![]() ![]() Top 100 Customers are 33% of Revenue, and Enterprise Customers are 75% of RevenueĪnyone can start with Mongo, but the really big guys do … spend a lot! 75% of their revenue is Enterprise, even though it’s a small percent of total customer count. They still grow 2x in spend over the first 24 months. After 24 months, the average customer has grown 2.1x. And here you can see the magic in Mongo’s business model. It can be gamed a bit, and is subject to interpretation. High NRR is magical, but NRR as a metric isn’t a GAAP metric. Average Customer Spend More Than Doubles After 2 Years A very bullish sign for the future.Įven with economic headwinds, $1M+ and bigger customers still fuel Mongo’s growth. Mongo’s doing better than that, adding +24% customers while growing +29% overall. Adding new customers does, and ideally growing new customers at least half as fast as revenue. That’s OK, but it doesn’t add real long-term value. These days many are relying on upselling their base and raising prices to keep growth growing. ![]() That leads to an awesome force of nature years down the road. But those accounts grow dramatically over time, and don’t really churn. New workloads, new uses of Mongo are actually just a small percent of revenue. New Workloads Are Only a Small Percent of Today’s Revenue, But Are The Majority of Tomorrow’s Are we near or past the lows in SaaS and Cloud buying patterns? The start of 2023 may have seen a partial bounce back, however. Mongo saw this show up in consumption growth decelerating about a year ago. While MongoDB overall has grown at epic rates, it hasn’t been immune from folks being more careful on how much compute they use. 2022 Saw a Slowdown in Usage Growth, But 2023 Saw a Potential Bounce Back ![]() That’s about as good as it gets in SaaS and Cloud! It’s now at a stunning $1.5 Billion in ARR, growing 29% overall, and it’s worth a stunning $29 Billion. But even macro challenges haven’t slowed Mongo much. MongoDB is one of those that just has never stopped, although as we’ll see below, even they have seen more cautious buying from their customers. So some SaaS and Cloud leaders have seen big impacts from the post-Covid hangover, but others have just kept accelerating. ![]()
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