Slide 1: The Liquid Software Company
= The Liquid Software Company
Slide 2: Disclaimer
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 hist
Slide 3: JFrog at a Glance
JFROG AT A GLANCE 7,300 82% 1,600+ $40Bn+ Customers as of FY24 Fortune 100 Employees TAM $450MM 22% $119MM 116% 1Q’25 LTM Revenue 1Q’25 LTM YoY 1Q’25 LTM Free Cash 1Q’25 LTM Net Dollar Revenue Growth Flow Retention Rate
Slide 4: JFrog's Mission Is Liquid Software
JFROG’S MISSION IS TO CREATE A WORLD OF SOFTWARE DELIVERED WITHOUT FRICTION FROM DEVELOPER TO DEVICE WE CALL THIS LIQUID SOFTWARE
Slide 5: Every Application Holds a Universe of Complexity
EVERY APPLICATION HOLDS A UNIVERSE OF COMPLEXITY DEVELOPMENT ✓ Code Test CI/CD ✓ Security Monitoring ✓ Distribution ✓ Collaboration ✓ Technologies ✓ Packages ✓ Legal Framework
Slide 6: Every Application Holds a Universe of Complexity
EVERY APPLICATION HOLDS A UNIVERSE OF COMPLEXITY Edge & IoT devices DEVELOPMENT OPS & ✓ Code Test CI/CD ✓ Security Monitoring ENVIRONMENTS ✓ Distribution ✓ Collaboration On-prem, ✓ Technologies Hybrid & ✓ Packages “Any Cloud” ✓ Legal Framework
Slide 7: Every Application Holds a Universe of Complexity
EVERY APPLICATION HOLDS A UNIVERSE OF COMPLEXITY Edge & IoT devices DEVELOPMENT OPS & ✓ Code Test CI/CD ✓ Security Monitoring ENVIRONMENTS ✓ Distribution ✓ Collaboration On-prem, ✓ Technologies Hybrid & ✓ Packages “Any Cloud” ✓ Legal Framework MULTIPLE PERSONAS DEVELOPERS CIO CISO C-LEVEL
Slide 8: Every Application Holds a Universe of Complexity
EVERY APPLICATION HOLDS A UNIVERSE OF COMPLEXITY Edge & IoT devices DEVELOPMENT OPS & ✓ Code Test CI/CD ✓ Security Monitoring How do you bring ENVIRONMENTS ✓ Distribution it all together On-prem, ✓ Collaboration ✓ ✓ Technologies Packages AT SCALE? Hybrid & “Any Cloud” ✓ Legal Framework MULTIPLE PERS
Slide 9: Every Application Can Be Delivered
EVERY APPLICATION CAN BE DELIVERED CONSISTENT BEST PRACTICES on-site, in the cloud & at the Edge Edge & IoT devices DEVELOPMENT OPS & ✓ Code Test CI/CD JFrog ENVIRONMENTS ✓ Security Monitoring ✓ Distribution Software ✓ Collaboration Supply Chain On-prem, ✓ Technologies Platform Hybrid & ✓ Packages “
Slide 10: Binaries Are the Foundation
DEVELOPERS Automation Security BINARIES JFrog ARE THE MONITORING Software Supply OBSERVABILITY FOUNDATION Chain OF IT ALL Platform Runtime Enterprise OPS
Slide 11: What's in a Binary?
WHAT’S IN A BINARY? THE CODE BUILDS BINARIES APPLICATIONS ARE “BINARIES OF BINARIES” Servers Web Service IoT Device e.g., C, C++, C#, java, node.js, e.g., jar, zip, gzip, exe, dll, elf, e.g., Container, firmware, python, go so, rm, sh android app (apk), iphone app Desktop/ (ipa), msi, zip, rar Mobil
Slide 12: JFrog Software Supply Chain Platform
JFROG SOFTWARE SUPPLY CHAIN PLATFORM MANAGES BINARIES FROM CREATION TO DISTRIBUTION JFROG INSIGHT JFROG MISSION CONTROL DevOps metrics and analysis DevOps admin tools Public Cloud Platforms Curation The Beginning On-premises of Application and Hybrid Development JFROG XRAY JFROG DISTRIBUTION Regiona
Slide 13: JFrog Artifactory: The Heart of Modern DevOps
JFROG ARTIFACTORY THE HEART OF MODERN DEVOPS Deployment THE SINGLE SYSTEM OF RECORD, OSS Binaries JFROG ARTIFACTORY Production FOR THOUSANDS OF System of record for entire software development pipeline. COMPANIES, Stores and manages binaries Source Code Dev Team AND MILLIONS OF DEVELOPERS, SERVING B
Slide 14: JFrog Xray & Advanced Security
JFROG XRAY & ADVANCED SECURITY E2E SOFTWARE SUPPLY CHAIN SECURITY CONTINUOUSLY SECURING SEC ✓ The code base CONTEXTUAL SCA & CVE CONTEXTUAL SECURITY- APPLICABILITY FOCUSED SAST CISO ✓ The binaries DEV enhanced research data and Applicability Scanners 1st and 3rd party potential Zero-days CSO CPSO ✓
Slide 15: JFrog Curation
JFROG CURATION SHIFTING DEVELOPER SECURITY FURTHER “LEFT“ PUBLIC UPSTREAM REPOS CUSTOMER SOFTWARE SUPPLY CHAIN PREVENTS MALICIOUS Build PACKAGES BEFORE THEY ENTER THE SOFTWARE SUPPLY CHAIN SHIFTS SECURITY LEFT Release Developer ARTIFACTORY AUTOMATES System of record for the OPEN-SOURCE POLICY JFROG
Slide 16: JFrog Distribution
JFROG DISTRIBUTION SOFTWARE GETTING TO WHERE IT’S RUN Container Taking the build, Cloud and delivering it Linux where it needs Software Releases Data Centers to be consumed Application Packages IN DATA CENTERS Proprietary tech for AND THE CLOUD Trusted delivery with Native support for Traceability,
Slide 17: JFrog Connect
JFROG CONNECT SOFTWARE DELIVERED DEV TO DEVICE Bridging the world of IoT Public Cloud and connected devices with Platforms JFROG DISTRIBUTION On-premise Software to any data center or cloud and Hybrid DevOps processes. or IoT/Edge Regional Clouds JFROG ARTIFACTORY JFROG XRAY System of record for & e
Slide 18: MLOps with the JFrog Platform
MLOPS WITH THE JFROG PLATFORM SMART MODEL REGISTRY + INTEGRATED SECURITY By 2027 over 90% of new Local, Remote and Virtual software applications Repository Support will contain ML Models or services as enterprises JFROG utilize the massive amounts ARTIFACTORY System of record for of data available t
Slide 19: Qwak + the JFrog Platform
QWAK + THE JFROG PLATFORM JFrog and Qwak’s UNIFIED SSC ACROSS AI & SOFTWARE DEV integrated business will create a unified software supply chain across AI and traditional software development - bringing DevOps and ML Engineers closer together and operating from a single source of truth. ML and Genera
Slide 20: Deployment Spans Multiple Environments
DEPLOYMENT SPANS MULTIPLE ENVIRONMENTS DEPLOYMENT OPTION DEPLOYMENT ENVIRONMENT MONETIZATION Public Cloud SELF-HOSTED Private Cloud Customers deploy and Number of manage across their Hybrid Servers environment On-Premises CLOUD Consumption Data SaaS Subscriptions of Storage Transfer
Slide 21: JFrog Is Powering Entire Industries
JFROG IS POWERING ENTIRE INDUSTRIES 10/10 10/10 9/10 8/10 8/10 TOP TOP TOP TOP TOP TECHNOLOGY FINANCE HEALTHCARE RETAIL TRANSPORTATION
Slide 22: Customer Success
CUSTOMER SUCCESS CHALLENGE Box needed to manage the Cisco needed to allow global Manual processes were causing delivery of thousands of development teams to access the inefficient delivery and release of microservices in a cloud-native right software while maintaining software to global teams, costi
Slide 23: Why We Win
WHY WE WIN EXISTING WHY CUSTOMERS HIGHLY DIFFERENTIATED OFFERINGS CHOOSE JFROG PLATFORM HOME-GROWN / ✔ Addresses enterprise-level complexity and scale IN-HOUSE APPROACH ✔ Flexible and easy to use ✔ Unique focus on packages ✔ Strong ecosystem integration ✔ Clear market leader DEVOPS FOCUSED VENDORS ✔
Slide 24: Efficient GTM Strategy Driving Rapid Growth
EFFICIENT GTM STRATEGY DRIVING RAPID GROWTH High-Touch Strategic Sales Team Enterprise ORGANIC ADOPTION - Inside & Inbound Supported by Technical Sales Mid-Market SMB Superior Technology x Efficient Model x Powered by Community = High Volume
Slide 25: Financial Update
FINANCIAL UPDATE
Slide 26: Consistent Revenue Growth
CONSISTENT REVENUE GROWTH Total Revenue $MM 122.4 122.5 116.1 17% 109.1 502,500 100.3 103.0 Growth 97.3 428,489 88.6 22% 79.8 84.2 76.5 349,886 Growth FY'23 FY'24 FY'25 (1) (1) Based on the midpoint of our total revenue guidance for FY’25 (2) Based on the midpoint of our total revenue guidance for 2
Slide 27: High Net and Gross Dollar Retention
HIGH NET AND GROSS DOLLAR RETENTION Trailing 4-Quarter Average NDRR(1) 118% 118% 117% 97% 116% 116% Gross Dollar Retention Rate(2) Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 (1) Our net dollar retention rate compares our annual recurring revenue (“ARR”) from the same set of customers across comparable periods. O
Slide 28: Actionable Growth Strategies
ACTIONABLE GROWTH STRATEGIES Extend our Expand within Acquire new Expand and develop our technology our existing customers technology partnership leadership customer base ecosystem
Slide 29: Land & Expand in Action
LAND & EXPAND IN ACTION Fortune 100 Automotive Company Fortune 100 Healthcare Company ARR ($ Thousands) 10,250 ARR ($ Thousands) 3,429 2,494 2,667 213 247 225 229 341 303 1 16 46 48 102 64 86 94 2016 2017 2018 2019 2020 2021 2022 2023 2024 2016 2017 2018 2019 2020 2021 2022 2023 2024 Fortune 100 Fin
Slide 30: Consistent Expansion
CONSISTENT EXPANSION ARR 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Slide 31: Multiple-Product Adoption
MULTIPLE-PRODUCT ADOPTION Revenue by Subscription Type Percent of Revenue from Enterprise Plus Subscriptions(2) Q1’25 Q1’25 Single Product 4% 80 67M 62M 70 54.9% 55M 53.6% 49M 51M 60 50.4% 49% 49.8% 50 40 30 96% Multi-Product(1) 20 10 0 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 (1) Multi-product percentage repr
Slide 32: Investor Relations | LT Target Model
INVESTOR RELATIONS | LT TARGET MODEL ($ in millions) FY24A FY25E FY27E Revenue $428.5 $500-505 $775-825 Gross Margin 83.8% 82.5-83.5% ~80% Operating Margin 14.8% 14.8-15.2% 21-23% Free-Cash-Flow $ $107.8 $95-$105 $200-240 Free-Cash-Flow Margin 25.2% 20.0% 26-29%
Slide 33: Building a Category-Defining Software Company
BUILDING A CATEGORY-DEFINING SOFTWARE COMPANY EFFECTIVE RAPID EFFICIENT PREDICTABLE DEMONSTRATED LAND & EXPAND GROWTH AT SCALE GTM STRATEGY MODEL LEVERAGE 116% 22% Organic 100% 7+ Years Net Dollar LTM Y/Y Land & Expand Subscription Positive Free Cash Retention Rate Revenue Growth Model Revenue Flow
Slide 34: May the Frog Be with You!
MAY THE FROG BE WITH YOU!
Slide 35: GAAP to Non-GAAP Reconciliations
GAAP TO NON-GAAP RECONCILIATIONS Gross Profit and Margin Three Months Ended Year Ended (In $000) March 31, December 31, 2025 2024 2024 2023 Reconciliation of gross profit and gross margin GAAP gross profit $ 92,226 $ 79,707 $ 330,188 $ 272,843 Plus: Share-based compensation expense 4,201 3,092 14,55
Slide 36: GAAP to Non-GAAP Reconciliations
GAAP TO NON-GAAP RECONCILIATIONS Operating Expenses Three Months Ended Year Ended (In $000) March 31, December 31, 2025 2024 2024 2023 Reconciliation of operating expenses GAAP research and development $ 43,335 $ 35,832 $ 160,864 $ 134,584 Less: Share-based compensation expense (13,977) (9,667) (48,
Slide 37: GAAP to Non-GAAP Reconciliations
GAAP TO NON-GAAP RECONCILIATIONS Operating Income (Loss) and Margin Three Months Ended Year Ended (In $000) March 31, December 31, 2025 2024 2024 2023 Reconciliation of operating income (loss) and operating margin GAAP operating loss $ (22,970) $ (16,636) $ (91,098) $ (75,548) Plus: Share-based comp
Slide 38: GAAP to Non-GAAP Reconciliations
GAAP TO NON-GAAP RECONCILIATIONS Free Cash Flow Three Months Ended Year Ended (In $000) March 31, December 31, 2025 2024 2024 2023 Reconciliation of free cash flow Net cash provided by operating activities $ 28,792 $ 17,469 $ 110,924 $ 74,155 Less: purchases of property and equipment (647) (841) (3,