MariaDB plc (NYSE: MRDB) today announced its financial results
for the second quarter of fiscal year 2023, which ended March 31,
2023.
“The transformation of our business to the cloud is
accelerating, reaching 101% year-over-year growth in cloud-related
subscription revenue, up from 90% last quarter,” said Michael
Howard, CEO at MariaDB plc. “Revenue increased 20% year-over-year,
a result of our differentiated product offerings, continued
innovation and the value we bring to our customers. This is only
the beginning, as we expand our cloud database products to broaden
the target audience.”
Second Quarter Fiscal 2023 Financial Highlights
- Revenue: Total revenue was $13.5 million for the second
quarter of fiscal 2023, an increase of 26% year-over-year, or 20%
year-over-year after adjusting for out of period corrections.
Cloud-related subscription revenue grew 101% year-over-year, after
out of period corrections.
- Annual recurring revenue (ARR): Total ARR as of March
31, 2023 was $52.9 million, an increase of 12% year-over-year.
- Gross profit: Gross profit was $10.3 million for the
second quarter of fiscal 2023, representing a 76.1% gross margin
compared to 70.5% in the year-ago period.
- Loss from operations: Loss from operations was $13.0
million for the second quarter of fiscal 2023, compared to a loss
of $10.4 million in the year-ago period.
- Net loss: Net loss was $11.9 million, or $0.18 per
share. This compares to a net loss of $14.5 million, or $1.05 per
share.
Business Highlights
- Conor McCarthy joined MariaDB as CFO effective April 10,
bringing over 30 years of experience leading finance organizations
at high-growth companies and significant experience scaling SaaS
businesses.
- The company released a new version of SkySQL, a second
generation cloud database, in March. This release exemplifies
MariaDB’s leadership as a price point disruptor, adding
functionality for customers to control cloud costs.
- In April, SkySQL added a new option to monitor MariaDB
community databases anywhere. Given the size of the MariaDB
ecosystem, with over 1 billion software downloads, this represents
a very meaningful opportunity.
- MariaDB SkySQL won the prestigious DEVIES award validating
MariaDB’s strategy to give developers more productivity through
automation and cloud-native technology.
- In February MariaDB released a new version of its distributed
SQL database Xpand, adding differentiated features that result in
uninterrupted scale and resilience. This version of Xpand is also
available in SkySQL with automation to handle changes in demand
automatically.
- Xpand won a Gold Stevie® award in the 2023 American Business
Awards® recognized for its high availability and flexibility.
- Cash and cash equivalents at the end of April were $21.1
million.
Conference Call Information
MariaDB plc will host a conference call and webcast at 1:30 p.m.
Pacific Time (or 4:30 p.m. Eastern Time) today, May 8, 2023 to
discuss its financial results. The conference call can be accessed
by dialing (888) 396-8049 from the United States and Canada or
(416) 764-8646 internationally with conference ID 56385548. A live
webcast and replay of the conference call can be accessed from
MariaDB plc's investor relations website at investors.mariadb.com.
An archived replay of the webcast will be available following the
conclusion of the call. The Company will post on its investor
relations website a reconciliation of US GAAP to non-GAAP
numbers.
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 the benefits of the recent business combination
with Angel Pond Holdings Corporation and related transactions (the
“Business Combination”), future opportunities for us and our
products and services (including increased business in the cloud),
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, competitions,
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) our ability to
compete in an increasingly competitive environment; (c) our ability
to retain and recruit qualified personnel, including officers,
directors and other key personnel (including those with public
company experience); (d) our ability to acquire and integrate
technologies, personnel, and other assets (including those related
to the acquisition of CubeWerx and Sector 42 by Legacy MariaDB; (e)
our ability to retain existing customers and their business and
attract additional customers and their business; (f) intellectual
property, information technology and privacy requirements that may
subject us to unanticipated liabilities; (g) our ability to realize
the anticipated benefits of the Business Combination, which may be
affected by, among other things, competition, and our ability to
manage our operations, including potential growth and expansion of
our business operations and building out controls, effectively; (h)
our ability to effectively operate as a public company; (i) any
regulatory actions or litigation relating to, among other things,
the Business Combination; (j) our ability to maintain the listing
of our Ordinary Shares, Public Warrants or other securities on the
NYSE; (k) the effects of the ongoing coronavirus (COVID-19)
pandemic or other infectious diseases, health epidemics, pandemics,
and natural disasters on our business; and (l) other risks and
uncertainties indicated from time to time in our SEC filings, 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.
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
and share amounts)
(unaudited)
March 31,
September 30,
2023
20221
ASSETS
Current assets:
Cash and cash equivalents
$
9,703
$
4,756
Short-term investments
—
25,999
Accounts receivable, net
26,707
12,154
Prepaids and other current assets
5,952
15,463
Total current assets
42,362
58,372
Property and equipment, net
465
708
Goodwill
7,816
7,535
Intangible assets, net
980
1,120
Operating lease right-of-use assets
972
890
Other noncurrent assets
4,925
4,146
Total assets
$
57,520
$
72,771
LIABILITIES AND STOCKHOLDERS’
DEFICIT
Current liabilities:
Accounts payable
$
3,885
$
3,267
Accrued expenses
6,919
8,902
Operating lease liabilities
868
496
Long-term debt, current
16,326
122
Deferred revenue
27,980
26,236
Total current liabilities
55,978
39,023
Long-term debt, net of current
—
14,622
Operating lease liabilities, net of
current
148
433
Deferred revenue, net of current
17,265
5,321
Warrant liabilities
3,919
1,749
Deferred tax liability
173
—
Total liabilities
77,483
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
668
—
Additional paid-in-capital
212,253
11,482
Accumulated deficit
(222,069
)
(197,523
)
Accumulated other comprehensive income
(loss)
(10,815
)
(9,305
)
Total stockholders’ equity (deficit)
(19,963
)
(195,346
)
Total liabilities, convertible preferred
shares and stockholders’ equity (deficit)
$
57,520
$
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 March
31,
Six Months Ended March
31,
2023
20221
2023
20221
Revenue:
Subscription
$
12,021
$
9,510
$
23,298
$
19,019
Services
1,453
1,184
2,981
2,375
Total revenue
13,474
10,694
26,279
21,394
Cost of revenue:
Subscription
1,545
1,454
3,135
3,027
Services
1,674
1,705
3,449
3,041
Total cost of revenue
3,219
3,159
6,584
6,068
Gross profit
10,255
7,535
19,695
15,326
Operating expenses:
Research and development
9,274
8,886
18,747
17,356
Sales and marketing
7,289
5,975
14,175
12,248
General and administrative
6,716
3,059
12,219
7,092
Total operating expense
23,279
17,920
45,141
36,696
Loss from operations
(13,024
)
(10,385
)
(25,446
)
(21,370
)
Other (expense) income:
Interest expense
(282
)
(509
)
(514
)
(1,230
)
Change in fair value of warrant
liabilities
2,297
(4,625
)
4,028
(4,745
)
Other income (expense), net
(779
)
1,005
(2,608
)
966
Loss before income tax expense
(11,788
)
(14,514
)
(24,540
)
(26,379
)
Income tax expense
(62
)
(13
)
(6
)
(28
)
Net loss
$
(11,850
)
$
(14,527
)
$
(24,546
)
$
(26,407
)
Net loss per share attributable to common
shares – basic and diluted
$
(0.18
)
$
(1.05
)
$
(0.54
)
$
(2.04
)
Weighted-average shares outstanding –
basic and diluted
66,575,652
13,864,320
45,125,926
12,963,436
Comprehensive Loss:
Net loss
$
(11,850
)
$
(14,527
)
$
(24,546
)
$
(26,407
)
Foreign currency translation adjustment,
net of taxes
(1,220
)
(372
)
667
232
Unrealized gain (loss) from
available-for-sale securities, net of taxes
—
—
(2,177
)
—
Total comprehensive loss
$
(13,070
)
$
(14,899
)
$
(26,056
)
$
(26,175
)
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/20230507005059/en/
Investors: ir@mariadb.com
Media: pr@mariadb.com
MariaDB (NYSE:MRDB)
Historical Stock Chart
From Jun 2024 to Jul 2024
MariaDB (NYSE:MRDB)
Historical Stock Chart
From Jul 2023 to Jul 2024