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MariaDB (MRDB) investor relations material
MariaDB Q3 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Revenue for the quarter ended June 30, 2024 was $13.6 million, up 4.0% year-over-year, driven by a 7.5% increase in subscription revenue, partially offset by a 22.6% decline in services revenue.
Net loss for the quarter was $9.5 million, compared to $9.7 million in the prior year period; net loss for the nine months ended June 30, 2024 was $21.8 million, an improvement from $34.2 million in the prior year.
The company completed divestitures of its SkySQL and geospatial businesses, recording a $0.8 million gain.
MariaDB is in the process of being acquired by Meridian BidCo LLC, with a compulsory acquisition of remaining shares expected by August 26, 2024.
Financial highlights
Gross margin improved to 81.2% for the quarter, up from 71.7% in the prior year, due to higher subscription revenue and cost reductions.
Operating expenses decreased 13.1% year-over-year for the quarter, reflecting restructuring and cost-saving measures.
Adjusted EBITDA for the quarter was $(0.5) million, a significant improvement from $(11.4) million in the prior year.
Cash and cash equivalents were $1.1 million as of June 30, 2024, with an accumulated deficit of $271.2 million.
Deferred revenue totaled $43.9 million, with $62.9 million in remaining performance obligations.
Outlook and guidance
Management expects continued focus on core enterprise database products and international expansion.
The company is seeking additional financing to fund operations, as current cash is insufficient for the next 12 months.
Completion of the acquisition by BidCo is expected to result in delisting from the NYSE and a change in ownership structure.
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