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Sep 30, 2021
JFrog Q3 2021 Earnings Report
JFrog's Q3 2021 revenue increased by 38%, with cloud revenue up by 50%. The customer count with ARR greater than $100K also increased by 49%.
Key Takeaways
JFrog reported a strong Q3 2021 with revenue of $53.7 million, a 38% increase year-over-year. Cloud revenue grew by 50%, and the number of customers with ARR greater than $100k increased by 49%. The company also completed the acquisition of Upswift.
Revenue for the third quarter of 2021 was $53.7 million, an increase of 38% over the third quarter of 2020.
GAAP Gross Margin was 78.7%, while Non-GAAP Gross Margin was 84.5%.
The company had 466 customers with ARR greater than $100k, representing a 49% increase year-over-year.
Cloud revenue increased by 50% year-over-year and represented 24% of total revenue.
JFrog
JFrog
Forward Guidance
JFrog provided its outlook for the fourth quarter and full year 2021.
Positive Outlook
- Fourth Quarter 2021 Revenue between $57.5 million and $58.5 million
- Fourth Quarter 2021 Non-GAAP operating income between $0.1 million and $1.0 million
- Fourth Quarter 2021 Non-GAAP net income per share between $0.00 and $0.01, assuming approximately 104 million weighted average diluted shares outstanding
- Full Year 2021 Revenue between $205 million to $206 million
- Full Year 2021 Non-GAAP operating income between $4.2 million and $5.2 million
Challenges Ahead
- Full Year 2021 Non-GAAP net income per share between $0.04 and $0.05, assuming approximately 104 million weighted average diluted shares outstanding