Cellebrite Solid Results with Accelerating Growth and Margin Expansion

研报英文原文证据摘录

Cellebrite Solid Results with Accelerating Growth and Margin Expansion

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

14 May 2026

Cellebrite Overweight

CLBT, CLBT US

Solid Results with Accelerating Growth and Margin Price (14 May 26):$13.12

Expansion Price Target (Dec-26):$20.00

Software - Large Cap / Mid & Small

Cap

Brian Essex, CFA AC

(1-212) 622-5990

brian.essex@jpmchase.com

Solid quarter with catalysts confirmed and Genesis AI traction ahead of Alex Isaac

internal expectations. Cellebrite delivered healthy 1Q results with a slight beat on (1-212) 622-9159

alex.isaac@jpmorgan.com

revenue, profitability well over expectations, and guidance implying ARR

John Lee

acceleration into 2Q. FY26 guidance for revenue and ARR were reiterated but

(1-212) 622-6064

guidance does not include any AI contribution in spite of strong initial customer john.h.lee@jpmorgan.com

interest in emerging AI products. Management commentary was positive on most J.P. Morgan Securities LLC

binary catalysts we were focused on heading into the print, including: achievement

of FedRAMP High certification (May 6, DOJ sponsor), worldwide general

availability of Guardian Investigate, Genesis approaching GA with 500+ early Quarterly Forecasts (FYE Dec)

users (vs. expectations for 1-2 dozen), announcement of advanced iOS unlock Revenue ($ mn)

2025A 2026E 2027E

capabilities, and Federal spending materializing with compressed procurement Q1 108 128A 157

timelines. The company also sized its AI related TAM at $12.5bn, noting that AI Q2 113 132 164

could double the size of the company - a claim we do not find too aggressive Q3 126 152 176

Q4 129 157 187

considering the value proposition of the platform and current ARR just under FY 476 570 684

$500mm. 2Q ARR guidance of $510-513mm implies $17-20mm of net-new ARR