Cellebrite DI : CLBT Q125 Results Presentation Final

Published: 2025-05-14 08:05:14 ET CLBT

Published on 05/14/2025 at 08:05

2525 Cellebriie

Investor Relations

N as d aq : C L BT

05.14.2025

AGENDA

→ Q1 2025 Results Highlights

→ 2025 Strategic Progress

→ Market Conditions & Outlook

→ Financial Review

→ Q&A

RESULTS HIGHLIGHTS

Rule of X

47 48

TTM 3/24 TTM 3/25

ARR Growth Adj. EBITDA Margin

27%

20%

23%

25%

$90M $108M +20%

Q1 24 Total Revenue - Q1 25

$79M $96M +21%

Q1 24 Subscription Revenue - Q1 25

$332M $408M +23%

MAR 24 ARR - MAR 25

$18M 20% $24M 22%

Q1 24 Adj. EBITDA & Adj. EBITDA %* - Q1 25

* Non-GAAP

Note: non-GAAP metrics and key performance indicators defined in the appendix along with a reconciliation between the non-GAAP metric and its most applicable GAAP measure.

STRATEGIC PROGRESS & RECENT DEVELOPMENTS

Events

Innovation

CEO Search Update

Summary

The world needs the mission-

critical IP we uniquely deliver

We are committed to extending our capabilities in AI, cloud-related agility, and investigative case and evidence management

Our mission and our impact remain in the early innings

The future remains incredibly bright for this Company

FINANCIAL REVIEW

ARR GROWTH ($ in millions)

→ Mar-25 ARR grew 23%

→ Gross revenue retention ~92%

→ Existing customer expansion fuels most of the ARR growth

$408.1

$331.8

Mar-24

Mar-25

Pathfinder & Guardian Families Inseyets Family

Mar-24

ARR EXPANSION | Q125 WINS

$104M

(Net New ARR)

Pathfinder & Guardian Families

Inseyets Family

Inseyets Conversions

Federal Public Safety Agency

(Latin America)

Goal: Accelerate responsiveness to collect digital evidence

Deploying Inseyets offline to equip forensics vehicles and support evidence collection at crime scenes (field use case)

New logo

National Intelligence Agency

(Asia-Pacific)

Goal: Improve efficacy and efficiency for accessing and

extracting digital evidence

Upgraded to Inseyets with unlimited unlocks

7X ARR growth

State Police Department

(North America)

Goal: Manage workflow, drive efficiency and maintain chain of custody

Guardian will significantly reduce delivery times for partner agency reports while ensuring forensic evidence integrity meets court admissibility standards.

15% ARR expansion

REVENUE GROWTH DRIVEN BY SUBSCRIPTION

89%

87%

89%

88%

3.6

(in millions)

95.8

4.4

7.3

20%

6.8

Total revenue

79.2

growth

21%

Total subscription revenue growth

Q1 24 Q2 24 Q3 24 Q4 24 Q1 25

Q1 24 Q1 25

Note: Numbers may not total 100% due to rounding. Note: Numbers may not total due to rounding.

* Other non-recurring revenue is composed of hardware sales, usage fees and perpetual licenses, and was previously referred to "Perpetual license and other." Changing the name for this type of revenue reflects that perpetual

license revenue has declined to relatively insignificant levels with hardware sales now representing the majority of this type of revenue.

GROSS MARGIN AND OPERATING COSTS

Cost of Goods Sold (Non-GAAP, $M) and Gross Margin (Non-GAAP, %)

Operating Expense (Non-GAAP, $M) and Operating Expense Margin (Non-GAAP, %)

86%

$14.9

84% 86%

84%

60% 64%

$12.8

$65.1

$15.6

$68.8

$16.7

$17.0

68%

63%

58%

$60.9

$60.3

$62.5

Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25

Headcount

Dec-24

1,167

1,182

Headcount

Mar-25

Note: non-GAAP metrics and key performance indicators defined in the appendix along with a reconciliation between the non-GAAP metric and its most applicable GAAP measure.

ADJUSTED EBITDA & CASH POSITION

Adjusted EBITDA (Non-GAAP, $M) and Adjusted EBITDA Margin (Non-GAAP, %)

29%

$28.8

$31.3

26%

22%

Cash Position

$509.8M (3/31/25)

+$26.0M from Q4 24 | +$162.5 from Q1 24

Cash and cash equivalents

$17.6

20%

23%

Deposits

35%

18%

Short-term and long-term marketable securities

47%

$21.6

$23.7

Q1 24 Q2 24 Q3 24 Q4 24 Q1 25

Note: Numbers may not total 100% due to rounding.

Note: non-GAAP metrics and key performance indicators defined in the appendix along with a reconciliation between the non-GAAP metric and its most applicable GAAP measure.

FINANCIAL FORECAST

2024A

Q2 '25

EXPECTATIONS

(AS OF 05/14/25)

FY '25

EXPECTATIONS

(AS OF 05/14/25)

ARR

$396M

ARR Growth (y/y)

+25%

Revenue

$401M

Revenue Growth (y/y)

+23%

Adjusted EBITDA*

$99.4M

Adjusted EBITDA Margin*

24.8%

$416M - $426M

+20% - +23%

$110M - $116M

+15% - +21%

$26M - $28M

~24%

$480 - $495M

+21% - +25%

$470M - $485M

+17% - +21%

$113M - $123M

24% - 25%

* Non-GAAP

Note: non-GAAP metrics and key performance indicators defined in the appendix along with a reconciliation between the non-GAAP metric and its most applicable GAAP measure

Q&A

APPENDIX

FINANCIAL SUMMARY

For the three months ended

March 31,

2025

2024

Revenue

107,549

89,582

Gross profit

90,059

76,318

Gross margin

83.7%

85.2%

Operating income

12,268

9,247

Operating margin

11.4%

10.3%

Net income (loss)

17,400

(71,372)

Cash flow from operating activities

20,878

10,041

Non-GAAP Financial Data:

Operating income

21,971

15,879

Operating margin

20.4%

17.7%

Net income

26,179

16,866

Adjusted EBITDA

23,676

17,632

Adjusted EBITDA margin

22.0%

19.7%

→ Q125 & Q124

(U.S Dollars in thousands)

APPENDIX

COST OF REVENUE AND GROSS PROFIT

For the three months ended

March 31,

2025 2024

(Unaudited) (Unaudited)

Cost of revenue

$ 17,490

$ 13,264

Less:

Share-based compensation

750

430

Acquisition-related costs

Non-GAAP cost of revenue

$ 16,740

$ 12,832

For the three months ended March 31,

2025 2024

(Unaudited) (Unaudited)

Gross profit

$ 90,059

$ 76,318

Share-based compensation

750

430

Acquisition-related costs

Non-GAAP gross profit

$ 90,809

$ 76,750

→ RECONCILIATION Q125 & Q124

(U.S Dollars in thousands)

APPENDIX

OPERATING EXPENSE & OPERATING INCOME

For the three months ended March 31,

2025

(Unaudited)

2024

(Unaudited)

Operating expenses

$ 77,791

$ 67,071

Less:

Share-based compensation

8,027

5,266

Amortization of intangible assets

926

927

Acquisition-related costs

Non-GAAP operating expenses

$ 68,838

$ 60,871

For the three months ended March 31,

2025 2024

(Unaudited) (Unaudited)

Operating income

$ 12,268

$ 9,247

Share-based compensation

8,777

5,696

Amortization of intangible assets

926

927

Acquisition-related costs

Non-GAAP operating income

$ 21,971

$ 15,879

→ RECONCILIATION Q125 & Q124

(U.S Dollars in thousands)

APPENDIX

NET INCOME & EPS

For the three months ended March 31,

2025

(Unaudited)

2024

(Unaudited)

Net income (loss)

$ 17,400

$ (71,372)

Share-based compensation

8,777

5,696

Amortization of intangible assets

926

927

Acquisition-related costs

Tax income

(924)

(233)

Finance expense from financial derivatives

81,839

Non-GAAP net income

$ 26,179

$ 16,866

Non-GAAP Earnings per share:

Basic

$ 0.11

$ 0.08

Diluted

$ 0.10

$ 0.08

Weighted average shares outstanding:

Basic

237,246,654

196,823,502

Diluted

252,456,562

211,256,086

(U.S Dollars in thousands)

→ RECONCILIATION Q125 & Q124

APPENDIX

ADJUSTED EBITDA

For the three months ended March 31,

2025

(Unaudited)

2024

(Unaudited)

Net income (loss)

$ 17,400

$ (71,372)

Financial (income) expense, net

(7,060)

78,576

Tax expense

1,928

2,043

Share-based compensation

8,777

5,696

Amortization of intangible assets

926

927

Acquisition-related costs

Depreciation expenses

1,705

1,753

Adjusted EBITDA

$ 23,676

$ 17,632

(U.S Dollars in thousands)

→ RECONCILIATION Q125 & Q124

APPENDIX

DEFINITIONS

→ Annual Recurring Revenue

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.

→ Subscription Revenue

Is defined as revenue from recurring, term-based license contracts and ongoing services related to core offerings. Subscription revenue is recognized ratably over the subscription term with a portion of revenue, related to the term-based license, recognized upfront.

Disclaimer

Cellebrite DI Ltd. published this content on May 14, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 14, 2025 at 12:04 UTC.