0001628280-26-013790
SEC filingCellebrite's FY2025 revenue grew 19% to $475.7M, driven by strong subscription growth, while net income swung to $78.3M from a loss of $283.0M.
Cellebrite DI Ltd. describes itself as a provider of a comprehensive suite of AI-powered digital investigative and intelligence solutions. The company's solutions are designed to help customers access, collect, review, analyze and manage digital investigative data derived from digital sources, including mobile phones and other devices. The company generates the significant majority of its revenue from public sector customers, including law enforcement, defense and intelligence agencies, which accounted for more than 90% of revenue in 2023, 2024 and 2025.
The Business section does not disclose any formal reporting segments. The company discusses its operations as a single integrated business focused on digital investigative and intelligence solutions.
The filing names several specific products and platforms. The Cellebrite Pathfinder solution is described as the company's principal investigative analytics tool, which uses AI to allow customers to create unique search categories for reviewing text, video and image evidence. The Guardian is mentioned as an investigative management SaaS solution used by customers to store, share and review sensitive data. The Inseyets solution is referenced in the context of large-scale upgrades. The Remote Mobile Collection solution is noted as having received a patent in September 2024. The company also offers Advanced Services, serving as an outsourced forensics lab for extraction of data from devices.
The company's go-to-market strategy is aimed primarily at expanding the scope of relationships with existing customers and attracting a larger number of law enforcement customers. Sales are conducted through direct sales and marketing personnel with expertise in government contracting at federal, state and local levels. The company does not sell to new customers using e-commerce methods; the purchase process involves interactive discussions and "know your customer" vetting procedures. U.S. federal government customers accounted for approximately 16% of total revenue in 2025. The company also serves private sector customers, though they represent a smaller portion of revenue.
The filing describes the markets as highly competitive and subject to rapid technological change. Competitors include larger companies with substantially greater resources. The company notes that competition may increase as additional companies enter the market and as consolidation occurs in the industry. The company faces pricing pressure and has been forced to lower prices in the past. In the market for digital investigative and intelligence solutions, purchasing decisions are often based upon brand recognition and loyalty, product packaging, quality and innovation, licensing models, price and convenience.
The company's stated strategic priorities include expanding the scope of relationships with existing customers and attracting a larger number of law enforcement customers to use more of its solutions. The company pursues inorganic growth through acquisitions, as evidenced by the July 2024 acquisition of Cyber Technology Services (CyTech) and the December 2025 acquisition of Corellium. The company also maintains an ethical risk management framework to determine in which countries or with which customers it will pursue new business, applying standards including regulatory restrictions and human rights related indexes.
As of December 31, 2025, the company had 1,285 employees, up from 1,005 employees as of December 31, 2022. The company notes that it operates in a growing market and has experienced significant expansion of its operations, which has placed strain on employees, management systems, and operational resources. The company faces challenges in recruiting, integrating, developing, retaining, and motivating a growing employee base in various countries around the world.
Cellebrite's fiscal year 2025 revenue reached $475.7 million, a 19% increase over $401.2 million in 2024, driven by strong subscription growth. Subscription revenue grew 21% to $427.0 million, fueled by continued adoption of the Inseyets suite and other solutions like Pathfinder and Guardian. Gross profit rose 18% to $400.5 million, with total gross margin stable at 84%. Operating income increased to $66.5 million from $56.9 million, as operating expenses grew 19% to $334.0 million, in line with revenue growth. Net income swung to $78.3 million from a loss of $283.0 million in 2024, primarily due to the absence of $332.9 million in financial expenses related to the revaluation of derivative warrants, restricted sponsor shares, and price adjustment shares. Adjusted EBITDA improved to $127.6 million from $99.4 million, with margin expanding to 27% from 25%.
Revenue is segmented into subscription (90%), other non-recurring (4%), and professional services (6%). Subscription revenue, the main growth driver, increased 21% due to up-selling and cross-selling to existing customers and new customer additions. Other non-recurring revenue grew modestly by 3%, reflecting hardware sales tied to new license sales. Professional services revenue was flat, as reduced demand for advanced services offset growth in training. Subscription gross margin declined from 93% to 91%, impacted by increased hosting and customer success personnel expenses. Other non-recurring gross margin improved to 12% from 6%, driven by higher hardware revenue and lower costs. Professional services gross margin fell to 29% from 34%, due to lower advanced services revenue and higher training costs.
Management's strategic priorities focus on increasing penetration within existing customers, capitalizing on sustained law enforcement funding, extending technology leadership through R&D investment in AI and cloud, and expanding the customer base. While no quantitative guidance is provided, the company expects continued investment in growth, with operating expenses rising to support product development and go-to-market activities. Subscription revenue growth is anticipated to remain a key driver, supported by strong dollar-based net retention of 116% and ARR of $481 million at year-end. The company believes its existing cash and cash flows are sufficient to fund operations and capital expenditures for the next 12 months.
The Notes section of this 20-F filing did not contain any balance sheet data, cash positions, debt levels, or equity figures. All financial statements were referenced as being included in Item 18, which was not provided in the extracted text.
No purchase commitments, supply agreements, capacity reservations, or other contractual obligations were disclosed in the Notes section. The filing did not include any tables or narrative regarding future payment obligations.
The filing stated that the company does not anticipate paying any cash dividends in the foreseeable future and intends to retain earnings to finance operations and expand the business. No share repurchase programs, debt issuances, repayments, or capital expenditure figures were disclosed in the Notes section.
No segment-level revenue, operating income, or geographic breakdown was provided in the Notes section. The filing did not contain any segment reporting footnote.