Jamf (JAMF) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue reached $167.6 million, up 10% year-over-year, with ARR at $657.9 million, up 9% year-over-year; security ARR grew 17% to $162 million, now 25% of total ARR.

• Non-GAAP operating income margin was 22%, exceeding guidance; net income was $0.5 million, reversing a prior year loss.

• International revenue increased 16% year-over-year, with strong performance in commercial, education, and APAC segments.

• Completed acquisition of Identity Automation for $215–$216.1 million, expanding dynamic identity management, especially for education and mobile-centric industries.

• Launched new platform solutions and global partner program, driving strong new logo bookings and higher ARR per customer.

Financial highlights

• Subscription revenue rose 11% year-over-year to $164.2 million, accounting for 98% of total revenue.

• Non-GAAP operating income was $37.6 million (22% margin), up 800 basis points from Q1 2024; adjusted EBITDA margin was 24%.

• Non-GAAP gross profit was $137 million (82% margin); GAAP gross profit was $130.5 million (78% margin).

• Net retention rate held at 104%; gross retention rates consistent with historical levels.

• Cash and cash equivalents stood at $222.4 million at quarter end.

Outlook and guidance

• Q2 2025 revenue expected at $167.5M–$169.5M (10% year-over-year growth at midpoint); non-GAAP operating income $29.5M–$30.5M (18% margin at midpoint).

• FY 2025 revenue expected at $691M–$695M (10–11% year-over-year growth); non-GAAP operating income $144.5M–$147.5M (21% margin at midpoint).

• Unlevered free cash flow growth of at least 75% expected for FY 2025.

• Identity Automation expected to contribute $15M revenue for the remaining three quarters, with margin accretion.

• Guidance includes impact from the Identity Automation acquisition and current FX rates.