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Sep 30, 2023
JFrog Q3 2023 Earnings Report
JFrog exceeded guidance with solid performance, driven by enterprise adoption of its hybrid Software Supply Chain Platform and comprehensive security solutions.
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%.
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
Historical Earnings Impact
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Avg. Return Before/After Earnings
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