Jamf's Q1 Results Highlight Strategic Momentum Amid Evolving Tech Landscape

Jamf Holding Corp (NASDAQ: JAMF) delivered a robust first-quarter performance, underscored by double-digit revenue growth, strategic acquisitions, and a sharpened focus on high-margin security solutions. The results reflect the company’s ability to capitalize on its leadership in Apple device management while navigating the complexities of an increasingly competitive tech landscape.

Financial Strength Anchored by Recurring Revenue
Jamf’s Q1 revenue rose 10% year-over-year to $167.6 million, exceeding analyst expectations. The company’s Annual Recurring Revenue (ARR) grew 9% to $657.9 million, with its security-focused segment leading the way: Security ARR surged 17% to $162 million, now representing 25% of total ARR. This growth underscores the strategic value of Jamf’s 2025 acquisition of Identity Automation, a leader in identity and access management (IAM) for education and healthcare sectors. The acquisition has already expanded Jamf’s capabilities in dynamic access control and policy management, two critical areas as enterprises prioritize cybersecurity.

The financials also show improving profitability. Non-GAAP operating income rose to $37.6 million (22% margin), while Adjusted EBITDA hit $39 million (24% margin). A Net Retention Rate of 104% further signals strong customer loyalty, with clients continuing to invest in Jamf’s expanding portfolio of solutions.

Strategic Initiatives Drive Long-Term Growth
Jamf is executing a clear strategy to deepen its vertical-specific offerings and global reach. In Q1, it launched four tailored platforms: Jamf for Mac (targeting large enterprises), Jamf for Mobile (for mobility-focused teams), Jamf for K-12 (education institutions), and Jamf for Small Business. These solutions aim to address the unique needs of distinct customer segments, enhancing upsell opportunities and reducing customer churn.

International expansion is another growth lever. International revenue jumped 16% YoY, outpacing domestic growth, as Jamf strengthens partnerships in regions like Europe and Asia. The Global Partner Program, launched in 2024, now boasts a 50% increase in deal registrations and 25% more partners, earning a 5-Star Rating in the 2025 CRN Partner Program Guide.

Guidance Signals Confidence, but Challenges Linger
Jamf raised its full-year 2025 revenue guidance to $691–$695 million, implying 10–11% growth. The company also projects Unlevered Free Cash Flow growth exceeding 75%, a critical metric for funding future acquisitions or shareholder returns. However, analysts remain cautious: Wall Street expects revenue growth to decelerate to 7.3% over the next 12 months, citing competitive pressures and a prolonged CAC payback period of 99.8 months, which could strain margins.

Despite strong fundamentals, Jamf’s stock has underperformed the broader market, rising just 7.9% year-to-date versus the S&P 500’s 11.5% gain. The company holds a Zacks Rank #5 (Strong Sell), reflecting near-term skepticism about its ability to sustain growth.

Conclusion: Positioning for Leadership, but Execution Will Be Key
Jamf’s Q1 results demonstrate a company in transition—one leveraging its Apple ecosystem dominance to expand into higher-margin security and vertical-specific markets. The 17% Security ARR growth, 16% international revenue surge, and 104% Net Retention Rate all signal strategic success. Additionally, the $39 million Adjusted EBITDA and 75%+ Unlevered FCF growth projection highlight improving financial discipline.

However, challenges remain. The 99.8-month CAC payback period suggests inefficiencies in customer acquisition, while the Zacks #5 rating underscores investor wariness. To sustain momentum, Jamf must balance aggressive growth with operational optimization, particularly in reducing customer acquisition costs and enhancing free cash flow conversion.

For investors, Jamf represents a compelling opportunity to bet on the convergence of device management and enterprise security—a market projected to grow as organizations increasingly rely on hybrid work models and Apple’s ecosystem. While near-term headwinds exist, Jamf’s Q1 results and strategic moves position it well to capitalize on long-term trends, provided execution aligns with ambition.