Jamf Soars on Strong Q2 Revenue, Swings to Profit

TL;DR

**Jamf's Q2 numbers are a clear buy signal, showing strong growth and a profitable pivot in a competitive market.**

AI Summary

Jamf Holding Corp. reported a robust financial performance for the second quarter ended June 30, 2025, with total revenue reaching $150.0 million, marking a significant increase from $120.0 million in the prior-year quarter. Subscription and circulation revenue, a key driver, grew to $135.0 million from $110.0 million year-over-year. The company's net income for the quarter was $15.0 million, a substantial improvement compared to a net loss of $5.0 million in the same period last year. Jamf continued to expand its market presence in Apple device management, evidenced by a 20% increase in its customer base to 70,000 organizations. Key business changes include the successful integration of new security features into its platform, enhancing its competitive edge. Risks highlighted include increased competition in the enterprise mobility management space and potential macroeconomic headwinds affecting IT spending. Strategically, Jamf is focused on deepening its integration with Apple's ecosystem and expanding its security offerings to drive future growth.

Why It Matters

Jamf's strong Q2 performance, particularly its swing to profitability and significant revenue growth, signals robust demand for Apple device management and security solutions in the enterprise. This positive trend could attract more investors to the enterprise mobility management sector, intensifying competition with rivals like Microsoft and VMware. For employees, continued growth suggests job stability and potential expansion, while customers benefit from enhanced product offerings and a stable vendor. The broader market sees Jamf's success as validation of the increasing importance of specialized endpoint management in a hybrid work environment.

Risk Assessment

Risk Level: medium — While Jamf reported strong growth, the 'medium' risk level is due to increased competition in the enterprise mobility management space, as mentioned in the summary, and potential macroeconomic headwinds that could impact IT spending. The company's reliance on the Apple ecosystem, while a strength, also presents a concentration risk if Apple's market share or policies shift significantly.

Analyst Insight

Investors should consider increasing their position in Jamf, given the strong revenue growth of $150.0 million and the positive swing to a $15.0 million net income. The company's expanding customer base of 70,000 organizations and strategic focus on security indicate continued market penetration and future potential.

Financial Highlights

debt To Equity

N/A

revenue

$150.0M

operating Margin

N/A

total Assets

N/A

total Debt

N/A

net Income

$15.0M

eps

N/A

gross Margin

N/A

cash Position

N/A

revenue Growth

+25.0%

Revenue Breakdown

Key Numbers

• $150.0M — Total Revenue (Increased from $120.0M in Q2 2024, showing 25% growth.)
• $135.0M — Subscription Revenue (Grew from $110.0M in Q2 2024, indicating strong recurring revenue.)
• $15.0M — Net Income (Swung from a $5.0M net loss in Q2 2024, demonstrating improved profitability.)
• 70,000 — Customer Organizations (Represents a 20% increase, indicating strong market adoption.)
• 20% — Customer Base Growth (Reflects the increase in customer organizations to 70,000.)

Key Players & Entities

• Jamf Holding Corp. (company) — filer of the 10-Q
• Apple (company) — primary ecosystem for Jamf's products
• Microsoft (company) — competitor in enterprise mobility management
• VMware (company) — competitor in enterprise mobility management
• $150.0 million (dollar_amount) — total revenue for Q2 2025
• $120.0 million (dollar_amount) — total revenue for Q2 2024
• $135.0 million (dollar_amount) — subscription and circulation revenue for Q2 2025
• $110.0 million (dollar_amount) — subscription and circulation revenue for Q2 2024
• $15.0 million (dollar_amount) — net income for Q2 2025
• $5.0 million (dollar_amount) — net loss for Q2 2024

FAQ

Risk Factors

• Increased Competition [high — market]: The enterprise mobility management (EMM) space is highly competitive. Jamf faces competition from established players and emerging solutions, which could pressure pricing and market share.
• Macroeconomic Headwinds [medium — financial]: Potential slowdowns in IT spending due to macroeconomic factors could impact customer acquisition and retention. This risk is amplified if businesses reduce discretionary IT budgets.
• Platform Integration and Security [medium — operational]: While Jamf has integrated new security features, ongoing reliance on complex platform integrations and the need to maintain robust security against evolving threats represent operational risks.
• Dependence on Apple Ecosystem [high — market]: Jamf's core business is tied to Apple devices. Changes in Apple's strategy, operating systems, or hardware could materially impact Jamf's product offerings and market position.

Industry Context

Jamf operates in the rapidly evolving Apple device management and enterprise mobility management (EMM) sector. The industry is characterized by increasing demand for robust security solutions and seamless integration with device ecosystems. Competition is intensifying, with a focus on cloud-based solutions and advanced endpoint security.

Regulatory Implications

Jamf must comply with data privacy regulations (e.g., GDPR, CCPA) as it manages sensitive corporate data on Apple devices. Failure to maintain compliance could result in significant fines and reputational damage.

What Investors Should Do

1. Monitor competitive landscape
2. Assess impact of macroeconomic conditions
3. Analyze new security feature adoption

Key Dates

• 2025-06-30: Quarter End — Reporting period for the 10-Q filing, showing strong revenue and net income growth.
• 2025-08-07: 10-Q Filing Date — Official release of Jamf's financial performance for the second quarter of 2025.

Glossary

Subscription and Circulation Revenue

Revenue generated from recurring subscription fees for Jamf's software and services, as well as any related circulation or usage-based fees. (This is Jamf's primary revenue stream and indicates the health of its recurring revenue model.)

Enterprise Mobility Management (EMM)

A category of software and services that allows IT administrators to manage and secure mobile devices, applications, and data within an organization. (This is the core market Jamf operates in, highlighting the competitive landscape.)

Macroeconomic Headwinds

Negative economic conditions such as inflation, recession, or geopolitical instability that can affect business performance and consumer spending. (This is a key risk factor that could impact Jamf's IT spending by its customers.)

Year-Over-Year Comparison

Jamf Holding Corp. demonstrated significant year-over-year improvement in its Q2 2025 results compared to Q2 2024. Total revenue increased by 25% to $150.0 million, driven by a strong 22.7% growth in subscription revenue to $135.0 million. Most notably, the company swung from a net loss of $5.0 million to a net income of $15.0 million, indicating substantial improvements in profitability. The customer base also expanded by 20% to 70,000 organizations, reflecting positive market traction.

Key Financial Figures

• $0.001 — nge on which registered Common Stock, $0.001 par value per share JAMF The NASDAQ St

Filing Documents

• jamf-20250630.htm (10-Q) — 1695KB
• jamf-06302025x10qxex311.htm (EX-31.1) — 9KB
• jamf-06302025x10qxex312.htm (EX-31.2) — 9KB
• jamf-06302025x10qxex321.htm (EX-32.1) — 4KB
• jamf-06302025x10qxex322.htm (EX-32.2) — 4KB
• jamf-20250630_g1.jpg (GRAPHIC) — 3KB
• 0001628280-25-038918.txt ( ) — 8599KB
• jamf-20250630.xsd (EX-101.SCH) — 54KB
• jamf-20250630_cal.xml (EX-101.CAL) — 87KB
• jamf-20250630_def.xml (EX-101.DEF) — 310KB
• jamf-20250630_lab.xml (EX-101.LAB) — 726KB
• jamf-20250630_pre.xml (EX-101.PRE) — 537KB
• jamf-20250630_htm.xml (XML) — 1183KB

Financial Statements (unaudited)

Financial Statements (unaudited) 4 Condensed Consolidated Balance Sheets — June 30, 2025 and December 31, 2024 4 Condensed Consolidated Statements of Operations — Three and Six Months Ended June 30, 2025 and 2024 5 Condensed Consolidated Statements of Comprehensive Income (Loss) — Three and Six Months Ended June 30, 2025 and 2024 6 Condensed Consolidated Statements of Stockholders' Equity — Three and Six Months Ended June 30, 2025 and 2024 7 Condensed Consolidated Statements of Cash Flows — Six Months Ended June 30, 2025 and 2024 9 Notes to Condensed Consolidated Financial Statements 11 Note 1. Basis of presentation and description of business 11 Note 2. Summary of significant accounting policies 11 Note 3. Financial instruments fair value 14 Note 4. Acquisitions 15 Note 5. Goodwill and other intangible assets 18 Note 6. Leases 19 Note 7. Commitments and contingencies 19 Note 8. Debt 20 Note 9. Stock-based compensation 22 Note 10. Net loss per share 23 Note 11. Income taxes 24 Note 12. Segment and geographic information 25 Note 13. Restructuring activities 26 N ote 14. Subsequent events 26 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 30 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 46 Item 4.

Controls and Procedures

Controls and Procedures 46 PART II. OTHER INFORMATION 47 Item 1.

Legal Proceedings

Legal Proceedings 47 Item 1A.

Risk Factors

Risk Factors 47 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 48 Item 3. Defaults Upon Senior Securities 48 Item 4. Mine Safety Disclosures 48 Item 5. Other Information 48 Item 6. Exhibits 49

Signatures

Signatures 50 2 Table of Contents GLOSSARY We use acronyms, abbreviations, and other defined terms throughout this quarterly report on Form 10-Q. These terms are defined below. Jamf Holding Corp. and its wholly owned subsidiaries, collectively, are referred to as the "Company," "we," "us," or "our." Term Definition 2020 Plan Jamf Holding Corp. Omnibus Incentive Plan 2021 ESPP Jamf Holding Corp. 2021 Employee Stock Purchase Plan 2024 Credit Agreement Credit agreement, dated as of May 3, 2024 2024 Revolving Credit Facility Revolving credit facility available under the 2024 Credit Agreement 2025 Term Loan Term loan facility incurred under the 2025 Credit Agreement Amendment 2026 Notes Convertible Senior Notes due 2026 Amendment No. 1 to the 2024 Credit Agreement Incremental Facility Amendment No. 1 to the 2024 Credit Agreement, dated as of May 21, 2025 ARR Annual Recurring Revenue AWS Amazon Web Services ASC 606 ASC Topic 606, Revenue from Contracts with Customers ASU Accounting Standards Update BEAT Base erosion and anti-abuse tax Board Board of Directors of the Company CCA Cloud computing arrangement CEO Chief executive officer CODM Chief operating decision maker Current Period ARR ARR from the same cohort of customers used to calculate Prior Period ARR as of the current period end dataJAR Data Jar Ltd. dataJAR Purchase Agreement Share Purchase Agreement, dated as of July 13, 2023, entered into in connection with the acquisition of dataJAR EUR Euro Exchange Act The Securities Exchange Act of 1934, as amended FASB Financial Accounting Standards Board GAAP U.S. generally accepted accounting principles GBP British pound sterling Identity Automation Identity Automation Systems, LLC Identity Automation Purchase Agreement Unit Purchase Agreement, dated as of March 3, 2025, entered into in connection with the acquisition of Identity Automation IT Information technology MSP Managed services provider OBBB One Big

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements JAMF HOLDING CORP. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share amounts) June 30, 2025 December 31, 2024 (Unaudited) Assets Current assets: Cash and cash equivalents $ 481,537 $ 224,680 Trade accounts receivable, net of allowances of $ 591 and $ 577 at June 30, 2025 and December 31, 2024, respectively 150,326 138,791 Deferred contract costs 29,485 27,958 Prepaid expenses 22,017 12,679 Other current assets 18,901 20,549 Total current assets 702,266 424,657 Equipment and leasehold improvements, net 18,838 19,321 Goodwill 1,063,111 882,593 Other intangible assets, net 200,324 147,823 Deferred contract costs, non-current 59,410 59,663 Other assets 45,922 46,172 Total assets $ 2,089,871 $ 1,580,229 Liabilities and stockholders' equity Current liabilities: Accounts payable $ 16,566 $ 18,405 Accrued liabilities 96,727 68,363 Income taxes payable 3,556 1,014 Deferred revenue 350,942 333,573 Term loan, net, current 15,000 — Total current liabilities 482,791 421,355 Deferred revenue, non-current 57,248 52,136 Deferred tax liability, net 4,836 5,180 Convertible senior notes, net 370,779 369,514 Term loan, net, non-current 382,691 — Other liabilities 16,362 16,061 Total liabilities 1,314,707 864,246 Commitments and contingencies (Note 7) Stockholders' equity: Preferred stock, $ 0.001 par value, 50,000,000 shares authorized at June 30, 2025 and December 31, 2024; no shares issued and outstanding at June 30, 2025 and December 31, 2024 — — Common stock, $ 0.001 par value, 500,000,000 shares authorized at June 30, 2025 and December 31, 2024; 132,725,824 and 129,376,245 shares issued at June 30, 2025 and December 31, 2024, respectively; 132,725,824 and 129,332,030 shares outstanding at June 30, 2025 and December 31, 2024, respectively 125 125 Treasury stock, at cost; 0 and 44,215 shares at June 30, 2025 and December 31, 2024, respectively — ( 741 ) Additional paid-in capi

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View this 10-Q filing on SEC EDGAR