"JFrog's focus as a foundational platform and system of record for software delivery continues to drive momentum in our business." — CEO Shlomi Ben Haim
"As the complexity in the world of software increases, the requirements of security compliance and governance put pressure on development teams." — CEO Shlomi Ben Haim
"We continue to derisk our outlook by excluding our largest opportunities given the uncertainty regarding the timing of certain large customer deployments." — CFO Ed Grabscheid
"We're becoming the model registry of choice, securing the entire software supply chain of our customers from passport control at the gate to safe and trusted delivery." — CEO Shlomi Ben Haim
Prepared Metrics
Metric
Value
Speaker/Context
总收入
$136.9M (+26% YoY)
CEO/CFO
云收入
$63.4M (+50% YoY, 46% of total)
CEO/CFO
毛利率 (GAAP)
83.9%
CFO
营业利润率 (非GAAP)
18.7%
CFO
自由现金流
$28.8M (21% margin)
CFO
RPO
$508M (+47% YoY)
CFO
净美元保留率 (4Q trailing)
118%
CFO
>$1M客户数
71 (+54% YoY)
CEO
>$100K客户数
1,121 (+16% YoY)
CEO
Enterprise+订阅收入占比
56% (+39% YoY)
CFO
Q&A Batch (1-5 of 14)
Q1 — Michael Cikos
Topic: Cloud revenue sustainability and go-to-market execution
Key points:
Cloud revenue had no one-time items; growth driven by strong usage across multiple package types, geos, verticals, and security.
Security is a leading driver of cloud growth.
Go-to-market philosophy: converting customers with over-usage to higher commitments, leading to consistent cloud growth and less volatility.
Mgmt stance: Bullish — management attributes cloud strength to consistent execution and security expansion, with no one-time factors.
Q2 — Sanjit Singh
Topic: Broadening of Artifactory artifact types, including AI artifacts
Key points:
Artifacts used by AI creators (e.g., Hugging Face, Python PyPI, NPM, Docker containers) are seeing growth in usage on cloud and on-prem.
Too early to confirm this trend will lead to higher future consumption, but it is encouraging.
Customers use JFrog as the system of record for all packages, including AI models.
Mgmt stance: Neutral — cautious optimism; trend is encouraging but not yet quantified for future consumption.
Q3 — William Kingsley Crane
Topic: JFrog Fly and AI-driven UI/UX changes
Key points:
JFrog Fly is a disruption to the software supply chain system of record, designed for agentic capabilities (software created by agents, not just developers).
Based on research with thousands of developers, Fly focuses on creating and delivering software with trust, fast.
Enterprise market will adopt features one by one; community and small teams can run faster.
Mgmt stance: Bullish — Fly reimagines the software supply chain for an agentic future, with strong developer research backing.
Q4 — Koji Ikeda
Topic: Net dollar retention (NDR) flat at 118% vs. strong cloud growth
Key points:
NRR (NDR) is a trailing 12-month metric; Q3 last year had 3 of the largest customers closed, creating a strong base.
Two conditions for NDR acceleration: uptick in security and usage over minimum commit in cloud — both are happening.
NDR stabilized quarter-over-quarter at 118%; embedding security expands addressable market with different personas.
Mgmt stance: Bullish — NDR is stable at 118% with positive drivers (security, over-usage) in place.
Q5 — Mark Cash
Topic: JFrog Fly opening new customers and Q4 guidance raise
Key points:
Fly’s goal is not to open new customers but to ensure the platform supports both agents and developers; small teams may use Fly as an additional revenue avenue.
Q4 guidance raise: management guides only on commitments; strong performance in Q3 built into forecast based on commitment levels, with usage over minimum removed.
Beat by $9 million, raised by $6.5 million; confidence from strong commitment visibility and cRPO strength.
Mgmt stance: Bullish — Fly is a North Star for AI adoption; guidance raise reflects confidence in commitments and prudent removal of usage over minimum.