Slides
Page 1
© JFrog, 2025. All Rights Reserved.
Page 2
© JFrog, 2025. All Rights Reserved. Disclaimer This presentation contains forward-looking statements that reflect our current views with respect to, among other things, the operations and financial performance of JFrog Ltd. and its subsidiaries (collectively, “JFrog,” “we,” “us,” or “our”). All statements other than statements of historical facts contained in this presentation, including statements regarding matters such as our industry, business strategy, goals, and expectations concerning our products and future operations, may be forward-looking statements. We may, in some cases, use words such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “could,” “seeks,” “predicts,” “intends,” “trends,” “plans,” “estimates,” “anticipates,” or the negative version of these words or other comparable words that convey uncertainty of future events or outcomes, to identify forward-looking statements in this presentation. The forward-looking statements contained in this presentation are based on management’s current expectations and are subject to uncertainty and changes in circumstances. Although we believe that the assumptions underlying the forward-looking statements are reasonable, there can be no assurance that management’s expectations, beliefs, and projections will result or be achieved. There are a number of factors, many of which are beyond our control, that could cause actual results to differ materially from the results anticipated by these forward-looking statements, including, but not limited to: larger well-funded companies shifting their existing business models to become more competitive with us; our ability to provide or adapt our platform for changes in laws and regulations or public perception, or changes in the enforcement of such laws, including relating to data privacy; the effects of companies more effectively catering to our customers by offering more tailored products or platforms at lower costs; adverse general economic and market conditions; the effects of declining demand for sales and marketing subscription platforms; our ability to improve our technology and keep up with new processes for data collection, organization, and cleansing; our ability to provide a highly accurate, reliable, and comprehensive platform moving forward; our reliance on third-party systems that we do not control to integrate with our system and our potential inability to continue to support integration; our ability to successfully integrate technology from recent acquisitions; our ability to adequately fund research and development potentially limiting introduction of new features, integrations, and enhancements; our ability to attract new customers and expand the existing subscriptions; a decrease in participation in our contributory network or increased opt-out rates impacting the depth, breadth, and accuracy of our platform; and our failure to protect and maintain our brand and our ability to attract and retain customers. Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, our actual results may vary in material respects from those projected in these forward-looking statements. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. Any forward-looking statement made by us in this presentation speaks only as of the date of this presentation. We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments, or otherwise, except as required by law.
Page 3
© JFrog, 2025. All Rights Reserved. JFROG AT A GLANCE $40Bn+ TAM 6,600 Customers as of FY25 $142MM 4Q’25 LTM Free Cash Flow 119% 4Q’25 LTM Net Dollar Retention Rate $532MM 4Q’25 LTM Revenue 24% 4Q’25 LTM YoY Revenue Growth 1,800+ Employees 83% Fortune 100
Page 4
© JFrog, 2025. All Rights Reserved. POWERING THE SOFTWARE THAT POWERS THE WORLD One Platform For Trusted Software
Page 5
© JFrog, 2025. All Rights Reserved. Our Vision for Software Delivery Software should flow seamlessly from developer to production no matter the languages or frameworks you use. SECURE AUTOMATED TRUSTEDGOVERNED
Page 6
© JFrog, 2025. All Rights Reserved. JFrog Powers Industries 10/10 TECHNOLOGY Top Companies in 10/10 FINANCE Top Companies in 9/10 TRANSPORTATION Top Companies in 8/10 RETAIL Top Companies in 8/10 HEALTHCARE Top Companies in © JFrog, 2025. All Rights Reserved.
Page 7
© JFrog, 2025. All Rights Reserved. JFROG SOFTWARE SUPPLY CHAIN PLATFORM
Page 8
© JFrog, 2025. All Rights Reserved. THE SOFTWARE SUPPLY CHAIN SYSTEM OF RECORD OPS DEVELOPERS SECURITY AI & ML Compliance ScaleRuntime Automation JFrog Software Supply Chain Platform © JFrog, 2025. All Rights Reserved.
Page 9
© JFrog, 2025. All Rights Reserved. Third-Party Models Data Sources Native Support for All OSS Repositories Source Code Repositories Native Support for All CI/CD Tools DEVSECOPS SINGLE SOURCE OF TRUTH EDGE IoT Devices Multi-Cloud Data Centers MLOPS & AI The JFrog Software Supply Chain Platform DEVGOVOPS DISTRIBUTION OTA UPDATES FLEET MANAGEMENT CONTINUOUS MONITORING REMOTE CONTROL ACCESS SCOPING EXPERIMENT TRACKING BUILD SYSTEM ML DATA PIPELINES SERVING & MONITORING ML MODEL SECURITY OSS CURATION SOURCE CODE BINARY SCANNING SECRETS DETECTION RUNTIME SECURITY AI / OSS / EXT CATALOG SBOM MANAGEMENT METADATA MANAGEMENT RBAC MANAGEMENT IDE EXTENSIONS ARTIFACT MANAGEMENT EVIDENCE COLLECTION DATA RETENTION DISTRIBUTED DEVELOPMENT RELEASE MANAGEMENT APP CONTEXT RISK INTRODUCER POLICY GATES LIFECYCLE GOVERNANCE ASPM REPORTING & INSIGHTS IMMUTABLE RELEASESEDGES
Page 10
© JFrog, 2025. All Rights Reserved. 100+ integrations across customers’ ecosystem JFrog Platform SaaS, SH & Hybrid Any Cloud 40+ Technologies & Packages Freedom of Choice Opkg Twin e Universal by design Edge & IoT devices
Page 11
© JFrog, 2025. All Rights Reserved. A JFROG COMMISSIONED STUDY BY FORRESTER CONSULTING. FULL STUDY AVAILABLE AT JFROG.COM/TEI *REDUCED BUILD WAIT TIME AND MINIMUM TIME TO RESOLUTION (MTTR) The Total Economic Impact of the JFrog Software Supply Chain Platform $13.5M Accelerated Software Delivery Time $6.7M Automation of Activities on OSS ! $3.4M Increased Productivity 393% ROI <6 Months Payback 156 hrs Saved per Year / Developer* 30% Less Time on OSS Security
Page 12
© JFrog, 2025. All Rights Reserved. JFROGDEVOPS
Page 13
© JFrog, 2025. All Rights Reserved. Modern Methods to Streamline DevOps Workflows People Process Tools Dev Ops Improve Developer Experience Future-Proof DevOps with Flexibility & Scalability Consolidate Point Solutions
Page 14
© JFrog, 2025. All Rights Reserved. JFrog Artifactory Definitive AI and Software Artifact Management at Scale JFrog offers the most feature-rich artifact management system, supporting the broadest of technologies and artifact types. Gartner, Critical Capabilities for DevOps Platforms, 2024 Operates as a single source of truth Eliminates silos with one system for every artifact across teams. Powers native developer experiences The commands they know in the spaces they prefer to work. Enhances automation and CI/CD performance Serve and receive build outputs to any tool across pipelines. Governs the SDLC with visibility Metadata and attestation evidence is managed with artifacts for one place to automate and enforce policies confidently.
Page 15
© JFrog, 2025. All Rights Reserved. Running Your SDLC with JFrog Artifactory DEV BUILD DEPLOY RUNTIME TESTING STAGING 40+ Technologies Automation | Metadata | Evidence | Governance
Page 16
© JFrog, 2025. All Rights Reserved. JFROG SOFTWARE SUPPLY CHAIN SECURITY
Page 17
© JFrog, 2025. All Rights Reserved. JFrog Security – End-to-End SSCS By deploying JFrog, we’ve seen less vulnerabilities, which has given our developers more time to focus on developing new applications. —CISO at FFF Enterprises (Leading Healthcare Company) Customizes policies & automates processes Minimizes friction & streamlines security Reduces noise & enhances accuracy Customers regain control & full visibility One Platform: Holistic Software Supply Chain Security Embedded With Customers’ Software System of Record
Page 18
© JFrog, 2025. All Rights Reserved. Curate Create Package Promote Deploy Run Git Scanning Scan Git repos and Git pulls (Frogbot) IDE Plugin SCA, Advanced Security, SAST Distribute JFrog CLI (Build) Command Line Interface Edge & IoT Public On Prem Xray & Advanced Security Curation & Catalog CONTEXTUAL ANALYSIS SAST SECRETS DETECTION MISCONFIGS IaC SCA SBOM OPERATIONAL RISK LIVE ASSESSMENT GOVERNANCE AT THE EDGE Block MALICIOUS PACKAGES PACKAGE CATALOG Runtime FULL VISIBILITY INTEGRITY VERIFICATION TRACEABILITY PRIORITIZATION Software Supply Chain Security Embedded Holistically with the Software System of Record Source Code Scanning Binary Scanning Fail Build Block Download Block Promotion Block DistributionSecurity Gates: JFrog Software Supply Chain Security
Page 19
© JFrog, 2025. All Rights Reserved. The Research Advantage Visit JFrog Security Research | Follow @JFrogSecurity on X Visit JFrog Security Research | Follow @JFrogSecurity on X JFrog Security Research Malicious Artifacts Discovered CVEs Scored Zero-day Vulnerabilities Disclosed OSS Security Tools Released Leaked Secrets Discovered 2.8M+ 1700+ 200+ 20 25000+
Page 20
© JFrog, 2025. All Rights Reserved. Easily applies policies on OSS packages Automate policy enforcement to block risky packages Frictionless Developer Experience Maintains balance between agility and security End-to-End Visibility and Governance Full audit trail of OSS package downloads JFrog Curation Blocks Malicious Packages from Entering Organizations Security A Single Source of Truth for Your Applications Complete, Contextual View of Every Component Centralized Governance Engine Actionable Performance Insights
Page 21
© JFrog, 2025. All Rights Reserved. Detects and Prevents Vulnerabilities, license & compliance issues, malicious packages and operational risk Controls Scans Periodic and/or on demand via JFrog CLI Generates SBOM Reports Understand and analyze dependencies. Provide audit-ready reports to ensure compliance Leverages Enhanced CVE Analysis Delivers clear understanding of findings and recommended actions Defines and Enforces Policies Focus on the violations most critical to organizations JFrog Xray Comprehensive Software Composition Analysis (SCA)
Page 22
© JFrog, 2025. All Rights Reserved. Customizable, Automated Policies Defines, automates and enforces security policies Protects the SDLC In addition to existing SCA with Xray, leverages SAST, Secret scanning, misconfigurations, and IaC security Reduces Friction Meets developers in their IDEs, Git repositories, and directly through their CLI. Less noise, more accuracy Contextual, applicable findings that are relevant to customers’ specific organization JFrog Advanced Security Contextualize Your SDLC Security
Page 23
© JFrog, 2025. All Rights Reserved. Complete Runtime Visibility Gain a clear and contextualized view of all running applications and workloads. Ensure Runtime integrity Automates Security Enforcement & Integrity Checking Automatically triggers security scans on active images and verifies application integrity Accelerates Incident Response and Prioritization Full visibility to image ownership and deployment history JFrog Runtime Protect Applications in Runtime
Page 24
© JFrog, 2025. All Rights Reserved. JFROGAI & MLOPS
Page 25
© JFrog, 2025. All Rights Reserved. Model, Container, Python, and Dataset Registry, and Hugging Face Proxy Self-Hosted Cloud Model Scanning, Code and Package Scanning, and Model License Compliance Block Malicious Models at the Gate Discover, Build, Deploy End-to-End Security Data Sources Open Source Repositories JFrog MLOps in our Platform Extend SSC Security to the Runtime Community Models & External APIs ML Data Pipelines Dataset management, Feature store AI/ML Lifecycle Management Training, Fine-tuning, Building, Serving, Monitoring Discovery, Policies, Governance Store & Register
Page 26
© JFrog, 2025. All Rights Reserved. A Single SDLC that Embeds AI/ML MLOps AI & Data Science Teams Embedded ML models DevOps Teams SEC Teams Dev Teams OPS Teams Enterprise Data CURATE PKGS & MODELS CODE & EXPERIMENT TRACKING BUILD & TRAIN TEST & SECURE RELEASE & DEPLOY OPERATE MONITOR & EVALUATE MODELS SDLC New version of a market leading SW Product
Page 27
© JFrog, 2025. All Rights Reserved. Unites MLOps and DevSecOps Apply the same secure lifecycle practices to AI/ML. Train, Deploy and Monitor Any Model Untangle complex toolchains for simplified AI lifecycles. Transforms Data into Useful Features Robust feature engineering pipelines across teams. Eliminates Infrastructure Hassles Focus on development and get models to production, fast. JFrog ML Deliver Trusted AI Applications at Speed Achieves Secure and Compliant AI Usage Centralized control and traceability over model access and deployment
Page 28
© JFrog, 2025. All Rights Reserved. The unified hub for AI & ML initiatives, allowing customers to: 01 Discover Models 02 Govern Models 03 Connect & Deploy Models
Page 29
© JFrog, 2025. All Rights Reserved. Our Partnership with Hugging Face 2M+ scanned models in public repositories 400+ models contained malicious behavior 60+ models contained OS- agnostic reverse shell malware Helping secure the world’s most popular model hub
Page 30
© JFrog, 2025. All Rights Reserved. JFROGDEVGOVOPS (GOVERNANCE & COMPLIANCE)
Page 31
© JFrog, 2025. All Rights Reserved. JFrog AppTrust Application Context ● Complete application overview ● Clear ownership ● Business context ● SBOM ● Version lifecycle management Evidence-Based Control Points ● Gates -trigger alerts as early as needed, block as late as you prefer Certify releases with “Trusted Release” badge ● Policy approved applications Maintain Trust with Post-Deployment Monitoring ● Monitor and get alerts for new CVEs ● Remediate to maintain application integrity
Page 32
© JFrog, 2025. All Rights Reserved. E2E DevGovOps With JFrog AppTrust Control Gates, Throughout SDLC Natively Integrated Cross-platform From Code To Consumer Evidence-Based Unified Policy Engine
Page 33
© JFrog, 2025. All Rights Reserved. How is Trust Achieved? Compliance Application Resource Management Application Security Clear application entity and overview Evidence-based policies acting as strategic gates across the SDLC Application versions that comply with defined policies are marked “Trusted” Post-release monitoring for new CVEs to ensure continued trust
Page 34
© JFrog, 2025. All Rights Reserved. JFROGCLOUD
Page 35
© JFrog, 2025. All Rights Reserved. Fit-For-Purpose Cloud Freedom Architected for flexibility, scale, performance and resiliency IN THE ERA OF AI. MULTI-CLOUD flexibility and vendor freedom for customers SCALABLE workloads that meet customer’s hybrid needs PETABYTES of monthly data transfer THOUSANDS of concurrent requests SaaS | Multi-cloud | Hybrid | Self-managed
Page 36
© JFrog, 2025. All Rights Reserved. JFROG STRATEGIC PARTNERS & COLLABORATIONS
Page 37
© JFrog, 2025. All Rights Reserved. JFrog <> NVIDIA Enhanced Security and Compliance • Continuous security and secrets scanning across NIM models • Centralized control for NIM and other artifacts • Comprehensive access auditing and usage statistics Enterprise approved NVIDIA NIM consumption • Artifactory as the single source of truth aligns NIM consumption with enterprise best practices • The solution enables seamless workflows with NIM and all binaries Optimized Performance and Flexibility • Local hosting minimizes internet downloads and leverages high-speed internal networks • Self-hosted, multi-cloud, and air-gap deployment options • Leverages JFrog as a unified gateway for seamless access to NVIDIA NIMs “ By integrating with NVIDIA AI Enterprise and streamlining deployment onto AI Factories, JFrog is delivering the essential pipeline to rapidly secure, manage, and scale these AI Agents from development straight into production. VP of Enterprise AI, NVIDIA
Page 38
© JFrog, 2025. All Rights Reserved. Risk Reduction, Tool Consolidation, & Improved Developer Experience • Simplified SSO setup, Identity & Access Management • Traceability of binaries to source code • Copilot-driven Agentic Coding and Remediation • Unified Advanced Security • Simplify Auditing and Compliance through Unified Attestations JFrog <> GitHub – One Platform Experience JFrog’s technical chops and strategic alignment with our product vision have been essential to delivering scalable, high- impact solutions for our customers. Here’s to our continued partnership… Mario Rodriguez Chief Product Officer GitHub “
Page 39
© JFrog, 2025. All Rights Reserved. JFROG CUSTOMER WINS
Page 40
© JFrog, 2025. All Rights Reserved. Customer Success JFrog Cloud Enterprise+ provides hybrid, global elastic service to ensure the software supply chain scales throughout the entire organization of ~20k developers * Results as reported by specific customer’s employee. Other organizations may experience different results. JFrog Cloud Enterprise+ centralizes artifact management and provides a unique protection layer against threats hiding in compiled code. JFrog Cloud Enterprise+ provides an end- to-end platform to modernize and secure their Software Supply Chain (SSC), enabling faster, traceable, and compliant software releases to vehicles. FORTUNE 100 AUTOMOTIVE COMPANY FORTUNE 500 TECHNOLOGY COMPANY FORTUNE 100 FINANCIAL SERVICES COMPANY 1.1M Artifacts successfully migrated to the cloud with continuous security from JFrog Advanced Security Developers secured end-to-end with >99.9% uptime and improved efficiency, with 200 days saved per year in admin costs RESULTSChallenge JFrog Solution < 8 hours To adopt JFrog Advanced Security & JFrog Curation to holistically secure the software supply chain 20,000 ● Manage & scale operations for 20,000 developers ● Ensure security, compliance and global visibility ● Improve resource management efficiently ● Scale development operations globally ● Migrate to the cloud ● Consolidate security ● Achieve traceability from source code to production
Page 41
© JFrog, 2025. All Rights Reserved. ✓ Addresses enterprise-level complexity and scale ✓ Flexible and easy to use ✓ Strong ecosystem integration ✓ Depth of functionality and scalability ✓ Universal package support ✓ Hybrid all-in-one solution ✓ Holistic security built-in, not bolted on ✓ Code, binary, container & Runtime security in one ✓ Deep contextual analysis to deliver focus ✓ Hybrid ✓ Multi-cloud ✓ Breadth and depth of functionality HOME-GROWN / IN-HOUSE APPROACH DEVOPS FOCUSED VENDORS SECURITY POINT SOLUTIONS CLOUD PROVIDERS Voice Of Customer: Why We Win EXISTING OFFERINGS JFROG’S DIFFERENTIATED PLATFORM WHY CUSTOMERS CHOOSE JFROG ✓ Unique focus on software artifacts as system of record ✓ End-to-end platform unifying DevOps, DevSecOps, MLOps, DevGovOps ✓ Holistic software supply chain security ✓ SaaS, Multi-cloud, Hybrid & On-prem flexibility ✓ Deep developer mindshare with enterprise scalability
Page 42
© JFrog, 2025. All Rights Reserved. JFROG JFrog Drives Global Industries JFrog Enterprise+ will provide us with an ideal setup that will allow us to meet our rigorous requirements from the get go. It's advanced capabilities, like Access Federation, will reduce our overhead by keeping the users, permissions, and groups in-sync between sites. Siva Mandadi DevOps - Autonomous Driving Mercedes JFrog Enterprise+ increases developer productivity and eliminates frustration. JFrog Distribution is basically a CDN On-Prem that enables us to distribute software to remote locations in a reliable way. Artem Semenov Senior Manager for DevOps and Tooling Align Technology Instead of a 15-month cycle, today we can release virtually on request. Martin Eggenberger Chief Architect Monster Since moving to Artifactory, our team has been able to cut down our maintenance burden significantly… we’re able to move on and be a more in depth DevOps organization. Stefan Krause Software Engineer Workiva “ ““ “
Page 43
© JFrog, 2025. All Rights Reserved. JFROG THE NUMBERS
Page 44
© JFrog, 2025. All Rights Reserved. 428,489 531,840 625,500 FY'24 FY'25 FY'26 (1) Consistent Revenue Growth Total Revenue $MM (1) Based on the midpoint of our total revenue guidance for FY’26 (2) Based on the midpoint of our total revenue guidance for 1Q’26 24% Growth 17.5% Growth 88.6 97.3 100.3 103.0 109.1 116.1 122.4 127.2 136.9 145.3 147.0
Page 45
© JFrog, 2025. All Rights Reserved. High NET & Gross Dollar Retention Trailing 4-Quarter Average NDRR(1) (1) Our net dollar retention rate compares our annual recurring revenue (“ARR”) from the same set of customers across comparable periods. Our ARR includes monthly subscription customers, so long as we generate revenue from these customers. We annualize our monthly subscriptions by taking the revenue we would contractually expect to receive from such customers in a given month and multiplying it by 12. We calculate net dollar retention rate by first identifying customers (the “Base Customers”), which were customers in the last month of a particular quarter (the “Base Quarter”). We then calculate the contracted ARR from these Base Customers in the last month of the same quarter of the subsequent year (the “Comparison Quarter”). This calculation captures upsells, contraction, and attrition since the Base Quarter. We then divide total Comparison Quarter ARR by total Base Quarter ARR for Base Customers. Our net dollar retention rate in a particular quarter is obtained by averaging the result from that particular quarter with the corresponding results from each of the prior three quarters. (2) We calculate gross dollar retention rate by first calculating Base Quarter ARR for Base Customers minus ARR attrition for those customers between the Base Quarter and the Comparison Quarter, divided by their contracted Base Quarter ARR. ARR attrition for those customers for each quarter is calculated by identifying any customer that has zero ARR at the end of the Comparison Quarter, but had positive ARR in the Base Quarter, and aggregating the dollars of ARR generated by each such customer in the Base Quarter. Our gross dollar retention rate reflects only customer losses and does not reflect customer expansion or contraction. Our gross dollar retention rate in a particular quarter is obtained by averaging the result from that particular quarter with the corresponding results from each of the prior three quarters. 97% Gross Dollar Retention Rate(2) 116% 116% 118% 118% 119% Q4'24 Q1'25 Q2'25 Q3'25 Q4'25
Page 46
© JFrog, 2025. All Rights Reserved. 1 16 46 48 102 64 2,494 2,667 10,250 10,261 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 ARR ($ Thousands) Fortune 100 Automotive Company ARR ($ Thousands) Fortune 100 Healthcare Company ARR ($ Thousands) Fortune 100 Financial Company ARR ($ Thousands) Global 2000 Aerospace & Defense Company LAND & EXPAND IN ACTION 1 88 88 430 699 1,225 2,313 2,508 4,601 5,648 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 86 94 213 247 225 229 341 303 3,429 4,203 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 149 243 390 622 797 946 1,338 1,516 2,250 2,833 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Page 47
CONSISTENT EXPANSION ARR 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Page 48
© JFrog, 2025. All Rights Reserved. Enterprise+ Platform Adoption Percent of Revenue from Enterprise Plus Subscriptions 49M 49% 51M 50% 55M 50% 62M 54% 67M 55% 70M 55% 76M 56% 83M 57% 0 10 20 30 40 50 60 70 80 90 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25
Page 49
© JFrog, 2025. All Rights Reserved. Investor Relations | LT Target Model FY25A FY26E FY27E Revenue $531.8 $623 - 628 $775 - 825 Gross Margin 83.3% 82.0 – 83.0% ~80.0% Operating Margin 17.3% 17.0% -17.2% 21.0-23.0% Free-Cash-Flow $ $142.3 $142 - $146 $200-240 Free-Cash-Flow Margin 26.7% 23.0% 26.0-29.0% ($ in millions)
Page 50
© JFrog, 2025. All Rights Reserved. MAY THE FROG BE WITH YOU!
Page 51
© JFrog, 2025. All Rights Reserved. GAAP to NON-GAAP Reconciliations Gross Profit and Margin Three Months Ended Year Ended (In $000) December 31, December 31, 2025 2024 2025 2024 Reconciliation of gross profit and gross margin GAAP gross profit $ 113,136 $ 87,566 $ 408,387 $ 330,188 Plus: Share-based compensation expense 3,938 4,352 16,768 14,555 Plus: Acquisition-related costs — — — 9 Plus: Amortization of acquired intangibles 4,498 4,614 18,111 14,304 Non-GAAP gross profit $ 121,572 $ 96,532 $ 443,266 $ 359,056 GAAP gross margin 77.9% 75.4% 76.8% 77.1% Non-GAAP gross margin 83.7% 83.2% 83.3% 83.8%
Page 52
© JFrog, 2025. All Rights Reserved. GAAP to NON-GAAP Reconciliations Operating Expenses Three Months Ended Year Ended (In $000) December 31, December 31, 2025 2024 2025 2024 Reconciliation of operating expenses GAAP research and development $ 53,163 $ 44,919 $ 195,089 $ 160,864 Less: Share-based compensation expense (14,786) (14,739) (58,203) (48,192) Less: Acquisition-related costs (961) (1,177) (4,413) (3,782) Non-GAAP research and development $ 37,416 $ 29,003 $ 132,473 $ 108,890 GAAP sales and marketing $ 59,720 $ 49,978 $ 223,932 $ 190,401 Less: Share-based compensation expense (15,216) (13,844) (55,749) (47,603) Less: Acquisition-related costs (471) (477) (1,857) (1,087) Less: Amortization of acquired intangibles (175) (1,299) (2,807) (3,274) Non-GAAP sales and marketing $ 43,858 $ 34,358 $ 163,519 $ 138,437 GAAP general and administrative $ 21,575 $ 18,084 $ 81,219 $ 70,021 Less: Share-based compensation expense (7,003) (5,834) (25,937) (20,756) Less: Acquisition-related costs (19) (24) (68) (880) Non-GAAP general and administrative $ 14,553 $ 12,226 $ 55,214 $ 48,385
Page 53
© JFrog, 2025. All Rights Reserved. GAAP to NON-GAAP Reconciliations Operating Income (Loss) and Margin Three Months Ended Year Ended (In $000) December 31, December 31, 2025 2024 2025 2024 Reconciliation of operating income (loss) and operating margin GAAP operating loss $ (21,322) $ (25,415) $ (91,853) $ (91,098) Plus: Share-based compensation expense 40,943 38,769 156,657 131,106 Plus: Acquisition-related costs 1,451 1,678 6,338 5,758 Plus: Amortization of acquired intangibles 4,673 5,913 20,918 17,578 Non-GAAP operating income $ 25,745 $ 20,945 $ 92,060 $ 63,344 GAAP operating margin (14.7)% (21.9)% (17.3)% (21.3)% Non-GAAP operating margin 17.7% 18.0% 17.3% 14.8%
Page 54
© JFrog, 2025. All Rights Reserved. GAAP to NON-GAAP Reconciliations Free Cash Flow Three Months Ended Year Ended (In $000) December 31, December 31, 2025 2024 2025 2024 Reconciliation of free cash flow Net cash provided by operating activities $ 50,695 $ 49,118 $ 145,729 $ 110,924 Less: purchases of property and equipment (840) (634) (3,460) (3,143) Free cash flow $ 49,855 $ 48,484 $ 142,269 $ 107,781 Supplemental disclosure: Key employee holdback payments related to acquisitions(1) $ — $ — $ (5,654) $ — (1) Payments were made pursuant to a holdback arrangement with key employees of Qwak AI Ltd., which was acquired in July 2024.