Deep|MNDY 1Q25: A Very Solid Mid-term Growth Story

CRM, Mail Campaign, Service, MNDY AI, and the New EWM Product

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MNDY is a growth stock I'm very bullish on, and we have an excellent opportunity to uncover its alpha through continued research. This includes the second growth curve with MNDY CRM, the third growth curve with MNDY Service, and the potential fourth growth curve with MNDY AI.

It's rare to see such concentrated new product contributions in a SaaS product. 2025 will undoubtedly be a major product year for MNDY.

I've been intensively researching MNDY since the beginning of the year. In February, I interviewed 4 MNDY Partners, and conducted a second round of interviews with these same partners in early May.

In this report, I'll analyze the Q1 2025 sales completion progress in detail, the upsell of MNDY CRM and the impact of Mail Campaign on second-half growth, the upsell of MNDY Service and the latest feedback, the implementation progress of MNDY AI and when it will begin commercialization, and finally, I'll discuss the new MNDY EWM product.

This is a very comprehensive report, so reading it requires patience, but after finishing it, you will have an excellent understanding of MNDY's latest product developments. This week I will also attempt to address Applovin's latest short report, as well as share some perspectives on Tencent's earnings.

Sales Completion and Macroeconomic Impact

The sales growth metrics from Partner experts are generally measured by Net New Deals, representing their order status. While this cannot be directly quantified into MNDY's revenue, it correlates more closely with MNDY's quarterly or annual new orders and can serve as a reference for revenue completion.

Therefore, please don't directly compare Net New Deal growth rates with MNDY's revenue growth rates. We should use the Partners' own sales completion situations as a proxy for MNDY's revenue completion.

North American Partner Expert 1: Top Global IT Service Company

February Communication

1. MNDY Overall Sales
   a. 2024 YoY growth in the low 40s.
   b. Expected 2025 YoY growth in the low 40s (slightly lower than 2024).
   c. Expected 2025Q1 YoY growth of 20-25%.

2. MNDY CRM Sales
   a. 2024 YoY growth in the mid-30s.
   b. Expected 2025 YoY growth in the mid-30s (slightly lower than 2024).

3. Macroeconomic Impact
   a. Enterprise spending in 2025 is expected to be worse than 2024.
   b. January sales were very poor, with many companies taking a wait-and-see approach to IT spending, as January was the presidential transition month, potentially delaying enterprise orders.

May Communication