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Couchbase Inc. (BASE+1.19%) has submitted its 10-Q filing for the quarterly period ended October 31, 2024.
The filing reports total revenue of $51.6 million for the quarter, an increase from $45.8 million in the same quarter of the previous year. Subscription revenue, which includes license and support, accounted for $49.3 million of total revenue.
Cost of revenue for the quarter was $6.6 million, up from $5.1 million in the previous year. This increase was primarily due to higher computing infrastructure costs related to Couchbase Capella.
Operating expenses totaled $64.3 million, compared to $58.2 million in the same quarter last year. The increase was driven by higher personnel-related costs, including stock-based compensation.
The company reported a net loss of $18.2 million for the quarter, compared to a net loss of $16.3 million in the previous year. The loss was attributed to increased operating expenses and cost of revenue.
Cash used in operating activities was $20.2 million for the nine months ended October 31, 2024, consistent with the prior year. The company had cash, cash equivalents, and short-term investments totaling $141.9 million as of October 31, 2024.
Couchbase continues to focus on expanding its customer base and increasing adoption of its database platform, with a total of 903 customers as of October 31, 2024, up from 715 customers in the previous year.
The company also highlighted the ongoing development of Couchbase Capella, its fully-managed database-as-a-service offering, as a key growth area.
Couchbase's management discussed the impact of macroeconomic conditions on customer spending and noted an increase in deal cycle scrutiny and smaller purchase increments.
The filing outlines various risks, including competition, the need for innovation, and compliance with evolving data protection regulations, which could impact future financial performance.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Couchbase Inc. quarterly 10-Q report dated December 4, 2024. To report an error, please email earnings@qz.com.