- **ARR Growth Acceleration**: 21% YoY ARR to $252.1M, Capella at 17.4% of ARR, up 84% YoY.
- **Net New ARR Surge**: $14.2M (306% YoY), driven by strategic accounts and Capella migrations.
- **Product Innovation Lead**: Edge Server and AI vector database win real-time data use cases.
- **Guidance Uptick**: FY2026 ARR $279.3M-$284.3M (18% YoY), targeting FY2027 operating profit.
- **Free Tier Momentum**: Capella trials up 3x YoY, lowering entry barrier for future expansion.

**【CEO Summary Section】**
- Total ARR reached $252.1 million, up 21% year-over-year and 6% sequentially, with Capella contributing 17.4% of ARR.
- Net new ARR of $14.2 million, a 306% year-over-year increase, driven by large strategic accounts and Capella adoption.
- Revenue of $56.5 million grew 10% year-over-year, with Capella ARR up 84% YoY.
- Key wins included energy, defense, and healthcare customers, with Capella adoption in real-time data scenarios.
- Product innovations: Couchbase Edge Server for edge computing and AI vector database capabilities.

**【CFO Financial Commentary】**
- Q1 non-GAAP operating loss of $4.2 million, improving from $6.7 million YoY.
- Gross margin of 88.7%, with expenses optimized to 58% of revenue (Sales & Marketing).
- Full-year guidance raised: Revenue $228.3M-$232.3M (10% YoY), ARR $279.3M-$284.3M (18% YoY).
- Operating loss outlook narrowed to -$15.5M to -$10.5M, targeting FY2027 operating income positivity.

**【Q&A Highlights】**
- **Macroeconomic Impact**: Pipeline strength offset macro challenges, with no ARR impact in Q1.
- **ARR vs. Revenue Timing**: Migrations to Capella delayed revenue recognition, causing ARR/RPO growth vs. slower revenue.
- **Competitive Differentiation**: Memory-first architecture and integrated data services outperform Postgres for critical apps.
- **Capella AI Traction**: Early-stage trials with vector search, with free tier driving 3x YoY trial growth.
- **Strategic Accounts**: 7 starter pack customers exceeded $100k ARR, 2 over $500k, signaling long-term expansion potential.

Couchbase, Inc. (BASE) Q1 2026 Earnings Call Transcript

- **Record Q4 Performance**: ARR grew 17% YoY to $237.9M, with net new ARR up 26% YoY on a constant currency basis. Capella ARR reached 16.2% of total ARR, driven by 10 new customers.
- **Strategic Wins**: Secured largest expansion in company history with a global financial firm and added a second $10M+ ARR customer. Won 44 new logos, including a gas station chain and streaming platform.
- **AI Innovation Lead**: Launched Capella AI Model Services with NVIDIA and expanded JSON analytics to Google Cloud, positioning Couchbase as a leader in AI-driven applications.
- **FY26 Growth Outlook**: ARR expected to grow 16% YoY, with Capella driving 50%+ of ARR growth. Free cash flow breakeven by FY27, operating income positive by FY27.
- **Financial Health**: Q4 operating loss narrowed to 0.3% of revenue, with free cash flow improving to $4M (7.3% FCF margin). FY26 guidance reflects balanced renewal pipeline and accelerating Capella adoption.

**【CEO Summary Section】**
- **Q4 Financial Highlights**: Total ARR reached $237.9M (17% YoY growth), with net new ARR of $19.5M (26% YoY growth on a constant currency basis). Revenue was $54.9M, up 10% YoY. Capella ARR grew to 16.2% of total ARR, driven by 10 new Capella customers.
- **Strategic Wins**: Secured expansions with a global financial firm (largest in Couchbase history) and a major European telecom, adding customers above $10M ARR. Won 44 new logos, including a gas station chain and streaming platform.
- **Product Innovation**: Launched Capella AI Model Services with NVIDIA, expanded JSON analytics to Google Cloud, and introduced Mobile with Vector Search. These advancements position Couchbase as a leader in AI-driven applications.
- **Future Focus**: Accelerate Capella adoption, improve operational efficiency, and leverage AI to drive long-term growth. FY26 guidance includes ARR growth of 16% YoY and revenue growth of 10% YoY.

**【CFO Financial Commentary】**
- **Q4 Financials**: Non-GAAP operating loss was $0.144M (0.3% of revenue), up from $4.1M YoY. Free cash flow was $4M, the second consecutive quarter of positive FCF. Full-year free cash flow improved to -9% from -17% in FY25.
- **FY26 Guidance**: ARR expected to grow 16% YoY to $273.6-278.6M, with revenue up 10% YoY to $228-232M. Operating loss is projected to narrow to -$13.4M to -$8.4M.
- **Key Drivers**: Capella migration acceleration, balanced renewal pool, and cost control. Free cash flow breakeven expected by FY27, with operating income positivity by FY27.

**【Q&A Highlights】**
- **ARR Growth Drivers**: Execution on large strategic accounts (e.g., $10M+ ARR customers), Capella migrations, and new logo additions. Q4 ARR growth was 17% YoY, with 26% YoY growth in net new ARR on a constant currency basis.
- **Capella Momentum**: Capella ARR grew 76% YoY, with 16.2% of total ARR. Customers are migrating workloads due to TCO advantages and ease of use. FY26 expects step-up in migrations, with 50%+ of ARR growth coming from Capella.
- **Market Positioning**: Differentiated by multimodal platform, AI integration, and developer-centric tools. Competitor acquisitions (e.g., IBM/DataStax) validate Couchbase's strategic positioning as a critical data platform for AI applications.
- **Renewal Pipeline**: FY26 renewal pool is larger and more balanced, with opportunities for cross-selling and upselling. NRR is expected to return to historical levels (>115%) by H2 FY26.


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