The earnings call reflected a strong start to the fiscal year with significant revenue growth, increased customer base, and strategic partnerships enhancing the product offerings. However, there are challenges with extended sales cycles and macroeconomic uncertainties impacting the future outlook. Despite these challenges, the positive achievements and growth suggest a cautiously optimistic outlook.

Company Guidance -

Q3 2025

In the first quarter of fiscal year 2025, JFrog reported robust financial results, with total revenue reaching $122.4 million, marking a 22% year-over-year increase. The company's cloud revenue grew significantly by 42% year-over-year to $52.6 million, contributing to 43% of total revenue, driven by heightened customer data consumption. JFrog's operating margin improved to 17.4%, showing a commitment to profitable growth amid market uncertainty. The number of customers spending over $1 million annually rose to 54, a 35% increase from the previous year, while those spending more than $100,000 grew to 1,051, a 15% rise. The company maintained a strong net dollar retention rate of 116%, with gross retention at 97%. In terms of cash flow, JFrog generated $28.8 million from operations, resulting in free cash flow of $28.1 million or a 23% margin. Despite these positive developments, JFrog exercised caution in its future outlook due to ongoing macroeconomic uncertainties, projecting total revenues for the full year 2025 to be between $500 million and $505 million, with non-GAAP operating income expected to range from $74 million to $77 million.

Strong Revenue Growth

JFrog's total revenue for Q1 2025 was $122.4 million, up 22% year-over-year. Cloud revenue for the quarter was $52.6 million, representing a 42% year-over-year growth. The growth in cloud revenue was driven by increased customer usage beyond contractual commitments.

Increased Customer Base

JFrog's greater than $1 million customers grew to 54 compared to 40 in the previous year, a 35% increase. Customers spending more than $100,000 annually grew to 1,051 compared to 911 last year, a 15% increase.

Launch of JFrog ML

JFrog announced that all cloud enterprise customers now have access to JFrog ML, providing machine learning and model management technologies as part of their software supply chain solution.

Strong Operating Margin and Cash Flow

Operating margin for Q1 was 17.4%, demonstrating a commitment to profitable growth. Cash flow from operations was $28.8 million, with free cash flow reaching $28.1 million, or a 23% margin.

Major Partnership with Hugging Face

JFrog partnered with Hugging Face to secure their repository of 1.5 million open-source ML models, providing greater peace of mind for developers creating AI-powered applications.

JFrog (FROG) Earnings, Revenues Date & History

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FROG Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Oct 29, 2025	2025 (Q3)	0.16 / -	0.15	―	―	―
Aug 07, 2025	2025 (Q2)	0.16 / 0.18	0.15	20.00% (+0.03)
May 08, 2025	2025 (Q1)	0.16 / 0.20	0.16	25.00% (+0.04)
Feb 13, 2025	2024 (Q4)	0.14 / 0.19	0.19	0.00% (0.00)
Nov 07, 2024	2024 (Q3)	0.11 / 0.15	0.15	0.00% (0.00)
Aug 07, 2024	2024 (Q2)	0.14 / 0.15	0.11	36.36% (+0.04)
May 09, 2024	2024 (Q1)	0.14 / 0.16	0.06	166.67% (+0.10)
Feb 14, 2024	2023 (Q4)	0.13 / 0.19	0.04	375.00% (+0.15)
Nov 01, 2023	2023 (Q3)	0.08 / 0.15	0.02	650.00% (+0.13)
Aug 02, 2023	2023 (Q2)	0.05 / 0.11	-0.02	650.00% (+0.13)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

FROG Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Aug 07, 2025	$38.79	―	―
May 08, 2025	$35.26	$39.00	+10.61%
Feb 13, 2025	$37.71	$39.80	+5.54%
Nov 07, 2024	$32.86	$31.10	-5.36%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.