Cellebrite DI (NASDAQ:CLBT) is expanding its “Case-to-Closure” platform with a growing set of digital forensics, evidence management, analytics, and AI-driven investigative tools, CFO Dave Barter said during a Morgan Stanley conference discussion. Barter described how the company’s products are used primarily by state and local law enforcement agencies, with a smaller enterprise segment, and outlined how Cellebrite has been shifting its business model toward subscription and consumption-based pricing as it rolls out newer solutions.
Case-to-Closure: from device access to analytics
Barter framed Cellebrite’s core value proposition around the mobile device as “the richest source of information” in many investigations. He said the company’s offering spans three main product areas within the Case-to-Closure platform, beginning with digital forensic software, including its Inseyets product, which is used to access devices, extract data, and convert it into investigative insight.
Within the Insights product suite, Barter highlighted a component called Physical Analyzer, which he said is where AI begins to drive quick, actionable insights through image identification and classification.
From there, Barter said Cellebrite extends from forensics into investigations via Guardian, a case evidence platform designed to store data with chain-of-custody controls and enable collaboration across roles, from examiners to detectives to prosecutors. He noted Guardian includes an “AI viewer” for advanced image classification and connecting investigative threads.
Barter also discussed Pathfinder, an analytical platform designed for investigations involving “10 phones to hundreds of phones.” He described Pathfinder’s AI-driven capabilities, including translation across languages and interpretation of slang to help investigators quickly understand communications.
New additions: Corellium and drone forensics
Barter said Cellebrite acquired Corellium on December 1, and he also noted that the company had entered Drone Forensics “as of a couple days ago,” describing drones as an emerging investigative vector for law enforcement. He said drone forensics, like mobile forensics, uses dedicated appliances to extract information.
Go-to-market: land-and-expand and early PLG experimentation
Barter described a land-and-expand sales motion supported by long-standing relationships with law enforcement customers. He said new logos are added each quarter, often starting small—sometimes around $10,000—and then expanding as customers see value and budgets allow.
He also said the company is experimenting with a product-led growth approach for newer offerings, including a product called Investigate that is “purpose-built for detectives and investigators.” Barter said Cellebrite has begun offering it for free to select “design partners” who help harden the product while using it operationally.
Lawful access, ethical AI, and customer controls
In response to questions about surveillance concerns, Barter emphasized that Cellebrite’s focus is on “lawful investigations” and “ethical AI.” He said the company uses a country- and customer-specific KYC policy and does not aim to sell broadly across nearly all countries like a typical enterprise software provider.
Barter said Cellebrite’s work generally involves law enforcement processes such as search warrants or owner consent, and he discussed customs use cases where officials may request access to a device, with the traveler able to refuse—potentially affecting admissibility decisions.
He added that the company’s enterprise business is less than 10% of revenue, and that while Cellebrite will sell solutions to large enterprises and professional services firms, it does not sell device “unlock” capabilities broadly in that segment. In enterprise settings, he said use cases can include internal investigations where the company has employee access and needs to determine whether devices or networks were compromised.
Business model shift and operating metrics discussed
Barter described an evolution in Cellebrite’s monetization from perpetual licenses, to term licenses, and increasingly to consumption-based pricing tied to “value meters,” including device unlocks/extractions and the volume of data processed. He said this has helped prepare customers for AI-driven offerings that can be priced using similar meters.
On product migration, Barter said the company’s transition to Inseyets has reached about 55%, and he noted that about 30% of customers moved last year. He said migrations provide “a small ARR uplift,” estimating that roughly 10% of net new ARR each quarter comes from uplift when customers migrate.
In discussing growth drivers, Barter said new customer logos typically represent 1–2 points of incremental growth in a given year, with expansion and product adoption doing more of the work. He said Insights, as the largest and most mature product, is expected to drive “upper single digits” of overall growth. He highlighted Guardian’s momentum, stating it has grown at triple-digit rates over the last six quarters, and said Pathfinder contributes meaningfully despite being smaller.
Barter said Corellium added $16 million of ARR at acquisition and is growing “at a pretty healthy clip,” with the potential to grow nearly as fast as Guardian if execution goes as planned. Drone Forensics was described as “very nascent,” with more perspective expected on the next earnings call.
On retention, Barter said the company finished last year with 91% gross retention and expects 92%–93% this year as execution improves.
Barter also addressed growth dynamics affected by federal budget changes last year, saying growth was compressed by about four points. He said the company believes it has a credible path to re-accelerate from a recent 17% level, and the discussion referenced company guidance targets of 18%–19% revenue growth and a commitment to maintain free cash flow margins above 30%.
About Cellebrite DI (NASDAQ:CLBT)
Cellebrite DI is a global provider of digital intelligence and forensics solutions that enable law enforcement agencies, government bodies and enterprises to extract, analyze and act on data from mobile devices, cloud services and digital sources. The company’s technology is designed to accelerate investigations, support evidence-based decision-making and enhance security operations by delivering actionable intelligence in a secure, scalable platform.
The company’s flagship offerings include the Universal Forensic Extraction Device (UFED) series for data acquisition and decoding, Physical Analyzer for advanced data parsing and visualization, and Pathfinder for case-driven investigation workflows.
