MongoDB Inc at Piper Sandler Growth Frontiers Conference Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Brent Bracelin - Piper Sandler - Analyst : Absolutely. So listen, it's hard to not start a conversation here around AI, both the AI existential threat to software as well as a potential exponential opportunity. In our view, we think AI is just software. We think SaaS is just software. We think the depth of SaaS is a little overblown. But ultimately, there is something different about AI and that's the pace of change. As we think about -- and the pace of change in AI is happening very, very fast. As you think about this, what we call race to relevancy, how do you think Mongo is changing? How do you think Mongo is responding to the needs of a lot of these application companies that are trying to race to change and keep up with the pace of AI.

Question: Brent Bracelin - Piper Sandler - Analyst : I think Dave mentioned model embedded quite a bit even on the last transcript and it's very passionate about a differentiation there. Ben for you, maybe just take a step back. When you talk about model embedding, what is it -- and why is it so important in this AI native app space and a little background on voyage.

Question: Brent Bracelin - Piper Sandler - Analyst : What's the unit economics of a Voyage. Obviously, we all know monies unit economics, Atlas, obviously, a consumption-based model. When you layer in a voyage AI, what is the unit economics model look like for embedding?

Question: Brent Bracelin - Piper Sandler - Analyst : Walk me through the type of data that as you give us integrated into Atlas that it would add that you typically wouldn't have inside of a Mongo, is this unstructured data that you're adding, Walk me through the types of data that expands the opportunity once this is fully embedded in Atlas? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 11, 2025 / 2:00PM, MDB.OQ - MongoDB Inc at Piper Sandler Growth Frontiers Conference

Question: Brent Bracelin - Piper Sandler - Analyst : So a little bit of a technical discussion around AI and embedding and I think is super important because it seems to be popular it's starting with a small number of customers, 300 customers. Are these native AI customers, maybe walk through the applicability of a Voyage AI. Is this going to be something that might appeal to 10% of your customers? Or is this something that you think ultimately all customers will have like embedding and their MongoDB Atlas deployment.

Question: Brent Bracelin - Piper Sandler - Analyst : We start out with the rate or relevancy. You're clearly seeing a pace of change happen fast. You went out, found a really unique asset here in Voyage. Can you do more? Are there more interesting tech tuck-ins out there? Can you go faster? You've been in the role here three months, 100 days, not saying you're not going back. But as you just think about the opportunity, what's your appetite to do more and push the team and go faster here?

Question: Brent Bracelin - Piper Sandler - Analyst : One of the things that kind of stood out to me that we've been talking to investors about is Postgres, open source, right, open source alternatives and that became kind of a hot button issue for you guys as we thought about some acquisitions by company competitors, right? You had a data brick by Postgres company. It's still flake by a Postgres company. There's a narrative out there that why would you use Mongo if you can use open source. You talked about Postgres migrations, maybe double-click into the Postgres migration opportunity. What are you seeing these large enterprises or large software companies run into some limitations around Postgres and maybe talk about that migration off Postgres to Mongo? And are you seeing a little bit more of those in frequency?

Question: Brent Bracelin - Piper Sandler - Analyst : Outside looking in, we've seen a reacceleration at Stonelake a reacceleration of Mongo and the growth rate. We've seen actually Oracle Mist yesterday, but they had a pretty sharp acceleration in cloud backlog. Walk me through, Mike, you did mention a lot of the slowdown you thought was internal. How much of this reacceleration is new AI things happening, helping you versus some of the things that you're doing internally to help drive a reacceleration in the core business. I know you've only been there 100 days, great job in the first quarter our of the gate. But walk us through like the opportunity that you have to control things and then external opportunity for things to get better.

Question: Brent Bracelin - Piper Sandler - Analyst : I'd like to talk a lot about the art of the possible. But before I do that, packed room here. Any questions from the audience here as we -- before I shift gears to kind of the possible. Perfect.

Question: Brent Bracelin - Piper Sandler - Analyst : Let's talk about Atlas. This is a business that in eight-years has scaled from less than $10 million to a $1.7 billion ARR business. As you think about the next eight-years, what's possible, as this business scales to $2 billion, $3 billion, $4 billion, what's the -- I know it's a slightly lower gross margin, but what's the up-margin potential of this Atlas business at scale?

Question: Brent Bracelin - Piper Sandler - Analyst : It sounds like there's a lot of investments already made in the core, those incremental margins could be pretty meaningful continue to scale Atlas even at a 75% gross margin. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 11, 2025 / 2:00PM, MDB.OQ - MongoDB Inc at Piper Sandler Growth Frontiers Conference

Question: Brent Bracelin - Piper Sandler - Analyst : We talk a lot about software companies, Arista software companies because of AI opportunities because of AI. Let's talk about internal. One of the biggest cost components for software companies labor. And one of the big benefits of AI is labor savings, productivity savings. What are some of the tools internally that you're using AI, leaning in on AI to drive higher productivity and what tools are working and maybe what tools have you tried that aren't working?

Question: Brent Bracelin - Piper Sandler - Analyst : Future facts. I love this Dev diamond quote. He thinks a lot of leaders today, focus too much on what's happened and not enough on what will happen. As you think about the art of the possible that people might be talking about a year from now, they're not talking about today, what would be some of those things. It could be a product, it could be a trend. But let's put that kind of future cap on. What do you think a year from now, people are going to be talking about that you're not talking about today?

Question: Brent Bracelin - Piper Sandler - Analyst : We're out of time. Thank you so much for insights, very helpful discussion.