“We are on a mission to revolutionize the software industry with a unified platform that encompasses EveryOps and streamlines the software supply chain flow,” said Shlomi Ben Haim, Co-founder and CEO of JFrog. “With the innovative power of our Qwak AI acquisition, JFrog proudly stands as the first to support DevOps, Security, and MLOps in a single platform. We are committed to providing a solution that fosters seamless collaboration among machines, developers, and data scientists,” Ben Haim added.
Second Quarter 2024 Financial Highlights
Revenue for the second quarter of 2024 equaled $103.0 million, up 22% year-over-year.
GAAP Gross Profit was $81.2 million; GAAP Gross Margin was 78.8%.
Non-GAAP Gross Profit was $86.9 million; Non-GAAP Gross Margin was 84.4%.
GAAP Operating Loss was ($19.1) million; GAAP Operating Margin was (18.6%).
Non-GAAP Operating Income was $13.6 million; Non-GAAP Operating Margin was 13.2%.
GAAP Net Loss Per Share was ($0.13); Non-GAAP Diluted Earnings Per Share was $0.15.
Operating Cash Flow was $16.7 million; Free Cash Flow of $16.0 million.
Cash, Cash Equivalents and Investments were $591.3 million as of June 30, 2024.
Remaining performance obligations were $272.0 million as of June 30, 2024.
Recent Business & Product Highlights
Cloud revenue equaled $39.3 million during the second quarter of 2024, an increase of 42% year-over-year. Cloud revenue represented 38% of total revenue, compared to 33% in the year-ago period.
Net Dollar Retention rate for the trailing four quarters was 118%.
Customers with greater than $100K ARR increased to 928, compared with 813 in the year-ago period.
Customers with greater than $1 million ARR increased to 42, up from 24 in the year-ago period.
Customers adopting the end-to-end JFrog Platform Enterprise+ subscription represented 50% of total revenue during the second quarter of 2024 versus 45% in the year-ago period.
Announced GitHub and JFrog Platform integrations bringing seamless navigation between source code and binaries.
Announced the acquisition of Qwak MLOps platform and intent to integrate into the JFrog Platform.
Third Quarter and Fiscal Year 2024 Outlook
Third Quarter 2024 Outlook:
Revenue between $105 million and $106 million
Non-GAAP operating income between $10 million and $11 million
Non-GAAP net income per diluted share between $0.09 and $0.11, assuming approximately 115 million weighted average diluted shares outstanding
Fiscal Year 2024 Outlook:
Revenue between $422 million to $424 million
Non-GAAP operating income between $52 million and $54 million
Non-GAAP net income per diluted share between $0.54 and $0.56, assuming approximately 116 million weighted average diluted shares outstanding