MariaDB’s Struggle: From Open‑Source Roots to Plummeting Stock and Funding Woes

MariaDB was launched in 2009 by Michael Widenius, who also co‑founded MySQL, as a response to concerns over MySQL’s independence after Sun Microsystems’ acquisition.

Today, MariaDB remains closely linked to MySQL and is regarded as an open‑source alternative.

In December of last year, MariaDB went public on the New York Stock Exchange under the ticker MRDB. Within six months its share price fell from a high of $14.45 to roughly $1.30, even touching $1.11.

In February, the company raised $104 million in a Series D round, briefly valuing it at about $672 million; its market capitalization now hovers around $85.8 million.

MariaDB disclosed in a filing to the U.S. SEC that its cash, cash equivalents, and cash from database subscription and services sales will be insufficient to meet its projected working‑capital and operating needs.

We expect our cash, cash equivalents and cash from database subscription and services sales to be insufficient to meet our anticipated working‑capital and operating requirements.

The company further warned that its current financial resources would not sustain operations for at least the next twelve months and that it has a history of losses with no near‑term profitability, relying on financing to cover expenses.

We are currently seeking additional funding to meet our projected working‑capital, operating and debt‑service needs beyond September 30 2023.

To reduce costs, MariaDB laid off about 8% of its workforce in February.

According to research firm 6Sense, MariaDB holds a 2.15% share of the relational‑database market, trailing MySQL (45.03%), PostgreSQL (17.23%) and Oracle Database (12.32%). If MariaDB were to fail, approximately 7,600 customers would be affected.

Founder Michael Widenius is no longer on the board or serving as CTO, and the CTO position remains vacant.

Relevant link: SEC filing PDF