JFrog Ltd. Ordinary Shares Technology Leadership Forum 2026

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.

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.

You have MCP and Skills, something that did not even exist six months ago or eight months ago, and we are seeing a larger number of those type of binaries. Again, everything being the binary, the zeros and ones, in Artifactory, our product that manages the software supply chain for binaries, and this is what Shlomi talks about, the tsunami of binaries. The creation of the code, which is, again, very cheap to do through these AI tools, creates this tsunami of binaries and opportunity for JFrog.

We are very happy with the results. I think probably one of our favorite days as well, this Q2. It ended up being a tremendous outcome for JFrog. As you mentioned, 29% top line, 53% in the cloud. There is three main drivers behind this. Number one is security as a cross-sell is becoming critically important. Two years ago, we talked about security as being the next vector of growth for JFrog, and as you add more assets around Artifactory, and you see customers expanding the ASPs and increasing their commitment to JFrog, security is a big piece of that. Second is the usage, what we just talked about, the tsunami of binaries. That drives two behaviors. One is a capture of commitment, a larger commitment to JFrog. Number two is those customers that continue to use and use above those minimum commitments.

There are maybe some questions around that, which we can discuss, and what that usage over minimum commitment does. It is a bit of an insight into what customers are doing and the opportunity for JFrog, as long as we can capture that, but it does reflect in our revenues while customers use over their minimum commitments. That all translates to downstream motion with the full platform. We talk about adding more assets around Artifactory and taking the full platform. We had significant growth in our JFrog Enterprise+ platform. We grew 39% year-over-year for those customers. In addition to that, it represents 59% of our revenues now.

It is a critical piece, and it demonstrates just the ability for JFrog not only to be a player around managing binaries, but to continue to add more critical assets around that product of Artifactory to further expand the opportunity and TAM for JFrog.

Yeah. Well, to be honest with you, as a CFO, it perplexes me a little bit as well, but we're also faced with the same issue, and that issue is the unknown. We don't know how much you're going to continue to consume in this new reality that we live in with AI. We know that we're going to set a budget aside, maybe a discretionary budget, to continue to use and to spend, and then we'll get to the point where we have better education and knowledge around that continuation of that usage, and we'll make a commitment. It makes a lot of sense when you think about it in that context. Customers today don't necessarily know what they're going to use. Maybe it's even going to be more over the long run.

What they decide to do, it's almost like a hedge or an insurance policy. We'll go ahead and use over the minimum commitment. The beauty of that is we have the model to be able to support that. You make a minimum commitment with JFrog, you get unit economics because you take at a minimum commitment, which drives better pricing on a per gigabit. But we also give the flexibility to use over that minimum commitment until you're ready to make a full commitment with JFrog. Our sales organization and go-to-market team is working together with the customer in order to capture a commitment going forward. By the way, they're incentivized only on a commitment, not on usage over minimum commitment.