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Here are 1-3 brief analogies for JFrog:

• GitHub for compiled software and binaries: Just as GitHub manages your source code, JFrog provides a comprehensive system for managing all your compiled software components, libraries, and other binaries throughout the development lifecycle.
• FedEx for enterprise software delivery and updates: Think of JFrog as the reliable logistics and delivery service for a company's software releases, ensuring artifacts are securely stored, tracked, and distributed across various environments, from development to production.
• The SAP for a company's software assets: Similar to how SAP manages a company's financial, supply chain, and other enterprise resources, JFrog provides a unified platform to manage a company's entire inventory of software components and releases as critical digital assets.

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• JFrog Artifactory: A universal artifact repository manager that stores, manages, and secures all binaries and artifacts throughout the software development lifecycle.
• JFrog Xray: A universal software composition analysis (SCA) tool that provides continuous security and license compliance for all artifacts, dependencies, and containers.
• JFrog Pipelines: A continuous integration/continuous delivery (CI/CD) automation platform designed to orchestrate and automate software releases across environments.
• JFrog Distribution: Enables secure, high-speed, and concurrent distribution of software releases to multiple sites, locations, and edge devices.
• JFrog Connect: A device management solution for managing and updating software on edge and IoT devices.

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JFrog (symbol: FROG) primarily operates on a Business-to-Business (B2B) model, selling its DevOps platform and software supply chain solutions to other companies.

Given the nature of its subscription-based services and the broad adoption of its products across various industries, JFrog typically serves a wide array of enterprises rather than relying on a few individual "major customers" that account for a significant portion of its revenue. Their customer base spans numerous sectors and company sizes, from startups to large global enterprises.

While JFrog does not typically disclose specific major customers by name in its financial filings unless one constitutes a significant percentage of revenue (which is uncommon for SaaS companies with diverse client portfolios), their platform is widely adopted by leading organizations across various industries. Based on public case studies, industry reports, and general knowledge regarding companies leveraging advanced DevOps tools, examples of the types of companies that use or are known to use JFrog's solutions include:

• Amazon (AMZN)
• Google (GOOGL)
• Microsoft (MSFT)
• Cisco (CSCO)
• T-Mobile (TMUS)
• Capital One (COF)
• Siemens (SIE.DE)
• SAP (SAP)
• Salesforce (CRM)

JFrog's strategy is to cater to any organization that develops and releases software, helping them manage their software supply chain from development to deployment across various environments in sectors such as technology, financial services, telecommunications, automotive, aerospace & defense, and healthcare.

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• Amazon.com, Inc. (AMZN)
• Microsoft Corporation (MSFT)
• Alphabet Inc. (GOOGL)

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Shlomi Ben Haim, Co-Founder and Chief Executive Officer

Shlomi Ben Haim is a Co-Founder of JFrog and has served as its CEO since April 2008. He brings over 20 years of experience in building profitable, high-growth information technology companies. Prior to co-founding JFrog, he was the CEO of AlphaCSP Ltd., a company that implemented software applications and was acquired by Malam Group in 2005. He also served as an officer in the Israeli Air Force, achieving the rank of Major.

Ed Grabscheid, Chief Financial Officer

Ed Grabscheid was promoted to Chief Financial Officer of JFrog, effective January 1, 2024, succeeding Jacob Shulman. He joined JFrog in 2019 as Vice President of Finance and played a significant role during the company's IPO and its growth as a public entity. Grabscheid has over 25 years of financial expertise, with a background in global finance, strategy, accounting, corporate reporting, and forecasting. Before JFrog, he served as CFO at Atlona, where his leadership facilitated a successful exit to Panduit. He also held various finance and accounting positions at ServiceMax, Intermolecular (where he was instrumental in launching a successful IPO), and Cisco.

Yoav Landman, Co-Founder and Chief Technology Officer

Yoav Landman is a Co-Founder and the Chief Technology Officer of JFrog. He is recognized as the visionary behind Artifactory, JFrog's universal artifact repository manager. Before founding JFrog, he spent over a decade as a senior consultant specializing in Distributed Computing and Enterprise Build Systems and held several senior technical roles in global organizations.

Tali Notman, Chief Revenue Officer

Tali Notman serves as the Chief Revenue Officer at JFrog, responsible for driving the company's revenue growth and overseeing sales strategy. She has been instrumental in running the sales team at JFrog since the early days of the company, developing the sales funnel, building a global sales team, and establishing customer and partner relationships. Prior to JFrog, she held various executive Human Resources roles at AlphaCSP, Malam, and the Israeli Prime Minister's office.

Shanti Ariker, Chief Legal Officer

Shanti Ariker is JFrog's Chief Legal Officer, leading the company's legal policy development, global compliance, environmental, social, and corporate governance (ESG) initiatives, and mergers and acquisitions. She has over 20 years of experience working internationally in leadership positions at high-growth software companies, including Salesforce, Autodesk, and Twilio. Most recently, she served as General Counsel and Corporate Secretary for Zendesk, where she led the company's transition from a public company to private equity ownership.

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The key risks to JFrog's business are primarily driven by macroeconomic factors, intense market competition, and execution challenges coupled with valuation concerns.

1. Macroeconomic Headwinds and IT Spending Pullback: An uncertain macroeconomic environment, characterized by rising interest rates and recession fears, poses a significant risk to JFrog's business. Enterprises may reduce IT budgets, extend cloud migration timelines, and scrutinize investments, potentially leading to a negative impact on JFrog's growth and its ability to expand within existing accounts. Such conditions could cause customers to curtail mission-critical DevOps projects, directly affecting JFrog's revenue and market sentiment.

2. Intense Competition and Cloud Hyperscaler Threat: JFrog operates in a highly competitive landscape. A major threat stems from cloud hyperscalers such as Amazon Web Services with CodeArtifact, Google Cloud with Artifact Registry, and Microsoft's GitHub. These platforms embed repository services deeply within their existing ecosystems, leveraging established enterprise relationships to compete with JFrog's offerings. JFrog also faces strong competition in the Continuous Integration/Continuous Delivery (CI/CD) pipeline segment from established players like Jenkins and GitLab.

3. Execution Risks and Valuation Concerns: Despite being recognized as a high-quality company, JFrog faces execution risks, particularly in sales. Any missteps in sales execution could result in slower cloud migrations or fewer new customer acquisitions. Furthermore, a decline in net retention or downgrades in subscription tiers could negatively impact market sentiment. Some analyses suggest that JFrog's valuation is premium, leaving little room for error; consequently, even minor deviations in growth or margins could lead to a significant re-rating of the stock.

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The clear emerging threat to JFrog is the accelerating rise and maturation of comprehensive, integrated DevOps platforms offered by companies like GitLab and GitHub (via Microsoft). These platforms are aggressively bundling and deeply integrating capabilities across the entire software development lifecycle, including source code management, CI/CD, container/package registries, and security scanning, into a single, unified offering. This trend directly challenges JFrog's core business model of providing best-of-breed, specialized tools (like Artifactory for artifact management) within a multi-vendor toolchain. As these integrated platforms gain traction and improve their feature parity, they could increasingly negate the need for standalone solutions, potentially leading organizations to consolidate their DevOps toolchain under a single vendor for simplicity, cost-effectiveness, and tighter integration.

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JFrog (FROG) is poised for future revenue growth over the next 2-3 years, driven by several strategic initiatives and market trends:

1. Accelerated Cloud Adoption and Usage: JFrog continues to experience significant growth in its cloud revenue, driven by increased customer migration to its cloud-based offerings and higher consumption of its services in the cloud environment. In Q3 2025, cloud revenue surged 50% year-over-year and constituted 46% of total revenues, reflecting a successful strategic shift towards cloud solutions. Management consistently emphasizes that increased cloud usage and conversions of usage overages to higher annual commitments are key growth accelerators.

2. Expansion of the JFrog Platform and Enterprise Customer Growth: JFrog is driving revenue by expanding its comprehensive platform capabilities and encouraging broader adoption of its end-to-end software supply chain platform, particularly through Enterprise+ subscriptions. Enterprise+ subscriptions now represent a significant portion of total revenue (56% in Q3 2025, up from 50% in the prior year), indicating successful upselling and cross-selling to larger enterprise clients. The company has demonstrated strong growth in customers with Annual Recurring Revenue (ARR) greater than $1 million, which increased by 54% year-over-year to 71 in Q3 2025. This focus on landing and expanding within major companies contributes to predictable, long-term value.

3. Enhanced Security Offerings (DevSecOps and MLSecOps): The growing demand for robust software supply chain security is a crucial revenue driver. JFrog's integrated security solutions, including JFrog Xray, Curation, and Advanced Security, are designed to identify, protect, and remediate vulnerabilities across the software development lifecycle. The company explicitly highlights the importance of these security offerings in addressing evolving threats and ensuring compliance, positioning DevSecOps as a core pillar of its growth strategy.

4. Integration of AI/MLOps Capabilities: JFrog is strategically embracing the AI revolution by positioning its platform as a "model registry of choice" and a single source of truth for AI software packages and models. The company has announced the expansion of the JFrog Platform with MLOps and Runtime Security, enabling data scientists and developers to build, test, and deliver trusted AI models securely into production. This focus on securing the AI model delivery pipeline and managing AI-related artifacts like PyPI, Docker containers, and Hugging Face models presents a significant new market opportunity for revenue expansion.

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Share Repurchases

• JFrog has not announced any significant share repurchase programs or made substantial share repurchases over the last 3-5 years.
• The company maintains a strong balance sheet with approximately $650 million in cash and no debt as of Q3 2025.

Share Issuance

• JFrog completed its Initial Public Offering (IPO) in September 2020, listing its ordinary shares on The Nasdaq Global Select Market under the symbol "FROG".
• As of February 9, 2024, the company had 106,306,273 ordinary shares outstanding.
• For the full fiscal year 2025, JFrog anticipates approximately 122 million weighted average diluted shares outstanding.

Outbound Investments

• JFrog made cash acquisitions of $195.75 million in fiscal year 2021.
• In fiscal year 2024, cash acquisitions amounted to $156.71 million.

Capital Expenditures

• Capital expenditures over the last few years have been $3.52 million in 2020, $4.23 million in 2021, $4.33 million in 2022, $1.98 million in 2023, and $3.14 million in 2024.
• For the trailing twelve months ending June 30, 2025, capital expenditures were $2.84 million.
• Capital expenditures are primarily focused on supporting ongoing operations and investing in new products and services to capture market share and drive growth.