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6-K 1 ea0265010-6k_cellebrite.htm REPORT OF FOREIGN PRIVATE ISSUER

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

 

FORM 6-K

 

 

 

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16

Under the Securities Exchange Act of 1934

 

For the month of November, 2025

 

Commission File Number 001-40772

 

 

 

Cellebrite DI Ltd.

(Translation of registrant’s name into English)

 

 

 

94 Shlomo Shmelzer Road

Petah Tikva 4970602, Israel

(Address of principal executive office)

 

 

 

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

 

Form 20-F ☒    Form 40-F ☐

 

 

 


 

EXPLANATORY NOTE

 

On November 12, 2025, Cellebrite DI Ltd. (the “Registrant” or “Cellebrite”) issued a press release titled “Cellebrite Announces Third-Quarter 2025 Results.” A copy of this press release is furnished as Exhibit 99.1 herewith.

 

The GAAP financial statements tables contained in the press release attached to this report on Form 6-K are incorporated by reference into the Registrant’s registration statements on Form S-8 (File Nos. 333-260878 and 333-278130) filed with the U.S. Securities and Exchange Commission (the “SEC”) on November 8, 2021 and March 21, 2024, respectively, and Form F-3 (File No. 333-259826) filed with the SEC on September 13, 2022.

 

1


 

EXHIBIT INDEX

 

Exhibit   Description
99.1   Press release titled “Cellebrite Announces Third-Quarter 2025 Results” (furnished herewith).

 

2


 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  Cellebrite DI Ltd.
   
Date: November 12, 2025 By: /s/ David Barter
    David Barter
    Chief Financial Officer

 

3

EX-99.1 2 ea026501001ex99-1_cellebrite.htm PRESS RELEASE TITLED "CELLEBRITE ANNOUNCES THIRD-QUARTER 2025 RESULTS"

Exhibit 99.1

 

 

Cellebrite Announces Third-Quarter 2025 Results

 

ARR grew 19% to $439.8 million; Revenue grew 18% to $126.0 million

 

Net income of $20.2 million supports non-GAAP net income of $36.9 million and

adjusted EBITDA of $37.7 million, 29.9% adjusted EBITDA margin

 

TYSONS CORNER, VA and PETAH TIKVA, ISRAEL, November 12, 2025 – 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 nine months ending September 30, 2025.

 

“Cellebrite once again delivered a balanced and solid performance,” stated Thomas E. Hogan, Cellebrite’s CEO. “We exceeded the high end of our prior adjusted EBITDA guidance with revenue at the high end of expectations and ARR at the midpoint. Our execution reflects the resilience, operating leverage and importance of our solutions to public safety around the globe. We were also encouraged by the performance of our U.S. Federal business in the quarter which delivered meaningful expansion of business with several marquee clients. We remain enthusiastic about our prospects for renewed growth in this sector in 2026 as budgeting begins to flow, the government reopens, and as we achieve full cloud authorization through our sponsorship with the Department of Justice. Beyond our U.S. Federal business, we are similarly optimistic about the pending expansion of our portfolio driven through a powerful combination of organic product development, partnerships, and the close of our Corellium acquisition later this quarter.”

 

Third-Quarter Financial Highlights

 

Revenue of $126.0 million, up 18% year-over-year

 

Subscription revenue of $112.7 million, up 21% year-over-year

 

Annual Recurring Revenue (ARR) of $439.8 million, up 19% year-over-year

 

Recurring revenue dollar-based net retention rate of 117%

 

GAAP gross profit and gross margin of $105.7 million and 83.9%, respectively; Non-GAAP gross profit and gross profit margin of $106.5 million and 84.5%, respectively

 

GAAP net income of $20.2 million; Non-GAAP net income of $36.9 million

 

GAAP diluted earnings per share of $0.08; Non-GAAP diluted earnings per share of $0.14

 

Adjusted EBITDA and Adjusted EBITDA margin of $37.7 million and 29.9%, respectively

 

 


 

Recent Business Highlights

 

Innovation

 

On October 15, 2025, Cellebrite announced its Autumn 2025 Release, evolving and advancing its Digital Investigation Platform with new integrations and powerful new capabilities that span from collection and review to advanced AI-powered analysis.

 

o A major highlight of the Autumn 2025 Release was the expanded and reimagined Guardian suite. Cellebrite unveiled its plans for the new Guardian Investigate solution, which is scheduled for general availability in early 2026. Guardian Investigate is a SaaS-based investigative solution that uses agentic AI to analyze multiple evidence types such as mobile data, call detail records, open-source intelligence and case files, along with the requisite workflows to support seamless collaboration.

 

o The announcement also included ongoing enhancements to Cellebrite’s flagship digital forensics solution, Inseyets, with expanded access to Android and iOS devices that enhance digital evidence collection and review, plus the addition of field-ready workflows. These enhancements reflect Cellebrite’s ongoing investment in internally developed capabilities and third-party technology relationships.

 

o In addition to other notable innovations for Inseyets, Guardian and Pathfinder, Cellebrite also promoted the availability of Corellium’s powerful Arm-based mobile virtualization offerings, further complementing and expanding Cellebrite’s value proposition for digital intelligence solutions.

 

Leadership

 

On October 30, 2025, Cellebrite announced that Holly Windham was appointed General Counsel and Chief Compliance Officer. Windham brings extensive legal leadership experience for growth-oriented technology companies with deep expertise spanning software, cloud platforms, cybersecurity, data privacy and public sector contracting. She will lead all legal and compliance matters for Cellebrite, including ongoing efforts regarding the appropriate use of the Company’s technology around the globe.

 

Annual General Meeting & Corporate Governance

 

On September 19, 2025, Cellebrite held its 2025 Annual General Meeting of Shareholders (the “Meeting”). As subsequently disclosed, shareholders approved all of the proposals brought forth during the Meeting by the respective requisite majority in accordance with the Israeli Companies Law, 5759-1999, and the Company’s articles of association, as described in the Proxy Statement which was furnished to the U.S. Securities and Exchange Commission on August 15, 2025, and sent to shareholders in connection with the Meeting. As previously disclosed, Elly Keinan, a Cellebrite director since 2020, concluded his service on the Cellebrite Board of Directors immediately following the Meeting, consistent with his decision to not to stand for re-election as a director and pursue other interests unrelated to Cellebrite.

 

Go-to-Market

 

On October 28, 2025, Cellebrite announced that Terry Crews will headline the Company’s C2C User Summit 2026 – a premier digital investigation and intelligence industry event attended by hundreds of public safety and private sector professionals at the Washington, D.C. Marriott Marquis on April 13-17, 2026. Crews, the host of the popular America’s Got Talent television show, is a former NFL player, an artist and actor as well as an avid supporter of organizations that combat human trafficking, sexual assault and harassment.

 

2


 

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

 

Financial Outlook

 

David Barter, Cellebrite’s CFO, commented, “Strong demand from customers within our U.S. state and local, and Latin America segments helped drive 21% growth in total subscription-based revenue. Our updated 2025 targets underpin our expectation for a free cash flow margin of approximately 30% for the full year. As we advance our 2026 planning activities, we are increasingly excited about the opportunity we see to drive durable top-line growth, drive incremental gains in profitability and generate low 30% free cash flow margins as we build greater scale and expand our wallet share with existing customers worldwide.”

 

Cellebrite’s fourth-quarter and full-year 2025 expectations do not incorporate any anticipated contribution associated with the pending acquisition of Corellium, Inc. The Company’s financial expectations are as follows:

 

    Fourth-Quarter 2025 Expectations   Full-Year 2025 Expectations
    (as of 11/12/25)   (as of 11/12/25)
ARR     $460 million - $475 million
Annual Growth     16% - 20%
Revenue   $123 million - $128 million   $470 million - $475 million
Annual Growth   13% - 17%   17% - 18%
Adjusted EBITDA   $35 million - $38 million   $124 million - $127 million
Adjusted EBITDA margin   28% - 30%   26% - 27%

 

Conference Call Information

 

Cellebrite will host a live conference call and webcast later today to review the Company’s third-quarter 2025 financial results and discuss its full-year 2025 outlook. Pertinent details include:

 

Date:   Wednesday, November 12, 2025
Time:   5:00 p.m. ET
Call-In Number:   203-518-9814 / 800-274-8461
Conference ID:   CLBTQ325
Event URL:   https://investors.cellebrite.com/events/event-details/cellebrite-q3-2025-financial-results-conference-call-webcast
Webcast URL:   https://edge.media-server.com/mmc/p/sc8377ap/

 

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.

 

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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 and Adjusted EBITDA 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:

 

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;

 

Acquisition-related expenses and executive severance expenses relate to the cash component of contractual severance due to our former CEO and CFO, all of which 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.

 

4


 

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.

 

5


 

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. Such forward-looking statements include, but are not limited to, estimated financial information for the fourth quarter of 2025 and for fiscal year 2025 and certain statements such as the timing of the closing of the acquisition of Corellium, the availability of Cellebrite’s Guardian Investigate product and including those statements with respect to 2025 revenue and annual recurring revenue, profitability, earnings and free cash flow as well as commentary associated with future performance, strategies, prospects, and other aspects of Cellebrite’s business 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 and 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

 

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Cellebrite DI Ltd.

Third-Quarter 2025 Results Summary

(U.S Dollars in thousands)

 

    For the three months ended     For the nine months ended  
    September 30,     September 30,  
    2025     2024     2025     2024  
                         
Revenue     126,029       106,858       346,854       292,154  
Gross profit     105,715       91,414       291,373       247,185  
Gross margin     83.9 %     85.5 %     84.0 %     84.6 %
Operating income     18,990       19,445       45,675       41,179  
Operating margin     15.1 %     18.2 %     13.2 %     14.1 %
Net income (loss)     20,189       (207,093 )     57,065       (302,276 )
Cash flow from operating activities     33,272       41,650       86,733       66,204  
                                 
Non-GAAP Financial Data:                                
Operating income     35,970       29,506       84,165       65,191  
Operating margin     28.5 %     27.6 %     24.3 %     22.3 %
Net income     36,860       31,847       93,812       71,638  
Adjusted EBITDA     37,739       31,334       89,300       70,584  
Adjusted EBITDA margin     29.9 %     29.3 %     25.7 %     24.2 %

 

7


 

Cellebrite DI Ltd.

Condensed Consolidated Balance Sheets

(U.S. Dollars in thousands)

 

    September 30,     December 31,  
    2025     2024  
Assets            
Current assets            
Cash and cash equivalents   $ 281,361     $ 191,659  
Short-term deposits     127,216       153,746  
Marketable securities     117,135       101,818  
Trade receivables (net of allowance for credit losses of $533 and $594 as of September 30, 2025 and December 31, 2024, respectively)     104,196       82,358  
Prepaid expenses and other current assets     20,812       23,246  
Contract acquisition costs     9,034       5,827  
Inventories     8,648       8,939  
Total current assets     668,402       567,593  
                 
Non-current assets                
Other non-current assets     6,289       7,682  
Marketable securities     69,580       36,601  
Deferred tax assets, net     12,727       11,072  
Property and equipment, net     22,533       16,995  
Operating lease right-of-use assets, net     16,267       10,604  
Intangible assets, net     9,807       11,306  
Goodwill     28,714       28,714  
Total non-current assets     165,917       122,974  
Total assets   $ 834,319     $ 690,567  
                 
Liabilities and shareholders’ equity                
Current Liabilities                
Trade payables   $ 11,136     $ 11,077  
Other accounts payable and accrued expenses     62,486       63,330  
Deferred revenues     239,677       216,970  
Operating lease liabilities     3,618       4,125  
Total current liabilities     316,917       295,502  
                 
Long-term liabilities                
Other long-term liabilities     7,510       6,954  
Deferred revenues     44,386       45,247  
Operating lease liabilities     17,821       6,844  
Total long-term liabilities     69,717       59,045  
Total liabilities     386,634       354,547  
                 
Shareholders’ equity                
Share capital     * )     * )
Additional paid-in capital     553,111       498,883  
Treasury share, NIS 0.00001 par value; 41,776 ordinary shares     (85 )     (85 )
Accumulated other comprehensive income     2,459       2,086  
Accumulated deficit     (107,800 )     (164,864 )
Total shareholders’ equity     447,685       336,020  
Total liabilities and shareholders’ equity   $ 834,319     $ 690,567  

 

*) Less than 1 USD

 

8


 

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 nine months ended  
    September 30,     September 30,  
    2025     2024     2025     2024  
                         
Revenue:                        
Subscription services   $ 84,195     $ 69,339     $ 241,697     $ 197,180  
Term-license     28,531       24,038       69,819       60,787  
Other non-recurring     5,504       3,938       13,207       10,992  
Professional services     7,799       9,543       22,131       23,195  
Total revenue     126,029       106,858       346,854       292,154  
                                 
Cost of revenue:                                
Subscription services     10,005       6,651       26,959       18,848  
Other non-recurring     4,791       3,415       11,290       11,335  
Professional services     5,518       5,378       17,232       14,786  
Total cost of revenue     20,314       15,444       55,481       44,969  
                                 
Gross profit   $ 105,715     $ 91,414     $ 291,373     $ 247,185  
                                 
Operating expenses:                                
Research and development     28,124       25,926       84,012       72,816  
Sales and marketing     38,800       32,486       116,253       96,865  
General and administrative     19,801       13,557       45,433       36,325  
Total operating expenses   $ 86,725     $ 71,969     $ 245,698     $ 206,006  
                                 
Operating income   $ 18,990     $ 19,445     $ 45,675     $ 41,179  
Financial income (expense), net     5,298       (223,982 )     18,732       (337,060 )
Income (loss) before tax     24,288       (204,537 )     64,407       (295,881 )
Tax expense     4,099       2,556       7,342       6,395  
Net income (loss)   $ 20,189     $ (207,093 )   $ 57,065     $ (302,276 )
                                 
Earnings (losses) per share                                
Basic   $ 0.08     $ (0.99 )   $ 0.24     $ (1.50 )
Diluted   $ 0.08     $ (0.99 )   $ 0.23     $ (1.50 )
                                 
Weighted average shares outstanding                                
Basic     243,508,803       208,705,089       240,394,282       201,488,572  
Diluted     249,719,713       208,705,089       249,357,070       201,488,572  
                                 
Other comprehensive income:                                
Unrealized (loss) income on hedging transactions     (665 )     102       1,492       (748 )
Unrealized income on marketable securities     198       844       301       524  
Currency translation adjustments     287       (1,780 )     (1,420 )     (410 )
Total other comprehensive (loss) income, net of tax     (180 )     (834 )     373       (634 )
Total other comprehensive income (loss)   $ 20,009     $ (207,927 )   $ 57,438     $ (302,910 )

 

9


 

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 nine months ended  
    September 30,     September 30,  
    2025     2024     2025     2024  
                         
Cash flow from operating activities:                        
Net income (loss)   $ 20,189     $ (207,093 )   $ 57,065     $ (302,276 )
Adjustments to reconcile net income to net cash provided by operating activities:                                
Share-based compensation and RSU’s     15,308       9,055       32,895       21,306  
Amortization of premium, discount and accrued interest on marketable securities     (488 )     (736 )     (2,213 )     (2,038 )
Depreciation and amortization     2,703       2,622       7,926       7,878  
Interest income from short-term deposits     (1,734 )     (2,430 )     (6,417 )     (7,900 )
Deferred tax assets, net     (51 )     (634 )     (1,824 )     (2,202 )
Remeasurement of Warrant liability           71,271             110,664  
Remeasurement of Restricted Sponsor Shares liability           37,906             65,889  
Remeasurement of Price Adjustment Shares liability           120,008             173,051  
Increase in trade receivables     (11,225 )     (22,113 )     (20,435 )     (16,092 )
Increase in deferred revenue     13,310       20,117       16,612       5,062  
Decrease (increase) in other non-current assets     398       589       1,393       (294 )
Decrease in prepaid expenses and other current assets     336       3,334       3,068       6,086  
Changes in operating lease right-of-use assets     1,197       1,244       3,423       3,885  
Changes in operating lease liability     (892 )     (1,019 )     (2,603 )     (3,561 )
Decrease (increase) in inventories     882       (915 )     348       236  
Increase (decrease) in trade payables     713       429       (499 )     (1,162 )
(Decrease) increase in other accounts payable and accrued expenses     (8,032 )     9,184       (2,562 )     5,864  
Increase in other long-term liabilities     658       831       556       1,808  
Net cash provided by operating activities     33,272       41,650       86,733       66,204  
                                 
Cash flows from investing activities:                                
Purchases of property and equipment     (3,322 )     (1,820 )     (9,269 )     (5,388 )
Cash paid in conjunction with acquisitions, net of acquired cash           (2,748 )           (2,748 )
Purchase of Intangible assets                       (904 )
Investment in marketable securities     (12,057 )     (13,428 )     (195,203 )     (112,710 )
Proceeds from maturities of marketable securities     58,597       13,550       118,220       48,986  
Proceeds from sales of marketable securities                 31,166        
Investment in short-term deposits     (15,000 )     (46,000 )     (99,000 )     (168,000 )
Redemption of short-term deposits     35,570       31,781       131,947       107,240  
Net cash provided by (used in) investing activities     63,788       (18,665 )     (22,139 )     (133,524 )
                                 
Cash flows from financing activities:                                
Exercise of options to shares     3,958       4,622       19,075       11,509  
Proceeds from Employee Share Purchase Plan     1,309       864       3,638       2,370  
Exercise of Warrants           53             53  
Redemption of Warrants           (11 )           (11 )
Net cash provided by financing activities     5,267       5,528       22,713       13,921  
                                 
Net increase (decrease) in cash and cash equivalents     102,327       28,513       87,307       (53,399 )
Net effect of Currency Translation on cash and cash equivalents     (189 )     880       2,395       231  
Cash and cash equivalents at beginning of period     179,223       106,956       191,659       189,517  
Cash and cash equivalents at end of period   $ 281,361     $ 136,349     $ 281,361     $ 136,349  
                                 
Supplemental cash flow information:                                
Income taxes paid (received)   $ 4,686     $ 1,348     $ (3,387 )   $ 3,905  
Non-cash activities                                
Operating lease liabilities arising from obtaining right-of-use assets   $     $ 1,616     $ 13,141     $ 1,831  
Reclassification and exercise of public and private Warrants   $     $ 164,770     $     $ 164,770  
Reclassification and release of Restricted Sponsor Shares   $     $ 113,136     $     $ 113,136  
Reclassification and issuance of Price Adjustment Shares   $     $ 254,766     $     $ 254,766  

 

10


 

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 nine months ended  
    September 30,     September 30,  
    2025     2024     2025     2024  
    (Unaudited)     (Unaudited)     (Unaudited)     (Unaudited)  
Cost of revenue   $ 20,314     $ 15,444     $ 55,481     $ 44,969  
Less:                                
Share-based compensation     828       559       2,405       1,652  
Acquisition-related costs                       2  
Non-GAAP cost of revenue   $ 19,486     $ 14,885     $ 53,076     $ 43,315  

 

    For the three months ended     For the nine months ended  
    September 30,     September 30,  
    2025     2024     2025     2024  
    (Unaudited)     (Unaudited)     (Unaudited)     (Unaudited)  
Gross profit   $ 105,715     $ 91,414     $ 291,373     $ 247,185  
Share-based compensation     828       559       2,405       1,652  
Acquisition-related costs                       2  
Non-GAAP gross profit   $ 106,543     $ 91,973     $ 293,778     $ 248,839  

 

    For the three months ended     For the nine months ended  
    September 30,     September 30,  
    2025     2024     2025     2024  
    (Unaudited)     (Unaudited)     (Unaudited)     (Unaudited)  
Operating expenses   $ 86,725     $ 71,969     $ 245,698     $ 206,006  
Less:                                
Share-based compensation     14,480       8,496       30,490       19,654  
Amortization of intangible assets     934       794       2,791       2,485  
Acquisition-related costs     164       212       2,230       219  
Executive severance costs     574             574        
Non-GAAP operating expenses   $ 70,573     $ 62,467     $ 209,613     $ 183,648  

 

    For the three months ended     For the nine months ended  
    September 30,     September 30,  
    2025     2024     2025     2024  
    (Unaudited)     (Unaudited)     (Unaudited)     (Unaudited)  
Operating income   $ 18,990     $ 19,445     $ 45,675     $ 41,179  
Share-based compensation     15,308       9,055       32,895       21,306  
Amortization of intangible assets     934       794       2,791       2,485  
Acquisition-related costs     164       212       2,230       221  
Executive severance costs     574             574        
Non-GAAP operating income   $ 35,970     $ 29,506     $ 84,165     $ 65,191  

 

11


 

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 nine months ended  
    September 30,     September 30,  
    2025     2024     2025     2024  
    (Unaudited)     (Unaudited)     (Unaudited)     (Unaudited)  
Net income (loss)   $ 20,189     $ (207,093 )   $ 57,065     $ (302,276 )
Share-based compensation     15,308       9,055       32,895       21,306  
Amortization of intangible assets     934       794       2,791       2,485  
Acquisition-related costs     164       212       2,230       221  
Tax (income) expense     (309 )     (306 )     (1,743 )     298  
Finance expense from financial derivatives           229,185             349,604  
Executive severance costs     574             574        
Non-GAAP net income   $ 36,860     $ 31,847     $ 93,812     $ 71,638  
                                 
Non-GAAP Earnings per share:                                
Basic   $ 0.15     $ 0.15     $ 0.39     $ 0.34  
Diluted   $ 0.14     $ 0.14     $ 0.37     $ 0.32  
                                 
Weighted average shares outstanding:                                
Basic     243,508,803       208,705,089       240,394,282       201,488,572  
Diluted     256,157,437       226,882,633       253,798,919       215,424,847  

 

    For the three months ended     For the nine months ended  
    September 30,     September 30,  
    2025     2024     2025     2024  
    (Unaudited)     (Unaudited)     (Unaudited)     (Unaudited)  
Net income (loss)   $ 20,189     $ (207,093 )   $ 57,065     $ (302,276 )
Financial (income) expense, net     (5,298 )     223,982       (18,732 )     337,060  
Tax expense     4,099       2,556       7,342       6,395  
Share-based compensation     15,308       9,055       32,895       21,306  
Amortization of intangible assets     934       794       2,791       2,485  
Acquisition-related costs     164       212       2,230       221  
Depreciation expenses     1,769       1,828       5,135       5,393  
Executive severance costs     574             574        
Adjusted EBITDA   $ 37,739     $ 31,334     $ 89,300     $ 70,584  

 

    For the three months ended     For the nine months ended  
    September 30,     September 30,  
    2025     2024     2025     2024  
    (Unaudited)     (Unaudited)     (Unaudited)     (Unaudited)  
Net cash provided by operating activities   $ 33,272     $ 41,650     $ 86,733     $ 66,204  
Less:                                
Purchases of property and equipment     (3,322 )     (1,820 )     (9,269 )     (5,388 )
Free cash flow   $ 29,950     $ 39,830     $ 77,464     $ 60,816  
Free cash flow margin     23.8 %     37.3 %     22.3 %     20.8 %

 

 

12