--- title: "Cellebrite beats Q3 and lifts EBITDA guidance as CFIUS weighs divesting Corellium" description: "Revenue, ARR and free cash flow all beat targets, but the same US government buying faster than ever is still deciding whether Cellebrite must divest Corellium, the $170 million acquisition it closed without formal clearance." publisher: "The Inference" section: "Security" published: 2026-11-12T19:09:30.747Z modified: 2026-11-12T19:09:30.747Z canonical: https://theinference.org/article/cellebrite-beats-q3-and-raises-ebitda-outlook-as-a-us-review-weighs-divesting-its-170-million-corellium-buy language: en keywords: "Cellebrite, Corellium, CFIUS, Digital Forensics, Earnings" --- # Cellebrite beats Q3 and lifts EBITDA guidance as CFIUS weighs divesting Corellium > Revenue, ARR and free cash flow all beat targets, but the same US government buying faster than ever is still deciding whether Cellebrite must divest Corellium, the $170 million acquisition it closed without formal clearance. [Cellebrite](https://theinference.org/markets/companies/cellebrite) beat its own quarter and raised its profit outlook, and the stock fell 7.4% anyway [4]. Shares of the digital-forensics company, whose software lets police and intelligence agencies extract and read phone data, [traded at $11.76 on November 12, down 33.6% for the year](https://www.marketscreener.com/news/cellebrite-reports-third-quarter-2026-results-ce785ed8dd80ff27) [4]. The market's attention is on a different line of the filing. ![A Cellebrite extraction report screen listing an iPhone's device information and sections of recovered data, with messages and key evidence highlighted](https://storage.googleapis.com/theinference-public/img/d80bbabd07fb7d10.jpg) *What the software produces: a Cellebrite extraction report on an iPhone backup, sorted into messages, call history and a key evidence bucket. The Genesis AI product Cellebrite credits for its US growth is meant to read that material for investigators. (Privateinvestigatorgreensboro, CC BY-SA 4.0)* ## An 18% quarter and a higher profit outlook Third-quarter revenue came in at $149.0 million, up 18% year over year, with subscription revenue of $134.9 million up 20% and annual recurring revenue of $528.5 million, also up 20% [1]. Adjusted EBITDA was $53.6 million at a 36% margin, GAAP net income was $26.7 million, and free cash flow over the trailing twelve months reached $166.0 million, a 30.9% margin [1]. The company raised its full-year adjusted EBITDA outlook to $163–166 million while reaffirming ARR guidance of $550–560 million [1]. *Chart: **Free cash flow lands in the fourth quarter: Q4 '25 alone brought in $82.9M** Cellebrite quarterly free cash flow from Q3 2023 through Q2 2026, with the two fourth quarters, $60.8 million and $82.9 million, far above every other quarter* *Quarterly free cash flow in USD millions, from Cellebrite's SEC filings. The Q3 2026 quarter reported on 12 November 2026 is not yet in the filing series; trailing-twelve-month free cash flow was $166.0 million. [6]* Growth was led by another acceleration in US federal demand and by Genesis, the agentic AI product launched on June 10 and since opened to government and private customers in Australia, the UK and the EU [1]. In one homicide case, Genesis surfaced a suspect's confession from two years of recorded jail calls that manual review had missed [3]. *Chart: **Q3 2026 revenue of $149M is the highest yet, 18% above a year earlier** Cellebrite quarterly revenue from Q4 2024 through Q3 2026, rising from $109.1 million to $149.0 million* *Quarterly revenue in USD millions, from Cellebrite's SEC filings and the Q3 2026 results release. [5][1]* ## The part that carries the risk Buried at the end of [the release](https://www.sec.gov/Archives/edgar/data/1854587/000121390026118368/0001213900-26-118368-index.htm): the Corellium acquisition "continues to undergo review" by CFIUS, the US committee that screens foreign purchases of American technology, and Cellebrite is "seeking to address CFIUS' concerns in lieu of potential divestment," with no final decision and no way to predict one [1]. Cellebrite, an Israeli company, [closed the $170 million Corellium purchase in December 2025](https://markets.financialcontent.com/prnews.pressrelease/article/gnwcq-2025-12-2-cellebrite-completes-acquisition-of-corellium-extending-the-industrys-most-advanced-ai-powered-digital-investigation-platform) on the basis of a national security agreement pending formal clearance [2]. Corellium's technology now sits inside [the Autumn release](https://www.morningstar.com/news/pr-newswire/20261021ph75430/genesis-momentum-powers-cellebrites-autumn-release-more-evidence-deeper-insight-broader-access-for-investigations) and the Genesis-era platform, and Corellium co-founder Chris Wade is Cellebrite's chief technology officer [1][2][3]. ## Customer and regulator, same government The tension is structural. The same US government whose agencies are accelerating purchases, and whose Defense Department cybersecurity certification (CMMC Level 2) Cellebrite just cleared, removing a barrier to federal work, is the government deciding whether the company keeps Corellium at all [1]. No dollar figure is attached to the divestment scenario, so shareholders own a beat-and-raise quarter with an unpriced tail. A mid-September plan to redomicile in the US, which the company says would broaden its investor pool through inclusion in key US stock indices, is itself still subject to shareholder and regulatory approvals [1]. The next CFIUS disclosure is the variable: the market has absorbed the quarter, and a divestment order would be new information no guidance covers. ## Takeaway Revenue, ARR and free cash flow all beat guidance and the stock fell 7.4% anyway. The open question is whether CFIUS makes Cellebrite shed Corellium, a risk the guidance does not price. ## Sources 1. [Cellebrite DI Ltd., Form 6-K: Third-Quarter 2026 Results, 12 November 2026](https://www.sec.gov/Archives/edgar/data/1854587/000121390026118368/0001213900-26-118368-index.htm) 2. [Cellebrite press release via GlobeNewswire, Cellebrite Completes Acquisition of Corellium, 2 December 2025](https://markets.financialcontent.com/prnews.pressrelease/article/gnwcq-2025-12-2-cellebrite-completes-acquisition-of-corellium-extending-the-industrys-most-advanced-ai-powered-digital-investigation-platform) 3. [Cellebrite press release via PR Newswire/Morningstar, Genesis Momentum Powers Cellebrite's Autumn Release, 21 October 2026](https://www.morningstar.com/news/pr-newswire/20261021ph75430/genesis-momentum-powers-cellebrites-autumn-release-more-evidence-deeper-insight-broader-access-for-investigations) 4. [MarketScreener, Cellebrite Reports Third-Quarter 2026 Results, with live CLBT quote, 12 November 2026](https://www.marketscreener.com/news/cellebrite-reports-third-quarter-2026-results-ce785ed8dd80ff27) 5. [Cellebrite, quarterly revenue from its SEC filings, retrieved 12 November 2026](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001854587) 6. [Cellebrite, quarterly figures from its SEC filings, retrieved 12 November 2026](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001854587) --- Cellebrite beats Q3 and lifts EBITDA guidance as CFIUS weighs divesting Corellium — The Inference. Canonical: https://theinference.org/article/cellebrite-beats-q3-and-raises-ebitda-outlook-as-a-us-review-weighs-divesting-its-170-million-corellium-buy