MDB
Mongodb, INC
NASDAQ
8-K: MongoDB Appoints Michael J. Berry as Chief Financial Officer
Sentiment:
Corporate Announcement
28 April 2025 8:33 AM
MongoDB announced the appointment of Michael J. Berry as its new Chief Financial Officer, effective May 27, 2025.
Summary
- MongoDB has appointed Michael J. Berry as its Chief Financial Officer, effective May 27, 2025.
- Mr. Berry brings over 30 years of experience in the technology and software industry, having previously served as CFO at NetApp, McAfee, FireEye, Informatica, IO, Solarwinds, and i2 Technologies.
- His starting annual base salary will be $350,000, with a target cash bonus opportunity of 65% of his base salary.
- He will also receive two service-vested RSU awards valued at approximately $9,000,000 and $3,000,000, vesting over four years.
- MongoDB will report its first quarter fiscal year 2026 financial results on June 4, 2025, and will host a conference call to discuss the results and business outlook.
Sentiment
Score: 7
Explanation: The sentiment is positive due to the appointment of an experienced CFO and management's optimistic outlook. However, the inclusion of forward-looking statements and associated risks tempers the overall sentiment.
Positives
- MongoDB has appointed an experienced CFO with over 30 years in the technology and software industry.
- Michael Berry has a proven track record of driving profitable growth and scaling businesses.
- Berry's experience with consumption models aligns with MongoDB's vision for the future.
- The company is set to announce its F1Q 2026 results, providing an opportunity to showcase its financial performance.
Risks
- The press release includes forward-looking statements that are subject to various risks and uncertainties, including customer renewals, economic downturns, competition, and security concerns.
- Failure to meet publicly announced guidance or other expectations about the business and future operating results.
Future Outlook
The company expects the new CFO's experience to benefit its business for years to come, particularly in scaling the business and driving efficient growth. MongoDB anticipates significant growth drivers due to its leadership position in the software market and the early stages of harnessing GenAI.
Management Comments
- Dev Ittycheria, President and CEO of MongoDB, stated that Mike Berry's strategic, operational, and financial expertise makes him a key addition to the leadership team.
- Mike Berry said he is thrilled to join MongoDB at such an exciting moment in its growth journey and looks forward to working with the team to create long-term value for customers, shareholders, and employees.
Industry Context
The appointment of a seasoned CFO with experience at multiple technology companies suggests MongoDB is focused on scaling its operations and achieving profitable growth in the competitive database market. Berry's experience with consumption models is particularly relevant as cloud-based services become increasingly prevalent.
Comparison to Industry Standards
- Michael Berry's previous role as CFO of NetApp, a company with a market capitalization of over $20 billion, indicates that he has experience managing the finances of a large, publicly traded technology company.
- His experience at McAfee and FireEye, both cybersecurity firms, suggests he has experience in the software industry.
- His experience scaling businesses to $5 billion in revenue and beyond is comparable to the growth trajectories of other successful software companies like Salesforce and ServiceNow.
Stakeholder Impact
- Shareholders may react positively to the appointment of an experienced CFO.
- Employees may be impacted by changes in financial strategy and leadership.
- Customers may benefit from the company's focus on growth and innovation.
Next Steps
- Michael J. Berry will assume the role of CFO on May 27, 2025.
- MongoDB will report its first quarter fiscal year 2026 financial results on June 4, 2025.
- The company will file Mr. Berry's offer letter with its Quarterly Report on Form 10-Q for the period ending April 30, 2025.
Key Dates
- September 21, 2017: Standard form of indemnification agreement filed as Exhibit 10.5 to Form S-1
- March 21, 2025: Annual Report on Form 10-K for the fiscal year ended January 31, 2025, filed with the SEC
- April 28, 2025: Date of report and announcement of CFO appointment
- April 30, 2025: Quarterly period ending date for which the offer letter with Mr. Berry will be filed with the Company's Quarterly Report on Form 10-Q
- May 27, 2025: Effective date of Michael J. Berry's appointment as CFO
- June 4, 2025: Date of F1Q 2026 financial results announcement and conference call
Keywords
Chief Financial Officer, CFO, Michael J. Berry, MongoDB, Appointment, Financial Results, Executive, NetApp, RSU, Compensation
MDB
Mongodb, INC
NASDAQ
Sector: TBD
Filings with Classifications
Capital raise
4 June 2025 5:16 PM
Quarterly Report
- The company states it 'may require additional capital resources to execute strategic initiatives to grow our business.'
- It also notes, '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.'
Better than expected
4 June 2025 5:16 PM
Quarterly Report
- Net loss significantly reduced from $(80.593) million to $(37.626) million.
- Total revenue increased by 22% year-over-year.
- Net cash provided by operating activities increased substantially from $63.613 million to $109.929 million.
Better than expected
4 June 2025 4:03 PM
Quarterly Financial Results
- Non-GAAP net income swung to a profit of $86.3 million ($1.00 per share) from a loss in the prior year, significantly exceeding expectations for profitability.
- Non-GAAP income from operations more than doubled year-over-year to $87.4 million, indicating strong operational efficiency gains.
- Free cash flow increased substantially to $105.9 million, demonstrating robust cash generation.
- The company achieved the highest total net customer additions in six years, adding 2,600 customers, which is a strong indicator of market adoption and growth.
Worse than expected
20 March 2025 10:06 PM
Annual Results
- The adverse macroeconomic conditions resulted in slower than historical growth of existing Atlas applications for the year ended January 31, 2025.
- The net ARR expansion rate declined versus most historical periods to 118%.
Better than expected
5 March 2025 9:07 PM
Earnings Release
- MongoDB's net income improved significantly compared to the previous year.
- Atlas consumption in the quarter was better than expected.
- MongoDB delivered a strong end to fiscal 2025 with 24% Atlas revenue growth and significant margin expansion.
Worse than expected
10 December 2024 4:07 PM
Quarterly Report
- The company experienced slower than historical growth rates for existing MongoDB Atlas applications due to macroeconomic conditions.
- The net ARR expansion rate declined compared to historical periods, indicating a smaller contribution from expanding customers.
Better than expected
9 December 2024 4:10 PM
Quarterly Report
- The company's third-quarter results significantly exceeded expectations on both the top and bottom line.
- MongoDB's revenue and non-GAAP income were better than anticipated by analysts.
Worse than expected
30 August 2024 4:24 PM
Quarterly Report
- The company's net loss increased compared to the same period last year.
- The net ARR expansion rate declined from historical rates.
- The company experienced slower than historical growth rates for existing MongoDB Atlas applications due to macroeconomic conditions.
Worse than expected
29 August 2024 4:10 PM
Quarterly Report
- The company's net loss increased year-over-year, from $37.6 million to $54.5 million.
- Non-GAAP income from operations decreased from $79.1 million to $52.5 million year-over-year.
- Non-GAAP net income decreased from $76.7 million to $59.0 million year-over-year.
Worse than expected
31 May 2024 4:41 PM
Quarterly Report
- The company's net loss increased year-over-year, indicating that profitability is not improving as quickly as revenue growth.
- The company experienced a negative impact from the macroeconomic environment on the growth of existing Atlas applications, which is a key driver of revenue.
Worse than expected
30 May 2024 4:14 PM
Quarterly Report
- The company experienced a slower than expected start to the year for Atlas consumption growth and new workload wins, which will have a downstream impact for the remainder of fiscal 2025.
- The company's loss from operations increased to $98.2 million, compared to $68.5 million in the same quarter last year.
- Net loss increased to $80.6 million, or $1.10 per share, compared to $54.2 million, or $0.77 per share, in the prior year.
Better than expected
16 May 2024 4:07 PM
Proxy Statement
- The company's revenue increased by 31% year-over-year, reaching $1.68 billion in fiscal year 2024.
- The company generated $121.5 million of cash from operations during the year ended January 31, 2024, compared to $13.0 million of cash used in operations in the year-ago period.
- The company's gross profit was $1.26 billion for the full year fiscal 2024, representing a 75% gross margin compared to 73% in the year-ago period.
Worse than expected
15 March 2024 4:11 PM
Annual Results
- The company experienced slower than historical growth rates for existing MongoDB Atlas applications due to adverse macroeconomic conditions.
Better than expected
7 March 2024 4:09 PM
Quarterly Report
- MongoDB's revenue growth, particularly in Atlas, exceeded expectations.
- The company's operating margin improved significantly, indicating better cost management.
- MongoDB's free cash flow generation was much better than the previous year, showing improved financial health.
Disclaimer: This summary was generated by artificial intelligence and its accuracy is not guaranteed. The information provided here is for general informational purposes only and does not constitute financial advice, recommendation, or endorsement of any kind. It may contain errors or omissions. You should not rely on this information to make financial decisions. Always seek the advice of a qualified financial professional before making any investment or financial decisions. Use of this information is at your own risk.