JFrog Ltd. Ordinary Shares Technology Leadership Forum 2026
Review the key takeaways and the transcript of this earnings call.
- JFrog reported a strong Q2 with total revenue growth accelerating to 29% year over year and cloud revenue growing 53%.
- Enterprise plus platform customers grew 39% year over year and now represent 59% of total revenues.
- Security has become a critical cross-sell and growth vector, with 40% of new customer wins in the quarter landing with security products.
- JFrog is benefiting from a surge in binaries driven by AI-powered software development, described as a 'tsunami of binaries' that increases demand for their binary management and security solutions.
- The company has a hybrid deployment model supporting both cloud and self-hosted environments, which is appealing to sophisticated customers including AI foundational labs.
- JFrog has four of the top five foundational AI labs as customers, including a recent competitive displacement win involving both cloud and self-hosted deployments.
- The company is seeing increased pipeline and sales activity following high-profile supply chain attacks, with compressed sales cycles for curation and longer cycles for advanced security.
- JFrog's product Boost is focused on AI token optimization and CI acceleration, currently offered to the community to help optimize AI tool usage and costs.
- JFrog experienced an incident related to OpenAI but managed it transparently and quickly, highlighting the benefits of cloud SaaS deployment for rapid patching.
- Management emphasized disciplined cost control and budget management amid rapidly changing AI-related expenses, including pausing some R&D headcount growth while maintaining innovation investment.
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Transcript
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All right, I can go ahead and get started. My name is Jason Celino. I am one of the software analysts here at KeyBanc. I have the great pleasure of welcoming back Ed, the CFO of JFrog, to our wonderful Park City conference. Maybe, I do not know if this is a softball or a warm-up question, or maybe it is a hard question, who knows. With the rise of AI and agentic-powered software development, it has been such a tailwind for JFrog's business. Shlomi has talked about a tsunami of binaries. Maybe in your words, can you explain why AI has led to this creation of more artifacts, more binaries, and how JFrog has benefited from it?
Well, first of all, thank you for having us back. It is great to be here. I forgot 8,300 feet, how hard it is to run from the conference room here to the gallery, so I apologize. I seem a little breathy. I am telling you, I am actually in good shape. I am not going to pass out here.
Yeah. We used to do this in Vail, and that was at a higher elevation.
Wow. I feel like I am at more loss of words this time.
Really, to frame this simply, what you are seeing today in the world of AI with new AI tools and AI coding, every organization is becoming this software factory and moving at the speed of machines. What you see is code is becoming cheap, and the primary asset is the binary. JFrog is the system of record for the universal control plane, the layer of trusted security, and is becoming incrementally more and more critical as you start to manage the binaries through the software supply chain. Humans would compile the binaries and then move the binaries through the software supply chain. Today, machines are doing that, and you are seeing an exponential number of binaries now going through the software supply chain. Then, in addition to that, you start to take a new category. You have large language models.
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