Q2 2025 Couchbase Inc Earnings Call Transcript
Key Points
- Annual recurring revenue (ARR) reached $214 million, up 18% year-over-year and 19% in constant currency.
- Revenue for Q2 was $51.6 million, up 20% year-over-year and above the high end of guidance.
- Added 62 net new logos, a significant increase from previous quarters.
- Capella now represents 31% of the customer base and 13.5% of total ARR, both up two points sequentially.
- Strong progress in operational efficiency, with a Rule of 40 score improving by 14 points year-over-year.
- Non-GAAP operating loss in Q2 was $4.1 million, representing a negative operating margin of 8%.
- Higher level of customer loss and down-sell than anticipated, impacting ARR performance.
- ARR per customer decreased to $246,000, down from $287,000 in the previous quarter.
- Free cash flow was negative $5.9 million for the quarter.
- Q2 results were affected by unexpected churn and down-sell from a few large customers.
Greetings, and welcome to the Couchbase second quarter 2025 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.
It is now my pleasure to introduce your host and Edward Parker at [ICR]. Thank you. You may begin.
Good afternoon and welcome to cash basis second quarter 2025 earnings call. We will be discussing the results announced in our press release issued after the market closed today. With me are cash-basis Chair, President and CEO, Matt Cain; and CFO, Greg Henry.
Today's call will contain forward-looking statements, which include statements concerning financial and business trends and strategies, market size, product capabilities, our expected future business and financial performance and financial condition and our guidance for future periods. These statements reflect our views as of today only and should not be relied upon as representing our views at any subsequent date, but we do not undertake any duty to update these statements.
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