MongoDB revenue surged in the third quarter courtesy of 30% revenue growth in its Atlas platform.
The company, which recently named CJ Desai as CEO, reported a third quarter net loss of $2 million, or 2 cents a share, on revenue of $628.3 million, up 19% from a year ago. Non-GAAP earnings were $1.32 a share.
Wall Street was expecting MongoDB to report non-GAAP earnings of 79 cents a share on revenue of $593.44 million.
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MongoDB said its Atlas revenue was up 30% from a year ago. Atlas now represents 75% of revenue. The company added 2,600 customers in the third quarter and as of Oct. 31 had 62,500 total customers.
Desai said the third quarter was driven by "continued strength in Atlas" and the company "delivered meaningful margin outperformance."
As for the outlook, MongoDB raised its outlook for fiscal 2026 and the fourth quarter. For the fourth quarter, MongoDB said revenue will be between $665 million to $670 million with non-GAAP earnings of $1.44 a share to $1.48 a share.
For fiscal 2026, MongoDB is projecting revenue of $2.434 billion to $2.439 billion with non-GAAP earnings of $4.76 a share to $4.80 a share.
On a conference call, Desai said:
- "MongoDB has the potential to become the generational modern data platform of this evolving era, an opportunity that comes once in a lifetime. I am a truly customer-obsessed leader. So during my diligence, I spoke with multiple customers. Across these conversations, the message was clear. MongoDB already powers core, mission-critical workloads were enterprises that are modernizing their technology stack. At the same time, MongoDB is uniquely positioned at the center of the AI platform shift."
- "There is still significant room to broaden our footprint within the enterprise. A strong example of this expansion opportunity is a major global insurance provider that has adopted MongoDB broadly across its enterprise. The company selected MongoDB Atlas to modernize several mission-critical systems, including its next-generation policy administration platform, analytics rating engine, unstructured data repositories and hundreds of supporting services.Since moving its policy platform to Atlas, the insurer has expanded from just a small set of regions to nationwide and significantly accelerated the rollout of new products and distribution channels."
- "As AI adoption accelerates, MongoDB's positioned not just to participate in the wave, but to help define it. we are already beginning to see this play out with AI-native customers."
- "We are also seeing meaningful traction among large enterprises that are starting to build AI applications that have a material impact on their business."
