Couchbase Registers 25% Revenue Growth In Q3 Backed By Strong Bookings, Capella Logo Additions; Boosts Outlook
Couchbase, Inc (NASDAQ: BASE) reported third-quarter revenue growth of 25% year-on-year to $38.6 million, beating the consensus of $36.7 million.
Non-GAAP EPS loss of $(0.22) beat the consensus loss of $(0.33).
Subscription revenue for the quarter was $35.7 million, up 23% Y/Y.
Total ARR, as of October 31, was $151.7 million, an increase of 24% Y/Y.
Non-GAAP gross margin contracted 30 bps to 88% as costs jumped over 30% Y/Y.
Non-GAAP operating margin loss improved from (39)% to (25)%.
Couchbase used $(16.3) million in free cash flow and held $177.3 million in cash and equivalents.
Remaining performance obligations (RPO) as of October 31 was $159.6 million, an increase of 28% Y/Y.
Matt Cain, Chair and CEO, said, "We saw robust bookings growth, meaningful new Capella logo additions, and a rapidly growing pipeline of exciting opportunities across both new and existing customers, and all of this despite a more challenging macroeconomic environment."
Outlook: Couchbase sees Q4 revenue of $38.2 million - $38.4 million against the consensus of $38.91 million.
Couchbase raised the FY23 revenue forecast to $151.4 million - $151.6 million (consensus $150.13 million), up from the prior $149.5 million - $150.5 million.
Price Action: BASE shares closed lower by 4.45% at $13.96 on Monday.
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