Cellebrite J.P. Morgan TMC Conference Takeaways

Research evidence excerpt

Cellebrite J.P. Morgan TMC Conference Takeaways

J P M O R G A N North America Equity Research

18 May 2026

Cellebrite Overweight

CLBT, CLBT US

J.P. Morgan TMC Conference Takeaways Price (18 May 26):$13.63

Software - Large Cap / Mid & Small

Cap

Brian Essex, CFA AC

Today we hosted Cellebrite CEO Thomas Hogan and CFO David Barter at our 54th (1-212) 622-5990

brian.essex@jpmchase.com

annual TMC conference in Boston, MA. We highlight some key takeaways below:

Alex Isaac

(1-212) 622-9159

• Defense & Intelligence Represents the Most Compelling Near-Term alex.isaac@jpmorgan.com

Upside; International D&I Running Mid-30s% Growth. Management was John Lee

explicit that the defense and intelligence is the vertical that excites them most (1-212) 622-6064

john.h.lee@jpmorgan.com

for the next 12 months, and potentially represents upside to the current model. J.P. Morgan Securities LLC

The opportunity is structurally different from traditional law enforcement with

ASPs"orders of magnitude bigger" given the bundled offering of kiosk

hardware, Corellium software, Genesis agentic AI, and drone forensics

capabilities. Cellebrite indicates that CFIUS is likely to mandate Corellium IP

be housed within its proxy company (Cellebrite Federal). The proxy entity

operates with an independent board, a full information firewall, and shared

G&A with the parent, creating a compliance-ready vehicle for the US federal

business. Internationally, D&I is growing in the mid-30s% range, with Europe

leading the transition from reactive "post-break" forensics toward proactive

prevention and military applications. This D&I strength has driven overall

European growth from ~15% to mid-20s%, while APJ is running in the low

20s% with success in deploying Guardian in Australia. The company notes that