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Couchbase, Inc. [BASE], a leading provider of NoSQL databases, announced its financial results for the quarter ended July 31, 2023. The company reported a net loss of $20.7 million for the quarter, compared to a net loss of $15.4 million in the same quarter last year. Despite the net loss, Couchbase saw an increase in quarterly revenue, with total revenue reaching $43.1 million, compared to $39.8 million in the prior year quarter.
In terms of financial performance, Couchbase's gross profit for the quarter stood at $37.2 million, compared to $35 million in the same quarter last year. The company's operating expenses for the quarter totaled $59.1 million, higher than the $50.2 million reported in the prior year quarter. This resulted in a loss from operations of $21.9 million, an increase from the loss of $15.2 million in the same quarter last year.
Couchbase experienced growth in its subscription revenue, with total subscription revenue reaching $40.9 million for the quarter, compared to $37.1 million in the previous year quarter. The company also reported an increase in services revenue, with total services revenue amounting to $2.2 million, compared to $2.7 million in the prior year quarter.
Despite the net loss, Couchbase maintained a stable financial position. The company's total assets as of July 31, 2023, were $243.7 million, with a total stockholders' equity of $135.5 million. Couchbase's cash and cash equivalents stood at $41.4 million, while its short-term investments amounted to $124.4 million. Additionally, the company's total liabilities were $108.1 million.
Couchbase reported a basic and diluted net loss per share of $0.44 for the quarter. The weighted-average shares used in computing net loss per share were 46.7 million. It is important to note that the company's net loss per share has decreased compared to the same quarter last year, indicating potential improvement in profitability.
Looking ahead, Couchbase remains focused on driving growth and expanding its market presence. The company continues to invest in research and development, as well as sales and marketing efforts, to further enhance its product offerings and reach a wider customer base. As the demand for NoSQL databases continues to grow, Couchbase is well-positioned to capitalize on this opportunity and deliver value to its customers.
In conclusion, Couchbase, Inc. reported a net loss of $20.7 million for the quarter, accompanied by a revenue of $43.1 million. Despite the net loss, the company demonstrated growth in its subscription revenue and maintained a stable financial position. With its strategic focus on innovation and market expansion, Couchbase is poised for long-term success in the NoSQL database industry.