Key Highlights

  • Cellebrite reported second-quarter 2026 Revenue of US$131.1 million, up 16% year on year, with ARR of US$507.8 million, up 21%.
  • The company lowered its full-year 2026 ARR and revenue outlook while raising its adjusted EBITDA target to US$153 million to US$159 million.
  • Shiven Ramji succeeded Thomas Hogan as chief executive, citing longer sales cycles and slower Inseyets conversions.

New chief executive, softer recurring revenue

Cellebrite DI Ltd. (NASDAQ:CLBT), the Israeli digital-forensics and investigative software company, reported second-quarter 2026 results on 13 August 2026 alongside a Leadership change. Shiven Ramji succeeded Thomas Hogan as chief executive with immediate effect and joined the board. Mr Ramji had joined in May 2026 as President, Products and Technology.

He said annual Recurring Revenue (ARR) came in below the company's expectations, citing longer sales cycles and less expansion from conversions to its Inseyets product than anticipated. Shareholders approved his compensation package at the Annual General Meeting on 24 September 2026.

Second-quarter figures

Revenue was US$131.1 million, up 16% year on year, while ARR reached US$507.8 million, up 21%. Net revenue retention was 117%. Gross Margin was 80.8% on a GAAP basis and 85.5% non-GAAP.

GAAP Operating Income was US$6.9 million, a 5.3% margin, and GAAP Net Income was US$6.4 million, or US$0.02 per diluted share. Non-GAAP net income was US$29.7 million, or US$0.11 per share. Adjusted EBITDA was US$31.8 million, a 24.2% margin.

Free Cash Flow was US$14.5 million for the quarter and US$144.2 million over the trailing twelve months, a 28.0% margin. Cash and cash equivalents were US$141.3 million at 30 June, with short-term deposits and marketable securities held in addition.

Guidance: lower ARR, higher EBITDA

The company lowered its full-year 2026 ARR and revenue outlook and raised its adjusted EBITDA target. These are forecasts, not results. As of 13 August, the full-year ranges were ARR of US$550 million to US$560 million, growth of 14% to 16%, and revenue of US$555 million to US$561 million, growth of 17% to 18%.

Adjusted EBITDA was guided to US$153 million to US$159 million, a margin of about 28%. For the third quarter, guidance was 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.

Share count and dilution

Reaching the full-year ARR range of US$550 million to US$560 million from the third-quarter range would require the fourth quarter to add roughly US$22 million to US$36 million of ARR. That range is wide.

Trailing twelve-month free cash flow of US$144.2 million compares with the full-year adjusted EBITDA guidance of US$153 million to US$159 million, which suggests broad cash conversion, although the two measures cover different periods and are not directly comparable.

In an explanatory note filed on 2 September 2026, the company reported 251,341,060 ordinary shares outstanding as of 1 August 2026. It put the fully diluted count at 276,895,221, equating to potential dilution of about 9.2%. The board had approved a reduction of 3.5 million shares available for future grant under its incentive plan on 29 July, as part of an ongoing review of Equity compensation.

What to watch

The next scheduled event is the third-quarter report on 12 November 2026.

The most important comparison will be reported ARR against the US$524 million to US$528 million guidance range, and whether the new chief executive's more cautious tone on sales cycles and Inseyets conversions shows up in the numbers. Free cash flow and the profit margin trend are the other main checks.