MongoDB, Inc. (MDB): history, ownership, mission, how it works & makes money

A Brief History of MongoDB, Inc.

MongoDB, Inc. was founded in 2007 and has since evolved into a leading provider of database solutions. The company specializes in NoSQL databases, enabling organizations to manage large volumes of data with flexibility and scalability.

Financial Performance as of 2024

As of July 31, 2024, MongoDB reported significant financial results:

Revenue Composition

MongoDB’s revenue primarily comes from subscription services, specifically from MongoDB Atlas, which accounted for a majority of the subscription revenue:

Operating Expenses

The operating expenses for MongoDB have seen significant increases due to growth initiatives:

Stock Performance and Market Position

As of July 31, 2024, MongoDB has a total of approximately 73.9 million shares outstanding. The net loss per share was reported at $0.74, compared to $0.53 in the same quarter of the previous year.

Despite the increased net losses, MongoDB continues to expand its market presence with a robust customer base, particularly in the United States, which accounted for 53% of total revenue in Q2 2024.

Overall, MongoDB, Inc. remains a significant player in the database market, with continued investment in its products and services driving growth.

A Who Owns MongoDB, Inc. (MDB)

Shareholder Structure as of 2024

As of 2024, the ownership structure of MongoDB, Inc. (MDB) is characterized by a mix of institutional investors and individual shareholders. Below is a detailed breakdown of the major shareholders:

Top Institutional Investors

The following table lists the top institutional investors in MongoDB, Inc. as of 2024:

Executive and Director Ownership

Key executives and directors hold a significant portion of shares, reflecting their vested interest in the company's success:

Stock Performance

As of July 31, 2024, MongoDB, Inc. has seen notable fluctuations in its stock performance:

Financial Overview

For the six months ended July 31, 2024, MongoDB reported the following financial metrics:

MongoDB, Inc. (MDB) Mission Statement

Mission Statement Overview

The mission of MongoDB, Inc. is to empower developers by providing an innovative and flexible data platform that allows them to build applications faster and more efficiently. The company aims to simplify the complexities of data management and provide a robust, cloud-native database solution that enables organizations to leverage their data effectively.

Core Values and Principles

• Innovation: Continuously enhancing the MongoDB platform to meet evolving market needs.
• Customer-Centricity: Focusing on delivering exceptional value and support to customers.
• Integrity: Maintaining transparency and ethical practices in all business dealings.
• Community Engagement: Building a strong developer community through resources, support, and collaboration.

Financial Performance

As of the second quarter ending July 31, 2024, MongoDB, Inc. reported substantial growth in revenue, driven primarily by its subscription services. The financial highlights are as follows:

Customer Metrics

MongoDB continues to expand its customer base and enhance its market position. Key customer metrics as of July 31, 2024, include:

Investment in Growth

MongoDB has been investing heavily in its operations, particularly in research and development, to maintain its competitive edge. The operating expenses for the six months ended July 31, 2024, are detailed below:

Stockholders' Equity

As of July 31, 2024, MongoDB's stockholders' equity and other related metrics are as follows:

Liquidity Position

As of July 31, 2024, MongoDB's liquidity position is robust, with total cash and investments amounting to:

Conclusion

The mission statement of MongoDB, Inc. reflects its commitment to innovation and customer satisfaction, supported by strong financial performance and strategic investments aimed at sustaining growth in the competitive database market.

How MongoDB, Inc. (MDB) Works

Business Model

MongoDB, Inc. operates primarily on a subscription-based model, focusing on database-as-a-service through its flagship product, MongoDB Atlas. This model includes term licenses and hosted solutions, with revenue recognition based on usage or subscription terms.

Financial Performance

For the six months ended July 31, 2024, MongoDB reported total revenue of $928.7 million, a significant increase from $792.1 million in the same period of 2023, reflecting a growth rate of 17%.

Subscription revenue comprised $900.7 million, up from $764.0 million, while services revenue slightly decreased to $27.97 million from $28.02 million.

Cost Structure

The total cost of revenue for the six months ended July 31, 2024, was $250.95 million, compared to $202.79 million in 2023, marking an increase of 24%. Subscription costs represented $207.58 million, up from $162.99 million, while service costs increased to $43.37 million from $39.79 million.

Operating Expenses

Operating expenses totaled $847.35 million for the six months ended July 31, 2024, compared to $706.84 million in the prior year, a rise of 20%.

Key components of operating expenses include:

• Sales and Marketing: $440.98 million (2024) vs. $378.67 million (2023)
• Research and Development: $295.03 million (2024) vs. $242.24 million (2023)
• General and Administrative: $111.34 million (2024) vs. $85.93 million (2023)

Customer Metrics

As of July 31, 2024, MongoDB had approximately 2,189 customers with annual recurring revenue (ARR) of $100,000 or greater, compared to 1,855 customers in the previous year. The net ARR expansion rate was approximately 119%.

Liquidity and Capital Resources

As of July 31, 2024, MongoDB reported total liquidity of $2.3 billion, including cash, cash equivalents, and short-term investments. The company expects its liquidity to be sufficient for operational and capital needs for at least the next 12 months.

Accumulated Deficit

MongoDB's accumulated deficit stood at $1.85 billion as of July 31, 2024, reflecting ongoing investments in growth and expansion despite significant revenue increases.

How MongoDB, Inc. (MDB) Makes Money

Revenue Streams

MongoDB, Inc. generates revenue primarily through subscription services, which accounted for 97% of total revenue for the three and six months ended July 31, 2024. The company's revenue breakdown is as follows:

Subscription Revenue

The subscription revenue is further divided into two main categories:

• MongoDB Atlas: A hosted multi-cloud database-as-a-service (DBaaS) offering.
• MongoDB Enterprise Advanced: A proprietary commercial database server for enterprise customers.

As of July 31, 2024, MongoDB Atlas represented 71% of total revenue, up from 63% in the previous year. MongoDB Enterprise Advanced accounted for 24% of subscription revenue for both periods.

Cost Structure

The cost of revenue primarily consists of:

• Subscription costs, which include third-party cloud infrastructure expenses and personnel costs.
• Services costs, which include personnel costs associated with consulting and training services.

Operating Expenses

Operating expenses include sales and marketing, research and development, and general and administrative costs, which are primarily personnel-related.

Net Loss

MongoDB reported a net loss of:

• $54.5 million for the three months ended July 31, 2024, compared to a net loss of $37.6 million for the same period in 2023.
• $135.1 million for the six months ended July 31, 2024, compared to a net loss of $91.8 million for the same period in 2023.

Customer Metrics

As of July 31, 2024, MongoDB had over 50,700 customers, an increase from over 45,000 customers in the previous year. The number of customers generating $100,000 or greater in annual recurring revenue (ARR) was 2,189.

Conclusion of Financials

MongoDB's overall financial performance reflects strong growth in subscription revenue, particularly from MongoDB Atlas, and an expanding customer base. However, the company continues to experience net losses due to increasing operating expenses.