Cellebrite DI (CLBT) Q4 2024 earnings summary

Executive summary

• Achieved strong Q4 and full-year 2024 results, exceeding original revenue and adjusted EBITDA targets, with 25% ARR growth and 24.8–25% adjusted EBITDA margin, meeting Rule of 50 performance.

• Q4 2024 revenue reached $109 million, up 17% year-over-year; full-year revenue was $401.2 million, up 23% from 2023.

• CEO search ongoing, with new board appointments and a focus on SaaS, cloud, and AI expertise.

• Launched new customer advisory board, expanded board structure, and initiated a technology and strategy committee.

• Introduced new AI and cloud solutions, including FedRAMP High Ready status and GenAI features for Guardian.

Financial highlights

• ARR grew 25% year-over-year to $396 million, with gross retention at 92%.

• Q4 adjusted EBITDA was $28.8 million (26–26.4% margin); full-year adjusted EBITDA was $99.4 million (24.8% margin), up 60% from 2023.

• Ended 2024 with $483.8 million in cash and investments, and $121.5–$132.2 million in free cash flow for the year.

• Diluted EPS increased 50% to $0.42 despite a 10% increase in share count; non-GAAP net income for FY24 was $97.8 million.

• Subscription revenue accounted for 87–89% of total revenue in 2024.

Outlook and guidance

• 2025 ARR expected at $480–$495 million (21–25% growth); revenue guidance of $480–$490 million (20–22% growth).

• Q1 2025 revenue expected at $107–$112 million, up 19–25% year-over-year.

• 2025 adjusted EBITDA projected at $113–$123 million (24–25% margin), with higher margins in the second half.

• Gross margins expected to remain strong at 84–85% in 2025.

• Workforce expansion planned at approximately 15%, targeting 1,330–1,370 employees by end of 2025.