GitHub for compiled software packages.

Amazon Logistics for software supply chains.

Tesla's automated factory for software development.

• JFrog Artifactory: A package repository that allows teams and organizations to store, update, and manage their software packages at any scale.
• JFrog Pipelines: An integration/continuous delivery tool for automating and orchestrating the movement of software packages.
• JFrog Xray: Scans JFrog Artifactory for security vulnerabilities and license compliance.
• JFrog Distribution: Provides software package distribution with enterprise-grade performance.
• JFrog Artifactory Edge: Utilizes and leverages metadata from JFrog Artifactory to facilitate the transfer of incremental changes in software packages.
• JFrog Mission Control: A platform control panel that provides a comprehensive view of an organization's software supply chain workflow.
• JFrog Insight: A DevOps intelligence tool for analytics and reporting.
• JFrog Connect: A device management solution that allows companies to manage software updates and monitor performance across IoT device fleets.

JFrog (FROG) sells its DevOps platform and related products primarily to other companies and organizations.

While the provided background does not list specific customer company names, it identifies its major customers as organizations within the following sectors:

• Technology organizations
• Financial services organizations
• Retail organizations
• Healthcare organizations
• Telecommunications organizations

Amazon.com, Inc. (AMZN)

Alphabet Inc. (GOOGL)

Microsoft Corporation (MSFT)

Shlomi Ben Haim, Co-Founder and CEO
Shlomi Ben Haim is a co-founder and has served as CEO of JFrog since April 2008 and Chairman of the board of directors since January 2020. He has over 20 years of experience building profitable, high-growth information technology companies. Prior to co-founding JFrog, he was the CEO of AlphaCSP Ltd. (AlphaCSP), a company implementing software applications that was acquired by Malam Group in 2005. He served as CEO of AlphaCSP from June 2006 to June 2009. He also served in the Israeli Air Force, reaching the rank of Major.

Ed Grabscheid, Chief Financial Officer
Ed Grabscheid is the Chief Financial Officer at JFrog, overseeing global finance, treasury, and investor relations. He is a seasoned finance leader with over 25 years of experience driving growth and value at high-performing technology companies. Prior to JFrog, Ed has experience leading both private and public company finance teams and has successfully guided organizations from startup to IPO.

Yoav Landman, Co-Founder and CTO
Yoav Landman is a co-founder and the CTO of JFrog. He is recognized as the visionary behind Artifactory, JFrog's universal artifact repository manager. Before co-founding JFrog in April 2008, he spent over a decade as a senior consultant specializing in Distributed Computing and Enterprise Build Systems. He also held various senior technical roles in global organizations, including senior consultant at AlphaCSP and senior developer at Attunity, Verve, and Sausage.

Gal Marder, Chief Strategy Officer
Gal Marder brings over 20 years of experience across various tech leadership positions. He joined JFrog in 2018 through the acquisition of Trainologic, a cutting-edge DevOps technology consulting company he co-founded and served as CEO. After the acquisition, Marder initially served as VP of DevOps Acceleration, scaling and leading the team providing solutions engineering and professional services. In his current role, he leads the company's strategic direction, including exploring new market opportunities, cultivating partnerships, and pursuing M&A initiatives.

Tali Notman, Chief Revenue Officer
Tali Notman has served as JFrog's Chief Revenue Officer since January 2019. She has been instrumental in running the Sales team at JFrog from the company's early days, developing the sales funnel, building a global sales team, and establishing customer and partner relationships. Before joining JFrog, she held executive Human Resources roles at companies including AlphaCSP, Malam, the Prime Minister's Office, and SQLink.

Key Risks to JFrog's Business

1. Intense Competition, particularly from Cloud Hyperscalers and Version Control System (VCS) Providers: JFrog faces significant competition from major cloud providers, such as Amazon Web Services (AWS) with CodeArtifact and Google Cloud with Artifact Registry, which bundle repository services within their existing ecosystems and leverage established enterprise relationships. Additionally, strong competition comes from VCS providers like GitHub (owned by Microsoft) and GitLab, who represent a major entry point into the software release management pipeline and can up-sell into other functions like CI/CD, package storage, and code security. The market for DevOps and DevSecOps tools is also seeing consolidation, with larger entities directly competing with JFrog's offerings. This competitive landscape can impact JFrog's market position, pricing power, and ability to expand its customer base.
2. Disruption from AI-native Tools and Evolving Software Security Paradigms: The emergence of AI-native tools for code security and vulnerability detection, such as Anthropic's Claude Code Security, poses a risk to JFrog's traditional security models. There is a concern that if AI can detect vulnerabilities earlier in the coding process, enterprises might perceive a reduced need for JFrog's downstream package-level controls and incremental security modules, potentially slowing their adoption. There's also a longer-term fear that AI platforms could expand into artifact scanning, directly overlapping with JFrog's core portfolio. While JFrog is actively integrating AI into its offerings, for example, through its acquisition of Qwak AI to embed MLOps into its platform, the rapid evolution and potential "platform creep" of AI tools present a significant challenge to JFrog's market position and product strategy.
3. Dependence on Large Enterprise Contracts and Exposure to Macroeconomic Headwinds: JFrog's business model is significantly reliant on large enterprise customers and multi-year contracts, which introduces risks related to customer concentration and the timing of substantial deals. Delays, renegotiations, or the loss of these large contracts can adversely affect JFrog's financial performance. Furthermore, the company is susceptible to global economic conditions, such as inflation, recession, and rising interest rates, which can lead to enterprises tightening their IT budgets, extending cloud migration timelines, and scrutinizing investments in DevOps projects. Such macroeconomic pressures can negatively impact JFrog's revenue growth, customer expansion, and overall financial results.

The increasing maturity and comprehensive nature of native DevOps platform offerings from major cloud providers (such as AWS CodeArtifact, CodePipeline, Azure Artifacts, Azure Pipelines, Google Cloud Artifact Registry, and Cloud Build). These deeply integrated services directly compete with JFrog's core products like Artifactory and Pipelines, and present an alternative, cloud-native approach to managing the software supply chain. For organizations committed to a single cloud ecosystem, these native tools offer the potential for simplified procurement, tighter integration with other cloud services, and perceived cost efficiencies, potentially reducing the need for a specialized, cloud-agnostic platform.

1. Strong Cloud Growth and Migration: JFrog anticipates continued robust growth in its cloud business, driven by increasing customer usage and an ongoing trend of customers migrating from self-managed subscriptions to hybrid or multi-cloud environments. The company projects cloud growth of 30-32% for 2026.

2. Deepening Enterprise Adoption and Platform Consolidation: Large enterprises are increasingly adopting the comprehensive JFrog platform, recognizing its critical role in the software supply chain. Revenue from JFrog's premium Enterprise+ offering has steadily grown, representing over 56% of total revenue in Q3 FY2025, indicating deeper integration and consolidation of tools within customer environments.

3. Expansion into Security, Compliance, and Governance (DevSecOps/DevGovOps): JFrog has strategically expanded its platform to include security, compliance, and governance functionalities. Products like JFrog Advanced Security and JFrog Curation are expected to contribute materially to revenue. The company emphasizes its strong position in binary security and governance, which are crucial for deployed code.

4. Growth in AI/MLOps and Securing AI Models: JFrog is focusing on securing AI models and Machine Learning Operations (MLOps) development as a significant future growth area. The company's acquisition of Qwak AI in 2024 aims to unify DevOps, DevSecOps, and MLOps within a single platform, and a notable AI customer is already contributing over $1 million in Annual Recurring Revenue (ARR). MLOps is projected to be a rapidly expanding market, adding substantial potential to JFrog by 2030.

Share Repurchases

• On February 26, 2026, JFrog's Board of Directors authorized a share repurchase program of up to $300 million of its outstanding ordinary shares.
• The program is expected to be funded with existing cash on hand and future cash generated from operations.
• Repurchases may occur through various methods, including open market purchases or privately negotiated transactions, and the program is discretionary and can be suspended or discontinued.

Share Issuance

• JFrog's shares outstanding have shown an increasing trend, with 0.116 billion shares outstanding in 2025, a 5.93% increase from 2024.
• In 2024, shares outstanding were 0.11 billion, an increase of 6.17% from 2023, and in 2023, they were 0.103 billion, a 4.11% increase from 2022.
• Historically, JFrog has funded its operations and capital expenditures in part through equity issuances.

Outbound Investments

• In June 2024, JFrog acquired Qwak for $230 million to expand its capabilities in AI and MLOps (Machine Learning Operations).
• In September 2021, JFrog acquired Upswift to integrate connected device management and over-the-air (OTA) updates for IoT devices into its platform.
• In July 2021, JFrog completed the acquisition of Vdoo Connected Trust Ltd. for approximately $300 million, comprised of cash and JFrog ordinary shares, to enhance its security offerings and DevSecOps capabilities.

Capital Expenditures

• JFrog's capital expenditures for fiscal year 2025 totaled $4.33 million.
• Capital expenditures were $3.14 million in fiscal year 2024 and $1.98 million in fiscal year 2023.
• The company focuses on balancing these investments with growth, particularly in areas like R&D and sales.