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MRDB NYSE· MariaDB Plc
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MRDB NYSE· MariaDB Plc
Earnings report Q4 2023

MariaDB Reports Strong Revenue Growth in Latest Quarter

Segments of revenue

In the latest quarter, MariaDB reported total revenue of $13.61 million, representing a 6.3% increase compared to the same period last year. The revenue was generated from two main segments: subscription and services. Subscription revenue amounted to $12.27 million, showing a growth of 8.8% year-over-year. Services revenue, on the other hand, declined by 12.2% to $1.34 million.

Strengths

MariaDB's subscription revenue demonstrated solid growth, increasing by $993,000 or 8.8% compared to the previous year. The majority of this growth, approximately 98.1%, came from new customers, highlighting the company's ability to attract and onboard new clients. Additionally, MariaDB expanded its customer base from 651 customers in December 2022 to 683 customers in December 2023, indicating successful customer retention and expansion efforts.

Challenges

The decline in services revenue by $186,000 or 12.2% presents a challenge for MariaDB. The company should focus on identifying the reasons behind this decrease and implementing strategies to mitigate the decline in services revenue. Further analysis is required to understand the specific factors impacting this segment.

Noteworthy

MariaDB's revenue is geographically diversified, with 46% of revenue coming from the Americas, 35% from Europe, the Middle East, and Africa (EMEA), and 19% from the Asia-Pacific (APAC) region. This distribution provides the company with a balanced revenue stream across different regions, reducing its dependence on any single market.

Summary

MariaDB delivered a strong performance in the latest quarter, with total revenue increasing by 6.3% compared to the same period last year. The growth was primarily driven by a significant increase in subscription revenue, which expanded by 8.8% due to the addition of new customers. However, the decline in services revenue poses a challenge for the company, requiring further investigation and potential remedial actions. Overall, MariaDB's diversified revenue streams across different regions contribute to its overall strength and stability.

Source documents

Form 10-Q  filed on Feb 14, 2024
6 pages scanned

Reference data

Company financials Q4 revenue 0
Analyst estimates Q4 EPS missed by 0.00%
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