FROGMEDIUM SIGNALOPPORTUNITY10-K

JFrog is pivoting strategically toward AI-era software supply chain solutions while delivering strong financial growth across all key metrics.

The company's repositioning from a general DevOps platform to an "AI era" software supply chain leader with expanded focus on AI/ML engineers and AI agents suggests management sees significant market opportunity in AI-driven development workflows. The substantial revenue growth of 24% combined with strong cash flow generation indicates this strategic pivot is being executed from a position of financial strength.

Comparing 2026-02-13 vs 2025-02-14View on EDGAR →
FINANCIAL ANALYSIS

JFrog delivered robust growth with revenue increasing 24% to $532M and operating cash flow jumping 31% to $146M, while cash position strengthened significantly by 52% to $76M. The company expanded its investment in R&D by 21% to support its AI strategy, and growth in receivables and current assets reflects the underlying business momentum. The proportional increase in liabilities appears manageable given the strong cash generation and overall asset growth of 19%.

FINANCIAL STATEMENT CHANGES
Cash & Equivalents
Balance Sheet
+52.1%
$49.9M→$75.8M

Cash position surged 52.1% — strong cash generation or capital raise providing significant financial cushion.

Current Assets
Balance Sheet
+34.5%
$649.2M→$873.0M

Current assets grew 34.5% — improving short-term liquidity or inventory/receivables build.

Accounts Receivable
Balance Sheet
+32.2%
$90.7M→$119.9M

Receivables surged 32.2% — revenue recognized but not yet collected; watch for collection issues or channel stuffing.

Operating Cash Flow
Cash Flow
+31.4%
$110.9M→$145.7M

Operating cash flow surged 31.4% — exceptional cash generation, highest quality earnings signal.

Current Liabilities
Balance Sheet
+28.3%
$317.5M→$407.5M

Current liabilities rose 28.3% — increased short-term obligations, watch current ratio.

Total Liabilities
Balance Sheet
+27.4%
$356.4M→$453.9M

Liabilities increased 27.4% — monitor debt-to-equity ratio and interest coverage.

Revenue
P&L
+24.1%
$428.5M→$531.8M

Revenue growing 24.1% — solid top-line momentum, watch margins for quality of growth.

Gross Profit
P&L
+23.7%
$330.2M→$408.4M

Gross profit expanding — improving pricing power or product mix shift toward higher-margin offerings.

R&D Expense
P&L
+21.3%
$160.9M→$195.1M

R&D investment increased 21.3% — signals commitment to future product development, though near-term margin impact.

Total Assets
Balance Sheet
+18.7%
$1.1B→$1.3B

Asset base grew 18.7% — expansion through organic growth, acquisitions, or capital deployment.

LANGUAGE CHANGES
NEW — 2026-02-13
PRIOR — 2025-02-14
ADDED
As of February 6, 2026, the registrant had 119,628,931 Ordinar y Shares, NIS 0.01 par value per share, outstanding.
Management's Discussion and Analysis of Financial Condition and Results of Operations 55 Item 7A.
Business Overview JFrog s goal is to provide a system of record for the software supply chain in the Artificial Intelligence ( AI ) era.
As a foundational platform that provides governance, security and trust to enterprise software organizations, JFrog s unified platform ( JFrog Platform ) allows companies to successfully unify development speed, volume, security, governance and delivery of software applications across hybrid teams of developers, security professionals, Artificial Intelligence/Machine Learning ( AI/ML ) engineers and AI agents.
We envision a world where innovative, secure, compliant and trusted software is consumed, built and continuously delivered from any user to any destination; a reality we refer to as Liquid Software.
The complimentary practices of DevOps, DevSecOps, DevGovOps, MLOps and AI development are converging within organizations, exposing new challenges in process, security, governance and compliance for software delivery.
This unification continues to re-shape the composition of development teams, increase software volume, and expand enterprise digital footprints.
As a pioneer in DevOps, DevSecOps, and DevGovOps, JFrog recognizes the unique potential of technology shifts and how they are best adopted within an organization.
A rapidly evolving marketplace demands a new generation of tooling that encompasses the complete software supply chain; a platform that serves many functions in an organization affected by rapid technology adoption.
We anticipate that our Platform will continue to grow in relevance and impact, as companies increasingly seek to manage workflows, apply processes, deliver application security and scale their infrastructure efficiently in an AI-first world.
REMOVED
As of February 5, 2025, the registrant h ad 112,878,051 Ordin ary Shares, NIS 0.01 par value per share, outstanding.
Management's Discussion and Analysis of Financial Condition and Results of Operations 54 Item 7A.
We may not actually achieve the plans, intentions, or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements.
Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures, or investments we may make.
Business Overview JFrog provides a hybrid, universal, end-to-end software supply chain platform for delivering trusted, secure software updates from code to production.
Our goal is to function as the single source of truth for an organization s software footprint, bridging digital gaps between developers, security teams, machine learning engineers, data scientists, and other business units to empower a world of always-on, always-current software which we refer to as Liquid Software.
Today, DevOps, DevSecOps, and MLOps teams have a universal goal within organizations: ship secure, intelligent software more efficiently and confidently.
As a pioneer in the DevOps movement, JFrog recognizes the challenges that companies face as they attempt to converge traditional software development practices, operational teams, security (or DevSecOps), artificial intelligence ( AI ), machine learning (or MLOps) and more.
This rapidly-evolving demand requires a new generation of tooling that encompasses the complete software supply chain; a platform that serves many functions in an organization.
We expect that our all-inclusive platform serving EveryOps will endure: as the volume of software increases - created both by developers and by emerging generative AI technologies - companies will increasingly require scalable, efficient tools to help manage workflows, processes, policies, application security and all software components.
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