Cellebrite replaces CEO and cuts guidance; stock plunges 30% in premarket

Israel's Cellebrite is appointing a new CEO and lowering its guidance for 2026. Investors are reacting negatively, with the company's stock plunging by more than 20% in premarket trading on the Nasdaq.

The company, which develops digital forensics tools for law enforcement and investigative agencies, announced the appointment of Shiven Ramji as CEO, replacing Thomas Hogan, as part of a planned management transition. Ramji, who joined Cellebrite in May 2026 as President of Product and Technology, will also be appointed to the company's board of directors. Hogan joined Cellebrite as an active chairman in August 2023 and had served as CEO since August 2025.

Second-quarter financial highlights:

• Revenue rose 16% year-over-year, totaling $131.1 million.

• GAAP net income was $6.4 million, compared to $19.5 million in the same period last year.

• Adjusted EBITDA totaled $31.8 million, with a margin of 24.2%.

• Annual Recurring Revenue (ARR) reached $507.8 million, a 21% increase.

However, the company stated that ARR fell short of its internal expectations due to longer sales cycles and lower-than-anticipated expansion from conversions to the Inseyets product. Consequently, Cellebrite lowered its 2026 ARR guidance to a range of $550–$560 million (14%–16% growth) and reduced its revenue target to $555–$561 million (17%–18% growth). Conversely, the company raised its full-year adjusted EBITDA target to $153–$159 million, with a margin of approximately 28%.

"We are making real progress with our newer products, which strengthens our confidence in the long-term opportunity. At the same time, we are taking a more measured approach regarding near-term contributions, given the lengthening of sales cycles," said Ramji.

For the third quarter of 2026, the company expects ARR of $524–$528 million, revenue of $145–$148 million, and adjusted EBITDA of $42–$45 million.