Mission Statement, Vision, & Core Values (2024) of JFrog Ltd. (FROG)

An Overview of JFrog Ltd. (FROG)

General Summary of JFrog Ltd. (FROG)

JFrog Ltd. (FROG) was founded in 2008 and is headquartered in Sunnyvale, California. The company specializes in DevOps solutions, providing a platform for continuous integration and continuous delivery (CI/CD). Its flagship products include JFrog Artifactory, a universal artifact repository, and JFrog Xray, a security and compliance tool for software artifacts. As of 2024, JFrog has expanded its offerings to include solutions for machine learning model management following the acquisition of Qwak AI Ltd. in July 2024.

In 2024, JFrog reported total revenue of $312.4 million for the nine months ended September 30, up from $252.6 million in the same period of 2023, indicating a growth of 24%. The company primarily generates revenue through subscription services, with subscription revenue accounting for 100% of total revenue.

Company's Financial Performance in the Latest Financial Reports

For the three months ended September 30, 2024, JFrog reported revenue of $109.1 million, a 23% increase from $88.6 million in the same quarter of 2023. The breakdown of revenue for the three months is as follows:

Despite the revenue growth, JFrog reported a net loss of $22.9 million for the three months ended September 30, 2024, compared to a net loss of $13.7 million in the same period in 2023. The increase in loss is attributed to higher operating expenses, which reached $111.7 million in Q3 2024, up from $86.9 million in Q3 2023. Below is a summary of key financial metrics for the latest quarter:

Introduction to JFrog Ltd. as an Industry Leader

JFrog is recognized as a leader in the DevOps industry, particularly known for its pioneering work in software release management and artifact management. As of September 30, 2024, the company had 966 customers with an annual recurring revenue (ARR) of $100,000 or more, an increase from 886 customers at the end of 2023. Additionally, it had 46 customers with ARR of at least $1 million, up from 37 customers in the previous year.

The company’s commitment to innovation and customer satisfaction has allowed it to maintain a competitive edge in a rapidly evolving market. JFrog continues to invest in expanding its product offerings to meet the growing demands of its customer base and leverage its strong market position.

Mission Statement of JFrog Ltd. (FROG)

Company's Mission Statement

The mission statement of JFrog Ltd. (FROG) serves as a guiding principle, encapsulating the company's purpose and strategic direction. It reflects a commitment to support software developers by providing innovative solutions that facilitate efficient software development and delivery processes. As of 2024, JFrog's mission emphasizes its role in the software supply chain, focusing on enhancing product quality, security, and operational efficiency.

Core Component 1: Commitment to Quality

JFrog's mission underscores a strong commitment to delivering high-quality products. The company is dedicated to improving the software development lifecycle through its platform. For instance, JFrog's revenue for the three months ended September 30, 2024, was $109.1 million, demonstrating a 23% increase from $88.6 million in the same period in 2023. This growth indicates the company's success in meeting customer demands with reliable and effective solutions.

Core Component 2: Innovation and Technology Leadership

Innovation is a cornerstone of JFrog's mission. The company continually invests in research and development to enhance its product offerings. For the nine months ended September 30, 2024, JFrog's research and development expenses amounted to $115.9 million, reflecting an increase from $101.8 million in the previous year. This investment not only ensures that JFrog remains at the forefront of technology but also supports the continuous improvement of its services.

Core Component 3: Customer-Centric Approach

JFrog's mission emphasizes a customer-centric approach, aiming to exceed customer expectations. As of September 30, 2024, the company boasted 966 customers with an annual recurring revenue (ARR) of $100,000 or more, up from 886 customers at the end of 2023. This growth reflects JFrog's effectiveness in attracting and retaining large organizations, which is critical to its long-term success.

JFrog's mission statement encapsulates its dedication to quality, innovation, and customer satisfaction, which are essential for driving its strategic objectives and ensuring sustainable growth in the competitive software development landscape. The company's financial performance metrics support its mission by demonstrating tangible results across key areas of focus.

Vision Statement of JFrog Ltd. (FROG)

Vision Statement of JFrog Ltd. (FROG)

JFrog's vision is to power a world of continuously updated, secure, trusted software, which they refer to as Liquid Software. This vision reflects their commitment to providing an end-to-end, hybrid, universal Software Supply Chain Platform that enables organizations to continuously and securely create and deliver software updates across any system.

End-to-End Software Supply Chain

The vision emphasizes the importance of a comprehensive software supply chain. JFrog's platform serves as a critical bridge between software development and deployment, paving the way for modern software supply chain management. This approach allows organizations to build and release software faster and more securely.

Empowering Development Teams

JFrog aims to empower developers, security teams, and machine learning operations teams to be more efficient. As of September 30, 2024, they reported a total revenue of $109.1 million for the quarter, reflecting a growth of 23% year-over-year, indicating a strong demand for their solutions that enhance team productivity.

Global Reach and Market Position

JFrog has positioned itself as a leader in the software supply chain market. As of September 30, 2024, they had 966 customers with an annual recurring revenue (ARR) of $100,000 or more, up from 886 customers at the end of 2023. Additionally, they had 46 customers with ARR of at least $1 million, increasing from 37 customers previously.

Revenue Structure and Growth

The company's revenue model includes self-managed subscriptions and SaaS offerings. For the three months ending September 30, 2024, revenue from SaaS subscriptions accounted for 39% of total revenue, up from 35% in the same period of 2023. The growth in revenue from the Enterprise Plus subscription, which represented approximately 50% of total revenue in the recent quarter, highlights the increasing demand for comprehensive solutions in software supply chain management.

Commitment to Innovation

JFrog continues to invest in its technology and product offerings to maintain its leadership position. The company reported an increase in research and development expenses, amounting to $42.996 million for the three months ended September 30, 2024, a 29% increase compared to $33.358 million in the same period of 2023. This commitment to innovation is crucial for sustaining their vision of Liquid Software and enhancing their platform capabilities.

Core Values of JFrog Ltd. (FROG)

Core Values of JFrog Ltd. (FROG)

Customer Commitment

This value emphasizes JFrog's dedication to meeting customer needs and enhancing their experience with the company's products.

JFrog has demonstrated this commitment through initiatives like offering free trials and open-source software, which facilitates access to their products and builds a strong community among developers, security teams, and IT operators. For example, in Q3 2024, JFrog generated $109.1 million in revenue, a 23% increase from the previous year, indicating strong customer engagement and satisfaction.

Innovation

Innovation is a cornerstone of JFrog's strategy, driving the development of new products and features that enhance their Software Supply Chain Platform.

In July 2024, JFrog acquired Qwak AI Ltd. for $177.5 million, enhancing its capabilities in machine learning model management. This acquisition reflects JFrog's commitment to integrating cutting-edge technology into its offerings, ensuring that they remain at the forefront of the industry.

Integrity

JFrog values integrity in its operations, ensuring transparency and ethical practices in all business dealings.

The company's financial reports reflect this commitment, with total liabilities as of September 30, 2024, amounting to $324.7 million, and shareholders' equity at $756.2 million. This solid financial footing underscores JFrog's responsible management and adherence to ethical standards.

Collaboration

Collaboration is vital to JFrog's culture, fostering teamwork internally and with external partners.

As of September 30, 2024, JFrog has a workforce supported by a share-based compensation plan, with a total share-based compensation expense of $36.4 million for the third quarter. This investment in employees highlights the company's focus on creating a collaborative environment that drives collective success.

Excellence

JFrog strives for excellence in all aspects of its operations, from product development to customer service.

The company's gross profit for the three months ended September 30, 2024, was $81.8 million, demonstrating effective cost management and operational efficiency. This focus on excellence ensures that JFrog delivers high-quality solutions to its customers consistently.

Updated on 16 Nov 2024

Resources:

1. JFrog Ltd. (FROG) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of JFrog Ltd. (FROG)' financial performance, including balance sheets, income statements, and cash flow statements.
2. SEC Filings – View JFrog Ltd. (FROG)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.