Key Highlights

● Second-quarter revenue was US$131.1 million, up 16%, with ARR of US$507.8 million, up 21%.

● Shiven Ramji succeeded Thomas Hogan as CEO, effective immediately, on 13 August.

● Cellebrite lowered its 2026 ARR and revenue outlook but raised adjusted EBITDA.

● The 2026 outlook now calls for ARR of US$550 million to US$560 million.

Latest verified development

Cellebrite DI Ltd. (NASDAQ:CLBT), the Israeli provider of digital-investigation software used by law enforcement and enterprises, announced second-quarter 2026 results on 13 August together with a change of chief executive. Shiven Ramji succeeded Thomas Hogan as CEO, effective immediately, and joined the board.

Mr Ramji was candid about performance, saying annual recurring revenue came in below expectations and that the company is taking action to improve execution. The company lowered its full-year 2026 outlook for ARR and revenue but raised its adjusted EBITDA target, a combination that points to an emphasis on profitability while growth is rebased. Management therefore appears to be separating the growth question, where it has cut expectations, from the cost question, where it has raised its ambition.

Second-quarter results

Revenue was US$131.1 million, up 16% year on year, and ARR was US$507.8 million, up 21%. GAAP net income was US$6.4 million, or US$0.02 per diluted share, while non-GAAP net income was US$29.7 million, or US$0.11 per diluted share. Adjusted EBITDA was US$31.8 million, a margin of 24.2%.

For the first half, revenue was US$259.4 million and GAAP net income US$17.3 million. Free cash flow over the trailing twelve months was US$144.2 million, a 28.0% margin. The gap between GAAP and non-GAAP profit reflects the company's own adjustments. ARR, the measure on which the company fell short, is a forward-looking indicator of subscription momentum rather than recognised revenue, which helps explain why revenue grew 16% while ARR grew 21%.

Guidance and balance sheet

For the third quarter, Cellebrite guides to ARR of US$524 million to US$528 million, revenue of US$145 million to US$148 million and adjusted EBITDA of US$42 million to US$45 million. For 2026 it now expects ARR of US$550 million to US$560 million, representing growth of 14% to 16%, revenue of US$555 million to US$561 million, growth of 17% to 18%, and adjusted EBITDA of US$153 million to US$159 million, about a 28% margin.

At 30 June the company held US$141.3 million of cash, US$146.8 million of short-term deposits and US$154.5 million of current marketable securities, with a further US$103.2 million non-current, so cash, deposits and marketable securities total roughly US$546 million. It paid US$15.3 million net for acquisitions in the half-year, and the release refers to a pending acquisition of Corellium that requires CFIUS approval. No buyback was mentioned in the release.

ARR guidance and the Corellium review

The most immediate marker is third-quarter ARR against the guided US$524 million to US$528 million, after the company missed its own expectations in the second quarter. The CFIUS review of the Corellium acquisition and the detail of Mr Ramji's execution plan are the other open items.

The widest gap in the numbers is between ARR growth of 21% in the quarter and the 14% to 16% implied for the full year, which signals a slower second half on the company's own guidance, even as the adjusted EBITDA target rises to US$153 million to US$159 million.