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Introduction & Market Context
Jamf (NASDAQ:JAMF), the leading Apple (NASDAQ:AAPL) ecosystem management provider, presented its first quarter 2025 financial results on May 6, 2025, showcasing continued growth and strategic expansion. The company maintained its double-digit revenue growth trajectory while advancing key initiatives in security, mobile solutions, international markets, and channel partnerships.
In an increasingly complex device management landscape, Jamf continues to capitalize on its specialized position within the Apple ecosystem while expanding its security offerings through both organic growth and strategic acquisitions.
Quarterly Performance Highlights
Jamf reported solid financial results for Q1 2025, with revenue reaching $167.6 million, representing a 10% year-over-year increase. Annual Recurring Revenue (ARR) grew to $657.9 million, up 9% compared to the same period last year. The company maintained strong profitability with Non-GAAP Operating Income of $37.6 million, translating to a 22% margin.
As shown in the following quarterly highlights slide, Jamf’s security business continues to outpace overall company growth, with Security ARR reaching $162 million, up 17% year-over-year and now representing 25% of total ARR:
The company’s international expansion efforts are also bearing fruit, with international revenue growing 16% year-over-year, significantly outpacing domestic growth. This performance reflects Jamf’s balanced approach to growth and profitability, maintaining strong margins while investing in strategic initiatives.
Jamf’s financial performance demonstrates the company’s ability to maintain momentum across key metrics, as illustrated in this balanced growth and profitability overview:
The 104% Net Retention Rate indicates Jamf’s success in both retaining existing customers and expanding relationships through upselling additional services. Profitability metrics remain robust with a 24% Adjusted EBITDA margin and 82% Non-GAAP Gross Margin, providing the company with financial flexibility to pursue strategic investments.
Strategic Initiatives
Jamf outlined four key strategic growth drivers that form the foundation of its expansion strategy: Security, Mobile, International, and Channel partnerships.
The company’s security focus was reinforced by the acquisition of Identity Automation, a leading identity and access management (IAM) cybersecurity platform primarily serving education and healthcare markets. The acquisition, which closed on April 1, 2025, expands Jamf’s security capabilities by adding sophisticated identity management tools that dynamically adjust access, device, and security policies.
As shown in the following slide detailing the acquisition:
The Identity Automation acquisition strengthens Jamf’s position in two key verticals—education and healthcare—while adding complementary identity management capabilities to its existing security portfolio.
Jamf also announced the launch of four platform solutions tailored to specific customer segments: Jamf for Mac (for commercial organizations with 1000+ employees), Jamf for Mobile (for commercial organizations with dedicated mobility teams), Jamf for K-12 (for education organizations), and Jamf for Small Business (for organizations with fewer than 250 employees).
This segmented approach allows Jamf to deliver more targeted solutions that address the specific needs of different customer types, potentially increasing adoption and customer satisfaction.
The company’s channel strategy is also showing measurable results following the launch of a new Global Partner Program in August 2024:
With nearly 50% year-over-year growth in deal registrations and more than 25% growth in new partners since the program launch, Jamf’s channel strategy appears to be gaining momentum. The company’s recognition with a 5-Star Rating in the 2025 CRN Partner Program Guide further validates its approach to partner enablement.
Financial Outlook
Looking ahead, Jamf provided guidance for both Q2 2025 and the full fiscal year. For the second quarter, the company expects revenue between $167.5 and $169.5 million, representing approximately 10% growth, with Non-GAAP Operating Income between $29.5 and $30.5 million (18% margin).
For the full year 2025, Jamf projects revenue of $691.0 to $695.0 million, indicating 10-11% growth, and Non-GAAP Operating Income of $144.5 to $147.5 million (21% margin). The company also expects Unlevered Free Cash Flow Growth to exceed 75%.
The detailed financial outlook is presented in the following slide:
This guidance suggests Jamf anticipates continued steady growth throughout 2025, with a slight improvement in full-year operating margins compared to Q2 projections. The significant projected increase in Unlevered Free Cash Flow indicates the company expects to improve its cash generation efficiency substantially.
Detailed Financial Analysis
Jamf’s financial performance reflects a balanced approach to growth and profitability. The company’s Non-GAAP Gross Profit for Q1 2025 reached $137 million, representing an 82% margin. This high gross margin provides Jamf with significant resources to invest in sales, marketing, and product development while maintaining healthy operating profits.
The company’s Non-GAAP Operating Income of $37.6 million represents a 22% margin, demonstrating Jamf’s ability to generate substantial profits while continuing to invest in growth initiatives. Adjusted EBITDA for Q1 2025 was $39 million, representing a 24% margin.
Cash flow metrics show continued improvement, with the company focusing on enhancing its Unlevered Free Cash Flow, which is expected to grow by more than 75% in 2025. This projected improvement in cash generation will provide Jamf with additional financial flexibility to pursue strategic acquisitions, invest in product development, or return capital to shareholders.
The company’s consistent performance across key financial metrics, combined with its strategic focus on high-growth areas like security and international expansion, positions Jamf well for continued growth in the Apple device management market. With the addition of Identity Automation’s capabilities and the launch of segment-specific platform solutions, Jamf appears well-positioned to maintain its leadership in Apple ecosystem management while expanding its footprint in complementary security markets.
Full presentation:
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