Buy Rating for JFrog: Strong Cloud Position, AI-Native Expansion, and Strategic Partnerships Highlight Favorable OutlookWe're estimating cloud revenue of $57.9M, in line with consensus, and representing ~36.6% y/y growth. Cloud baseline guidance was raised again excluding usage above minimum commitments, reflecting sustained usage and stronger conversion to annual-terms. While Q3 marks the toughest billings comp of FY25 (~37%), we model $146.9M (+11.3% y/y) in line with seasonal deceleration. Also, Q2 marks FROG’s second-hardest total revenue comp of the year (~23%, similar to Q2), and we model in-line revenue at $128.1M (+17.5% y/y) Our sense is that checks remain stable, with several large deals in motion, and expansion-motion steady. Channel/Partner checks: Across our customer/partner conversations, feedback remains resoundingly positive.