Executive Summary

Q2 FY2024 delivered stable revenue and materially improved profitability metrics: total revenue was $13,585, up 0.8% year-over-year; gross margin expanded to 79.8% (from 76.1%); net loss narrowed to $3,519 and diluted EPS improved to -$0.05 (from -$0.18) .
Management highlighted ARR growth of 11.9% YoY to $53,012 and a sharp improvement in Adjusted EBITDA loss to $378 (97% improvement vs prior-year quarter’s $12,647 loss); CEO Paul O’Brien said the team “quickly turn[ed] our financial story around” within six months .
Liquidity and capital structure remain the primary overhangs: cash was $1,758, substantial doubt exists about going concern, and the senior secured note (RP/K1 Note) matured on Jan 31, 2024 with defaults and forbearance; K1’s tender offer process and related governance constraints further heighten uncertainty .
Consensus estimates via S&P Global were unavailable for MRDB due to missing CIQ mapping; earnings call transcript also not available, limiting direct assessment of beat/miss and Q&A color. Reported EPS was -$0.05 and revenue $13,585; we will update estimate comparisons when SPGI mapping becomes available .

What Went Well and What Went Wrong

What Went Well

ARR grew 11.9% YoY and Adjusted EBITDA loss improved 97% YoY to $378; CEO Paul O’Brien: “we have demonstrated our ability to quickly turn our financial story around and are optimistic about the future performance of the business” .
Gross margin expanded 370 bps YoY to 79.8% on headcount reductions and lower services delivery costs; total cost of revenue fell 14.8% YoY .
Operating expense intensity dropped materially: R&D -58% YoY, Sales & Marketing -39% YoY, G&A -46% YoY, reflecting the October 2023 restructuring and continued execution through Q1/Q2 FY2024 .

What Went Wrong

Liquidity pressure and going-concern risk: cash of $1,758 at quarter-end, substantial doubt about ability to continue as a going concern, and noncompliance/default under the RP/K1 Note after maturity; company is seeking financing and exploring strategic paths amid constraints .
Interest expense spiked: +385.5% YoY in the quarter and +771.2% YoY in six months due to RP/K1 Note issuance and amortization of debt issuance costs, pressuring bottom line .
Services revenue contracted (-4.8% YoY) with reduced enterprise architect and remote DBA delivery; receivables concentration increased (two customers = 39.5% of AR), modestly elevating credit risk despite no >10% revenue customers .

Financial Results

P&L vs Prior Year and Estimates

Metric ($USD Thousands unless noted)	Q2 2023	Q2 2024	Wall St. Consensus (Q2 2024)
Total Revenue	13,474	13,585	Unavailable (S&P Global mapping not available)
Gross Profit	10,255	10,841	Unavailable
Gross Margin %	76.1%	79.8%	Unavailable
Net Loss	(11,850)	(3,519)	Unavailable
Diluted EPS ($)	(0.18)	(0.05)	Unavailable
Adjusted EBITDA	(12,647)	(378)	Unavailable
Adjusted EBITDA Margin %	(93.9%)	(2.8%)	Unavailable

Note: Consensus via S&P Global was unavailable due to missing CIQ mapping; reported figures are GAAP unless noted .

Revenue Mix

Revenue ($USD Thousands)	Q2 2023	Q2 2024
Subscription	12,021	12,202
Services	1,453	1,383
Total	13,474	13,585

Geographic Breakdown

Region Revenue ($USD Thousands)	Q2 2023	Q2 2024
EMEA	4,562	5,119
Americas	6,510	5,795
APAC	2,402	2,671
Total	13,474	13,585

KPIs

KPI	Q2 2023	Q2 2024
Annual Recurring Revenue (ARR, $USD Thousands)	47,395	53,012
Net Revenue Retention (%)	104%	104%
Customers (#)	655	690

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Revenue	FY/Q2	Not disclosed	Not disclosed	Maintained (no formal guidance)
Margins (Gross/Adj. EBITDA)	FY/Q2	Not disclosed	Not disclosed	Maintained (no formal guidance)
OpEx	FY/Q2	Not disclosed	Not disclosed; continued restructuring benefits	N/A
OI&E / Tax	FY/Q2	Not disclosed	Not disclosed	N/A
Capital Structure / Debt	FY/Q2	RP Note outstanding; matured Jan 31, 2024	RP Note assigned to K1; defaults/forbearance; seeking financing	N/A (risk disclosure)

Note: The company did not issue formal quantitative guidance in the Q2 press release or 10-Q; management commentary focuses on restructuring progress, liquidity, and strategic process .

Earnings Call Themes & Trends

Transcript unavailable; themes inferred from press releases and MD&A.

Topic	Previous Mentions (Q-2 and Q-1)	Current Period (Q2 FY2024)	Trend
Cost actions / restructuring	Q1 FY2024: Discontinued products, company-wide spending reductions; Adj. EBITDA loss improved to $2,718; Net loss $8,768	Continued headcount reductions; OpEx down materially (R&D -58%, S&M -39%, G&A -46% YoY)	Improving cost structure
Product portfolio focus	Discontinuation of SkySQL/Xpand per Oct 2023 plan	Divested SkySQL; gain recognized; revenue sharing; focused on Enterprise Server/MaxScale/ColumnStore	Focus sharpened
Liquidity / capital structure	RP Note issued Oct 2023; maturity extended to Jan 31, 2024	RP Note default, forbearance, assignment to K1; seeking financing; going concern doubt	Elevated risk
Governance / listing	Working to maintain NYSE compliance	Risk factors: price/listing noncompliance, governance committee issues, market cap thresholds	Persistent issues
Regional revenue trends	Americas 48%, EMEA 35%, APAC 17% in prior year	Q2 mix: Americas 43%, EMEA 38%, APAC 19%; total $13,585	Stable, EMEA up
Legal/regulatory	No major Q&A color	Ongoing Houlihan Lokey litigation; accrual recorded; other fee dispute noted	Active

Management Commentary

CEO Paul O’Brien (Q2 press release): “Annual Recurring Revenue (ARR) is up 11.9% year-over-year … coupled with a 97% improvement in Adjusted EBITDA loss of $378 thousand … In six months, we have demonstrated our ability to quickly turn our financial story around and are optimistic about the future performance of the business” .
CEO Paul O’Brien (Q1 press release): “ARR is up 11% year-over-year … and 77% improvement in Adjusted EBITDA loss … result of measures … discontinue certain products and focus on … MariaDB Enterprise Server … company-wide effort to reduce spending” .
MD&A framing: subscriptions sold with PCS; services ~10% of revenue; emphasis on cost savings driving gross margin expansion and OpEx reductions; ARR $53,012, NRR 104% .

Q&A Highlights

The Q2 FY2024 earnings call transcript was not available; key investor focus areas inferred from filings:
- Liquidity runway and going-concern status given $1,758 cash, RP/K1 Note maturity/default and forbearance .
- Strategic process and K1 tender offer implications, governance constraints, and potential alternative transactions or dissolution risks if the offer fails .
- NYSE listing compliance (price, market cap, board independence) and potential delisting impacts .
- Operational trajectory: mix shift, services contraction, and sustainability of margin improvements under the restructuring plan .

Estimates Context

S&P Global consensus estimates for Q2 FY2024 (revenue and EPS) were unavailable due to missing CIQ mapping for MRDB. Reported revenue was $13,585 and diluted EPS was -$0.05; we cannot assess beat/miss versus consensus at this time and will update if SPGI mapping becomes available .

Key Takeaways for Investors

Execution improved: ARR growth (+11.9% YoY), gross margin expansion to 79.8%, and Adjusted EBITDA nearly breakeven indicate operational discipline post-restructuring .
Liquidity and capital structure are the primary risks: low cash, going-concern uncertainty, RP/K1 Note default, and restrictive covenants constrain strategic flexibility pending financing or a transaction outcome .
Governance and listing risks persist (board independence, price/market cap thresholds), which may affect trading liquidity and capital-raising options; potential delisting could create added friction and costs for shareholders .
Revenue mix remains subscription-led with services softness; watch Americas softening and EMEA/APAC resilience as indicators of pipeline health and regional performance .
Legal exposure (Houlihan Lokey suit) and receivables concentration warrant monitoring, though no single customer >10% of revenue mitigates near-term revenue concentration risk .
Trading implications: near-term moves likely driven by tender offer headlines and financing updates; medium-term thesis depends on sustaining margin improvements and normalizing interest expense while stabilizing top-line growth .

Source Documents Read

Q2 FY2024 8-K 2.02 and Exhibit 99.1 press release (full) .
Q2 FY2024 10-Q (full) –.
Q1 FY2024 8-K press release (full) –.
Q4 FY2023 8-K press release (annual 10-K filing notice) –.

Additional external links corroborating the Q2 press release language:

MariaDB Files Second Quarter Fiscal 2024 Financial Results (Business Wire/Nasdaq republication) .

MariaDB plc (MRDB)·Q2 2024 Earnings Summary