Couchbase (BASE) Morgan Stanley Technology, Media & Telecom Conference summary

Business performance and growth

• Achieved 17% ARR growth and 26% net new ARR growth in Q4, marking one of the best quarters ever.

• Added a second customer over $10 million ARR and secured seven-figure Capella deals.

• Customer base grew 26% in fiscal year 2025, with strong new logo additions.

• Isolated churn events were due to unique customer circumstances, not recurring issues.

• Confident in returning to 20%+ ARR growth over time, supported by a healthy renewal pool.

Market opportunity and competitive differentiation

• AI is driving a major market transition, increasing the importance of flexible, high-performance data platforms.

• NoSQL architecture with relational features is positioned as ideal for modern AI applications.

• Platform approach integrates multiple services, including vector search, to reduce complexity for developers.

• Differentiation comes from scale, performance, and unique cloud-to-edge and mobile capabilities.

• Recent competitor exits and consolidation are creating new strategic opportunities.

Capella managed cloud service

• Capella now represents 16% of ARR, with a higher number of customers using it as a leading indicator for future growth.

• Migration from Enterprise to Capella yields a 50-75% ARR uplift per application.

• Capella accelerates customer expansion by making it easier to add new applications and aligns with customer consumption models.

• Growth contributors include migration, expansion within existing customers, and new logo acquisition, all enhanced by Capella.

• Lower entry points and free trials are driving new logo growth, despite some churn from starter packs.