Israeli Cybersecurity Firm Cellebrite Appoints New CEO and Cuts 2026 Forecast, Shares Drop Over 20%
Israeli cybersecurity company Cellebrite announced the appointment of Shiven Ramji as its new CEO, replacing Thomas Hogan as part of a planned leadership transition. Ramji, who joined Cellebrite in May 2026 as President of Products and Technology, will also join the company's board. Hogan had served as interim CEO since January 2025 and was officially appointed in August 2025. The announcement coincided with the release of Cellebrite's second-quarter financial results.
The company reported a 16% year-over-year revenue increase to $131.1 million for Q2 2026. However, net income under GAAP dropped to $6.4 million from $19.5 million in the same period last year. Adjusted EBITDA reached $31.8 million with a margin of 24.2%. Annual recurring revenue (ARR) rose 21% to $507.8 million but fell short of the company's expectations due to extended sales cycles and lower-than-anticipated expansion from its Inseyets product.
As a result, Cellebrite lowered its full-year 2026 ARR forecast to $550-$560 million, reflecting 14%-16% growth, and cut its revenue guidance to $555-$561 million, a 17%-18% increase. Conversely, the company raised its adjusted EBITDA target to $153-$159 million, about 28% margin. For Q3 2026, Cellebrite projects ARR of $524-$528 million, revenues of $145-$148 million, and adjusted EBITDA of $42-$45 million.
CFO David Barter explained that the company reduced its ARR forecast while increasing EBITDA guidance, citing ongoing operational discipline amid prolonged sales cycles impacting near-term ARR growth. Following the announcement, Cellebrite's shares plunged over 20% in pre-market trading on Nasdaq.
