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JFrog Ltd. (FROG+1.86%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in total subscription revenue to $109,056,000 from $88,636,000 in the same quarter the previous year. This growth is attributed to an increase in sales to existing and new customers.
Cost of revenue for the quarter was $27,291,000, representing 25% of total subscription revenue, compared to 22% in the same quarter of the previous year. This increase in cost ratio is due to higher third-party hosting costs and intangible amortization.
The company reported a gross profit of $81,765,000 for the quarter, compared to $68,886,000 in the previous year, with the increase attributed to higher revenue.
Research and development expenses increased to $42,996,000 from $33,358,000, primarily due to increased headcount and share-based compensation expenses.
Sales and marketing expenses increased to $50,956,000 from $37,915,000, mainly due to higher personnel-related expenses and share-based compensation.
Net loss for the quarter was $22,945,000, compared to $13,747,000 in the previous year. The increase in net loss is attributed to higher operating expenses.
Cash provided by operating activities was $61,806,000, while cash used in investing and financing activities was $99,702,000 and $16,824,000, respectively.
JFrog had cash, cash equivalents, and short-term investments totaling $467,786,000 as of September 30, 2024.
The filing also details the acquisition of Qwak AI Ltd., a privately-held company based in Israel, for a total consideration of $177,481,000.
JFrog continues to focus on expanding its product offerings and enhancing its platform to meet the evolving needs of its customers.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the JFrog Ltd. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.