Q2 2025 Performance - Total revenue decreased by 5% year-over-year, from $63.7 million to $60.8 million[16] - Adjusted Gross Profit decreased by 6% year-over-year, from $53.1 million to $50.0 million, with Adjusted Gross Profit margin contracting by 110 bps to 82%[16] - Adjusted EBITDA decreased by 11% year-over-year, from $20.9 million to $18.7 million, with Adjusted EBITDA margin contracting by 210 bps to 31%[16,18] - Unlevered Free Cash Flow (uFCF) decreased by 47% year-over-year, from $21.5 million to $11.5 million[20] Revenue Mix - Subscription revenue mix was 96%, with a 6% year-over-year decline[17] - Professional Services revenue mix was 4%, with a 46% year-over-year growth[17] Cash Flow and Balance Sheet - Cash, cash equivalents & short-term investments decreased by 38% year-over-year, from $296.5 million to $184.2 million[20] - Total debt outstanding decreased by 32% year-over-year, from $250.9 million to $170.6 million[20] - Total remaining performance obligations increased by 1% year-over-year, from $257.6 million to $261.4 million[20] Guidance - Q3 2025 Revenue is expected to be between $59.0 million and $60.0 million, a decrease of 6%-4% year-over-year[24] - Full Year 2025 Revenue is expected to be between $237.0 million and $240.0 million, a decrease of 6%-5% year-over-year[24]

Financial Performance - JFrog's 2Q'25 Last Twelve Months (LTM) revenue reached $475 million, demonstrating a YoY growth of 22%[6] - The company's 2Q'25 LTM Free Cash Flow was $139 million[6] - JFrog's 2Q'25 LTM Net Dollar Retention Rate stood at 118%[6] - The company projects FY'25 revenue between $507 million and $510 million[81] Market and Customer Base - JFrog estimates its Total Addressable Market (TAM) to be over $40 billion[6] - The company has a customer base of 7,300 as of FY24[6] - JFrog serves 82% of the Fortune 100 companies[6] Platform and Strategy - JFrog's platform manages binaries from creation to distribution, covering the entire software supply chain[24] - The company emphasizes a land and expand growth strategy, showcasing consistent expansion within existing customer accounts[70, 71, 72, 73, 74, 75] - JFrog is focused on extending its technology leadership, expanding within its existing customer base, acquiring new customers, and developing its technology partnership ecosystem[69]

Business Updates - The company has completed its transition into a clinical-stage biotech and is on track to complete key priorities[4] - Phase 1 clinical trials for ABCL635 (for vasomotor symptoms) were initiated in June 2025[4, 5, 6] - Phase 1 clinical trials for ABCL575 (immunology & inflammation) were initiated in July 2025[4, 7] - ABCL688, a development candidate for autoimmunity, has been nominated for CTA-enabling studies[4, 14] Financials - The company has approximately $750 million in available liquidity to execute its strategy[4, 17] - The company has approximately $580 million in total cash, cash equivalents, and marketable securities[18, 28] - The company has approximately $170 million in total available government funding[16] - Q2 2025 revenue was $39.2 million, a decrease of $1.7 million compared to $40.9 million in Q2 2024[23] - Q2 2025 net loss was $34.7 million, equivalent to ($0.12) per share[25, 26] - Q2 2025 Research and Development expenses were $19.0 million, a decrease of $1.2 million compared to $20.2 million in Q2 2024[23]

Financial Performance - Q2 2025 revenue increased by 36% year-over-year to $144.5 million[6, 80] - Q2 2025 GAAP gross margin was 32.1%, a 25% year-over-year expansion[7] - Q2 2025 Non-GAAP gross margin was 36.9%, a 20% year-over-year expansion[8] - The company's backlog as of Q2 2025 reached $1 billion[84] - Expect revenue to range between $145 million to $155 million in Q3 2025[103] - Expect GAAP gross margin to range between 35 - 37% and Non-GAAP gross margin of 39 - 41% in Q3 2025[103] Business Highlights - Rocket Lab completed five Electron launches in Q2 2025, setting a new record of two missions two days apart from Launch Complex 1[9, 30] - The company is acquiring Geost for $275 million in a cash-plus-equity transaction, with a potential earnout of up to $50 million[13] - Rocket Lab is the only provider delivering a launch + spacecraft end-to-end mission for the USSF's Tactically Responsive Space Program[18] - The company is on track for 20+ Electron launches this year[31]

Financial Performance Highlights - Corsair's Q2 2025 revenue increased by 23% year-over-year, reaching $320 million[24] - Gross profit for Q2 2025 increased by 36% year-over-year to $85.9 million[24] - Adjusted EBITDA for Q2 2025 was $8.1 million, a significant increase compared to $(1.2) million in Q2 2024[24] - Adjusted operating income for Q2 2025 was $6.6 million, compared to $(3.8) million in Q2 2024[24] - Adjusted EPS (diluted) for Q2 2025 was $0.01, compared to $(0.07) in Q2 2024[24] Segment Performance - Gaming Components & Systems segment revenue grew by 30% year-over-year in Q2 2025[28], reaching $217.5 million[60] - Gamer & Creator Peripherals segment revenue increased by 9% year-over-year in Q2 2025[32], reaching $102.6 million[60] - Gaming Components and Systems gross profit increased 63.5% year-over-year in Q2 2025, reaching $44.8 million[60] - Gamer and Creator Peripherals gross profit increased 15.1% year-over-year in Q2 2025, reaching $41.1 million[60] Debt Reduction and Financial Guidance - Corsair reduced its term loan by $24 million in Q2 2025, bringing the remaining balance to $125 million[52] - Corsair's 2025 revenue guidance is between $1.4 billion and $1.6 billion[71]

Financial Performance - Q2 2025 revenue reached $149.2 million, a 16% year-over-year increase[11] - The gross profit margin for Q2 2025 was 77%[11] - Adjusted EBITDA for Q2 2025 was $51.6 million, representing a 35% margin[11] - 2024 Revenue was $530.1 million, with 12% year-over-year growth[11] - 2024 Adjusted EBITDA was $191.3 million, a 36% margin[11] Business Metrics - The Net Revenue Retention (NRR) rate was 110%[11] - Large advertising customers numbered 240[11] - Marketer revenue comprised 84% of the revenue mix, while Publisher revenue accounted for 16%[11] - Americas accounted for 71% of revenue, while the Rest of World contributed 29%[11] Market Trends and Opportunities - US programmatic digital display ad spending is expected to grow from $159 billion in 2024 to $229 billion in 2027[18]

Financial Performance - Sales reached $2.8 billion, a 5% year-over-year increase[4] - Non-GAAP Earnings Per Share (EPS) increased by 10% year-over-year to $3.57[5] - Non-GAAP operating margin increased by 80 basis points year-over-year to 29.6%[5] - Operating cash flow increased by $92 million year-over-year to $272 million[5] Business Segment Performance - Software and Services revenue increased by 15%[5] - Land Mobile Radio (LMR) Communications grew by 3%[5] - Video Security and Access Control increased by 10%[5] - Command Center solutions grew by 12%[5] Strategic Investments - The company acquired Silvus Technologies for $4.4 billion in upfront consideration[5] - The acquisition of Silvus is expected to contribute approximately $185 million in revenue in 2025[21] Regional Performance - North America revenue increased by 6%[12] - International revenue increased by 4%[12] Backlog - Ending backlog reached $14.1 billion, up $150 million year-over-year[5]

Financial Performance - Q2 2025 - Total revenue nearly doubled, reaching $56.2 million compared to $29.1 million in the prior-year period, representing a 93% increase[54] - Adjusted Net Income increased to $21.9 million, compared to $11.7 million, and Adjusted EBITDA increased to $31.5 million, compared to $16.7 million in the prior-year period[54] - GAAP Net Income attributable to shareholders was $17.6 million, compared to $0.7 million in the prior-year period[54] - Assets Under Management (AUM) reached $3.3 billion[17,56] Growth & Capital Deployment - Capital deployed for policy purchases in Q2 2025 amounted to $121.8 million[31,56] - Longevity Funds attracted $123.1 million in capital inflows for the quarter, with the ETFs seeing a +9% increase in growth in AUM compared to the prior quarter[54] - Year-over-year growth in capital deployed totaled $142 million, representing a 16% increase[19] ABL Tech - Mortality Tracking - ABL Tech's mortality tracking system now covers 2,033,198 lives in Q2 2025[46] - ABL Tech experienced a 17x year-over-year increase in lives tracked[44] FY 2025 Guidance - The company raised its Adjusted Net Income guidance for FY 2025 to a range of $74 million to $80 million, implying a +59% to +72% year-over-year change[58]

Financial Performance - Q2 2025 - Revenue for U S Marketplace & Other increased by 13 7% year-over-year, reaching $222 million[10] - Non-GAAP Gross Profit for U S Marketplace & Other was $206 4 million, with a margin of 93%[10] - Non-GAAP Adjusted EBITDA for U S Marketplace & Other grew by 30 8% year-over-year to $80 1 million, resulting in a 36% margin[10] - Digital Wholesale revenue was $12 million[10], with a Non-GAAP Gross Profit of $0 9 million and a Non-GAAP margin of 7%[10] - The company's Non-GAAP Adjusted EBITDA was $77 3 million, representing a 33% margin[10] Key Business Updates - Digital Deal adoption reached approximately 12,000 dealers, with Digital Deal Leads accounting for over 27% of email leads[15] - Max Margin adoption increased by approximately 70% quarter-over-quarter, while Merchandising Health grew by approximately 30% quarter-over-quarter[17] - Daily active users of the core dealer app functionality increased by 71% year-over-year[17] Dealer Base Growth - The U S paying dealer base grew by 8 5% year-over-year, an increase of 1,743 dealers[19] - The international paying dealer base increased by 19 3% year-over-year[19] - Average Quarterly Revenue per Subscribing Dealer (QARSD) in the U S increased to $7,533, while international QARSD reached $2,309[19] Q3 2025 Guidance - Marketplace Revenue is projected to be between $228 million and $233 million[38] - Non-GAAP Marketplace Adjusted EBITDA is expected to range from $76 5 million to $84 5 million[33]

Business Strategy - The company is accelerating its shift to an Industrial REIT, focusing on Industrial Outdoor Storage (IOS) and traditional industrial assets, with the intention to scale IOS and exit the office sector[12] - The company is committed to selling all remaining office properties, having already completed approximately $2.2 billion in office dispositions since 2022, with an expected acceleration in the pace of sales[13] Portfolio Performance and Acquisitions - The company increased IOS Annualized Base Rent (ABR) by over 25% since the beginning of the year[16] - The company acquired two IOS assets for approximately $52 million, encompassing approximately 36.2 usable acres and generating $3.2 million in ABR, with an estimated 13% mark-to-market opportunity[5] - The company completed $158 million in sales during the quarter and an additional $24 million subsequent to quarter-end, bringing the year-to-date sales total to $216 million[5] Financial Position - The company is targeting a Net Debt / EBITDAre ratio at or below 6.0x and is using interest rate swaps to manage floating-rate exposure[13] - The company's Net Debt / Adjusted EBITDAre was 7.0x in Q1 2025, 6.4x in Q2 2025, and a pro forma 6.6x for Q2 2025[5] - The remaining office net book value is $615 million, representing approximately 35% of the real estate net book value[5] Industrial Portfolio Composition - The industrial portfolio consists of 53 IOS properties and 19 traditional industrial assets[48] - The industrial portfolio is approximately 100% leased, with a weighted average lease term (WALT) of 5.1 years and in-place ABR of $78.7 million[43] - The industrial portfolio has embedded growth potential, driven by an estimated 38% mark-to-market opportunity and contractual rent escalations averaging 2.5%[43]