Couchbase, Inc.

Greetings, and welcome to the Couchbase first quarter 2026 earnings conference call. At this time, all participants are in listen-only mode. If anyone should require operator assistance, please press star zero on your telephone keypad. A question and answer session will follow the formal presentation. You may be placed into question queue at any time by pressing star one on your telephone keypad. As a reminder, this conference is being recorded. It's now my pleasure to turn the call over to Edward Parker, Head of Investor Relations. Please go ahead, sir.

Good afternoon, and welcome to CouchBase's first quarter 2026 earnings call. We will be discussing the results announced in our press release issued after the market closed today. With me are CouchBase's Chair, President and CEO, Matt Cain, and Interim CFO, Bill Carey. Today's call will contain forward-looking statements, which include statements concerning financial and business trends and strategies, market size, product capabilities, our expected future business and financial performance and financial condition, and our guidance for future periods. These statements reflect our views as of today only and should not be relied upon as representing our views at any subsequent date, and we do not undertake any duty to update these statements. Forward-looking statements by their nature address matters that are subject to risks and uncertainties that could cause actual results to differ materially from the expectations. For discussion of the material risk and other important factors that could affect our actual results, please refer to the risk discussed in today's press release and our most recent annual report on Form 10-K or quarterly report on Form 10-Q filed with the SEC. During the call, we will also discuss certain non-GAAP financial measures which are not prepared in accordance with generally accepted accounting principles. A reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures, as well as how we define these metrics and other metrics, is included in our earnings press releases, which are available on our Investor Relations website. With that, let me turn the call over to Matt.

Thanks, Edward. Good afternoon, everyone. I'm pleased to report that we had a great start to fiscal 2026 and a strong Q1. We delivered first quarter ARR revenue and non-GAAP operating loss results that exceeded the high end of our guidance for agents. Highlights include substantial acceleration in our net new ARR growth, driven by the momentum in our large strategic accounts, where we continue to see strong upsell and expansion activity, and continued Capella adoption, driven by migrations and application growth, contributing to robust growth in credit consumption. We continue to execute on our strategy to be the database for critical applications, and our pipeline of large strategic opportunities continues to grow. I'm pleased with the operational performance and focus of all our teams across the company. Macroeconomic uncertainty did not impact our ability to deliver. Total ARR was 252.1 million, up 21% year over year, 20% in constant currency, and 6% sequentially. Net new ARR was 14.2 million, up more than 300% year over year. Revenue in Q1 was 56.5 million, up 10% year-over-year and 3% sequentially. We had a 4.2 million non-GAAP operating loss in Q1. Capella now represents 17.4% of our total ARR and 33% of our customer base. In Q1, we continue to capitalize on the deepening engagement we've had with a growing set of strategic accounts where Couchbase is emerging as a long-term platform provider to power their critical applications. We've been deeply focused on solving the intensifying data challenges faced by developers tasked with building the next generation of applications who are looking for increased levels of scale and performance delivered in a unified platform, consumable in a flexible and seamlessly integrated way. In support of our efforts, we've made enhancements to our go-to-market motion with a disciplined focus on identifying these applications across a range of enterprise use cases, including the creation of dedicated strategic account teams complemented by expanding the ways for new and existing customers to get started with new applications built on Couchbase, including the Capella free tier. which lowers the barrier to entry and enables long-term expansion on our platform. At the same time, we are maintaining a rapid pace of innovation with new features and capabilities to empower developers. This momentum resulted in our strong net new ARR performance, which was the highest ever for a first quarter and the third highest quarterly net new ARR in company history. Our pipeline of strategic opportunities, where we have the potential to be a true platform winner, continues to grow, which, in combination with our strong Q1 results, reinforces my confidence in our strategy and our ability to maintain our momentum this fiscal year and beyond. Complementing the strong renewal and expansion activity in Q1, momentum continued with Capella, with ARR increasing over 80% year over year. In addition to new logo wins and migration activity, Capella saw very strong credit consumption growth driven by customers both moving applications into production as well as launching new ones. As our Capella base grows, we believe favorable consumption dynamics can continue as both existing and new customers realize our platform's unique performance and scale. Increased consumption across our customer base is indicative of the value we bring and gives us confidence in our ability to deliver sustainable growth. To share some customer highlights from the quarter, we saw exciting new wins in a variety of industries, including industrial, energy, government, sports and entertainment, and healthcare. Some of our enterprise wins in the quarter include An integrated energy company, which selected Couchbase to power its nationwide loyalty program app. A defense customer from a G7 nation responsible for special forces operations, which selected Couchbase to power its frontline medical application used to securely record and share critical data in real time. and a global medical technology company which selected Couchbase to power its cardiopulmonary unit's mobile app that will be deployed across more than 10,000 devices using over 100 hospitals and healthcare facilities. Turning to Capella, a new Capella win in Q1 was a major North American professional sports organization which selected us to power a key web application which tracks and displays real-time telemetry during live events. This customer required rapid data processing, high availability, and seamless scalability, and chose Couchbase over a competing hyperscale solution because of our performance, ease of use, and ability to efficiently manage high-velocity data streams in a mission-critical environment. A key component of our flexible deployment model is our native edge capability, which empowers mobile developers to move data and compute closer to where it's being used. In Q1, we continue to see significant traction with our mobile use cases, including several competitive replacements, as more customers recognize Couchbase as the only mobile database offering built from the ground up for these types of use cases. Examples include a healthcare service provider specializing in both home health and hospice care, which selected Capella to power its critical mobile application used by field agents. A leading developer of productivity applications for scholastic and college sporting events, which selected Capella to modernize its flagship app that delivers real-time scoring and stats to coaches, athletes, and fans. And a leading American industrial and construction supply distributor, which chose Capella to modernize its field service application. As with many of our customers, our performance at scale against real-time dynamic data requirements, combined with our offline-first synchronization capabilities when connectivity isn't available, continues to be a strong differentiator. And we continue to make strides with our large strategic opportunities, which represent a significant portion of our pipeline. Some examples in Q1 include the global luxury brand, which expanded its enterprise investments to power its mobile customer service app used by in-store sales associates. A global provider of family travel and leisure experiences, which expanded its investment in Couchbase to enhance the performance of its theme park mobile app, enabling guests to manage their vacation plans using their smartphones or smartwatches. and a cloud-based parking management solutions company, which migrated to Capella for its high-performance database capabilities, scalability, and real-time data synchronization support. We're honored by the commitment our largest customers are making with Couchbase, and it's gratifying to see the increasing relevance of our platform as we meet the growing application requirements across a wide range of use cases and industries. Simultaneously, we're focused on lowering barriers to entry for developers to use and consume Couchbase, while enhancing our go-to-market motion to identify and win critical applications where our scale and performance capabilities are unmatched. We'll continue to focus on reaching new applications, including leveraging our entry-level starter packs and Capella free tier. both of which are contributing to a growing pool of potential long-term strategic opportunities. Turning to product, in Q1, we launched Couchbase Edge Server, an offline-first, lightweight database server and sync solution designed to provide low-latency data access, consolidation, storage, and processing for applications in resource-constrained edge environments. From airplanes to retail stores, organizations need fast, reliable, local applications that work offline and on affordable, constrained hardware. Couchbase Edge Server addresses both challenges, providing a lightweight server built for edge hardware while delivering performance regardless of internet connectivity. We continue to invest in and rapidly innovate our AI capabilities. Our high-performance vector database powers AI agent-based applications by enabling the seamless integration of advanced AI workflows. With features like model context protocol server, we allow AI agents to autonomously perform actions on couch-based data, simplifying the development of complex Gen AI applications. The open source protocol standard enhances the ability for AI agents to securely and efficiently interact with enterprise data, supporting scalability, reliability, and compliance. By providing comprehensive visibility and control, we empower teams to innovate faster and with confidence in their AI-driven solutions. Also in Q1, we expanded Couchbase's ecosystem support with new integrations and connectors to make it easier for developers to integrate Couchbase within their application workflows. Looking ahead, our innovation agenda is laser-focused on simplifying how developers harness these capabilities, enabling them to push the boundaries of what's possible while delivering premium application experiences without compromising on functionality, performance, operational costs, or connectivity. In conclusion, we had a strong start to the year. We exceeded our outlook across all metrics continued building momentum with our large strategic customers, and drove continued Capella adoption while further growing our pipeline for the balance of the year and beyond. I remain fully convicted in our ability to achieve our full-year objectives, including driving growth in Capella adoption, accelerating the pace of leverage in our model, and further enhancing our support for agentic and AI use cases. We will continue to attack hard problems driven by customer outcomes. With that, I'll now hand the call over to Bill Carey, our Chief Accounting Officer and Interim CFO, to walk you through our financial results in more detail. Bill?