JFrog Ltd.

Ladies and gentlemen, thank you for joining us and welcome to the JFROG fourth quarter and fiscal year 2025 financial results call. After today's prepared remarks, we will host a question and answer session. If you would like to ask a question, please raise your hand. If you have dialed into today's call, please press star nine to raise your hand and star six to unmute. I will now hand the conference over to Jeffrey Schreiner, head of investor relations. Jeffrey, please go ahead.

Thank you, Nicole. Good afternoon, and thank you for joining us as we review JFrog's fourth quarter and fiscal year 2025 financial results, which were announced following the market close today via press release. Leading the call today will be JFrog's CEO and co-founder, Shlomi Ben-Haim, and Ed Grabshot, JFrog's CFO. During this call, we may make statements related to our business that are forward-looking under federal securities laws and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements related to our future financial performance and including our outlook for the first quarter and full year of 2026. The words anticipate, believe, continue, estimate, expect, intend, will, and similar expressions are intended to identify forward-looking statements or similar indications of future expectations. You are cautioned not to place undue reliance on these forward-looking statements, which reflect our views only as of today and not as of any subsequent date. Please keep in mind that we are not obligating ourselves to revise or publicly release the results of any revision to these forward-looking statements in light of new information or future events. These statements are subject to a variety of risks and uncertainties that could cause actual results to differ materially from expectations. For discussion of material risks and other important factors that could affect our actual results, please refer to our Form 10-Q for the quarter ended September 30, 2025, which is available on the Investor Relations section of our website and the earnings press release issued earlier today. Additional information will be made available in our Form 10-K for the year ended December 31, 2025, to be filed with the SEC on February 13, 2026, and other filings and reports that we may file from time to time with the SEC. Additionally, non-GAAP financial measures will be discussed on this conference call. These non-GAAP financial measures, which are used as a measure of JFrog's performance, should be considered in addition to, not as a substitute for, or in isolation from, GAAP measures. Please refer to the table in our earnings release for a reconciliation of those measures to the most directly comparable GAAP financial measures. A replay of this call will be available on the JFrog Investor Relations website for a limited time. With that, I'd like to turn the call over to JFrog CEO, Shlomi Benhaim. Shlomi? Thank you, Jeff.

Good afternoon and thank you for joining our call. 2025 was a remarkable year for the Frogs. We didn't just fire on all cylinders, we set the pace. JFrog paved the way for securing and managing the software supply chain in the era of AI, expanded our product portfolio, innovated at a faster pace than ever before, and built deep partnerships with the world's leading companies to strengthen our value to enterprise customers. We delivered quarter after quarter, exceeding our commitments and bearing solid growth and expansion with strong business discipline and operational efficiency. This is what strategy, focused execution and shared belief look like. And it's what makes this journey special for us. On today's call, Ed and I will walk you through our fiscal year 2025 results in more detail, share our fourth quarter performance, and discuss our outlook and guidance for 2026. In fiscal year 2025, JFox Auto revenue was $531.8 million, up 24% year-over-year. Cloud revenue for 2025 was $243.3 million, representing 45% year-over-year goals. In Q4, greater than $1 million customers grew to 74 compared to 52 in the year-ago period, equaling 42% year-over-year growth. Customers spending more than $100,000 annually grew to $1,168 compared to $1,018 in the year-ago period, equaling 15% year-over-year growth. These strong, consistent results reflect our alignment with modern enterprise market needs as software continues to transform how the world operates. JFrog's 2025 performance highlights a clear trend. As human developers and AI agents generate software at a massive scale, the resulting surge in binaries demands a trusted platform to manage, secure, and govern them end-to-end. This reinforces JFrog's leadership as the foundational infrastructure for software delivery in an agent-driven world. Now I will discuss our success in Q4 in security, cloud, and AI. Security first. In 2023, we set out to support our customers by giving them a complete chain of cyber trust from code creation to production. When we launched JFrog Advanced Security and JFrog Creation, we evolved rapidly from securing artifacts within JFrog Artifactory with JFrog X-Ray to offering end-to-end trust and governance. JFrog has now established itself as a complete system of record for software supply chain security that protects companies' binaries, software packages, and AI models even before software enters the organization. We strategically challenged the security point solution market by unifying security and DevOps on a single platform built on one source of truth. We believe that's the only scalable way to protect our customers' software supply chain. The pain was real, the threat was growing, and our results in 2025 reaffirm that this approach was the right one. In today's AI-driven software environment, that source of truth becomes mission critical. Organizations need a secure center of gravity and a foundational platform that stores, manages, and governs all artifacts, whether created by humans or machines. Against this backdrop, we will continue to build JFrog as a system of record, the single source of truth that all developers and code agents rely on to securely manage and govern every binary and AI artifact in the software supply chain. Just as we reported strong early results for JFOG Security in 2024, our 2025 annual reporting reflects another year of significant momentum and success of our security solutions. In 2025, JFrog Security core products, excluding contributions from JFrog X-Ray, became an even more meaningful growth engine for the company. As of December 31st, 2025, JFrog Advanced Security and JFrog Curation comprise over 10% of our total ARR. This past year, we built on strong RPO growth momentum driven by increased cloud usage, DevOps adoption, and our security core products. We are pleased to report that in 2025, JFOG Security represented 16% of our ending RPO compared to 12% in the prior year, and nearly doubled long-term revenue commitments. This growth highlights not only the rapid adoption of JFrog Advanced Security, JFrog Curation or both by hundreds of our customers, but also the broad opportunity ahead to provide value to the thousands of existing enterprise customers over time. JFrog Security Solutions, tightly coupled with JFrog Artifactory, enabled end-to-end software supply chain protection and are now offered as a bundle add-on with our enterprise subscriptions, increasing ASP expansion in cloud usage and triggering multi-year commitments. This approach resulted in tangible growth for JFrog. Cohort data indicates that customers adding JFrog security drove a strong account expansion with growth extending beyond security and into broad product portfolio usage. We are pleased with our financial performance and the execution of our enterprise go-to-market teams. Our security RPO and pipeline numbers show strong momentum carrying into 2026. Our success in security also reflects the deep alignment with the evolving threat landscape. Attackers are increasingly targeting the software supply chain through software packages. Our customers and community described the recent NPM Shai-Hulud incident as a mega attack on software supply chain, exposing millions of JavaScript developers, echoing the impact of Log4j, PyPI, and other recent security events. J4 customers using J4 Curation as their firewall remained protected. From the world's leading enterprises with tens of thousands of developers to a small development shop, J4 Curation enforced policies, secured the software supply chain, and prevented business impact. Expanding our security offerings in 2025, we also announced the availability of AI catalog and agentic remediation capabilities to address emerging challenges created by the introduction of AI models and agent-generated code into the software supply chain. JFrog is the mission critical infrastructure of a company's primary software assets, their binaries. As more code is generated by human developers and AI coding agents, a tsunami of binaries is being created. More binaries, artifacts, and model lead to a greater need for trusted infrastructure that manages, secures, and governs the software supply chain at scale. We anticipate these growing needs will drive sustained customer adoption of our holistic security solutions through 2026. Second, cloud. As we noted earlier on the call, 2025 was a year of high-quality sustained growth in our cloud business. We delivered 45% year-over-year growth while remaining highly disciplined in usage management and continuing to migrate customers toward annual commitments. In addition, we drove a higher volume of security deals in the cloud, strong new logo wins, and deeper marketplace partnerships. During the year, we straightened our partnerships with all major cloud providers, improved our commercial terms, and established a stronger long-term growth margin strategy. Our cloud momentum was also supported by focused investments in service performance and availability, the continued build-out of our global SRE organization, enhanced sales incentives, and the consumption-based pricing model aligned with the market standards. Customer purchasing decisions changed in 2025 as CIOs were less focused on mega cloud migration initiatives and instead increasingly emphasized building fit-to-purpose hybrid and multi-cloud architectures as they adopted new AI solutions. Looking ahead, we see trends that we believe will continue to mature. First, clarity. While cloud remains the preferred deployment environments, CIOs are seeking greater clarity, cost predictability, and ROI as they assess the full impact of AI adoption at scale, along with the evolving security and regulatory requirements that comes with it. As AI adoption matures and clarity improves, we anticipate CIOs will increase investments in cloud infrastructures. Second, AI-driven software package ecosystems such as PyPI, Hugging Face, NPM, Conda, or Docker are driving consumption spikes from both developers and AI agents, in some cases going beyond customers' commitments. This has the potential to be a tailwind for JFrog, and we expect customers to align commitments once usage patterns stabilize. We will continue to provide guidance based on customers' annual commitment and proactively de-risk exposures to volatile, user-driven and sizable deals. Our go-to-market strategy will remain focused on converting usage overages into annual commitments. Looking ahead, we believe that in 2026, we will continue to deliver durable growth in the cloud. Finally, I will address AI and MLOps. In 2025, we strategically build the foundation of JFogML as part of our platform to deliver the capabilities enterprises will increasingly require to automate speed, trust and control across the model lifecycle. At the same time, we introduce advanced functionality and integrations that extend beyond traditional B2B workflows into the emerging business to agent market. We released JFrog's MCP server as a core integration layer, enabling AI agents and LLMs to securely interact with the JFrog platform. We introduced the JFrog AI catalog for model discovery and governance, extending the platform to manage AI and ML models like other software packages. We also announced agent-based security and remediation, leveraging agentic capabilities to drive detection and automated recovery. To strengthen our position as a system of record for all AI artifacts, we partnered with NVIDIA Enterprise AI Factory to serve as its secure name model and artifact registry, while also partnering with Hugging Face to secure the world's leading open source hub for models, supporting trusted enterprise consumption of AI. Looking into 2026, our roadmap includes capabilities designed to expand our goals and to support JFOX users' needs, whether human, machines, or hybrid engineering teams of developers and AI agents. This expanding use cases represents a significant opportunity for JFog. The market is experiencing a tsunami of binaries accelerating by AI. JFog was built from day one to handle exactly this asset at this scale. And we are focused and fully committed to providing the infrastructure modern software organizations need to confidently embrace the AI-driven revolution. With that, I'll turn the call over to our CFO, Ed Grebscheidt, with an in-depth recap of Q4 and 2025 fiscal year financial results, as well as our updated outlook for Q1 and the fiscal year of 2026. Ed.