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Cellebrite Announces Second-Quarter 2023 Results



Revenues of $76.7 million, 23% year-over-year increase primarily due to 35% growth in subscription revenue;

ARR of $273.7 million, up 28% year-over-year;

Adjusted EBITDA of $11.1 million, 14.5% Adjusted EBITDA margin;

Company increases 2023 outlook for revenue, ARR and adjusted EBITDA

TYSONS CORNER, Va. and PETAH TIKVA, Israel, Aug. 08, 2023 (GLOBE NEWSWIRE) — Cellebrite (NASDAQ: CLBT), a global leader in Digital Intelligence (“DI”) solutions for the public and private sectors, today announced financial results for the three and six months ending June 30, 2023.

“We delivered an excellent second-quarter performance on all fronts,” said Yossi Carmil, Cellebrite’s CEO. “Overall, our market is healthy, our customer relationships remain strong, and our investment in powerful, customer-driven innovation and go-to-market activities enabled us to continue winning. Our second-quarter 2023 revenue growth demonstrates our ongoing success in expanding the scope of our relationships within the digital forensics units of our existing customers and our progress in extending our reach into their investigative units. The combination of strong revenue growth and disciplined spending enabled us to exceed our Adjusted EBITDA and cash generation targets entering the second quarter. Our increased outlook for 2023 reflect our solid momentum in a healthy market.”

Second Quarter 2023 Financial Highlights

  • Revenue of $76.7 million, up 23% year-over-year
  • Subscription revenue was $67.2 million, up 35% year-over-year
  • Annual Recurring Revenue (ARR) of $273.7 million, up 28% year-over-year
  • Recurring revenue dollar-based net retention rate of 125%
  • GAAP gross profit and gross margin of $63.7 million and 83.0%, respectively; Non-GAAP gross profit and gross profit margin of $64.1 million and 83.6%, respectively
  • GAAP net loss of $(32.3) million; Non-GAAP net income of $10.7 million
  • GAAP Diluted loss per share of $(0.17); Non-GAAP Diluted EPS of $0.05
  • Adjusted EBITDA and Adjusted EBITDA margin of $11.1 million and 14.5%, respectively

Second Quarter 2023 and Recent Digital Intelligence Highlights

  • In a separate announcement today, the Company appointed Thomas E. Hogan, a proven technology leader with a remarkable track record of success, as Executive Chairman of the Board of Directors.
  • Cellebrite closed 25 large deals in the second quarter, each valued at $500,000 or more. Notable second-quarter 2023 deals included:
    • A large North American federal law enforcement agency expanded its Premium footprint along with an initial Pathfinder engagement to accelerate time to resolution on critical cases. Cellebrite’s DI solutions are expected to help the customer centralize its critical digital forensic capabilities at scale and supercharge its investigative capabilities. As a result, Cellebrite’s ARR at this account is expected to triple to nearly $5 million.
    • Cellebrite won a new logo in the Asia-Pacific region in the second quarter when a regional correctional services agency began deploying UFED, Premium as a Service and Pathfinder. This deal is part of the customer’s initiative to build its own in-house digital forensic unit to increase its investigative capabilities rather than outsource these activities to other agencies. This agreement is anticipated to deliver nearly $250,000 in ARR, which is considerably larger than the average new logo win.
    • In two separate second-quarter deals, law enforcement agencies serving mid-sized U.S. cities selected Guardian to transform their evidence management workflows, enabling them to efficiently track sensitive digital evidence as they advance investigations. These deals illustrate Cellebrite’s success in extending its reach into new buying centers by leveraging its strength in digital forensic units. In one of the deals, the combined purchase of Guardian and Premium as a Service is expected to increase the Company’s ARR at this police department by a factor of 10 to over $200,000. In the other deal, ARR from the city’s DA office will more than double to $330,000.
    • In the private sector, Cellebrite’s intensified sales focus on larger, more strategic accounts is yielding tangible results. During the second quarter, a U.S. service provider expanded its use of Cellebrite’s Endpoint Inspector for remote digital data collection from mobile phones, computers and cloud applications as part of its growing forensics practice that supports its corporate clients’ legal, regulatory and compliance activities. As a result, this service provider’s ARR is anticipated to nearly double into the low six-figure range.
  • On June 5, 2023, Cellebrite announced UFED Ultra, the Company’s revolutionary, next-generation Collect & Review solution that expands and accelerates data access, extraction, decoding, and review capabilities for law enforcement agencies around the world to deliver court-ready digital evidence.
  • On July 31, 2023, the Company announced new capabilities for Guardian, Cellebrite’s SaaS-based evidence and workflow management solution for law enforcement agencies of all sizes.
  • Yesterday, Cellebrite announced that the Company won five categories at the 2023 Forensic Focus 4:Cast Awards including DFIR Commercial Tool of the Year and DFIR Team of the Year.
  • On May 22, 2023, Cellebrite announced that four federal forces in a Latin American country expanded their use of Cellebrite’s DI solutions, increasing their annual spending with Cellebrite more than ten-fold. The deal includes wider deployment of Cellebrite’s Collect and Review solutions, adoption of Pathfinder investigative analytics and utilization of cryptocurrency data and insights.
  • On May 16, 2023, the Company announced that it had partnered with The Exodus Road, an international nonprofit organization disrupting human trafficking, to provide DI technology to the National Bureau of Investigations (NBI) Anti-Human Trafficking Division in the Philippines, ensuring access to cutting-edge solutions in order to accelerate justice in cases of exploitation.

Supplemental financial information can be found on the Investor Relations section of our website at

Financial Outlook

“Based on our results to date and the anticipated trajectory of our business for the second half of this year, we have raised our 2023 targets for revenue, ARR and adjusted EBITDA,” said Dana Gerner, Chief Financial Officer of Cellebrite. “As we deliver accelerated 2023 revenue growth and improved profitability over 2022 levels, we remain committed to continue funding important investments to help us innovate, build stronger customer relationships and further scale our organization. We move forward with a strong financial foundation that we expect will be further fortified with solid cash inflows from operations over the coming quarters.”

The Company’s updated 2023 expectations are as follows:

    Original Expectations   Updated Expectations
    (first issued on February 15,2023)   (as of August 8, 2023)
2023 Revenue   $305 million – $315 million   $310 million – $320 million
Growth over 2022   13% – 16%   15% – 18%
December 2023 ARR   $300 million – $310 million   $303 million – $313 million
Growth over 2022   21% – 25%   22% – 26%
2023 Adjusted EBITDA   $35 million – $40 million   $39 million – $44 million
2023 Adjusted EBITDA margin   11% – 13%   13% – 14%

Conference Call Information
Cellebrite will host a live conference call and webcast later this morning to review the Company’s financial results for the second quarter of 2023 and discuss its full-year 2023 outlook. Pertinent details include:

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 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 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 our 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 to 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 expenses;
  • 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, 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 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

With 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.

Key Performance Indicators

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 annualized value of active term-based subscription license contracts and maintenance contracts related to perpetual licenses in effect at the end of that period. Subscription 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.

Dollar-based net retention rate (“NRR”) is calculated by dividing customer recurring revenue by base revenue. We define base revenue 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 revenue 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 revenue, including recurring revenue resulting from additional sales to those customers.

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 Intelligence 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 Intelligence platform and solutions transform how customers collect, review, analyze and manage data in legally sanctioned investigations. To learn more, visit us at and

Note: References to our website and the websites of third parties mentioned in this press release are inactive textual references only, and information contained therein or connected thereto is not incorporated into 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, the following: estimated financial information for fiscal year 2023, including certain statements supporting our 2023 outlook such as our solid momentum in a healthy market; the anticipated trajectory of our business for the second half of 2023; our plans to deliver accelerated 2023 revenue growth and improved profitability over 2022 levels while remaining committed to continue funding important investments to help us innovate, build stronger customer relationships and further scale our organization; and the expectation for solid cash inflows from operations over the coming quarters. Such forward-looking statements, including those with respect to 2023 revenue and annual recurring revenue, profitability and earnings 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 DI 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; risks associated with the regulatory constraints to which Cellebrite is subject; 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 April 27, 2023 and in other documents filed by Cellebrite with the U.S. Securities and Exchange Commission (“SEC”), which are available free of charge at 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.


Investors Relations
Andrew Kramer
Vice President, Investor Relations
[email protected]
+1 973.206.7760

Victor Cooper
Sr. Director of Corporate Communications + Content Operations
[email protected]
+1 404.804.5910

Cellebrite DI Ltd.
Second Quarter 2023 Results Summary
(U.S Dollars in thousands)
  For the three months ended   For the six months ended
  June 30,   June 30,
  2023     2022     2023     2022  
  (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)
Revenue 76,684     62,573     147,918     124,958  
Gross profit 63,653     49,475     122,481     100,877  
Gross margin 83.0%     79.1%     82.8%     80.7%  
Operating income (loss) 4,623     (5,599)     4,759     (7,545)  
Operating margin 6.0%     (8.9)%     3.2%     (6.0)%  
Net (loss) income (32,348)     33,197     (72,953)     88,635  
Cash flow from operating activities 16,576     (4,073)     29,052     (14,610)  
Non-GAAP Financial Data:              
Operating income (loss) 9,395     (936)     15,048     1,698  
Operating margin 12.3%     (1.5)%     10.2%     1.4%  
Net income (loss) 10,715     (25)     17,614     1,395  
Adjusted EBITDA 11,124     657     18,428     4,739  
Adjusted EBITDA margin 14.5%     1.0%     12.5%     3.8%  
Cellebrite DI Ltd.
Condensed Consolidated Balance Sheets
(U.S. Dollars in thousands)
  June 30,   December 31,
    2023       2022  
  (Unaudited)   (Audited)
Current assets      
Cash and cash equivalents $ 110,502     $ 87,645  
Short-term deposits   69,151       51,335  
Marketable securities   57,605       44,643  
Trade receivables (net of allowance for doubtful accounts of $840 and $1,904 as of June 30, 2023 and December 31, 2022, respectively)   61,194       78,761  
Prepaid expenses and other current assets   22,185       17,085  
Contract acquisition costs   5,946       6,286  
Inventories   10,822       10,176  
Total current assets   337,405       295,931  
Non-current assets      
Other non-current assets   2,792       1,731  
Marketable securities   7,297       22,125  
Deferred tax assets, net   11,997       12,511  
Property and equipment, net   15,810       17,259  
Intangible assets, net   9,618       11,254  
Goodwill   26,829       26,829  
Operating lease right-of-use assets, net   14,145       15,653  
Total non-current assets   88,488       107,362  
Total assets $ 425,893     $ 403,293  
Liabilities and shareholders’ equity      
Current Liabilities      
Trade payables $ 4,991     $ 4,612  
Other accounts payable and accrued expenses   35,618       45,453  
Deferred revenues   158,942       152,709  
Operating lease liabilities   4,955       5,003  
Total current liabilities   204,506       207,777  
Long-term liabilities      
Other long-term liabilities   5,047       5,394  
Deferred revenues   47,469       42,173  
Restricted Sponsor Shares liability   37,625       17,532  
Price Adjustment Shares liability   62,781       26,184  
Warrant liability   42,278       20,015  
Operating lease liabilities   8,631       10,353  
Total long-term liabilities   203,831       121,651  
Total liabilities $ 408,337     $ 329,428  
Shareholders’ equity      
Share capital * –     *)  
Additional paid-in capital   (108,166 )     (125,624 )
Treasury share, NIS 0.00001 par value; 41,776 ordinary shares   (85 )     (85 )
Accumulated other comprehensive (loss) income   (483 )     331  
Retained earnings   126,290       199,243  
Total shareholders’ equity   17,556       73,865  
Total liabilities and shareholders’ equity $ 425,893     $ 403,293  

*) Less than 1 USD

Cellebrite DI Ltd.
Condensed Consolidated Statements of (Loss) Income
(U.S Dollars in thousands, except share and per share data)
  For the three months ended   For the six months ended
  June 30,   June 30,
    2023       2022       2023       2022  
  (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)
Subscription services $ 50,512     $ 36,446     $ 97,879     $ 70,387  
Term-license   16,694       13,395       30,609       27,653  
Total subscription   67,206       49,841       128,488       98,040  
Other non-recurring   1,972       4,200       4,890       10,300  
Professional services   7,506       8,532       14,540       16,618  
Total revenue   76,684       62,573       147,918       124,958  
Cost of revenue:              
Subscription services   4,946       4,576       9,438       8,112  
Term-license         178       2       368  
Total subscription   4,946       4,754       9,440       8,480  
Other non-recurring   2,926       3,256       5,907       5,498  
Professional services   5,159       5,088       10,090       10,103  
Total cost of revenue   13,031       13,098       25,437       24,081  
Gross profit $ 63,653     $ 49,475     $ 122,481     $ 100,877  
Operating expenses:              
Research and development   21,053       19,675       42,184       39,251  
Sales and marketing   26,745       24,892       54,346       48,151  
General and administrative   11,232       10,507       21,192       21,020  
Total operating expenses $ 59,030     $ 55,074     $ 117,722     $ 108,422  
Operating income (loss) $ 4,623     $ (5,599 )   $ 4,759     $ (7,545 )
Financial (expense) income, net   (36,051 )     38,466       (74,826 )     94,866  
(Loss) Income before tax   (31,428 )     32,867       (70,067 )     87,321  
Tax expense (income)   920       (330 )     2,886       (1,314 )
Net (loss) income $ (32,348 )   $ 33,197     $ (72,953 )   $ 88,635  
(Loss) earnings per share              
Basic $ (0.17 )   $ 0.18     $ (0.37 )   $ 0.47  
Diluted $ (0.17 )   $ 0.17     $ (0.37 )   $ 0.44  
Weighted average shares outstanding              
Basic   188,130,294       181,907,435       187,239,136       181,217,005  
Diluted   199,704,722       192,133,157       199,820,166       194,355,966  
Other comprehensive (loss) income:              
Unrealized income (loss) on hedging transactions   70       (1,757 )     26       (2,907 )
Unrealized (loss) income on marketable securities   (51 )     (237 )     126       (286 )
Currency translation adjustments   (368 )     410       (966 )     812  
Total other comprehensive loss, net of tax   (349 )     (1,584 )     (814 )     (2,381 )
Total other comprehensive (loss) income $ (32,697 )   $ 31,613     $ (73,767 )   $ 86,254  
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,   June 30,
    2023       2022       2023       2022  
  (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)
Cash flow from operating activities:              
Net (loss) income $ (32,348 )   $ 33,197     $ (72,953 )   $ 88,635  
Adjustments to reconcile net income to net cash provided by operating activities:              
Share based compensation and RSUs   4,600       3,605       9,057       6,463  
Amortization of premium, discount and accrued interest on marketable securities   (290 )     (55 )     (461 )     (38 )
Depreciation and amortization   2,569       2,257       5,016       4,369  
Interest income from short term deposits   (1,713 )     (137 )     (2,397 )     (199 )
Deferred income taxes   (98 )     (918 )     462       (1,842 )
Remeasurement of warrant liability   12,454       (13,938 )     22,263       (31,021 )
Remeasurement of Restricted Sponsor Shares   9,051       (8,606 )     20,093       (22,112 )
Remeasurement of Price Adjustment Shares liabilities   16,655       (15,847 )     36,597       (41,606 )
Decrease (increase) in trade receivables   8,490       (7,765 )     18,117       (750 )
Increase in deferred revenue   87       7,858       10,555       1,942  
(Increase) decrease in other non-current assets   (135 )     166       (1,062 )     133  
(Increase) decrease in in prepaid expenses and other current assets   (1,987 )     180       (5,624 )     930  
Changes in operating lease assets   1,333             2,700        
Changes in operating lease liability   (1,400 )           (2,962 )      
Decrease (Increase) in inventories   583       (274 )     (642 )     (1,621 )
Increase (decrease) in trade payables   117       (5,421 )     381       (5,773 )
(Decrease) increase in other accounts payable and accrued expenses   (862 )     1,922       (9,741 )     (9,163 )
Decrease in other long-term liabilities   (530 )     (297 )     (347 )     (2,957 )
Net cash provided by (used in) operating activities   16,576       (4,073 )     29,052       (14,610 )
Cash flows from investing activities:              
Purchases of property and equipment   (825 )     (1,571 )     (1,889 )     (3,876 )
Investment in marketable securities   (10,653 )     (31,409 )     (27,005 )     (60,685 )
Proceeds from maturity of marketable securities   13,434       5,172       29,507       5,172  
Investment in short term deposits   (38,000 )     (18,000 )     (54,000 )     (25,000 )
Redemption of zshort-term deposits   25,302       17,216       38,581       42,397  
Net cash used in investing activities   (10,742 )     (28,592 )     (14,806 )     (41,992 )
Cash flows from financing activities:              
Exercise of options to shares   5,079       1,055       7,185       4,683  
Exercise of public warrants         5             5  
Proceeds from Employee Share Purchase Plan, net   610             1,234        
Net cash provided by financing activities   5,689       1,060       8,419       4,688  
Net increase (decrease) in cash and cash equivalents   11,523       (31,605 )     22,665       (51,914 )
Net effect of Currency Translation on cash and cash equivalents   7       (2,429 )     192       (2,374 )
Cash and cash equivalents at beginning of period   98,972       125,719       87,645       145,973  
Cash and cash equivalents at end of period $ 110,502     $ 91,685     $ 110,502     $ 91,685  
Supplemental cash flow information:              
Income taxes paid $ 4,902     $ 2,602     $ 8,527     $ 3,889  
Non-cash activities:              
Purchase of property and equipment $     $ 88     $     $ 221  
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,   June 30,
    2023       2022       2023       2022  
  (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)
Cost of revenues $ 13,031     $ 13,098     $ 25,437     $ 24,081  
Share based compensation   414       339       800       585  
Acquisition related costs   14             27        
Non-GAAP cost of revenues $ 12,603     $ 12,759     $ 24,610     $ 23,496  
  For the three months ended   For the six months ended
  June 30,   June 30,
    2023       2022       2023       2022  
  (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)
Gross profit $ 63,653     $ 49,475     $ 122,481     $ 100,877  
Share based compensation   414       339       800       585  
Acquisition related costs   14             27        
Non-GAAP gross profit $ 64,081     $ 49,814     $ 123,308     $ 101,462  
  For the three months ended   For the six months ended
  June 30,   June 30,
    2023       2022       2023       2022  
  (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)
Operating expenses $ 59,030     $ 55,074     $ 117,722     $ 108,422  
Issuance expenses   (345 )           (345 )      
Share based compensation   4,186       3,266       8,257       5,878  
Amortization of intangible assets   840       664       1,636       1,328  
Acquisition related costs   (337 )     394       (86 )     1,452  
Non-GAAP operating expenses $ 54,686     $ 50,750     $ 108,260     $ 99,764  
  For the three months ended   For the six months ended
  June 30,   June 30,
    2023       2022       2023       2022  
  (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)
Operating income (loss) $ 4,623     $ (5,599 )   $ 4,759     $ (7,545 )
Issuance expenses   (345 )           (345 )      
Share based compensation   4,600       3,605       9,057       6,463  
Amortization of intangible assets   840       664       1,636       1,328  
Acquisition related costs   (323 )     394       (59 )     1,452  
Non-GAAP operating income (loss) $ 9,395     $ (936 )   $ 15,048     $ 1,698  
  For the three months ended   For the six months ended
  June 30,   June 30,
    2023       2022       2023       2022  
  (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)
Net (loss) income $ (32,348 )   $ 33,197     $ (72,953 )   $ 88,635  
Issuance expenses   (345 )           (345 )      
One time tax income                     (1,825 )
Share based compensation   4,600       3,605       9,057       6,463  
Amortization of intangible assets   840       664       1,636       1,328  
Acquisition related costs   (323 )     394       (59 )     1,452  
Tax expense (income)   131       506       1,325       81  
Finance expense (income) from financial derivatives   38,160       (38,391 )     78,953       (94,739 )
Non-GAAP net income (loss) $ 10,715     $ (25 )   $ 17,614     $ 1,395  
Non-GAAP Earnings per share:              
Basic $ 0.05     $ (0.0001 )   $ 0.09     $ 0.01  
Diluted $ 0.05     $ (0.0001 )   $ 0.08     $ 0.01  
Weighted average shares outstanding:              
Basic   188,130,294       181,907,435       187,239,136       181,217,005  
Diluted   199,704,722       192,133,157       199,820,166       194,355,966  
  For the three months ended   For the six months ended
  June 30,   June 30,
    2023       2022       2023       2022  
  (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)
Net (loss) income $ (32,348 )   $ 33,197     $ (72,953 )   $ 88,635  
Issuance expenses   (345 )           (345 )      
Financial expense (income), net   36,051       (38,466 )     74,826       (94,866 )
Tax expense (income)   920       (330 )     2,886       (1,314 )
Share based compensation   4,600       3,605       9,057       6,463  
Amortization of intangible assets   840       664       1,636       1,328  
Acquisition related costs   (323 )     394       (59 )     1,452  
Depreciation expenses   1,729       1,593       3,380       3,041  
Adjusted EBITDA $ 11,124     $ 657     $ 18,428     $ 4,739  

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Artificial Intelligence

Healthcare Analytics Market to Garner a Valuation of USD 139.34 Billion by 2030, Exhibiting 23.31% CAGR, With North America Leading the Market Due to Advanced Healthcare Infrastructure, Projects Kings Research




DUBAI, UAE, Oct. 3, 2023 /PRNewswire/ — As per the latest report published by Kings Research, the global Healthcare Analytics Market size was recorded at USD 24.45 billion in 2022 and is estimated to grow to USD 139.34 billion by 2030, exhibiting a CAGR of 23.31% over the forecast period of 2023- 2030. The healthcare industry has embraced analytics to address the challenges of inadequate patient care, rising treatment costs, and low levels of patient engagement and retention. By leveraging healthcare analytics, the industry aims to improve patient care and operational efficiency, which is fueling market expansion.

Healthcare analytics leverages extensive data collection to provide organizations with practical insights, enabling them to make informed decisions in real-time. Through analytical methodologies, these insights facilitate improved planning, management, measurement, and learning. Furthermore, healthcare institutions around the globe are prioritizing cost reduction, enhancing care team coordination, and elevating patient care. Moreover, newer market entrants are introducing innovative healthcare delivery approaches, intensifying market competition. Consequently, healthcare analytics systems primarily concentrate on big data, offering potential benefits such as cost reduction, enhanced efficiency, and better patient treatment.
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Competitive Landscape
Key participants in the global healthcare analytics market are emphasizing acquisitions as a primary approach for expanding their businesses. For instance, in June 2022, Oracle Corporation took over Cerner Corporation intending to integrate Cerner’s clinical abilities with its own expertise in enterprise platform analytics and automation.
Leading companies in the global healthcare analytics market include:
Optum, Inc.Wipro LimitedAllscripts Healthcare, LLCCerner CorporationHealth CatalystInovalonMcKesson CorporationIBMMEDEANALYTICS, INC.GENERAL ELECTRICHave an Inquiry? Get in Touch with us @
Trending Now: Mayo Clinic and Google Cloud Collaborate on AI for Healthcare Data
Google Cloud and Mayo Clinic have joined forces to implement generative artificial intelligence (AI) in the field of healthcare. This collaboration aims to empower clinicians and researchers to swiftly and naturally access information, as stated in a press release dated 7th June 2023.
In the same release, Google Cloud announced that the tool to be utilized in this endeavor, the Enterprise Search in Generative AI App Builder, had become HIPAA compliant. Thomas Kurian, CEO of Google Cloud, stated, “Generative AI has the potential to revolutionize healthcare by enhancing human interactions and streamlining operations like never before. Mayo Clinic is a global leader in harnessing AI for the greater good, and they are a crucial partner in responsibly introducing this transformative technology to healthcare.”
The press release also noted that Mayo Clinic has previously collaborated with Google Cloud to implement analytics, AI, and machine learning (ML) solutions in healthcare.
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Growing Demand for Descriptive Analysis to Spur Market Development
In terms of type, the healthcare analytics market is categorized into predictive analytics, prescriptive analytics, and descriptive analytics.
The descriptive analysis segment is anticipated to dominate the market through the projected timeframe. This growth is primarily attributable to the surging demand for descriptive analysis, which relies on historical patterns to obtain data-driven insights that can enhance the healthcare system’s management, benefiting both organizations and patients.
On Premise Solutions Garner Attention for Their Superior Accessibility in Remote Zones
On the basis of the delivery model, the global healthcare analytics industry is divided into on cloud and on premise.
The on premise segment is leading the market, propelled by its superior accessibility in remote areas. Furthermore, their lower maintenance and operation costs are driving the growth of the segment.
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Rising EHR Adoption to Drive Healthcare Analytics Market Expansion
The widespread use of electronic health records (EHR) has led to a substantial increase in the availability of data for analysis in the healthcare industry. As more healthcare professionals transition from traditional paper-based systems to EHR, a huge volume of data becomes accessible. This presents a unique opportunity to obtain valuable insights and enhance patient care. Consequently, the healthcare analytics market has experienced considerable growth in recent times.
The implementation of EHR has brought about greater operational efficiency and cost savings in healthcare organizations. With the ability to access and analyze real-time data, healthcare providers can identify trends, patterns, and areas for improvement in their workflows and procedures. This not only enhances their productivity but also helps them make informed decisions for better patient care. Moreover, integrating healthcare analytics into clinical decision support systems empowers practitioners to make evidence-based decisions, ultimately leading to enhanced patient outcomes. This widespread adoption of EHR and analytics has revolutionized the healthcare industry, ushering in a more data-driven and patient-centric approach to care.
North America to Lead Market Due to Advanced Healthcare Infrastructure
North America is poised to lead the global healthcare analytics market in the upcoming years due to its advanced healthcare infrastructure, robust technology, and data integration capabilities. This facilitates informed decision-making, enhances patient outcomes, and fosters healthcare innovation. Moreover, the region’s emphasis on R&D activities attracts industry leaders, solidifying its market dominance.
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Key Points from TOC:
Chapter 1 Introduction of the Global Healthcare Analytics Market 
1.1 Market Definition
1.2 Market Segmentation
1.3 Research Timelines
1.4 Limitations
1.5 Assumptions
Chapter 2 Executive Summary
Chapter 3 Research Methodology
3.1 Data Collection
3.1.1 Secondary Sources
3.1.2 Primary Sources
3.1.3 Research Flow
3.2 Subject Matter Expert Advice
3.3 Quality Check
3.4 Final Review
3.5 Bottom-Up Approach
3.6 Top-down Approach
Chapter 4 Global Healthcare Analytics Market Outlook
4.1 Market Evolution
4.2 Overview
4.3 Market Dynamics
4.3.1 Drivers
4.3.2 Restraints
4.3.3 Opportunities
4.3.4 Challenges
4.4 Pricing Analysis
4.5 Porter’s Five Forces Analysis
4.6 Value Chain Analysis
4.7 Macroeconomic Analysis
Chapter 5 Impact of Russia-Ukraine War
Chapter 6 Global Healthcare Analytics Market, By Type
Chapter 7 Global Healthcare Analytics Market, By Component
Chapter 8 Global Healthcare Analytics Market, By Delivery Model
Chapter 9 Global Healthcare Analytics Market, By Application
Chapter 10 Global Healthcare Analytics Market, By End User
Chapter 11 Global Healthcare Analytics Market, By Geography
Chapter 12 North America 
Chapter 13 Europe 
Chapter 14 Asia Pacific 
Chapter 15 Middle East & Africa 
Chapter 16 Latin America 
Chapter 17 Global Healthcare Analytics Market Competitive Landscape
17.1 Overview
17.2 Key Developments
17.3 Key Strategic Developments
17.4 Company Market Ranking
17.5 Regional Footprint
17.6 Industry Footprint
Chapter 18 Company Profiles
18.1 Optum, Inc.
18.1.1 Key Facts
18.1.2 Financial Overview
18.1.3 Product Benchmarking
18.1.4 Recent Developments
18.1.5 Winning Imperatives
18.1.6 Current Focus & Strategies
18.1.7 Threat from competition
18.1.8 SWOT Analysis
18.2 Wipro Limited
18.2.1 Key Facts
18.2.2 Financial Overview
18.2.3 Product Benchmarking
18.2.4 Recent Developments
18.2.5 Winning Imperatives
18.2.6 Current Focus & Strategies
18.2.7 Threat from competition
18.2.8 SWOT Analysis
18.3 Allscripts Healthcare, LLC
18.3.1 Key Facts
18.3.2 Financial Overview
18.3.3 Product Benchmarking
18.3.4 Recent Developments
18.3.5 Winning Imperatives
18.3.6 Current Focus & Strategies
18.3.7 Threat from competition
18.3.8 SWOT Analysis
18.4 Cerner Corporation
18.4.1 Key Facts
18.4.2 Financial Overview
18.4.3 Product Benchmarking
18.4.4 Recent Developments
18.4.5 Winning Imperatives
18.4.6 Current Focus & Strategies
18.4.7 Threat from competition
18.4.8 SWOT Analysis
18.5 Health Catalyst
18.5.1 Key Facts
18.5.2 Financial Overview
18.5.3 Product Benchmarking
18.5.4 Recent Developments
18.5.5 Winning Imperatives
18.5.6 Current Focus & Strategies
18.5.7 Threat from competition
18.5.8 SWOT Analysis
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Kings Research stands as a renowned global market research firm. With a collaborative approach, we work closely with industry leaders, conducting thorough assessments of trends and developments. Our primary objective is to provide decision-makers with tailored research reports that align with their unique business objectives. Through our comprehensive research studies, we strive to empower leaders to make informed decisions.
Our team comprises individuals with diverse backgrounds and a wealth of knowledge in various industries. At Kings Research, we offer a comprehensive range of services aimed at assisting you in formulating efficient strategies to achieve your desired outcomes. Our objective is to significantly enhance your long-term progress through these tailored solutions.
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Hard Rock and Leo Messi Unveil First Ever Menu for Kids: The Hard Rock Messi Kids Menu




HOLLYWOOD, Fla., Oct. 3, 2023 /PRNewswire/ — Hard Rock International and global brand ambassador, Leo Messi, are taking their partnership to the next level by curating their first-ever Messi menu for kids, “The Hard Rock Messi Kids Menu”. The menu launches today at all participating Hard Rock Cafes and select Hard Rock Hotels worldwide. Expanding on Hard Rock International’s partnership with the world-renowned soccer sensation, “The Hard Rock Messi Kids Menu” features the Messi X Burger, the Messi Golden Chicken Sandwich and other kid-friendly options, along with a special nod to the international sports icon in the form of a complimentary mini golden soccer ball toy, a collectable poster, activity sheet and stickers with every meal.

“As a father of three, I have always had a special connection with kids,” said Leo Messi. “Now with my partners at Hard Rock, we will kick-off the new kids menu, offering families a variety of tasty meals and a fun dining experience.”
Fans can also take some of the Messi magic home with them via a new collection of Hard Rock X Messi 3.0 merchandise, for both kids and adults, including a kid-sized version of the iconic Messi Chef’s Coat and a special mini soccer ball, available at select Rock Shops. A portion of proceeds from the mini soccer balls sold at the Rock Shop will be donated to kid’s charities around the world via the Hard Rock Heals Foundation.
“We’re very excited to partner with Leo Messi on this special addition to the Hard Rock menu,” said Jim Allen, Chairman of Hard Rock International. “We know how much children and their parents alike look up to Leo and we’re proud to offer something wholesome for the whole family to enjoy while visiting our locations around the world.”
For even more fun, fans can scan a QR code to enter a 360 digital experience with Leo Messi himself. They can watch an AI-generated Messi with the Messi Chicken Sandwich or greet fans at the Hard Rock Cafe. Also available on the 360 digital experience is access to purchase the new retail options for kids and adults, a trivia game, wallpaper downloads and more.
For assets from “The Hard Rock Messi Kids Menu” launch event, please see images and b-roll here. For the full release, visit
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Artificial Intelligence

Cloud ERP Market size worth USD 168.34 Billion, Globally, by 2030 at 12.53% CAGR: Verified Market Research®




The “Global Cloud ERP Market Size By Component, By Organization Size, By End-User, By Geographic Scope And Forecast” report has been published by Verified Market Research®. The report provides an in-depth analysis of the global Cloud ERP Market, including its growth prospects, market trends, and market challenges.
JERSEY CITY, N.J., Oct. 3, 2023 /PRNewswire/ — The Global Cloud ERP Market is projected to grow at a CAGR of 12.53% from 2023 to 2030, according to a new report published by Verified Market Research®. The report reveals that the market was valued at USD 55.40 Billion in 2022 and is expected to reach USD 168.34 Billion by the end of the forecast period.

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202 – Pages
126 – Tables
37 – Figures
Global Cloud ERP Market: Transformative Growth Fueled by Digital Shift and Construction Industry Adoption
The Global Cloud ERP Market is experiencing unprecedented growth driven by the worldwide digital transformation wave and accelerated adoption within the construction industry. Cloud ERP, a robust and flexible enterprise resource planning solution accessible over the internet, has revolutionized the business landscape. This cloud-based software automates critical operational and financial functions, providing organizations with a unified source of data, order management, supply chain optimization, procurement, production, distribution, and fulfillment capabilities.
Cloud ERP Market Drivers:The market surge is powered by transformative technologies, particularly cloud-based solutions, reshaping business interactions, innovation processes, and data analytics. Cloud ERP empowers organizations to integrate cutting-edge technologies, fostering innovation and sustainable Cloud ERP Market growth. The construction industry’s swift adoption, driven by the opportunities presented during the Covid-19 pandemic, has further accelerated the market’s expansion. Construction companies are leveraging Cloud ERP to stabilize operations and recapture growth opportunities lost during the crisis.
Cloud ERP Market Outlook:The Global Cloud ERP Market is poised for substantial growth, with North America leading the charge. The region boasts a robust technology landscape and hosts a multitude of key Cloud ERP vendors. The market is set to witness continuous expansion, driven by the evolving digital business environment and the construction industry’s ongoing technological transformation efforts.
Key Players and Competitive Landscape:In the competitive landscape of the Global Cloud ERP Market, key players are deploying innovative strategies to secure their market positions. Market ranking analysis reveals the dominance of established vendors, leveraging their expertise to capture significant market shares. Continuous market share analysis highlights the dynamic nature of the industry, encouraging players to engage in key development strategies to maintain their competitive edge.
Cloud ERP stands as a cornerstone in modern business strategies, enhancing operational efficiency, fostering innovation, and offering unparalleled scalability. The market’s trajectory is marked by relentless innovation and strategic moves by key players, shaping the future of enterprise resource management.
To get market data, market insights, financial statements and a comprehensive analysis of the Global Cloud ERP Market, please Contact Verified Market Research®.
Based on the research, Verified Market Research® has segmented the global Cloud ERP Market into Component, Organization Size, End-User, And Geography.
Cloud ERP Market, by ComponentSolutionServicesCloud ERP Market, by Organization SizeLarge EnterprisesSmall and Medium-sized EnterprisesCloud ERP Market, by End-UserBFSIIT & TelecomHealthcareGovernment and Public SectorAerospace and DefenseRetailOthersCloud ERP Market, by GeographyNorth AmericaU.SCanadaMexicoEuropeGermanyFranceU.KRest of EuropeAsia PacificChinaJapanIndiaRest of Asia PacificROWMiddle East & AfricaLatin AmericaBrowse Related Reports:
Project-Based ERP Software Market By Type (Cloud Based and Web Based), By Application (Large Enterprises and Small and Medium Enterprises), By Geography, And Forecast
ERP Software for Apparel & Textile Industries Market By Type (Cloud-Based and On-premise), By Application (SMEs and Large enterprises), By Geography, And Forecast
Education ERP Market By Component (Solution, Service), By User-Type (Kindergarten, K-12), By Deployment Type (On-premise, Cloud), By Geography, And Forecast
ERP Systems Market By Product (On premise ERP, Cloud-based ERP), By Application (Large Enterprises (1000+) Users, Medium-Sized Enterprise (499-1000) Users, Small Enterprises (1-499) Users), By Geography, And Forecast
Top 5 Cloud Managed Services using internet to deliver applications
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Our 250 Analysts and SMEs offer a high level of expertise in data collection and governance use industrial techniques to collect and analyze data on more than 15,000 high impact and niche markets. Our analysts are trained to combine modern data collection techniques, superior research methodology, expertise and years of collective experience to produce informative and accurate research.
We study 14+ categories from Semiconductors & Electronics, Chemicals, Advanced Materials, Aerospace & Defense, Energy & Power, Healthcare, Pharmaceuticals, Automotive & Transportation, Information & Communication Technology, Software & Services, Information Security, Mining, Minerals & Metals, Building & Construction, Agriculture industry and Medical Devices from over 100 countries.
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