JFrog Ltd.

Ladies and gentlemen, thank you for joining us and welcome to the JFrog first quarter 2026 financial results earnings 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 first quarter 2026 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 Benhaim, and Ed Grabscheid, 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 second 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 a discussion of material risk and other important factors that could affect our actual results, please refer to our Form 10-K for the year ended December 31st, 2025, which is available in 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-Q for the quarter ended March 31, 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 tables in our earnings release for reconciliation of those measures to their 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 all for joining the call. We entered 2026 strong. Our first quarter performance reflects both the clarity of our strategy and the discipline in execution. Our continuous focus on powering the world's software through JFrog Artifactory as the system of record for trusted binaries, software packages, and AI artifacts is resonating deeply with market demand. We are seeing growing adoption among the world's leading organizations and AI labs, which are choosing JFrog as they transform to adopt modern software supply chain practices. Across industries, geographies, and deployment environments, whether cloud or on-prem, our customers are partnering with JFrog as their foundational platform while they navigate a complex transition of adding AI technologies and tools to their software supply chain. They tell us they are prioritizing AI adoption while simultaneously maintaining legacy pipelines and open source packages, all as they demand stronger security, governance, and fast release cycles. We are working closely with our customers, the broader developer community, and AI native companies to support them through this period of change. Our Q1 results reflect this momentum with AI redefining the software supply chain and powering our continued expansion. In the first quarter, JFrog delivered total revenue of $154 million, representing 26% year-over-year growth. cloud revenue grew 50% year-over-year, underscoring the accelerating shift toward our cloud-first platform. This performance was driven by continuous strength across our core growth vectors, increasing consumption of our cloud services, rising demand for our software supply chain security solutions, higher ASP on new customer acquisitions, and robust expansion within our existing customer base. We also saw continued momentum at the high end of our customer portfolio. The number of customers with annual spend exceeding $1 million grew to 80, up from 54 a year ago, representing 48% year-over-year growth. Customers spending more than $100,000 annually increased to $1,225 compared to $1,051 in the prior year, representing 17% year-over-year growth. These results reflect our alignment with the evolving needs of modern enterprises. Developers and increasingly AI agents are producing software at scale and speed. This surge in binaries fueled by AI is driving the need for a single trusted system of record to manage, secure, and govern these assets across the entire supply chain. On today's call, I will walk you through the quarter in detail and Ed will follow with our updated outlook and additional financial insights. Now, I will highlight the key drivers behind our performance this quarter. First, continued cloud growth, driven by increasing consumption and rising demand for a true systems record as a service, delivering scale and universality. Second, the sustained momentum in our security business as customers prioritize end-to-end protection and governance amid rising software supply chain attacks. And finally, I will highlight our ongoing innovation that leads to solid adoption of our platform and Enterprise Plus subscription goals. Let me start with our cloud business. As mentioned earlier, cloud revenue in Q1 grew 50% year over year, an exceptional result that reflects not one single driver, but a broader trend we have been observing over the past several quarters. As AI makes human-to-technology interaction nearly costless and source code itself increasingly commoditized, binaries become king. Organizations are actively encouraging developers to utilize AI coding agents as well as explore agentic capabilities, causing software output to accelerate, resulting in more compiled code. A true AI-fueled tsunami of binaries. Observing our customers' consumption trends, we notice that this growth is not tied to one package type or a specific AI native workload. It is not a spike in usage or a one-time increase in open source caching. It is the result of a fundamental shift in how software is being generated, delivered, and consumed across the software supply chain. We are seeing an acceleration in the volume of compiled software flowing through the JFrog platform. This trend, which began taking shape in 2025, is driven by two major forces. First, developers are being supercharged by AI coding agents. Simply put, the world is creating more software packages. In this AI mass adoption reality, we see organizations willing to accept budget overruns until they gain better clarity on long-term usage requirements and prior to increases in annual commitment. Second, as AI drives more software creation, it is also accelerating the flow of all open source components. Open source consumption by developers and AI agents is rising across nearly every software package we support. And as the ultimate Switzerland of binaries, JFrog sits at the center of this growth. Whether through on-demand increased usage momentum or annual commitments, we believe J4Cloud is positioned to benefit from these trends. Now, to the continued momentum we are seeing in security. As we mentioned in previous calls, modern software supply chain security is moving beyond traditional DevSecOps and fragmented scanners. AI coding agents are increasingly securing, scanning, and even fixing code rapidly at scale. And while still evolving, we see agents replacing human skills in code protection. We believe a trusted software supply chain requires a single authoritative system of record for all binaries and AI artifacts. Building on this foundation, we deliver protection and governance beyond traditional scanning, analyzing, tracking, and proactively blocking risk at the point of entry or before distribution to production. As AI adoption accelerates and binary scale, the threat landscape is becoming more complex. Software supply chain attacks are rising, increasingly targeting open source creators and package maintainers. This dynamic drives the growing demand for a trusted control layer and stronger DevGovOps practices. In Q1, we again demonstrated that customers subscribed to J4 Curation were effectively protected from recent software supply chain attacks. Curation serves as a critical control point at the gate, enforcing policies that ensure only trusted packages enter the system, keeping artifactory clean. Once artifacts are stored, JFog X-ray and JFog Advanced Security continuously secure and govern the binary flow, providing ongoing visibility and protection. In addition, as advanced AI models like OpenAI, GPT, Cyber, and Anthropix Cloud become increasingly embedded in development workflows, we believe modern software supply chain security and governance are defined by four core pillars. First, a centralized system of record, a single source of truth across multi-agent environments. Second, universal governance, consistent visibility and enforcement across all types of artifacts, whether consumed or generated. Third, predictable and deterministic protection, continuous policy driven guardrails that prevent malicious or vulnerable components from progressing. And finally, comprehensive coverage, securing both newly generated assets and the extensive base of existing mission critical legacy binaries. Our customers tell us they are accelerating software development and generating more binaries through the JFrog platform. As AI adoption expands, JFrog provides a unified system of records to secure, govern, and manage AI-generated, open-source, or legacy binaries in one place. Our customers' adoption, Q1 results, sales pipeline, and future roadmap innovation are aligned with these observations. Looking ahead, we expect security to remain a key growth driver for JFrog. This set the stage for an update on the innovation we introduced at our annual LEAP conference in New York this past March. Leap is JFrog's top customers, gathered by region, scheduled globally during H1 every year. At Leap New York, we demonstrated GA-ready solutions to concrete customers' need for a trusted infrastructure layer for software supply chain management in the AI era. We introduced the JFrog MCP registry, the first enterprise-grade registry for MCP servers. extending our platform to support the growing AI ecosystem. As MCP adoption expands, customers need a centralized, trusted way to manage, secure, and govern these new assets, which logically sits in Artifactory as a system of record. MCP is rapidly adapted next to agent skills based on AI ecosystem demands. In Q1, we expanded our platform for AI-driven development with the introduction of the JFrog Skills Registry, providing a centralized way to manage and govern reusable AI capabilities. In collaboration with NVIDIA, we announced the Skills Registry at GTC, enabling the governance and trust layer enterprises need to run agentic workflows securely and at scale. We further announced that J4 Artifactory will serve as a registry for AI models and agent skills within NVIDIA AIQ Blueprint, part of the NVIDIA Agent Toolkits. The Vice President of Enterprise Partnerships at NVIDIA, Pat Lee, noted, quote, security and governance are key to deploying AI agents in the enterprise. JFrog's Agent Skills Registry for NVIDIA NemoClaw supports security and control for deploying long-running agents to help scale enterprise productivity with powerful new AI tools, end quote. JFrog unifies all artifact types, binaries, models, skills, and MCP servers into single platform governed by one framework, one set of policy, and complete visibility and traceability in one place. These innovations, combined with a growing ecosystem of strategic partnerships, are driving increased adoption across the enterprise, amplifying the value of our Enterprise Plus subscriptions and accelerating its expansions within organizations. With that, I will hand it over to Ed for a detailed review of our Q1 financials and our updated outlook for Q2 and the full year 2026. Ed.