Couchbase (BASE) investor relations material

Executive summary

• Revenue for the six months ended July 31, 2025 was $114.1 million, up 12% year-over-year, with annual recurring revenue (ARR) reaching $260.5 million, a 22% increase from the prior year.

• Net loss for the six months was $41.5 million, compared to $40.9 million in the prior year, reflecting continued investment in growth.

• The company entered into a merger agreement with Cascade Parent Inc. (affiliates of Haveli Investments, L.P.) to be acquired for $24.50 per share in cash, pending shareholder and regulatory approval.

• The business is focused on providing an AI-ready unified data platform, with strong growth in its cloud-based Capella offering and new AI-focused products and partnerships.

• All key metrics exceeded the high end of outlook, and the company is progressing toward acquisition by Haveli Investments.

Financial highlights

• Subscription revenue accounted for 97% of total revenue for the six months ended July 31, 2025.

• Gross margin for the six months was 87.6%, down slightly from 88.2% in the prior year, due to higher costs associated with the Capella DBaaS offering.

• Non-GAAP net loss for the six months was $4.0 million, a significant improvement from $8.1 million in the prior year.

• Free cash flow for the six months was negative $16.0 million, compared to negative $5.4 million in the prior year.

• Cash, cash equivalents, and short-term investments totaled $142.2 million as of July 31, 2025.

Outlook and guidance

• Management expects continued investment in growth, with losses and negative cash flows from operations likely to persist in the near term.

• The merger with Cascade Parent Inc. is expected to close by the end of calendar year 2025, after which the company will be delisted.