Business
JFrog Announces Second Quarter 2024 Results
Total Revenues of $103.0 million; up 22% Year-over-Year Cloud Revenues up 42% Year-over-Year Customers with ARR Greater than $1 million equaled 42, up 75%
About this update from Jfrog Ltd.
[{"type":"text","content":"\n\nTotal Revenues of $103.0 million; up 22% Year-over-Year\n\n\n\nCloud Revenues up 42% Year-over-Year\n\n\n\nCustomers with ARR Greater than $1 million equaled 42, up 75% Year-over-Year\n\n\n\nEnterprise+ Subscription Revenues Equaled $51 million; up 35% Year-over-Year\n\n\n\nPartnership with GitHub offering a unified best of breed Platform experience\n\n\n\nAcquired Qwak AI; Expanding the JFrog Platform to include MLOps\n\n\n\n \n\n\n SUNNYVALE, Calif.--(BUSINESS WIRE)--\nJFrog Ltd. (“JFrog”) (Nasdaq: FROG), the Liquid Software company and creators of the JFrog Software Supply Chain Platform, today announced financial results for its second quarter ended June 30, 2024.\n\n\n\"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.\n\n\nSecond Quarter 2024 Financial Highlights\n\n\n\nRevenue for the second quarter of 2024 equaled $103.0 million, up 22% year-over-year.\n\n\n\nGAAP Gross Profit was $81.2 million; GAAP Gross Margin was 78.8%.\n\n\n\nNon-GAAP Gross Profit was $86.9 million; Non-GAAP Gross Margin was 84.4%.\n\n\n\nGAAP Operating Loss was ($19.1) million; GAAP Operating Margin was (18.6%).\n\n\n\nNon-GAAP Operating Income was $13.6 million; Non-GAAP Operating Margin was 13.2%.\n\n\n\nGAAP Net Loss Per Share was ($0.13); Non-GAAP Diluted Earnings Per Share was $0.15.\n\n\n\nOperating Cash Flow was $16.7 million; Free Cash Flow of $16.0 million.\n\n\n\nCash, Cash Equivalents and Investments were $591.3 million as of June 30, 2024.\n\n\n\nRemaining performance obligations were $272.0 million as of June 30, 2024.\n\n\n\nRecent Business & Product Highlights\n\n\n\nCloud 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.\n\n\n\nNet Dollar Retention rate for the trailing four quarters was 118%.\n\n\n\nCustomers with greater than $100K ARR increased...