JFrog – Quick Cal.

💡 Intellectual exercise only. Don’t take the projection seriously.

JFrog recorded accounting profit in the last quarter. The company has been cashflow positive for a while. The business is a typical software business which enjoys high gross margin. Once the business breaks even, the operating leverage might kick in faster than consensus expects because people are not good at predicting something non-linear like operating leverage.

The product seems mission critical but I’m thinking that even without competition, is the TAM large enough to support 10x top-line growth for JFrog which has ~$160M revenue run-rate currently?


(Reuters) – The company said it now expects its IPO price between $39 and $41 per share, up from between $33 and $37 per share expected earlier.

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