UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 6-K

 

 

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16

Under the Securities Exchange Act of 1934

 

For the month of May, 2024

 

Commission File Number 001-40772

 

 

Cellebrite DI Ltd.

(Translation of registrant’s name into English)

 

 

94 Shlomo Shmelzer Road

Petah Tikva 4970602, Israel

(Address of principal executive office)

 

 

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

 

Form 20-F Form 40-F ☐

 

 

 

 

 

 

EXPLANATORY NOTE

 

On May 23, 2024, Cellebrite DI Ltd. (the “Registrant” or “Cellebrite”) issued a press release titled “Cellebrite Announces First-Quarter 2024 Results.” A copy of this press release is furnished as Exhibit 99.1 herewith.

 

The GAAP financial statements tables contained in the press release attached to this report on Form 6-K are incorporated by reference into the Registrant’s registration statements on Form S-8 (File Nos. 333-260878 and 333-278130) and Form F-3 (File No. 333-259826).

 

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EXHIBIT INDEX

 

Exhibit   Description
99.1   Press release titled “Cellebrite Announces First-Quarter 2024 Results” (furnished herewith).

 

2

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  Cellebrite DI Ltd.
   
Date: May 23, 2024 By: /s/ Dana Gerner
    Dana Gerner
    Chief Financial Officer

 

 

3

 

 

Exhibit 99.1

 

 

 

Cellebrite Announces First-Quarter 2024 Results

 

ARR of $331.8 million, up 27% year-over-year;

 

Q1 2024 revenue of $89.6 million, up 26% year-over-year primarily due to

29% growth in subscription revenue;

 

Q1 2024 adjusted EBITDA of $17.6 million, 19.7% adjusted EBITDA margin

 

TYSONS CORNER, VA and PETAH TIKVA, ISRAEL, May 23, 2024 – Cellebrite (NASDAQ: CLBT), a global leader in premier Digital Investigative solutions for the public and private sectors, today announced financial results for the three months ending March 31, 2024.

 

“Cellebrite is off to a very solid start to 2024 as we continued to grow wallet share with existing customers around the world,” said Yossi Carmil, Cellebrite’s CEO. “Our strong first-quarter performance was anchored by the further expansion of our business around the globe, improved profitability versus the same quarter one year ago and meaningful strategic progress. It is exciting to see that our Case-to-Closure platform is resonating in the marketplace, highlighted by increasing traction with our new Inseyets digital forensics software. Looking ahead, we continue to see customer budgets trend favorably in support of their plans to enhance and expand their digital investigative capabilities with our solutions over the coming quarters. We are excited about our prospects over the coming quarters and have reaffirmed our outlook for this year.”

 

First-Quarter 2024 Financial Highlights

 

Annual Recurring Revenue (ARR) of $331.8 million, up 27% year-over-year

 

Revenue of $89.6 million, up 26% year-over-year

 

Subscription revenue was $79.2 million, up 29% year-over-year

 

Recurring revenue dollar-based net retention rate of 125%

 

GAAP gross profit and gross margin of $76.3 million and 85.2%, respectively; Non-GAAP gross profit and gross profit margin of $76.8 million and 85.7%, respectively

 

GAAP net loss of $(71.4) million; Non-GAAP net income of $16.9 million

 

GAAP Diluted loss per share of $(0.36); Non-GAAP Diluted EPS of $0.08

 

Adjusted EBITDA and Adjusted EBITDA margin of $17.6 million and 19.7%, respectively

 

 

 

First-Quarter 2024 and Recent Business & Operational Highlights

 

Innovation

 

On March 7, 2024, Cellebrite announced the launch of the process to authorize its software-as-a-service offerings with the Federal Risk and Authorization Management Program (FedRAMP®). The authorization will enable Cellebrite’s federal customers to leverage their use of the Company’s SaaS solutions, support faster and more cost-effective procurement processes, eliminate duplicative assessment efforts and ensure consistent application of information security standards. FedRAMP authorization ensures a standardized approach to security assessment, authorization and continuous monitoring for cloud products and services. As part of this process, Cellebrite selected cybersecurity services pioneer Coalfire to support the activities required to complete this process, which is planned to be completed within the next twelve months.

 

On March 14, 2024, Cellebrite introduced Cellebrite Endpoint Inspector SaaS, which offers public sector customers, enterprise customers and eDiscovery service providers next-generation digital forensic capabilities that enable the streamlined collection and analysis of data from diverse remote devices, all within a unified, consent-based, secure framework.

 

Team

 

On March 25, 2024, Cellebrite announced the appointment of David Gee as Chief Marketing Officer. Mr. Gee, who brings more than 25 years of global sales and marketing expertise to Cellebrite, oversees Cellebrite’s global marketing strategy and execution to help the Company capitalize on the major growth opportunities ahead in the digital investigations marketplace.

 

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

 

“Cellebrite’s business momentum from the prior year carried into the first quarter of 2024,” stated Dana Gerner, Cellebrite’s CFO. “Our top-line expansion combined with prudent investment in our technology and go-to-market initiatives enabled us to produce another quarter of improved profitability on a year-over-year basis. We expect to drive solid ARR and revenue expansion in the second quarter, which we anticipate will support higher adjusted EBITDA versus the second quarter of 2023. Although it is still early in the year, we believe we are well positioned to achieve our full-year 2024 targets with an expectation that we will deliver the majority of our revenue and adjusted EBITDA in the second half of the year.”

 

The Company’s current expectations are as follows:

 

   Second-Quarter 2024 Expectations
(as of 5/23/24)
  Full-Year 2024 Expectations
(unchanged from 2/15/24)
ARR  $342 million - $350 million  $380 million - $400 million
Annual Growth  25% - 28%  20% - 27%
Revenue  $90 million - $94 million  $370 million - $380 million
Annual Growth  17% - 23%  14% - 18%
Adjusted EBITDA  $16 million - $19 million  $70 million - $80 million
Adjusted EBITDA margin  18% - 20%  19% - 21%

 

First-Quarter 2024 Conference Call Information

 

Cellebrite will host a live conference call and webcast later this morning to review the Company’s financial results for the first quarter of 2024 and discuss its 2024 outlook. Relevant details include:

 

Date:   Thursday, May 23, 2024
Time:   8:30 a.m. ET
Call-In Number:   203-518-9783
Conference ID:   CLBTQ124
Event URL:   https://investors.cellebrite.com/events/event-details/cellebrite-q1-2024-financial-results-investor-call-webcast
Webcast URL:   https://edge.media-server.com/mmc/p/csujxde4  

 

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. A transcript of the call will be added to this page along with access to the replay of the call later in the day.

 

Non-GAAP Financial Information and Key Performance Indicators

 

This press release includes non-GAAP financial measures. Cellebrite believes that the use of non-GAAP gross profit, non-GAAP net income, non-GAAP operating income and adjusted EBITDA is helpful to investors. These measures, which the Company refers to as our non-GAAP financial measures, are not prepared in accordance with GAAP.

 

2

 

 

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

 

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 expense;

 

Acquired intangible assets are valued at the time of acquisition and are amortized over an estimated useful life after the acquisition, and acquisition-related expenses 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; and

 

Financial 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.

 

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, a significant recurring expense in our business and an important part of the compensation provided to our employees. In addition, the amortization of intangible assets is expected 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.

 

3

 

 

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 the quarterly results section of Company’s investor relations website at https://investors.cellebrite.com/financial-information/quarterly-results.

 

A reconciliation for Adjusted EBITDA referred to in our “Financial Outlook” is not provided because, as a forward-looking statement, such reconciliation is not available without unreasonable effort due to the high variability, complexity, and difficulty of estimating certain items such as charges to share-based compensation expense and currency fluctuations which could have an impact on our consolidated results. The Company believes the information provided is useful to investors because it can be considered in the context of the Company’s historical disclosures of this measure.

 

Annual recurring revenue (“ARR”) is defined as the annualized value of active term-based subscription license contracts and maintenance contracts related to perpetual licenses in effect at the end of that period. Term-based license contracts and maintenance contracts for perpetual licenses are annualized by multiplying the revenue of the last month of the period by 12. The annualized value of contracts is a legal and contractual determination made by assessing the contractual terms with our customers. The annualized value of maintenance contracts is not determined by reference to historical revenue, deferred revenue or any other GAAP financial measure over any period. ARR is not a forecast of future revenues, which can be impacted by contract start and end dates and renewal rates.

 

About Cellebrite

 

Cellebrite’s (Nasdaq: CLBT) mission is to enable its customers to protect and save lives, accelerate justice and preserve privacy in communities around the world. We are a global leader in Digital Investigative solutions for the public and private sectors, empowering organizations in mastering the complexities of legally sanctioned digital investigations by streamlining intelligence processes. Trusted by thousands of leading agencies and companies worldwide, Cellebrite’s Digital Investigation platform and solutions transform how customers collect, review, analyze and manage data in legally sanctioned investigations. To learn more visit us at www.cellebrite.com, https://investors.cellebrite.com, or follow us on Twitter at @Cellebrite.

 

4

 

 

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, the following: estimated financial information for fiscal year 2024 and certain statements related to seeing customer budgets trend favorably in support of their plans to enhance and expand their digital investigative capabilities with our solutions over the coming quarters; we are excited about our prospects over the coming quarters and have reaffirmed our outlook for this year; we expect to drive solid ARR and revenue expansion in the second quarter, which we anticipate will support higher adjusted EBITDA versus the second quarter of 2023; and we believe we are well positioned to achieve our full-year 2024 targets with an expectation that we will deliver the majority of our revenue and adjusted EBITDA in the second half of the year. Such forward-looking statements including those with respect to 2024 second quarter and full year revenue, annual recurring revenue (ARR) and adjusted EBITDA, 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 evolving industry standards; Cellebrite’s material dependence on the purchase, acceptance and use of its solutions by law enforcement and government agencies; real or perceived errors, failures, defects or bugs in Cellebrite’s solutions; Cellebrite’s failure to maintain the productivity of sales and marketing personnel, including relating to hiring, integrating and retaining personnel; intense competition in all of Cellebrite’s markets; the inadvertent or deliberate misuse of Cellebrite’s solutions; failure to manage its growth effectively; Cellebrite’s ability to introduce new solutions and add-ons; its dependency on its customers renewing their subscriptions; the low volume of business Cellebrite conducts via e-commerce; risks associated with the use of artificial intelligence; the risk of requiring additional capital to support the growth of its business; risks associated with higher costs or unavailability of materials used to create its hardware product components; fluctuations in foreign currency exchange rates; lengthy sales cycle for some of Cellebrite’s solutions; near term declines in new or renewed agreements; risks associated with inability to retain qualified personnel and senior management; the security of Cellebrite’s operations and the integrity of its software solutions; risks associated with the negative publicity related to Cellebrite’s business and use of its products; risks related to Cellebrite’s intellectual property; the regulatory constraints to which Cellebrite is subject; risks associated with Cellebrite’s operations in Israel, including the ongoing Israel-Hamas war and the risk of a greater regional conflict; risks associated with different corporate governance requirements applicable to Israeli companies and risks associated with being a foreign private issuer and an emerging growth company; market volatility in the price of Cellebrite’s shares; changing tax laws and regulations; risks associated with joint ventures, partnerships and strategic initiatives; risks associated with Cellebrite’s significant international operations; risks associated with Cellebrite’s failure to comply with anti-corruption, trade compliance, anti-money-laundering and economic sanctions laws and regulations; risks relating to the adequacy of Cellebrite’s existing systems, processes, policies, procedures, internal controls and personnel for Cellebrite’s current and future operations and reporting needs; 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 SEC on March 21, 2024 and as amended on April 12, 2024, and in other documents filed by Cellebrite with the U.S. Securities and Exchange Commission (“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.

 

Contacts:

 

Andrew Kramer

Vice President, Investor Relations

investors@cellebrite.com
+1 973.206.7760

 

Media
Victor Cooper

Sr. Director of Corporate Communications + Content Operations

Victor.cooper@cellebrite.com

+1 404 804 5910

 

5

 

 

Cellebrite DI Ltd.

First-Quarter 2024 Results Summary

(U.S Dollars in thousands)

 

   For the three months ended 
   March 31, 
   2024   2023 
   (Unaudited)   (Unaudited) 
Revenue   89,582    71,234 
Gross profit   76,318    58,828 
Gross margin   85.2%   82.6%
Operating income   9,247    136 
Operating margin   10.3%   0.2%
Net loss   (71,372)   (40,605)
Cash flow from operating activities   10,041    12,476 
           
Non-GAAP Financial Data:          
Operating income   15,879    5,653 
Operating margin   17.7%   7.9%
Net income   16,866    6,899 
Adjusted EBITDA   17,632    7,304 
Adjusted EBITDA margin   19.7%   10.3%

 

6

 

 

Cellebrite DI Ltd.

Condensed Consolidated Balance Sheets

(U.S. Dollars in thousands)

 

   March 31,   December 31, 
   2024   2023 
   (Unaudited)   (Audited) 
Assets        
Current assets        
Cash and cash equivalents  $122,432   $189,517 
Short-term deposits   103,669    74,713 
Marketable securities   50,453    38,693 
Trade receivables (net of allowance for doubtful accounts of $1,746 and $1,583 as of March 31, 2024 and December 31, 2023, respectively)   61,643    77,269 
Prepaid expenses and other current assets   25,647    26,400 
Contract acquisition costs   4,957    5,550 
Inventories   9,259    9,940 
Total current assets   378,060    422,082 
           
Non-current assets          
Other non-current assets   6,732    7,341 
Marketable securities   70,706    28,859 
Deferred tax assets, net   7,789    7,024 
Property and equipment, net   15,583    15,896 
Intangible assets, net   10,417    10,594 
Goodwill   26,829    26,829 
Operating lease right-of-use assets, net   13,021    14,260 
Total non-current assets   151,077    110,803 
           
Total assets  $529,137   $532,885 
           
Liabilities and shareholders’ equity          
           
Current Liabilities          
Trade payables  $7,045   $8,282 
Other accounts payable and accrued expenses   36,706    44,845 
Deferred revenues   186,028    195,725 
Operating lease liabilities   4,839    4,972 
Total current liabilities   234,618    253,824 
           
Long-term liabilities          
Other long-term liabilities   6,126    5,515 
Deferred revenues   42,071    47,098 
Restricted Sponsor Shares liability   66,132    47,247 
Price Adjustment Shares liability   122,082    81,715 
Warrant liability   76,704    54,117 
Operating lease liabilities   8,110    9,157 
Total long-term liabilities   321,225    244,849 
           
Total liabilities  $555,843   $498,673 
           
Shareholders’ equity          
Share capital   *)    *) 
Additional paid-in capital   (74,881)   (84,896)
Treasury share, NIS 0.00001 par value; 41,776 ordinary shares   (85)   (85)
Accumulated other comprehensive income   1,489    1,050 
Retained earnings   46,771    118,143 
Total shareholders’ equity   (26,706)   34,212 
           
Total liabilities and shareholders’ equity  $529,137   $532,885 

 

*)Less than 1 USD

 

7

 

 

Cellebrite DI Ltd.

Condensed Consolidated Statements of Income (Loss)

(U.S Dollars in thousands, except share and per share data)

 

   For the three months ended 
   March 31, 
   2024   2023 
   (Unaudited)   (Unaudited) 
Revenue:        
Subscription services  $62,103   $47,367 
Term-license   17,119    13,915 
Total subscription   79,222    61,282 
Other non-recurring   3,568    2,918 
Professional services    6,792    7,034 
Total revenue   89,582    71,234 
           
Cost of revenue:          
Subscription services   5,798    4,492 
Term-license       2 
Total subscription   5,798    4,494 
Other non-recurring   3,094    2,981 
Professional services   4,372    4,931 
Total cost of revenue   13,264    12,406 
           
Gross profit  $76,318   $58,828 
           
Operating expenses:          
Research and development   23,197    21,131 
Sales and marketing   32,059    27,601 
General and administrative   11,815    9,960 
Total operating expenses  $67,071   $58,692 
           
Operating income  $9,247   $136 
Financial expense, net   (78,576)   (38,775)
Loss before tax   (69,329)   (38,639)
Tax expense   2,043    1,966 
Net Loss  $(71,372)  $(40,605)
           
Loss per share          
Basic  $(0.36)  $(0.21)
Diluted  $(0.36)  $(0.21)
           
Weighted average shares outstanding          
Basic   196,823,502    186,338,076 
Diluted   196,823,502    198,184,236 
           
Other comprehensive income (loss):          
Unrealized loss on hedging transactions   (524)   (44)
Unrealized (loss) income on marketable securities   (220)   177 
Currency translation adjustments   1,183    (598)
Total other comprehensive income (loss), net of tax   439    (465)
Total other comprehensive loss  $(70,933)  $(41,070)

 

8

 

 

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 
   March 31, 
   2024   2023 
   (Unaudited)   (Unaudited) 
Cash flow from operating activities:        
         
Net loss  $(71,372)  $(40,605)
Adjustments to reconcile net loss to net cash provided by operating activities:          
Share based compensation   5,696    4,457 
Amortization of premium, discount and accrued interest on marketable securities   (547)   (171)
Depreciation and amortization   2,680    2,447 
Interest income from short term deposits   (2,828)   (684)
Deferred tax assets, net   (626)   560 
Remeasurement of Warrant liability   22,587    9,809 
Remeasurement of Restricted Sponsor Shares liability   18,885    11,042 
Remeasurement of Price Adjustment Shares liabilities   40,367    19,942 
Decrease in trade receivables   15,258    9,627 
(Decrease) increase in deferred revenue   (13,406)   10,468 
Decrease (increase) in other non-current assets   609    (927)
Decrease (increase) in prepaid expenses and other current assets   1,967    (3,637)
Changes in operating lease assets   1,328    1,367 
Changes in operating lease liability   (1,269)   (1,562)
Decrease (increase) in inventories   677    (1,225)
(Decrease) Increase in trade payables   (1,142)   264 
Decrease in other accounts payable and accrued expenses   (9,434)   (8,879)
Increase in other long-term liabilities   611    183 
Net cash provided by operating activities   10,041    12,476 
           
Cash flows from investing activities:          
           
Purchases of property and equipment   (1,495)   (1,064)
Purchase of Intangible assets   (625)    
Investment in marketable securities   (68,392)   (16,352)
Proceeds from maturity of marketable securities   15,045    16,073 
Investment in short term deposits   (43,000)   (16,000)
Redemption of short-term deposits   16,872    13,279 
Net cash used in investing activities   (81,595)   (4,064)
           
Cash flows from financing activities:          
           
Exercise of options to shares   4,319    2,106 
Proceeds from Employee Share Purchase Plan, net   750    624 
Net cash provided by financing activities   5,069    2,730 
           
Net (decrease) increase in cash and cash equivalents   (66,485)   11,142 
Net effect of Currency Translation on cash and cash equivalents   (600)   185 
Cash and cash equivalents at beginning of period   189,517    87,645 
Cash and cash equivalents  at end of period  $122,432   $98,972 
           
Supplemental cash flow information:          
Income taxes paid  $791   $3,625 
Non-cash activities          
Operating lease liabilities arising from obtaining right of use assets  $89   $1,030 

 

9

 

 

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 
   March 31, 
   2024   2023 
   (Unaudited)   (Unaudited) 
Cost of revenues  $13,264   $12,406 
Less:          
Share based compensation   430    386 
Acquisition related costs   2    13 
Non-GAAP cost of revenues  $12,832   $12,007 

 

   For the three months ended 
   March 31, 
   2023   2022 
   (Unaudited)   (Unaudited) 
Gross profit  $76,318   $58,828 
Share based compensation   430    386 
Acquisition related costs   2    13 
Non-GAAP gross profit  $76,750   $59,227 

 

   For the three months ended 
   March 31, 
   2024   2023 
   (Unaudited)   (Unaudited) 
Operating expenses  $67,071   $58,692 
Less:          
Share based compensation   5,266    4,071 
Amortization of intangible assets   927    796 
Acquisition related costs   7    251 
Non-GAAP operating expenses  $60,871   $53,574 

 

   For the three months ended 
   March 31, 
   2024   2023 
   (Unaudited)   (Unaudited) 
Operating income  $9,247   $136 
Share based compensation   5,696    4,457 
Amortization of intangible assets   927    796 
Acquisition related costs   9    264 
Non-GAAP operating income  $15,879   $5,653 

 

10

 

 

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 
   March 31, 
   2024   2023 
   (Unaudited)   (Unaudited) 
Net loss  $(71,372)  $(40,605)
Share based compensation   5,696    4,457 
Amortization of intangible assets   927    796 
Acquisition related costs   9    264 
Tax expense, net   (233)   1,194 
Finance expense from financial derivatives   81,839    40,793 
Non-GAAP net income  $16,866   $6,899 
           
Non-GAAP Earnings per share:          
Basic  $0.08   $0.04 
Diluted  $0.08   $0.03 
           
Weighted average shares outstanding:          
Basic   196,823,502    186,338,076 
Diluted   211,256,086    198,184,236 

 

   For the three months ended 
   March 31, 
   2024   2023 
   (Unaudited)   (Unaudited) 
Net loss  $(71,372)  $(40,605)
Financial expense, net   78,576    38,775 
Tax expense   2,043    1,966 
Share based compensation   5,696    4,457 
Amortization of intangible assets   927    796 
Acquisition related costs   9    264 
Depreciation expenses   1,753    1,651 
Adjusted EBITDA  $17,632   $7,304 

 

11


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