JFrog Post Earnings Call Recap | Usage-Driven Cloud Growth as Enterprise Customers Run Hot; Commitment Upside Ahead

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JFrog Post Earnings Call Recap | Usage-Driven Cloud Growth as Enterprise Customers Run Hot; Commitment Upside Ahead

J P M O R G A N North America Equity Research

12 May 2026

JFrog

Post Earnings Call Recap | Usage-Driven Cloud Growth Overweight

as Enterprise Customers Run Hot; Commitment Upside FROG, FROG US

Ahead Price (11 May 26):$69.01

Software - Large Cap / Mid & Small

We hosted JFrog VP of IR Jeff Schreiner following the company's strong 1Q Cap

print (revenue $154M, +26% y/y; cloud $78.9M, +50% y/y) to unpack drivers Brian Essex, CFA AC

of the cloud acceleration and how management is thinking about the conversion (1-212) 622-5990

opportunity ahead. Takeaway: the cloud beat is overwhelmingly usage- brian.essex@jpmchase.com

driven with no AI lab contribution, and customer hesitancy to commit Alex Isaac

creates a floor-building dynamic that could unlock a step-function (1-212) 622-9159

alex.isaac@jpmorgan.com

conversion wave once enterprise budgets rationalize. We come away with

John Lee

greater confidence in the durability of the usage tailwind but acknowledge that

(1-212) 622-6064

commitment conversion timing remains uncertain. john.h.lee@jpmorgan.com

J.P. Morgan Securities LLC

• Usage above commitment drove cloud beat, with customers willingly

paying penalty overage rates rather than locking in. Management noted

that approximately $4.5M of the beat was carried forward in full-year guidance

(the commitment portion); the remainder is usage above commitment that has

not yet converted. IR described the environment as akin to "the wild west" of

2020-2022, where budgets were not the leading decision factor. Customers are

paying premium overage rates because they cannot predict their usage J-curve

and "don't want to be caught up in what they don't know." Sales is actively