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What changed in MongoDB, Inc.'s 10-K — 2024 vs 2025

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Paragraph-level year-over-year comparison of MongoDB, Inc.'s 2024 and 2025 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2025 report.

+366 added−356 removedSource: 10-K (2025-03-21) vs 10-K (2024-03-15)

Top changes in MongoDB, Inc.'s 2025 10-K

366 paragraphs added · 356 removed · 283 edited across 8 sections

Item 1. Business

Business — how the company describes what it does

73 edited+17 added−26 removed69 unchanged
Biggest changeOur reach in China is also supplemented by our global partnership with Tencent Cloud which allows customers to easily adopt and use MongoDB-as-a-Service across Tencent’s global cloud infrastructure. We have also expanded our existing partnerships with independent software vendors and global systems integrators including IBM, Accenture, Infosys, Capgemini, Confluent, HCL, Wipro, Cognizant, Deloitte and Tata Consultancy Services.
Biggest changeWe have also expanded our existing partnerships with independent software vendors and global systems integrators including IBM, Accenture, Infosys, Capgemini, Confluent, HCL, Wipro, Cognizant, Deloitte and Tata Consultancy Services. Our system integrator partners have also been valuable in working with organizations to migrate and modernize applications to our platform, including leveraging the cloud with MongoDB Atlas.
Enables customers to easily and securely use pre-trained foundation models to leverage their own proprietary, up-to-date data for more accurate and trustworthy AI applications. Atlas Vector Search allows the integration of an operational database and vector search in a unified, and fully managed platform. • Time series.
Enables customers to easily and securely use pre-trained foundation models to leverage their own proprietary, up-to-date data for more accurate and trustworthy AI applications. Atlas Vector Search allows the integration of an operational database and vector search in a unified, fully managed platform. • Time series.
We may experience variability and reduced comparability of our quarterly revenue and operating results with respect to the timing and nature of certain of our contracts, particularly multi-year contracts that contain a term license. We may also experience fluctuations as MongoDB Atlas revenue is recorded on a consumption basis and varies with usage, inclusive of seasonal variability.
We may experience variability and reduced comparability of our quarterly revenue and operating results with respect to the timing and nature of certain contracts, particularly multi-year contracts that contain a term license. We may also experience fluctuations as MongoDB Atlas revenue is recorded on a consumption basis and varies with usage, inclusive of seasonal variability.
MongoDB Atlas Stream Processing works with any type of data, and with its flexible data model, enables customers to build highly engaging applications that can analyze data in real-time to adjust application behavior and inform business operations. Customers now have a single interface to easily extract insights from high-velocity and high-volume streaming data.
MongoDB Atlas Stream Processing works with any type of data, and with its flexible data model, enables customers to build engaging applications that can analyze data in real-time to adjust application behavior and inform business operations. Customers now have a single interface to easily extract insights from high-velocity and high-volume streaming data.
In addition, our platform runs on commodity hardware, requires less oversight and management from operations personnel and can operate in the cloud provider of choice or other low-cost environments, leading to reduced application-related overhead costs for our customers and lower total cost of ownership.
In addition, our platform runs on commodity hardware, which requires less oversight and management from operations personnel and can operate in the cloud provider of choice or other low-cost environments, leading to reduced application-related overhead costs for our customers and lower total cost of ownership.
Our customers may expand their subscriptions to our platform as they migrate additional existing applications or build new applications, either within the same department or in other lines of business or geographies. Also, as customers modernize their information technology (“IT”) infrastructure and move to the cloud, they may migrate applications from legacy databases.
Our customers may expand their subscriptions to our platform as they migrate additional existing applications or build new applications, either within the same department or in other lines of business or geographies. As customers modernize their information technology (“IT”) infrastructure and move to the cloud, they may migrate applications from legacy databases.
Built for resilience, scale, and security, MongoDB Atlas is available in more than 110 regions worldwide across all three major cloud providers (Amazon Web Services (‘‘AWS’’), Google Cloud Platform (‘‘GCP’’) and Microsoft Azure), enabling our customers to leverage the benefits of different cloud platforms for different use cases and helping them avoid infrastructure vendor lock-in.
Built for resilience, scale, and security, MongoDB Atlas is available in more than 115 regions worldwide across all three major cloud providers (Amazon Web Services (‘‘AWS’’), Google Cloud Platform (‘‘GCP’’) and Microsoft Azure), enabling our customers to leverage the benefits of different cloud platforms for different use cases and helping them avoid infrastructure vendor lock-in.
While we sell to organizations of all sizes across a broad range of industries, our key sales focus is on enterprises that invest more heavily in software application development and deployment. These organizations have a greater need for databases and, in the largest enterprises, can have tens of thousands of applications and associated databases.
While we market to organizations of all sizes across a broad range of industries, our key sales focus is on enterprises that invest more heavily in software application development and deployment. These organizations have a greater need for databases and, in the largest enterprises, can have tens of thousands of applications and associated databases.
MongoDB Atlas allows customers to remove themselves from the complexity of managing the database and related underlying infrastructure, so they can instead focus on the application and end-user experience and innovate more quickly to better serve their own customers and capitalize on new business opportunities.
MongoDB Atlas allows customers to remove themselves from the complexity of managing the database and related underlying infrastructure, so they can instead focus on the application and end-user experience and innovate more rapidly to better serve their own customers and capitalize on new business opportunities.
We believe there is a significant opportunity to continue to expand the use of our platform outside the United States. During the fiscal years ended January 31, 2024, 2023 and 2022, revenue generated outside of the United States was 46%, 45% and 46% of our total revenue.
We believe there is a significant opportunity to continue to expand the use of our platform outside the United States. During the fiscal years ended January 31, 2025, 2024, and 2023, revenue generated outside of the United States was 46%, 46% and 45% of our total revenue.
See Part II, Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations of this Form 10-K for a description of ARR and a discussion of our net ARR expansion rate. 7 Table of Contents • Extending Product Leadership and Introducing New Products .
See Part II, Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations of this Form 10-K for a description of ARR and a discussion of our net ARR expansion rate. • Extending product leadership and introducing new products.
Built on our unique document-based architecture, our database is designed to meet the needs of organizations for performance, scalability, 2 Table of Contents flexibility and reliability while maintaining the strengths of relational databases. Every software application requires a database to store, organize and process data. Large organizations can have tens of thousands of applications and associated databases.
Built on our unique document-based architecture, our database is designed to meet the needs of organizations for performance, scalability, flexibility and reliability while maintaining the strengths of relational databases. Every software application requires a database to store, organize and process data. Large organizations can have tens of thousands of applications and associated databases.
While the percentage varies from quarter to quarter, over the past fiscal year, approximately one fifth of our new business related to MongoDB Enterprise Advanced, our proprietary commercial database offering, resulted from applications that were migrated from legacy relational databases. Core features and benefits of our platform include: • Versatility.
While the percentage varies from quarter to quarter, over the past fiscal year, more than one fifth of our new business related to MongoDB Enterprise Advanced, our proprietary commercial database offering, resulted from applications that were migrated from legacy relational databases. Core features and benefits of our platform include: • Versatility.
Our platform includes the critical, advanced security features and fault-tolerance that enterprises demand. It was built to operate in a globally distributed environment for “always-on” applications. Our multi-cloud 4 Table of Contents and global reach empowers applications to withstand regional outages while addressing the most demanding data security and privacy requirements. We Allow Customers to Run Any Application Anywhere.
Our platform includes the critical, advanced security features and fault-tolerance that enterprises demand. It was built to operate in a globally distributed environment for “always-on” applications. Our multi-cloud and global reach empowers applications to withstand regional outages while addressing the most demanding data security and privacy requirements. We Allow Customers to Run Any Application Anywhere.
Securities and Exchange Commission (“SEC”). We are subject to the informational requirements of the Exchange Act and file or furnish reports, proxy statements and other information with the SEC. Such reports and other information filed by us with the SEC are available free of charge on our website at investors.mongodb.com when such reports are available on the SEC’s website.
We are subject to the informational requirements of the Exchange Act and file or furnish reports, proxy statements and other information with the SEC. Such reports and other information filed by us with the SEC are available free of charge on our website at investors.mongodb.com when such reports are available on the SEC’s website.
MongoDB Enterprise Advanced customers can choose either our Cloud Manager Premium product (for customers who want to manage our platform via the cloud) or Ops Manager (generally for those with on-premises deployments), our sophisticated suite of management tools that allow operations teams to run, manage and configure MongoDB according to their needs. • Analytics Integrations.
MongoDB Enterprise Advanced customers can choose either our Cloud Manager Premium product (for customers who want to manage our platform via the cloud) or Ops Manager (generally for those with on-premises deployments), our sophisticated suite of management tools that allow operations teams to run, manage and configure MongoDB according to their needs. 6 Table of Content s • Analytics Integrations.
For example, MongoDB Atlas Online Archive helps users automatically tier aged data out of the database while keeping the data fully accessible. • Application-driven analytics . Includes a wide range of capabilities to help development teams build richer application experiences that rely on automatic, low-latency analytical processing of live data.
For example, MongoDB Atlas Online Archive helps users automatically tier aged data out of the database while keeping the data fully accessible. 3 Table of Content s • Application-driven analytics . Includes a wide range of capabilities to help development teams build richer application experiences that rely on automatic, low-latency analytical processing of live data.
Our customers have a consistent experience regardless of infrastructure, providing optionality, flexibility and efficiency. Customers of MongoDB Atlas, our multi-cloud developer data platform offering, enjoy the benefits of using MongoDB as a service in the public cloud, further enabling developers to focus on their application performance and end-user experience, rather than the back-end infrastructure lifecycle management.
Our customers have a consistent experience regardless of infrastructure, providing optionality, flexibility, application and data portability. Customers of MongoDB Atlas, our multi-cloud offering, enjoy the benefits of using MongoDB as a service in the public cloud, further enabling developers to focus on their application performance and end-user experience, rather than the back-end infrastructure lifecycle management.
As of January 31, 2024, there were over 2.0 million MongoDB University registrations. We intend to continue to invest in the MongoDB developer community. • Growing and Cultivating Our Partner Ecosystem . We have built a partner ecosystem of independent software vendors, systems integrators, value added resellers, cloud and technology partners.
As of January 31, 2025, there were over 2.5 million MongoDB University registrations. We intend to continue to invest in the MongoDB developer community. • Growing and cultivating our partner ecosystem . We have built a partner ecosystem of independent software vendors, systems integrators, value added resellers, cloud and technology partners.
MongoDB's intelligent distributed systems architecture enables users to easily place data where their applications and users need it. MongoDB can be run within and across geographically distributed data centers and cloud regions, providing levels of scalability, workload isolation and data locality to meet today's modern application requirements. • Reliability.
MongoDB's intelligent distributed systems architecture enables users to easily place data where their applications and users need it. MongoDB can be run within and across geographically distributed data 4 Table of Content s centers and cloud regions, providing levels of scalability, workload isolation and data locality to meet today's modern application requirements. • Reliability.
MongoDB Enterprise Advanced is our proprietary self-managed commercial offering for enterprise customers that can run in the cloud, on-premises or in a hybrid environment. 5 Table of Contents MongoDB Atlas In June 2016, we introduced MongoDB Atlas, our hosted multi-cloud DBaaS offering that includes comprehensive infrastructure and management, which we run and manage in the public cloud.
MongoDB Enterprise Advanced is our proprietary self-managed commercial offering for enterprise customers that can run in the cloud, on-premises or in a hybrid environment. MongoDB Atlas In June 2016, we introduced MongoDB Atlas, our hosted multi-cloud DBaaS offering that includes comprehensive infrastructure and management, which we run and manage in the public cloud.
Extends the developer interface for working with the database to search operations, simplifying the development of rich search experiences in applications. It also eliminates the need to run a separate search engine alongside the database and maintains the sync between the two systems. • Vector search .
Extends the developer interface for working with the database to seamlessly implement relevance-based search operations, simplifying the development of rich search experiences in applications. It also eliminates the need to run a separate search engine alongside the database and maintains the sync between the two systems. • Vector search .
Our Products Our customers can implement our developer data platform as a managed service offering, or they can choose a self-managed option. MongoDB Atlas is our managed multi-cloud database-as-a-service (“DBaaS”) offering that includes an integrated set of database and related services.
Our Products Our customers can implement our developer data platform as a managed service offering, or they can choose a self-managed option. MongoDB Atlas is our managed multi-cloud database-as-a-service (“DBaaS”) offering that includes an 5 Table of Content s integrated set of database and related services.
Our Customers As of January 31, 2024, we had over 47,800 customers spanning a wide range of industries in more than 100 countries around the world. All affiliated entities are counted as a single customer. No single customer represented more than 10% of our revenue in fiscal year 2024.
Our Customers As of January 31, 2025, we had over 54,500 customers spanning a wide range of industries in more than 100 countries around the world. All affiliated entities are counted as a single customer. No single customer represented more than 10% of our revenue in fiscal year 2025.
Our sales and marketing organization includes sales development, inside sales, field sales, sales engineering and marketing personnel. As of January 31, 2024, we had 2,338 employees in our sales and marketing organization.
Our sales and marketing organization includes sales development, inside sales, field sales, sales engineering and marketing personnel. As of January 31, 2025, we had 2,542 employees in our sales and marketing organization.
Our platform’s integrated capabilities allow customers to reduce the need for disparate, single-purpose solutions, thereby reducing the cost and complexity of the application infrastructure required to support modern applications. • Reduce Total Cost of Ownership.
Our platform’s integrated capabilities allow customers to reduce the need for disparate, single-purpose solutions, thereby reducing the cost and complexity of the application infrastructure required to support a wide variety of application requirements. • Reduce total cost of ownership.
As a developer data platform, we support applications across a wide range of use cases. Our platform is easily configurable, allowing customers to adjust settings and parameters to optimize performance for a specific application and use case.
Our platform supports applications across a wide range of use cases and is easily configurable, allowing customers to adjust settings and parameters to optimize performance for a specific application and use case.
The results are reviewed by senior management, who analyze areas of progress or opportunity and work with their teams to determine actionable steps based on survey results. The results also drive organization-wide focus areas and commitments focused on leadership, culture and inclusion.
These surveys are managed by a third-party vendor to encourage candor. The results are reviewed by senior management, who analyze areas of progress or opportunity and work with their teams to determine actionable steps based on survey results. The results also drive organization-wide focus areas and commitments focused on leadership, culture and inclusion.
As we introduce new technologies, such as the ones we announced during fiscal year 2023, and as our existing markets see more market entry, we expect competition to intensify. Seasonality We have in the past and expect in the future to experience seasonal fluctuations in our revenue and operating results.
As we introduce new technologies, such as the ones we announced during fiscal year 2025, and as our existing markets see more market entry, we expect competition to intensify. Seasonality We have experienced seasonal fluctuations in our revenue and operating results and this trend may continue in the future.
Our small development teams foster greater agility, which enables us to develop new, innovative products and make rapid changes to our infrastructure that increase resiliency and operational efficiency. As of January 31, 2024, we had 1,226 employees in our research and development organization. We intend to continue to invest in our research and development capabilities to extend our platform.
Our small development teams foster greater agility, which enables us to develop new, innovative products and make rapid changes to our infrastructure that increase resiliency and operational efficiency. As of January 31, 2025, we had 1,327 employees in our research and development organization.
Our developer data platform is an integrated set of database and related services that allow development teams to address the growing variety of modern application requirements, all in a unified and consistent user experience. The foundation of our platform is the world’s leading, modern general purpose database.
Our developer data platform is a globally distributed operational database integrated with a set of data services that allow development teams to address the growing variety of application requirements, all in a unified and consistent user experience. 2 Table of Content s The foundation of our platform is the world’s leading, modern general purpose database.
We think strategically and are clear on what we are and are not trying to do. We accomplish an amazing amount of important work and we are obsessed with delivering on our commitments. • Be Intellectually Honest. We embrace reality. We apply high-quality thinking and rigor and operate with transparency.
We accomplish an amazing amount of important work and we are obsessed with delivering on our commitments. • Be intellectually honest. We embrace reality. We apply high-quality thinking and rigor and operate with transparency.
We also compete with public cloud providers that offer database functionality, such as AWS, GCP and Microsoft Azure as well as other database software providers. 12 Table of Contents Some of our actual and potential competitors, in particular the legacy database providers and large cloud providers, have advantages over us, such as longer operating histories, more established relationships with current or potential customers and commercial partners, significantly greater financial, technical, marketing or other resources, stronger brand recognition, larger intellectual property portfolios and broader global distribution and presence.
Some of our actual and potential competitors, in particular the legacy database providers and large cloud providers, have advantages over us, such as longer operating histories, more established relationships with current or potential customers and commercial partners, significantly greater financial, technical, marketing or other resources, stronger brand recognition, larger intellectual property portfolios and broader global distribution and presence.
We believe that we compete favorably on the basis of the factors listed above. We primarily compete with established legacy database software providers such as IBM, Microsoft, Oracle and other similar companies.
We believe that we compete favorably on the basis of the factors listed above. We primarily compete with established legacy database software providers such as IBM, Microsoft, Oracle and other similar companies. We also compete with public cloud providers that offer database functionality, such as AWS, GCP and Microsoft Azure as well as other database software providers.
Our goal is to convert Community Server users to paying customers of our commercial offerings of MongoDB Atlas or MongoDB Enterprise Advanced. Our Community Server has been downloaded over 500 million times from our website alone since February 2009.
Community Server is available under a license that protects our intellectual property and supports our business model. Our goal is to convert Community Server users to paying customers of our commercial offerings (MongoDB Atlas or MongoDB Enterprise Advanced). Our Community Server has been downloaded over 500 million times from our website alone since February 2009.
Employees in equity-eligible roles receive a new hire award at the time of hire and an annual performance-related refresh thereafter. To foster a strong sense of ownership and align our employees’ interests with our long-term success, we offer all full-time employees globally the opportunity to participate in an employee stock purchase plan.
To foster a strong sense of ownership and align our employees’ interests with our long-term success, we offer all full-time employees globally the opportunity to participate in an employee stock purchase plan.
We provide integrations to allow data and business analysts to analyze data in applications running on our platform using their existing business intelligence and analytics tools.
We provide integrations to allow data and business analysts to analyze data in applications running on our platform using their existing business intelligence and analytics tools. Our analytics integrations ensure enterprises can efficiently extract significant value from applications built on our platform.
To continue to compete and succeed in our highly competitive and rapidly evolving market, it is crucial that we attract, retain and motivate qualified employees.
To continue to compete and succeed in our highly competitive and rapidly evolving market, it is imperative that we attract, develop and retain top talent.
We continue to evolve our compensation programs to maintain competitive alignment with market practices while ensuring all pay decisions are driven by performance. Our compensation package may include base salary, commission or semi-annual bonuses and long-term equity awards. Where the market indicates, equity compensation continues to be an important tool to attract and retain talent.
Compensation and Benefits 9 Table of Content s We provide competitive compensation and benefits for our employees globally. We continue to evolve our compensation programs to maintain competitive alignment with market practices while ensuring all pay decisions are driven by performance. Our compensation package may include base salary, commission or semi-annual bonuses and long-term equity awards.
We approach conversations with positive intent and believe that others value the perspective we bring to the table. We recognize that a diverse workforce is the best way to broaden our perspectives, foster innovation and enable a sustainable competitive advantage. • Make It Matter. We are relentless in our pursuit of meaningful impact.
We recognize that a diverse workforce is the best way to broaden our perspectives, foster innovation and enable a sustainable competitive advantage. • Make it matter. We are relentless in our pursuit of meaningful impact. We think strategically and are clear on what we are and are not trying to do.
We expanded our global partner ecosystem with the Alibaba Cloud partnership to offer an authorized MongoDB-as-a-Service solution to users in China. During 2023 we extended this partnership for another four years to allow their customers to easily adopt and consume MongoDB-as-a-service.
We have expanded our global partner ecosystem with Alibaba Cloud and Tencent Cloud to offer an authorized MongoDB-as-a-Service solution in China, allowing their customers to easily adopt and consume our hosted solution.
We are subject to laws and regulations relating to our relationship with our employees. Generally, these laws and regulations are specific to the location of our business and we engage with legally recognized employee representative bodies in these locations as required.
Generally, these laws and regulations are specific to the location of our business and we engage with legally recognized employee representative bodies 8 Table of Content s in these locations as required. We have not experienced any work stoppages and we consider our relations with our employees to be good.
These let developers use, experiment and evaluate our platform frictionlessly, which we believe has contributed to our platform’s popularity. We believe that developers are often advocates for us because of our 11 Table of Contents developer-focused approach.
These let developers use, experiment and evaluate our platform frictionlessly, which we believe has contributed to our platform’s popularity. We believe that developers are often advocates for us because of our developer-focused approach. As a result, our self-serve and direct sales prospects are often familiar with our platform and may have already built applications using our technology.
Community Server is a free-to-download version of our database that includes the core functionality that developers need to get started with MongoDB but not all of the features of our commercial platform. Community Server is available under a license that protects our intellectual property and supports our business model.
Free Offerings To encourage developer usage, familiarity and adoption of our platform, we offer Community Server and a free tier of MongoDB Atlas as “freemium” offerings. Community Server is a free-to-download version of our database that includes the core functionality that developers need to get started with MongoDB but not all of the features of our commercial platform.
We also analyze usage patterns of our self-serve and free tier users to identify those accounts that might benefit from engagement with our sales teams. As customers expand their usage of our platform, our relationships with them often evolve to include technology and business leaders within their organizations and our goal is to get organizations to standardize on our platform.
As customers expand their usage of our platform, our relationships with them often evolve to include technology and business leaders within their organizations and our goal is to get organizations to standardize on our platform.
As part of this commitment, we recognize our responsibility to provide a safe and healthy work environment for all employees, contractors, customers and visitors. We have a hybrid approach to working which we introduced in 2021 during the Covid-19 pandemic.
We have introduced guidelines, regular reviews and training, which reflect our commitment to both the physical and psychological health and well-being of our employees. As part of this commitment, we recognize our responsibility to provide a safe and healthy work environment for all employees, contractors, customers and visitors.
In October 2017, we completed our initial public offering and our common stock is listed on The Nasdaq Global Market (“Nasdaq”) under the symbol “MDB.” Our principal executive offices are located at 1633 Broadway, 38th Floor, New York, New York 10019 and our telephone number is (646) 727-4092. 13 Table of Contents Available Information Our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and amendments to reports filed pursuant to Sections 13(a) and 15(d) of the Exchange Act, proxy statements and other information are filed with the U.S.
In October 2017, we completed our initial public offering and our common stock is listed on The Nasdaq Global Market (“Nasdaq”) under the symbol “MDB.” Our principal executive offices are located at 1633 Broadway, 38th Floor, New York, New York 10019 and our telephone number is (646) 727-4092.
First, we are committed to developing talent using our performance and growth framework, which equips managers and employees to not only deliver great results, but also facilitates semi-annual employee performance and growth conversations, that include employee self-reflections, and ensures managers have the opportunity to provide clear expectations and feedback in support of a high bar for performance and ongoing employee development.
First, we are committed to developing talent using our performance and growth framework, which equips managers and employees to deliver great results through continuous feedback and semi-annual employee performance and growth conversations, that include employee self-reflections and development plans.
Intellectual Property We rely on a combination of patent, copyright, trademark and trade secret laws in the United States and other jurisdictions, as well as license agreements and other contractual protections, to protect our proprietary technology. We also rely on a number of registered and unregistered trademarks to protect our brand.
As MongoDB Atlas revenue continues to increase as a percentage of total revenue, these fluctuations may have a greater impact on our results of operations. 12 Table of Content s Intellectual Property We rely on a combination of patent, copyright, trademark and trade secret laws in the United States and other jurisdictions, as well as license agreements and other contractual protections, to protect our proprietary technology.
Together, these new features and capabilities for MongoDB Atlas enable businesses to improve operational efficiency and speed up their pace of innovation by standardizing many types of workloads on a single developer data platform across the enterprise. MongoDB Atlas represented 66%, 63% and 56% of our total revenue for the fiscal years ended January 31, 2024, 2023 and 2022, respectively.
Together, these new features and capabilities for MongoDB Atlas enable businesses to improve operational efficiency and speed up their pace of innovation by standardizing many types of workloads on a single developer data platform across the enterprise. We frequently analyze customer feedback to inform what areas of our product strategy we prioritize and continue investing in.
Customers who purchase professional services have typically increased their subscription usage with our platform and have done so more quickly than customers who have not engaged with our professional services.
Customers who purchase professional services have typically increased their subscription usage with our platform and have done so more quickly than customers who have not engaged with our professional services. Professional services represented 3% of our total revenue for each of the fiscal years ended January 31, 2025 and 2024 and 4% for the fiscal year ended January 31, 2023.
Professional Services We provide professional services to our customers, including consulting and training, to make customer deployments of our platform successful, thereby increasing customer retention and driving customer revenue expansion.
MongoDB Enterprise Advanced represented 23%, 26% and 28% of our total revenue for the fiscal years ended January 31, 2025, 2024 and 2023, respectively. Professional Services We provide professional services to our customers, including consulting and training, to make customer deployments of our platform successful, thereby increasing customer retention and driving customer revenue expansion.
Over the years, we have introduced additional features and functionality, which have increased the capabilities of MongoDB Atlas and accelerated and expanded its adoption including Atlas Search, Atlas Device Sync, Atlas Data Federation and Atlas Charts.
Over the years, we have introduced additional features and functionality, which have increased the capabilities of MongoDB Atlas and accelerated and expanded its adoption including Atlas Search, Atlas Vector Search, Atlas Data Federation and Atlas Charts. Most recently, MongoDB launched MongoDB Atlas Stream Processing, which transforms the way organizations can process streaming data to engage end-users and speed up operations.
As a result, our self-serve and direct sales prospects are often familiar with our platform and may have already built applications using our technology. To assess the most likely commercial prospects, we employ a process-oriented and data-driven approach to customer acquisition. We utilize advanced marketing technologies and processes to drive awareness and engagement, educate and convert prospects into customers.
To assess the most likely commercial prospects, we employ a process-oriented and data-driven approach to customer acquisition. We utilize advanced marketing technologies and processes to drive awareness and engagement, educate and convert prospects into customers. We also analyze usage patterns of our self-serve and free tier users to identify those accounts that might benefit from engagement with our sales teams.
Our ability to expand within existing customers is demonstrated by our net annualized recurring revenue (“ARR”) expansion rate, which has consistently been over 120%.
Our ability to expand within existing customers is demonstrated by our net annualized recurring 7 Table of Content s revenue (“ARR”) expansion rate, which in the fourth quarter was 118%.
In addition, all employees receive a complimentary subscription to a meditation app, which provides hundreds of themed meditation sessions on everything from sleep to focus to reducing stress. 9 Table of Contents • Family well-being .
In addition, all employees receive a complimentary subscription to a meditation app, which provides hundreds of themed meditation sessions on everything from sleep to focus to reducing stress. • Family well-being . We provide global fertility benefits to our employees and their partners, including fertility care, adoption and surrogacy assistance and unlimited access to 1:1 guidance with certified practitioners.
We feel strongly that parents should be able to share the responsibilities of caregiving and our parental leave policy gives all new parents at least 20 weeks of paid leave. Globally, our employees also have access to personalized guidance to parents and caregivers, offering a full spectrum of family support for those with children of all ages.
In the United States and some of our bigger geographies, we also offer backup childcare support. We feel strongly that parents should be able to share the responsibilities of caregiving and our parental leave policy gives all new parents at least 20 weeks of paid leave.
We architected our platform with robust functionality and made it easy and intuitive for developers to build, modernize, deploy and maintain applications rapidly and cost-effectively, thereby increasing developer productivity. Our document-based architecture enables developers to manage and interact with data in a more natural way than legacy alternatives.
The MongoDB Advantage The key differentiating features and capabilities of our developer data platform include: We Built Our Platform for Developers. MongoDB was built by developers for developers. We architected our platform with robust functionality and made it easy and intuitive for developers to build, modernize, deploy and maintain applications rapidly and cost-effectively, thereby increasing developer productivity.
During 2023, we added additional capabilities such as Atlas Vector Search and Atlas Stream Processing, as well as additional features for Atlas Search Nodes, which now provide dedicated infrastructure for search use cases so customers can scale independently of their database to manage their workloads with greater flexibility and operational efficiency. • Fostering the MongoDB Developer Community.
We also added additional capabilities such as Atlas Stream Processing, as well as expanded availability of Atlas Search Nodes in more cloud regions, providing customers dedicated infrastructure to scale search use cases independently of their database. • Fostering the MongoDB developer community.
Teams are also encouraged to seek customized leadership development programming for their leaders, to drive a precision focus on business needs. Our Culture We believe our culture is critical to our success and has delivered tangible financial and operational benefits for our customers, our employees and our stockholders.
Our Culture We believe our culture is critical to our success and has delivered tangible financial and operational benefits for our customers, our employees and our stockholders.
As of January 31, 2024, in the United States, we had been issued 77 patents, which expire between 2030 and 2041 and had 35 patent applications pending, of which 6 are provisional applications. In addition, as of January 31, 2024, we had 14 registered trademarks in the United States and 2 pending trademark applications in the United States.
We also rely on a number of registered and unregistered trademarks to protect our brand. As of January 31, 2025, in the United States, we had been issued 84 patents, which expire between 2030 and 2042 and had 47 patent applications pending, of which 10 are provisional applications.
We place the success of the company over any individual or team. We discuss things thoroughly, but prioritize commitment over consensus. • Embrace the Power of Differences. We commit to creating a culture of belonging, where people of different origins, backgrounds and experiences feel valued and heard. This is cultivated by learning from and respecting each other’s similarities and differences.
We commit to creating a culture of belonging, where people of different origins, backgrounds and experiences feel valued and heard. This is cultivated by learning from and respecting each other’s similarities and differences. We approach conversations with positive intent and believe that others value the perspective we bring to the table.
Employee Engagement We conduct anonymous engagement surveys regularly to help us understand the employee experience, identify areas of strength and development opportunities among teams, measure the effectiveness of our people and culture initiatives and understand employees’ sentiments on management. These surveys are managed by a third-party vendor to encourage candor.
Globally, our employees have access to personalized guidance to parents and caregivers, offering a full spectrum of family support for those with children of all ages. 10 Table of Content s Employee Engagement We conduct anonymous engagement surveys regularly to help us understand the employee experience, identify areas of strength and development opportunities among teams, measure the effectiveness of our people and culture initiatives and understand employees’ sentiments on management.
To be successful, we must deliver the right outcomes for our customers (what we do), live our values in everything we do (why we do it), and engage with each other as leaders (how we do it).” Our company values are: • Think Big, Go Far. We are big dreamers with a passion for creativity.
Our culture is grounded in the MongoDB Leadership Commitment framework and states that all employees at MongoDB are keepers of our culture and expected to do three things to be successful: deliver the right outcomes for our customers (what we do), live our values in everything we do (why we do it), and engage with each other as leaders (how we do it).
According to IDC, the data management software market is forecast to be $94 billion in 2023 growing to approximately $153 billion in 2027, representing a 13% compound annual growth rate. In 2023, a number of companies launched code assistant tools, which leverage generative AI to help developers write and test their code faster, thereby accelerating application development.
Over the last two years, a number of companies launched code assistant tools, which leverage generative AI to help developers write and test their code faster, thereby accelerating application development. We believe these developments in coding assistant technology will further benefit the data management software market.
As a result, developers can focus on the application and end-user experience, as they do not have to spend significant time fixing and maintaining the linkages between the application and a rigid relational database structure.
Our document-based architecture enables developers to manage and interact with data in a more natural way than legacy alternatives. Consequently, developers can focus on the application and end-user experience, because they do not have to spend time fixing and maintaining the linkages between the application and a rigid relational database structure, resulting in faster pace of innovation for organizations.
Talent & Leadership Development Promoting the professional growth and development of our top talent is an essential tool for retention and ensuring our continued success as we navigate the challenges of scaling in a competitive business environment. In addition to our ongoing delivery of professional and technical skill growth, we focus on two key levers for developing our talent.
Talent & Leadership Development Promoting the professional growth and development of our talent is a priority for us to ensure retention, engagement and ultimately better business outcomes, especially as we navigate the challenges of scaling in a competitive business environment.
To deliver on that commitment, we benchmark and set pay ranges based on market data and consider factors such as an employee’s role and experience, job location and performance. In addition, to reduce the risk of bias and help ensure consistent pay practices, we use a third-party tool to conduct annual pay parity checks.
Finally, we are committed to pay equity, regardless of gender, ethnicity or other personal characteristics. To deliver on that commitment, we benchmark and set pay ranges based on market data and consider factors such as an employee’s role and experience, job location and performance.
We eagerly pursue new opportunities and markets through innovation and disruption. We have a pioneering spirit - always ready to forge new paths and take smart risks. • Build Together. We achieve amazing things by connecting and leveraging the diversity of perspectives, skills, experiences and backgrounds of our entire organization.
Company Values • Think big, go far. We are big dreamers with a passion for creativity. We eagerly pursue new opportunities and markets through innovation and disruption. We have a pioneering spirit - always ready to forge new paths and take smart risks. • Build together.
Competition The worldwide database software market is rapidly evolving and highly competitive.
We intend to continue to invest in our research and development capabilities to extend our platform. 11 Table of Content s Competition The worldwide database software market is rapidly evolving and highly competitive.
We demand excellence from ourselves. We each play our own part in making MongoDB a great place to work. We are committed to creating a culture that reflects our value of embracing the power of differences to drive better business outcomes.
We demand excellence from ourselves. We each play our own part in making MongoDB a great place to work. We are continuing to embed the MongoDB Leadership Commitment, and therefore our Values, into all aspects of the employee lifecycle from recruiting to performance management to leadership development and more to build a high performance and inclusive culture.
Our four working models help ensure that we are meeting business needs while also offering employees flexibility as it relates to their in-office presence. We continue to focus on gathering feedback from employees, assessing workplace safety and operational effectiveness, and seeking opportunities to enhance the overall experience for our hybrid workforce globally.
We gather feedback regularly from employees, assessing workplace safety and operational effectiveness, and seeking opportunities to enhance the overall experience for our hybrid workforce globally. We offer training for our people managers and employees on how to thrive in a global, hybrid work environment, and how to ensure collaboration and social interaction.
Our system integrator partners have also been valuable in working with organizations to migrate and modernize applications to our platform, including leveraging the cloud with MongoDB Atlas. We intend to continue to expand and enhance our partner relationships to benefit our global customers, grow our market presence and drive greater sales efficiency. • Expanding Internationally.
The MAAP ecosystem includes Accenture, Anthropic, AWS, Capgemini, Cohere, Confluent, Fireworks.ai, Google Cloud, IBM, LangChain, LlamaIndex, Nomic, Microsoft Azure and Unstructured. We intend to continue to expand and enhance our partner relationships to benefit our global customers, grow our market presence and drive greater sales efficiency. • Expanding internationally.
Removed
Organizations need a modern database to securely build, deploy, and scale generative AI applications. We believe our database’s document-based architecture and its run-anywhere capabilities provide organizations the flexibility they need to securely build and deploy truly innovative AI-powered applications, at any scale.
Added
Organizations need a modern database to securely build, deploy, and scale generative AI applications. AI-driven workloads require the underlying database to be capable of processing queries against rich and complex data structures quickly and efficiently.
Removed
This includes rich aggregations and indexing strategies, as well as dedicated analytics nodes for workload isolation. 3 Table of Contents • Edge . Supports application deployments closer to where real-time data is generated, processed and stored across mobile devices, on-premises data centers and major cloud providers.
Added
Our flexible document model is uniquely positioned to help customers build sophisticated AI applications because it is designed to handle different data types (source data, vector data, metadata and generated data) right alongside live operational data, negating the need for multiple database systems and complex back-end architectures.
Removed
Data is securely stored and synchronized in real time across data sources and destinations to provide highly available, resilient, and reliable applications. We compete in the database management software market, which is one of the largest in the software industry.
Added
This includes rich aggregations and indexing strategies, as well as dedicated analytics nodes for workload isolation. • Stream processing . Simplifies processing high-volume, high-velocity streams of data, transforming how developers build responsive, real-time applications. Use cases include personalization, anomaly detection, and predictive maintenance.
Removed
We believe these developments in coding assistant technology will further benefit the data management software market. The MongoDB Advantage The key differentiating features and capabilities of our developer data platform include: We Built Our Platform for Developers. MongoDB was built by developers for developers.

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Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

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Biggest changeIf we fail to comply with U.S. and other sanctions and export control laws and regulations, we and certain of our employees could be subject to substantial civil or criminal penalties, including the possible loss of export or import privileges, fines, which may be imposed on us and responsible employees or managers and, in extreme cases, the incarceration of responsible employees or managers. 40 Table of Contents Also, various countries, in addition to the United States, regulate the import, export and sale of certain encryption and other technology, including permitting and licensing requirements and have enacted laws that could limit our ability to distribute our offerings or could limit our customers’ ability to implement our offerings in those countries.
Biggest changeIf we fail to comply with U.S. and other sanctions and export control laws and regulations, we and certain of our employees could be subject to substantial civil or criminal penalties, including the possible loss of export or import privileges, fines, which may be imposed on us and responsible employees or managers and, in extreme cases, the incarceration of responsible employees or managers.
Further, to the extent there is a sustained general economic downturn and our database software is perceived by customers and potential customers as costly, or too difficult to deploy or migrate to, our revenue may be disproportionately affected by delays or reductions in general information technology spending.
Further, to the extent there is a sustained general economic downturn and our database software is perceived by customers and potential customers as costly, or too difficult to deploy or migrate to, our revenue may be disproportionately affected by delays or reductions in general information technology spending.
The database software market, for both relational and non-relational database products, is highly competitive, rapidly evolving and others may put out competing databases or sell services in connection with existing open source or source available databases, including ours.
The database software market, for both relational and non-relational database products, is highly competitive and rapidly evolving, and others may put out competing databases or sell services in connection with existing open source or source available databases, including ours.
Our current international operations and future initiatives involve a variety of risks, including risks associated with: • changes in a specific country’s or region’s political or economic conditions; • the need to adapt and localize our products for specific countries; • greater difficulty collecting accounts receivable and longer payment cycles; • unexpected changes in laws, regulatory requirements, taxes or trade laws; • shelter-in-place, occupancy limitations or similar orders, private travel limitation, or business disruption in regions affecting our operations, stemming from actual, imminent or perceived outbreak of contagious disease; • more stringent regulations relating to data privacy and security and the unauthorized use of, or access to, commercial and personal data, particularly in EMEA; • differing labor regulations, especially in EMEA, where labor laws are generally more advantageous to employees as compared to the United States, including deemed hourly wage and overtime regulations in these locations; • challenges inherent in efficiently managing an increased number of employees over large geographic distances, including the need to implement appropriate systems, policies, benefits and compliance programs; • difficulties in managing a business in new markets with diverse cultures, languages, customs, legal systems, alternative dispute systems and regulatory systems; • increased costs associated with international operations, including travel, real estate, infrastructure and legal compliance costs; • currency exchange rate fluctuations and the resulting effect on our revenue and expenses and the cost and risk of entering into hedging transactions if we chose to do so in the future; • the effect of other economic factors, including inflation, pricing and currency devaluation; • limitations on our ability to reinvest earnings from operations in one country to fund the capital needs of our operations in other countries; • laws and business practices favoring local competitors or general preferences for local vendors; 34 Table of Contents • operating in new, developing or other markets in which there are significant uncertainties regarding the interpretation, application and enforceability of laws and regulations, including relating to contract and intellectual property rights; • limited or insufficient intellectual property protection or difficulties enforcing our intellectual property; • political instability, including any escalation in the geopolitical tensions between China and Taiwan, social unrest, terrorist activities, acts of civil or international hostility, such as the current military conflict and escalating tensions between Russia and Ukraine, natural disasters or regional or global outbreaks of contagious diseases, such as the COVID-19 pandemic; • exposure to liabilities under anti-corruption and anti-money laundering laws, including the U.S.
Our current international operations and future initiatives involve a variety of risks, including risks associated with: • changes in a specific country’s or region’s political or economic conditions; • the need to adapt and localize our products for specific countries; • greater difficulty collecting accounts receivable and longer payment cycles; • unexpected changes in laws, regulatory requirements, taxes or trade laws; • shelter-in-place, occupancy limitations or similar orders, private travel limitation, or business disruption in regions affecting our operations, stemming from actual, imminent or perceived outbreak of contagious disease; • more stringent regulations relating to data privacy and security and the unauthorized use of, or access to, commercial and personal data, particularly in EMEA; • differing labor regulations, especially in EMEA, where labor laws are generally more advantageous to employees as compared to the United States, including deemed hourly wage and overtime regulations in these locations; • challenges inherent in efficiently managing an increased number of employees over large geographic distances, including the need to implement appropriate systems, policies, benefits and compliance programs; • difficulties in managing a business in new markets with diverse cultures, languages, customs, legal systems, alternative dispute systems and regulatory systems; • increased costs associated with international operations, including travel, real estate, infrastructure and legal compliance costs; • currency exchange rate fluctuations and the resulting effect on our revenue and expenses and the cost and risk of entering into hedging transactions if we chose to do so in the future; • the effect of other economic factors, including inflation, pricing and currency devaluation; • limitations on our ability to reinvest earnings from operations in one country to fund the capital needs of our operations in other countries; • laws and business practices favoring local competitors or general preferences for local vendors; • operating in new, developing or other markets in which there are significant uncertainties regarding the interpretation, application and enforceability of laws and regulations, including relating to contract and intellectual property rights; • limited or insufficient intellectual property protection or difficulties enforcing our intellectual property; • political instability, including any escalation in the geopolitical tensions between China and Taiwan, social unrest, terrorist activities, acts of civil or international hostility, such as the current military conflict and escalating tensions between Russia and Ukraine, natural disasters or regional or global outbreaks of contagious diseases, such as the COVID-19 pandemic; • exposure to liabilities under anti-corruption and anti-money laundering laws, including the U.S.
Some of the factors that may cause our results of operations to fluctuate from quarter to quarter include: • changes in actual and anticipated growth rates of our revenue, customers and other key operating metrics; 21 Table of Contents • new product announcements, pricing changes and other actions by competitors; • the mix of revenue and associated costs attributable to subscriptions for our MongoDB Atlas and MongoDB Enterprise Advanced offerings (such as our non-cancelable multi-year cloud infrastructure capacity commitments, which require us to pay for such capacity irrespective of actual usage) and professional services, as such relative mix may impact our gross margins and operating income; • the mix of revenue and associated costs attributable to sales where subscriptions are bundled with services versus sold on a standalone basis and sales by us and our partners; • our ability to attract new customers; • our ability to effectively expand our sales and marketing capabilities and teams; • our ability to retain customers and expand their usage of our software, particularly for our largest customers; • our inability to enforce the AGPL or SSPL; • delays in closing sales, including the timing of renewals, which may result in revenue being pushed into the next quarter, particularly because a large portion of our sales occur toward the end of each quarter; • the timing of revenue recognition; • the mix of revenue attributable to larger transactions as opposed to smaller transactions; • changes in customers’ budgets and in the timing of their budgeting cycles and purchasing decisions; • changes in customers’ consumption of our platform; • customers and potential customers opting for alternative products, including developing their own in-house solutions, or opting to use only the free version of our products; • fluctuations in currency exchange rates; • our ability to control costs, including our operating expenses; • the timing and success of new products, features and services offered by us and our competitors or any other change in the competitive dynamics of our industry, including consolidation among competitors, customers or strategic partners; • significant security breaches or other security incidents, technical difficulties, or interruptions with respect to the delivery and use of our software; • our failure to maintain the level of service uptime and performance required by our customers; • the collectability of receivables from customers and resellers, which may be hindered or delayed if these customers or resellers experience financial distress; • changes in political and economic conditions, in domestic or international markets; • general economic conditions, both domestically and internationally, including warfare and terrorist attacks on the United States and other regions in which we or our customers operate, such as the Russia-Ukraine conflict and the Israel-Hamas conflict, as well as economic conditions specifically affecting industries in which our customers participate; • sales tax and other tax determinations by authorities in the jurisdictions in which we conduct business; • the impact of new accounting pronouncements; and • fluctuations in stock-based compensation expense.
Some of the factors that may cause our results of operations to fluctuate from quarter to quarter include: • changes in actual and anticipated growth rates of our revenue, customers and other key operating metrics; • new product announcements, pricing changes and other actions by competitors; • the mix of revenue and associated costs attributable to subscriptions for our MongoDB Atlas and MongoDB Enterprise Advanced offerings (such as our non-cancelable multi-year cloud infrastructure capacity commitments, which require us to pay for such capacity irrespective of actual usage) and professional services, as such relative mix may impact our gross margins and operating income; • the mix of revenue and associated costs attributable to sales where subscriptions are bundled with services versus sold on a standalone basis and sales by us and our partners; • our ability to attract new customers; • our ability to timely and effectively expand our sales and marketing capabilities and teams; • our ability to retain customers and expand their usage of our software, particularly for our largest customers; • our inability to enforce the AGPL or SSPL; • delays in closing sales, including the timing of renewals, which may result in revenue being pushed into the next quarter, particularly because a large portion of our sales occur toward the end of each quarter; • the timing of revenue recognition; • the mix of revenue attributable to larger transactions as opposed to smaller transactions; • changes in customers’ budgets and in the timing of their budgeting cycles and purchasing decisions; • changes in customers’ consumption of our platform; 21 Table of Content s • customers and potential customers opting for alternative products, including developing their own in-house solutions, or opting to use only the free version of our products; • fluctuations in currency exchange rates; • our ability to control costs, including our operating expenses; • the timing and success of new products, features and services offered by us and our competitors or any other change in the competitive dynamics of our industry, including consolidation among competitors, customers or strategic partners; • significant security breaches or other security incidents, technical difficulties, or interruptions with respect to the delivery and use of our software; • our failure to maintain the level of service uptime and performance required by our customers; • the collectability of receivables from customers and resellers, which may be hindered or delayed if these customers or resellers experience financial distress; • changes in political and economic conditions, in domestic or international markets; • general economic conditions, both domestically and internationally, including warfare and terrorist attacks on the United States and other regions in which we or our customers operate, such as the Russia-Ukraine conflict and the Israel-Hamas conflict, as well as economic conditions specifically affecting industries in which our customers participate; • sales tax and other tax determinations by authorities in the jurisdictions in which we conduct business; • the impact of new accounting pronouncements; and • fluctuations in stock-based compensation expense.
Any decline in our customer renewals or failure to convince our customers to broaden their usage of subscription offerings and related services could materially and adversely harm our business, results of operations and financial condition. • We may fail to meet our publicly announced guidance or other expectations about our business and future operating results, which would cause our stock price to decline. • We have a limited operating history, which makes it difficult to predict our future results of operations. • We have a history of losses and as our costs increase, we may not be able to generate sufficient revenue to achieve or sustain profitability. • Because we derive more than the majority of our revenue from MongoDB Atlas, failure of MongoDB Atlas to satisfy customer demands could adversely affect our business, results of operations, financial condition and growth prospects and our future revenue may be more difficult to predict. • We currently face significant competition and expect that intense competition will continue. • If we do not effectively expand our sales and marketing organization, we may be unable to add new customers or increase sales to our existing customers. • Our decision to offer Community Server under the Server Side Public License (“SSPL”) may harm the adoption of Community Server. • We could be negatively impacted if the GNU Affero General Public License Version 3 (the “AGPL”), the SSPL and other open source licenses under which some of our software is licensed are not enforceable. 14 Table of Contents • Our licensing model for Community Server could negatively affect our ability to monetize and protect our intellectual property rights. • We could incur substantial costs in obtaining, maintaining, protecting, defending or enforcing our intellectual property rights and any failure to obtain, maintain, protect, defend or enforce our intellectual property rights could reduce the value of our software and brand. • If we are not able to introduce new features or services successfully and to make enhancements to our software or services, our business and results of operations could be adversely affected. • We have experienced rapid growth in recent periods.
Any decline in our customer renewals or failure to convince our customers to broaden their usage of subscription offerings and related services could materially and adversely harm our business, results of operations and financial condition. • We may fail to meet our publicly announced guidance or other expectations about our business and future operating results, which would cause our stock price to decline. • We have a limited operating history, which makes it difficult to predict our future results of operations. • We have a history of losses and as our costs increase, we may not be able to generate sufficient revenue to achieve or sustain profitability. • Because we derive more than the majority of our revenue from MongoDB Atlas, failure of MongoDB Atlas to satisfy customer demands could adversely affect our business, results of operations, financial condition and growth prospects and our future revenue may be more difficult to predict. • We currently face significant competition and expect that intense competition will continue. • If we do not effectively expand our sales and marketing organization, we may be unable to add new customers or increase sales to our existing customers. • Our decision to offer Community Server under the Server Side Public License (“SSPL”) may harm the adoption of Community Server. • We could be negatively impacted if the GNU Affero General Public License Version 3 (the “AGPL”), the SSPL and other open source licenses under which some of our software is licensed are not enforceable. • Our licensing model for Community Server could negatively affect our ability to monetize and protect our intellectual property rights. • We could incur substantial costs in obtaining, maintaining, protecting, defending or enforcing our intellectual property rights and any failure to obtain, maintain, protect, defend or enforce our intellectual property rights could reduce the value of our software and brand. • If we are not able to introduce new features or services successfully and to make enhancements to our software or services, our business and results of operations could be adversely affected. • We have experienced rapid growth in recent periods.
Increasing our customer base and achieving broader market acceptance of our subscription offerings and related services will depend, to a significant extent, on our ability to effectively expand our sales and marketing operations and activities. We are substantially dependent on our direct sales force and our marketing efforts to obtain new customers.
Increasing our customer base and achieving broader market acceptance of our subscription offerings and related services will depend, to a significant extent, on our ability to timely and effectively expand our sales and marketing operations and activities. We are substantially dependent on our direct sales force and our marketing efforts to obtain new customers.
These provisions include: • a classified Board of Directors with three-year staggered terms, which could delay the ability of stockholders to change the membership of a majority of our Board of Directors; • the ability of our Board of Directors to issue shares of preferred stock and to determine the price and other terms of those shares, including preferences and voting rights, without stockholder approval, which could be used to significantly dilute the ownership of a hostile acquirer; • the exclusive right of our Board of Directors to elect a director to fill a vacancy created by the expansion of our Board of Directors or the resignation, death or removal of a director, which prevents stockholders from being able to fill vacancies on our Board of Directors; • a prohibition on stockholder action by written consent, which forces stockholder action to be taken at an annual or special meeting of our stockholders; • the requirement that a special meeting of stockholders may be called only by our Board of Directors, the chairperson of our Board of Directors or our chief executive officer, which limitations could delay the ability of our stockholders to force consideration of a proposal or to take action, including the removal of directors; 45 Table of Contents • the requirement for the affirmative vote of holders of a majority of the voting power of all of the then outstanding shares of the voting stock, to amend the provisions of our amended and restated certificate of incorporation relating to the management of our business (including our classified board structure) or certain provisions of our amended and restated bylaws, which may inhibit the ability of an acquirer to effect such amendments to facilitate an unsolicited takeover attempt; • the ability of our Board of Directors to amend our bylaws, which may allow our Board of Directors to take additional actions to prevent an unsolicited takeover and inhibit the ability of an acquirer to amend our bylaws to facilitate an unsolicited takeover attempt; and • advance notice procedures with which stockholders must comply to nominate candidates to our Board of Directors or to propose matters to be acted upon at a stockholders’ meeting, which may discourage or deter a potential acquirer from conducting a solicitation of proxies to elect the acquirer’s own slate of directors or otherwise attempting to obtain control of us.
These provisions include: • a classified Board of Directors with three-year staggered terms, which could delay the ability of stockholders to change the membership of a majority of our Board of Directors; • the ability of our Board of Directors to issue shares of preferred stock and to determine the price and other terms of those shares, including preferences and voting rights, without stockholder approval, which could be used to significantly dilute the ownership of a hostile acquirer; • the exclusive right of our Board of Directors to elect a director to fill a vacancy created by the expansion of our Board of Directors or the resignation, death or removal of a director, which prevents stockholders from being able to fill vacancies on our Board of Directors; • a prohibition on stockholder action by written consent, which forces stockholder action to be taken at an annual or special meeting of our stockholders; • the requirement that a special meeting of stockholders may be called only by our Board of Directors, the chairperson of our Board of Directors or our chief executive officer, which limitations could delay the ability of our stockholders to force consideration of a proposal or to take action, including the removal of directors; • the requirement for the affirmative vote of holders of a majority of the voting power of all of the then outstanding shares of the voting stock to amend the provisions of our amended and restated certificate of incorporation relating to the management of our business (including our classified board structure) or certain provisions of our amended and restated bylaws, which may inhibit the ability of an acquirer to effect such amendments to facilitate an unsolicited takeover attempt; • the ability of our Board of Directors to amend our bylaws, which may allow our Board of Directors to take additional actions to prevent an unsolicited takeover and inhibit the ability of an acquirer to amend our bylaws to facilitate an unsolicited takeover attempt; and • advance notice procedures with which stockholders must comply to nominate candidates to our Board of Directors or to propose matters to be acted upon at a stockholders’ meeting, which may discourage or deter a 46 Table of Content s potential acquirer from conducting a solicitation of proxies to elect the acquirer’s own slate of directors or otherwise attempting to obtain control of us.
We and the third parties upon which we rely may be subject to a variety of 23 Table of Contents evolving threats, including but not limited to social-engineering attacks (including through phishing attacks), malicious code (such as viruses and worms), malware (including as a result of advanced persistent threat intrusions), denial-of-service attacks (such as credential stuffing), credential harvesting, account takeovers, personnel misconduct or error, fraud, ransomware attacks, supply-chain attacks, software bugs, server malfunctions, software or hardware failures, loss or theft of data or other information technology assets, adware, telecommunications failures, pandemics, earthquakes, fires, floods, and other similar threats.
We and the third parties upon which we rely may be subject to a variety of evolving threats, including but not limited to social-engineering attacks (including through phishing attacks), malicious code (such as viruses and worms), malware (including as a result of advanced persistent threat intrusions), denial-of-service attacks (such as credential stuffing), credential harvesting, account takeovers, personnel misconduct or error, fraud, ransomware attacks, supply-chain attacks, software bugs, server malfunctions, software or hardware failures, loss or theft of data or other information technology assets, adware, telecommunications failures, pandemics, earthquakes, fires, floods, and other similar threats.
For instance, among other factors, the adverse macroeconomic conditions resulted in slower than historical growth of our existing Atlas applications for the year ended January 31, 2024. If we are unable to continue to meet the demands of our customers and the developer community, our business operations, financial results and growth prospects will be materially and adversely affected.
For instance, among other factors, the adverse macroeconomic conditions resulted in slower than historical growth of our existing Atlas applications for the year ended January 31, 2025. If we are unable to continue to meet the demands of our customers and the developer community, our business operations, financial results and growth prospects will be materially and adversely affected.
Data Privacy Framework, however such new adequacy decision is likely to face challenge at the Court of Justice of the European Union. While the EU-U.S.
Data Privacy Framework, however such adequacy decision is likely to face challenge at the Court of Justice of the European Union. While the EU-U.S.
Our business is subject to the risks of earthquakes, fire, floods, pandemics and public health emergencies and other natural catastrophic events and to interruption by man-made problems such as power disruptions,security breaches or other security incidents, or terrorism. As of January 31, 2024, we have customers in over 100 countries and employees in over 25 countries.
Our business is subject to the risks of earthquakes, fire, floods, pandemics and public health emergencies and other natural catastrophic events and to interruption by man-made problems such as power disruptions, security breaches or other security incidents, or terrorism. As of January 31, 2025, we have customers in over 100 countries and employees in over 25 countries.
Similarly, the ongoing military conflict between Russia and Ukraine has had negative impacts on the global economy, including by contributing to rapidly rising costs of living (driven largely by higher energy prices) in Europe and created uncertainty in the global capital markets and is expected to have further global economic consequences, including disruptions of the global supply chain and energy markets.
Similarly, the ongoing military conflict between Russia and Ukraine has had negative impacts on the global economy, including by contributing to rapidly rising costs of living (driven largely by higher energy prices) in Europe and creating uncertainty in the global capital markets and is expected to have further global economic consequences, including disruptions of the global supply chain and energy markets.
Factors that could cause fluctuations in the trading price of our common stock include the following: 42 Table of Contents • actual or anticipated changes or fluctuations in our results of operations; • whether our results of operations meet the expectations of securities analysts or investors; • announcements of new products or technologies, commercial relationships, acquisitions or other events by us or our competitors; • changes in how customers perceive the benefits of our product and future product offerings and releases; • departures of key personnel; • price and volume fluctuations in the overall stock market from time to time; • fluctuations in the trading volume of our shares or the size of our public float; • sales of large blocks of our common stock; • changes in actual or future expectations of investors or securities analysts; • significant data breach or other security incident involving our software; • litigation involving us, our industry, or both; • regulatory developments in the United States, foreign countries or both; • general economic conditions and trends; • major catastrophic events in our domestic and foreign markets; and • “flash crashes,” “freeze flashes” or other glitches that disrupt trading on the securities exchange on which we are listed.
Factors that could cause fluctuations in the trading price of our common stock include the following: • actual or anticipated changes or fluctuations in our results of operations; • whether our results of operations meet the expectations of securities analysts or investors; • announcements of new products or technologies, commercial relationships, acquisitions or other events by us or our competitors; • changes in how customers perceive the benefits of our product and future product offerings and releases; • departures of key personnel; 43 Table of Content s • price and volume fluctuations in the overall stock market from time to time; • fluctuations in the trading volume of our shares or the size of our public float; • sales of large blocks of our common stock; • changes in actual or future expectations of investors or securities analysts; • significant data breach or other security incident involving our software; • litigation involving us, our industry, or both; • regulatory developments in the United States, foreign countries or both; • general economic conditions and trends; • major catastrophic events in our domestic and foreign markets; and • “flash crashes,” “freeze flashes” or other glitches that disrupt trading on the securities exchange on which we are listed.
Any of these factors or any combination thereof could materially and adversely affect our business, results of operations and financial condition. For instance, among other factors, the adverse macroeconomic conditions resulted in slower than historical growth of our existing Atlas applications for the year ended January 31, 2024.
Any of these factors or any combination thereof could materially and adversely affect our business, results of operations and financial condition. For instance, among other factors, the adverse macroeconomic conditions resulted in slower than historical growth of our existing Atlas applications for the year ended January 31, 2025.
Additional factors that may influence the length and variability of our sales cycle include: • the effectiveness of our sales force, in particular new sales people as we increase the size of our sales force; • the discretionary nature of purchasing and budget cycles and decisions; • the obstacles placed by a customer’s procurement process; • our ability to convert users of our free offerings to paying customers; 25 Table of Contents • economic conditions and other factors impacting customer budgets; • customer evaluation of competing products during the purchasing process; and • evolving customer demands.
Additional factors that may influence the length and variability of our sales cycle include: • the effectiveness of our sales force, in particular new sales people as we increase the size of our sales force; • the discretionary nature of purchasing and budget cycles and decisions; • the obstacles placed by a customer’s procurement process; • our ability to convert users of our free offerings to paying customers; • economic conditions and other factors impacting customer budgets; • customer evaluation of competing products during the purchasing process; and • evolving customer demands.
A significant portion of our revenue is derived internationally and we are susceptible to risks related to our international operations. In the fiscal years ended January 31, 2024, 2023 and 2022, total revenue generated from customers outside the United States was 46%, 45% and 46%, respectively, of our total revenue.
A significant portion of our revenue is derived internationally and we are susceptible to risks related to our international operations. In the fiscal years ended January 31, 2025, 2024 and 2023, total revenue generated from customers outside the United States was 46%, 46% and 45%, respectively, of our total revenue.
For example, fluctuations in our quarterly operating results and the 22 Table of Contents price of our common stock may be particularly pronounced in the current economic environment due to the ongoing geopolitical instability resulting from the conflicts between Russia and Ukraine and Israel and Hamas, severely diminished liquidity and credit availability, declines in consumer confidence, declines in economic growth, increases in unemployment rates, instability in the banking sector, increases in inflation rates, higher interest rates and uncertainty about economic stability.
For example, fluctuations in our quarterly operating results and the price of our common stock may be particularly pronounced in the current economic environment due to the ongoing geopolitical instability resulting from the conflicts between Russia and Ukraine and Israel and Hamas, severely diminished liquidity and credit availability, declines in consumer confidence, declines in economic growth, increases in unemployment rates, instability in the banking sector, increases in inflation rates, higher interest rates and uncertainty about economic stability.
Negative conditions in the general economy both in the United States and abroad, including conditions resulting from changes in gross domestic product growth, labor shortages, supply chain disruptions, inflationary pressures, rising interest rates, financial and credit market fluctuations, international trade relations and/or the imposition of trade tariffs, political turmoil, natural catastrophes, regional or global outbreaks of contagious diseases, such as the COVID-19 pandemic, volatility in the banking sector, warfare and terrorist attacks on the United States, Europe, the Asia Pacific region or elsewhere, could cause a decrease in business investments, including spending on information technology, disrupt the timing and cadence of key industry and marketing events and otherwise could materially and adversely affect the growth of our business.
Negative conditions in the general economy both in the United States and abroad, including conditions resulting from changes in gross domestic product growth, labor shortages, supply chain disruptions, inflationary pressures, rising interest rates, financial and credit market fluctuations, international trade relations and/or the imposition of trade tariffs, political turmoil, natural catastrophes, regional or global outbreaks of contagious diseases, such as the COVID-19 pandemic, volatility in the banking sector, warfare and terrorist attacks on the United States, Europe, the Asia Pacific region or elsewhere, such as the conflict in the Middle East, could cause a decrease in business investments, including spending on information technology, disrupt the timing and cadence of key industry and marketing events and otherwise could materially and adversely affect the growth of our business and results of operations.
Our retention rate may also decline or fluctuate as a result of a number of other factors, including our customers’ satisfaction or dissatisfaction with our software, the increase in the contract value of subscription and support contracts from new customers, the effectiveness of our customer support services, our pricing, the prices of competing products or services, mergers and acquisitions affecting our customer base, global economic conditions and the other risk factors described herein.
Our retention rate and our net ARR expansion rate may also decline or fluctuate as a result of a number of other factors, including our customers’ satisfaction or dissatisfaction with our software, the increase in the contract value of subscription and support contracts from new customers, the effectiveness of our customer support services, our pricing, the prices of competing products or services, mergers and acquisitions affecting our customer base, global economic conditions and the other risk factors described herein.
We are continuing to develop and refine our disclosure controls and other procedures that are designed to ensure that information required to be disclosed by us in the reports that we will file with the SEC is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms and that information required to be disclosed in reports under the Exchange Act is accumulated and communicated to our principal executive and financial officers.
We have developed and are continuing to refine our disclosure controls and other procedures that are designed to ensure that information required to be disclosed by us in the reports that we will file with the SEC is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms and that information required to be disclosed in reports under the Exchange Act is accumulated and communicated to our principal executive and financial officers.
Even if we do attract new customers, the cost of new customer acquisition, product implementation and ongoing customer support may prove so high as to prevent us from achieving or sustaining profitability. For example, in fiscal years 2024, 2023 and 2022, total sales and marketing expense represented 47%, 54% and 54% of revenue, respectively.
Even if we do attract new customers, the cost of new customer acquisition, product implementation and ongoing customer support may prove so high as to prevent us from achieving or sustaining profitability. For example, in fiscal years 2025, 2024 and 2023, total sales and marketing expense represented 43%, 47% and 54% of revenue, respectively.
We have in the past and may in the future be subject to claims that we have misappropriated, misused, infringed or otherwise violated the intellectual property rights of our competitors, non-practicing entities or other third parties. This risk is exacerbated by the fact that our software incorporates 30 Table of Contents third-party open source software.
We have in the past and may in the future be subject to claims that we have misappropriated, misused, infringed or otherwise violated the intellectual property rights of our competitors, non-practicing entities or other third parties. This risk is exacerbated by the fact that our software incorporates third-party open source software.
Changes to existing rules or the questioning of current practices may adversely affect our reported financial results or the way we conduct our business. For example, SEC proposals on 37 Table of Contents climate-related disclosures may require us to update our accounting or operational policies, processes, or systems to reflect new or amended financial reporting standards.
Changes to existing rules or the questioning of current practices may adversely affect our reported financial results or the way we conduct our business. For example, SEC proposals on climate-related disclosures may require us to update our accounting or operational policies, processes, or systems to reflect new or amended financial reporting standards.
The SSPL builds on the spirit of the AGPL, but includes an explicit condition that any organization using Community Server to offer MongoDB as a third-party service must open source the software that it uses to offer such service. It is possible that a 19 Table of Contents court could hold the SSPL or AGPL to be unenforceable.
The SSPL builds on the spirit of the AGPL, but includes an explicit condition that any organization using Community Server to offer MongoDB as a third-party service must open source the software that it uses to offer such service. It is possible that a court could hold the SSPL or AGPL to be unenforceable.
In addition, licensors of open source software included in our offerings may, from time to time, modify the terms of their license agreements in such a manner that those license terms may become incompatible with 20 Table of Contents our licensing model and thus could, among other consequences, prevent us from incorporating the software subject to the modified license.
In addition, licensors of open source software included in our offerings may, from time to time, modify the terms of their license agreements in such a manner that those license terms may become incompatible with our licensing model and thus could, among other consequences, prevent us from incorporating the software subject to the modified license.
Our amended and restated certificate of incorporation provides that the Court of Chancery of the State of Delaware is the exclusive forum for the following types of actions or proceedings under Delaware statutory or common law: • any derivative action or proceeding brought on our behalf; • any action asserting a breach of fiduciary duty; • any action asserting a claim against us arising under the Delaware General Corporation Law, our amended and restated certificate of incorporation, or our amended and restated bylaws; and • any action asserting a claim against us that is governed by the internal-affairs doctrine.
Our amended and restated certificate of incorporation provides that the Court of Chancery of the State of Delaware is the exclusive forum for the following types of actions or proceedings under Delaware statutory or common law: • any derivative action or proceeding brought on our behalf; • any action asserting a breach of fiduciary duty; 45 Table of Content s • any action asserting a claim against us arising under the Delaware General Corporation Law, our amended and restated certificate of incorporation, or our amended and restated bylaws; and • any action asserting a claim against us that is governed by the internal-affairs doctrine.
See “— Unfavorable conditions in our industry or the global economy or reductions in information technology spending could limit our ability to grow our business and materially and adversely affect our results of operations.” 17 Table of Contents We currently face significant competition and expect that intense competition will continue.
See “— Unfavorable conditions in our industry or the global economy or reductions in information technology spending could limit our ability to grow our business and materially and adversely affect our results of operations.” We currently face significant competition and expect that intense competition will continue.
The loss of any of our senior management or key employees 32 Table of Contents could adversely affect our ability to build on the efforts they have undertaken to execute our business plan and to execute against our market opportunity. We may not be able to find adequate replacements.
The loss of any of our senior management or key employees could adversely affect our ability to build on the efforts they have undertaken to execute our business plan and to execute against our market opportunity. We may not be able to find adequate replacements.
Furthermore, if we make downward 43 Table of Contents revisions of our previously announced guidance, if we withdraw our previously announced guidance, or if our publicly announced guidance of future operating results fails to meet expectations of securities analysts, investors or other interested parties, the price of our common stock would decline.
Furthermore, if we make downward revisions of our previously announced guidance, if we withdraw our previously announced guidance, or if our publicly announced guidance of future operating results fails to meet expectations of securities analysts, investors or other interested parties, the price of our common stock would decline.
We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances, as described in Note 2 Summary of Significant Accounting Policies , in the Notes to Consolidated Financial Statements included in Part II, Item 8, Financial Statements , of this Form 10-K.
We base our 37 Table of Content s estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances, as described in Note 2 Summary of Significant Accounting Policies , in the Notes to Consolidated Financial Statements included in Part II, Item 8, Financial Statements , of this Form 10-K.
In connection with establishing their initial hedges of the capped call transactions, the counterparties or their respective affiliates entered into various derivative transactions with respect to our common stock concurrently with or shortly after the pricing of the 2026 Notes, including with certain investors in the 2026 Notes.
In connection with establishing their initial hedges of the capped call transactions, the counterparties or their respective affiliates entered into various derivative transactions with respect to our common stock concurrently with or shortly after the pricing of the 2026 Notes.
Any failure to implement and maintain effective internal control over financial reporting also could adversely affect the results of periodic management evaluations and annual independent registered public accounting firm attestation reports regarding the effectiveness of our internal control over financial reporting that we will eventually be required to include in our periodic reports that will be filed with the SEC.
Any failure to implement and maintain effective internal control over financial reporting also could adversely affect the results of periodic management evaluations and annual independent registered public accounting firm attestation reports regarding the effectiveness of our internal control over financial reporting that we are required to include in our periodic reports filed with the SEC.
Because of our limited operating history, we cannot predict whether, or to what extent, our 18 Table of Contents sales will increase as we expand our sales and marketing organization or how long it will take for sales personnel to become productive.
Because of our limited operating history, we cannot predict whether, or to what extent, our sales will increase as we expand our sales and marketing organization or how long it will take for sales personnel to become productive.
Our ability to make scheduled payments of the principal of, to pay interest on or to refinance our indebtedness, including the 2026 Notes, depends on our future performance, which is subject to economic, financial, competitive and other factors beyond our control.
Our ability to make scheduled payments of the principal of, to pay interest on or to refinance our indebtedness, depends on our future performance, which is subject to economic, financial, competitive and other factors beyond our control.
Risks related to data security will increase as we continue to grow the scale and functionality of our business and collect, store, transmit and otherwise process increasingly large amounts of our and our customers’ information and data, which may include personal, proprietary, confidential or other sensitive data.
Risks related to data security will increase as we continue to grow the scale and 23 Table of Content s functionality of our business and collect, store, transmit and otherwise process increasingly large amounts of our and our customers’ information and data, which may include personal, proprietary, confidential or other sensitive data.
We also compete with public cloud providers such as Amazon Web Services (“AWS”), Google Cloud Platform (“GCP”) and Microsoft Azure that offer database functionality and with non-relational database software providers. In addition, other large software and internet companies may seek to enter our market.
We also compete with public cloud providers such as Amazon Web Services (“AWS”), Google Cloud Platform (“GCP”) and Microsoft Azure that offer database functionality and with smaller, emerging database software providers. In addition, other large software and internet companies may seek to enter our market.
Our database software and related services are designed to be deployed in a wide variety of technology environments, including in large-scale, complex technology environments and we believe our future success will depend at least, in part, on our ability to support such deployments.
Our database software and related services are designed to be deployed in a wide variety of technology environments, including in large-scale, complex technology environments and we believe our future success will depend at least, in part, on 31 Table of Content s our ability to support such deployments.
Any change in export or import regulations, economic sanctions or related legislation, or change in the countries, governments, persons or technologies targeted by such regulations, could result in decreased use of our offerings by, or in our decreased ability to export or sell our offerings to, existing or potential customers with international operations.
Any change in 40 Table of Content s export or import regulations, economic sanctions or related legislation, or change in the countries, governments, persons or technologies targeted by such regulations, could result in decreased use of our offerings by, or in our decreased ability to export or sell our offerings to, existing or potential customers with international operations.
Our competitors may also be able to respond more quickly and effectively than we can to new or changing opportunities, technologies, standards or customer requirements, or may be able to devote greater resources than we can to the development, promotion, and sale of their products and services.
Our competitors may also be able to respond more quickly and effectively than we can to new or 17 Table of Content s changing opportunities, technologies, standards or customer requirements, or may be able to devote greater resources than we can to the development, promotion, and sale of their products and services.
Our data processing activities subject us to numerous data privacy and security obligations, such as various laws, regulations, rules, guidance, industry standards, external and internal privacy and security policies, contracts, and other obligations that govern the processing of personal data by us and on our behalf.
Our data processing activities subject us to numerous data privacy and security obligations, such as various laws, regulations, rules, guidance, industry standards, external and internal 26 Table of Content s privacy and security policies, contracts, and other obligations that govern the processing of personal data by us and on our behalf.
Any of the above circumstances or events may harm our business, results of operations and financial condition. 31 Table of Contents Interruptions or performance problems associated with our technology and infrastructure may adversely affect our business, results of operations and financial condition.
Any of the above circumstances or events may harm our business, results of operations and financial condition. Interruptions or performance problems associated with our technology and infrastructure may adversely affect our business, results of operations and financial condition.
We had an accumulated deficit of $1.7 billion as of January 31, 2024. We expect our operating expenses to increase significantly as we increase our sales and marketing efforts, continue to invest in research and development and expand our operations and infrastructure, both domestically and internationally.
We had an accumulated deficit of $1.8 billion as of January 31, 2025. We expect our operating expenses to increase significantly as we increase our sales and marketing efforts, continue to invest in research and development and expand our operations and infrastructure, both domestically and internationally.
The risks we face in connection with any acquisitions or strategic investments include: • the potential of incurring charges or assuming substantial debt or other liabilities, which may cause adverse tax consequences or unfavorable accounting treatment, and which may expose us to claims and disputes by stockholders and third parties, including intellectual property claims and disputes, or which may not generate sufficient financial return to offset additional costs and expenses related to the acquisition or strategic investment; • we may encounter difficulties or unforeseen expenditures in integrating the business, technologies, products, personnel or operations of any company that we acquire or invest in, particularly if key personnel of the acquired company decide not to work for us; • we may not be able to realize anticipated synergies; • an acquisition or strategic investment may disrupt our ongoing business, divert resources, increase our expenses and distract our management; • an acquisition may result in a delay or reduction of customer purchases for both us and the company acquired due to customer uncertainty about continuity and effectiveness of service from either company and we may experience increased customer churn with respect to the company acquired; • we may encounter challenges integrating the employees of the acquired company into our company culture; • for international transactions, we may face additional challenges related to the integration of operations across different cultures and languages and the economic, political and regulatory risks associated with specific countries; • we may be unable to successfully sell any acquired products or increase adoption or usage of acquired products, or increase spend by acquired customers; • our use of cash to pay for acquisitions or strategic investment would limit other potential uses for our cash; 36 Table of Contents • if we incur debt to fund any acquisitions, such debt may subject us to material restrictions on our ability to conduct our business, including financial maintenance covenants; and • if we issue a significant amount of equity securities in connection with future acquisitions, existing stockholders may be diluted and earnings per share may decrease.
The risks we face in connection with any acquisitions or strategic investments include: • the potential of incurring charges or assuming substantial debt or other liabilities, which may cause adverse tax consequences or unfavorable accounting treatment, and which may expose us to claims and disputes by stockholders and third parties, including intellectual property claims and disputes, or which may not generate sufficient financial return to offset additional costs and expenses related to the acquisition or strategic investment; • we may encounter difficulties or unforeseen expenditures in integrating the business, technologies, products, personnel or operations of any company that we acquire or invest in, particularly if key personnel of the acquired company decide not to work for us; • we may not be able to realize anticipated synergies; • an acquisition or strategic investment may disrupt our ongoing business, divert resources, increase our expenses and distract our management; • an acquisition may result in a delay or reduction of customer purchases for both us and the company acquired due to customer uncertainty about continuity and effectiveness of service from either company and we may experience increased customer churn with respect to the company acquired; • we may encounter challenges integrating the employees of the acquired company into our company culture; • for international transactions, we may face additional challenges related to the integration of operations across different cultures and languages and the economic, political and regulatory risks associated with specific countries; • we may be unable to successfully sell any acquired products or increase adoption or usage of acquired products, or increase spend by acquired customers; • our use of cash to pay for acquisitions or strategic investment would limit other potential uses for our cash; • if we incur debt to fund any acquisitions, such debt may subject us to material restrictions on our ability to conduct our business, including financial maintenance covenants; • if we issue a significant amount of equity securities in connection with future acquisitions, existing stockholders may be diluted and earnings per share may decrease; and • unforeseen legal liability arising from prior or ongoing acts or omissions by the acquired businesses which are not discovered by due diligence during the acquisition process or that prove to have a greater than anticipated adverse impact.
If we are unable to generate such cash flow, we may be required to adopt one or more 46 Table of Contents alternatives, such as selling assets, restructuring debt or obtaining additional equity capital on terms that may be onerous or highly dilutive.
If we are unable to generate such cash flow, we may be required to adopt one or more alternatives, such as selling assets, restructuring debt or obtaining additional equity capital on terms that may be onerous or highly dilutive.
To the extent that the resulting receivership or insolvency causes customers to be unable to, or causes delays, in accessing bank deposits, our customers may not be able to pay us on time or at all for the products and services that we provide them and they may not renew their subscriptions with us.
To the extent that the resulting receivership or insolvency causes customers to be unable to, 15 Table of Content s or causes delays, in accessing bank deposits, our customers may not be able to pay us on time or at all for the products and services that we provide them and they may not renew their subscriptions with us.
We have a history of losses and as our costs increase, we may not be able to generate sufficient revenue to achieve or sustain profitability. We have incurred net losses in each period since our inception, including net losses of $176.6 million, $345.4 million and $306.9 million for the fiscal years ended January 31, 2024, 2023 and 2022, respectively.
We have a history of losses and as our costs increase, we may not be able to generate sufficient revenue to achieve or sustain profitability. We have incurred net losses in each period since our inception, including net losses of $129.1 million, $176.6 million and $345.4 million for the fiscal years ended January 31, 2025, 2024 and 2023, respectively.
The relevant taxing authorities may determine that the manner in which we operate our business does not achieve the intended tax consequences. If such a disagreement was to occur and our position was not sustained, we could be required to pay additional taxes and interest and penalties.
The relevant taxing authorities may determine that the manner in which we operate our business does not achieve the intended tax consequences. If such a 35 Table of Content s disagreement was to occur and our position was not sustained, we could be required to pay additional taxes and interest and penalties.
Compliance with these laws and regulations may require us to make significant operational changes, limit the effectiveness of our marketing activities, divert the attention of our technology personnel, adversely affect our margins, and subject us to liabilities.
Compliance with these laws and regulations may require us to 28 Table of Content s make significant operational changes, limit the effectiveness of our marketing activities, divert the attention of our technology personnel, adversely affect our margins, and subject us to liabilities.
We currently have international offices outside of North America in Europe, the Middle East and Africa (“EMEA”), the Asia-Pacific region and South America, focusing primarily on selling our products and services in those regions.
We currently have international offices outside of North America in Europe, the Middle East and Africa (“EMEA”), the Asia-Pacific region and South America, 33 Table of Content s focusing primarily on selling our products and services in those regions.
During the evaluation and testing process, if we identify one 38 Table of Contents or more material weaknesses in our internal control over financial reporting, we will be unable to assert that our internal control over financial reporting is effective.
During the evaluation and testing process, if we identify one or more material weaknesses in our internal control over financial reporting, we will be unable to assert that our internal control over financial reporting is effective.
Furthermore, on May 12, 2021, the Biden administration issued an Executive Order requiring federal agencies to implement additional IT security measures, including, among other things, requiring agencies to adopt multifactor authentication and encryption for data at rest and in transit, to the maximum extent consistent with federal records laws and 27 Table of Contents other applicable laws.
For example, on May 12, 2021, the Biden administration issued an Executive Order requiring federal agencies to implement additional IT security measures, including, among other things, requiring agencies to adopt multifactor authentication and encryption for data at rest and in transit, to the maximum extent consistent with federal records laws and other applicable laws.
This activity could also cause or avoid an increase or a decrease in the market price of our common stock. We do not make any representation or prediction as to the direction or magnitude of any potential effect that the transactions described above may have on the price of shares of our common stock. Item 1B.
This activity could also cause or avoid an increase or a decrease in the market 47 Table of Content s price of our common stock. We do not make any representation or prediction as to the direction or magnitude of any potential effect that the transactions described above may have on the price of shares of our common stock.
As of January 31, 2024, we had 77 issued patents and 35 pending patent applications in the United States. Patent applications may not result in issued patents and even if a patent issues, we cannot assure you that such patent will be adequate to protect our business.
As of January 31, 2025, we had 84 issued patents and 47 pending patent applications in the United States. Patent applications may not result in issued patents and even if a patent issues, we cannot assure you that such patent will be adequate to protect our business.
The implementation of such initiatives may require considerable investment and if these initiatives are not perceived to be adequate, or if the positions we take (or choose not to take) on social and ethical issues are unpopular with some of our employees, partners, or with our customers or potential customers, our reputation could be harmed, which could negatively impact our ability to attract or retain employees, partners or customers.
Additionally, if these initiatives are not perceived to be adequate, or if the positions we take (or choose not to take) on social and ethical issues are unpopular with some of our employees, partners, or with our customers or potential customers, our reputation could be harmed, which could negatively impact our ability to attract or retain employees, partners or customers.
Our software is used in IT environments with different operating systems, system management software, applications, devices, databases, servers, storage, middleware, custom and third-party applications and equipment and 26 Table of Contents networking configurations, which may cause errors or failures in the IT environment into which our software is deployed.
Our software is used in IT environments with different operating systems, system management software, applications, devices, databases, servers, storage, middleware, custom and third-party applications and equipment and networking configurations, which may cause errors or failures in the IT environment into which our software is deployed. This diversity increases the likelihood of errors or failures in those IT environments.
Risk Factors Summary Investing in our common stock involves a high degree of risk because we are subject to numerous risks and uncertainties that could negatively impact our business, financial condition and results of operations, as more fully described below.
In that case, the trading price of our common stock could decline. 13 Table of Content s Risk Factors Summary Investing in our common stock involves a high degree of risk because we are subject to numerous risks and uncertainties that could negatively impact our business, financial condition and results of operations, as more fully described below.
Competition for well-qualified employees in all aspects of our business, including sales personnel, customer-facing technical personnel and software engineers, is intense, and it may be even more challenging to retain qualified personnel as many companies have moved to offer a remote or hybrid work environment, and considering the current period of heightened employee attrition in the United States and other countries.
Competition for well-qualified employees in all aspects of our business, including sales personnel, customer-facing technical personnel and software engineers, is intense, and it may be even more challenging to retain qualified personnel as many companies have moved to offer a remote or hybrid work environment.
Our ability to use our net operating losses to offset future taxable income may be subject to certain limitations. As of January 31, 2024, we had net operating loss (“NOL”) carryforwards for U.S. federal and state, Irish and U.K. income tax purposes. A lack of future taxable income would adversely affect our ability to utilize these NOLs before they expire.
As of January 31, 2025, we had net operating loss (“NOL”) carryforwards for U.S. federal and state, Irish and U.K. income tax purposes. A lack of future taxable income would adversely affect our ability to utilize these NOLs before they expire.
Additionally, there can be no assurance that our reporting frameworks and principles will be in compliance with any new environmental and social laws and regulations that may be promulgated in the United States and elsewhere, and the costs of changing any of our current practices to comply with any new legal and regulatory requirements in the United States and elsewhere may be substantial.
Accordingly, there can be no assurance that our reporting frameworks and principles will be in compliance with any new environmental and social laws and regulations that may be promulgated in the United States and elsewhere, and the costs of changing any of our current practices to comply with any new legal and regulatory requirements, and to keep up with market trends and stay competitive among our peers, in the United States and elsewhere may be substantial.
In addition, because our customer’s usage of MongoDB Atlas may vary for a number of reasons, our visibility into the timing of revenue recognition is limited.
In addition, because our customers’ usage of MongoDB Atlas may vary for a 16 Table of Content s number of reasons, our visibility into the timing of revenue recognition is limited.
Risks Related to our Outstanding Notes We have incurred a significant amount of debt and may in the future incur additional indebtedness. We may not have sufficient cash flow from our business to make payments on our substantial debt when due.
Risks Related to our Indebtedness In the past, we incurred significant amounts of debt and may in the future incur additional indebtedness. We may not have sufficient cash flow from our business to make payments on such debt when due.
If we fail to continue to grow and to manage our growth effectively, we may be unable to execute our business plan, increase our revenue, improve our results of operations, maintain high levels of service, or adequately address competitive challenges. • If we or our third-party service providers, experience a security breach or other security incident, or unauthorized access to personal, proprietary, confidential or other sensitive data is otherwise obtained, our software may be perceived as not being secure, customers may reduce or terminate their use of our software and we may face litigation, regulatory investigations, significant liability and reputational damage. • If we are not able to maintain and enhance our brand, especially among developers, our business and results of operations may be adversely affected.
If we fail to continue to grow and to manage our growth effectively, we may be unable to execute our business plan, increase our revenue, improve our results of operations, maintain high levels of service, or adequately address competitive challenges. • If we or our third-party service providers, experience a security breach or other security incident, or unauthorized access to personal, proprietary, confidential or other sensitive data is otherwise obtained, our software may be perceived as not being secure, customers may reduce or terminate their use of our software and we may face litigation, regulatory investigations, significant liability and reputational damage. • If we are not able to maintain and enhance our brand, especially among developers, our business and results of operations may be adversely affected. 14 Table of Content s Risks Related to Our Business and Industry Unfavorable conditions in our industry or the global economy or reductions in information technology spending could limit our ability to grow our business and materially and adversely affect our results of operations.
We have also significantly increased the size of our customer base from over 3,200 customers as of January 31, 2017 to over 47,800 customers as of January 31, 2024, and we grew from 713 employees as of January 31, 2017 to 5,037 employees as of January 31, 2024.
We have also significantly increased the size of our customer base from over 3,200 customers as of January 31, 2017 to over 54,500 customers as of January 31, 2025, and we grew from 713 employees as of January 31, 2017 to 5,558 employees as of January 31, 2025.
See “Part I, Item 3, Legal Proceedings, of this Form 10-K.” Any intellectual property claims, with or without merit, could be very time-consuming and expensive and could divert our management’s attention and other resources. These claims could also subject us to significant liability for damages, potentially including treble damages if we are found to have willfully infringed patents or copyrights.
Any intellectual property claims, with or without merit, could be very time-consuming and expensive and could divert our management’s attention and other resources. These claims could also subject us to significant liability for damages, potentially including treble damages if we are found to have willfully infringed patents or copyrights.
If any of the following risks or others not specified below materialize, our business, financial condition and results of operations could be materially and adversely affected. In that case, the trading price of our common stock could decline.
If any of the following risks or others not specified below materialize, our business, financial condition and results of operations could be materially and adversely affected.
There is a risk that the use of third-party open source software in our software could impose conditions or restrictions on our ability to monetize our software.
Our software includes third-party open source software and we intend to continue to incorporate third-party open source software in our products in the future. There is a risk that the use of third-party open source software in our software could impose conditions or restrictions on our ability to monetize our software.
The capped call transactions may affect the value of the 2026 Notes and our common stock. In connection with the pricing of the 2026 Notes, we entered into privately negotiated capped call transactions with certain counterparties. The capped call transactions cover, subject to customary adjustments, the number of shares of our common stock initially underlying the 2026 Notes.
In connection with the pricing of the 2026 Notes, all of which were redeemed in December 2024, we entered into privately negotiated capped call transactions with certain counterparties. The capped call transactions cover, subject to customary adjustments, the number of shares of our common stock initially underlying the 2026 Notes.
If we are unable to assert that our internal control over financial reporting is effective, or if our independent registered public accounting firm is unable to express an opinion on the effectiveness of our internal control over financial reporting, we could lose investor confidence in the accuracy and completeness of our financial reports, which could have an adverse effect on our business and results of operations and could cause a decline in the price of our common stock and we may be subject to investigation or sanctions by the SEC.
If we are unable to assert that our internal control over financial reporting is effective, or if our independent registered public accounting firm is unable to express an opinion on the effectiveness of our internal control over financial reporting, we could lose investor confidence in the accuracy and completeness of our financial reports, which could have an adverse effect on our business and results of operations and could cause a decline in the price of our common stock and we may be subject to investigation or sanctions by the SEC. 38 Table of Content s We may require additional capital to support our operations or the growth of our business and we cannot be certain that this capital will be available on reasonable terms when required, or at all.
Our recent hires and planned hires may not become as productive as quickly as we expect, and we may be unable to hire or retain sufficient numbers of qualified individuals in the future in the markets where we do business, particularly during the current period of heightened employee attrition in the United States and other countries.
Our recent hires and planned hires may not become as productive as quickly as we expect, and we may be unable to hire or retain sufficient numbers of qualified individuals in the future in the markets where we do business.
This assessment includes disclosure of any material weaknesses identified by our management in our internal control over financial reporting. In addition, we are required to have our independent registered public accounting firm issue an opinion on the effectiveness of our internal control over financial reporting on an annual basis.
In addition, we are required to have our independent registered public accounting firm issue an opinion on the effectiveness of our internal control over financial reporting on an annual basis.
If these services become unavailable due to extended outages, interruptions or because they are no longer available on commercially reasonable terms, our expenses could increase, our ability to manage finances could be interrupted and our processes for managing sales of our platform and supporting our customers could be impaired until equivalent services, if available, are identified, obtained and implemented, all of which could adversely affect our business. 33 Table of Contents Indemnity provisions in various agreements could expose us to substantial liability for data breaches, intellectual property infringement and other losses.
If these services become unavailable due to extended outages, interruptions or because they are no longer available on commercially reasonable terms, our expenses could increase, our ability to manage finances could be interrupted and our processes for managing sales of our platform and supporting our customers could be impaired until equivalent services, if available, are identified, obtained and implemented, all of which could adversely affect our business.
Risks Related to Ownership of Our Common Stock The trading price of our common stock has been and is likely to continue to be volatile, which could cause the value of our common stock to decline. Technology stocks have historically experienced high levels of volatility.
Technology stocks have historically experienced high levels of volatility. The trading price of our common has been and is likely to continue to be volatile.
The occurrence of any of these risks could have an adverse effect on our business, results of operations and financial condition. We are subject to risks associated with our non-marketable securities, including partial or complete loss of invested capital. Significant changes in the fair value of our private investment portfolio could negatively impact our financial results.
The occurrence of any of these risks could have an adverse effect on our business, results of operations and financial condition. 36 Table of Content s We are subject to risks associated with our non-marketable securities, including partial or complete loss of invested capital.
Failure to comply with anti-bribery, anti-corruption and anti-money laundering laws could subject us to penalties and other adverse consequences. We are subject to the U.S. Foreign Corrupt Practices Act of 1977, as amended (the “FCPA”), the U.S. Travel Act, the U.K. Bribery Act (the “Bribery Act”) and other anti-corruption, anti-bribery and anti-money laundering laws in various jurisdictions around the world.
Foreign Corrupt Practices Act of 1977, as amended (the “FCPA”), the U.S. Travel Act, the U.K. Bribery Act (the “Bribery Act”) and other anti-corruption, anti-bribery and anti-money laundering laws in various jurisdictions around the world.
Certain of our operational metrics are subject to inherent challenges in measurement, and any real or perceived inaccuracies in such metrics may adversely affect our business and reputation.
We track certain operational metrics with internal systems and tools and do not independently verify such metrics. Certain of our operational metrics are subject to inherent challenges in measurement, and any real or perceived inaccuracies in such metrics may adversely affect our business and reputation.
Further, we may be unaware of the intellectual property rights of others that may cover some or all of our products, and our insurance may not cover intellectual property rights infringement claims that may be made. Any of these results would adversely affect our business, results of operations and financial condition.
Further, we may be unaware of the intellectual property rights of others that may cover some or all of our products, and our insurance may not cover intellectual property rights infringement claims that may be made.
For fiscal years 2024, 2023 and 2022, our total revenue was $1,683.0 million, $1,284.0 million and $873.8 million, respectively, representing a 31% and 47% growth rate, respectively.
For fiscal years 2025, 2024 and 2023, our total revenue was $2,006.4 million, $1,683.0 million and $1,284.0 million, respectively, representing a 19% and 31% growth rate, respectively.
Because the source code for Community Server and any other software we contribute to open source projects or distribute under open source licenses is publicly available, our ability to monetize and protect our intellectual property rights with respect to such source code may be limited or, in some cases, lost entirely.
Because the source code for Community Server and any other software we contribute to open source projects or distribute under open source licenses is publicly available, our ability to monetize and protect our intellectual property rights with respect to such source code may be limited or, in some cases, lost entirely. 19 Table of Content s Our software incorporates third-party open source software, which could negatively affect our ability to sell our products and subject us to possible litigation.
Data Privacy 28 Table of Contents Framework, and have also self-certified under the Swiss Data Privacy Framework in anticipation of a similar adequacy decision from the Swiss government. Both the U.K. and Swiss Data Privacy Frameworks could also be contested or otherwise affected by any challenges to the EU-U.S. Data Privacy Framework.
Data Privacy Framework, and have also self-certified under the Swiss Data Privacy Framework. Both the U.K. and Swiss Data Privacy Frameworks could also be contested or otherwise affected by any challenges to the EU-U.S. Data Privacy Framework.

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Item 1C. Cybersecurity

Cybersecurity — threats and controls disclosure

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Biggest changeWe also engage third parties to perform annual audits of our standards-based certifications and we have undergone a Health Insurance Portability and Accountability Act examination validated by a qualified third-party assessor. Governance Our board of directors has overall oversight responsibility for our enterprise risk management, and delegates cybersecurity risk management oversight to its Audit Committee.
Biggest changeWe also engage third parties to perform annual audits of our standards-based certifications and we have undergone a Health Insurance Portability and Accountability Act examination validated by a qualified third-party assessor.
To bolster the security of our products and services, we have appropriate technical and organizational measures in place to protect data that our customers upload to MongoDB Atlas, which is certified against ISO 27001:2013, ISO 27017:2015, ISO 27018:2019, SOC 2 Type II, Payment Card Industry Data Security Standard v.4, and Cloud Security Alliance (“CSA”) Security, Trust, Assurance, Information Security Registered Assessors Program and Risk (“STAR”) Level 2.
To bolster the security of our products and services, we have appropriate technical and organizational measures in place to protect data that our customers upload to MongoDB Atlas, which is certified against ISO 27001:2022, ISO 27017:2015, ISO 27018:2019, ISO 9001:2015, SOC 2 Type II, Payment Card Industry Data Security Standard v.4, and Cloud Security Alliance (“CSA”) Security, Trust, Assurance, Information Security Registered Assessors Program and Risk (“STAR”) Level 2.
The Audit Committee subsequently reports material cybersecurity matters to our full board of directors. In addition, our management follows a risk-based escalation process to notify the Audit Committee outside of the regular reporting cycle when they identify an emerging cybersecurity risk.
The Security Committee subsequently reports material cybersecurity matters to our full board of directors. In addition, our management follows a risk-based escalation process to notify the Security Committee outside of the regular reporting cycle when they identify an emerging cybersecurity risk.
The Audit Committee is responsible for ensuring that management has processes in place designed to identify and assess cybersecurity risks to which the Company is exposed and implement processes and programs designed to manage cybersecurity risks, including mitigation and remediation of cybersecurity threats and incidents.
The Security Committee is responsible for ensuring that management has processes in place designed to identify and assess cybersecurity risks to which the Company is exposed and implement processes and programs designed to manage cybersecurity risks, including mitigation and remediation of cybersecurity threats and incidents.
Our CISO and information security team, along with our management, are responsible for identifying, considering and assessing material cybersecurity risks on an ongoing basis, establishing processes to ensure that such potential cybersecurity risk exposures are monitored, putting in place appropriate mitigation measures and maintaining our cybersecurity programs.
Our CISO and security teams, along with our management, are responsible for identifying, considering and assessing material cybersecurity risks on an ongoing basis, establishing processes to ensure that such potential cybersecurity risk exposures are monitored, putting in place appropriate mitigation measures and maintaining our cybersecurity programs.
Despite our efforts, we cannot eliminate all risks from cybersecurity threats, or provide assurances that we have not experienced an undetected cybersecurity incident. For more information about these risks, please see “Risk Factors – Risks Related to our Business and Industry” in this annual report on Form 10-K.
Despite our efforts, we cannot eliminate all risks from cybersecurity threats, or provide assurances that we have not experienced an undetected cybersecurity incident. For more information about these risks, please see “Risk Factors – Risks Related to our Business and Industry” in this annual report on Form 10-K. 48 Table of Content s
Our cybersecurity programs are under the direction of our CISO, who receives reports from our information security team and monitors the prevention, detection, mitigation, and remediation of cybersecurity incidents. Our CISO and dedicated security leaders are certified and experienced information systems security professionals and information security managers each with well over a decade of experience.
Our cybersecurity programs are under the direction of our CISO, who receives reports from our security teams and monitors the prevention, detection, mitigation, and remediation of cybersecurity incidents. Our CISO and key security leaders are certified and experienced information systems security professionals, security engineers, and information security managers each with well over a decade of experience.
In addition, on a quarterly basis, certain members of our board of directors meet with our Chief Information Security Officer, (“CISO”), and other senior executives to perform more in-depth reviews of the Company’s cybersecurity programs, as well as relevant cybersecurity risks and mitigation strategies and report back to the Audit Committee regarding the matters reviewed.
On a quarterly basis, the Security Committee meets with our Chief Information Security Officer, (“CISO”), and other senior executives to perform more in-depth reviews of the Company’s cybersecurity programs, as well as relevant cybersecurity risks and mitigation strategies.
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Governance Our board of directors has overall oversight responsibility for our enterprise risk management, and delegates cybersecurity risk management oversight to its Security Committee, which was established this past year.

Item 2. Properties

Properties — owned and leased real estate

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Biggest changeProperties Our current principal executive office is located in New York, New York and, as of January 31, 2024, consists of approximately 106,230 square feet of space under a lease that expires in December 2029. 48 Table of Contents We lease over 60 other offices of varying sizes around the world for our employees, with the largest located in Gurgaon, Dublin, Sydney, Austin, Palo Alto, London and San Francisco.
Biggest changeItem 2. Properties Our current principal executive office is located in New York, New York and, as of January 31, 2025, consists of approximately 106,230 square feet of space under a lease that expires in December 2029.
We lease all of our facilities and do not own any real property. We may procure additional space in the future as we continue to add employees and expand geographically. We believe our facilities are adequate and suitable for our current needs and that, should it be needed, suitable additional or alternative space will be available to accommodate our operations.
We believe our facilities are adequate and suitable for our current needs and that, should it be needed, suitable additional or alternative space will be available to accommodate our operations.
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We lease over 60 other offices of varying sizes around the world for our employees, with the largest located in Dublin, Palo Alto, Singapore, Gurgaon, and London. We lease all of our facilities and do not own any real property. We may procure additional space in the future as we continue to add employees and expand geographically.

Item 3. Legal Proceedings

Legal Proceedings — active lawsuits and investigations

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Biggest changeItem 3. Legal Proceedings The information required to be set forth under this Item 3 is incorporated by reference to Note 8, Commitments and Contingencies of the Notes to Consolidated Financial Statements included in this Annual Report on Form 10-K. Item 4. Mine Safety Disclosures Not applicable. 49 Table of Contents PART II
Biggest changeItem 3. Legal Proceedings The information required to be set forth under this Item 3 is incorporated by reference to Note 8, Commitments and Contingencies of the Notes to Consolidated Financial Statements included in this Annual Report on Form 10-K. Item 4. Mine Safety Disclosures Not applicable. 49 Table of Content s PART II

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

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Biggest changePurchases of Equity Securities by the Issuer and Affiliated Purchasers There were no repurchases of shares of our common stock during the three months ended January 31, 2024. 50 Table of Contents Stock Performance Graph The graph below shows a comparison, from January 31, 2019 through January 31, 2024, of the cumulative total return to stockholders of our common stock relative to the Nasdaq Composite Index (“Nasdaq Composite”) and the Nasdaq Computer Index (“Nasdaq Computer”).
Biggest changePurchases of Equity Securities by the Issuer and Affiliated Purchasers There were no repurchases of shares of our common stock during the three months ended January 31, 2025. 50 Table of Content s Stock Performance Graph The graph below shows a comparison, from January 31, 2020 through January 31, 2025, of the cumulative total return to stockholders of our common stock relative to the Nasdaq Composite Index (“Nasdaq Composite”) and the Nasdaq Computer Index (“Nasdaq Computer”).
The graph assumes that $100 was invested in each of our common stock, the Nasdaq Composite and the Nasdaq Computer at their respective closing prices on January 31, 2019 and assumes reinvestment of gross dividends. The stock price performance shown in the graph represents past performance and should not be considered an indication of future stock price performance.
The graph assumes that $100 was invested in each of our common stock, the Nasdaq Composite and the Nasdaq Computer at their respective closing prices on January 31, 2020 and assumes reinvestment of gross dividends. The stock price performance shown in the graph represents past performance and should not be considered an indication of future stock price performance.
This performance graph shall not be deemed “soliciting material” or to be “filed” with the SEC for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of MongoDB, Inc. under the Securities Act or the Exchange Act. Item 6.
This performance graph shall not be deemed “soliciting material” or to be “filed” with the SEC for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of MongoDB, Inc. under the Securities Act or the Exchange Act.
Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities Market Information for Common Stock Our common stock is traded on The Nasdaq Global Market (the “Nasdaq”) under the symbol “MDB.” Holders of Record As of March 13, 2024, there were 39 stockholders of record of our common stock and the closing price of our common stock was $372.81 per share as reported on the Nasdaq.
Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities Market Information for Common Stock Our common stock is traded on The Nasdaq Global Market (the “Nasdaq”) under the symbol “MDB.” Holders of Record As of March 18, 2025, there were 44 stockholders of record of our common stock and the closing price of our common stock was $188.68 per share as reported on the Nasdaq.

Item 7. Management's Discussion & Analysis

Management's Discussion & Analysis (MD&A) — revenue / margin commentary

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Biggest changeYears Ended January 31, 2024 2023 2022 $ % of Revenue $ % of Revenue $ % of Revenue Consolidated Statements of Operations Data: Revenue: Subscription $ 1,627,326 97 % $ 1,235,122 96 % $ 842,047 96 % Services 55,685 3 48,918 4 31,735 4 Total revenue 1,683,011 100 1,284,040 100 873,782 100 Cost of revenue: Subscription (1) 345,233 20 284,583 22 217,901 25 Services (1) 79,252 5 64,721 5 41,591 5 Total cost of revenue 424,485 25 349,304 27 259,492 30 Gross profit 1,258,526 75 934,736 73 614,290 70 Operating expenses: Sales and marketing (1) 782,760 47 699,201 54 471,890 54 Research and development (1) 515,940 31 421,692 33 308,820 35 General and administrative (1) 193,558 11 160,498 13 122,944 14 Total operating expenses 1,492,258 89 1,281,391 100 903,654 103 Loss from operations (233,732) (14) (346,655) (27) (289,364) (33) Other income (expense), net 70,216 5 13,401 1 (13,525) (1) Loss before provision for income taxes (163,516) (9) (333,254) (26) (302,889) (34) Provision for income taxes 13,084 1 12,144 1 3,977 1 Net loss $ (176,600) (10) % $ (345,398) (27) % $ (306,866) (35) % (1) Includes stock-based compensation expense as follows (in thousands): Years Ended January 31, 2024 2023 2022 Cost of revenue—subscription $ 23,677 $ 19,682 $ 14,387 Cost of revenue—services 12,733 10,565 6,325 Sales and marketing 159,907 143,073 91,947 Research and development 198,927 159,099 104,335 General and administrative 61,663 49,035 34,075 Total stock-based compensation expense $ 456,907 $ 381,454 $ 251,069 Comparison of the Years Ended January 31, 2024 and 2023 Revenue Years Ended January 31, Change (in thousands) 2024 2023 $ % Subscription $ 1,627,326 $ 1,235,122 $ 392,204 32 % Services 55,685 48,918 6,767 14 % Total revenue $ 1,683,011 $ 1,284,040 $ 398,971 31 % 57 Table of Contents Total revenue growth reflects increased demand for our platform and related services.
Biggest changeYears Ended January 31, 2025 2024 2023 $ % of Revenue $ % of Revenue $ % of Revenue Consolidated Statements of Operations Data: Revenue: Subscription $ 1,943,864 97 % $ 1,627,326 97 % $ 1,235,122 96 % Services 62,579 3 55,685 3 48,918 4 Total revenue 2,006,443 100 1,683,011 100 1,284,040 100 Cost of revenue: Subscription (1) 441,404 22 345,233 20 284,583 22 Services (1) 93,892 5 79,252 5 64,721 5 Total cost of revenue 535,296 27 424,485 25 349,304 27 Gross profit 1,471,147 73 1,258,526 75 934,736 73 Operating expenses: Sales and marketing (1) 871,148 43 782,760 47 699,201 54 Research and development (1) 596,837 30 515,940 31 421,692 33 General and administrative (1) 219,226 11 193,558 11 160,498 13 Total operating expenses 1,687,211 84 1,492,258 89 1,281,391 100 Loss from operations (216,064) (11) (233,732) (14) (346,655) (27) Other income, net 84,465 4 70,216 5 13,401 1 Loss before provision for (benefit from) income taxes (131,599) (7) (163,516) (9) (333,254) (26) Provision for income taxes (2,527) (1) 13,084 1 12,144 1 Net loss $ (129,072) (6) % $ (176,600) (10) % $ (345,398) (27) % (1) Includes stock-based compensation expense as follows (in thousands): Years Ended January 31, 2025 2024 2023 Cost of revenue—subscription $ 29,548 $ 23,677 $ 19,682 Cost of revenue—services 13,917 12,733 10,565 Sales and marketing 161,317 159,907 143,073 Research and development 226,367 198,927 159,099 General and administrative 62,791 61,663 49,035 Total stock-based compensation expense $ 493,940 $ 456,907 $ 381,454 Comparison of the Years Ended January 31, 2025 and 2024 Revenue Years Ended January 31, Change (in thousands) 2025 2024 $ % Subscription $ 1,943,864 $ 1,627,326 $ 316,538 19 % Services 62,579 55,685 6,894 12 % Total revenue $ 2,006,443 $ 1,683,011 $ 323,432 19 % 57 Table of Content s Total revenue growth reflects increased demand for our platform and related services.
As the impact of macroeconomic conditions on the global economy and our operations continues to evolve, we will continue to assess our liquidity needs. We may in the future enter into arrangements to acquire or invest in complementary businesses, services and technologies, including intellectual property rights. We may be required to seek additional equity or debt financing.
As the impact of macroeconomic conditions on the global economy and our operations continues to evolve, we will continue to assess our liquidity needs. In the future, we may enter into arrangements to acquire or invest in complementary businesses, services and technologies, including intellectual property rights. We may be required to seek additional equity or debt financing.
Investing Activities Cash provided by investing activities during the during the year ended January 31, 2024 was $188.0 million, primarily due to proceeds from maturities of marketable securities, net of purchases, of $211.1 million, $6.1 million of cash used for purchases of property and equipment and $2.1 million of additional investment in non-marketable securities.
Cash provided by investing activities during the during the year ended January 31, 2024 was $188.0 million, primarily due to proceeds from maturities of marketable securities, net of purchases, of $211.1 million, $6.1 million of cash used for purchases of property and equipment and $2.1 million of additional investment in non-marketable securities.
Revenue Recognition We derive our revenue from two sources: (1) the sales of subscriptions, which includes the usage-based database-as-a-service offering and the term license and post-contract customer support (“PCS”); and (2) services revenue comprised of consulting and training arrangements.
Revenue Recognition We derive our revenue from two sources: (1) the sales of subscriptions, which includes the usage-based database-as-a-service offering, term license and post-contract customer support (“PCS”); and (2) services revenue comprised of consulting and training arrangements.
Macroeconomic and Other Factors Our operational and financial performance is subject to risks including those caused by the adverse macroeconomic environment and the geopolitical landscape. Adverse macroeconomic conditions include slower or negative economic growth, higher inflation and higher interest rates. During the year ended January 31, 2024, the macroeconomic environment negatively impacted our business.
Macroeconomic and Other Factors Our operational and financial performance is subject to risks including those caused by the adverse macroeconomic environment and the geopolitical landscape. Adverse macroeconomic conditions include slower or negative economic growth, higher inflation and higher interest rates. During the year ended January 31, 2025, the macroeconomic environment negatively impacted our business.
Growth of an application is impacted by a number of factors including the macroeconomic environment. During the year ended January 31, 2024, we believe we experienced a negative impact from the macroeconomic environment on the growth of existing Atlas applications, which affected our revenue growth. We expect the macroeconomic environment to continue to negatively impact our revenue growth.
Growth of an application is impacted by a number of factors including the macroeconomic environment. During the year ended January 31, 2025, we believe we experienced a negative impact from the macroeconomic environment on the growth of existing Atlas applications, which affected our revenue growth. We expect the macroeconomic environment to continue to negatively impact our revenue growth.
For further details of our contractual obligations and lease agreements, refer to our Notes to Consolidated Financial Statements, within Part II, Item 8, Financial Statements and Supplementary Data of this Form 10-K, specifically Note 6, Convertible Senior Notes , Note 7, Leases and Note 8, Commitments and Contingencies. 62 Table of Contents Critical Accounting Estimates Our financial statements are prepared in accordance with GAAP.
For further details of our contractual obligations and lease agreements, refer to our Notes to Consolidated Financial Statements, within Part II, Item 8, Financial Statements and Supplementary Data of this Form 10-K, specifically Note 6, Convertible Senior Notes , Note 7, Leases and Note 8, Commitments and Contingencies. 62 Table of Content s Critical Accounting Estimates Our financial statements are prepared in accordance with GAAP.
Our future capital requirements and adequacy of available funds will depend on many factors, including our growth rate and any impact on it from global macroeconomic conditions, including rising interest rates, inflation, volatility in the banking sector, the timing and extent of spending to support development efforts, the expansion of sales and marketing and international operation activities, the timing and size of new subscription introductions and customer usage of our developer data platform, the continuing market acceptance of our subscriptions and services and the impact of the macroeconomic conditions on the global economy and our business, financial condition and results of operations.
Our future capital requirements and adequacy of available funds will depend on many factors, including our growth rate and any impact on it from global macroeconomic conditions, including rising interest rates, inflation, the timing and extent of spending to support development efforts, the expansion of sales and marketing and international operation activities, the timing and size of new subscription introductions and customer usage of our developer data platform, the continuing market acceptance of our subscriptions and services and the impact of the macroeconomic conditions on the global economy and our business, financial condition and results of operations.
We expect to continue to invest in our services organization as we believe it plays an important role in accelerating our customers’ realization of the benefits of our platform, which helps drive customer retention and expansion. 52 Table of Contents We believe the market for our offerings is large and growing.
We expect to continue to invest in our services organization as we believe it plays an important role in accelerating our customers’ realization of the benefits of our platform, which helps drive customer retention and expansion. 52 Table of Content s We believe the market for our offerings is large and growing.
During the year ended January 31, 2024, MongoDB Atlas revenue represented 66% of our total revenue, as compared to 63% in the prior year, reflecting the continued growth of MongoDB Atlas since its introduction in June 2016. We have experienced strong growth in self-serve customers of MongoDB Atlas, which are charged monthly in arrears based on their usage.
During the year ended January 31, 2025, MongoDB Atlas revenue represented 70% of our total revenue, as compared to 66% in the prior year, reflecting the continued growth of MongoDB Atlas since its introduction in June 2016. We have experienced strong growth in self-serve customers of MongoDB Atlas, which are charged monthly in arrears based on their usage.
MongoDB Enterprise Advanced revenue represented 26%, 29% and 35% of our subscription revenue for the years ended January 31, 2024, 2023 and 2022, respectively. We sell subscriptions directly through our field and inside sales teams, as well as indirectly through channel partners. The majority of our subscription contracts are one year in duration and are invoiced upfront.
MongoDB Enterprise Advanced revenue represented 24%, 26% and 29% of our subscription revenue for the years ended January 31, 2025, 2024 and 2023, respectively. We sell subscriptions directly through our field and inside sales teams, as well as indirectly through channel partners. The majority of our subscription contracts are one year in duration and are invoiced upfront.
We also generate revenue from services, which consist primarily of fees associated with consulting and training services. Revenue from services accounted for 3% of our total revenue for the year ended January 31, 2024 and 4% of our total revenue for each of the years ended January 31, 2023 and 2022, respectively.
We also generate revenue from services, which consist primarily of fees associated with consulting and training services. Revenue from services accounted for 3% of our total revenue for each of the years ended January 31, 2025 and 2024 and 4% for the year ended January 31, 2023.
We intend to continue to invest in our engineering capabilities and marketing activities to maintain our strong position in the developer community. We have spent $1.9 billion on research and development since our inception. Our results of operations may fluctuate as we make these investments to drive increased customer adoption and usage.
We intend to continue to invest in our engineering capabilities and marketing activities to maintain our strong position in the developer community. We have spent $2.5 billion on research and development since our inception. Our results of operations may fluctuate as we make these investments to drive increased customer adoption and usage.
Comparison of the Years Ended January 31, 2023 and 2022 For a discussion of our results of operations for the year ended January 31, 2023 as compared to the year ended January 31, 2022, refer to Part II, Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations , of our Annual Report on Form 10-K filed with the SEC on March 17, 2023.
Comparison of the Years Ended January 31, 2024 and 2023 For a discussion of our results of operations for the year ended January 31, 2024 as compared to the year ended January 31, 2023, refer to Part II, Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations, of our Annual Report on Form 10-K filed with the SEC on March 15, 2024.
MongoDB Atlas is our hosted multi-cloud database-as-a-service (“DBaaS”) offering, which we run and manage in the cloud, and includes comprehensive infrastructure and management, as well as a host of additional features, such as MongoDB Atlas Search, Vector search, time series and application-driven analytics.
MongoDB Atlas is our hosted multi-cloud database-as-a-service (“DBaaS”) offering, which we run and manage in the cloud, and includes comprehensive infrastructure and management, as well as a host of additional features, such as MongoDB Atlas Search, Vector Search, time series, data lifecycle, application-driven analytics, and stream processing.
To the extent a contract includes multiple promised services or products, we apply judgment to determine whether promised services or products are capable of being distinct and distinct in the context of the contract. If these criteria are not met, the promised services or products are accounted for as a combined performance obligation. iii. Determination of the transaction price.
To the extent a contract includes multiple promised services or products, we apply judgment to determine whether promised services or products are capable of being distinct and distinct in the context of the contract. If these criteria are not met, the promised services or products are combined and accounted for as a single performance obligation. iii.
Cost of Revenue Cost of Subscription Revenue. Cost of subscription revenue primarily includes third-party cloud infrastructure expenses for our hosted as-a-service solutions.
Cost of Revenue Cost of Subscription Revenue. Cost of subscription revenue primarily includes third-party cloud infrastructure expenses for our database-as-a-service solutions.
The growth in MongoDB Atlas customers included new customers to MongoDB and existing MongoDB Enterprise Advanced customers adding incremental MongoDB Atlas workloads. 53 Table of Contents Retaining and Expanding Revenue from Existing Customers The economic attractiveness of our subscription-based model is driven by customer renewals and increasing existing customer subscriptions over time, referred to as land-and-expand.
The growth in MongoDB Atlas customers included new customers to MongoDB and existing MongoDB Enterprise Advanced customers adding incremental MongoDB Atlas workloads. 53 Table of Content s Retaining and Expanding Revenue from Existing Customers The economic attractiveness of our subscription-based model is demonstrated by customer renewals and increasing existing customer subscriptions over time, referred to as land-and-expand.
The increase in third-party infrastructure costs was partly offset by continued cost efficiencies realized as we scale MongoDB Atlas. In addition, subscription cost of revenue was higher due to a $15.3 million increase in personnel costs and stock-based compensation associated with increased headcount in our support organization.
The increase in third-party infrastructure costs was partly offset by continued cost efficiencies realized as we scale MongoDB Atlas. In addition, cost of revenue was higher due to a $16.7 million increase in personnel costs and stock-based compensation associated with increased headcount in our support organization.
As of January 31, 2024, we had over 7,000 cus tomers that were sold through our direct sales force and channel partners, as compared to over 6,400 and over 4,400 such customers as of January 31, 2023 and 2022, respectively.
As of January 31, 2025, we had over 7,500 cus tomers that were sold through our direct sales force and channel partners, as compared to over 7,000 and over 6,400 such customers as of January 31, 2024 and 2023, respectively.
General and administrative expense consists primarily of personnel costs, including salaries, bonuses and benefits, and stock-based compensation for administrative functions including finance, legal, human resources and external legal and accounting fees, as well as allocated overhead.
General and administrative expense consists primarily of personnel costs, including salaries, bonuses and benefits, and stock-based compensation for administrative functions including finance, legal, human 55 Table of Content s resources and external legal and accounting fees, as well as allocated overhead.
Liquidity and Capital Resources As of January 31, 2024, our principal sources of liquidity were cash, cash equivalents, short-term investments and restricted cash totaling $2.0 billion. Our cash and cash equivalents primarily consist of bank deposits and money market funds.
Liquidity and Capital Resources As of January 31, 2025, our principal sources of liquidity were cash, cash equivalents, short-term investments and restricted cash totaling $2.3 billion. Our cash and cash equivalents primarily consist of bank deposits and money market funds.
As of January 31, 2024, we had over 47,800 customers across a wide range of industries and in over 100 countries, compared to over 40,800 customers and over 33,000 customers as of January 31, 2023 and 2022, respectively. All affiliated entities are counted as a single customer and our definition of “customer” excludes users of our free offerings .
As of January 31, 2025, we had over 54,500 customers across a wide range of industries and in over 100 countries, compared to over 47,800 customers and over 40,800 customers as of January 31, 2024 and 2023, respectively. All affiliated entities are counted as a single customer and our definition of “customer” excludes users of our free offerings .
The number of customers with $100,000 or greater in ARR and annualized MRR was 2,052, 1,651 and 1,307 as of January 31, 2024, 2023 and 2022, respectively.
The number of customers with $100,000 or greater in ARR and annualized MRR was 2,396, 2,052 and 1,651 as of January 31, 2025, 2024 and 2023, respectively.
Our operating cash flow was $121.5 million, $(13.0) million and $7.0 million for the years ended January 31, 2024, 2023 and 2022, respectively. 56 Table of Contents Results of Operations The following tables set forth our results of operations for the periods presented in U.S. dollars (in thousands) and as a percentage of our total revenue.
Our operating cash flow was $150.2 million, $121.5 million and $(13.0) million for the years ended January 31, 2025, 2024 and 2023, respectively. 56 Table of Content s Results of Operations The following tables set forth our results of operations for the periods presented in U.S. dollars (in thousands) and as a percentage of our total revenue.
In cases where directly observable standalone sales are not available, we utilize all observable data points including competitor pricing for a similar or identical product, market and industry data points and our pricing practices to establish the SSP. v. Recognition of revenue when, or as, we satisfy a performance obligation.
In cases where directly observable standalone sales are not available, such as when the term license is not sold separately, we consider all observable data points including competitor pricing for a similar or identical product, market and industry data points and our pricing practices to establish the SSP. v. Recognition of revenue when, or as, we satisfy a performance obligation.
Our net loss was $176.6 million, $345.4 million and $306.9 million for the years ended January 31, 2024, 2023 and 2022, respectively , driven primarily by higher sales and marketing spend and research and development costs .
Our net loss was $129.1 million, $176.6 million and $345.4 million for the years ended January 31, 2025, 2024 and 2023, respectively , driven primarily by higher sales and marketing spend and research and development costs .
We have increased our sales and marketing headcount to 2,338 employees as of January 31, 2024 from 2,249 employees and 1,713 employees as of January 31, 2023 and 2022, respectively. Components of Results of Operations Revenue Subscription Revenue. Our subscription revenue is comprised of term licenses and hosted as-a-service solutions.
We have increased our sales and marketing headcount to 2,542 employees as of January 31, 2025 from 2,338 employees and 2,249 employees as of January 31, 2024 and 2023, respectively. Components of Results of Operations Revenue Subscription Revenue. Our subscription revenue is comprised of term licenses and database-as-a-service solutions.
Revenue from our MongoDB Atlas offering is primarily generated on a usage basis and is billed either monthly in arrears or paid upfront. Subscriptions to term licenses include technical support and access to new software versions on a when-and-if available basis.
Revenue from our MongoDB Atlas database-as-a-service offering is primarily generated on a usage basis and is billed either 54 Table of Content s monthly in arrears or paid upfront. Subscriptions to term licenses include technical support and access to new software versions on a when-and-if available basis.
Highlights for the Years Ended January 31, 2024, 2023 and 2022 For the years ended January 31, 2024, 2023 and 2022, our total revenue was $1,683.0 million , $1,284.0 million and $873.8 million, respectively. The increase in total revenue was primarily driven by an increase in subscription revenue from our Direct Sales Customers .
Highlights for the Years Ended January 31, 2025, 2024 and 2023 For the years ended January 31, 2025, 2024 and 2023, our total revenue was $2,006.4 million , $1,683.0 million and $1,284.0 million, respectively. The increase in total revenue was primarily driven by an increase in subscription revenue from our Direct Sales Customers.
The increase in services cost of revenue was primarily due to a $11.0 million increase in personnel costs and stock-based compensation associated with headcount in our services organization, and a $2.8 million increase in third-party consultant costs related to the delivery of consulting and training services.
The increase in services cost of revenue was primarily due to a $6.7 million increase in personnel costs and stock-based compensation associated with headcount in our services organization, and a $6.1 million increase in third-party consultant costs related to the delivery of consulting and training services.
Services gross margin declined due to the impact of higher services personnel costs and stock-based compensation.
Services gross margin declined due to the impact of higher third-party consultant and training costs, services personnel costs and stock-based compensation.
As of January 31, 2024, we had net operating loss (“NOL”) carryforwards for U.S. federal and state, Irish and U.K. income tax purposes of approximately $2.1 billion, $2.0 billion, $781.5 million and $64.6 million, respectively, which begin to expire in the year ending January 31, 2028 for U.S. federal purposes and January 31, 2025 for state purposes.
As of January 31, 2025, we had net operating loss (“NOL”) carryforwards for U.S. federal and state, Irish and U.K. income tax purposes of approximately $2.1 billion, $2.0 billion, $834.3 million and $52.9 million, respectively, which begin to expire in the year ending January 31, 2028 for U.S. federal purposes and January 31, 2026 for state purposes.
The following table summarizes our cash flows for the periods presented (in thousands): Years Ended January 31, 2024 2023 2022 Net cash provided by (used in) operating activities $ 121,477 $ (12,970) $ 6,980 Net cash provided by (used in) investing activities 188,019 (33,308) (852,142) Net cash provided by financing activities 38,241 30,200 890,892 Operating Activities Cash provided by operating activities during the year ended January 31, 2024 was $121.5 million driven primarily by an increase in our cash collections reflecting overall growth of our sales and expansion of our customer base.
The following table summarizes our cash flows for the periods presented (in thousands): Years Ended January 31, 2025 2024 2023 Net cash provided by (used in) operating activities $ 150,191 $ 121,477 $ (12,970) Net cash provided by (used in) investing activities (657,440) 188,019 (33,308) Net cash provided by financing activities 202,060 38,241 30,200 Operating Activities Cash provided by operating activities during the year ended January 31, 2025 was $150.2 million, driven primarily by an increase in our cash collections reflecting the overall growth of our sales and expansion of our customer base.
During 2023, we added additional capabilities such as Atlas Vector Search and Atlas Stream Processing, as well as additional features for Atlas Search Nodes, which now provide dedicated infrastructure for search use cases so customers can scale independently of their database to manage their workloads with greater flexibility and operational efficiency.
We also added additional capabilities such as Atlas Stream Processing, as well as expanded availability of Atlas Search Nodes in more cloud regions, which now provide dedicated infrastructure for search use cases so customers can scale independently of their database to manage their workloads with greater flexibility and operational efficiency.
We recognize revenue at the time the related performance obligation is satisfied when control of the services or products are transferred to the customers, 63 Table of Contents in an amount that reflects the consideration we expect to be entitled to in exchange for those services or products. We record our revenue net of any value added or sales tax.
We recognize revenue at the time the related performance obligation is satisfied when control of the services or products are transferred to the customers, 63 Table of Content s in an amount that reflects the consideration we expect to be entitled to in exchange for those services or products.
We also have U.S. federal and state research credit carryforwards of $133.4 million and $11.8 million, respectively, which begin to expire in the year ending January 31, 2029 for federal purposes and January 31, 2025 for state purposes. Beginning in fiscal year 2023, provisions in the U.S.
We also have U.S. federal and state research credit carryforwards of $178.1 million and $16.3 million, respectively, which begin to expire in the year ending January 31, 2029 for federal purposes and January 31, 2026 for state purposes. Beginning in fiscal year 2023, provisions in the U.S.
For further discussion on the 2024 Notes and 2026 Notes, please refer to Note 6, Convertible Senior Notes , in Part II, Item 8, Financial Statements and Supplementary Data, of this Form 10-K. We have generated significant operating losses and negative cash flows from operations as reflected in our accumulated deficit and historical consolidated statements of cash flows.
For further discussion on the 2026 Notes, please refer to Note 6, Convertible Senior Notes , in Part II, Item 8, Financial Statements and Supplementary Data, of this Form 10-K. We have generated significant operating losses as reflected in our accumulated deficit of $1.8 billion as of January 31, 2025.
Revenue from our term licenses is recognized upfront for the license component and ratably for the technical support and when-and-if available update components. Associated contracts are typically billed annually in advance. The majority of our subscription contracts are one year in duration.
Revenue from our term licenses is recognized upfront for the license component and ratably for the technical support and when-and-if available update components. Associated contracts are typically billed annually in advance. The majority of our subscription contracts are one year in duration. When we enter into multi-year subscriptions, the customer is typically invoiced on an annual basis or pays upfront.
Other Income, net Years Ended January 31, Change (in thousands) 2024 2023 $ % Other income, net $ 70,216 $ 13,401 $ 56,815 NM Other income, net, for the year ended January 31, 2024 improved primarily due to higher interest income from our short-term investments.
Other Income, Net Years Ended January 31, Change (in thousands) 2025 2024 $ % Other income, net $ 84,465 $ 70,216 $ 14,249 20 % Other income, net, for the year ended January 31, 2025 improved primarily due to higher interest income from our short-term investments.
Subscription revenue increased by $392.2 million primarily due to an increase of $357.3 million from our Direct Sales Customers, inclusive of the impact from Direct Sales Customers who were self-serve customers of MongoDB Atlas in the prior-year period. The increase in services revenue was driven primarily by the continued increase in delivery of consulting services.
Subscription revenue increased by $316.5 million primarily due to an increase of $269.4 million from our Direct Sales Customers, inclusive of the impact from Direct Sales Customers who were self-serve customers of MongoDB Atlas in the prior-year period.
In addition to the database, our developer data platform includes a set of, tightly integrated, capabilities such as search, time series and application-driven analytics that allow developers to address a broader range of application requirements. Our business model combines the developer mindshare and adoption benefits of open source with the economic benefits of a proprietary software subscription business model.
In addition to the database, our developer data platform includes a set of, tightly integrated, capabilities such as search, time series, data lifecycle, application-driven analytics and stream processing that allow developers to address a broader range of application requirements.
We expect general and administrative expense to increase in absolute dollars over time as we continue to invest in the growth of our business, as well as incur the ongoing costs of compliance associated with being a publicly traded company. 55 Table of Contents Other Income (Expense), Net Other income (expense), net consists primarily of interest income, interest expense, gains and losses on investments and gains and losses from foreign currency transactions.
We expect general and administrative expense to increase in absolute dollars over time as we continue to invest in the growth of our business, as well as incur the ongoing costs of compliance associated with being a publicly traded company.
As of January 31, 2024, we had an accumulated deficit of $1.7 billion. We expect to continue to incur operating losses, may continue to experience negative cash flows from operations in the future and may require additional capital resources to execute strategic initiatives to grow our business.
We expect to continue to incur 59 Table of Content s operating losses, may experience negative cash flows from operations in the future and may require additional capital resources to execute strategic initiatives to grow our business.
For Direct Sales Customers included in the base period, measurement period or both such periods that were self-serve customers in any such period, we also include annualized MRR from those customers in the calculation of the net ARR expansion rate. Our net ARR expansion rate has consistently been over 120%, demonstrating our ability to expand within existing customers.
For Direct Sales Customers included in the base period, measurement period or both such periods that were self-serve customers in any such period, we also include annualized MRR from those customers in the calculation of the net ARR expansion rate. As of January 31, 2025, our net ARR expansion rate was approximately 118%.
Provision for Income Taxes Provision for income taxes consists primarily of state income taxes in the United States and income taxes in certain foreign jurisdictions in which we conduct business.
Other Income (Expense), Net Other income (expense), net consists primarily of interest income, interest expense, gains and losses on financial instruments, net and gains and losses from foreign currency transactions. Provision for Income Taxes Provision for income taxes consists primarily of state income taxes in the United States and income taxes in certain foreign jurisdictions in which we conduct business.
Research and Development Years Ended January 31, Change (in thousands) 2024 2023 $ % Research and development $ 515,940 $ 421,692 $ 94,248 22 % The increase in research and development expense was primarily driven by a $83.9 million increase in personnel costs and stock-based compensation as we increased our research and development headcount by 19%.
Research and Development Years Ended January 31, Change (in thousands) 2025 2024 $ % Research and development $ 596,837 $ 515,940 $ 80,897 16 % The increase in research and development expense was primarily driven by a $67.0 million increase in personnel costs and stock-based compensation as we grew our headcount by 8%.
At contract inception, we evaluate whether two or more contracts should be combined and accounted for as a single contract and whether the combined or single contract includes more than one performance obligation. We have concluded that our contracts with customers do not contain warranties that give rise to a separate performance obligation. ii.
At contract inception, we evaluate whether two or more contracts should be combined and accounted for as a single contract and whether the combined or single contract includes more than one performance obligation. ii. Identification of the performance obligations in the contract.
We generate revenue primarily from sales of subscriptions, which accounted for 97% of our total revenue for the year ended January 31, 2024 and 96% of our total revenue for the each of the years ended January 31, 2023 and 2022, respectively.
Our business model combines the developer mindshare and adoption benefits of open source with the economic benefits of a proprietary software subscription business model. We generate revenue primarily from sales of subscriptions, which accounted for 97% of our total revenue for each of the years ended January 31, 2025 and 2024 and 96% for the year ended January 31, 2023.
These customers, which we refer to as our Direct Sales Customers, accounted for 88%, 87% and 85% of our subscription revenue for the years ended January 31, 2024, 2023 and 2022, respectively. The percentage of our subscription revenue from Direct Sales Customers increased, in part, due to existing self-serve customers of MongoDB Atlas becoming Direct Sales Customers.
These customers, which we refer to as our Direct Sales Customers, accounted for 88% of our subscription revenue for each of the years ended January 31, 2025 and 2024 and 87% for the year ended January 31, 2023.
Cash provided by financing activities during the year ended January 31, 2023 was $30.2 million, due to $29.0 million of proceeds from the issuance of common stock under the Employee Stock Purchase Plan and $5.7 million exercises of stock options, partly offset by $4.5 million of principal repayments of finance leases. 61 Table of Contents Contractual Obligations and Commitments The following table summarizes our contractual obligations as of January 31, 2024 (in thousands): Payments Due by Period Total Less Than 1 Year 1 to 3 Years 3 to 5 Years More Than 5 Years 0.25% convertible senior notes due 2026 $ 1,155,722 $ 2,875 $ 1,152,847 $ — $ — Finance lease obligations 51,274 8,445 17,422 17,422 7,985 Operating lease obligations 46,782 11,799 15,821 11,163 7,999 Purchase obligations 1,166,650 281,222 603,317 282,111 — Total $ 2,420,428 $ 304,341 $ 1,789,407 $ 310,696 $ 15,984 At January 31, 2024, our material short-term and long-term cash requirements for various contractual obligations and commitments consisted of the following: • principal and future interest payments related to our 2026 Notes; • our purchase obligations under non-cancelable agreements for cloud infrastructure capacity commitments and subscription and marketing services; • our finance and operating lease obligations under non-cancelable leases for office space expiring through 2032; and • accounts payable and accrued liabilities on our consolidated balance sheet (primarily short-term in nature).
Cash provided by financing activities during the year ended January 31, 2024 was $38.2 million, due to $36.9 million of proceeds from the issuance of common stock under the Employee Stock Purchase Plan and $6.8 million exercises of stock options, partly offset by $5.5 million of principal repayments of finance leases. 61 Table of Content s Contractual Obligations and Commitments The following table summarizes our contractual obligations as of January 31, 2025 (in thousands): Payments Due by Period Total Less Than 1 Year 1 to 3 Years 3 to 5 Years More Than 5 Years Finance lease obligations 42,829 8,711 17,422 16,696 — Operating lease obligations 42,192 11,851 15,674 9,910 4,757 Purchase obligations 945,306 379,846 560,460 5,000 — Total $ 1,030,327 $ 400,408 $ 593,556 $ 31,606 $ 4,757 At January 31, 2025, our material short-term and long-term cash requirements for various contractual obligations and commitments consisted of the following: • our purchase obligations under non-cancelable agreements for cloud infrastructure capacity commitments and subscription and marketing services; • our finance and operating lease obligations under non-cancelable leases for office space expiring through 2032; and • accounts payable and accrued liabilities on our consolidated balance sheet (primarily short-term in nature).
Our net loss of $176.6 million, included non‑cash charges of $456.9 million for stock‑based compensation and $18.9 million for depreciation and amortization. Our accrued liabilities increased by $39.5 million reflecting our increase in expenses and timing of payments.
Accordingly, our accounts receivable increased by $69.2 million. In addition, our net loss of $129.1 million, includes non‑cash charges of $493.9 million for stock‑based compensation and $11.8 million for depreciation and amortization. Our accrued liabilities increased by $25.3 million reflecting our increase in expenses and timing of payments.
Cost of Revenue, Gross Profit and Gross Margin Percentage Years Ended January 31, Change (in thousands) 2024 2023 $ % Subscription cost of revenue $ 345,233 $ 284,583 $ 60,650 21 % Services cost of revenue 79,252 64,721 14,531 22 % Total cost of revenue 424,485 349,304 75,181 22 % Gross profit $ 1,258,526 $ 934,736 $ 323,790 35 % Gross margin 75 % 73 % Subscription 79 % 77 % Services (42) % (32) % The increase in subscription cost of revenue was primarily due to a $43.5 million increase in third‑party cloud infrastructure costs, including costs associated with the growth of MongoDB Atlas.
Cost of Revenue, Gross Profit and Gross Margin Percentage Years Ended January 31, Change (in thousands) 2025 2024 $ % Subscription cost of revenue $ 441,404 $ 345,233 $ 96,171 28 % Services cost of revenue 93,892 79,252 14,640 18 % Total cost of revenue 535,296 424,485 110,811 26 % Gross profit $ 1,471,147 $ 1,258,526 $ 212,621 17 % Gross margin 73 % 75 % Subscription 77 % 79 % Services (50) % (42) % The increase in subscription cost of revenue was primarily due to a $71.6 million increase in third‑party cloud infrastructure costs, including costs associated with the growth of MongoDB Atlas.
The transaction price is determined based on the consideration to which we expect to be entitled in exchange for transferring services and products to the customer. Variable consideration is included in the transaction price if, in our judgment, it is probable that a significant future reversal of cumulative revenue under the contract will not occur.
Determination of the transaction price. The transaction price is determined based on the consideration to which we expect to be entitled in exchange for transferring services and products to the customer.
We are also focused on increasing the number of overall MongoDB Atlas customers as we emphasize the on-demand scalability of MongoDB Atlas by allowing our customers to consume the product with minimal commitment. We had over 46,300 Mo ngoDB Atlas customers as of January 31, 2024 .
The percentage of our subscription revenue from Direct Sales Customers increased, in part, due to existing self-serve customers of MongoDB Atlas becoming Direct Sales Customers. We are also focused on increasing the number of overall MongoDB Atlas customers as we emphasize the on-demand scalability of MongoDB Atlas by allowing our customers to consume the product with minimal commitment.
When we enter into multi-year subscriptions, the customer is 54 Table of Contents typically invoiced on an annual basis or pays upfront. Our subscription contracts are generally non-cancelable and non-refundable. Services Revenue. Services revenue is comprised of consulting and training services and is recognized over the period of delivery of the applicable services.
Our subscription contracts are generally non-cancelable and non-refundable. Services Revenue. Services revenue is comprised of consulting and training services and is recognized over the period of delivery of the applicable services.
Cash used in investing activities during the during the year ended January 31, 2023 was $33.3 million, primarily due to purchases of marketable securities, net of proceeds from maturities, of $23.0 million, $7.2 million of cash used for purchases of property and equipment and $3.1 million of additional investment in non-marketable securities. 60 Table of Contents Financing Activities Cash provided by financing activities during the year ended January 31, 2024 was $38.2 million, due to $36.9 million of proceeds from the issuance of common stock under the Employee Stock Purchase Plan and $6.8 million exercises of stock options, partly offset by $5.5 million of principal repayments of finance leases.
Financing Activities Cash provided by financing activities during the year ended January 31, 2025 was $202.1 million, due to proceeds from the settlement of capped calls and other of $170.2 million, proceeds from the issuance of common stock under the 60 Table of Content s Employee Stock Purchase Plan and exercises of stock options of $38.0 million, partly offset by principal payments of finance leases of $6.2 million.
Cash used in operating activities during the year ended January 31, 2023 was $13.0 million. This was primarily driven by our net loss of $345.4 million, which included non‑cash charges of $381.5 million for stock‑based compensation and $16.1 million for depreciation and amortization.
Cash provided by operating activities during the year ended January 31, 2024 was $121.5 million driven primarily by an increase in our cash collections reflecting overall growth of our sales and expansion of our customer base. Our net loss of $176.6 million, included non‑cash charges of $456.9 million for stock‑based compensation and $18.9 million for depreciation and amortization.
Total headcount in our support and services organizations increased 10% from January 31, 2023 to January 31, 2024. Our overall gross margin improved to 75%. Our subscription gross margin increased to 79% as efficiencies realized in managing our third-party cloud infrastructure costs more than offset the negative margin impact from the increasing percentage of revenue from MongoDB Atlas.
Total headcount in our support and services organizations increased 23% from January 31, 2024 to January 31, 2025. Our overall gross margin declined to 73%. Our subscription gross margin declined to 77% due to an increase of third-party cloud infrastructure costs which was primarily driven by the growth of MongoDB Atlas revenue as a percent of total revenue.
Provision for Income Taxes Years Ended January 31, Change (in thousands) 2024 2023 $ % Provision for income taxes $ 13,084 $ 12,144 $ 940 8 % The increase in the provision for income taxes during the year ended January 31, 2024 was primarily due to an increase in foreign taxes as we continued our global expansion.
Provision for (Benefit From) Income Taxes Years Ended January 31, Change (in thousands) 2025 2024 $ % Provision for (benefit from) income taxes $ (2,527) $ 13,084 $ (15,611) (119) % The decrease in the provision for income taxes during the year ended January 31, 2025 was primarily due to the release of our U.K. valuation allowance.
Approximately $1.9 million aggregate principal amount outstanding as of October 31, 2021 were converted to 27,377 shares of the Company’s common stock with the remaining balance settled in cash. The extinguishment of the 2024 Notes on December 3, 2021 was immaterial to our financial statements.
On October 16, 2024, we issued a notice of redemption (the “Redemption Notice”) for all aggregate principal amount outstanding of our 2026 Notes. Approximately $1.1 billion aggregate principal amount was converted to 5,662,979 shares of the Company’s common stock with $0.4 million settled in cash.
Identification of the contract, or contracts, with a customer. We contract with our customers through order forms, which are governed by master sales agreements.
Identification of the contract, or contracts, with a customer.
Removed
We intend to continue to invest in our product offerings with the goal of expanding the functionality and adoption of our developer data platform. During 2022, we introduced new features, capabilities and improvements such as column store indexes, in-app analytics, Atlas Serverless and Atlas Device Sync, allowing developer teams to accomplish more over a wider range of workloads.
Added
We intend to continue to invest in our product offerings with the goal of expanding the functionality and adoption of our developer data platform. During 2024, we introduced MongoDB version 8.0 enhancing enterprise-grade security, resilience and availability for a wide variety of applications. We added additional features to Queryable Encryption, an encrypted search scheme, to support equality and range searches.
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With Queryable Encryption, we pioneered the industry’s first encrypted search scheme using breakthrough cryptography engineering.
Added
We had over 53,100 Mo ngoDB Atlas customers as of January 31, 2025 .
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We recognize revenue from services agreements as services are delivered.
Added
Historically, our net ARR expansion rate has been over 120%. The decline versus most historical periods is attributable to a smaller contribution from expanding customers.
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Operating Expenses Sales and Marketing Years Ended January 31, Change (in thousands) 2024 2023 $ % Sales and marketing $ 782,760 $ 699,201 $ 83,559 12 % The increase in sales and marketing expense included $55.9 million from higher personnel costs and stock-based compensation, driven by an increase in our sales and marketing headcount to 2,338 as of January 31, 2024 from 2,249 as of January 31, 2023, which includes non-quota-carrying hires in sales operations, customer success and marketing.
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Our net ARR expansion rate may fluctuate in future periods due to a variety of factors, including the volume and type of workloads that we onboard, growth rate of historical workloads on our platform and changes in the macroeconomic environment.
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Sales and marketing expense also increased $15.3 million due to higher commissions expense, driven in part by the increase in revenue, and $13.7 million due increased marketing spend and higher travel costs. The increase in sales and marketing expense was partly offset by a decrease of $2.0 million in expenditures related to third-party infrastructure costs and professional fees.
Added
Operating Expenses Sales and Marketing Years Ended January 31, Change (in thousands) 2025 2024 $ % Sales and marketing $ 871,148 $ 782,760 $ 88,388 11 % The increase in sales and marketing expense was primarily driven by a $38.8 million increase in personnel costs and stock-based compensation, a $22.5 million increase in spend on in-person events and marketing programs and a $20.5 million increase in commission expense.
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Research and development 58 Table of Contents expense also increased by $8.8 million due to increased third-party infrastructure costs, higher software expenses and higher amortization expense.
Added
Our headcount was 2,542 as of January 31, 2025 compared to 2,338 as of January 31, 2024.
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General and Administrative Years Ended January 31, Change (in thousands) 2024 2023 $ % General and administrative $ 193,558 $ 160,498 $ 33,060 21 % The increase in general and administrative expense was due to higher costs to support the growth of our business.
Added
In addition, research and development expense increased by $10.6 million due to higher third-party infrastructure expenses related to development costs of our MongoDB Atlas offering. 58 Table of Content s General and Administrative Years Ended January 31, Change (in thousands) 2025 2024 $ % General and administrative $ 219,226 $ 193,558 $ 25,668 13 % The increase in general and administrative expense was primarily driven by an increase in headcount resulting in $15.4 million higher personnel costs and stock-based compensation, a $7.3 million increase related to value-added tax expense and a $2.8 million increase due to higher consulting costs.
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In particular, these higher costs were driven by an increase in general and administrative personnel headcount resulting in $29.5 million higher personnel costs and stock-based compensation.
Added
During the three months ended April 30, 2024, the Company elected to cash settle its Capped Calls associated with the 2024 Notes. In June 2024, the Capped Calls associated with the 2024 Notes settled and the Company received $170.6 million in cash.
Removed
On June 29, 2021, we entered into an underwriting agreement with Morgan Stanley & Co. LLC and Goldman Sachs & Co. LLC, as representatives of the several underwriters named therein, pursuant to which we agreed to issue and sell 2,500,000 shares of our common stock, par value $0.001 per share, at an offering price of $365.00 per share.
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For further discussion on the Capped Calls, please refer to Note 6, Convertible Senior Notes , in Part II, Item 8, Financial Statements and Supplementary Data, of this Form 10-K.

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Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Market Risk — interest-rate, FX, commodity exposure

8 edited+1 added−1 removed5 unchanged
Biggest changeA portion of our operating expenses are incurred outside the United States and denominated in foreign currencies and are subject to fluctuations due to changes in foreign currency exchange rates, particularly changes in the GBP and EUR. Additionally, fluctuations in foreign currency exchange rates may cause us to recognize transaction gains and losses in our statements of operations.
Biggest changeForeign Currency Risk Our sales contracts are primarily denominated in U.S. dollars, British pounds (“GBP”) or Euros (“EUR”). A portion of our operating expenses are incurred outside the United States and denominated in foreign currencies and are subject to fluctuations due to changes in foreign currency exchange rates, particularly changes in the GBP and EUR.
The effect of a hypothetical 10% increase or decrease in interest rates would not have had a material impact on the fair market value of our investments as of January 31, 2024 and 2023. In January 2020, we issued $1.15 billion aggregate principal amount of 0.25% convertible senior notes due 2026 in a private placement (the “2026 Notes”).
The effect of a hypothetical 10% increase or decrease in interest rates would not have had a material impact on the fair market value of our investments as of January 31, 2025 and 2024. In January 2020, we issued $1.15 billion aggregate principal amount of 0.25% convertible senior notes due 2026 in a private placement (the “2026 Notes”).
These changes could be material based on market conditions and events, 64 Table of Contents particularly in periods of significant market fluctuations that affect our non-marketable securities. Our non-marketable securities are subject to a risk of partial or total loss of invested capital.
These changes could be material based on market conditions and events, particularly in periods of significant market fluctuations that affect our non-marketable securities. Our non-marketable securities are subject to a risk of partial or total loss of invested capital.
Interest Rate Risk Our cash and cash equivalents primarily consist of bank deposits and money market funds and our short-term investments consist of U.S. government treasury securities. As of January 31, 2024 and 2023, we had cash, cash equivalents, restricted cash and short-term investments of $2.0 billion.
Interest Rate Risk Our cash and cash equivalents primarily consist of bank deposits and money market funds and our short-term investments consist of U.S. government treasury securities. As of January 31, 2025 and 2024, we had cash, cash equivalents, restricted cash and short-term investments of $2.3 billion.
The effect of a hypothetical 10% change in foreign currency exchange rates applicable to our business would not have a material impact on our historical consolidated financial statements for the years ended January 31, 2024 and 2023.
Additionally, fluctuations in foreign currency exchange rates may cause us to recognize transaction gains and losses in our statements of operations. The effect of a hypothetical 10% change in foreign currency exchange rates applicable to our business would not have a material impact on our historical consolidated financial statements for the years ended January 31, 2025 and 2024.
The fair value of the 2026 Notes is subject to interest rate risk, market risk and other factors due to the conversion feature. The fair value of the 2026 Notes will generally increase as our common stock price increases and will generally decrease as our common stock price declines.
The fair value of the 2026 Notes was subject to interest rate risk, market risk and other factors due to the conversion feature. The fair value of the 2026 Notes generally increased as our common stock price increased and generally decreased as our common stock price decreased.
As of January 31, 2024 and 2023, the total amount of non-marketable securities included in other assets on our balance sheets were $12.9 million and $9.8 million, respectively. 65 Table of Contents
As of January 31, 2025 and 2024, the total amount of non-marketable securities included in other assets on our balance sheets was $24.2 million and $12.9 million, respectively. 64 Table of Content s
The interest and market value changes affect the fair value of the 2026 Notes, but do not impact our financial position, cash flows or results of operations due to the fixed nature of the debt obligation.
The interest and market value changes affected the fair value of the 2026 Notes, but did not impact our financial position, cash flows or results of operations due to the fixed nature of the debt obligation. On October 16, 2024, we issued a notice of redemption (the “Redemption Notice”) for all aggregate principal amount outstanding of our 2026 Notes.
Removed
Additionally, we carry the 2026 Notes at face value less unamortized issuance costs on our balance sheet, and we present the fair value for required disclosure purposes only. Foreign Currency Risk Our sales contracts are primarily denominated in U.S. dollars, British pounds (“GBP”) or Euros (“EUR”).
Added
Approximately $1.1 billion aggregate principal amount was converted to 5,662,979 shares of the Company’s common stock with $0.4 million settled in cash. Refer to Note 6, Convertible Senior Notes , in Part II, Item 8, Financial Statements and Supplementary Data, of this Form 10-K for further details.

Other MDB 10-K year-over-year comparisons