Highlights

  • Cellebrite appointed Shiven Ramji chief executive as second-quarter annual recurring revenue came in below management expectations.
  • The company increased quarterly revenue 16% and annual recurring revenue 21%, despite lowering its full-year growth expectations.
  • Management raised its adjusted EBITDA target while reducing annual revenue and recurring-revenue guidance following the quarterly results.
  • The pending Corellium acquisition requires CFIUS approval, leaving an important regulatory condition outstanding in the disclosed transaction process.

A leadership change accompanied a recalibration of growth expectations at Cellebrite DI (NASDAQ:CLBT). The digital-investigation software provider appointed Shiven Ramji chief executive on 13 August as it reported second-quarter results. Revenue and annual recurring revenue increased, but recurring revenue missed internal expectations, prompting lower annual growth guidance alongside a higher adjusted EBITDA target.

New Chief Executive Faces Execution Priorities

Ramji succeeded Thomas Hogan with immediate effect and joined the board. He acknowledged that annual recurring revenue, or ARR, had fallen short of expectations and said the company was taking action to improve execution.

The revised outlook gives the transition a clear financial context. Management reduced its expectations for revenue and ARR while increasing its profitability objective. Those changes establish separate measures of progress: restoring growth execution and delivering the revised earnings target.

Revenue and Recurring Business Expand

Second-quarter 2026 revenue reached USD 131.1 million, up 16% year on year. ARR increased 21% to USD 507.8 million. The company supplies digital-investigation software to law enforcement organisations and enterprises.

GAAP net income was USD 6.4 million, equivalent to USD 0.02 per diluted share. Non-GAAP net income was USD 29.7 million, or USD 0.11 per diluted share. Adjusted EBITDA totalled USD 31.8 million, producing a 24.2% margin.

For the first half, revenue amounted to USD 259.4 million and GAAP net income reached USD 17.3 million. Trailing twelve-month free cash flow was USD 144.2 million, with a 28.0% margin. ARR measures recurring business momentum and remains distinct from revenue recognised during a reporting period.

Updated Guidance Balances Growth and Earnings

Third-quarter guidance calls for ARR of USD 524 million to USD 528 million and revenue of USD 145 million to USD 148 million. Adjusted EBITDA is expected to reach USD 42 million to USD 45 million.

For full-year 2026, the revised ARR range is USD 550 million to USD 560 million, representing growth of 14% to 16%. Revenue is forecast at USD 555 million to USD 561 million, up 17% to 18%.

Management now targets adjusted EBITDA of USD 153 million to USD 159 million, equivalent to a margin of about 28%. These are forward-looking objectives. The ARR growth range is lower than the 21% reported in the second quarter, underscoring the reduced annual growth expectations.

Acquisition Remains Subject to Review

At 30 June, Cellebrite held USD 141.3 million of cash, USD 146.8 million of short-term deposits and USD 154.5 million of current marketable securities. Non-current marketable securities added USD 103.2 million.

Net acquisition payments totalled USD 15.3 million during the first half. Separately, the proposed Corellium acquisition remained subject to approval from the Committee on Foreign Investment in the United States, or CFIUS. The transaction consequently remained pending at the time of the update.

The next operating update will provide evidence of execution under the new leadership. Third-quarter ARR and adjusted EBITDA will measure progress against the revised ranges, while the Corellium review remains a separate regulatory milestone. No next reporting date was confirmed.