Cellebrite (CLBT) TD Cowen ’s 53rd Annual Technology, Media & Telecom Conference 2025 summary

Market overview and customer challenges

• Digital intelligence solutions address the growing complexity and volume of digital evidence in investigations, with data volumes rising about 15% annually while law enforcement headcount grows only 2-3%.

• The total addressable market exceeds $16 billion, segmented into digital forensics, management/analytics, and professional services, with analytics and management growing fastest.

• Over 7,000 customers are served globally, including 5,300 public sector agencies and 1,700 enterprises, with significant opportunity to expand platform adoption.

Product innovation and technology leadership

• Insights, Guardian, and Pathfinder are core solutions, with Insights offering a modern, integrated, cloud-enabled platform that commands a 20-25% price premium over legacy products.

• Transition to Insights has exceeded expectations, reaching 30% of the install base by end of Q1 2024, with a target of 50% by year-end.

• R&D focuses on broad device coverage, including rapid adaptation to new iOS and Android models, leveraging a global vulnerability research team.

• AI and Gen AI are integrated into analytics products, always keeping investigators in the loop and surfacing underlying data for verification.

Financial performance and growth drivers

• ARR growth is primarily driven by upselling to existing customers, with new customers contributing only about 1.5%.

• Guardian and Pathfinder solutions are experiencing rapid growth, with Guardian growing over 100% for three consecutive quarters.

• Pricing models are shifting from per-seat to volume/value-based, increasing agility and accessibility for a broader customer base.