JFrog Q3 2023 Earnings Report
Key Takeaways
JFrog reported a strong Q3 2023, exceeding the high end of its guidance. Total revenue reached $88.6 million, a 23% increase year-over-year, with cloud revenue growing by 46%. The company saw an increase in customers with ARR over $1 million, reaching 30, up 67% year-over-year.
Total revenue was $88.6 million, up 23% year-over-year.
Cloud revenue increased by 46% year-over-year, representing 35% of total revenue.
Customers with ARR over $1 million grew to 30, a 67% increase year-over-year.
Net Dollar Retention rate for the trailing four quarters was 119%.
JFrog
JFrog
Forward Guidance
JFrog anticipates revenue between $92.5 million and $93.5 million and non-GAAP operating income between $10.0 million and $11.0 million for Q4 2023. The company projects revenue between $345.1 million to $346.1 million and non-GAAP operating income between $32.8 million and $33.8 million for the full fiscal year 2023.
Positive Outlook
- Revenue between $92.5 million and $93.5 million
- Non-GAAP operating income between $10.0 million and $11.0 million
- Non-GAAP net income per diluted share between $0.12 and $0.13, assuming approximately 111 million weighted average diluted shares outstanding
- Revenue between $345.1 million to $346.1 million
- Non-GAAP operating income between $32.8 million and $33.8 million
Challenges Ahead
- Non-GAAP net income per diluted share between $0.44 and $0.45, assuming approximately 109 million weighted average diluted shares outstanding
- Risks associated with managing rapid growth
- History of losses
- Limited operating history
- Ability to retain and upgrade existing customers