Cellebrite Announces Second-Quarter 2025 Results

Rhea-AI Summary

Cellebrite (NASDAQ: CLBT), a leader in Digital Investigative solutions, reported strong Q2 2025 results with revenue growing 18% to $113.3 million and ARR up 21% to $418.9 million. The company announced the appointment of Thomas E. Hogan as CEO and David Barter as CFO.

Key financial highlights include subscription revenue of $103.0 million (up 21% YoY), GAAP net income of $19.5 million, and adjusted EBITDA of $27.9 million with a 24.6% margin. The company announced plans to acquire Corellium for $170 million and received U.S. Department of Justice sponsorship for FedRAMP High authorization.

For full-year 2025, Cellebrite expects revenue between $465-475 million and ARR of $460-475 million, with adjusted EBITDA margin of 25-26%.

Positive

• Revenue grew 18% year-over-year to $113.3 million
• ARR increased 21% to $418.9 million with 120% net retention rate
• Strong subscription revenue growth of 21% to $103.0 million
• Free cash flow grew 133% to $29.0 million (26% margin)
• High gross margin of 85.1% on a non-GAAP basis
• Strategic acquisition of Corellium to expand TAM in public and private sectors
• U.S. DOJ sponsorship received for FedRAMP High authorization

Negative

• Modest downward adjustment to full-year 2025 ARR and revenue outlook
• Pending regulatory approval for Corellium acquisition creates uncertainty
• Federal spending conversion delays affecting near-term growth expectations

Insights

Financial Analyst

Cellebrite delivered strong Q2 results with 21% ARR growth and 18% revenue growth, showing robust fundamentals despite minor guidance adjustment.

Cellebrite's Q2 2025 results demonstrate a company successfully transitioning to a subscription-based model while maintaining strong profitability metrics. The 21% year-over-year ARR growth to $418.9 million and 18% revenue growth to $113.3 million reflect healthy demand for the company's digital investigation solutions. Particularly impressive is the 120% dollar-based net retention rate, indicating strong customer satisfaction and expanded usage among existing clients.

The company's margin performance stands out with non-GAAP gross margin of 85.1% and adjusted EBITDA margin of 24.6%, highlighting the scalability of Cellebrite's business model. The 29% increase in adjusted EBITDA to $27.9 million demonstrates the company's ability to convert top-line growth into improved profitability. Perhaps most significantly, free cash flow grew 133% to $29.0 million, representing a 26% FCF margin, which provides the company with substantial financial flexibility.

Looking at the forward guidance, management has made a modest downward adjustment to full-year 2025 expectations, citing delays in U.S. federal spending. The revised ARR target of $460-475 million (down from previous guidance) suggests some caution around conversion rates from pipeline to contracted business in the federal sector. However, the maintained revenue growth projections of 16-18% for the full year indicate confidence in the core business momentum.

Two strategic developments merit attention: First, the pending $170 million acquisition of Corellium (plus potential $30 million in performance-based payments) represents a significant investment in Arm-based virtualization capabilities that could expand Cellebrite's addressable market. Second, the U.S. Department of Justice sponsorship for FedRAMP High authorization positions the company well for increased federal business in 2026, though current guidance suggests this growth catalyst will take time to materialize.

The leadership transition appears well-managed, with Thomas Hogan moving from interim to permanent CEO role after serving as executive chairman, providing continuity while bringing extensive software industry leadership experience. Meanwhile, the CFO transition from Dana Gerner to David Barter brings in new talent with public SaaS company experience, potentially positioning the company for its next growth phase.

Thomas E. Hogan Named CEO

ARR grew 21% to $418.9 million; Revenue grew 18% to $113.3 million

Net income of $19.5 million supports non-GAAP net income of $30.8 million and
adjusted EBITDA of $27.9 million, 24.6% adjusted EBITDA margin

TYSONS CORNER, Va. and PETAH TIKVA, Israel, Aug. 14, 2025 (GLOBE NEWSWIRE) -- Cellebrite (NASDAQ: CLBT), a global leader in premier Digital Investigative solutions for the public and private sectors, today announced financial results for the three and six months ending June 30, 2025 and the appointment of Thomas E. Hogan as the Company’s CEO.

“Cellebrite delivered a strong balance of top-line growth, profitability and cash flow,” stated Thomas E. Hogan, Cellebrite’s CEO. “The Company converted 18% revenue growth into a 29% increase in adjusted EBITDA while free cash flow grew 133% to $29.0 million, or 26% on an FCF margin basis.”

Hogan said, “We continued to make important strategic progress on multiple fronts. As shared over the past 90 days, we have announced our agreement to acquire Corellium, the market leader in Arm-based virtualization. This acquisition is still pending regulatory approval and our forward guidance has yet to contemplate the contributions from Corellium, which we believe will positively impact growth across both the private and public sector segments. We also made significant progress in our FedRAMP journey with the recently announced sponsorship of the US Department of Justice. This critical sponsorship sets the stage for Authorization to Operate (ATO) and unlocks the 2026 deployment of Cellebrite’s cloud-delivered assets across the US Federal government and their mission-driven pursuit of public safety.”

Hogan continued, “Just as notable, we have concluded two significant leadership appointments. First, after an illustrious 11-year tenure as CFO, Dana Gerner has elected to retire. She has been succeeded by David Barter as Cellebrite’s new chief financial officer. David brings a rich history and track record of SaaS-based, public company software growth. David has partnered closely with Dana since joining to effect a smooth transition.”

Commenting on the appointment of Hogan as CEO, Adam H. Clammer, chairman of Cellebrite’s board of directors, stated, “Even as we cast a wide net to surface a number of exceptional candidates who vied for the CEO role, Tom had long been our preferred choice to serve as CEO. His vast technology leadership experience, intense focus on strategy and intimacy with Cellebrite’s executive team, workforce and customers gained over the past two years are enormous assets. The Board was unanimous in its conviction that Tom is the right individual to lead Cellebrite, providing valuable continuity for Cellebrite’s people, shareholders and customers. I have confidence the strategic initiatives already underway and those that will be communicated over the coming quarters will elevate the Company’s value with customers and lead to a stronger Cellebrite.”

“There is no company better positioned to radically change the future of public safety than Cellebrite,” concluded Hogan. “We have a clear and compelling vision as we double-down on our mission, and advance innovation across law enforcement, defense, intelligence and the private sector. I feel proud and privileged to join forces every day with our employees and our customers, who are the brave men and women that risk their lives every day to make our lives better and safer. There is much work to do to combat bad actors, but I am confident that the 1200+ Cellebriters are up to this challenge.”

Second-Quarter 2025 Financial Highlights

• Revenue of $113.3 million, up 18% year-over-year
• Subscription revenue was $103.0 million, up 21% year-over-year

• Annual Recurring Revenue (ARR) of $418.9 million, up 21% year-over-year
• Recurring revenue dollar-based net retention rate of 120%
• GAAP gross profit and gross margin of $95.6 million and 84.4%, respectively; Non-GAAP gross profit and gross profit margin of $96.4 million and 85.1%, respectively
• GAAP net income of $19.5 million; Non-GAAP net income of $30.8 million
• GAAP diluted earnings per share of $0.08; Non-GAAP diluted earnings per share of $0.12
• Adjusted EBITDA and adjusted EBITDA margin of $27.9 million and 24.6%, respectively
  
  

CEO Appointment

Cellebrite also announced today that Thomas E. Hogan has been appointed chief executive officer, effective immediately. Hogan had served as Cellebrite’s interim CEO since January 2025, a role that was preceded by his service as the Company’s executive chairman since August 2023. He will continue to serve on Cellebrite’s Board of Directors with Adam H. Clammer remaining in his role as Chairman of the Board.

Hogan is a proven technology and software executive with a remarkable 40+ year track record of generating exceptional shareholder returns that reflect his role in scaling global businesses, deepening customer relationships, driving innovation, acquiring and integrating growth-oriented businesses, attracting and retaining talent and managing through a wide range of market conditions. Hogan’s operating experience includes over a decade as both a private and publicly held software CEO as well as senior executive posts ranging from late stage private to mega-cap public companies.

Second-Quarter 2025 and Recent Business & Operational Highlights

Leadership

• On July 7, 2025, David Barter, a proven finance executive with extensive public company CFO experience in technology and software, joined Cellebrite as CFO. Reporting to CEO Thomas Hogan, Barter is responsible for the Company’s financial operations, corporate development, investor relations and operations.
  
  

Strategy

• On June 5, 2025, Cellebrite announced its agreement to acquire Corellium, a leader in Arm-based virtualization software. This combination will set a new standard for digital investigations and the security of smart devices including iOS, Android, automotive systems and any Arm-based IoT device. The acquisition of Corellium is expected to bring highly differentiated innovative technology that will broaden Cellebrite’s TAM in both the public and private sectors. Cellebrite intends to acquire Corellium for an enterprise value of $170 million in cash with $20 million converted to equity at closing. Corellium securityholders may receive up to an additional $30 million in cash based on the achievement of certain performance milestones over the next two years. The deal remains subject to approval of the Committee on Foreign Investment in the United States and other customary closing conditions.
  
  

Innovation

• On July 23, 2025, Cellebrite announced that the U.S. Department of Justice (DOJ) will serve as the official sponsoring agency for the platform's pursuit of a FedRAMP High authorization. DOJ’s sponsorship is the critical step required for Cellebrite Government Cloud to advance from its current FedRAMP High Ready designation to “In Process” status. This marks a major milestone that significantly accelerates Cellebrite’s compliance journey toward a full Authorization to Operate.
  
  
• On June 24, 2025, Cellebrite announced the expansion of its relationship with the National Center for Missing and Exploited Children (NCMEC) that will help speed up investigations involving crimes against children. Cellebrite integrated NCMEC’s CyberTipline hash value list within its flagship digital forensics software, Cellebrite Inseyets, allowing public safety agencies to immediately pinpoint known child sexual abuse material (CSAM) files – speeding up time to evidence and justice for victims and survivors of abuse.
  
  

Supplemental financial information can be found on the Investor Relations section of our website at https://investors.cellebrite.com/financial-information/quarterly-results.

Financial Outlook
David Barter, Cellebrite’s CFO, stated, “Cellebrite’s second-quarter 2025 revenue growth reflects increased adoption across our global customer base, highlighted by strength from our U.S. state and local and Latin America customers. Our second-quarter execution also produced healthy levels of free cash flow. We believe that recent U.S. legislation will ultimately support stronger federal spending on Cellebrite’s solutions. However, until demand converts to contracted spending, we have made modest adjustments to our full-year 2025 ARR and revenue outlook. We anticipate our strong operating fundamentals will support another year of robust free cash flow growth and an attractive free cash flow margin.”

The Company’s third-quarter and full-year 2025 expectations are as follows:

		Third-Quarter 2025 Expectations		Full-Year 2025 Expectations
		(as of 8/14/25)		(as of 8/14/25)
ARR		$435 million - $445 million		$460 million - $475 million
Annual Growth		17% - 20%		16% - 20%
Revenue		$121 million - $126 million		$465 million - $475 million
Annual Growth		13% - 18%		16% - 18%
Adjusted EBITDA		$31 million - $34 million		$118 million - $123 million
Adjusted EBITDA margin		26% - 27%		25% - 26%

Conference Call Information
Cellebrite will host a live conference call and webcast later this morning to review the Company’s financial results for the second-quarter 2025 and discuss its full-year 2025 outlook. Pertinent details include:

Date:		Thursday, August 14, 2025
Time:		8:30 a.m. ET
Call-In Number:		203-518-9783 / 800-267-6316
Conference ID:		CLBTQ225
Event URL:		https://investors.cellebrite.com/events/event-details/cellebrite-q2-2025-financial-results-conference-call-webcast
Webcast URL:		https://edge.media-server.com/mmc/p/8rnat9mu/

In conjunction with the conference call and webcast, historical financial tables and supplemental data will be available on the quarterly results section of Company’s investor relations website at https://investors.cellebrite.com/financial-information/quarterly-results.

Non-GAAP Financial Information and Key Performance Indicators
This press release includes non-GAAP financial measures. Cellebrite believes that the use of non-GAAP cost of revenue, non-GAAP gross profit, non-GAAP operating expenses, non-GAAP operating income, non-GAAP net income, non-GAAP EPS, Adjusted EBITDA and free cash flow is helpful to investors. These measures, which the Company refers to as its non-GAAP financial measures, are not prepared in accordance with GAAP.

The Company believes that the non-GAAP financial measures provide a more meaningful comparison of its operational performance from period to period, and offer investors and management greater visibility into the underlying performance of its business. Mainly:

• Share-based compensation expenses utilize varying available valuation methodologies, subjective assumptions and a variety of equity instruments that can impact a company's non-cash expenses;
• Acquired intangible assets are valued at the time of acquisition and are amortized over an estimated useful life after the acquisition, and acquisition-related expenses are unrelated to current operations and neither are comparable to the prior period nor predictive of future results;
• To the extent that the above adjustments have an effect on tax (income) expense, such an effect is excluded in the non-GAAP adjustment to net income;
• Tax expense, depreciation and amortization expense vary for many reasons that are often unrelated to our underlying performance and make period-to-period comparisons more challenging; and
• Financial instruments are remeasured according to GAAP and vary for many reasons that are often unrelated to the Company’s current operations and affect financial income.
  
  

Free cash flow is calculated as net cash provided by or used in operating activities less purchases of property and equipment. We believe that free cash flow is a useful indicator of liquidity that provides information to management and investors about the amount of cash provided by or used in our operations that, after the investments in property and equipment, can be used for strategic initiatives.

Each of our non-GAAP financial measures is an important tool for financial and operational decision making and for evaluating our own operating results over different periods of time. The non-GAAP financial measures do not represent our financial performance under U.S. GAAP and should not be considered as alternatives to operating income or net income or any other performance measures derived in accordance with GAAP. Non-GAAP measures should not be considered in isolated from, or as an alternative to, financial measures determined in accordance with GAAP. Non-GAAP financial measures may not provide information that is directly comparable to that provided by other companies in our industry, as other companies in our industry may calculate non-GAAP financial results differently, particularly related to non-recurring, unusual items. In addition, there are limitations in using non-GAAP financial measures because the non-GAAP financial measures are not prepared in accordance with GAAP, and exclude expenses that may have a material impact on our reported financial results. Further, share-based compensation expense has been, and will continue to be for the foreseeable future, significant recurring expenses in our business and an important part of the compensation provided to our employees. In addition, the amortization of intangible assets is expected recurring expense over the estimated useful life of the underlying intangible asset and acquisition-related expenses will be incurred to the extent acquisitions are made in the future. Furthermore, foreign exchange rates may fluctuate from one period to another, and the Company does not estimate movements in foreign currencies.

A reconciliation of each of these non-GAAP financial measures to their most comparable GAAP measure is set forth in a table included at the end of this press release, which is also available on our website at https://investors.cellebrite.com.

In regard to forward-looking non-GAAP guidance, we are not able to reconcile the forward-looking Adjusted EBITDA measure to the closest corresponding GAAP measure without unreasonable efforts because we are unable to predict the ultimate outcome of certain significant items including, but not limited to, fair value movements, share-based payments for future awards, tax expense, depreciation and amortization expense, and certain financing and tax items.

This press release also includes key performance indicators, including annual recurring revenue and dollar-based retention rate.

Annual recurring revenue (“ARR”) is defined as the annualized value of active term-based subscription license contracts and maintenance contracts related to perpetual licenses in effect at the end of that period. Subscription license contracts and maintenance contracts for perpetual licenses are annualized by multiplying the revenue of the last month of the period by 12. The annualized value of contracts is a legal and contractual determination made by assessing the contractual terms with our customers. The annualized value of maintenance contracts is not determined by reference to historical revenue, deferred revenue or any other GAAP financial measure over any period. ARR is not a forecast of future revenues, which can be impacted by contract start and end dates and renewal rates.

Dollar-based net retention rate (“NRR”) is calculated by dividing customer recurring revenue by base revenue. We define base revenue as recurring revenue we recognized from all customers with a valid license at the last quarter of the previous year period, during the four quarters ended one year prior to the date of measurement. We define our customer revenue as the recurring revenue we recognized during the four quarters ended on the date of measurement from the same customer base included in our measure of base revenue, including recurring revenue resulting from additional sales to those customers.

References to Websites and Social Media Platforms
References to information included on, or accessible through, websites and social media platforms do not constitute incorporation by reference of the information contained at or available through such websites or social media platforms, and you should not consider such information to be part of this press release.

Caution Regarding Forward Looking Statements
This document includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward looking statements may be identified by the use of words such as “forecast,” “intend,” “seek,” “target,” “anticipate,” “will,” “appear,” “approximate,” “foresee,” “might,” “possible,” “potential,” “believe,” “could,” “predict,” “should,” “could,” “continue,” “expect,” “estimate,” “may,” “plan,” “outlook,” “future” and “project” and other similar expressions that predict, project or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, projected estimated financial information for the third quarter of 2025 and for fiscal year 2025 and certain statements such as our expectations regarding the expansion of our business globally, the re-acceleration of growth in 2026 and regarding recent U.S. legislation supporting strong federal spending our Cellebrite’s products. Such forward-looking statements are based on current expectations that are subject to risks and uncertainties. A number of factors could cause actual results or outcomes to differ materially from those indicated by such forward-looking statements. These factors include, but are not limited to: Cellebrite’s ability to keep pace with technological advances and evolving industry standards; Cellebrite’s material dependence on the purchase, acceptance and use of its solutions by law enforcement and government agencies; real or perceived errors, failures, defects or bugs in Cellebrite’s digital investigation solutions; Cellebrite’s failure to maintain the productivity of sales and marketing personnel, including relating to hiring, integrating and retaining personnel; intense competition in all of Cellebrite’s markets; the inadvertent or deliberate misuse of Cellebrite’s solutions; failure to manage its growth effectively; Cellebrite’s ability to introduce new solutions and add-ons; Cellebrite’s dependency on its customers renewing their subscriptions and purchasing new subscriptions; the low volume of business Cellebrite conducts via e-commerce; risks associated with the use of artificial intelligence; the risk of requiring additional capital to support the growth of its business; risks associated with Cellebrite’s dependency on third parties for supplying components or services and with higher costs or unavailability of materials used to create its hardware product components; lengthy sales cycle for some of Cellebrite’s solutions; near term declines in new or renewed agreements; risks associated with inability to recruit, train and retain qualified personnel and senior management; the security of Cellebrite’s operations and the integrity of its software solutions against cyber-attacks, information technology system breaches or disruptions; risks associated with the negative publicity related to Cellebrite’s business and use of its products; risks related to Cellebrite’s intellectual property; the regulatory constraints to which Cellebrite is subject; risks associated with Cellebrite’s operations in Israel, including the ongoing Israel-Hamas war, the increased tension between Israel and Iran and its proxies, including the ongoing hostilities between Israel and Hezbollah, and the risk of a greater regional conflict; risks associated with different corporate governance requirements applicable to Israeli companies and risks associated with being a foreign private issuer and an emerging growth company; market volatility in the price of Cellebrite’s shares; changing tax laws and regulations; risks associated with joint, ventures, partnerships and strategic initiatives; risks associated with Cellebrite’s significant international operations, including due to fluctuations in foreign currency exchange rates, rising global inflation and exposure to regions subject to political or economic instability; risks associated with Cellebrite’s failure to comply with anti-corruption, trade compliance, anti-money-laundering and economic sanctions laws and regulations; risks relating to the adequacy of Cellebrite’s existing systems, processes, policies, procedures, internal controls and personnel for Cellebrite’s current and future operations and reporting needs; and other factors, risks and uncertainties set forth in the section titled “Risk Factors” in Cellebrite’s annual report on Form 20-F filed with the SEC on March 18, 2025, and in other documents filed by Cellebrite with the U.S. Securities and Exchange Commission (“SEC”), which are available free of charge at www.sec.gov. You are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made, in this communication or elsewhere. Cellebrite undertakes no obligation to update its forward-looking statements, whether as a result of new information, future developments or otherwise, should circumstances change, except as otherwise required by securities and other applicable laws.

About Cellebrite
Cellebrite’s (Nasdaq: CLBT) mission is to enable its global customers to protect and save lives by enhancing digital investigations and intelligence gathering to accelerate justice in communities around the world. Cellebrite’s AI-powered Digital Investigation Platform enables customers to lawfully access, collect, analyze and share digital evidence in legally sanctioned investigations while preserving data privacy. Thousands of public safety organizations, intelligence agencies, and businesses rely on Cellebrite’s digital forensic and investigative solutions—available via cloud, on-premises, and hybrid deployments—to close cases faster and safeguard communities. To learn more, visit us at www.cellebrite.com, https://investors.cellebrite.com, and find us on social media @Cellebrite.

Contacts:

Investors Relations
Andrew Kramer
Vice President, Investor Relations
investors@cellebrite.com
+1 973.206.7760

Media
Victor Cooper
Sr. Director of Corporate Communications + Content Operations
Victor.cooper@cellebrite.com
+1 404.804.5910

Cellebrite DI Ltd. Second-Quarter 2025 Results Summary (U.S Dollars in thousands)
	For the three months ended						For the six months ended
	June 30,						June 30,
	2025			2024			2025			2024
Revenue	113,276			95,714			220,825			185,296
Gross profit	95,599			79,453			185,658			155,771
Gross margin	84.4	%		83.0	%		84.1	%		84.1	%
Operating income	14,417			12,487			26,685			21,734
Operating margin	12.7	%		13.0	%		12.1	%		11.7	%
Net income (loss)	19,476			(23,811	)		36,876			(95,183	)
Cash flow from operating activities	32,583			14,513			53,461			24,554
Non-GAAP Financial Data:
Operating income	26,224			19,806			48,195			35,685
Operating margin	23.2	%		20.7	%		21.8	%		19.3	%
Net income	30,773			22,925			56,952			39,791
Adjusted EBITDA	27,885			21,618			51,561			39,250
Adjusted EBITDA margin	24.6	%		22.6	%		23.3	%		21.2	%

Cellebrite DI Ltd. Condensed Consolidated Balance Sheets (U.S. Dollars in thousands)
		June 30,				December 31,
			2025				2024
Assets
Current assets
Cash and cash equivalents		$	179,223			$	191,659
Short-term deposits			146,053				153,746
Marketable securities			146,908				101,818
Trade receivables (net of allowance for credit losses of $574 and $594 as of June 30, 2025 and December 31, 2024, respectively)			93,127				82,358
Prepaid expenses and other current assets			23,489				23,246
Contract acquisition costs			7,772				5,827
Inventories			9,537				8,939
Total current assets			606,109				567,593
Non-current assets
Other non-current assets			6,687				7,682
Marketable securities			85,661				36,601
Deferred tax assets, net			12,586				11,072
Property and equipment, net			19,962				16,995
Intangible assets, net			10,242				11,306
Operating lease right-of-use assets, net			17,464				10,604
Goodwill			28,714				28,714
Total non-current assets			181,316				122,974
Total assets		$	787,425			$	690,567
Liabilities and shareholders’ equity
Current Liabilities
Trade payables		$	10,587			$	11,077
Other accounts payable and accrued expenses			67,969				63,330
Deferred revenues			227,177				216,970
Operating lease liabilities			4,236				4,125
Total current liabilities			309,969				295,502
Long-term liabilities
Other long-term liabilities			6,852				6,954
Deferred revenues			44,096				45,247
Operating lease liabilities			18,095				6,844
Total long-term liabilities			69,043				59,045
Total liabilities			379,012				354,547
Shareholders’ equity
Share capital			*	)			*	)
Additional paid-in capital			533,847				498,883
Treasury share, NIS 0.00001 par value; 41,776 ordinary shares			(85	)			(85	)
Accumulated other comprehensive income			2,639				2,086
Accumulated deficit			(127,988	)			(164,864	)
Total shareholders’ equity			408,413				336,020
Total liabilities and shareholders’ equity		$	787,425			$	690,567

*) Less than 1 USD

Cellebrite DI Ltd. Condensed Consolidated Statements of Income (U.S Dollars in thousands, except share and per share data)
	For the three months ended								For the six months ended
	June 30,								June 30,
		2025				2024				2025				2024
Revenue:
Subscription services	$	80,814			$	65,738			$	157,502			$	127,841
Term-license		22,147				19,630				41,288				36,749
Other non-recurring		3,292				3,486				7,703				7,054
Professional services		7,023				6,860				14,332				13,652
Total revenue		113,276				95,714				220,825				185,296
Cost of revenue:
Subscription services		8,522				6,399				16,954				12,197
Other non-recurring		3,198				4,826				6,499				7,920
Professional services		5,957				5,036				11,714				9,408
Total cost of revenue		17,677				16,261				35,167				29,525
Gross profit	$	95,599			$	79,453			$	185,658			$	155,771
Operating expenses:
Research and development		28,611				23,693				55,888				46,890
Sales and marketing		38,685				32,320				77,453				64,379
General and administrative		13,886				10,953				25,632				22,768
Total operating expenses	$	81,182			$	66,966			$	158,973			$	134,037
Operating income	$	14,417			$	12,487			$	26,685			$	21,734
Financial income (expense), net		6,374				(34,502	)			13,434				(113,078	)
Income (loss) before tax		20,791				(22,015	)			40,119				(91,344	)
Tax expense		1,315				1,796				3,243				3,839
Net income (loss)	$	19,476			$	(23,811	)		$	36,876			$	(95,183	)
Earnings (losses) per share
Basic	$	0.08			$	(0.12	)		$	0.15			$	(0.48	)
Diluted	$	0.08			$	(0.12	)		$	0.15			$	(0.48	)
Weighted average shares outstanding
Basic		240,358,573				198,949,594				238,811,210				197,840,662
Diluted		248,980,462				198,949,594				249,410,357				197,840,662
Other comprehensive income:
Unrealized income (loss) on hedging transactions		2,936				(326	)			2,157				(850	)
Unrealized income (loss) on marketable securities		39				(100	)			103				(320	)
Currency translation adjustments		(1,226	)			187				(1,707	)			1,370
Total other comprehensive income (loss), net of tax		1,749				(239	)			553				200
Total other comprehensive income (loss)	$	21,225			$	(24,050	)		$	37,429			$	(94,983	)

Cellebrite DI Ltd. Condensed Consolidated Statements of Cash Flow (U.S Dollars in thousands, except share and per share data)
		For the three months ended								For the six months ended
		June 30,								June 30,
			2025				2024				2025				2024
Cash flow from operating activities:
Net income (loss)		$	19,476			$	(23,811	)		$	36,876			$	(95,183	)
Adjustments to reconcile net income to net cash provided by operating activities:
Share-based compensation and RSU's			8,810				6,555				17,587				12,251
Amortization of premium, discount and accrued interest on marketable securities			(1,202	)			(755	)			(1,725	)			(1,302	)
Depreciation and amortization			2,592				2,576				5,223				5,256
Interest income from short-term deposits			(2,303	)			(2,642	)			(4,683	)			(5,470	)
Deferred tax assets, net			(1,387	)			(942	)			(1,773	)			(1,568	)
Remeasurement of Warrant liability			—				16,806				—				39,393
Remeasurement of Restricted Sponsor Shares liability			—				9,098				—				27,983
Remeasurement of Price Adjustment Shares liability			—				12,676				—				53,043
(Increase) decrease in trade receivables			(10,931	)			(9,237	)			(9,210	)			6,021
Increase (decrease) in deferred revenue			2,310				(1,649	)			3,302				(15,055	)
Decrease (increase) in other non-current assets			210				(1,492	)			995				(883	)
(Increase) decrease in prepaid expenses and other current assets			(2,748	)			785				2,732				2,752
Changes in operating lease right-of-use assets			1,070				1,313				2,226				2,641
Changes in operating lease liability			(532	)			(1,273	)			(1,711	)			(2,542	)
(Increase) decrease in inventories			(524	)			474				(534	)			1,151
Decrease in trade payables			(166	)			(449	)			(1,212	)			(1,591	)
Increase (decrease) in other accounts payable and accrued expenses			17,622				6,114				5,470				(3,320	)
Increase (decrease) in other long-term liabilities			286				366				(102	)			977
Net cash provided by operating activities			32,583				14,513				53,461				24,554
Cash flows from investing activities:
Purchases of property and equipment			(3,608	)			(2,073	)			(5,947	)			(3,568	)
Purchase of Intangible assets			—				(279	)			—				(904	)
Investment in marketable securities			(53,190	)			(30,890	)			(183,146	)			(99,282	)
Proceeds from maturities of marketable securities			32,204				20,391				59,623				35,436
Proceeds from sales of marketable securities			31,166				—				31,166				—
Investment in short-term deposits			—				(79,000	)			(84,000	)			(122,000	)
Redemption of short-term deposits			34,005				58,587				96,377				75,459
Net cash provided by (used in) investing activities			40,577				(33,264	)			(85,927	)			(114,859	)
Cash flows from financing activities:
Exercise of options to shares			12,624				2,568				15,117				6,887
Proceeds from Employee Share Purchase Plan			1,202				756				2,329				1,506
Net cash provided by financing activities			13,826				3,324				17,446				8,393
Net increase (decrease) in cash and cash equivalents			86,986				(15,427	)			(15,020	)			(81,912	)
Net effect of Currency Translation on cash and cash equivalents			1,762				(49	)			2,584				(649	)
Cash and cash equivalents at beginning of period			90,475				122,432				191,659				189,517
Cash and cash equivalents at end of period		$	179,223			$	106,956			$	179,223			$	106,956
Supplemental cash flow information:
Income taxes (received) paid		$	(8,879	)		$	1,766			$	(8,073	)		$	2,557
Non-cash activities
Operating lease liabilities arising from obtaining right-of-use assets		$	12,328			$	126			$	13,141			$	215

Cellebrite DI Ltd. Reconciliation of GAAP to Non-GAAP Financial Information (U.S Dollars in thousands, except share and per share data)
	For the three months ended								For the six months ended
	June 30,								June 30,
		2025				2024				2025				2024
	(Unaudited)				(Unaudited)				(Unaudited)				(Unaudited)
Cost of revenue	$	17,677			$	16,261			$	35,167			$	29,525
Less:
Share-based compensation		827				663				1,577				1,093
Acquisition-related costs		—				—				—				2
Non-GAAP cost of revenue	$	16,850			$	15,598			$	33,590			$	28,430
	For the three months ended								For the six months ended
	June 30,								June 30,
		2025				2024				2025				2024
	(Unaudited)				(Unaudited)				(Unaudited)				(Unaudited)
Gross profit	$	95,599			$	79,453			$	185,658			$	155,771
Share-based compensation		827				663				1,577				1,093
Acquisition-related costs		—				—				—				2
Non-GAAP gross profit	$	96,426			$	80,116			$	187,235			$	156,866
	For the three months ended								For the six months ended
	June 30,								June 30,
		2025				2024				2025				2024
	(Unaudited)				(Unaudited)				(Unaudited)				(Unaudited)
Operating expenses	$	81,182			$	66,966			$	158,973			$	134,037
Less:
Share-based compensation		7,983				5,892				16,010				11,158
Amortization of intangible assets		931				764				1,857				1,691
Acquisition-related costs		2,066				—				2,066				7
Non-GAAP operating expenses	$	70,202			$	60,310			$	139,040			$	121,181
	For the three months ended								For the six months ended
	June 30,								June 30,
		2025				2024				2025				2024
	(Unaudited)				(Unaudited)				(Unaudited)				(Unaudited)
Operating income	$	14,417			$	12,487			$	26,685			$	21,734
Share-based compensation		8,810				6,555				17,587				12,251
Amortization of intangible assets		931				764				1,857				1,691
Acquisition-related costs		2,066				—				2,066				9
Non-GAAP operating income	$	26,224			$	19,806			$	48,195			$	35,685
	For the three months ended								For the six months ended
	June 30,								June 30,
		2025				2024				2025				2024
	(Unaudited)				(Unaudited)				(Unaudited)				(Unaudited)
Net income (loss)	$	19,476			$	(23,811	)		$	36,876			$	(95,183	)
Share-based compensation		8,810				6,555				17,587				12,251
Amortization of intangible assets		931				764				1,857				1,691
Acquisition-related costs		2,066				—				2,066				9
Tax (income) expense		(510	)			837				(1,434	)			604
Finance expense from financial derivatives		—				38,580				—				120,419
Non-GAAP net income	$	30,773			$	22,925			$	56,952			$	39,791
Non-GAAP Earnings per share:
Basic	$	0.13			$	0.11			$	0.24			$	0.19
Diluted	$	0.12			$	0.10			$	0.22			$	0.18
Weighted average shares outstanding:
Basic		240,358,573				198,949,594				238,811,210				197,840,662
Diluted		252,713,944				211,343,253				252,618,208				210,616,686
	For the three months ended								For the six months ended
	June 30,								June 30,
		2025				2024				2025				2024
	(Unaudited)				(Unaudited)				(Unaudited)				(Unaudited)
Net income (loss)	$	19,476			$	(23,811	)		$	36,876			$	(95,183	)
Financial (income) expense, net		(6,374	)			34,502				(13,434	)			113,078
Tax expense		1,315				1,796				3,243				3,839
Share-based compensation		8,810				6,555				17,587				12,251
Amortization of intangible assets		931				764				1,857				1,691
Acquisition-related costs		2,066				—				2,066				9
Depreciation expenses		1,661				1,812				3,366				3,565
Adjusted EBITDA	$	27,885			$	21,618			$	51,561			$	39,250
	For the three months ended								For the six months ended
	June 30,								June 30,
		2025				2024				2025				2024
	(Unaudited)				(Unaudited)				(Unaudited)				(Unaudited)
Net cash provided by operating activities	$	32,583			$	14,513			$	53,461			$	24,554
Less:
Purchases of property and equipment		(3,608	)			(2,073	)			(5,947	)			(3,568	)
Free cash flow	$	28,975			$	12,440			$	47,514			$	20,986
Free cash flow margin		25.6	%			13.0	%			21.5	%			11.3	%

FAQ

What were Cellebrite's (CLBT) key financial results for Q2 2025?

Cellebrite reported revenue of $113.3 million (up 18% YoY), ARR of $418.9 million (up 21% YoY), and adjusted EBITDA of $27.9 million with a 24.6% margin.

Who is Cellebrite's new CEO and what is his background?

Thomas E. Hogan was appointed CEO after serving as interim CEO since January 2025. He has 40+ years of experience as a technology executive, including roles as both private and public software CEO.

What are the details of Cellebrite's acquisition of Corellium?

Cellebrite plans to acquire Corellium for an enterprise value of $170 million in cash, with $20 million converted to equity at closing and potential additional $30 million based on performance milestones.

What is Cellebrite's revenue guidance for full-year 2025?

Cellebrite expects full-year 2025 revenue of $465-475 million (16-18% growth) and ARR of $460-475 million (16-20% growth).

How did Cellebrite's subscription revenue perform in Q2 2025?

Subscription revenue reached $103.0 million, growing 21% year-over-year, with a strong dollar-based net retention rate of 120%.