Cellebrite: Good Start to the Year; New Products Should Help Drive Sustainable ARR Growth

研报英文原文证据摘录

Cellebrite: Good Start to the Year; New Products Should Help Drive Sustainable ARR Growth

Deutsche Bank

Research

Rating Company Date

Buy Cellebrite 14 May 2026

North America Reuters Bloomberg Rating Buy

United States CLBT.OQ CLBT US Price target (USD) 20.00 Price at 13 May 26 12.10

52-week range 20.12 – 11.03

TMT

Software Valuation & Risks

Good Start to the Year; New Products Should

Help Drive Sustainable ARR Growth BhavinResearchShah,AnalystCFA

+1-212-250-6775

Cellebrite delivered healthy 1Q results with ARR, revenue, and EBITDA ahead of

Brad Zelnick consensus and at the high end of its guidance range. Continued momentum with Research Analyst

Inseyets migration, Guardian, and improvement with the federal government +1-212-250-8563

were key contributors in the quarter. We expect these trends to be sustainable

and will also be aided by a broader product suite including (1) improved device Yash Kejriwal

Research Associate unlock capabilities post the Spring release; (2) the launch of Genesis and

+1-212-250-1203

Guardian Investigate; and (3) FedRAMP High Authorization. 2Q ARR was ahead

of our expectation, likely as a result of these factors and overall we come away

incrementally confident that Cellebrite should be able to accelerate ARR growth

in FY27 both on a reported and organic basis. We are particularly enthused by the

early feedback on Genesis and expect it to be a meaningful contributor to ARR

growth over the coming years.

Turning to 1Q, we estimate organic ARR grew ~17% driven by Inseyets

migrations which now stand at 60% (from 55% last quarter) and 100%+ growth in

Guardian/Corellium/Pathfinder which now represents 14% of ARR. ARR could

have been even better if not for some slipped deals and a smaller renewal pool.