IDC projects the database market to be $71 billion in 2020, growing to $97 billion in 2023. MongoDB has less than 1% share of the global database market and a long runway for growth ahead of it.
MongoDB’s fourth quarter revenues grew 44% over the year to $123.5 million, ahead of the market’s forecast of $110.57 million. Net loss was $62.6 million compared to $22.2 million a year ago. Non GAAP loss was $0.25 per share, missing the Street’s forecast of a loss of $0.28 per share.
Q4 subscription revenue grew 46% to $117.8 million, and services revenue grew 17% to $5.7 million. It added 1,100 customers in the quarter to end with over 17,000 customers. The growth in its total customer count is driven in large part by its Database as a Service Atlas, which had over 15,400 customers at the end of the quarter compared to over 11,400 a year ago. Driven by its deeper integration with Google Cloud Platform, Atlas grew over 80% and now represents 41% of total revenue, compared to 32% a year ago.
The company ended the quarter with 751 customers with at least $100,000 in ARR and annualized MRR, up from 557 a year ago. It had 62 customers with at least $1 million in ARR and annualized MRR, up from 39 a year ago.
For the full fiscal year 2020, total revenue grew 58% to $421.7 million. Subscription revenue grew 61% to $399.8 million, and services revenue grew 18% to $21.9 million.
For the first quarter, it expects revenues of $119-$121 million with a net loss of $0.25-$0.22 per share. It expects full year fiscal 2021 revenues of $510-$530 million and a net loss of $1.4-$1.23 per share.
MongoDB estimates $1 million to $2 million negative revenue impact from COVID-19 outbreak for the first quarter and $15 million to $25 million for the full-year fiscal 2021.
MongoDB’s New Products
Over the past year, MongoDB announced several products that demonstrate how it is evolving its data platform for applications with greater functionality and scope.
Atlas Data Lake brings transactional and analytical use cases together by allowing customers to query both operational and archive data. Atlas Search brings the previously separate search functionality into the operational database.
Finally, the integration of its $39 million acquisition of Realm with its serverless platform Stitch has fuelled its PaaS strategy. San Francisco-based Realm was founded in 2011 as a mobile database that enabled its users to develop faster applications. Realm makes it easy to build reactive apps with collaborative features and offline-first experiences, There are more than 100,000 active developers using Realm.
Stitch facilitates the rapid development of mobile and web applications. The services provided in Stitch give developers access to database functionality as well as security and privacy controls. The integration will address the issue of edge to core data synchronization. These and other future products will leverage its powerful API to access large amounts of data easily to provide an unparalleled developer experience.
To help attract and retain enterprise customers, MongoDB has ensured that it has strong cloud partnerships. Its platform can operate on all major cloud providers including Google Cloud, AWS, and Microsoft Azure.
Here are some use cases for MongoDB platform. Unqork, a no code application platform that helps large enterprises, healthcare providers and government agencies build complex custom software faster, selected MongoDB Atlas as its primary cloud database platform in 2017. The company expanded its use of MongoDB last quarter because they wanted a data platform provider that was cloud-agnostic, highly scalable, enterprise-security-ready, and trusted by their Fortune 500 customers.
Location-aware data infrastructure company Radar Labs chose MongoDB Atlas to power its geolocation platform, which currently runs on more than 25 million devices around the globe, processing billions of location data points each week. An early member of MongoDB for start-ups program, Radar Labs continues to make big bets on MongoDB to help scale the delivery of its rich geolocation services, so its developers can focus on the company’s goal of making every app on every device, contextually aware.
The stock is currently trading at $159.94 with a market capitalization of $9.2 billion. It touched a 52-week high of $184.78 in February this year and a 52-week low of $93.81 in March. The stock has delivered tremendous growth from its list price of $24 in October 2017.
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