Technology

Cellebrite Appoints Shiven Ramji Chief Executive Officer, Succeeding Thomas E. Hogan

Published

2 hours ago

August 13, 2026

Company Reports Second-Quarter 2026 Results; Company Lowers Full-Year 2026 ARR and Revenue Outlook and Raises Adjusted EBITDA Target

TYSONS CORNER, Va. and PETAH TIKVA, Israel, Aug. 13, 2026 /PRNewswire/ — Cellebrite DI Ltd. (NASDAQ: CLBT), a global leader in AI-powered Digital Investigative and Intelligence solutions for the public and private sectors, today announced that Shiven Ramji, who joined Cellebrite as President, Products and Technology in May 2026, has succeeded Thomas E. Hogan as the Company’s CEO as part of a planned transition, effective immediately. In addition, Ramji will be appointed to the Company’s Board of Directors. Hogan joined Cellebrite as Executive Chairman in August 2023, became interim CEO in January 2025 and was subsequently appointed CEO in August 2025.

Adam Clammer, Chairman of Cellebrite’s Board of Directors, stated, “We are deeply grateful to Tom for his extensive contributions to Cellebrite’s success over the last three years. One of Tom’s most important contributions was building a world-class team. Shiv’s succession is the clearest proof of his success in this endeavor. With a product-first approach and a successful track record of building and growing businesses, Shiv is the right CEO for our next chapter. The Board has every confidence in Shiv and the management team.”

Thomas E. Hogan commented, “It has been a privilege to lead Cellebrite – a company that truly makes the world a safer place. Over the past three years, we have navigated significant change while elevating our value proposition by broadening our solutions through a combination of organic innovation and M&A. With that foundation in place, Cellebrite’s next chapter requires a world-class product and technology executive, and Shiv is exactly that leader. Given the long-term opportunity in front of Cellebrite, I have full confidence that Shiv and this team will build on our progress to address the expanding needs of our customers around the world. I want to thank Cellebrite’s employees for their dedication, and our customers and shareholders for their trust. Cellebrite’s future is very bright.”

Shiv Ramji, Cellebrite’s CEO, stated, “I am honored to lead Cellebrite at an important moment for the Company. Over my first three months, I have spent significant time with our customers, employees and leaders across the business, and I have come away with strong conviction in both the opportunity ahead and the work required to realize it. Our mission has never been more relevant: helping customers accelerate investigations, uncover trusted intelligence, deliver justice and protect communities.”

Cellebrite Reports Second-Quarter 2026 Results
Cellebrite also announced today its financial results for the three and six months ending June 30, 2026.

Second-Quarter 2026 Financial Highlights

Total Annual Recurring Revenue (ARR) of $507.8 million, up 21% year-over-yearRecurring revenue dollar-based net retention rate of 117%, up 2 pts. over Q1Revenue of $131.1 million, up 16% year-over-yearSubscription revenue was $119.5 million, a year-over-year increase of 16%GAAP gross profit and gross margin of $105.9 million and 80.8%, respectively; Non-GAAP gross profit and gross profit margin of $112.1 million and 85.5%, respectivelyGAAP net income of $6.4 million; Non-GAAP net income of $29.7 millionGAAP diluted earnings per share of $0.02; Non-GAAP diluted earnings per share of $0.11Adjusted EBITDA and Adjusted EBITDA margin of $31.8 million and 24.2%, respectivelyFree cash flow for the trailing twelve months of $144.2 million, or 28.0% on a margin

“We delivered healthy second-quarter growth in Asia-Pacific, EMEA and U.S. Federal,” stated Ramji. “However, ARR came in below our expectations. We saw longer sales cycles and less expansion from Inseyets conversions than anticipated. We are taking action to improve execution going forward.”

Ramji continued, “We are making tangible progress with our newer products, which further supports our confidence in the long-term opportunity. At the same time, we are taking a more measured view of that contribution in the near term, given elongated sales cycles and the timing of additional new product introductions anticipated for later this year.”

Ramji concluded, “Given these dynamics, in combination with the pace and magnitude of Inseyets expansions, we have lowered our FY26 ARR and revenue outlook. We believe resetting expectations now is the responsible approach and provides a more appropriate foundation from which to execute. At the same time, continued operating discipline has enabled us to raise our FY26 adjusted EBITDA target.”

Recent Business Highlights

Innovation

Genesis Momentum: Cellebrite Genesis, the Company’s purpose-built agentic AI solution, has continued to build momentum since its official launch on June 10th. Cellebrite achieved early monetization for Genesis in the second quarter. Since the start of the third quarter, the Company has continued to make further progress with Genesis adoption and related product enhancements.New Product Adoption: In addition to Genesis, Cellebrite has continued to see customer adoption build for new offerings introduced since the start of this year, namely its Guardian I nvestigat e, CFID for drone foren sics and Advanced Unlocks.Signature FedRAMP Win: Cellebrite also recently signed its first significant FedRAMP deal for Guardian, its SaaS-based evidence management solution delivered through the Cellebrite Government Cloud (CGC). In May 2026, Cellebrite announced that its Cellebrite Government Cloud (CGC) platform achieved FedRAMP® High Authorization, the federal government’s highly stringent cloud security standard, with the U.S. Department of Justice (DOJ) serving as the authorizing agency.

Go-To-Market

Drone Partnership: Last month, Cellebrite announced an expanded partnership with SkySafe, the leader in drone detection and airspace intelligence. The exclusive partnership combines advanced digital forensics with advanced drone detection, deep analysis and drone activity, equipping organizations and agencies with the intelligence needed to proactively detect, analyze and act on potential threats in real-time at scale. High-Impact Customer Events: Following a highly successful, second annual user conference in April 2026, Cellebrite hosted a 2-day C2C UK event on June 16th and 17th. The Company plans to host a range of regional C2C Live events, featuring sessions designed to support learning, collaboration and best practices, for customers in U.S., Europe and Asia-Pacific during the second half of 2026.

Supplemental financial information can be found on the Investor Relations section of our website at https://investors.cellebrite.com/financial-information/quarterly-results.

Financial Outlook
David Barter, Cellebrite’s CFO, said, “Although we didn’t deliver against our second-quarter 2026 ARR target, we have continued to make tangible progress in executing Cellebrite’s product strategy, with newer products contributing more meaningfully to net new ARR than a year ago, and we expect that momentum to continue into the second half of the year. While we’ve lowered our full-year ARR expectations, along with the resulting impact on our revenue target, we have raised this year’s original adjusted EBITDA target and anticipate delivering a stronger second-half free cash flow performance even as we continue funding the investments critical to driving durable, long-term growth.”

The Company’s third-quarter and full-year 2026 financial expectations are as follows:

Third-Quarter 2026 Expectations

Full-Year 2026 Expectations

(as of 08/13/26)

ARR

$524M – $528M

$550M – $560M

Annual Growth

19% – 20%

14% – 16%

Revenue

$145M – $148M

$555M – $561M

Annual Growth

15% – 17%

17% – 18%

Adjusted EBITDA

$42M – $45M

$153M – $159M

Adjusted EBITDA margin

29% – 30%

~28%

Conference Call Information
Cellebrite will host a live conference call and webcast later today to review the Company’s second-quarter 2026 financial results and discuss its full-year 2026 outlook. Pertinent details include:

Date:

Thursday, August 13, 2026

Time:

8:30 a.m. ET

Call-In Number:

785-838-9251 / 833-309-3473

Conference ID:

CLBTQ226

Event URL:

https://investors.cellebrite.com/events/event-details/cellebrite-q2-2026-financial-results-conference-call-webcast

Webcast URL:

https://edge.media-server.com/mmc/p/nsqdfdmm

In conjunction with the conference call and webcast, historical financial tables and supplemental data will be available on the quarterly results section of Company’s investor relations website at https://investors.cellebrite.com/financial-information/quarterly-results.

Non-GAAP Financial Information and Key Performance Indicators
This press release includes non-GAAP financial measures. Cellebrite believes that the use of non-GAAP cost of revenue, non-GAAP gross profit, non-GAAP operating expenses, non-GAAP operating income, non-GAAP net income, non-GAAP EPS and adjusted EBITDA is helpful to investors. These measures, which the Company refers to as its non-GAAP financial measures, are not prepared in accordance with GAAP.

The Company believes that the non-GAAP financial measures provide a more meaningful comparison of its operational performance from period to period, and offer investors and management greater visibility into the underlying performance of its business:

Share-based compensation expenses utilize varying available valuation methodologies, subjective assumptions and a variety of equity instruments that can impact a company’s non-cash expenses;Acquired intangible assets are valued at the time of acquisition and are amortized over an estimated useful life after the acquisition;Acquisition-related expenses and executive severance expenses relate to the cash component of contractual severance due to our former CFO, all of which are unrelated to current operations and neither are comparable to the prior period nor predictive of future results;To the extent that the above adjustments have an effect on tax (income) expense, such an effect is excluded in the non-GAAP adjustment to net income;Tax expense, depreciation and amortization expense vary for many reasons that are often unrelated to our underlying performance and make period-to-period comparisons more challenging; andFinancial instruments are remeasured according to GAAP and vary for many reasons that are often unrelated to the Company’s current operations and affect financial income.

Free cash flow is calculated as net cash provided by or used in operating activities less purchases of property and equipment and the capitalization of software development costs (collectively referred to as capital expenditures). We believe that free cash flow is a useful indicator of liquidity that provides information to management and investors about the amount of cash provided by or used in our operations that, after the investments in property and equipment, can be used for strategic initiatives.

Each of our non-GAAP financial measures is an important tool for financial and operational decision making and for evaluating our own operating results over different periods of time. The non-GAAP financial measures do not represent our financial performance under U.S. GAAP and should not be considered as alternatives to operating income or net income or any other performance measures derived in accordance with GAAP. Non-GAAP measures should not be considered in isolated from, or as an alternative to, financial measures determined in accordance with GAAP. Non-GAAP financial measures may not provide information that is directly comparable to that provided by other companies in our industry, as other companies in our industry may calculate non-GAAP financial results differently, particularly related to non-recurring, unusual items. In addition, there are limitations in using non-GAAP financial measures because the non-GAAP financial measures are not prepared in accordance with GAAP, and exclude expenses that may have a material impact on our reported financial results. Further, share-based compensation expense has been, and will continue to be for the foreseeable future, significant recurring expenses in our business and an important part of the compensation provided to our employees. In addition, the amortization of intangible assets is expected to be a recurring expense over the estimated useful life of the underlying intangible asset and acquisition-related expenses will be incurred to the extent acquisitions are made in the future. Furthermore, foreign exchange rates may fluctuate from one period to another, and the Company does not estimate movements in foreign currencies.

A reconciliation of each of these non-GAAP financial measures to their most comparable GAAP measure is set forth in a table included at the end of this press release, which is also available on our website at https://investors.cellebrite.com.

In regard to forward-looking non-GAAP guidance, we are not able to reconcile the forward-looking adjusted EBITDA measure to the closest corresponding GAAP measure without unreasonable efforts because we are unable to predict the ultimate outcome of certain significant items including, but not limited to, fair value movements, share-based payments for future awards, tax expense, depreciation and amortization expense, and certain financing and tax items.

This press release also includes key performance indicators, including annual recurring revenue and dollar-based retention rate.

Annual recurring revenue (“ARR”) is defined as the value of subscription-based customer agreements encompassing term-based on-premise software and cloud-based software, including those offerings delivered under a recurring consumption-based model, that are in effect at the end of the reporting period. For subscription-based agreements, ARR is calculated as the total contract value of the agreement divided by the length of the agreement, measured as of the end of the period and assuming no increases or reductions to the customer’s subscription. For consumption-based cloud software subscriptions, ARR is calculated as the total contract value of the subscription divided by the length of the agreement, assuming no increases or reductions in the customer’s usage rate. For new agreements with a term of less than 12 months, ARR is calculated as the total contract value of the agreement, without annualization. The annualized value of contracts is a legal and contractual determination made by assessing the contractual terms with our customers, including contracts for which we are actively negotiating a subscription renewal, which continue to be included in ARR until the customer notifies the Company that it does not intend to renew. ARR is not a forecast of future subscription revenue, which can be impacted by contract start and end dates and renewal rates.

Dollar-based net retention rate (“NRR”) is calculated by dividing the customer’s ARR by the base ARR. We define base ARR as recurring revenue we recognized from all customers with a valid license at the last quarter of the previous year period, during the four quarters ended one year prior to the date of measurement. We define our customer’s ARR as the recurring revenue we recognized during the four quarters ended on the date of measurement from the same customer base included in our measure of base ARR, including recurring revenue resulting from additional sales to those customers.

References to Websites and Social Media Platforms
References to information included on, or accessible through, websites and social media platforms do not constitute incorporation by reference of the information contained at or available through such websites or social media platforms, and you should not consider such information to be part of this press release.

Caution Regarding Forward Looking Statements
This document includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward looking statements may be identified by the use of words such as “forecast,” “intend,” “seek,” “target,” “anticipate,” “will,” “appear,” “approximate,” “foresee,” “might,” “possible,” “potential,” “believe,” “could,” “predict,” “should,” “could,” “continue,” “expect,” “estimate,” “may,” “plan,” “outlook,” “future” and “project” and other similar expressions that predict, project or indicate future events or trends or that are not statements of historical matters. Such forward-looking statements include, but are not limited to, estimated financial information for the third quarter of 2026 and for fiscal year 2026 including those statements with respect to our FY26 revenue, revenue and adjusted EBITDA outlook; the expectation for a stronger second-half free cash flow performance even as we continue funding the investments critical to driving durable, long-term growth; and the near-term contribution from new products given elongated sales cycles and the timing of additional new product introductions anticipated for later this year; as well as commentary associated with future performance, strategies, prospects, and other aspects of Cellebrite’s business are based on current expectations that are subject to risks and uncertainties. A number of factors could cause actual results or outcomes to differ materially from those indicated by such forward-looking statements. These factors include, but are not limited to: Cellebrite’s ability to keep pace with technological advances and challenges and evolving industry standards with respect to software, artificial intelligence, or device access, to adapt to changing market potential within our markets and to successfully launch new solutions and add-ons that meet or exceed customer needs; our material dependence on the acceptance of our solutions by domestic and international law enforcement, public safety, defense and intelligence agencies; real or perceived errors, failures, defects or bugs in our solutions; licensing of technology from third parties, including our dependence on maintaining those licenses or seeking alternative solutions; failure to maintain the productivity of sales and marketing personnel, including relating to hiring, integrating and retaining personnel; intense competition in all of our markets, including risks associated with pricing pressures from and loss of market share to competitors with greater resources than we have and increasing competition as a result of consolidation in the industry; the misuse of our solutions by our customers which may achieve suboptimal results or be perceived as incompatible with human rights; our ability to properly manage our growth as a business, and execute new offerings, developments and strategic opportunities, including joint ventures, partnerships and acquisitions; our dependence on our customers to renew their subscriptions and purchase additional subscriptions or services from us; conducting a low volume of our business via e-commerce; the use of artificial intelligence in our digital investigation platform; the availability of financing sources on reasonable terms or at all; our reliance on third-party suppliers for certain components, products or services, including risks relating to the availability of raw materials or components; challenges associated with large transactions, including with respect to longer sales cycles, as well as with developing, offering, implementing, and maintaining new solutions; risk of security vulnerabilities or defects, including cyber-attacks, information technology system breaches, failures or disruptions which are critical to our operations and maintaining the trust and confidence of our customers; risks associated with political, geo-political and reputational factors related to our business or operations, including Cellebrite operations in Israel and/or negative publicity, including with respect to the nature of our solutions; risks associated with our ability to obtain CFIUS approval for the acquisition of Corellium and with our ongoing compliance with national security agreements entered into with the U.S. government; risks that our intellectual property rights may not be adequate to protect our business or assets or that others may make claims on our intellectual property, claim infringement on their intellectual property rights, or claim a violation of their license rights, including relative to free or open-source-software components we may use risks relating to the regulatory constraints to which we are subject, including Israeli export laws, our compliance with such laws and related export licenses issued from the government of Israel; risks associated with different corporate governance requirements applicable to Israeli companies and risks associated with being a foreign private issuer; risks associated with our significant international operations, including due to our Israeli operations, fluctuations in foreign exchange rates, rising global inflation, and exposure to regions subject to political or economic instability, including the State of Israel; uncertainties regarding the impact of changes in macroeconomic and/or global conditions, including as a result of slowdowns, recessions, economic instability, political unrest, or outbreaks of disease, as well as the resulting impact on information technology spending and government budgets, on our business and other factors, risks and uncertainties set forth in the section titled “Risk Factors” in Cellebrite’s annual report on Form 20-F filed with the U.S. Securities and Exchange Commission (“SEC”) on March 3, 2026, and in other documents filed by Cellebrite with the SEC, which are available free of charge at www.sec.gov. You are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made, in this communication or elsewhere. Cellebrite undertakes no obligation to update its forward-looking statements, whether as a result of new information, future developments or otherwise, should circumstances change, except as otherwise required by securities and other applicable laws.

About Cellebrite
Cellebrite’s (Nasdaq: CLBT) mission is to protect communities, nations and businesses as a global leader in digital investigative and intelligence solutions. More than 7,000 global law enforcement agencies, defense and intelligence organizations and enterprises trust Cellebrite’s AI-powered software portfolio to make forensically sound digital data more accessible and actionable. Cellebrite technology allows customers to accelerate nearly 3 million legally sanctioned investigations annually, enhance sovereign security, elevate operational efficacy and efficiency and enable advanced mobile research and application security. Available via cloud, on-premises and hybrid deployments, Cellebrite’s technology enables its customers around the globe to advance their missions, elevate public safety and safeguard data privacy. To learn more, visit us at www.cellebrite.com and https://investors.cellebrite.com and find us on social media @Cellebrite.

Contacts:

Investors Relations
Andrew Kramer
Vice President, Investor Relations & Treasury
investors@cellebrite.com
+1 973.206.7760

Media
Jackie Labrecque
Director, PR and Executive Communications
jackie.labrecque@cellebrite.com
+1 771.241.7010

Cellebrite DI Ltd.
Second-Quarter 2026 Results Summary
(U.S Dollars in thousands)

For the three months ended

For the six months ended

June 30,

2026

2025

2026

2025

Revenue

131,138

113,276

259,439

220,825

Gross profit

105,931

95,599

211,812

185,658

Gross margin

80.8 %

84.4 %

81.6 %

84.1 %

Operating income

6,949

14,417

16,068

26,685

Operating margin

5.3 %

12.7 %

6.2 %

12.1 %

Net income

6,371

19,476

17,309

36,876

Cash flow from operating activities

17,589

32,583

37,474

53,461

Non-GAAP Financial Data:

Operating income

29,805

26,224

58,391

48,195

Operating margin

22.7 %

23.2 %

22.5 %

21.8 %

Net income

29,692

30,773

60,312

56,952

Adjusted EBITDA

31,790

27,885

62,407

51,561

Adjusted EBITDA margin

24.2 %

24.6 %

24.1 %

23.3 %

Cellebrite DI Ltd.
Condensed Consolidated Balance Sheets
(U.S. Dollars in thousands)

June 30,

December 31,

2026

2025

Assets

Current assets

Cash and cash equivalents

$ 141,250

$ 124,457

Short-term deposits

146,759

161,049

Marketable securities

154,522

151,544

Trade receivables (net of allowance for credit losses of $456 and $506 as of June 30, 2026 and
December 31, 2025, respectively)

110,782

104,972

Prepaid expenses and other current assets

21,514

19,630

Contract acquisition costs

6,466

6,595

Inventories

8,388

7,603

Total current assets

589,681

575,850

Non-current assets

Other non-current assets

7,344

14,618

Marketable securities

103,185

97,959

Deferred tax assets, net

11,667

10,880

Property and equipment, net

24,552

22,209

Operating lease right-of-use assets, net

16,414

16,308

Intangible assets, net

121,909

81,469

Goodwill

119,559

Total non-current assets

404,630

363,002

Total assets

$ 994,311

$ 938,852

Liabilities and shareholders’ equity

Current Liabilities

Trade payables

$ 18,113

$ 16,834

Other accounts payable and accrued expenses

77,009

71,244

Deferred revenues

263,350

277,583

Operating lease liabilities

5,736

3,996

Total current liabilities

364,208

369,657

Long-term liabilities

Other long-term liabilities

24,573

16,677

Deferred revenues

49,940

49,526

Operating lease liabilities

17,493

18,674

Total long-term liabilities

92,006

84,877

Total liabilities

456,214

454,534

Shareholders’ equity

Share capital

Additional paid-in capital

605,809

568,721

Treasury share, NIS 0.00001 par value; 41,776 ordinary shares

(85)

Accumulated other comprehensive income

1,602

2,220

Accumulated deficit

(69,229)

(86,538)

Total shareholders’ equity

538,097

484,318

Total liabilities and shareholders’ equity

$ 994,311

$ 938,852

*) Less than 1 USD

Cellebrite DI Ltd.
Condensed Consolidated Statements of Income
(U.S Dollars in thousands, except share and per share data)

For the three months ended

For the six months ended

June 30,

2026

2025

2026

2025

Revenue:

Subscription services

$ 97,685

$ 80,814

$ 194,234

$ 157,502

Term-license

21,805

22,147

43,109

41,288

Other non-recurring

3,912

3,292

7,580

7,703

Professional services

7,736

7,023

14,516

14,332

Total revenue

131,138

113,276

259,439

220,825

Cost of revenue:

Subscription services

15,981

8,522

30,219

16,954

Other non-recurring

3,764

3,198

7,261

6,499

Professional services

5,462

5,957

10,147

11,714

Total cost of revenue

25,207

17,677

47,627

35,167

Gross profit

$ 105,931

$ 95,599

$ 211,812

$ 185,658

Operating expenses:

Research and development, net

35,961

28,611

71,833

55,888

Sales and marketing

43,753

38,685

86,975

77,453

General and administrative

19,268

13,886

36,936

25,632

Total operating expenses

$ 98,982

$ 81,182

$ 195,744

$ 158,973

Operating income

$ 6,949

$ 14,417

$ 16,068

$ 26,685

Financial income, net

4,238

6,374

8,753

13,434

Income before tax

11,187

20,791

24,821

40,119

Tax expense

4,816

1,315

7,512

3,243

Net income

$ 6,371

$ 19,476

$ 17,309

$ 36,876

Earnings per share

Basic

$ 0.03

$ 0.08

$ 0.07

$ 0.15

Diluted

$ 0.02

$ 0.08

$ 0.07

$ 0.15

Weighted average shares outstanding

Basic

247,617,591

240,358,573

247,047,007

238,811,210

Diluted

252,788,652

248,980,462

252,436,239

249,410,357

Other comprehensive income (loss):

Unrealized income (loss) on hedging transactions

788

2,936

(163)

2,157

Unrealized (loss) income on marketable securities

(495)

(1,314)

103

Currency translation adjustments

317

(1,226)

859

(1,707)

Total other comprehensive income (loss), net of tax

610

1,749

(618)

553

Total other comprehensive income

$ 6,981

$ 21,225

$ 16,691

$ 37,429

Cellebrite DI Ltd.
Condensed Consolidated Statements of Cash Flow
(U.S Dollars in thousands, except share and per share data)

For the three months ended

For the six months ended

June 30,

2026

2025

2026

2025

Cash flow from operating activities:

Net income

$ 6,371

$ 19,476

$ 17,309

$ 36,876

Adjustments to reconcile net income to net cash provided
by operating activities:

Share-based compensation and RSU’s

15,249

8,810

29,633

17,587

Amortization of premium, accretion of discount and
accrued interest on marketable securities

(237)

(1,202)

(1,385)

(1,725)

Depreciation and amortization

8,915

2,592

15,920

5,223

Interest income from short-term deposits

(1,736)

(2,303)

(3,529)

(4,683)

Deferred tax assets, net

(15)

(1,387)

(765)

(1,773)

Increase in trade receivables

(38,070)

(10,931)

(5,629)

(9,210)

Increase (decrease) in deferred revenue

7,987

2,310

(12,874)

3,302

(Increase) decrease in other non-current assets

(253)

210

299

995

Decrease (increase) in prepaid expenses and other current assets

4,351

(2,748)

(613)

2,732

Changes in operating lease right-of-use assets

1,058

1,070

2,113

2,226

Changes in operating lease liability

(645)

(532)

(1,660)

(1,711)

Increase in inventories

(859)

(524)

(715)

(534)

Increase (decrease) in trade payables

7,181

(166)

1,194

(1,212)

Increase (decrease) in other accounts payable and accrued expenses

6,898

17,622

(3,495)

5,470

Increase (decrease) in other long-term liabilities

1,394

286

1,671

(102)

Net cash provided by operating activities

17,589

32,583

37,474

53,461

Cash flows from investing activities:

Capital expenditures

(3,068)

(3,608)

(6,109)

(5,947)

Cash paid in conjunction with acquisitions, net of acquired cash

—

(15,278)

—

Purchase of Intangible assets

(8,560)

—

(15,619)

—

Investment in marketable securities

(50,050)

(53,190)

(124,625)

(183,146)

Proceeds from maturities of marketable securities

36,338

32,204

60,945

59,623

Proceeds from sales of marketable securities

15,840

31,166

55,546

31,166

Investment in short-term deposits

(46,000)

—

(82,000)

(84,000)

Redemption of short-term deposits

41,754

34,005

99,819

96,377

Net cash (used in) provided by investing activities

(13,746)

40,577

(27,321)

(85,927)

Cash flows from financing activities:

Exercise of options to shares

2,123

12,624

4,251

15,117

Proceeds from Employee Share Purchase Plan

1,485

1,202

2,868

2,329

Net cash provided by financing activities

3,608

13,826

7,119

17,446

Net increase (decrease) in cash and cash equivalents

7,451

86,986

17,272

(15,020)

Net effect of Currency Translation on cash and cash equivalents

110

1,762

(479)

2,584

Cash and cash equivalents at beginning of period

133,689

90,475

124,457

191,659

Cash and cash equivalents at end of period

$ 141,250

$ 179,223

$ 141,250

$ 179,223

Supplemental cash flow information:

Income taxes paid (received)

$ 6,997

$ (8,879)

$ 10,535

$ (8,073)

Non-cash activities

Operating lease liabilities arising from obtaining right-of-use assets

$ 1,069

$ 12,328

$ 2,219

$ 13,141

Cellebrite DI Ltd.
Reconciliation of GAAP to Non-GAAP Financial Information
(U.S Dollars in thousands, except share and per share data)

For the three months ended

For the six months ended

June 30,

2026

2025

2026

2025

(Unaudited)

Cost of revenue

$ 25,207

$ 17,677

$ 47,627

$ 35,167

Less:

Share-based compensation

657

827

1,349

1,577

Amortization of intangible assets

5,536

—

9,148

—

Acquisition-related costs

—

Non-GAAP cost of revenue

$ 19,013

$ 16,850

$ 37,129

$ 33,590

For the three months ended

For the six months ended

June 30,

2026

2025

2026

2025

(Unaudited)

Gross profit

$ 105,931

$ 95,599

$ 211,812

$ 185,658

Share-based compensation

657

827

1,349

1,577

Amortization of intangible assets

5,536

—

9,148

—

Acquisition-related costs

—

Non-GAAP gross profit

$ 112,125

$ 96,426

$ 222,310

$ 187,235

For the three months ended

For the six months ended

June 30,

2026

2025

2026

2025

(Unaudited)

Operating expenses

$ 98,982

$ 81,182

$ 195,744

$ 158,973

Less:

Share-based compensation

14,592

7,983

28,284

16,010

Amortization of intangible assets

1,394

931

2,756

1,857

Acquisition-related costs

676

2,066

785

2,066

Non-GAAP operating expenses

$ 82,320

$ 70,202

$ 163,919

$ 139,040

For the three months ended

For the six months ended

June 30,

2026

2025

2026

2025

(Unaudited)

Operating income

$ 6,949

$ 14,417

$ 16,068

$ 26,685

Share-based compensation

15,249

8,810

29,633

17,587

Amortization of intangible assets

6,930

931

11,904

1,857

Acquisition-related costs

677

2,066

786

2,066

Non-GAAP operating income

$ 29,805

$ 26,224

$ 58,391

$ 48,195

Cellebrite DI Ltd.
Reconciliation of GAAP to Non-GAAP Financial Information
(U.S Dollars in thousands, except share and per share data)

For the three months ended

For the six months ended

June 30,

2026

2025

2026

2025

(Unaudited)

Net income

$ 6,371

$ 19,476

$ 17,309

$ 36,876

Share-based compensation

15,249

8,810

29,633

17,587

Amortization of intangible assets

6,930

931

11,904

1,857

Acquisition-related costs

677

2,066

786

2,066

Tax expense (income)

465

(510)

680

(1,434)

Non-GAAP net income

$ 29,692

$ 30,773

$ 60,312

$ 56,952

Non-GAAP Earnings per share:

Basic

$ 0.12

$ 0.13

$ 0.24

Diluted

$ 0.11

$ 0.12

$ 0.23

$ 0.22

Weighted average shares outstanding:

Basic

247,617,591

240,358,573

247,047,007

238,811,210

Diluted

259,522,205

252,713,944

259,390,445

252,618,208

For the three months ended

For the six months ended

June 30,

2026

2025

2026

2025

(Unaudited)

Net income

$ 6,371

$ 19,476

$ 17,309

$ 36,876

Financial income, net

(4,238)

(6,374)

(8,753)

(13,434)

Tax expense

4,816

1,315

7,512

3,243

Share-based compensation

15,249

8,810

29,633

17,587

Amortization of intangible assets

6,930

931

11,904

1,857

Acquisition-related costs

677

2,066

786

2,066

Depreciation expenses

1,985

1,661

4,016

3,366

Adjusted EBITDA

$ 31,790

$ 27,885

$ 62,407

$ 51,561

For the three months ended

For the six months ended

June 30,

2026

2025

2026

2025

(Unaudited)

Net cash provided by operating activities

$ 17,589

$ 32,583

$ 37,474

$ 53,461

Less:

Capital expenditures

(3,068)

(3,608)

(6,109)

(5,947)

Free cash flow

$ 14,521

$ 28,975

$ 31,365

$ 47,514

Free cash flow margin

11.1 %

25.6 %

12.1 %

21.5 %

Cellebrite DI Ltd.
Reconciliation of GAAP to Non-GAAP Financial Information
(U.S Dollars in thousands, except share and per share data)

For the trailing
12 months
ended

For the three months ended

June 30,

March 31,

December 31,

September 30,

2026

2025

(Unaudited)

Net cash provided by operating activities

$ 157,557

$ 17,589

$ 19,885

$ 86,811

$ 33,272

Less:

Capital expenditures

(13,387)

(3,068)

(3,041)

(3,956)

(3,322)

Free cash flow

$ 144,170

$ 14,521

$ 16,844

$ 82,855

$ 29,950

Free cash flow margin

28.0 %

11.1 %

13.1 %

64.3 %

23.8 %

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SOURCE Cellebrite

Technology

Disrupting Venture Capital: Why AI Killed Proprietary Tech as a Moat

Published

41 minutes ago

August 13, 2026

On Disruption Interruption, Tahnoon Murtza explains why easier-to-build technology is reshaping early-stage investing and putting more value on distribution, audience access, and authentic founder relationships.

TAMPA BAY, Fla., Aug. 13, 2026 /PRNewswire/ — U.S. venture investors deployed $320 billion across 15,352 deals in 2025, while artificial intelligence companies captured 65.4% of deal value, according to the National Venture Capital Association’s (NVCA) 2026 Yearbook. Yet the same tools attracting investment are also making software faster to build and easier to replicate. On this episode of Disruption Interruption, host Karla Jo Helms speaks with Tahnoon Murtza, Founding Partner of Grey Sheep Ventures, about how that AI is changing what investors should consider defensible in an early-stage company. “The way people are building companies is inherently different,” Murtza says. “So, the way you fund companies has to be inherently different.”

Product Alone Is Not Enough to Win the Round

Murtza’s first challenge to the traditional venture model is the assumption that technology itself can protect a startup from competitors. He argues that AI tools such as Lovable and Claude Code have lowered the barrier to building software, making some products much easier to replicate. “You can build a tech company in a weekend,” he says. “You don’t have to be technical. And so, there’s no such thing as proprietary tech.”

That question is particularly important in consumer investing, where consumer goods and services accounted for just 5% of U.S. venture capital deal value in 2024, according to the NVCA’s 2025 Yearbook. When competitors can reproduce a product, investors must look beyond the technology itself. “What is the moat?” Murtza asks. “When you take a product that everyone can build, how can you distinguish? It’s by having a distinguished voice, having distinguished access to getting the attention of your customers.”

The issue is that many legacy funds still evaluate companies through an outdated perspective. Murtza sees a generational gap between the investors making decisions and the founders operating in a world shaped by for short-form content, micro-influencers, creator-led distribution, and conversion-driven attention. “There needs to be more younger people involved and more decision-making authority within funds in general,” he says.

When Capital Is Not Enough

Grey Sheep Ventures applies that thesis to consumer startups, where Murtza evaluates not only what founders are building but how effectively they can reach the people most likely to buy it. His approach also challenges the assumption that investors hold the strongest position in the founder-investor relationship. “If you’re a good founder, it’s a privilege as an investor to be able to get onto your cap table,” Murtza says.

That mindset also changes what Murtza believes as an investor owes a portfolio company. He describes himself as the “phone-a-friend-emergency guy,” helping founders with influencers, private equity connections, distribution, and other needs beyond capital. “I almost view myself more as I’m an employee who pays them,” he says.

Grey Sheep has profited from that approach, winning investment allocations even when larger established funds were competing for the same opportunities. “Authenticity and generally being connected to the type of founders you’re trying to back is becoming the biggest moat as a venture capital fund,” he says.

Murtza’s longer-term vision is a hybrid between an accelerator and a fund, bringing creators, influencers, and early-stage consumer founders together with capital and operators who can help turn audience trust into durable businesses. He cautions, however, that access to an audience does not make company-building easy. “If you want to build something authentic, it takes copious effort, it takes obsession, it takes a consuming amount of time,” Murtza says. “If you’re going to commit to that, you want a VC partner who’s going to put the same effort into your company that you are.”

Links

Disrupting the Tech Monopolies: Investing in the Attention Economy with Tahnoon Murtza

Disruption Interruption is the podcast where you will hear from today’s biggest Industry Disruptors. Learn what motivated them to bring about innovation and how they overcame opposition to adoption.

https://omny.fm/shows/disruption-interruption/disrupting-the-tech-monopolies-investing-in-the-attention-economy-with-tahnoon-murtza

LinkedIn: https://www.linkedin.com/in/tahnoon-m-b4071419a/
Company Website: https://www.greysheepventures.com/

About Disruption InterruptionTM
Disruption is happening on an unprecedented scale, impacting all manner of industries — MedTech, Finance, IT, eCommerce, shipping, logistics, and more — and COVID has moved their timelines up a full decade or more. But WHO are these disruptors and when did they say, “THAT’S IT! I’VE HAD IT!”? Time to Disrupt and Interrupt with host Karla Jo “KJ” Helms, veteran communications disruptor. KJ interviews bad asses who are disrupting their industries and altering economic networks that have become antiquated with an establishment resistant to progress. She delves into uncovering secrets from industry rebels and quiet revolutionaries that uncover common traits — and not-so-common — that are changing our economic markets… and lives. Visit the world’s key pioneers that persist to success, despite arrows in their backs at www.disruption-interruption.com.

About Tahnoon Murtza
Tahnoon Murtza is the Founding Partner of Grey Sheep Ventures, an emerging venture fund focused on consumer startups, distribution, and founder relationships. At 22, he is building a firm around the belief that AI has transformed how companies are created, and that venture capital must change how it evaluates them. A former founder and lifelong punk and metal musician, Murtza brings a contrarian, founder-first approach to early-stage investing, with a focus on attention, authenticity, and the creator-consumer economy.

About Karla Jo Helms
Karla Jo Helms is the Chief Evangelist and Anti-PR® Strategist for JOTO PR Disruptors™. Karla Jo learned firsthand how unforgiving business can be when millions of dollars are on the line — and how the control of public opinion often determines whether one company is happily chosen, or another is brutally rejected. Being an alumnus of crisis management, Karla Jo has worked with litigation attorneys, private investigators, and the media to help restore companies of goodwill into the good graces of public opinion — Karla Jo operates on the ethic of getting it right the first time, not relying on second chances and doing what it takes to excel. Helms speaks globally on public relations, how the PR industry itself has lost its way, and how, in the right hands, corporations can harness the power of Anti-PR to drive markets and impact market perception.

References

National Venture Capital Association. (2026). NVCA 2026 yearbook: The venture industry in transition [Report]. nvca.org/wp-content/uploads/2026/04/NVCA-2026-Yearbook-4.9.26.pdfNational Venture Capital Association. (2025). NVCA 2025 yearbook [Report]. nvca.org/wp-content/uploads/2025/03/2025-NVCA-Yearbook.pdf

Media Inquiries:
Karla Jo Helms
JOTO PR™
727-777-4629

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SOURCE Disruption Interruption

Technology

Genpact Recognized as a Leader in Financial Crime Compliance by HFS Research

Published

41 minutes ago

August 13, 2026

HFS highlights Genpact’s AI-led automation, deep AML process expertise, platform-led FCC architecture, and agentic innovation in financial crime operations

NEW YORK, Aug. 13, 2026 /PRNewswire/ — Genpact (NYSE: G), the Agentic Operations company, today announced that HFS Research recognized it as a Leader in the HFS Horizons: Financial Crime Compliance (FCC) in Financial Services, 2026 report. HFS placed Genpact in Horizon 3, its highest tier, and described the company as modernizing anti-money laundering (AML) operations through AI-led automation and deep process expertise.

“The future of AML lies in moving from fragmented compliance tasks to an integrated value chain that combines intelligence, automation, and trust. The path to managing the rising cost of compliance lies in AI and agentic solutions at scale, but scale requires a strong foundation,” said Hansa Iyengar, Practice Leader, HFS Research. “Genpact’s process-first approach and technology-led workflows position the company to help financial institutions modernize AML operations while keeping human oversight at the center of compliance decisioning.”

What HFS highlighted in its report
HFS highlighted Genpact’s strengths in helping financial crime teams focus on stopping real threats, rather than managing manual, paperwork-heavy processes:

AI-enabled compliance operations: Genpact embeds AI into financial crime workflows to reduce manual effort, improve consistency, and scale investigator productivity.AML transformation expertise: Genpact combines financial crime, operations, and technology expertise to redesign investigative workflows and speed modernization.Connected FCC architecture: riskCanvas® unifies monitoring, screening, case management, and risk scoring to give teams a clearer view of financial crime risk.Agentic investigation support: Banking Analyst Suite automates investigative tasks, accelerates analysis, and helps teams focus on the highest-risk activity.

“Financial institutions need AML operations that can adapt as risk, regulation, and transaction volumes evolve,” said Satish Acharya, Service Line Leader, Financial Crime & Risk Management, Genpact. “Genpact helps clients connect data, workflows, and domain expertise so investigators can reduce manual effort, act on better intelligence, and make faster, more informed decisions.”

Visit Genpact.com to learn more about Genpact’s recognition in the HFS Horizons: Financial Crime Compliance (FCC) in Financial Services, 2026 report and the company’s financial crime compliance capabilities.

About the HFS Horizons report
The HFS Horizons: Financial Crime Compliance (FCC) in Financial Services, 2026 study evaluates service providers on their ability to deliver innovation, execution, and measurable outcomes across financial crime compliance and AML workflows. It examines how providers apply digital capabilities across the anti-money laundering (AML) value chain and uses the “why, what, how, and so what” framework to assess the future of integrated financial crime prevention in banking and financial services.

About Genpact
Genpact (NYSE: G) is the Agentic Operations company, where applied AI meets context-rich process intelligence. We run and transform mission-critical operations for global enterprises. Genpact’s Agentic Operations are grounded in decades of operating core business processes at scale across finance, supply chain, banking, insurance, and more. Our flywheel of advanced technology, trusted data foundations, and deep ecosystem partnerships moves enterprises rapidly from experimentation to scale. AI agents bring speed and precision, human experts bring judgment, and together they deliver outcomes clients can measure.

Get to know us at genpact.com and on LinkedIn, X, YouTube, and Facebook.

MEDIA CONTACT:

Keith Gordon
Genpact Media Relations
917-204-9952
keith.gordon@genpact.com

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SOURCE Genpact

Technology

J.S. Held Adds Depth of Forensic Engineering Expertise in Canada with Acquisition of Element Forensic Engineering

Published

41 minutes ago

August 13, 2026

Combination expands technical and financial forensic expertise for insurers and counsel across Canada.

NEW YORK, Aug. 13, 2026 /PRNewswire/ — Global consulting firm J.S. Held announces the acquisition of Element Forensic Engineering (Element), a Canadian firm with offices throughout the Toronto area and an additional office in Calgary, recognized for its work with insurers and counsel across structural, fire investigations, code interpretation, environmental, mechanical, electrical, and building science matters. Building upon earlier acquisitions, this transaction further expands J.S. Held’s Canadian Forensic Architecture & Engineering platform and connects Element’s clients to the firm’s global bench of technical and financial experts, with capabilities including property loss evaluation, contents and inventory valuation, business interruption and economic damages, environmental and contamination claims, and causation and liability analysis.

Founded by Jeff Martin and Jeremy Bishop, Element has built a team of 40+ professionals serving insurers and counsel across both insurance claims and disputes, with a primary hub of operations in the Greater Toronto Area and a national footprint extending through its Calgary office. The firm has earned a strong reputation for industry-leading service, innovative solutions, and responsiveness, anchored in a commitment to bringing together the right people with the best solutions to achieve effective results for the insurers and counsel it serves.

Lee Spirer, Chief Executive Officer of J.S. Held, said, “We admire how the Element team works, with a commitment to collaboration and to bringing together the right people to achieve effective results for their clients. That mindset is a strong cultural match for J.S. Held, and the combination meaningfully deepens the technical and financial expertise available to insurers, counsel, and corporate clients across Canada.”

The acquisition adds meaningful capacity to J.S. Held’s Canadian forensic engineering bench and positions the combined team to serve national clients with closer-to-the-loss resources, managing travel costs and expediting timelines that are important to insurance carriers managing files across the country. Jim Stanilious, Insurance Services Division Leader, noted that the synergy extends well beyond efficiencies: “While this combination adds meaningful capacity to serve insurers and counsel across Canada, it also pairs Element’s capabilities in structural, fire, environmental, mechanical, electrical, and building science with the broader J.S. Held platform, including building consulting, contents valuation, environmental health and safety, accident reconstruction, and forensic accounting. For carrier and counsel clients, that means closer-to-the-loss resources from one team able to address the full scope of a complex claim.”

For insurers and counsel, the combination means a single team able to address the full technical and financial dimensions of a claim. Element’s forensic engineering work connects directly to J.S. Held’s Building Consulting practice, the firm’s largest insurance-facing practice in Canada, along with capabilities Element’s clients have frequently needed to source elsewhere, including contents valuation, environmental health and safety, and accident reconstruction for premises liability matters. The result keeps Element’s responsiveness and trusted relationships in place while extending the firm’s reach into the broader building science, mechanical, electrical, and cause and origin work clients increasingly require. Reflecting on what the combination means for Element’s clients, Jeremy Bishop, Managing Partner of Element Forensic Engineering, said, “The greatest value proposition for our clients as we join J.S. Held is scaling our depth of expertise. I think of this like going from a small family medical office to the deep and layered expertise of being treated at a hospital. Our clients keep the relationships and the responsiveness they expect from Element, and they gain access to a global bench of specialists they can call on as their matters grow in complexity.”

For the Element team, joining J.S. Held also brings access to mentorship, training, and technology platforms that support both team development and client service. Jeff Martin, Managing Partner of Element Forensic Engineering, framed the benefit to the firm’s professionals and the clients they serve, observing, “J.S. Held brings to our team members and ultimately our clients a mature and scaled approach to technology-enabled client service. From the implementation of AI to support team members and manage proprietary client information, to more robust training programs and a breadth of industry expertise we can all learn from.”

With the addition of Element Forensic Engineering, J.S. Held strengthens its position as a leading forensic engineering platform in Canada, expanding the firm’s ability to address insurance claims and disputes across the country. The combined team brings together Element’s established forensic engineering practice and J.S. Held’s global technical and financial expertise to deliver a single, multidisciplinary resource for insurers, counsel, and corporate clients.

About J.S. Held

J.S. Held is a global consulting firm that combines technical, scientific, financial, and strategic expertise to advise clients seeking to realize value and mitigate risk. Our professionals serve as trusted advisors to organizations facing high stakes matters demanding urgent attention, staunch integrity, proven experience, clear-cut analysis, and an understanding of both tangible and intangible assets. The firm provides a comprehensive suite of services, products, and data that enable clients to navigate complex, contentious, and often catastrophic situations.

More than 1,500 professionals serve organizations across six continents, including 84% of the Global 200 Law Firms, 75% of the Forbes Top 20 Insurance Companies (90% of the NAIC Top 50 Property & Casualty Insurers), and 71% of Fortune 100 Companies.

J.S. Held, its affiliates and subsidiaries are not certified public accounting firm(s) and do not provide audit, attest, or any other public accounting services. J.S. Held is not a law firm and does not provide legal advice. Securities offered through PM Securities, LLC, d/b/a Phoenix IB or Ocean Tomo Investments, a part of J.S. Held, member FINRA/SIPC. All rights reserved.

Contact:

Kristi L. Stathis | Global Public Relations | +1 786 833 4864 | Kristi.Stathis@jsheld.com

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SOURCE J.S. Held