MongoDB Q1 2027 Earnings Report

MongoDB EPS Results

• Actual EPS: $1.32
• Consensus EPS: $1.19
• Beat/Miss: Beat by +$0.13
• One Year Ago EPS: $1.00

MongoDB Revenue Results

• Actual Revenue: $687.62 million
• Expected Revenue: $664.53 million
• Beat/Miss: Beat by +$23.09 million
• YoY Revenue Growth: +25.20%

MongoDB Announcement Details

• Quarter: Q1 2027
• Date: 5/28/2026
• Time: After Market Closes
• Conference Call Date: Thursday, May 28, 2026
• Conference Call Time: 5:00PM ET

MongoDB (NASDAQ:MDB) develops database software and data platform services for organizations building, deploying and operating modern applications. Its flagship technology is a document-oriented database that stores data in flexible, JSON-like documents, helping developers manage varied data structures and support applications that require scalability and rapid development.

The company offers MongoDB Atlas, a fully managed cloud database service available across major cloud providers, as well as MongoDB Enterprise Advanced for organizations that operate databases in private, hybrid or multicloud environments. MongoDB also provides a free Community Edition and related capabilities such as search, vector search, analytics and application development tools.

MongoDB was founded in 2007 as 10gen and introduced its open-source database technology before adopting the MongoDB name. The company serves customers worldwide across industries including financial services, retail, healthcare, telecommunications and technology. Its products are used for applications ranging from content management and personalization to real-time analytics, mobile services and artificial intelligence.

MongoDB Q1 2027 Earnings Call Transcript

Key Takeaways

• Positive Sentiment: MongoDB reported Q1 revenue of $688 million, up 25% year over year and above the high end of guidance, while non-GAAP operating margin reached 18%, also ahead of expectations.
• Positive Sentiment: Atlas remained the main growth engine, with revenue up 29.4% year over year and a record $117 million in dollar growth, marking the fourth straight quarter of at least 25% Atlas growth.
• Positive Sentiment: Management said AI adoption is accelerating, with more than doubled Voyage customers quarter over quarter and vector search adoption growing faster than the company overall, though they emphasized core workloads are still the primary driver today.
• Positive Sentiment: MongoDB raised its full-year fiscal 2027 outlook, now expecting revenue growth of 19% to 20% and operating margin expansion of 100 to 150 basis points, with Q2 revenue guided to $729 million to $734 million.
• Neutral Sentiment: The company highlighted Clarity Business Solutions as a strategic acquisition to deepen its U.S. federal business, alongside continued investment in AI, Japan, and go-to-market hiring, but noted EA revenue growth will be more modest and harder to predict in the second half.

Presentation

[Operator]

Hello, welcome to MongoDB's first quarter fiscal year 2027 earnings conference call. At this time, all participants are on a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star one one on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star one one again. I would now like to hand the conference over to Jess Lubert, MongoDB's Vice President of Investor Relations. You may begin.

[Jess Lubert, VP of Investor Relations at MongoDB]

Thank you, operator. Good afternoon, and thank you for joining us today to review MongoDB's first quarter fiscal 2027 financial results, which we announced in our press release issued after the close of market today. Joining me on the call today are CJ Desai, President and CEO of MongoDB, and Mike Berry, Chief Financial Officer of MongoDB. During this call, we will make forward-looking statements, including statements related to our market and future growth opportunities, our opportunity to win new business, our expectations regarding Atlas consumption growth, the impact of EA and other business and multi-year license revenue, the long-term opportunity of AI, our financial guidance and underlying assumptions in our investments and growth opportunities in AI. These statements are subject to a variety of risks and uncertainties, including the results of operations and financial conditions that could cause actual results to differ materially from our expectations.

[Jess Lubert, VP of Investor Relations at MongoDB]

For a discussion of material risks and uncertainties that could affect our actual results, please refer to the risks described in our annual report on Form 10-K for the year ended January 31st, 2026, filed with the SEC on March 11th, 2026. Any forward-looking statements made on this call reflect our views only as of today, and we undertake no obligation to update them except as required by law. Additionally, we will discuss non-GAAP financial measures on this conference call. Please refer to the tables in our earnings release on the investor relations portion of our website for a reconciliation of these measures to the most directly comparable GAAP financial measures. With that, I'd like to turn the call over to CJ.

[CJ Desai, President and CEO at MongoDB]

Thank you, Jess, and thank you all for joining us today. I continue to spend a lot of time working with a wide range of customers, from AI natives and digital natives to large enterprises and public sector organizations. This customer-driven focus is to deliver meaningful outcomes for MongoDB. The process I follow is tightly linked, so each part strengthens the others. Number one, engage directly with C-suite leaders to elevate MongoDB from a technical decision to a strategic platform commitment. Number two, surface new pipeline by helping customers connect their most pressing modernization and AI opportunities to power what MongoDB can uniquely solve. Number three, feed what I learn directly into our product and technology teams to accelerate our customer-driven innovation roadmap. These conversations reinforce my conviction in both what we have built and the scale of the opportunity ahead. That opportunity has two dimensions.

[CJ Desai, President and CEO at MongoDB]

The first is core workloads, where large customers run their most demanding mission-critical workloads on MongoDB across on-prem, public clouds, and hybrid environments. The second is AI, where enterprises, digital natives, Frontier Labs, and AI natives alike are moving agentic applications into production and choosing MongoDB as the data platform to power them. As you heard from other software companies, these two opportunities are not distinct and in fact reinforce each other. Enterprises are starting to build agentic application on top of the very data already running on MongoDB. This dual opportunity compounding together is what gives us so much optimism about the road ahead. Today, I'm proud to share with you our Q1 results. We generated total revenue of $688 million, up 25% year-over-year, beating the high end of guidance and accelerating from the 22% growth we reported in fiscal Q1 of the prior two years.

[CJ Desai, President and CEO at MongoDB]

Top-line strength was driven by Atlas, which grew 29.4% year-over-year, including a record $117 million year-over-year growth. Now at a $2 billion run rate, this is the fourth quarter in a row Atlas delivered year-over-year growth of at least 25%. EA and other, previously referred to as non-Atlas, grew 13% year-over-year. We delivered a non-GAAP operating margin of 18% above the high end of the guidance. We ended the quarter with over 67,700 customers, adding 2,500 customers in Q1, growing year-over-year and quarter-over-quarter. AI adoption of MongoDB technologies across our customer base continues to accelerate. MCP server usage is growing significantly. Voyage customers have more than doubled quarter-over-quarter, and vector search adoption is far outpacing overall company growth. Let me walk through each dimension of our opportunity.

[CJ Desai, President and CEO at MongoDB]

Across my conversations with customers, one ship stands out. MongoDB is starting to become a strategic platform decision in addition to a workload by workload evaluation. This is driven by a powerful combination of our platform technology fundamentals, high performance at scale, the ability to run anywhere, and AI capabilities that are fully integrated in a single data platform. Zoom is a clear example of that. Zoom, a global leader in AI-powered workplace collaboration, runs MongoDB Enterprise Advanced as a unified data platform for Zoom Meetings, Zoom Phone, Zoom Contact Center, and Zoom Virtual Agent deployed across dozens of clusters globally to deliver low latency, highly available communications at scale. By standardizing these workloads on MongoDB, Zoom gains a cloud-agnostic hybrid deployment model that runs anywhere their business requires. This simplifies the previously polyglot data estate, improves op resilience, and reduces total cost of ownership across mission-critical services.

[CJ Desai, President and CEO at MongoDB]

We look forward to continuing to support Zoom as they deliver the next generation of workplace experiences. Turning to AI, this opportunity spans three distinct segments. First is the Frontier Labs. Several of these have selected MongoDB for use cases that are mission-critical to the deployment of their products among the most demanding data workloads in the industry. The depth of engagement varies by lab and by workload, and it is still early. We feel great about the use cases we are winning and the ability to expand within these customers over time. Second is AI-native companies. These customers are choosing MongoDB as the foundation for their AI products from day one because the data layer determines if you can scale to support rapid growth. For example, Endor Labs is an AI-native application security platform protecting over 7 million applications across both human-written and AI-generated code.

[CJ Desai, President and CEO at MongoDB]

Endor selected Atlas as its default database to support 225% year-over-year revenue growth. Endor uses Atlas and Atlas Search to power its mission-critical security workflows, including Ori, its new security intelligence layer for AI coding agents, allowing the company to reduce operational friction and accelerate delivery of its differentiated offerings. Third is enterprise deploying AI. It is still early here, but we are beginning to see customers move from experimentation into production, building AI application on top of the operational data layer already running their business. Zomato is a great example. The world's second-largest food delivery company with 25 million monthly active users built Nugget, an AI-native customer support platform they are now selling to other enterprises on Atlas. After evaluating DynamoDB and DocumentDB, they chose Atlas for its aggregation pipeline, write consistency, and flexible schema.

[CJ Desai, President and CEO at MongoDB]

Nugget now orchestrates 15 million conversations per month on MongoDB's platform, reducing support costs by 55% and improving human agent productivity by 40%. Another exciting pattern is also emerging across these segments, something I'm really excited about. Customers choosing MongoDB as the memory layer for AI agents themselves. Agentic workloads need memory that's transactional, high velocity, and able to retrieve the right context at the right time. Adobe's Journey Agent is a clear example. A composite multimodal AI agent that unifies Adobe's marketing suite and orchestrates end-to-end customer journeys for their global B2C user base with MongoDB as the agent's long-term memory and reasoning layer. Adobe leverages the MongoDB platform, Atlas Search, and Atlas Vector Search together to power the sub-100-millisecond hybrid search the agent needs to act in real time. To be clear, our results today are driven primarily by core workloads.

[CJ Desai, President and CEO at MongoDB]

We are seeing real and growing momentum from AI and agentic workloads, and believe MongoDB is purpose-built to be generational data platform for the agentic era. Built natively into the platform, MongoDB's innovations in the core database, embeddings, and vector capabilities are moving us beyond a system of record to becoming the real-time system of intelligence. That shift comes down to five core strengths. Number one, MongoDB is architecturally built for AI in two key ways. First, our flexible schema is uniquely suited to how applications get built in the agentic era. A growing share of software is now created through prompt-driven development, natural language iteration rather than line-by-line authorship.

[CJ Desai, President and CEO at MongoDB]

Whether the prompt comes from a developer or an agent, the shape of the application shifts with each prompt and a rigid relational schema becomes a tax on every iteration, compromising agility. In addition, LLMs are the lingua franca for AI, and they speak in unstructured, document-shaped data, the exact form MongoDB was built around. We have been compounding both advantages for 15 years, well before the current AI wave gave them a tailwind. Second, MongoDB is a transactional high-performance data platform built for how agents actually work. Agents don't behave like traditional applications. They read, write, and act continuously across multiple simultaneous threads with a one agent spawning sub-agents that each make independent reads and writes in real-time. Analytical systems built for offline processing weren't designed for this, and it shows in the performance when you run agents on top of them.

[CJ Desai, President and CEO at MongoDB]

MongoDB 8.3, released this month, takes that step one further, delivering up to 45% more reads, 35% more writes, and 15% more asset transactions over 8.0 without changing a line of application code. Third, MongoDB is a data platform that delivers the retrieval accuracy agents need to be trusted while optimizing tokens and cost in production. For internal tools, occasional errors may be tolerable. For customer-facing application, such as clinical decision support, fraud detection, financial transaction, insurance transaction, accuracy is non-negotiable. MongoDB delivers best-in-class retrieval through integrated vector search and Voyage embeddings and reranker models, purpose-built to surface the most relevant context when agent needs it. This quarter, automated Voyage AI embeddings entered public preview, removing weeks of infrastructure work and enabling developers to deliver semantic search in minutes. Fourth, MongoDB runs wherever the agent needs to run. Across all three major clouds, on-prem, and in hybrid environments.

[CJ Desai, President and CEO at MongoDB]

The assumption that every workload eventually migrates to the public cloud is being challenged by real factors: cost at scale, capacity challenges, latency requirements, and regulatory mandates on data residency. Many customers run Atlas and EA simultaneously. They need a platform that doesn't force a choice. Fifth, MongoDB is embedded in the tools developers and agents actually use to build agentic applications. LangChain is the world's most widely adopted agent framework with over 1 billion downloads. We delivered 10+ native integrations with LangChain for vector search, hybrid retrieval, semantic caching, and agent memory. We recently announced that MongoDB Checkpointer for LangSmith deployment, which collapses what used to be a dedicated Postgres instance per agent into a single shared Atlas cluster state, memory, and operational data unified in one place.

[CJ Desai, President and CEO at MongoDB]

Last month, we also launched the MongoDB plugin and Agent Skills on the Claude Code marketplace, where we are already seeing strong early traction with developers. Wherever agents are built, MongoDB is already there. Executing on this opportunity requires a world-class team. On the product side, we recently announced two CPO appointments. Ben Cefalo, a longtime MongoDB leader, is now Chief Product Officer for Core Products, overseeing Atlas and Enterprise Advanced. Pablo Stern-Plaza, who is based in San Francisco, joined as Chief Product Officer for AI and Emerging Products with responsibility for our AI product portfolio and our strategic relationships with top AI native and frontier customers. Over the years, Pablo has worked for many software companies in technical roles, helping scale their product lines into meaningful, thriving businesses.

[CJ Desai, President and CEO at MongoDB]

Anchoring our technology organization is Jim Scharf, our Chief Technology Officer, who continues to focus on the enterprise requirements that matter most: security, durability, availability, and performance. On the go-to-market side, Erica Volini joined as Chief Customer Officer earlier in Q1, bringing two decades of enterprise growth experience, most recently architecting the partner-led motion that drove ServiceNow from $5 billion in revenues to more than $10 billion. Ryan Mac Ban joined us as Chief Revenue Officer, bringing 20+ years scaling global go-to-market organization, most recently as CRO of Confluent, where he led a cloud-native, consumption-oriented platform business with strong parallels to our own, and previously in senior roles serving large enterprise customers at VMware and Cisco. Erica and Ryan are partnering as a unified go-to-market team, jointly responsible for the full customer life cycle. With this team in place, I'm confident in our ability to capture the opportunity ahead.

[CJ Desai, President and CEO at MongoDB]

I also want to extend my deepest thanks to the entire MongoDB team, and especially our go-to-market organization, whose hard work and sharp execution delivered a stellar Q1. One last note before I hand it over to Mike. I would like to personally invite you to our Investor Day, which will be in New York City on September 29th. Please email ir@mongodb.com if you would like to attend. We hope to see many of you there. With that, Mike, please take it away.

[Mike Berry, CFO at MongoDB]

Great. Thank you, CJ. Good afternoon to everyone on the call. I will start by reviewing our first quarter fiscal 2027 financial performance before moving on to our outlook for the second quarter and the remainder of the fiscal year. I will be discussing both GAAP and non-GAAP results. As CJ highlighted, we delivered a strong quarter that exceeded all of our guidance ranges. We are raising our outlook across the board for fiscal 2027. Before diving into details, I want to highlight three key takeaways from the quarter. First, Atlas growth remains strong, with the fourth straight quarter of year-over-year growth above 29%. Second, EA growth remains durable as we continue to grow both Atlas and EA. Third, our business model continues to deliver operating margin and cash flow expansion.

[Mike Berry, CFO at MongoDB]

Looking at the top line in more detail, total revenue in the first quarter reached $688 million, representing 25% year-over-year growth compared to 22% growth in the year-ago quarter. Turning to our product breakdown, Atlas consumption was stronger than expected in the quarter, and revenue grew by more than 29% year-over-year and exceeded our guidance. This is the fifth straight quarter of year-over-year dollar growth in Atlas, adding a record $117 million in the quarter. Atlas now accounts for approximately 75% of total Q1 revenue, up from 72% in the year-ago quarter. Our main growth driver continued to be the strength in use cases at established enterprise customers, with momentum across the financial services, technology, and media industries in Q1. Smaller but accelerating growth drivers included early AI deployments with many of these same enterprise customers and momentum with Frontier Labs and AI native companies.

[Mike Berry, CFO at MongoDB]

We experienced particular strength in North America that was driven by our larger customers, although our self-serve business also performed well in the period. This ongoing momentum across our customer base is reflected in our total company net ARR expansion rate, which was 121% for the quarter, compared to 119% a year ago. Turning to EA and other revenue, which encompasses the metrics we previously referred to as non-Atlas, we saw solid results, with revenue growing 13% year-over-year. This strength was driven by existing customers across all types of industries, particularly in the finance and technology verticals, where customers continue to expand their on-prem footprints to support both traditional and AI applications. EA and other ARR, which normalizes for duration impacts, grew approximately 11% year-over-year.

[Mike Berry, CFO at MongoDB]

Moving down to P&L, total non-GAAP gross margins of 74.5% expanded by approximately 40 basis points year-over-year and were approximately 100 basis points below the fourth quarter. Subscription gross margins finished at 77.1%, approximately 60 basis points below the first quarter fiscal 2026 and 170 basis points lower than the fourth quarter. The quarter-over-quarter variances were driven mainly by product mix between Atlas and EA, as well as the normal seasonality impact to margins in the first quarter of the fiscal year. Moving to profitability, I'd like to start by noting that we had our second quarter in a row of GAAP profitability, which is a great trend. Non-GAAP income from operations came in at $123 million, yielding an operating margin of 18%, compared to 16% in the year-ago period. We are very pleased with our operating margin results, which benefited primarily from strength in revenue, driven mainly by Atlas.

[Mike Berry, CFO at MongoDB]

First quarter non-GAAP net income was $112 million, which translates to $1.32 per share, based on 85.3 million diluted shares outstanding. This compares the net income of $86 million, or $1 per share, on 86.3 million diluted shares outstanding in the year-ago period. Our remaining performance obligations, which we define specifically as obligations for contracts with a duration greater than 12 months, stayed relatively consistent quarter-over-quarter and ended the period at $1.46 billion. This represents year-over-year growth of 88%, with the current portion growing at 69%. Customer adds grew by 2,500 sequentially, bringing the total customer count to 67,700, which is up from 57,100 in the year-ago period. The growth in our total customer count is being driven primarily by Atlas, which had 66,400 customers at the end of the first quarter, compared to 55,800 in the year-ago period.

[Mike Berry, CFO at MongoDB]

Within Atlas, we saw a strong quarter of Voyage customer additions, reflecting early but encouraging demand for our AI embedding capabilities. We feel good about the momentum we are seeing with new customers, and please keep in mind this metric will fluctuate from quarter to quarter. We closed out Q1 with 2,895 customers with at least $100,000 in ARR, representing 16% year-over-year growth. Revenue growth from this cohort was strong and outpaced total company revenue growth, consistent with our move upmarket.

[Mike Berry, CFO at MongoDB]

Furthermore, we continue to see strong Atlas platform adoption. Of our Atlas customers generating at least $100,000 in ARR, 45% are leveraging two or more features of our platform, which is up from 37% in the year-ago quarter, driven largely by Vector Search and Text Search adoption. Moving on to the balance sheet and cash flow, we ended the first quarter with $2.4 billion in cash equivalents, and short-term investments.

[Mike Berry, CFO at MongoDB]

During Q1, we allocated $100 million towards share repurchases and $58 million to settle taxes on employee RSUs. Operating cash flow for the quarter was $202 million versus $110 million last year, and free cash flow was $198 million versus $106 million last year. Our cash flow results were driven primarily by strong operating profit and seasonally higher cash collections. Before moving on to guidance, I am pleased to share that we have acquired Clarity Business Solutions. As we have discussed previously, we are strategically increasing our investment in the U.S. federal vertical, and this acquisition is a key component of that strategy. Clarity has been a trusted partner of ours since 2021, providing specialized support and professional services for highly classified workloads within the U.S. government.

[Mike Berry, CFO at MongoDB]

We have held a small equity stake in Clarity for some time, and this acquisition brings into MongoDB the deep domain expertise and high-level security clearances required to further accelerate our U.S. federal vertical. Financially, this transaction represents approximately $10 million in services revenue annually at roughly break-even profitability, and these impacts are already reflected in our updated guidance. Now I'd like to share some of the assumptions driving our Q2 outlook and provide some additional detail into how we're thinking about the rest of fiscal 2027. To begin, as I mentioned earlier, we continue to see strong and consistent Atlas growth. This performance is driven primarily by strength in core workloads, as well as early AI tailwinds from both enterprise and AI native customers.

[Mike Berry, CFO at MongoDB]

We are encouraged by the continued strength in Atlas and feel good about the business entering the second quarter, where we expect Atlas revenue growth of approximately 26%. This strength is not only driving our second quarter fiscal 2027 outlook, but is also giving us confidence to raise our full-year growth expectation to a range of 23%-25%, an increase of 200 basis points. As we said last quarter, we would like to remind you that as Atlas has gotten larger, it has become more predictable and less sensitive to revenue movements with any individual customer or cohort. With this in mind, we would encourage you to not expect large swings versus guidance for the current quarter, as changes in consumption inter-quarter only have a modest impact on revenue within the period.

[Mike Berry, CFO at MongoDB]

Given Atlas is a consumption-based product, there is more room for variability as we go further out in the year. For EA and other, we have line of sight into a very strong Q2 and expect to see revenue growth of approximately 20%. This reflects our expectations for continued ARR momentum, as well as the timing of several large multi-year deals with existing customers. The continued momentum highlights the strategic importance of EA to some of our largest customers. Given our current momentum, balanced against the timing of certain deals and a more difficult Q4 compare, we are raising our full-year expectations for EA and other revenue to mid-single-digit growth in fiscal 2027. This implies that EA and other revenue will be approximately flat during the second half of the year, again, due to the tougher compares from the second half of fiscal 2026.

[Mike Berry, CFO at MongoDB]

While we remain optimistic regarding our ability to grow our EA and other revenue over the long term, it remains difficult to predict the duration of our EA deals, so we only include deals in our forecast that have either closed or have a high probability of closing to limit the risks of a negative surprise. Turning to profitability, we remain committed to driving both revenue growth and operating margin expansion, and we now expect to expand operating margin by 100 to 150 basis points in fiscal 2027. We will achieve this expansion while investing in key growth initiatives across both products and go-to-market. Our product investment is focused around enhancing our AI capabilities, which includes vector search and Voyage, and expanding EA's product value with new and advanced features, including native AI functionality.

[Mike Berry, CFO at MongoDB]

Our go-to-market investments include building out our presence in Japan, as well as strengthening our U.S. federal vertical, highlighted by our acquisition of Clarity Business Solutions. We will also continue to invest in quota-carrying headcount, marketing programs, and developer awareness. Now let's shift to how that translates to guidance for Q2 and fiscal 2027. For Q2, we expect revenue of $729 million-$734 million, which equates to 23%-24% year-over-year growth. We expect non-GAAP income from operations to be in the range of $152 million-$156 million for an operating margin of approximately 21% at the high end of guidance. We expect non-GAAP net income per share to be in the range of $1.58-$1.61 based on 86.3 million diluted shares outstanding. For fiscal 2027, we expect revenue to be in the range of $2.92 billion-$2.96 billion, representing full-year revenue growth of 19%-20%.

[Mike Berry, CFO at MongoDB]

We expect non-GAAP income from operations of $571 million-$591 million for an operating margin of approximately 20% at the high end of guidance. With the combination of 20% revenue growth and 20% operating margin, we are targeting a rule of 40 performance at the high end of our outlook. We expect non-GAAP net income per share to be in the range of $5.95-$6.14 based on 86.7 million diluted shares outstanding. Note that the non-GAAP net income per share guidance for the second quarter and fiscal 2027 assumes a non-GAAP tax provision of 20%. In closing, I also want to thank all of the MongoDB employees for staying focused and executing very well in Q1. We are very pleased with our Q1 results and remain highly confident in the long-term opportunity ahead for MongoDB.

[Mike Berry, CFO at MongoDB]

We are optimistic regarding our growth prospects and will continue to invest responsibly to drive long-term shareholder value. With that, operator, we're now ready to take questions.

[Operator]

Thank you. Ladies and gentlemen, as a reminder to ask the questions, please press star one one on your telephone, then wait for your name to be announced. To withdraw your question, please press star one one again. Please stand by while we compile the Q&A roster. We ask that you limit yourself to one question and one follow-up. Our first question comes from the line of Matt Martino with Goldman Sachs. Your line is open.

[Matt Martino, Analyst at Goldman Sachs]

Yeah. Awesome. Thanks for taking the questions, guys. CJ, maybe to start with you, the agentic conversation seems to have really shifted even over the past three months from proof of concept into real production deployments, Mongo's put a lot of work into the platform to meet that moment with the LangChain partnership and the performance upgrades to the core database. I think as those pieces come together, do you feel like we're approaching the point where agentic workloads start to genuinely move the needle on consumption, or is the bigger inflection still ahead of us? Love to get your thoughts there.

[CJ Desai, President and CEO at MongoDB]

Thank you, Matt. We wanted to make sure, on behalf of our products and technology organization, that we are ready to scale when somebody wants to create an agentic workload in production that is customer-facing, which is typically where the scale is much higher, and have all the capabilities in a single platform, so you are not doing search somewhere else, you are not doing vectorization somewhere else, and embeddings, which I was still trying to understand the power of embeddings and what would that do for agentic workloads. Now seeing that with some of the large financial services and healthcare companies gives me a lot of confidence that our data platform can truly act as a real-time system of intelligence.

[CJ Desai, President and CEO at MongoDB]

The answer is, I'm seeing it's still early, Matt, just to be clear, because the security, governance, observability, there are many, many aspects to the agents and what kind of outcomes they deliver, if it is agents at scale. We feel that we are ready. Just yesterday, Matt, I was with a Fortune 25 firm, and when we outlined what we already have, where MongoDB can not only act as an operational data layer, but can also act as a long-term memory, and some of the things that we are building right now, they got really, really excited as they think about rolling out production agents at scale. Early, but I'm seeing very encouraging signs, and we are ready.

[Matt Martino, Analyst at Goldman Sachs]

That's great to hear. Thanks for the thoughts there, CJ. Mike, for you made a comment, I think, not to expect huge swings on Atlas revenue for the quarter ahead. Can you unpack that comment a bit? Should we take that as expect a beat magnitude similar to what we saw this quarter or something different? Thanks.

[Mike Berry, CFO at MongoDB]

Thank you for the question, Matt. As it relates to guidance, we think it's important that our guidance reflects the true strength of the underlying business and feel there's room to do that while still being prudent. As Atlas has gotten bigger, it has become more predictable and has become less sensitive to movements from individual customers or cohorts. Coming off a strong Q1, where consumption came in better than expected, we're guiding Q2 consistent with the framework of how we've guided the past two quarters.

[Mike Berry, CFO at MongoDB]

To put that in context, in Q4, consumption came largely in line with our expectations, and in Q1, it came in a little better, which you can see reflected in our results versus guidance. That revenue drove higher profitability in EPS. For the full year, given Atlas is a consumption-based product, there's a little more room for variability as we go further out in the year. We've not changed our philosophy on EA, where we'll always guide conservatively due to the uncertainty around the timing of the deals. Hopefully that gives you the context of the framework in terms of how we guided Q2.

[Matt Martino, Analyst at Goldman Sachs]

Thanks, Mike. Very clear.

[Operator]

Thank you.

[Mike Berry, CFO at MongoDB]

Thanks, ma'am.

[Operator]

Our next question comes from the line of Ryan MacWilliams with Wells Fargo. Your line is open.

[Ryan MacWilliams, Analyst at Wells Fargo]

Hey, thanks for the question. Mike, you're guiding to another strong 2Q for Atlas against the strong performance you had last year. Is this how we should think about the seasonality for the Atlas biz going forward? Is this Atlas guide being impacted by other factors we should keep in mind?

[Mike Berry, CFO at MongoDB]

Thanks for the question, Ryan. As we guided Q2, a lot of that was coming off of a strong Q1 in terms of consumption. As we've talked about, Ryan, as the business gets a little bit bigger, there's always some small seasonal changes, but on a year-over-year basis, I wouldn't expect significant changes. Quarter-over-quarter, certainly it does change a little bit, but year-over-year, I wouldn't expect much change in the seasonality.

[Ryan MacWilliams, Analyst at Wells Fargo]

Excellent. Then for CJ, I'd like to hear about the opportunity for AI natives with Mongo as those customers really start to scale their own businesses. Are there use cases for large AI natives that maybe make more sense for Mongo? And I guess for the quarter itself, how can we think about the contribution from AI natives to Atlas? Thank you.

[CJ Desai, President and CEO at MongoDB]

Ryan, first is that AI natives, what we are finding, and I shared the example of somebody like ElevenLabs at MongoDB.local in London a few weeks ago. They were using first-party database for operational data. They were using another software for search, and basically, most of those product lines were really choking as ElevenLabs was growing significantly, right? They are now at a $500 million ARR. When asked the team, technically, the engineer who made that decision saw that the growth of the company, as in that AI native company, ElevenLabs, was being held up by the data layer. Us having search, vector search, and operational data in a single platform, they made the decision to move to MongoDB not too long ago. Two things they said that really resonated with me, Ryan.

[CJ Desai, President and CEO at MongoDB]

Number one, they are like, "Gee, we should have done this lot sooner. Otherwise, we would have not to deal with all these outages," and other things they dealt with the previous platform. Number two, now choosing MongoDB, even though they have scaled significantly on their ARR as an AI native company gives them peace of mind. I'm hearing them from other AI native companies who also chose maybe a Postgres or something, and Postgres completely choked on the performance. That just gives me a lot of confidence that if AI native company, where AI is the business or agentic layer is the business, and they feel that they can scale with MongoDB, when that moves over to the enterprises, whether banks, healthcare, and other firms, they will also realize the same thing a little bit later.

[CJ Desai, President and CEO at MongoDB]

As Mike shared and I shared earlier, the contribution is there. We are seeing very encouraging signs right now, but a lot of growth was still driven by core enterprise workloads, which I would argue are also getting ready for AI work.

[Operator]

Thank you. Our next question comes from the line of Raimo Lenschow with Barclays. Your line is open.

[Raimo Lenschow, Analyst at Barclays]

Thank you. Congrats from me as well. CJ, on that note, you're meeting a lot of customers at the moment. The one theme that comes up in the industry a lot around data is that people realize with AI, your data needs to be consolidated and cleaner. What are you seeing there in terms of that kind of consolidation move towards Mongo? Maybe just talk to how that's impacting Atlas and EA. I had one follow-up for Mike.

[CJ Desai, President and CEO at MongoDB]

Raimo, great question. We definitely see, I would say, and Raimo, thanks for acknowledging, but in Q1, just in Q1, I individually met 200 customers. Okay? I have lots of data points. What we actually see is that a lot more modernization acceleration where somebody is moving to Atlas so that they are ready on scaling out for AI workloads rather than a consolidation play. What I see, yeah, there are some examples where they are saying, "Okay, CJ, now you have Search and Vector Search in the database that improves our data pipelines. We don't need to ETL now to some other search provider.

[CJ Desai, President and CEO at MongoDB]

We tried to use open source, that didn't work. We are seeing some movement of data, and we are also seeing some migration from Postgres and others into MongoDB, given that we do unstructured data really, really well, and LLMs speak the language of JSON or love JSON. That's how I would describe it more than data consolidation, modernization, and also getting ready where you are not ETL-ing out data and just use MongoDB as the layer for AI.

[Raimo Lenschow, Analyst at Barclays]

Okay, perfect. Makes sense. Sounds exciting. Mike, one for you. With the two new hires on the go-to-market side, I know we're now in Q2, any changes we need to be aware of there, or what are you thinking there in terms of impact on the organization this year?

[Mike Berry, CFO at MongoDB]

Thanks for the question. As we talked about going into Q1, we felt very confident in terms of making sure that there was not going to be any disruption. From a territory planning quota, all of that stuff, those are all out. We don't expect there to be any changes in the year. As you know, making changes to comp plans during the year is always fraught with issues. Ryan Mac Ban's done a great job so far. He'll get his arms around the organization, maybe some tweaks next year. We'll see what he wants to do. I wouldn't expect any significant changes for the remainder of fiscal 2027.

[Raimo Lenschow, Analyst at Barclays]

Okay, perfect. Thank you.

[Mike Berry, CFO at MongoDB]

Thank you.

[Operator]

Thank you. Our next question comes from the line of Ittai Kidron with Oppenheimer & Co. Your line is open.

[Ittai Kidron, Analyst at Oppenheimer & Co]

Hey, guys. Congrats on a good quarter. CJ, I wanted to get your perspective on the AI natives. In what way do you think your go-to-market needs to evolve to address them differently? Is there a need to address them differently in the go-to-market effort?

[CJ Desai, President and CEO at MongoDB]

Yeah. Ittai, I'll give you a straightforward answer. This is work in progress. What we find is that some of these AI native companies come through our self-serve motion. We constantly watch, we add so many customers through our self-serve motion, and that motion has been working really well as lot of venture investments have gone into AI native companies. Post 2023, first I want to acknowledge through our self-serve motion, we are getting some of these iconic logos that have now become a truly company with 100 million ARR plus. With Ryan now in place, we are figuring it out. What is the right point to intervene, and that is a work in progress. What are the characteristic? It's a Tier 1 VC company. Maybe it's not.

[CJ Desai, President and CEO at MongoDB]

For example, a customer that grew, in Q1, we found out that there was a AI/robotics company, and they were growing a lot on Atlas, and then our team reached out to them right away. We see that some of these companies are coming via our self-serve motion. One, when do we intercept and put a field wrap on it? Number two is that how do we scale and focus on that motion because we are a great database for those kind of companies. Work in progress, but we are making definitely improvements as we learn.

[Ittai Kidron, Analyst at Oppenheimer & Co]

Fantastic. Then for you, Mike, great numbers again. Two small things. First on the EA comments on the second half when you talked about a flat year-over-year in the second half. I'm just wondering, were there any large deals? I talked about large multi-year deals in the quarter. Was there any movement from richer quarters into 2Q that could also explain the flat second half or things fell where you expected them to fall?

[Mike Berry, CFO at MongoDB]

Yeah. Thanks, Ittai. They largely fell where we expected. The biggest impact in the second half is really not this year, fiscal 2027. It's 2026. As you remember, we had a very strong Q4, especially in 2026. That's really what's driving that guidance. I would say, and I've said it the whole time, "Hey, this is an area where we're going to be prudent. We're not going to go over our skis in terms of multi-year deals." Hopefully, those build as we go through the year. You saw that last year. We need to guide what we see today.

[Ittai Kidron, Analyst at Oppenheimer & Co]

I appreciate it. Thanks.

[Mike Berry, CFO at MongoDB]

Thank you.

[Operator]

Our next question comes from the line of Jason Ader with William Blair. Your line is open.

[Jason Ader, Analyst at William Blair]

Yeah, thank you. I wanted to ask CJ about the federal business. I think it's interesting what you're doing there, and historically, has that not been a big part of the business and that's what drove this? Maybe just talk about the catalyst for the acquisition of Clarity.

[CJ Desai, President and CEO at MongoDB]

Yes. I'll touch on it and then Mike will add. First is we see tremendous opportunity in federal business, not only just U.S., but in Europe and other places as well. Federal business, when you think about whether it's tax agencies, whether you think about other types of agency, for example, administrations of various kinds, that is a lot of unstructured data. There is a lot of unstructured data that needs to be stored properly or documents, for a lack of better term, and that needs to be retrieved. Performance has to be high, and the cost has to be lower. I am 100% a believer that this is a large TAM for us. We have not invested significantly, both from a go-to-market perspective as well as product perspective in the past.

[CJ Desai, President and CEO at MongoDB]

The good news is we will have FedRAMP High certification for U.S. federal this year. That comes with other set of requirements on how we support these federal customers. One of the things that I have observed after being here is that a lot of these customers are still using our community version, and they would love to understand, as we get FedRAMP High certification, can we sell to them properly and serve them properly and have enough coverage? Massive potential, and that's why the acquisition. I'll ask Mike to add.

[Mike Berry, CFO at MongoDB]

Great answer. Thank you, CJ. Just to add onto that, Jason, one of the things that when we looked at the business it has grown nicely, but it is a pretty small piece of our business today. We would like to make sure that we can play in all areas of the federal government, civilian, intel, defense, all those areas. We've partnered with Clarity, they've been a wonderful partner for several years. When we have services and other engagements, we've typically had to use them. We would like that to be a MongoDB capability going forward. You marry that with getting FedRAMP High later in the year. We feel really good about our momentum going into next year.

[Jason Ader, Analyst at William Blair]

A quick follow-up for you, Mike. NRR up by a point sequentially. What's the right way to think about the drivers there? Is it the 45% of customers that are adding additional capabilities on the platform, or is there something else going on?

[Mike Berry, CFO at MongoDB]

Yeah. Thanks for the question. I would say it's all of the above. Keep in mind that that's a total company number. Atlas is higher than the company average, EA is a little bit lower, and it's really Atlas that can drive that growth. A lot of that is due to the platform adoption, as well as really the big driver there with the adoption too, is the move-up market and our focus on the large enterprises.

[Operator]

Thank you. Ladies and gentlemen, due to the interest of time, we ask that you limit yourself to one question only. Our next question comes from the line of Patrick Colville with Scotiabank. Your line is open.

[Patrick Colville, Analyst at Scotiabank]

Thank you for taking my question, and congrats on a really healthy print. I guess, CJ, I want to ask you this question, please. In your prepared remarks, you mentioned Frontier Labs, and it sounded like it was labs plural. I know you choose your words very carefully in the prepared remarks. I guess, did I pick that up correctly, that Mongo might now be working with multiple Frontier Labs? Can you just unpack the statement around kind of mission-critical workloads and use cases? That sounded really interesting. Thank you.

[CJ Desai, President and CEO at MongoDB]

Short answer to your first question, yes, it is plural and it was chosen carefully. Thank you for noticing, Patrick. Number two, as we work with them and as they have tried, whether it's a Postgres alternative or others, they have come to realize that, and these are truly at the forefront of innovation in AI space or driving innovation, that MongoDB is just a great data platform for some of the workloads. The point around, of course, we cannot go in specific details with our agreements with them on type of use cases, but they vary and there are multiple use cases depending on the lab that we are working with them, and it's early, but we will continue to expand.

[Operator]

Thank you. Our next question comes from the line [inaudible] of with Mizuho.

[Analyst at Mizuho]

Thanks for taking my question. CJ, you talk about AI opportunity early at this point, but some of the moves like your partnership with LangChain, now you extended that to more strategic there. Can you talk about how that's going to help? Specifically, you talked about expanding platform now that you have two CPOs there. Can you help us on your roadmap? How should we think about the expansion of platform to further capture this AI opportunity?

[CJ Desai, President and CEO at MongoDB]

Absolutely. I'll answer your first question. LangChain, great partner. I'm really proud of what Harrison and the team are doing. The simplicity when we talk to customers is three legs of the stool for any agentic workload is harness, LLM, and data layer. If they are being used as in LangChain, they have significant traction. Even when I talk to some of the large banks, whether it's on-prem or in the cloud, there's significant traction on the harness layer and then they say, "Okay, what about the data layer?" Data layer, MongoDB being a choice for the data layer just makes sense. We have done many integrations with them, and we are seeing this being played out at some of the large enterprise customers who say, "Hey, CJ, I'm glad that the data layer, as in MongoDB, really works with the harness layer.

[CJ Desai, President and CEO at MongoDB]

Of course we can choose whichever LLMs we want. That is actually being played out right now in some large customers who are trying to create agentic applications at scale. Number two, in terms of the CPOs, really proud of Ben and his long tenure here and focus on somebody wakes up every day focused on our foundational layer, whether it's Atlas and EA, he will continue to do that. With Pablo, who is based in San Francisco, he will look at emerging products, because AI ecosystem right now is very concentrated, actually in San Francisco City, working not only with just the Frontier Labs, but also with a lot of our AI native customers who tend to be in Silicon Valley. He wakes up every day to make sure how we are relevant in that ecosystem.

[CJ Desai, President and CEO at MongoDB]

He's a product and technology guy who has scaled many, many product lines over time. That really gives me one person focused on foundation, second person focused on emerging products as well as AI workloads. What I just wanted to share with you briefly, I am really fired up about our innovation roadmap that is accelerating, and you will continue to hear new potential products as we move through this year at various .local conferences.

[Operator]

Thank you. Our next question comes from the line of Karl Keirstead with UBS. Your line is open.

[Karl Keirstead, Analyst at UBS]

Okay, great. Thanks for taking the question. CJ, three months ago on the call, you announced two pretty blockbuster deals. I think one was a $90 million tech deal, the other was a $100 million financial deal. Did the incremental portion of those deals ramp during the April quarter, or is that still really sitting in front of us? Thank you.

[CJ Desai, President and CEO at MongoDB]

I would have Mike answer that on how that plays out, given those were long-term deals, and how we think about it. Yeah.

[Mike Berry, CFO at MongoDB]

Thanks for the question, Karl. Those were multi-year deals. We talked about some of those were a combination of Atlas and EA. There is almost always future growth in Atlas as we grow. They were not part of the original transaction, but that's certainly part of our go-to-market motion is to expand those relationships. What we booked in the last quarter is largely what you saw in this quarter.

[CJ Desai, President and CEO at MongoDB]

Yeah. I would say, Karl, that you also see some of that as we continue to move forward from Q4 to Q1. More than RPO, the CRPO number that Mike outlined and how whether it's long-term commitments across EA or Atlas is really encouraging for us.

[Operator]

Thank you. Our next question comes from the line of Sanjit Singh with Morgan Stanley. Your line is open.

[Sanjit Singh, Analyst at Morgan Stanley]

Thank you for squeezing me in. Congrats on the quarter. CJ, in terms of the opportunity around AI and agents, which part of the stack do you think is going to create the most value or the value capture opportunity? Was it being at the embedding model layer? Is it being that long-term memory that you referenced multiple times in your script? Is it that core operational database? Maybe you can stack rank if there's a sequence of that opportunity that should unfold over time. Then for Mike, just a quick follow-up on the RPO, CRPO performance. It's second quarter of really phenomenal bookings performance. My question is to what extent that represents new business expansions, landing new logos versus maybe catching up to the existing consumption rate of your existing customers. If you can give us some color there. Thank you so much.

[CJ Desai, President and CEO at MongoDB]

Sanjit, I can't believe you asked me to stack rank. Here is how I would say it. What I'm seeing today is that our ability to be that because AI workloads fundamentally. The requirements keep on changing. The tech stack that these large enterprises are building AI workloads on, whether it's LLMs they want to use, multiple LLMs or SLMs they want to use, continues to change. As people are building these agents, as in developers are building these agents, us being super flexible with a no schema rather than rigidity of relational that you understand well, definitely helps us. I would say that architecture of MongoDB on native JSON, even the chat conversations that you want to store could become a long-term memory, so next time you come in and ask a question, it knows the context.

[CJ Desai, President and CEO at MongoDB]

I would say that architecture, it is almost our founder calls it really well, that we would rather be lucky than smart. When we created MongoDB, this is from Dwight, we didn't have AI workloads in mind, but this architecture is perfectly suited for AI workloads. I would argue that that's the first part of the stack rank. Then the second part is our ability to do real-time and provide real-time intelligence on operational data and having embeddings so that your token costs are lower and you have right retrieval that is accurate would be the second in the stack rank.

[Mike Berry, CFO at MongoDB]

Sanjit, it's Mike. On your question, I would say it's more the latter, the second piece, but I do want to qualify that.

[CJ Desai, President and CEO at MongoDB]

Yeah.

[Mike Berry, CFO at MongoDB]

While we do certainly bring in net new logos, the majority of the RPO is going to be the existing enterprise customers, with a big caveat. Please don't read that to be it's just the base business we get today. We certainly always want to drive incremental ARR in those relationships. That's going to be through net new workloads, new applications, expansion. While it's focused on the existing customer base, we always want to drive incremental revenue with those bookings.

[CJ Desai, President and CEO at MongoDB]

Yeah. Sanjit, what I would just add is that what Mike outlined, we were really, really pleased that our go-to-market teams globally executed on what we asked them to execute on Q1, which definitely helped that matter.

[Operator]

Thank you. Ladies and gentlemen, at this time, I would like to turn the call back over to management for closing remarks.

[CJ Desai, President and CEO at MongoDB]

Thank you, everyone. We delivered a strong first quarter with broad-based momentum across Atlas, Enterprise Advanced, and our AI workloads. We are issuing strong guidance for Q2 and full year fiscal 2027. We remain committed to expanding profitability while investing for growth in line with our long-term financial model. Our results, our customer engagements, and the leadership team we have assembled all point to the same conclusion. MongoDB is on its way to becoming the generational data platform of choice for the AI era. Thank you very much for dialing in today.

[Mike Berry, CFO at MongoDB]

Thank you.

[Operator]

Ladies and gentlemen, this concludes today's conference call. Thank you for your participation. You may now disconnect.

Participants

Executives

• CJ Desai, President and CEO
• Jess Lubert, VP of Investor Relations
• Mike Berry, CFO

Analysts

• Ittai Kidron, Analyst at Oppenheimer & Co
• Jason Ader, Analyst at William Blair
• Karl Keirstead, Analyst at UBS
• Matt Martino, Analyst at Goldman Sachs
• Patrick Colville, Analyst at Scotiabank
• Raimo Lenschow, Analyst at Barclays
• Ryan MacWilliams, Analyst at Wells Fargo
• Sanjit Singh, Analyst at Morgan Stanley
• Analyst at Mizuho