The following is a summary of the Cellebrite DI Ltd. (CLBT) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Cellebrite's Q1 2024 revenue was $89.6 million, a 26% increase derived predominantly from a 29% rise in subscription software revenue.

• The annual recurring revenue grew 27% to $331.8 million, facilitated by expansion of existing customer relationships.

• The adjusted EBITDA for Q1 resulted in $17.6 million, equating to a 20% margin.

• Non-GAAP earnings per share were reported as $0.08.

• The total cash and investments at the end of Q1 2024 was approximately $347 million, a climb of $15.5 million from end of 2023.

• Q2 2024 revenue and ARR are projected to be between $90 million – $94 million and $342 million – $350 million respectively.

Business Progress:

• Cellebrite's strategic priorities, like expanding its leadership in the digital forensic units, accelerating growth within investigative units, and expanding its private sector business, have seen progress.

• Significant customer upgrade to the new digital forensic software solution, Inseyets, and positive trajectory of their analytics solution Pathfinder were reported.

• Expecting to finalize its FedRAMP process by the first half of 2025, the company anticipates more opportunities in the federal marketplace.

• The company reassured that they are on track for 2024 financial targets, with plans to expand the sales force.

• They are focusing on upgrading their installed base to Inseyets over the next three years, and anticipate investigative units with Pathfinder and Guardian to grow by 35% to 50% year-over-year.

• The company has initiated efforts in grant management to assist customers in procuring grants which could create additional budget opportunities.

More details: Cellebrite IR

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