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Did Jfrog beat or miss consensus estimates last quarter?

- **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.

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