MariaDB plc (NYSE: MRDB) today announced its financial results
for the third quarter of fiscal year 2023, which ended June 30,
2023.
“We drove strong 22% year-over-year revenue growth in the third
quarter, which is consistent with our revenue growth rate over the
last few years,” said Paul O’Brien, CEO at MariaDB plc. “While we
are growing at a steady pace, we have also demonstrated restraint
on spending thanks to a company wide effort. Looking ahead, we are
excited to leverage five years of foundational Artificial
Intelligence and Machine Learning (AI/ML) experience to build new
AI/ML database features that will allow customers to predict,
classify and even communicate with the database in bespoke ways
tailored to specific business needs.”
Third Quarter Fiscal 2023 Financial Highlights
- Revenue: Total revenue was $13.0 million for the third
quarter of fiscal 2023, an increase of 22% year-over-year.
- Annual recurring revenue (ARR): Total ARR as of June 30,
2023 was $55.0 million, an increase of 14% year-over-year.
- Gross profit: Gross profit was $9.4 million for the
third quarter of fiscal 2023, representing a 72% gross margin
compared to 65% in the year-ago period.
- Loss from operations: Loss from operations was $12.2
million for the third quarter of fiscal 2023, compared to a loss of
$13.1 million in the year-ago period.
- Net loss: Net loss was $9.7 million, or $0.14 per share,
for the third quarter of fiscal 2023. This compared to a net loss
of $9.6 million, or $0.69 per share, in the year-ago period.
Business Highlights
- Paul O’Brien was appointed CEO of MariaDB effective May 26,
after joining the company in March as Senior Vice President of
Sales and Field Operations. For 30+ years, O’Brien has leveraged
his substantial experience in sales and customer success, as well
as his track record of leading successful turnarounds and
implementing world-class go-to-market strategies.
- The MariaDB board appointed Tom Siegel as chief revenue officer
(CRO) to lead the sales, consulting, support and training teams and
Jonah Harris as chief technology officer (CTO) to lead product
strategy, effective June 5, 2023.
- The company held its global user conference MariaDB OpenWorks
in New York City on May 11-12, 2023 where the company celebrated
customers who are unstoppable with MariaDB. The event was the
backdrop of the first MariaDB Wavemaker Awards, which included
winners:
- Enterprise of the Year: Copart
- Partner of the Year: SADA Systems
- Cloud Champion of the Year: WBX Commerce (formerly known as
Whitebox)
- Database Transformation of the Year: Samsung SDS
- SaaS Application of the Year: Vergent LMS
Conference Call Information
MariaDB plc will host a live webcast at 1:30 p.m. Pacific Time
(or 4:30 p.m. Eastern Time) on Monday, August 14, 2023 to discuss
its financial results. The live webcast and replay of the webcast
can be accessed from MariaDB plc's investor relations website at
investors.mariadb.com. The webcast
replay will be available for 12 months.
About MariaDB
MariaDB is a new generation cloud database company whose
products are used by companies big and small, reaching more than a
billion users through Linux distributions and have been downloaded
over one billion times. Deployed in minutes and maintained with
ease, leveraging cloud automation, our database products are
engineered to support any workload, any cloud and any scale – all
while saving up to 90% of proprietary database costs. Trusted by
organizations such as Bandwidth, DigiCert, InfoArmor, Oppenheimer,
Samsung, SelectQuote and SpendHQ, MariaDB’s software is the
backbone of critical services that people rely on every day. Learn
more at mariadb.com.
Key Business Metrics
We review a number of operating and financial metrics, including
Annual Recurring Revenue (“ARR”), to evaluate our business, measure
our performance, identify trends affecting our business, formulate
business plans and make strategic decisions.
We believe that our ARR is an important indicator of our
financial performance and operating results given the renewable
nature of our business. ARR does not have a standardized meaning
and is therefore unlikely to be comparable to similarly titled
metrics presented by other companies. We define ARR as the
annualized revenue for our subscription customers, excluding
revenue from nonrecurring contract services (e.g., time and
material consulting services). For our annual subscription
customers, we calculate ARR as the annualized value of their
subscription contracts as of the measurement date, assuming any
contract that expires during the next 12 months is renewed on its
existing terms (including contracts for which we are negotiating a
renewal). In the event that we are negotiating a renewal with a
customer after the expiration of their subscription, we continue to
include that revenue in ARR if we are actively in discussion with
the customer for a new subscription or renewal, or until we are
notified that the customer will not be renewing its subscription.
Additionally, a subset of customers under the MariaDB SkySQL
subscription service offering has monthly pay-as-you-go contract
terms. We calculate ARR as their monthly recurring revenue as of
the measurement date, multiplied by 12. We consider these
annualized pay-as-you-go revenues relevant in the determination of
ARR as it aligns with our strategic goal to convert the
pay-as-you-go customers to annual subscription customers.
ARR should be viewed independently of revenue, and does not
represent our revenue under U.S. GAAP on an annualized basis, as it
is an operating metric that can be impacted by contract start and
end dates and renewal dates. ARR is not intended to be a
replacement for or forecast of revenue. Our calculation of ARR is
not adjusted for the impact of any known or projected events that
may cause any such contract not to be renewed on its existing
terms. Consequently, our ARR may fluctuate within each quarter and
from quarter to quarter.
Forward-Looking Statements
This press release contains “forward-looking statements” within
the meaning of the “safe harbor” provisions of the United States
Private Securities Litigation Reform Act of 1995. Forward-looking
statements often contain words such as “expect,” “anticipate,”
“intend,” “plan,” “project,” “estimate,” “believe,” “seek,” “see,”
“will,” “would,” “target,” similar or comparable expressions, and
variations or negatives of such words. Forward-looking statements
by their nature address matters that are, to different degrees,
uncertain, such as future opportunities for us and our products and
services, the ultimate length and value of contractual
relationships with our customers, and any other statements
regarding MariaDB’s future operations, anticipated growth,
financial or operating results or condition, capital allocation,
market opportunities, strategies, anticipated business levels,
future earnings, customer relationships (including terms), planned
activities, competition, and other expectations and targets for
future periods.
As a result of a number of known and unknown risks and
uncertainties, our actual results, condition, or performance may be
materially different from those expressed or implied by these
forward-looking statements. Some factors that could cause actual
results to differ include: (a) our ability to continue as a going
concern and to secure additional financing needed to meet
short-term and long-term liquidity needs; (b) the potential
dilution of our shareholders' potential ownership due to future
issuances of our ordinary shares; (c) our ability to maintain the
listing of our ordinary shares, public warrants and other
securities on the New York Stock Exchange; (d) our ability to
realize the anticipated benefits of cost reductions, which may be
affected by, among other things, needs of our business, customer
demands, competition, and potential growth and expansion; (e) our
ability to retain existing customers and their business and attract
additional customers and business; (f) our ability to retain and
recruit qualified personnel, directors and other key personnel; (g)
our ability to expand, acquire and integrate technologies,
personnel, and other assets; (h) intellectual property, information
technology and privacy requirements that may subject us to
unanticipated liabilities; (i) our ability to manage our
operations, including potential growth and expansion of our
business operations and building out controls, effectively; (j) any
regulatory actions or litigation; and (k) other risks and
uncertainties indicated from time to time in our filings with the
Securities and Exchange Commission (“SEC”), such as on Forms 10-Q
and 10-K, including those under “Risk Factors” therein, and other
documents filed or to be filed with the SEC by us, which you should
review and consider.
Forward-looking statements speak only as of the date they are
made. Readers are cautioned not to put undue reliance on
forward-looking statements, and we assume no obligation and, except
as required by law, do not intend to update or revise these
forward-looking statements, whether as a result of new information,
future events, or otherwise. We give no assurance that we will
achieve our expectations or plans, which may change over time.
MariaDB plc Condensed Consolidated
Balance Sheets (in thousands, except par value) (unaudited)
June 30, 2023
September 30, 20221
ASSETS
Current assets:
Cash and cash equivalents
$
12,860
$
4,756
Short-term investments
—
25,999
Accounts receivable, net
12,425
12,154
Prepaids and other current assets
5,321
15,463
Total current assets
30,606
58,372
Property and equipment, net
406
708
Goodwill
7,944
7,535
Intangible assets, net
915
1,120
Operating lease right-of-use assets
736
890
Other noncurrent assets
5,605
4,146
Total assets
$
46,212
$
72,771
LIABILITIES AND STOCKHOLDERS’
DEFICIT
Current liabilities:
Accounts payable
$
3,108
$
3,267
Accrued expenses
6,171
8,902
Operating lease liabilities
743
496
Long-term debt, current
16,268
122
Deferred revenue
28,034
26,236
Total current liabilities
54,324
39,023
Long-term debt, net of current
—
14,622
Operating lease liabilities, net of
current
35
433
Deferred revenue, net of current
18,286
5,321
Warrant liabilities
2,106
1,749
Deferred tax liability
177
—
Total liabilities
74,928
61,148
Commitments and contingencies
Convertible preferred shares, par value of
$0 per share
—
206,969
Stockholders’ equity (deficit):
Ordinary shares, par value of $0.01 per
share
674
—
Additional paid-in-capital
213,254
11,482
Accumulated deficit
(231,738
)
(197,523
)
Accumulated other comprehensive income
(loss)
(10,906
)
(9,305
)
Total stockholders’ equity (deficit)
(28,716
)
(195,346
)
Total liabilities, convertible preferred
shares and stockholders’ equity (deficit)
$
46,212
$
72,771
1Reflects the impact of immaterial revisions to the
financial statements.
MariaDB plc Condensed Consolidated
Statements of Operations and Comprehensive Loss (in thousands,
except share and per share amounts) (unaudited)
Three Months Ended June
30,
Nine Months Ended June
30,
2023
20221
2023
20221
Revenue:
Subscription
$
11,539
$
9,406
$
34,837
$
28,425
Services
1,503
1,290
4,484
3,665
Total revenue
13,042
10,696
39,321
32,090
Cost of revenue:
Subscription
1,822
1,832
4,957
4,859
Services
1,866
1,904
5,315
4,945
Total cost of revenue
3,688
3,736
10,272
9,804
Gross profit
9,354
6,960
29,049
22,286
Operating expenses:
Research and development
8,668
8,555
27,415
25,911
Sales and marketing
6,290
7,547
20,465
19,795
General and administrative
6,631
3,915
18,850
11,007
Total operating expense
21,589
20,017
66,730
56,713
Loss from operations
(12,235
)
(13,057
)
(37,681
)
(34,427
)
Other (expense) income:
Interest expense
(307
)
(242
)
(821
)
(1,472
)
Change in fair value of warrant
liabilities
1,807
303
5,835
(4,442
)
Other income (expense), net
1,077
3,434
(1,531
)
4,400
Loss before income tax expense
(9,658
)
(9,562
)
(34,198
)
(35,941
)
Income tax expense
(11
)
(26
)
(17
)
(54
)
Net loss
$
(9,669
)
$
(9,588
)
$
(34,215
)
$
(35,995
)
Net loss per share attributable to common
shares – basic and diluted
$
(0.14
)
$
(0.69
)
$
(0.65
)
$
(2.71
)
Weighted-average shares outstanding –
basic and diluted
66,999,987
13,864,320
52,444,086
13,264,834
Comprehensive Loss:
Net loss
$
(9,669
)
$
(9,588
)
$
(34,215
)
$
(35,995
)
Foreign currency translation adjustment,
net of taxes
(91
)
(2,387
)
576
(2,155
)
Unrealized gain (loss) from
available-for-sale securities, net of taxes
—
—
(2,177
)
—
Total comprehensive loss
$
(9,760
)
$
(11,975
)
$
(35,816
)
$
(38,150
)
1Reflects the impact of immaterial revisions to the
financial statements.
Source: MariaDB #earn-news
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230811125167/en/
Investors: ir@mariadb.com Media: pr@mariadb.com
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