360 )
Non-current lease obligations
$ 21,624 $ 21,067
In March 2026, the Company executed an operating lease agreement for an office space with an expected commencement date in the third quarter of fiscal year 2027. The lease term is approximately 10 years with undiscounted future minimum lease payments of approximately $ 29.5 million.
6. Commitments and Contingencies
Non-cancelable Material Commitments
During the three months ended April 30, 2026, other than certain non-cancelable operating leases described in Note 5, Leases , 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 2026 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. (Case No. 1:24-cv-5191), 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 (the “Securities Action”). On January 27, 2025, the lead plaintiff in the lawsuit the Securities Action filed an
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MONGODB, INC.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
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, growth projections 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. On May 1, 2026, the Court entered an order granting Defendants’ motion to dismiss in part and denying it in part, as it relates to four specific statements. On May 15, 2026, Defendants filed a motion for reconsideration of the Court’s order on the motion to dismiss. 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, captioned Roy v. Ittycheria et al. (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 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, Silva v. Ittycheria et al. (Case No. 1:24-cv-9014) was subsequently filed in the same district on November 25, 2024 against MongoDB, as nominal defendant, and the same individual defendants as the Roy S.D.N.Y. action. It has been consolidated with the Roy action with the caption In re MongoDB, Inc. Shareholder Litigation (Case No. 1:24-cv-9014) (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) (the “Delaware Derivative Litigation”), 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 Litigation, 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 Litigation have been stayed pending the outcome of the Court’s decision on the defendants’ motion for reconsideration in the Securities Action.
Although claims and litigation are inherently unpredictable, as of April 30, 2026, 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.
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.
7. 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
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NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
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 Atlas-related offerings and MongoDB Enterprise Advanced and other.
The following table presents the Company’s revenues disaggregated by geography, based on address of the Company's customers (in thousands):
Three Months Ended April 30,
2026 2025
Primary geographical markets:
Americas
$ 412,337 $ 332,867
EMEA
194,678 150,766
Asia Pacific
80,601 65,381
Total
$ 687,616 $ 549,014
The following table presents the Company’s revenues disaggregated by subscription product categories and services (in thousands):
Three Months Ended April 30,
2026 2025
Subscription product categories and services:
Atlas-related $ 512,466 $ 395,893
MongoDB Enterprise Advanced and other 153,672 135,562
Services
21,478 17,559
Total
$ 687,616 $ 549,014
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, was $ 432.3 million and $ 470.7 million as of April 30, 2026 and January 31, 2026, respectively. Approximately 21 % and 24 % of the total revenue recognized for the three months ended April 30, 2026 and 2025, respectively, was from deferred revenue at the beginning of each respective period.
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. 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. As of April 30, 2026, the aggregate transaction price allocated to remaining performance obligations was $ 1,458.6 million. Approximately 53 % is expected to be recognized as revenue over the next 12 months, 46 % in 13 to 36 months and the remainder thereafter. However, the amount and timing of revenue recognition are generally dependent upon customers’ future consumption, which is inherently variable at the customers’ discretion.
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 April 30, 2026 and January 31, 2026, unbilled receivables were $ 25.5 million and $ 19.8 million, respectively.
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NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
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 as of January 31, 2026
$ 12,979
Provision 2,476
Recoveries and write-offs ( 3,203 )
Balance as of April 30, 2026
$ 12,252
Costs Capitalized to Obtain Contracts with Customers
Deferred commissions were $ 360.9 million and $ 373.2 million as of April 30, 2026 and January 31, 2026, respectively, of which $ 231.0 million and $ 241.7 million comprised the non-current portion and was included in other assets on the Company’s consolidated balance sheets as of April 30, 2026 and January 31, 2026, respectively. Amortization expense with respect to deferred commissions, which is included in sales and marketing expense in the Company’s condensed consolidated statements of operations, was $ 35.0 million and $ 31.2 million during the three months ended April 30, 2026 and 2025, respectively. There was no impairment loss recognized in relation to the costs capitalized for the periods presented.
8. 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.
Stock Options
The following table summarizes stock option activity for the three months ended April 30, 2026 (in thousands, except share, per share data and years):
Shares
Weighted-Average
Exercise
Price Per Share
Weighted- Average
Remaining
Contractual Term
(In Years)
Aggregate
Intrinsic
Value
Balance as of January 31, 2026
163,909 $ 9.66 1.2 $ 59,284
Stock options exercised ( 55,128 ) 8.34
Stock options forfeited and expired
( 250 ) 24.00
Balance as of April 30, 2026
108,531 10.29 1.0 26,080
Vested and exercisable as of January 31, 2026
163,909 9.66 1.2 59,284
Vested and exercisable as of April 30, 2026
108,531 $ 10.29 1.0 $ 26,080
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NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
Restricted Stock Units
The Company funds withholding taxes in certain jurisdictions due upon the vesting of employee restricted stock units (“RSUs”) and executive performance stock units (“PSUs”) by net share settlement. 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 and diluted net income (loss) per share attributable to common stockholders.
The following table summarizes RSU activity for the three months ended April 30, 2026:
Shares
Weighted-Average Grant Date Fair Value per RSU
Unvested as of January 31, 2026
4,233,699 $ 256.82
RSUs granted 1,631,378 268.85
RSUs vested ( 489,162 ) 250.28
RSUs forfeited and canceled ( 313,160 ) 244.51
Unvested as of April 30, 2026
5,062,755 $ 262.09
Restricted Stock Awards
The Company has granted restricted common stock outside of the 2008 and 2016 Plans. Restricted common stock is not deemed to be outstanding for accounting purposes until it vests. Refer to Note 5, Business Combinations in the Notes to Consolidated Financial Statements included in Part II, Item 8 of the Company’s 2026 Form 10-K, 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 three months ended April 30, 2026:
Shares
Weighted-Average Grant Date Fair Value per RSA
Unvested as of January 31, 2026
112,153 $ 292.05
RSAs vested ( 16,045 ) 292.05
RSAs forfeited and canceled (1)
( 54,584 ) 292.05
Unvested as of April 30, 2026
41,524 $ 292.05
(1) Represents shares of common stock reacquired pursuant to the applicable restricted stock award agreements and included in repurchases of common stock on the Condensed Consolidated Statements of Stockholders’ Equity.
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NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
Executive Performance Share Units
The following table summarizes PSU activity for the three months ended April 30, 2026:
Shares
Weighted-Average Grant Date Fair Value per PSU
Unvested as of January 31, 2026
209,670 $ 256.62
PSUs granted 91,146 117.80
PSUs vested ( 99,626 ) 218.53
Adjustment for performance achievement 29,634 199.97
PSUs forfeited and canceled ( 20,155 ) 237.59
Unvested as of April 30, 2026
210,669 $ 208.42
In January 2026, the Company granted PSUs with both service and market conditions, with an aggregate grant date fair value of $ 36.1 million under the 2016 Plan. The number of shares that may be earned under these PSUs with market conditions ranges from 0 % to 200 % of the target number of shares, based on the achievement of specified stock price targets over a five-year cumulative performance period beginning on the grant date. The market conditions are satisfied when the average closing price of the Company’s common stock over any 60 consecutive trading-day period during the performance period is equal to or exceeds stock price targets of $ 375.00 , $ 400.00 , $ 475.00 and $ 600.00 . In addition, the PSUs with market conditions are subject to service-based vesting, under which up to 100 %, 125 %, 150 % and 200 % of the target number of shares may vest on January 31, 2027, January 31, 2028 and January 31, 2029, respectively, subject to the grantee’s continued service through each vesting date. On the date of grant, the Company assumes a performance factor of 100 . As of April 30, 2026, the first stock price target has been achieved and there were approximately 51 thousand PSUs with market conditions outstanding.
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. The Company’s current offering period began on December 16, 2025 and is expected to end June 16, 2026.
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NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
Stock-Based Compensation Expense
Total stock-based compensation expense recognized in the Company’s condensed consolidated statements of operations is as follows (in thousands):
Three Months Ended April 30,
2026 2025
Cost of revenue—subscription
$ 8,888 $ 8,395
Cost of revenue—services
2,792 3,894
Sales and marketing
32,681 39,102
Research and development
70,708 66,405
General and administrative
22,761 14,635
Total stock-based compensation expense
$ 137,830 $ 132,431
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 months ended April 30, 2026, the Company repurchased 358,216 shares of common stock for $ 100.0 million. The average price per share for the three months ended April 30, 2026 was $ 285.25 . All repurchases of common stock were made in open market transactions and recorded in treasury stock. As of April 30, 2026, the total remaining authorization under the Share Repurchase Program is $ 499.7 million.
9. Net Income (Loss) per Share
Basic net income (loss) per share attributable to common stockholders is computed by dividing net income (loss) attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period. Diluted net income per share is computed by dividing net income (loss) attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period, adjusted for the effects of dilutive shares of common stock, which are comprised of outstanding stock options, RSUs, RSAs, PSUs and ESPP obligations. Stock awards with performance or market conditions are included in dilutive shares to the extent all conditions are met. The potentially dilutive shares of common stock are computed using the treasury stock method. The effects of outstanding stock options, RSUs, RSAs, PSUs and ESPP obligations are excluded from the computation of diluted net income (loss) per share in periods in which the effect would be antidilutive.
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NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
The following table sets forth the computation of basic and diluted net income (loss) per share (in thousands, except share and per share data):
Three Months Ended April 30,
2026 2025
Numerator:
Net income (loss)
$ 4,434 $ ( 37,626 )
Denominator:
Weighted-average shares outstanding, basic
80,357,498 81,060,822
Effect of dilutive securities 1,223,889 —
Weighted-average shares outstanding, diluted
81,581,387 81,060,822
Net income (loss) per share
Basic $ 0.06 $ ( 0.46 )
Diluted $ 0.05 $ ( 0.46 )
The following shares of common stock were excluded from the computation of diluted net income (loss) per share attributable to the Company for the periods presented because including them would have been anti-dilutive:
Three Months Ended April 30,
2026 2025
Stock options pursuant to the 2008 and 2016 Plan — 489,906
Unvested restricted stock units
1,075,337 5,095,686
Unvested restricted stock awards — 195,030
Unvested executive PSUs — 184,341
Total 1,075,337 5,964,963
10. Income Taxes
The Company recorded a provision for income taxes of $ 4.4 million and $ 4.3 million for the three months ended April 30, 2026 and 2025, respectively. The provisions recorded during both the three months ended April 30, 2026 and 2025, 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.
The Company regularly assesses the need for a valuation allowance against its deferred tax assets. The Company maintains a full valuation allowance for U.S and Ireland deferred tax assets, which is in place against the net deferred assets attributable to net operating loss carryforwards, tax credits and intangible assets. The Company expects to maintain these valuation allowances until it becomes more likely than not that the benefit of its deferred tax assets will be realized by way of sufficient positive evidence to support the reversal of all or some portion of this allowance. The Company regularly assesses all available evidence, including cumulative historic losses and forecasted earnings. Given the Company’s expected current earnings and anticipated future earnings, the Company believes that there is a reasonable possibility that within the next 12 months, sufficient positive evidence may become available to reach a conclusion that the U.S. valuation allowance will no longer be needed. Release of the valuation allowance would result in the recognition of material U.S. federal and state deferred tax assets and a corresponding decrease to income tax expense in the period the release is recorded. The exact timing and amount of the valuation allowance release are subject to change on the basis of the level of sustained U.S. profitability that the Company is able to actually achieve, as well as the amount of tax deductible stock compensation dependent upon the Company's publicly traded share price, foreign currency movements, and macroeconomic conditions, among other factors. The Company continues to monitor this on a quarterly basis.
The Company assesses uncertain tax positions in accordance with ASC 740-10, Accounting for Uncertainties in Tax . As of January 31, 2026, the Company’s net unrecognized tax benefits totaled $ 142.8 million, $ 4.7 million of which would have an impact on the Company’s effective tax rate if recognized.
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NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
On July 4, 2025, the One Big Beautiful Bill ("OBBBA") was signed into law. The OBBBA includes a broad range of U.S. tax reform measures, including, among other provisions, the immediate expensing of U.S. research and development expenditures. In accordance with ASC 740, we have recognized the effects of the new tax law in the period of enactment. As we maintain a full valuation allowance on its U.S. deferred tax assets, the legislation does not have a material impact on the Company’s condensed 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.
11. Subsequent Events
On May 8, 2026, the Company acquired all outstanding shares of Clarity Business Holdings, LLC, a services firm specializing in providing support and professional services to support modernizing legacy systems, scaling cloud-native development, and solving complex data challenges for workloads within the U.S. Government, in exchange for total consideration of approximately $ 16.0 million of cash, subject to customary adjustments. The Company is in the process of finalizing the accounting for this transaction and expects to complete the preliminary purchase price allocation in the second quarter of fiscal year 2027.
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 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 ended January 31, 2026 (the “2026 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
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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 handle unstructured data and 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.
We generate revenue primarily from sales of subscriptions, which accounted for 97% of our total revenue during the three months ended April 30, 2026 and 2025 .
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 Atlas Search, Vector Search, time series, data lifecycle, application-driven analytics and stream processing. During the three months ended April 30, 2026, Atlas revenue represented 75%, as compared to 72% of our total revenue during the three months ended April 30, 2025, respectively, reflecting the continued growth of Atlas since its introduction in June 2016. We have experienced strong growth in self-serve customers of Atlas, which are charged monthly in arrears based on their usage. We have also seen growth in 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 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 21% and 22% of our subscription revenue during the three months ended April 30, 2026 and 2025 , 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 750 million times since February 2009. We also offer a free tier of 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 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 Atlas and MongoDB Enterprise Advanced is to convert developers and their organizations who are already using Community Server or the free tier of 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 the three months ended April 30, 2026 and 2025. 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 compete in the database management software market, which is one of the largest in the software industry and growing. According to the International Data Corporation (IDC)’s Worldwide Database Management Systems Software Forecast, 2025-2029, the worldwide Database Management Software market was $93 billion in 2024, and is expected to grow to approximately $169 billion in 2029. This represents a 13% five-year compound annual growth rate. Over the last two years, a number of companies launched code assistant tools, which leverage generative AI to help developers write and test their code faster, thereby accelerating application development. We believe this acceleration in application development will further benefit the database management software market, by increasing the volume of new software and demand for scalable, flexible data platforms to manage the resulting growth of data.
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.
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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 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.
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. 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 months ended April 30, 2026, the Company repurchased 358,216 shares of common stock for $100.0 million. The average price per share for the three months ended April 30, 2026 was $285.25. All repurchases of common stock were made in open market transactions and recorded in treasury stock. As of April 30, 2026, the total remaining authorization under the Share Repurchase Program is $499.7 million.
The timing and amount of any repurchases will be determined by management based on an evaluation of market conditions and other factors. The program does not obligate us to acquire any particular amount of common stock, and the repurchase program may be suspended or discontinued at any time at our discretion.
Factors Affecting Our Performance
Extending Product Leadership and Maintaining Developer Mindshare
We are committed to delivering market-leading products to continue to build and maintain credibility with the global software developer community. We believe we must maintain our product leadership position and the strength of our brand to drive further revenue growth. We intend to continue to invest in our product offerings with the goal of expanding the functionality and adoption of our developer data platform. During 2024, we introduced MongoDB version 8.0 enhancing enterprise-grade security, resilience and availability for a wide variety of applications. We added additional features to Queryable Encryption, an encrypted search scheme, to support equality and range searches. Over the years, we have introduced additional features and functionality to Atlas, including Atlas Search, Atlas Vector Search, Atlas Data Federation, Atlas Charts, and Atlas Stream Processing, which now provide dedicated infrastructure for search use cases so customers can scale independently of their database to manage their workloads with greater flexibility and operational efficiency. Recently, we have introduced an application programming interface (“API”) within Atlas that natively provides access to Voyage AI’s embedding and reranking models. These capabilities, when combined with the core functionality of Atlas, enable organizations to build, deploy and scale AI-powered applications with higher accuracy, lower latency and reduced architectural complexity.
We intend to continue to invest in our engineering capabilities and marketing activities to maintain our strong position in the developer community. We have spent $3.4 billion on research and development since our inception. Our results of operations may fluctuate as we make these investments to drive increased customer adoption and usage.
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 April 30, 2026, we had over 67,700 customers across a wide range of industries and in over 100 countries, compared to over 57,100 customers as of April 30, 2025. All affiliated entities are counted as a single customer and our definition of “customer” excludes users of our free offerings.
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We are also focused on increasing the number of overall Atlas customers as we emphasize the on-demand scalability of Atlas by allowing our customers to consume the product with minimal commitment. We had over 66,400 Atlas customers as of April 30, 2026 compared to over 55,800 as of April 30, 2025. The growth in Atlas customers included new customers to MongoDB and existing MongoDB Enterprise Advanced customers adding incremental 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”) 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 Atlas, by annualizing the prior 90 days of their actual usage of Atlas, assuming no increases or reductions in their subscriptions or usage. For all other customers of our self-serve products, we calculate ARR by annualizing the prior 30 days of their actual usage of such products, assuming no increases or reductions in usage. ARR excludes professional services. The number of customers with $100,000 or greater in ARR was 2,895 and 2,506 as of April 30, 2026 and 2025 , 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 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 from all customers at the close of the base period, including those who churned or reduced their subscriptions. As of April 30, 2026, our net ARR expansion rate was 121%. 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 database-as-a-service solutions and term licenses. Revenue from our 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 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 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, the costs of contracted third-party consultants, 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 Atlas revenue increases as a percentage of total revenue, our gross margin may decline as a result of the associated hosting costs of 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 and the ongoing costs of compliance associated with being a publicly traded company. 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. Refer to Note 10 , Income Taxes , in our Notes to Condensed Consolidated Financial Statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q for further discussion regarding the valuation allowance.
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 April 30,
2026 2025
Consolidated Statements of Operations Data:
Revenue:
Subscription
$ 666,138 $ 531,455
Services
21,478 17,559
Total revenue
687,616 549,014
Cost of revenue:
Subscription (1)
164,907 129,585
Services (1)
26,534 28,456
Total cost of revenue
191,441 158,041
Gross profit
496,175 390,973
Operating expenses:
Sales and marketing (1)
249,334 220,923
Research and development (1)
200,409 168,829
General and administrative (1)
71,236 54,775
Total operating expenses 520,979 444,527
Loss from operations
(24,804) (53,554)
Other income, net 33,598 20,230
Income (loss) before provision for income taxes 8,794 (33,324)
Provision for income taxes
4,360 4,302
Net income (loss)
$ 4,434 $ (37,626)
(1) Includes stock‑based compensation expense as follows (unaudited, in thousands):
Three Months Ended April 30,
2026 2025
Cost of revenue—subscription
$ 8,888 $ 8,395
Cost of revenue—services
2,792 3,894
Sales and marketing
32,681 39,102
Research and development
70,708 66,405
General and administrative
22,761 14,635
Total stock‑based compensation expense
$ 137,830 $ 132,431
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Three Months Ended April 30,
2026 2025
Percentage of Revenue Data:
Revenue:
Subscription
97 % 97 %
Services
3 % 3 %
Total revenue
100 % 100 %
Cost of revenue:
Subscription
24 % 24 %
Services
4 % 5 %
Total cost of revenue
28 % 29 %
Gross profit
72 % 71 %
Operating expenses:
Sales and marketing
36 % 40 %
Research and development
29 % 31 %
General and administrative
10 % 10 %
Total operating expenses
75 % 81 %
Loss from operations
(3) % (10) %
Other income, net 5 % 4 %
Income (loss) before provision for income taxes 2 % (6) %
Provision for income taxes 1 % 1 %
Net income (loss)
1 % (7) %
Comparison of the Three Months Ended April 30, 2026 and 2025
Revenue
Three Months Ended April 30, Change
(unaudited, dollars in thousands)
2026 2025 $
%
Subscription
$ 666,138 $ 531,455 $ 134,683 25 %
Services
21,478 17,559 3,919 22 %
Total revenue
$ 687,616 $ 549,014 $ 138,602 25 %
Total revenue growth reflects increased demand for our products and related services. Subscription revenue increased by $134.7 million primarily due to an increase in consumption of Atlas by our large existing customers as evidenced by our net ARR expansion rate of 121% as of April 30, 2026.
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Cost of Revenue, Gross Profit and Gross Margin Percentage
Three Months Ended April 30, Change
(unaudited, dollars in thousands)
2026 2025 $
%
Subscription cost of revenue
$ 164,907 $ 129,585 $ 35,322 27 %
Services cost of revenue
26,534 28,456 (1,922) (7) %
Total cost of revenue
191,441 158,041 33,400 21 %
Gross profit
$ 496,175 $ 390,973 $ 105,202 27 %
Gross margin
72 % 71 %
Subscription
75 % 76 %
Services
(24) % (62) %
The increase in subscription cost of revenue was primarily due to a $28.5 million increase in third‑party cloud infrastructure costs, including costs associated with the growth of Atlas and an increase of $3.1 million in personnel costs. The increase in third-party cloud infrastructure costs was partially offset by continued cost efficiencies realized as we scale Atlas. The decrease in services cost of revenue was primarily due to a decrease in third-party consultant costs related to the delivery of consulting and training services.
Our overall gross margin increased to 72%. Our subscription gross margin decreased to 75% due to an increase in subscription cost of revenue from Atlas as a percentage of our total revenue. Services gross margin increased due to the impact of lower third-party consultant and training costs.
Operating Expenses
Sales and Marketing
Three Months Ended April 30, Change
(unaudited, dollars in thousands)
2026 2025 $
%
Sales and marketing
$ 249,334 $ 220,923 $ 28,411 13 %
The increase in sales and marketing expense was primarily driven by a $9.7 million increase in personnel costs, a $8.2 million increase in travel-related expenses due to internal travel for our annual sales kickoff event, a $7.5 million increase in commissions, and a $6.1 million increase in spend on in-person events and digital marketing programs. The increase in sales and marketing was partially offset by a $6.4 million decrease in stock-based compensation.
Research and Development
Three Months Ended April 30, Change
(unaudited, dollars in thousands)
2026 2025 $
%
Research and development
$ 200,409 $ 168,829 $ 31,580 19 %
The increase in research and development expense was primarily driven by a $23.4 million increase in personnel costs and stock-based compensation, a $4.2 million increase in software costs, and a $3.9 million increase in third-party infrastructure expenses to support ongoing product development and testing activities.
General and Administrative
Three Months Ended April 30, Change
(unaudited, dollars in thousands)
2026 2025 $
%
General and administrative
$ 71,236 $ 54,775 $ 16,461 30 %
The increase in general and administrative expense was primarily driven by a $14.4 million increase in personnel costs and stock-based compensation.
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Other Income, Net
Three Months Ended April 30, Change
(unaudited, dollars in thousands)
2026 2025 $
%
Other income, net $ 33,598 $ 20,230 $ 13,368 66 %
Other income, net, for the three months ended April 30, 2026 increased primarily due to realized and unrealized gains recognized from our non-marketable securities.
Provision for Income Taxes
Three Months Ended April 30, Change
(unaudited, dollars in thousands)
2026 2025 $
%
Provision for income taxes $ 4,360 $ 4,302 $ 58 1 %
The provision for income taxes remained flat for the three months ended April 30, 2026.
Liquidity and Capital Resources
As of April 30, 2026, our principal sources of liquidity were cash, cash equivalents, short-term investments and restricted cash totaling $2.4 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, our 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 months ended April 30, 2026, under the Share Repurchase Program, we repurchased 358,216 shares of common stock for $100.0 million. The average price per share for the three months ended April 30, 2026 was $285.25. Refer to Note 8, Equity , in our Notes to Condensed Consolidated Financial Statements included in Part I, Item 1, and “ Purchases of Equity Securities by the Issuer” included in Part II, Item 2 of this Quarterly Report on Form 10-Q for further details.
In October 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 $58.3 million for the three months ended April 30, 2026.
We have generated significant operating losses as reflected in our accumulated deficit of $1.9 billion as of April 30, 2026. 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):
Three Months Ended April 30,
2026 2025
Net cash provided by operating activities $ 201,631 $ 109,929
Net cash provided by (used in) investing activities (86,923) 51,571
Net cash used in financing activities (159,875) (1,815)
Operating Activities
Net cash provided by operating activities during the three months ended April 30, 2026 was $201.6 million, and reflects our net income of $4.4 million, adjusted by non-cash items such as $137.8 million of stock‑based compensation, $16.4 million of net realized and unrealized gains on financial instruments, $5.6 million of depreciation and amortization, and net cash provided by changes in operating assets and liabilities of $67.6 million. The net cash provided by changes in operating assets and liabilities primarily consisted of an increase in cash collected from customers resulting from an increase in sales as evidenced through a net increase in cash of $73.1 million from changes in accounts receivable and deferred revenue. Additionally, a decrease of $12.2 million in deferred commissions primarily due to amortization exceeding current-period capitalization. Partially offsetting these benefits to our operating cash flow were increases in prepaid expenses and other assets of $12.3 million and a decrease of $2.3 million of accrued liabilities and accounts payable.
Net cash provided by operating activities during the three months ended April 30, 2025 was $109.9 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 decreased by $79.9 million. In addition, our net loss of $37.6 million, includes non‑cash charges of $132.4 million for stock‑based compensation, $5.3 million for depreciation and amortization and other net non-cash charges of $1.5 million. Partially offsetting these benefits to our operating cash flow were a decrease in deferred revenue by $39.6 million, a decrease in accrued liabilities by $19.4 million and an increase in other long-term assets of $12.6 million.
Investing Activities
Net cash used in investing activities during the three months ended April 30, 2026 was $86.9 million, due to purchases of marketable securities, net of maturities, of $92.3 million, purchases of property and equipment of $2.3 million, partially offset by proceeds from non-marketable securities, net of investments made, of $7.7 million.
Net cash provided by investing activities during the three months ended April 30, 2025 was $51.6 million, due to proceeds from maturities of marketable securities, net of purchases, of $60.0 million, partially offset by cash used for investments in non-marketable securities of $4.8 million, payments related to a business combination, net of cash acquired of $2.0 million and purchases of property and equipment of $1.6 million.
Financing Activities
Net cash used in financing activities during the three months ended April 30, 2026 was $159.9 million, due to repurchases of common stock of $100.3 million and $58.3 million due to taxes paid related to net share settlement of equity awards.
Net cash used in financing activities during the three months ended April 30, 2025 was $1.8 million, due to principal payments of finance leases of $2.4 million, partially offset by proceeds from the exercises of stock options of $0.6 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 Atlas revenue is recorded on a consumption basis and varies with usage, inclusive of seasonal variability. As Atlas revenue continues to increase as a percentage of total revenue, these fluctuations may have a greater impact on our results of operations.
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Contractual Obligations and Commitments
There were no other material changes outside the ordinary course of business to our contractual obligations and commitments from those disclosed in our 2026 Form 10-K. Refer to Note 5, Leases and Note 6, Commitments and Contingencies , in our Notes to 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.
Income Taxes
We are subject to income taxes in the U.S. and in many foreign jurisdictions. Significant judgment is required in determining our provision for income taxes, our deferred tax assets and liabilities and any valuation allowance recorded against our net deferred tax assets that are not more-likely-than-not to be realized. The determination of the realizability of deferred tax assets requires significant judgment in assessing the likelihood of future tax consequences and evaluation of all available evidence in accordance with applicable accounting guidance. In completing our assessment of realizability of our deferred tax assets, we consider our history of losses measured at pre-tax income (loss) adjusted for permanent book-tax differences on a jurisdictional basis, volatility in actual earnings, excess tax benefits related to stock-based compensation in recent prior years, and impacts of the timing of reversal of existing temporary differences. We also rely on our assessment of the Company’s projected future results of business operations, relative to historical results, volatility in the market price of our common stock and its performance over time, variable macroeconomic conditions impacting our ability to forecast future taxable income, and changes in business that may affect the existence and magnitude of future taxable income. Our valuation allowance assessment is based on our best estimate of future results considering all available information. There were no material changes in our valuation allowance assessment, given our current earnings and anticipated future earnings, we believe that there is a reasonable possibility that sufficient positive evidence may become available within the next 12 months to reach a conclusion that all or a portion of the U.S. valuation allowance will no longer be needed. Release of the valuation allowance would result in a material income tax benefit due to the recognition of U.S. federal and state deferred tax assets and a corresponding decrease to income tax expense in the period the release is recorded. The exact timing and amount of any potential valuation allowance release are subject to change on the basis of our level of sustained U.S. profitability, as well as the amount of our tax deductible stock-based compensation, which is dependent upon our publicly traded share price and macroeconomic conditions, among other factors. We will continue to monitor this on a quarterly basis.
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 2026 Form 10-K.
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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 April 30, 2026, we had cash, cash equivalents, restricted cash and short-term investments of $2.4 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 April 30, 2026.
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 condensed consolidated 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 April 30, 2026 and 2025. 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 condensed 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 April 30, 2026 and January 31, 2026, the total amount of non-marketable securities included in other assets on our balance sheets was $37.7 million and $32.3 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 April 30, 2026 . Based on the evaluation of our disclosure controls and procedures as of April 30, 2026 , 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 April 30, 2026 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 6, 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. (Case No. 1:24-cv-5191), 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 (the “Securities Action”). On January 27, 2025, the lead plaintiff in 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, growth projections 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. On May 1, 2026, the Court entered an order granting Defendants’ motion to dismiss in part and denying it in part, as it relates to four specific statements. On May 15, 2026, Defendants filed a motion for reconsideration of the Court’s order on the motion to dismiss. 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, captioned Roy v. Ittycheria et al. (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 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, Silva v. Ittycheria et al. (Case No. 1:24-cv-9014) was subsequently filed in the same district on November 25, 2024 against MongoDB, as nominal defendant, and the same individual defendants as the Roy S.D.N.Y. action. It has been consolidated with the Roy action with the caption In re MongoDB, Inc. Shareholder Litigation (Case No. 1:24-cv-9014) (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) (the “Delaware Derivative Litigation”), 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 Litigation, 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 Litigation have been stayed pending the outcome of the Court’s decision on the defendants’ motion for reconsideration in 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 condensed 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 Atlas, failure of 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 geopolitical instability resulting from the conflict in Iran, the unrest in Mexico, the conflict between Israel and Hamas and recent events in Venezuela, and any resulting conflicts in the respective regions, 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 geopolitical instability resulting from the conflict in Iran, the unrest in Mexico, the conflict between Israel and Hamas and recent events in Venezuela, and any resulting conflicts in the respective regions, 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.
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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, 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 generated net income of $4.4 million for the three months ended April 30, 2026 and net losses of $71.2 million, $129.1 million, and $176.6 million for the fiscal years ended January 31, 2026, 2025 and 2024, respectively. We had an accumulated deficit of $1,907.4 million as of April 30, 2026. While we have experienced significant growth in revenue in recent periods, and have achieved profitability during certain periods, we cannot assure you when or whether we will reach sustained profitability. 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 Atlas, failure of 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 Atlas, our database-as-a-service offering, which is primarily recognized on a usage-basis. As such, market adoption and usage of Atlas is critical to our continued success. Although 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 Atlas, including
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offering a free tier of 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 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 growth in our market. 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 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 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 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.
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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 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 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 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 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
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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 be hesitant to adopt Community Server because of uncertainty around the provisions of the SSPL and how it will be interpreted and enforced. In addition, the SSPL has not been approved by the Open Source Initiative, nor has it been included in the Free Software Foundation’s list of free software licenses. This may negatively impact the adoption of Community Server, which in turn could lead to reduced brand and product awareness, ultimately leading to a decline in paying customers and our ability to grow our business or achieve profitability may be harmed.
We track certain operational metrics with internal systems and tools and do not independently verify such metrics. Certain of our operational metrics are subject to inherent challenges in measurement, and any real or perceived inaccuracies in such metrics may adversely affect our business and reputation.
We track certain operational metrics, including annualized recurring revenue (“ARR”), net ARR expansion rate, total customers, direct sales customers, Atlas customers, customers over 100K and downloads of our platform and non-GAAP metrics such as non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP income (loss) from operations, non-GAAP net income (loss), non-GAAP net income (loss) per share and free cash flow. These operational metrics are tracked with internal systems and tools that are not independently verified by any third party and which may differ from estimates or similar metrics published by third parties due to differences in sources, methodologies, or the assumptions on which we rely. Our internal systems and tools have a number of limitations, and our methodologies for tracking these metrics may change over time, which could result in unexpected changes to our metrics, including the metrics we publicly disclose. If the internal systems and tools we use to track these metrics undercount or overcount performance or contain algorithmic or other technical errors, the data we report may not be accurate. While these numbers are based on what we believe to be reasonable estimates of our metrics for the applicable period of measurement, there are inherent challenges in measuring how our platform is used across large populations. In addition, limitations or errors with respect to how we measure data or with respect to the data that we measure may affect our understanding of certain details of our business, which could affect our long-term strategies. If our operating metrics are not accurate representations of our business, if investors do not perceive our operating metrics to be accurate, or if we discover material inaccuracies with respect to these figures, we expect that our business, reputation, financial condition, and results of operations would be adversely affected.
We could be negatively impacted if the AGPL, the SSPL and other open source licenses under which some of our software is licensed are not enforceable.
The versions of Community Server released prior to October 16, 2018 are licensed under the AGPL. This license states that any program licensed under it may be copied, modified and distributed provided certain conditions are met. On October 16, 2018, we issued a new software license, the SSPL, for all versions of Community Server released on or after that date. The SSPL builds on the spirit of the AGPL, but includes an explicit condition that any organization using Community Server to offer MongoDB as a third-party service must open source the software that it uses to offer such service. It is possible that a court could hold the SSPL or AGPL to be unenforceable. If a court held either license or certain aspects of this license to be unenforceable, others may be able to use our software to compete with us in the marketplace in a manner not subject to the restrictions set forth in the SSPL or AGPL.
Our licensing model for Community Server could negatively affect our ability to monetize and protect our intellectual property rights.
We make our Community Server offering available under either the SSPL (for versions released on or after October 16, 2018) or the AGPL (for versions released prior to October 16, 2018). Community Server is a free-to-download version of our database that includes the core functionality developers need to get started with MongoDB but not all of the features of our commercial platform. Both the SSPL and the AGPL grant licensees broad freedom to view, use, copy, modify and redistribute the source code of Community Server provided certain conditions are met. Some commercial enterprises consider SSPL- or AGPL-licensed software to be unsuitable for commercial use because of the “copyleft” requirements of those licenses. However, some of those same commercial enterprises do not have the same concerns regarding using the software under the SSPL or AGPL for internal purposes. As a result, these commercial enterprises may never convert to paying customers of our platform. Anyone can obtain a free copy of Community Server from the internet and we do not know who all of our SSPL or AGPL licensees are. Competitors could develop modifications of our software to compete with us in the marketplace. We do not have visibility into how our software is being used by licensees, so our ability to detect violations of the SSPL or AGPL is extremely limited.
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In addition to Community Server, we contribute other source code to open source projects under open source licenses and release internal software projects under open source licenses and anticipate doing so in the future. Because the source code for Community Server and any other software we contribute to open source projects or distribute under open source licenses is publicly available, our ability to monetize and protect our intellectual property rights with respect to such source code may be limited or, in some cases, lost entirely.
Our software incorporates third-party open source software, which could negatively affect our ability to sell our products and subject us to possible litigation.
Our software includes third-party open source software and we intend to continue to incorporate third-party open source software in our products in the future. There is a risk that the use of third-party open source software in our software could impose conditions or restrictions on our ability to monetize our software. Although we monitor the incorporation of open source software into our products to avoid such restrictions, we cannot be certain that we have not incorporated open source software in our products or platform in a manner that is inconsistent with our licensing model or that we have not breached the terms of an applicable open source license agreement, in part because open source license terms are often ambiguous. Certain open source projects also include other open source software and there is a risk that those dependent open source libraries may be subject to inconsistent licensing terms. This could create further uncertainties as to the governing terms for the open source software we incorporate.
In addition, the terms of certain open source licenses to which we are subject have not been interpreted by U.S. or foreign courts and there is a risk that open source software licenses could be construed in a manner that imposes unanticipated restrictions or conditions on our use of such software. Additionally, we may from time to time face claims from third parties claiming ownership of, or demanding release of, the software or derivative works that we developed using such open source software, which could include proprietary portions of our source code, or otherwise seeking to enforce the terms of the applicable open source licenses. These claims could result in litigation and could require us to make those proprietary portions of our source code freely available, purchase a costly license or cease offering the implicated software or services unless and until we can re-engineer them to avoid infringement. This re-engineering process could require significant additional research and development resources and we may not be able to complete it successfully.
In addition to risks related to license requirements, the use of third-party open source software can lead to greater risks than the use of third-party commercial software, as open source licensors generally do not provide warranties, indemnities or other contractual protections with respect to the software (for example, non-infringement or functionality). There is typically no support available for open source software, and we cannot ensure that the authors of such open source software will implement or push updates to address security risks or will not abandon further development and maintenance. Our use of open source software may also present additional security risks because the source code for open source software is publicly available, which may make it easier for hackers and other third parties to determine how to breach our systems and networks that rely on open source software. In addition, licensors of open source software included in our offerings may, from time to time, modify the terms of their license agreements in such a manner that those license terms may become incompatible with our licensing model and thus could, among other consequences, prevent us from incorporating the software subject to the modified license.
Any of these risks could be difficult to eliminate or manage and if not addressed, could have a negative effect on our business, results of operations and financial condition.
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.
Our ability to attract new customers and increase revenue from existing customers depends in part on our ability to enhance and improve our software and to introduce new features and services. To grow our business and remain competitive, we must continue to enhance our software and develop features that reflect the constantly evolving nature of technology and our customers’ needs. For instance, with the development of next-generation solutions that utilize new and advanced features, including artificial intelligence (“AI”) and machine learning (“ML”), we may be required to commit significant resources to developing new products, enhancements and developments. The success of new products, enhancements and developments depends on several factors: our anticipation of market changes and demands for product features, including timely product introduction and conclusion, sufficient customer demand, cost effectiveness in our product development efforts and the proliferation of new technologies that are able to deliver competitive products and services at lower prices, more efficiently, more conveniently or more securely. In addition, because our software is designed to operate with a variety of systems, applications, data and devices, we will need to continuously modify and enhance our software to keep pace with changes in
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such systems. We may not be successful in developing these modifications and enhancements. Furthermore, the addition of features and solutions to our software will increase our research and development expenses. Any new features that we develop may not be introduced in a timely or cost-effective manner or may not achieve the market acceptance necessary to generate sufficient revenue to justify the related expenses. It is difficult to predict customer adoption of new features. Such uncertainty limits our ability to forecast our future results of operations and subjects us to a number of challenges, including our ability to plan for and model future growth. If we cannot address such uncertainties and successfully develop new features, enhance our software or otherwise overcome technological challenges and competing technologies, our business and results of operations could be adversely affected.
We also offer professional services including consulting and training and must continually adapt to assist our customers in deploying our software in accordance with their specific IT strategies. If we cannot introduce new services or enhance our existing services to keep pace with changes in our customers’ deployment strategies, we may not be able to attract new customers, retain existing customers and expand their use of our software or secure renewal contracts, which are important for the future of our business.
Our success is highly dependent on our ability to penetrate the existing market for database products, as well as the growth and expansion of the market for database products.
Our future success will depend in large part on our ability to service existing demand, as well as the continued growth and expansion of the database market. It is difficult to predict demand for our offerings, the conversion from one to the other and related services and the size, growth rate and expansion of these markets, the entry of competitive products or the success of existing competitive products. Our ability to penetrate the existing database market and any expansion of the market depends on a number of factors, including cost, performance and perceived value associated with our subscription offerings, as well as our customers’ willingness to adopt an alternative approach to relational and other database products available in the market. Furthermore, many of our potential customers have made significant investments in relational databases, such as offerings from Oracle, and may be unwilling to invest in new products. If the market for databases fails to grow at the rate that we anticipate or decreases in size or we are not successful in penetrating the existing market, our business would be harmed.
Our future quarterly results may fluctuate significantly and if we fail to meet the expectations of analysts or investors, our stock price could decline substantially.
Our results of operations, including our revenue, operating expenses and cash flows may vary significantly in the future as a result of a variety of factors, many of which are outside of our control, may be difficult to predict and may or may not fully reflect the underlying performance of our business and period-to-period comparisons of our operating results may not be meaningful. Some of the factors that may cause our results of operations to fluctuate from quarter to quarter include:
• changes in actual and anticipated growth rates of our revenue, customers and other key operating metrics;
• new product announcements, pricing changes and other actions by competitors;
• the mix of revenue and associated costs attributable to subscriptions for our Atlas and MongoDB Enterprise Advanced offerings (such as our non-cancelable multi-year cloud infrastructure capacity commitments, which require us to pay for such capacity irrespective of actual usage) and professional services, as such relative mix may impact our gross margins and operating income;
• the mix of revenue and associated costs attributable to sales where subscriptions are bundled with services versus sold on a standalone basis and sales by us and our partners;
• our ability to attract new customers;
• our ability to timely and effectively expand our sales and marketing capabilities and teams;
• our ability to retain customers and expand their usage of our software, particularly for our largest customers;
• our inability to enforce the AGPL or SSPL;
• delays in closing sales, including the timing of renewals, which may result in revenue being pushed into the next quarter, particularly because a large portion of our sales occur toward the end of each quarter;
• the timing of revenue recognition;
• the mix of revenue attributable to larger transactions as opposed to smaller transactions;
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• changes in customers’ budgets and in the timing of their budgeting cycles and purchasing decisions;
• changes in customers’ consumption of our platform;
• customers and potential customers opting for alternative products, including developing their own in-house solutions, or opting to use only the free version of our products;
• fluctuations in currency exchange rates;
• our ability to control costs, including our operating expenses;
• the timing and success of new products, features and services offered by us and our competitors or any other change in the competitive dynamics of our industry, including consolidation among competitors, customers or strategic partners;
• significant security breaches or other security vulnerabilities, incidents, technical difficulties, or interruptions with respect to the delivery and use of our software;
• our failure to maintain the level of service uptime and performance required by our customers;
• the collectability of receivables from customers and resellers, which may be hindered or delayed if these customers or resellers experience financial distress;
• changes in political and economic conditions, in domestic or international markets;
• general economic conditions, both domestically and internationally, including warfare and terrorist attacks on the United States and other regions in which we or our customers operate, such as the conflict in Iran, the unrest in Mexico, the Russia-Ukraine conflict, the Israel-Hamas conflict and recent events in Venezuela, as well as economic conditions specifically affecting industries in which our customers participate;
• sales tax and other tax determinations by authorities in the jurisdictions in which we conduct business;
• timing, amount, and cost of our investments to expand the capacity of our public cloud providers;
• the amount and timing of legal expenses, including settlements, judgments, fines, legal fees, and other charges associated with litigation, governmental investigations or inquiries, regulatory investigations or inquiries, or other legal proceedings;
• the amount and timing of costs associated with hiring, training, and integrating new employees and retaining and motivating existing employees;
• the effects and timing of acquisitions and their integration;
• changes in regulatory or legal environments, including the interpretation or enforcement of regulatory or legal requirements, that may cause us to incur, among other things, expenses associated with compliance;
• the impact of new accounting pronouncements; and
• fluctuations in stock-based compensation expense.
The occurrence of one or more of the foregoing and other factors may cause our results of operations to vary significantly and be materially and adversely affected. For example, fluctuations in our quarterly operating results and the price of our common stock may be particularly pronounced in the current economic environment due to the ongoing geopolitical instability resulting from the conflict in Iran, the unrest in Mexico, the conflicts between Russia and Ukraine, Israel and Hamas and recent events in Venezuela, continued restrictive monetary policy in certain markets in which we operate, declines in consumer confidence, declines in economic growth, persistent inflation, and uncertainty about economic stability. It is especially difficult to predict the impact of such events on the global economic markets, which have been and will continue to be highly dependent upon the actions of governments, businesses, and other enterprises in response to macroeconomic events, and the effectiveness of those actions. Any of these factors or any combination thereof could materially and adversely affect our business, results of operations and financial condition. We also intend to continue to invest to grow our business and to take advantage of our market opportunity. Accordingly, historical patterns and our results of operations in any one quarter may not be meaningful and should not be relied upon as indicative of future performance. Additionally, if our quarterly results of operations fall below the expectations of investors or securities analysts who follow our stock, the price of our common stock could decline substantially and we could face costly lawsuits, including securities class action suits. See the section titled “Legal Proceedings” included in Part II, Item 1 of this Quarterly Report on Form 10-Q.
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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.
We have experienced rapid growth in our business, operations and employee headcount. For fiscal years 2026, 2025 and 2024, our total revenue was $2,463.8 million, $2,006.4 million, and $1,683.0 million, respectively, representing a 23%, 19%, and 31% growth rate, respectively. In addition, for the three months ended April 30, 2026 and 2025, our total revenue was $687.6 million and $549.0 million, respectively, representing a 25% growth rate. We have also significantly increased the size of our customer base from over 3,200 customers as of January 31, 2017, the year we began operating as a public company, to over 67,700 customers as of April 30, 2026, and we grew from 713 employees as of January 31, 2017 to 5,695 employees as of April 30, 2026. Our success will depend in part on our ability to continue to grow and to manage this growth, domestically and internationally, effectively.
Our current and anticipated growth is expected to place a significant strain on our management, administrative, operational and financial infrastructure. We will need to continue to improve our operational, financial and management processes and controls and our reporting procedures to manage the expected growth of our operations and personnel, which will require significant expenditures and allocation of valuable management and employee resources. If we fail to implement these infrastructure improvements effectively, our ability to ensure the uninterrupted operation of key business systems and comply with the rules and regulations that are applicable to public reporting companies will be impaired. Further, if we do not effectively manage the growth of our business and operations, the quality of our products and services could suffer, the preservation of our culture, values and entrepreneurial environment may change and we may not be able to adequately address competitive challenges. This could impair our ability to attract new customers, retain existing customers and expand their use of our products and services, all of which would adversely affect our brand, overall business, results of operations and financial condition.
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.
Cyberattacks, malicious internet-based activity, and online and offline fraud, and other similar activities threaten the confidentiality, integrity and availability of our personal, proprietary, confidential and other sensitive data and our information technology systems and networks, and those of the third parties upon which we rely to help deliver services to our customers. Such threats are prevalent, increasing in frequency, evolving in nature and becoming increasingly difficult to detect and their frequency may be increased, and effectiveness enhanced, by the use of AI. These threats come from a variety of sources, including traditional computer “hackers,” threat actors (including organized criminal threat actors), “hacktivists,” personnel (such as through theft or misuse), sophisticated nation-states, and nation-state-supported actors. In addition, some actors, such as sophisticated nation-states and nation-state supported actors now engage and are expected to continue to engage in cyberattacks, including without limitation for geopolitical reasons and in conjunction with military conflicts and defense activities. During times of war and other major conflicts, we and the third parties upon whom we rely may be vulnerable to a heightened risk of these attacks, including retaliatory cyberattacks and physical attacks on critical infrastructure, that could materially disrupt our systems and networks, operations and supply chain. We and the third parties upon which we rely may be subject to a variety of evolving threats, including but not limited to social-engineering attacks (including through phishing attacks), malicious code (such as viruses and worms), malware (including as a result of advanced persistent threat intrusions), denial-of-service attacks (such as credential stuffing), credential harvesting, account takeovers, personnel misconduct or error, fraud, ransomware attacks, supply-chain attacks, software bugs, server malfunctions, software or hardware failures, loss or theft of data or other information technology assets, adware, telecommunications failures, pandemics, earthquakes, fires, floods, and other similar threats.
Ransomware attacks, including by organized criminal threat actors, nation-states, and nation-state-supported actors, are becoming increasingly prevalent and severe and can lead to significant interruptions in our operations, loss of data and income, reputational harm, and diversion of funds. Extortion payments may alleviate the negative impact of a ransomware attack, but we may be unwilling or unable to make such payments due to, for example, applicable laws or regulations prohibiting such payments. Similarly, supply-chain attacks have increased in frequency and severity, and we cannot guarantee that third parties and infrastructure in our supply chain or our third-party partners’ supply chains have not been compromised or that they do not contain exploitable defects or bugs that could result in a breach of or disruption to our information technology systems (including our products) or the third-party information technology systems that support us and our services. Our software may also contain security flaws or vulnerabilities that expose us and our customers to an increased risk of cyberattack or exploitation.
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The COVID-19 pandemic increased our remote workforce, which increased risks to our information technology systems and data, as more of our employees work from home, utilizing network connections, computers and devices outside our premises or network, including while at home, in transit and in public locations. Additionally, cybersecurity risks may be heightened as a result of the ongoing global conflicts such as the military conflict between Russia and Ukraine and the related sanctions imposed by the United States and other countries or the geopolitical instability resulting from the conflict in Iran, the unrest in Mexico, the conflict between Israel and Hamas, and recent events in Venezuela. Furthermore, future or past business transactions (such as acquisitions or integrations) could expose us to additional data security risks and vulnerabilities, as our systems could be negatively affected by vulnerabilities present in acquired or integrated entities’ systems and technologies. Risks related to data security will increase as we continue to grow the scale and functionality of our business and collect, store, transmit and otherwise process increasingly large amounts of our and our customers’ information and data, which may include personal, proprietary, confidential or other sensitive data.
Any of the above identified or similar threats could cause a security breach or other security incident that could result in unauthorized, unlawful, or accidental acquisition, modification, destruction, loss, alteration, encryption, disclosure, transfer, use or other processing of, or access to our information technology systems and networks or personal, proprietary, confidential or other sensitive information, or those of the third parties upon whom we rely. For example, in December 2023 we discovered that a previously unknown flaw in a third-party application used by MongoDB enabled an unauthorized third party to successfully phish and to gain access to certain corporate applications, including applications that we use to provide support services to MongoDB customers, which include customer contact information and related account metadata. In an effort to contain the impact of this security incident, we immediately activated our incident response process, promptly published an alert on our website and emailed customers notifying them of the situation and reminding them to stay vigilant. The investigation led by MongoDB into this incident uncovered no evidence of unauthorized access to Atlas clusters, a finding that has been verified by our third-party forensic experts. To date, we have not experienced a cybersecurity event that had a material impact on our financial performance or operations, but it is possible that we might experience such an attack in the future. A security breach or other security incident could disrupt our ability (and that of third parties upon whom we rely) to provide our platform, products, and services.
We may expend significant resources or modify our business activities to try to protect against, mitigate or remediate actual or perceived security breaches and other security incidents. Certain data privacy and security obligations may require us to implement and maintain specific security measures, industry-standard or reasonable security measures to protect our information technology systems and networks and personal, proprietary, confidential or other sensitive information
While we have implemented security measures designed to protect against security breaches and other security incidents, there can be no assurance that these measures will be effective. We have not always been able in the past and may be unable in the future to detect vulnerabilities in our information technology systems and networks (including our products) because such threats and techniques change frequently, are often sophisticated in nature, and may not be detected until after a security breach or other security incident has occurred. For example, industry publications have reported ransomware attacks on MongoDB instances, some of which we believe were successful due to the failure by users of our Community Server offering to properly turn on the recommended security settings when running these instances. Despite our efforts to identify and remediate vulnerabilities, if any, in our information technology systems and networks (including our products), our efforts may not be successful. As new technology, particularly AI, makes it easier to detect and understand vulnerabilities in our code, it may become easier for third parties to exploit such vulnerabilities before we can remediate them, which may require us to dedicate greater time and resources to vulnerability detection and remediation than in the past. Further, we may experience delays in developing and deploying remedial measures designed to address any such identified vulnerabilities.
We use third-party service providers and subprocessors to help us deliver services to our customers. These third-party service providers and subprocessors may collect, store, transmit or otherwise process personal data or other confidential information of our employees and our customers. Our ability to monitor these third parties’ information security practices is limited, and these third parties may not have adequate information security measures in place. Due to applicable laws, regulations, rules, standards, contractual obligations, policies and other obligations, we may be held responsible for security breaches or other security incidents attributed to our third-party service providers as they relate to the information we share with them.
Applicable data privacy and security obligations may require us to notify relevant stakeholders of security breaches and other security incidents. Such disclosures are costly, and the disclosures or the failure to comply with such requirements could lead to adverse consequences.
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