424B3 1 ea159830-424b3_cellebrite.htm PROSPECTUS SUPPLEMENT NO. 2

Filed Pursuant to Rule 424(b)(3)

Registration No. 333-259826

 

PROSPECTUS SUPPLEMENT NO. 2
(to prospectus dated April 5, 2022)

 

CELLEBRITE DI LTD.

 

171,729,210 Ordinary Shares
9,666,667 Warrants to Purchase Ordinary Shares
29,666,667 Ordinary Shares Underlying Warrants

 

This prospectus supplement amends and supplements the prospectus dated April 5, 2022 (the “Prospectus”) which forms a part of our Registration Statement on Form F-1, as amended and supplemented, including by Post-Effective Amendment No. 1 thereto (Registration Statement No. 333-259826). This prospectus supplement is being filed to update and supplement the information included in the Prospectus with the GAAP financial statements tables contained in our report of foreign private issuer on Form 6-K, furnished to the Securities and Exchange Commission (the “SEC”) on May 12, 2022 (the “Form 6-K”). Such tables from the Form 6-K are attached to this prospectus supplement.

 

This prospectus supplement updates and supplements the information in the Prospectus and is not complete without, and may not be delivered or utilized except in combination with, the Prospectus, including any amendments or supplements thereto. This prospectus supplement should be read in conjunction with the Prospectus and if there is any inconsistency between the information in the Prospectus and this prospectus supplement, you should rely on the information in this prospectus supplement.

 

Our ordinary shares, with par value of NIS 0.00001 per share (“Ordinary Shares”), and warrants to purchase Ordinary Shares (“Warrants”) are traded on The Nasdaq Global Market (“Nasdaq”) under the symbol “CLBT” and “CLBTW,” respectively. The last reported sale price of the Ordinary Shares on May 11, 2022 was $4.73 per share, and the last reported sale price of the Warrants on May 11, 2022 was $0.70 per warrant, as reported on Nasdaq.

 

You should read the Prospectus and any prospectus supplement or amendment carefully before you invest in our securities. Investing in the Company’s securities involves risks. See “Risk Factors” beginning on page 12 of the Prospectus.

 

Neither the SEC nor any state securities commission has approved or disapproved of the securities to be issued under the Prospectus or passed upon the adequacy or accuracy of the Prospectus or this prospectus supplement. Any representation to the contrary is a criminal offense.

 

The date of this prospectus supplement is May 12, 2022.

 

 

 

 

Cellebrite DI Ltd.

First Quarter 2022 Results Summary

(U.S. Dollars in thousands)

 

   For the three months ended 
   March 31, 
   2022   2021 
         
Revenue   62,385    53,283 
Gross profit   51,402    45,084 
Gross margin   82.4%   84.6%
Operating (loss) income   (1,946)   4,387 
Operating margin   -3.1%   8.2%
Cash flow from operations   (10,537)   (124)

 

 

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Cellebrite DI Ltd.

Condensed Consolidated Balance Sheets

(U.S. Dollars in thousands)

 

   March 31,   December 31, 
   2022   2021 
   Unaudited   Audited 
Assets        
         
Current assets        
Cash and cash equivalents  $125,719   $145,973 
Marketable securities   22,735    - 
Short-term deposits   17,473    35,592 
Trade receivables (net of allowance for doubtful accounts of $1,280 and $1,040 as of March 31, 2022 and December 31, 2021, respectively)   60,297    67,505 
Prepaid expenses and other current assets   11,596    12,818 
Contract acquisition costs   4,456    4,813 
Inventories   7,858    6,511 
Total current assets   250,134    273,212 
           
Non-current assets          
Other non-current assets   1,990    1,958 
Marketable securities   6,475    - 
Deferred tax assets, net   10,881    9,800 
Property and equipment, net   17,752    16,756 
Intangible assets, net   10,564    11,228 
Goodwill   26,829    26,829 
Total non-current assets   74,491    66,571 
           
Total assets  $324,625   $339,783 
           
Liabilities and shareholders’ deficiency          
           
Current Liabilities          
Trade payables  $9,288   $9,546 
Other accounts payable and accrued expenses   43,483    54,044 
Deferred revenues   117,785    122,983 
Total current liabilities   170,556    186,573 
           
Long-term liabilities          
Liability for employees' severance benefits   369    375 
Other long term liabilities   6,508    9,162 
Deferred revenues   35,167    36,426 
Restricted Sponsor Shares liability   31,206    44,712 
Price Adjustment Shares liability   53,645    79,404 
Derivative warrant liabilities   39,395    56,478 
Total long-term liabilities   166,290    226,557 
           
Total liabilities  $336,846   $413,130 
           
Shareholders' deficiency          
Share capital   -*   -*
Additional paid-in capital   (146,587)   (153,072)
Treasury stock, NIS 0.00001 par value; 41,776 ordinary shares   (85)   (85)
Accumulated other comprehensive income   575    1,372 
Retained earnings   133,876    78,438 
Total shareholders' deficiency   (12,221)   (73,347)
           
Total liabilities and shareholders’ deficiency  $324,625   $339,783 

 

*Less than US$ 1.

 

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Cellebrite DI Ltd.

Condensed Consolidated Statements of Income

(U.S. Dollars in thousands, except share and per share data)

 

   For the three months ended 
   March 31, 
   2022   2021 
   Unaudited   Unaudited 
         
Revenue:        
Subscription services  $36,361   $28,974 
Term-license   11,824    11,547 
Total subscription   48,185    40,521 
Perpetual license and other   5,972    7,743 
Professional services    8,228    5,019 
Total revenue   62,385    53,283 
           
Cost of revenue:          
Subscription services   3,768    2,482 
Term-license   250    357 
Total subscription   4,018    2,839 
Perpetual license and other   2,207    1,060 
Professional services   4,758    4,300 
Total cost of revenue   10,983    8,199 
           
Gross profit   51,402    45,084 
           
Operating expenses:          
Research and development   19,576    14,893 
Sales and marketing   23,259    16,518 
General and administrative   10,513    9,286 
Total operating expenses   53,348    40,697 
           
Operating (loss) income   (1,946)   4,387 
Financial income, net   56,400    366 
Income before tax (income) expense   54,454    4,753 
Tax (income) expense   (984)   1,163 
Net income  $55,438   $3,590 
           
Earnings per share:          
Basic  $0.29   $(0.001)
Diluted  $0.27   $(0.001)
           
Weighted average shares outstanding:          
Basic   180,545,126    130,077,090 
Diluted   196,142,739    130,077,090 
           
Other comprehensive income:          
Unrealized loss on hedging transactions   (1,150)   (1,386)
Unrealized loss on Marketable securities   (49)   - 
Currency translation adjustments   402    462 
Total other comprehensive loss, net of tax   (797)   (924)
Total other comprehensive income  $54,641   $2,666 

 

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Cellebrite DI Ltd.

Condensed Consolidated Statements of Cash Flow

(U.S. Dollars in thousands)

 

   For the three months ended 
   March 31, 
   2022   2021 
   Unaudited   Unaudited 
Cash flow from operating activities:        
         
Net income  $55,438   $3,590 
Adjustments to reconcile net income to net cash provided by operating activities:          
Employees’ stock option compensation and RSU's   2,858    1,699 
Amortization of premium and discount and accrued interest on marketable securities   17    - 
Depreciation and amortization   2,112    1,482 
Interest income from short term deposits   (62)   (342)*)
Deferred income taxes   (924)   (703)
Remeasurement of derivative warrants   (17,083)   - 
Remeasurement of Restricted Sponsor Shares and Price Adjustment Shares liabilities   (39,265)   - 
Decrease in liability for severance benefits, net   (6)   (10)
Decrease in trade receivables   7,015    6,237 
(Decrease) increase in deferred revenue   (5,916)   1,248 
Increase in other non-current assets   (33)   (1,749)
Decrease (Increase) in prepaid expenses and other current assets   750    (2,009)
Increase in inventories   (1,347)   (138)
Decrease in trade payables   (352)   (59)
Decrease in other accounts payable and accrued expenses   (11,085)   (9,523)
(Decrease) increase in other long-term liabilities   (2,654)   153 
Net cash used in operating activities   (10,537)   (124)
           
Cash flows from investing activities:          
           
Purchases of property and equipment   (2,305)   (1,308)
Investment in marketable securities   (29,276)   - 
Short term deposits, net   18,181    7,849*)
Net cash (used in) provided by investing activities   (13,400)   6,541 
           
Cash flows from financing activities:          
           
Exercise of options to shares   3,627    - 
Net cash provided by financing activities   3,627    - 
           
Net (decrease) increase in cash and cash equivalents   (20,310)   6,417 
Net effect of Currency Translation on cash and cash equivalents   56    (298)
Cash and cash equivalents at beginning of period   145,973    133,846 
Cash and cash equivalents at end of period  $125,719   $139,965 
           
Supplemental cash flow information:          
Income taxes paid   1,287    3,407 
Non-cash activities          
Purchase of property and equipment   133    165 

 

*)Reclassification

 

 

 

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