MongoDB, Inc.

MongoDB reported first-quarter fiscal 2027 revenue of $688 million, up 25% year over year versus 22% growth in the prior-year quarter. Atlas revenue grew more than 29% year over year and added a record $117 million in year-over-year dollar growth, while EA and other revenue grew 13% year over year. Non-GAAP gross margin was 74.5%, non-GAAP income from operations was $123 million, and non-GAAP operating margin was 18%; non-GAAP net income was $112 million, or $1.32 per share, versus $86 million, or $1.00 per share, a year ago. Operating cash flow was $202 million and free cash flow was $198 million; the company ended with $2.4 billion in cash, cash equivalents and short-term investments. For Q2, MongoDB guided revenue to $729 million to $734 million and non-GAAP EPS to $1.58 to $1.61. For fiscal 2027, it guided revenue to $2.92 billion to $2.96 billion, non-GAAP operating income to $571 million to $591 million, and non-GAAP EPS to $5.95 to $6.14.

CJ Desai framed MongoDB as moving from a workload-by-workload product into a strategic platform decision, helped by core workload strength and growing AI relevance. He emphasized that customers increasingly want a single platform for operational data, search, vector search, embeddings, and agent memory, and said the company is seeing encouraging early signs with frontier labs, AI-native companies, and enterprises moving agents into production. His tone was confident and expansive, but he repeatedly said the AI opportunity is still early and that the company is focused on being ready when that demand scales.

Mike Berry highlighted that the quarter exceeded all guidance ranges and that the business model continues to deliver operating margin and cash flow expansion. He cited total revenue of $688 million, non-GAAP gross margin of 74.5%, non-GAAP operating margin of 18%, operating cash flow of $202 million, and free cash flow of $198 million. He also noted $2.4 billion of cash and capital deployment that included $100 million of share repurchases and $58 million for RSU tax settlement, while saying the Clarity acquisition adds about $10 million of annual services revenue at roughly breakeven profitability. On guidance, he raised full-year revenue growth to 23% to 25%, expects operating margin expansion of 100 to 150 basis points, and guided Q2 revenue to $729 million to $734 million.

Analysts focused on whether agentic workloads are starting to move consumption, and CJ said it is still early but MongoDB is now better prepared for customer-facing production agents because it combines operational data, search, vector, and memory in one platform. Questions also centered on Atlas seasonality and guidance sensitivity; Mike said Atlas is larger and more predictable now, and Q2 guidance reflects a prudent framework rather than a major change in underlying demand. On AI-native customers, CJ said many are coming through self-serve first, and the company is still figuring out the right point to bring in field sales; on EA, Mike said the second-half outlook is mostly shaped by tough prior-year comparisons and that the company is being conservative on multiyear deals.