Jamf’s first quarter results for 2025 were met with a negative market response, despite the company surpassing revenue expectations and reporting steady profitability. Management attributed the quarter’s performance to the launch of new platform solutions—Jamf for Mac and Jamf for K-12—which drove momentum in both commercial and education segments. CEO John Strosahl highlighted that “security bookings were also strong, driving 17% year-over-year growth in security ARR to $162 million.” The quarter was further supported by an uptick in net new annual recurring revenue, with notable contributions from education and security-focused offerings.
Is now the time to buy JAMF? Find out in our full research report (it’s free).
Jamf (JAMF) Q1 CY2025 Highlights:
- Revenue: $167.6 million vs analyst estimates of $166.3 million (10.2% year-on-year growth, 0.8% beat)
- Adjusted EPS: $0.22 vs analyst estimates of $0.21 (in line)
- Adjusted Operating Income: $37.64 million vs analyst estimates of $36.37 million (22.5% margin, 3.5% beat)
- The company lifted its revenue guidance for the full year to $693 million at the midpoint from $678 million, a 2.2% increase
- Operating Margin: -2.5%, up from -13.9% in the same quarter last year
- Annual Recurring Revenue: $657.9 million at quarter end, up 9.2% year on year
- Billings: $161 million at quarter end, up 12.4% year on year
- Market Capitalization: $1.22 billion
While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.
Our Top 5 Analyst Questions Jamf’s Q1 Earnings Call
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Joshua Riley (Needham): Asked about extending Identity Automation’s solution beyond education, to which CEO John Strosahl and Chief Strategy Officer Henry Patel explained that dynamic identity management could be adapted to sectors like healthcare and retail, leveraging Jamf’s established Apple device expertise.
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Koji Ikeda (Bank of America): Inquired why guidance was maintained amid good demand signals, with CFO David Rudow stating it was “prudent” to keep forecasts steady given ongoing macroeconomic uncertainty and minor disruptions seen in the latest quarter.
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Jake Roberge (William Blair): Questioned drivers of net new ARR reacceleration, with Strosahl attributing gains to strong Mac and mobile enterprise traction and growth in sectors such as healthcare and APAC, while Rudow added that commercial and security segments contributed meaningfully.
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Unidentified Analyst (Canaccord Genuity): Asked about the impact of potential tariffs on Apple hardware for Jamf’s business. Strosahl responded that while direct effects are limited, broader Apple device adoption would indirectly benefit Jamf over time.
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Aidan Perry (Piper Sandler): Sought clarity on how R&D spending and the product roadmap would evolve post-acquisition. Rudow confirmed only a modest increase in R&D as a percentage of revenue and highlighted ongoing integration efforts to enhance security offerings.
Catalysts in Upcoming Quarters
In coming quarters, the StockStory team will be monitoring (1) the pace of Identity Automation integration and its impact on new vertical adoption, (2) progress in channel partner expansion and resulting contributions to international growth, and (3) the reception and upsell momentum of Jamf for Mac and Jamf for K-12 platform solutions. Effective execution on margin improvement and local currency billing will also be key areas to watch.
Jamf currently trades at $9.33, down from $11.36 just before the earnings. In the wake of this quarter, is it a buy or sell? See for yourself in our full research report (it’s free).
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