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- **ARR Growth Acceleration**: Q3 ARR up 19% YoY to $440 million, with subscription revenue driving 21% growth. 2025 EBITDA guidance raised to $124-127 million.
- **Federal Segment Turnaround**: U.S. federal ARR returned to growth, with key wins in defense and intelligence. 2026 federal recovery supported by Corellium and FedRAMP.
- **SaaS Momentum**: Guardian ARR grew over 100% QoQ, with 50%+ customers using the platform. Guardian Investigate launch in Q1 2026 targets multi-source data workflows.
- **Corellium Confidence**: $150 million acquisition nearing close, with $10+ million ARR pipeline across defense, intelligence, and enterprise.
- **Profitability Expansion**: Gross margin 84.5%, adjusted EBITDA margin 29.9%. 2025 free cash flow margin expected at 30%.

**【CEO Summary Section】**
- **ARR Growth**: Q3 ARR reached $440 million, up 19% YoY, driven by subscription revenue growth of 21%. U.S. state/local and Latin America segments led performance.
- **Subscription Momentum**: 89% of revenue came from subscription-based solutions, with Inseyets conversions at 47% of the installed base (target 50% by year-end).
- **Federal Segment Recovery**: U.S. federal ARR returned to growth, with key wins in defense and intelligence agencies. Corellium acquisition (expected Q4 close) positions for 2026 federal expansion.
- **AI and SaaS Innovation**: Guardian SaaS ARR grew over 100% QoQ, with Guardian Investigate set to launch in Q1 2026. Pathfinder remains critical for on-prem analytics, while Guardian Investigate targets multi-source data workflows.
- **Defense & Intelligence Expansion**: D&I ARR growth exceeded 100% YoY, with European agencies leading adoption of advanced unlock and decryption solutions.

**【CFO Financial Commentary】**
- **Revenue & Profitability**: Q3 revenue $126 million (+18% YoY), gross margin 84.5%, adjusted EBITDA $37.7 million (+20% YoY). Full year 2025 EBITDA guidance raised to $124-127 million.
- **Cash Flow**: Free cash flow $30 million (Q3) and $140 million trailing 12 months, with 30% free cash flow margin expected for 2025.
- **2026 Outlook**: Anticipates ARR growth acceleration, driven by Inseyets upgrades, Guardian adoption, and Corellium integration. EBITDA margin expansion through AI-enabled efficiency gains.

**【Q&A Key Highlights】**
- **Corellium Update**: CFIUS clearance nearing completion, with $150 million purchase expected Q4. Pipeline exceeds $10 million ARR across defense, intelligence, and enterprise.
- **Federal Execution**: Q3 federal growth included $11 million+ orders from marquee agencies. 2026 federal recovery supported by FedRAMP authorization and Corellium product fit.
- **SaaS Transition**: 50%+ of customers using Guardian, with hybrid deployments common. Pathfinder remains critical for high-volume on-prem analytics.
- **Cash Allocation**: Post-Corellium, focus on disciplined M&A and AI investments to maintain 30%+ free cash flow margin.


Cellebrite DI Ltd. (CLBT) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

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Net Income

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Diluted EPS from Discontinued Operations

CLBT

CLBT fundamentals

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