JFrog reports Q1 EPS 6c, consensus 3c

Reports Q1 revenue $79.8M, consensus $78.43M. Cloud revenue equaled $25M during Q1, an increase of 49% year-over-year. Cloud revenue represented 31% of total revenue, compared to 26% in the year ago period. Net Dollar Retention rate for the trailing four quarters was 124%. $100K ARR customers increased to 785 customers, compared with 599 in the year ago period. The company said, "JFrog’s first quarter revenue and non-GAAP profitability exceeded our guidance range, driven by improved usage of our cloud services, solid execution by our direct enterprise sales team, and a growing co-sell motion with our partners amidst a challenging macro environment. The market continues to validate the JFrog Software Supply Chain Platform as a mission-critical piece of companies’ infrastructure, reflecting the reality that software packages and binaries are the primary assets companies manage and secure across DevOps and DevSecOps. We’re excited about the continued growing demand for our solutions and anticipate material contribution from JFrog security products. This drives our belief that JFrog can sustain solid growth that generates significant free cash flow margins over the next five years."