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What were the key takeaways from JFrog’s earnings call?

- **Revenue Growth**: FY2025 total revenue $531.8M (+24%), cloud revenue $243.3M (+45%).
- **Security Momentum**: Security Core ARR >10%, RPO 16% vs. 12% prior year.
- **AI Expansion**: JFrog ML adoption rising, AI binaries surge driving 30-32% 2026 cloud growth.
- **Financial Outlook**: 2026 revenue $623-628M (+17.5%), non-GAAP EPS $0.88-0.92.
- **Strategic Wins**: NVIDIA AI Factory partner, Hugging Face secure model registry, 3/5 top AI-native companies using JFrog.

**【CEO Summary Section】**
- Total revenue for FY 2025: $531.8 million (24% YoY growth), with Q4 revenue at $145.3 million (25% YoY growth).
- Cloud revenue grew 45% YoY to $243.3 million, representing 46% of total revenue.
- Security products (excluding JFrog Xray) contributed over 10% of ARR, with RPO for Security Core at 16% of total RPO.
- Greater than $1 million customers increased 42% YoY to 74, and customers spending over $100,000 grew 15% to 1,168.
- AI-driven binaries surge: JFrog positioned as system of record for binaries and AI models, with partnerships with NVIDIA and Hugging Face.
- Net dollar retention rate: 119% (4Q25), gross retention: 97%.

**【CFO Financial Commentary】**
- Q4 2025: GAAP net income $25.7 million, non-GAAP EPS $0.20 (midpoint of guidance).
- FY 2025: Non-GAAP EPS $0.82 (26% YoY growth), free cash flow $142.2 million (27% margin).
- 2026 Outlook: Revenue $623-$628 million (17.5% YoY growth), non-GAAP EPS $0.88-$0.92.
- Gross margin expected 82-83%, operating expenses disciplined amid FX headwinds.

**【Q&A Key Highlights】**
- **Customer Strategy**: Focused on high-ASP enterprise customers, consolidating 300 low-ASP subsidiaries into parent entities.
- **Security Growth**: JFrog Curation adoption accelerated post-NPM attack, with Security Core RPO up 40% YoY.
- **AI Impact**: AI agents generating 10x more binaries, driving cloud usage spikes; JFrog ML adoption for model governance.
- **FX Risks**: Weakening USD adds 1-2% annualized expense headwind, partially hedged.
- **Competitive Position**: 3 of top 5 AI-native companies use JFrog; NVIDIA AI Factory partner for secure model registry.
- **Long-Term Vision**: AppTrust for automated governance, MCP server for agent integration, and JFrog Fly for AI-driven DevOps.

JFrog Ltd. (FROG) Q4 2025 Earnings Call Transcript

- **Revenue Surge**: Q3 revenue $136.9M (+26% YoY), cloud revenue $63.4M (+50% YoY), 56% of revenue from Enterprise Plus subscriptions.
- **Enterprise Expansion**: 71 customers >$1M (54% YoY growth), 1,121 >$100k (16% YoY). 4Q NDR 118%, up from 116% full year target.
- **Security Momentum**: Signed $9M UK deal, $4M energy deal, and U.S. federal agency contract. JFrog Curation blocked recent NPM attacks.
- **AI Innovation**: Launched JFrog Fly (agentic delivery) and AI Catalog. Integrated with NVIDIA and Cursor, positioning as AI model registry leader.
- **Financial Strength**: Gross margin 83.9%, free cash flow $28.8M. Full year guidance $523-525M, cloud growth 40-42% (excluding usage).

**【CEO Summary Section】**
- **Revenue Growth**: Total revenue of $136.9 million, up 26% YoY, driven by 50% YoY growth in cloud revenue ($63.4 million). Enterprise Plus subscriptions now account for 56% of total revenue, up from 50% last year.
- **Enterprise Expansion**: Customers spending over $1 million grew 54% YoY to 71, while those spending over $100k increased 16% to 1,121. 4Q trailing net dollar retention (NDR) was 118%, reflecting strong adoption of security and cloud solutions.
- **Security Wins**: Signed multiyear deals with UK Customs & Revenue ($9M TCV), a U.S. federal agency, and a top energy corp ($>4M TCV), showcasing demand for JFrog Curation and Advanced Security.
- **AI & Product Innovation**: Launched JFrog Fly (agentic AI-driven delivery platform) and AI Catalog (model governance tool). Integrated with NVIDIA AI Enterprise and Cursor, positioning as the model registry of choice for AI workflows.

**【CFO Financial Commentary】**
- **Financial Highlights**: GAAP gross margin 83.9%, up from 82.8% YoY. Operating profit $25.6M (18.7% margin), up from $14.7M (13.5%). Free cash flow $28.8M (21% margin).
- **Guidance Update**: Full year 2025 revenue expected $523-525M (+22.3% YoY). Cloud growth 40-42%, excluding usage over commitments. Non-GAAP EPS $0.78-0.80, reflecting cautious macro outlook.
- **Balance Sheet**: $651.1M cash, up 25% YoY. RPO $508M (+47% YoY), driven by multiyear contracts.

**【Q&A Key Highlights】**
- **Cloud Growth Drivers**: CEO attributes to security adoption (e.g., Curation) and strategic conversions of high-usage customers to annual contracts. CFO notes 40-42% cloud growth excludes usage over commitments.
- **AI Impact**: JFrog Fly enables developers to focus on code while AI agents handle artifact management. Customers using Hugging Face, PyPI, Docker for AI models see higher cloud consumption.
- **Security Adoption**: 54% YoY growth in >$1M customers driven by security sales. JFrog Curation blocked recent NPM and PyPI attacks, reinforcing trust in enterprise customers.
- **Guidance Prudence**: CFO cites macro uncertainty and large deal timing risks, excluding $5.7M Qwak AI holdback payments from Q3 results.

JFrog Ltd. (FROG) Q3 2025 Earnings Call Transcript

- **Revenue Surge**: Q2 revenue up 23% YoY to $127.2M, with cloud revenue jumping 45% to $57.1M. >$1M customers +45% YoY to 61.
- **AI & Security Momentum**: NVIDIA partnership positions JFrog as enterprise AI factory backbone. Security Core adoption boosted retention to 118%, with a $7M+ telecom deal.
- **Financial Strength**: Free cash flow $35.5M (28% margin), RPO +75% YoY. Full year guidance: $507-510M revenue, 34-36% cloud growth.
- **Strategic Focus**: Hybrid infrastructure, model registry leadership, and security consolidation driving enterprise expansion.

**【CEO Summary Section】**
- **Revenue Growth**: Q2 software revenue reached $127.2 million, up 23% YoY, driven by cloud growth (45% YoY to $57.1 million) and enterprise expansion. Greater than $1M customers grew 45% YoY to 61, while >$100K customers increased 16% YoY to 1,076.
- **Cloud Strategy**: Focused on converting high-usage on-prem customers to annual cloud contracts. Hybrid infrastructure demand is rising due to AI cost predictability concerns, aligning with JFrog's unified platform.
- **AI & Security Leadership**: Announced NVIDIA partnership for enterprise AI factories, positioning JFrog as the model registry of choice. Security Core adoption boosted net dollar retention to 118% (up 2pts QoQ). A major telecom expanded to a $7M+ deal for JFrog Curation.
- **Product Innovation**: Launched JFrog MCP server and security research on AI exploit risks. Security solutions are becoming mission-critical for enterprises consolidating DevSecOps tools.

**【CFO Financial Commentary】**
- **Financial Highlights**: GAAP gross margin 83.1%, operating margin 15.2% ($19.4M profit). Free cash flow $35.5M (28% margin), up from $16M YoY. RPO reached $476.7M, +75% YoY.
- **Guidance**: Full year 2025 revenue $507-510M (18.7% growth). Cloud growth 34-36%, excluding usage above min commitments. Non-GAAP EPS $0.68-0.70. Q3 revenue $127-129M, EPS $0.15-0.17.
- **Cost Management**: Optimized cloud provider contracts to maintain 82.5-83.5% annual gross margin. Operating expenses 68% of revenue, down from 71% YoY.

**【Q&A Highlights】**
- **Cloud vs On-Prem**: Hybrid infrastructure adoption is slowing cloud migration but increasing long-term value. JFrog's fit-for-purpose approach addresses AI cost uncertainty.
- **Security Growth**: Security Core adoption is driving retention and pipeline. Attach rates will be disclosed at year-end, but CISOs are prioritizing consolidation of scanners.
- **AI Partnerships**: NVIDIA, Hugging Face, and hyperscaler integrations are accelerating JFrog's model registry leadership. New AI coding tools (e.g., MCP servers) are creating security opportunities.
- **Pipeline Confidence**: Despite macro caution, Q2 pipeline strength supports guidance. Large deals are derisked but remain robust. Security and cloud growth are key drivers.


JFrog (FROG)-7 Aug 25-2025 Q2 Earnings call transcript

- **Revenue Growth Strong**: Q1 2025 revenue up 22% YoY to $122.4M, with cloud revenue surging 42% to $52.6M. 
- **MLops Breakthrough**: Launched JFrog ML, winning a major AI leader deal and partnering with Hugging Face to secure 1.5M ML models. 
- **Financial Health**: 17.4% operating margin, $28.1M free cash flow, and RPO up 62% YoY to $424.2M. 
- **Guidance Cautious**: FY25 cloud growth 31-33%, revenue $500-505M, reflecting macro uncertainty but strong pipeline. 
- **Key Metrics**: >$1M customers +35%, 97% gross retention, and 55% Enterprise Plus revenue share.

**【CEO Summary Section】**
- Q1 2025 total revenue reached $122.4 million, up 22% YoY, driven by 42% YoY growth in cloud revenue ($52.6 million) and 35% YoY growth in >$1M customers (54 vs. 40). 
- Cloud usage exceeded contractual commitments, but macroeconomic uncertainty led to cautious outlook. 
- Launched JFrog ML, unifying DevOps, DevSecOps, and MLOps, with Hugging Face partnership to secure 1.5M open-source ML models. 
- Won a major AI leader deal for JFrog as system of record for models and MLops, with potential for security and ML model scanning expansion.

**【CFO Financial Commentary】**
- Gross profit $101M (82.5% margin), operating profit $21.4M (17.4% margin), up from $14.1M (14% margin) in Q1 2024. 
- Free cash flow $28.1M (23% margin), up from $16.6M (17% margin) YoY. 
- RPO $424.2M (+62% YoY), reflecting multiyear commitments. 
- Updated FY25 guidance: cloud growth 31-33%, revenue $500-505M, non-GAAP EPS $0.68-0.70. 
- Excluding largest deals due to macro uncertainty, net dollar retention stabilizing in mid-teens.

**【Q&A Highlights】**
- **Cloud Usage Sustainability**: Ed Grabscheid notes Q1 overachievement but cautious on continuity; 55% of revenue from Enterprise Plus subscriptions. 
- **GitHub Partnership Impact**: Shlomi Haim highlights developer-driven adoption, with Thomas Dohmke (GitHub CEO) calling JFrog "binary side of workflow". 
- **MLops Pipeline**: Early-stage adoption, with credit-based monetization model; no contribution in FY25 guidance. 
- **Macro Risks**: Longer sales cycles, budget constraints, but 97% gross retention rate signals customer stickiness. 
- **Long-Term Vision**: 2027 revenue target remains on track, with cash flow margin guidance at 20%+ for FY25.

JFrog (FROG)-8 May 25-2025 Q1 Earnings call transcript

- **Revenue Beats Expectations**: 22% YoY growth to $428.5M, with cloud revenue up 41% to $168M. Q4 cloud revenue at $49.4M (37% YoY growth).
- **AWS Collaboration**: Strategic partnership to enable cost-effective scaling of DevSecOps and AI solutions.
- **Security Dominance**: 250 customers migrated to JFrog's security suite, contributing 5% of ARR and 12% of RPO. MLOps integration via Qwak AI launched in Q4.
- **Enterprise Expansion**: Customers with ARR >$100k grew 15%, and >$1M ARR customers rose to 52% (vs. 37% YoY).
- **2025 Outlook**: Revenue $499-503M (17% YoY growth), cloud growth 30-32%, and security core to drive material revenue. Free cash flow margin expected to remain strong.

**【CEO Summary Section】**
- **Revenue Growth**: Total revenue for 2024 reached $428.5 million, up 22% YoY, with cloud revenue at $168 million (41% YoY growth). Q4 revenue was $116.1 million, up 19% YoY.
- **Cloud Momentum**: Signed a strategic collaboration with AWS to enable cost-effective scaling of DevSecOps and AI solutions. Cloud revenue in Q4 was $49.4 million (37% YoY growth), driven by large customer wins and migrations.
- **Security Expansion**: Security solutions (e.g., JFrog Curation, Advanced Security) now account for 5% of ARR and 12% of RPO, with 250 customers migrating from point solutions. MLOps integration via Qwak AI launch in Q4 2024.
- **Enterprise Focus**: Customers with ARR >$100k grew to 1,018 (vs. 886 YoY), and those with ARR >$1M increased to 52% (vs. 37% YoY). Focused on high ARR deals, reducing low-subscription customers.

**【CFO Financial Commentary】**
- **Q4 Financials**: GAAP net income of $42.1 million, Non-GAAP EPS of $0.65 (27% YoY growth). Free cash flow was $48.5 million (42% margin), with full-year free cash flow of $107.8 million (25% margin).
- **Gross Margin**: 83.2% in Q4, stable at 82.5-83.5% for 2025. Operating expenses were $75.6 million (65% of revenue), with focus on cost discipline.
- **2025 Guidance**: Revenue $499-503 million (17% YoY growth). Cloud growth 30-32%, NDR stabilizing in mid-teens. Security core to drive material revenue in 2025.

**【Q&A Key Themes】**
- **Cloud Migration**: Pipeline consistent with 2024, no significant change in migration activity. Cloud growth assumptions conservative, with usage above minimum commits stable.
- **Security Traction**: 250 customers adopted security solutions, targeting 5% ARR contribution in 2025. CISO/CIO consolidation trends driving pipeline.
- **AWS Partnership**: Cost-effective scaling for customers, enhancing JFrog's cloud value proposition.
- **MLOps Outlook**: JFrog ML launched in Q4 2024, focusing on enterprise adoption and integration with AI workflows. No 2025 guidance yet, but R&D prioritized.
- **Guidance Philosophy**: More conservative, derisking large deals and focusing on committed contracts. 2025 guidance excludes usage-based upside.

Actual	0.05	0.02	0.02	0.01	0.01	-0.01	0	-0.02	0.02	0.04	0.06	0.11	0.15	0.19	0.16	0.15	0.15	0.19	0.2	0.18	0.22	0.22
Forecast	-0.005	0.0164	0.01	0.01	-0.029	0.0034	0	-0.0333	0.0003	0.0162	0.0325	0.0508	0.0818	0.1246	0.1432	0.1453	0.106	0.1393	0.1635	0.1634	0.1637	0.1891
Surprise	+1100.00%	+21.95%	+100.00%	0.00%	+134.48%	-394.12%	0.00%	+39.94%	+6566.67%	+146.91%	+84.62%	+116.54%	+83.37%	+52.49%	+11.73%	+3.23%	+41.51%	+36.40%	+22.32%	+10.16%	+34.39%	+16.34%

FROG

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FROG Q4 2025 Earnings

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FROG

FROG fundamentals

FROG Q4 2025 Earnings

Earnings Call

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FROG Earnings Call Summary for Q4/20245:00 PM on Feb 13, 2025

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