Couchbase (BASE) Q2 2025 earnings summary

Executive summary

• Achieved Q2 revenue of $51.6M, up 20% year-over-year, and ARR of $214M, up 18–19% year-over-year, with strong new customer growth and Capella momentum.

• Capella now represents 13.5% of total ARR and 31% of the customer base, with net new ARR more than doubling sequentially.

• Total customer count reached 869, with 302 customers generating over $100K ARR and 45 over $1M ARR.

• Subscription revenue comprised 96% of total revenue, with growth driven primarily by existing customers.

• Launched Capella Columnar, Capella Vector Search, and Capella Free Tier, and appointed Josh Harbert as CMO.

Financial highlights

• Q2 revenue was $51.6M, up 20% year-over-year; ARR was $214M, up 18–19% year-over-year; Capella ARR ended at $28.9M, up 20% sequentially.

• Non-GAAP operating loss was $4.1M (negative 8% margin), improved from $9.2M loss (negative 21% margin) last year.

• Gross margin improved to 88.3% (non-GAAP), up from 87.2% last year.

• Net loss attributable to common stockholders was $2.9M, or negative $0.06 per share (non-GAAP); GAAP net loss was $19.9M, or $(0.39) per share.

• Ended Q2 with $156.1M in cash, cash equivalents, and short-term investments.

Outlook and guidance

• Q3 revenue expected between $50.3M–$51.1M; ARR expected between $218.5M–$221.5M.

• Full-year revenue guidance raised to $205.1M–$209.1M; ARR guidance maintained at $235.5M–$240.5M.

• Non-GAAP operating loss for the year expected between -$24.5M and -$19.5M; free cash flow positive targeted for fiscal 2026.

• Net new ARR growth expected to be heavily weighted to Q4 due to renewal pool and contracted ARR with future start dates.

• Management expects continued investment in product innovation and geographic expansion.