MongoDB back in the game

Very impressive results in this environment. To be able to reaccelerate QoQ as well the guide. I have to read more details but I really like revenue numbers and guidance. This company is most affected by macro conditions and if it is able to hold up then this is very good news for our other cloud stocks.

fq3 23 fq2 23 fq1 23 fq4 22 fq3 22 fq2 22 fq1 22 fq4 21 fq3 21 fq2 21
rev 333.6 303.66 285.45 266.49 226.89 198.75 181.65 171 150.77 138.28
QoQ 9.9% 6.4% 7.1% 17.5% 14.2% 9.4% 6.2% 13.4% 9.0% 6.1%
guide 334 300 279 263 239 202 180 167 155 137 125
GuideQoQ 11.3% 7.5% 6.1% 10.0% 18.3% 12.2% 7.8% 7.7% 13.1% 9.6% #DIV/0!
8.8% 8.5% 11.5% 12.3% 10.4% 8.8% 10.3% 10.1% 10.6%

Yes, and net income (non-gaap) looks promising as well

Last year they had non-gaap net loss of -$38 million, and in the previous year loss of -$58 million

As of the end of Q3 this year, they are at non-gaap net income of $18 million for the nine months.

They don’t guide for net income, but they’ve guided for $31-33 million of non-gaap income from operations compared to $25 million for the first nine months of the year, so it’s likely they are going to grow their YTD non-gaap net income in Q4 as well.

They had been talking for some time about next year being the first year to expect income, but it appears they are going to get there a year early, hopefully next year they’ll see even more of their growth fall to the bottom line.

Regarding their revenue, they had guided this quarter for +34% and it came in at +47%. The prior implied Q4 guide was only +18% and the new Q4 guidance is +26%, which I’m sure they’ll beat potentially be close to 40% next quarter, which in this environment I would consider a very good result.

Atlas grew +61%. Gross margins increased two points from 70% to 72% this quarter.

Listening to the earnings call now. They just said they saw an “Improvement in Atlas consumption trends in Q3”



Not a re-acceleration.

Remember, MDB quarters are lumpy. Q1 & 2 are weak, Q3 & Q4 strong. They replaced a 14% QoQ with a 10%. In addition, their guide indicates replacing a 17.5 with 11.25%. Major slowdowns. Then lap around back to the weak Q1.


Just started reading the MDB transcript and after working a few numbers, I’m staying away. My previous investing thesis was around Atlas. Atlas grew 63% YoY (right around 211M). Not too bad, right… well, QoQ was under 9% (which annualizes to 40%). There is a lot of seasonality in MDB’s quarters. This quarter was one of their STRONGEST quarters. Q4 is usually their strongest.

I’m glad for those who are holding and the pop they’re getting. However, I the more I look at the report, the less I like it.

My assessment, like last Q, is that my previous thesis around ATLAS is broken. Keeping my data management dollars in Snowflake.