Grade History
| Quarter | Disclosure Quality | Financial Quality |
|---|---|---|
| Q1'25 → | B+ | B |
| Q2'25 → | B+ | B+ |
| Q3'25 → | B+ | B+ |
| Q4'25 → | B+ | B |
| Q1'26 → | B+ | B- |
Promise Ledger · All Quarters
| Marked | Promise | Status | |
|---|---|---|---|
| Q1'26 | ✅ | Annual gross margins in the range of 82% to 83% Q1 gross margin of 83.8%, maintained 82-83% guide for year | delivered |
| Q1'26 | ⏳ | Convert usage overages into annual commitments Still working on conversion, explicitly excluded from guidance until converted | pending |
| Q1'26 | ✅ | Security core to be meaningful growth driver Security now over 10% of ARR, up from 7% of revenue last year | delivered |
| Q1'26 | ⏳ | Revenue range of $623M to $628M for 2026 Raised to $628-632M based on Q1 outperformance | pending |
| Q1'26 | ✅ | Net dollar retention rate to be 117% for 2026 Achieved 120% in Q1 and raised floor to 118% | exceeded |
| Q1'26 | ✅ | Estimate full year 2026 baseline cloud growth to be 30% to 32% Delivered 50% Q1 cloud growth and raised guide to 33-35% | exceeded |
| Q4'25 | ✅ | Baseline cloud growth 40-42% for 2025 Delivered ~45% for full year, above range | delivered |
| Q4'25 | ✅ | Annual gross margins 82.5-83.5% for 2025 Q4 at 83.7%, within guided range | delivered |
| Q4'25 | ✅ | Net dollar retention above 116% for 2025 Delivered 119%, beat guidance | exceeded |
| Q4'25 | ✅ | Full year 2025 revenues $523-525M Delivered $531.8M, beat high end by $6.8M | exceeded |
| Q4'25 | ✅ | Q4 non-GAAP operating profit $21-22M Delivered $25.7M, beat high end by $3.7M | exceeded |
| Q4'25 | ✅ | Q4 revenues $136.5-138.5M Delivered $145.3M, beat by $6.8-8.8M | exceeded |
| Q3'25 | ✅ | Security to be material part of business in 2025 Multiple 7-figure security wins including $9M UK deal, driving mega-deal growth | delivered |
| Q3'25 | ✅ | Focus on converting customers with usage above minimum commitments Strategy clearly working based on cloud acceleration and commitment growth | delivered |
| Q3'25 | ✅ | Continue to derisk outlook by excluding largest opportunities Ed confirmed continuing same derisking philosophy for Q4 guidance | delivered |
| Q3'25 | ✅ | Annual gross margins to remain between 82.5% and 83.5% Q3 gross margin of 83.9% within guided range | delivered |
| Q3'25 | ✅ | NDR to remain in mid-teens during 2025 Raised guidance to above 116%, actual Q3 delivery was 118% | exceeded |
| Q3'25 | ✅ | Full year 2025 baseline cloud growth guidance of 34-36% Raised to 40-42%, beating midpoint by 500 bps due to conversion execution | exceeded |
| Q2'25 | ✅ | Hugging Face partnership to help secure open source ML models Confirmed scanning of 1.5 million models, partnership active | delivered |
| Q2'25 | ✅ | Annual gross margins between 82.5-83.5% Q2 gross margin of 83.1% within guided range | delivered |
| Q2'25 | ✅ | Cloud growth baseline of 31-33% for full year 2025 Raised guidance to 34-36% based on Q2 performance | exceeded |
| Q2'25 | ⏳ | Would provide security attach rate metrics at end of 2024 Ed confirmed they'll provide update at end of 2025, not 2024 | pending |
| Q2'25 | ✅ | JFrog ML would be available to all cloud enterprise customers in Q1 Confirmed rollout completed and now expanding to hybrid customers | delivered |
| Q2'25 | ✅ | Expected net dollar retention to stabilize in mid-teens during 2025 NDR improved from 116% to 118% sequentially, showing stabilization trend | delivered |
| Q1'25 | ✅ | Focus on enterprise customer acquisition $100K+ customers grew 15% YoY, $1M+ grew 35% YoY | delivered |
| Q1'25 | ✅ | More conservative guidance philosophy Excluded largest deals, didn't carry forward Q1 outperformance to full year | delivered |
| Q1'25 | ✅ | JFrog ML available to cloud enterprise customers Launched in Q1 as promised, now available to all cloud enterprise customers | delivered |
| Q1'25 | ✅ | Net dollar retention to stabilize Moved from 100% to 116%, management calls this 'stabilizing in mid-teens' | delivered |
| Q1'25 | ✅ | Cloud baseline growth 30% to 32% for 2024 Delivered 41% actual cloud growth, raised 2025 baseline to 31-33% | exceeded |
| Q1'25 | ⏳ | Security core will achieve material revenue contribution in 2025 Still guiding for this but stopped giving specific percentages, shifted to qualitative language | pending |
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