Press Release

MongoDB, Inc. Announces Third Quarter Fiscal 2023 Financial Results

  • Third Quarter Fiscal 2023 Total Revenue of $333.6 million, up 47% Year-over-Year

  • Continued Strong Customer Growth with Over 39,100 Customers as of October 31, 2022

  • MongoDB Atlas Revenue up 61% Year-over-Year; 63% of Total Q3 Revenue

MongoDB, Inc. (NASDAQ: MDB) today announced its financial results for the third quarter ended October 31, 2022. “MongoDB’s third quarter results were highlighted by 61% Atlas revenue growth and $20 million of non-GAAP operating income. The strength in our business was driven by improved Atlas consumption trends and continued strength in new business activity. Our performance reinforces the strategic importance of MongoDB’s developer data platform in enabling our customers to use software and data to transform their businesses,” said Dev Ittycheria, President and Chief Executive Officer of MongoDB.

Third Quarter Fiscal 2023 Financial Highlights

Revenue: Total revenue was $333.6 million for the third quarter of fiscal 2023, an increase of 47% year-over-year. Subscription revenue was $320.8 million, an increase of 47% year-over-year, and services revenue was $12.9 million, an increase of 43% year-over-year.

Gross Profit: Gross profit was $240.0 million for the third quarter of fiscal 2023, representing a 72% gross margin compared to 70% in the year-ago period. Non-GAAP gross profit was $247.8 million, representing a 74% non-GAAP gross margin, compared to a non-GAAP gross margin of 73% in the year-ago period.

Loss from Operations: Loss from operations was $82.9 million for the third quarter of fiscal 2023, compared to a loss of $76.8 million in the year-ago period. Non-GAAP income from operations was $19.8 million, compared to a non-GAAP income of $6.3 million in the year-ago period.

Net Loss: Net loss was $84.8 million, or $1.23 per share, based on 68.9 million weighted-average shares outstanding, for the third quarter of fiscal 2023. This compares to a net loss of $81.3 million, or $1.22 per share, based on 66.4 million weighted-average shares outstanding, in the year-ago period. Non-GAAP net income was $18.7 million or $0.23 per share based on 80.4 million diluted weighted-average shares outstanding. This compares to a non-GAAP net income of $2.6 million or $0.03 per share in the year-ago period.

Cash Flow: As of October 31, 2022, MongoDB had $1.8 billion in cash, cash equivalents, short-term investments and restricted cash. During the three months ended October 31, 2022, MongoDB used $5.7 million of cash from operations, used $1.4 million of cash in capital expenditures and used $1.3 million of cash in principal repayments of finance leases, leading to negative free cash flow of $8.4 million, compared to negative free cash flow of $9.2 million in the year-ago period.

A reconciliation of each Non-GAAP measure to the most directly comparable GAAP measure has been provided in the financial statement tables included at the end of this press release. An explanation of these measures is also included below under the heading “Non-GAAP Financial Measures.”

Third Quarter Fiscal 2023 and Recent Business Highlights

MongoDB and Microsoft announced that the companies are making it easier for developers to build data rich applications at scale with a new pay-as-you-go experience for MongoDB Atlas within the Azure Marketplace & Portal. Additionally, the companies announced that MongoDB Atlas will be available within the Microsoft Intelligent Data Platform.This integration simplifies data management, empowering organizations to accelerate innovation and achieve agility across all their data.

MongoDB was named a leader in The Forrester Wave™: Translytical Data Platforms, Q4 2022. MongoDB received the highest possible scores across eleven criteria and, according to the Forrester report, organizations are using the MongoDB developer data platform to support real-time analytics, systems of insight, customer 360, internet of things (IoT), and mobile applications. From the keynote stage of .local London, MongoDB announced an overhaul of MongoDB University to help support the explosive adoption of MongoDB across the globe. The updated program includes a new catalog of courses with more than 300 different assets ranging from videos, labs, hands-on product lessons, expanded developer certifications, six new language subtitles for global audiences and 24/7 exams with robust study materials.

Fourth Quarter and Full Year Fiscal 2023 Guidance

Based on information available to management as of today, December 6, 2022, MongoDB is issuing the following financial guidance for the fourth quarter and full year fiscal 2023.

Fourth Quarter Fiscal 2023

Full Year Fiscal 2023


$334 million to $337 million

$1.257 billion to $1.260 billion

Non-GAAP Income from Operations

$6 million to $8 million

$30.8 million to $32.8 million

Non-GAAP Net Income per Share

$0.06 to $0.08

$0.29 to $0.31

The guidance provided above is forward-looking in nature. Actual results may differ materially. See the cautionary note regarding “Forward-Looking Statements” below. Fluctuations in MongoDB’s operating results may be particularly pronounced due to adverse macroeconomic conditions and the continuing uncertainty caused by the COVID-19 pandemic. The situation regarding both the adverse macroeconomic environment and the COVID-19 pandemic remains uncertain and could change rapidly, and MongoDB will continue to evaluate the potential impact of both these factors on its business.

Reconciliation of non-GAAP income (loss) from operations and non-GAAP net income (loss) per share guidance to the most directly comparable GAAP measures is not available without unreasonable efforts on a forward-looking basis due to the high variability, complexity and low visibility with respect to the charges excluded from these non-GAAP measures; in particular, the measures and effects of stock-based compensation expense specific to equity compensation awards that are directly impacted by unpredictable fluctuations in MongoDB’s stock price. MongoDB expects the variability of the above charges to have a significant, and potentially unpredictable, impact on its future GAAP financial results.

Conference Call Information

MongoDB will host a conference call today, December 6, 2022, at 5:00 p.m. (Eastern Time) to discuss its financial results and business outlook. A live webcast of the call will be available on the “Investor Relations” page of MongoDB’s website at To access the call by phone, please go to this link (registration link), and you will be provided with dial in details. To avoid delays, we encourage participants to dial into the conference call fifteen minutes ahead of the scheduled start time. A replay of the webcast will also be available for a limited time at

About MongoDB

MongoDB is the developer data platform company empowering innovators to create, transform, and disrupt industries by unleashing the power of software and data. Headquartered in New York, MongoDB has more than 39,100 customers in over 100 countries. The MongoDB database platform has been downloaded over 325 million times and there have been more than 1.5 million registrations for MongoDB University courses.

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