Jamf Narrows Losses, Boosts Cash on Strong Subscription Growth

TL;DR

**Jamf is burning less cash and growing subscriptions, but profitability remains elusive despite a big cash injection from new debt.**

AI Summary

Jamf Holding Corp. reported a net loss of $4.513 million for the three months ended September 30, 2025, a significant improvement from the $12.241 million net loss in the same period of 2024. For the nine months ended September 30, 2025, the net loss was $24.859 million, down from $52.027 million in 2024. Total revenue increased to $183.494 million for the quarter, up from $159.286 million year-over-year, primarily driven by a 15.1% increase in subscription revenue to $179.610 million. The company's cash and cash equivalents surged to $547.194 million as of September 30, 2025, from $224.680 million at December 31, 2024, largely due to $400 million in proceeds from a new term loan. Goodwill increased by $175.093 million to $1.057 billion, and other intangible assets rose by $38.302 million to $186.125 million, primarily from the acquisition of Identity Automation for $175.608 million. Operating expenses remained substantial at $142.932 million for the quarter, contributing to the continued net loss despite revenue growth.

Why It Matters

Jamf's improved financial performance, particularly the reduced net loss and robust subscription revenue growth, signals a strengthening position in the Apple device management market. For investors, the substantial increase in cash and cash equivalents, driven by a new term loan, provides liquidity for strategic initiatives like the Identity Automation acquisition, which could enhance its competitive edge against rivals in the enterprise mobility management space. Employees may see increased job security and potential for growth as the company expands its offerings. Customers benefit from Jamf's continued investment in its platform, ensuring a secure and seamless Apple experience. The broader market will watch if Jamf can leverage its acquisitions and cash reserves to achieve profitability and further consolidate its leadership in Apple-first environments.

Risk Assessment

Risk Level: medium — While Jamf significantly reduced its net loss and increased cash, it remains unprofitable, reporting a net loss of $4.513 million for the quarter and $24.859 million year-to-date. The company also took on a new $400 million term loan, increasing its debt obligations and interest expense, which shifted from a net interest income of $1.574 million in Q3 2024 to a net interest expense of $2.347 million in Q3 2025.

Analyst Insight

Investors should monitor Jamf's path to profitability and the effective integration of its recent Identity Automation acquisition. While subscription revenue growth is positive, the increased debt and continued net losses warrant caution. Consider if the strategic acquisitions will translate into sustained earnings growth and positive free cash flow in future quarters.

Financial Highlights

debt To Equity

1.72

revenue

$183.494M

operating Margin

N/A

total Assets

$2.139B

total Debt

$1.751B

net Income

-$4.513M

eps

N/A

gross Margin

80.9%

cash Position

$547.194M

revenue Growth

+15.2%

Revenue Breakdown

Key Numbers

• $183.494M — Total Revenue (Increased from $159.286 million in Q3 2024, a 15.2% increase.)
• $179.610M — Subscription Revenue (Increased from $156.070 million in Q3 2024, a 15.1% increase.)
• $4.513M — Net Loss (Q3 2025) (Improved from a net loss of $12.241 million in Q3 2024.)
• $24.859M — Net Loss (YTD 2025) (Improved from a net loss of $52.027 million in YTD 2024.)
• $547.194M — Cash and Cash Equivalents (Increased from $224.680 million at December 31, 2024.)
• $400.000M — Proceeds from Term Loan (New debt incurred in the nine months ended September 30, 2025.)
• $175.608M — Acquisitions, net of cash acquired (Primarily for the acquisition of Identity Automation.)
• $1.057B — Goodwill (Increased from $882.593 million at December 31, 2024, due to acquisitions.)
• $2.347M — Interest Expense, net (Q3 2025) (Shifted from $1.574 million interest income in Q3 2024.)
• 133,222,453 — Common Stock Shares Outstanding (As of October 22, 2025.)

Key Players & Entities

• Jamf Holding Corp. (company) — registrant
• Identity Automation Systems, LLC (company) — acquired company
• Apple (company) — primary platform managed
• SEC (regulator) — Securities and Exchange Commission
• NASDAQ Stock Market LLC (company) — exchange where common stock is registered
• Vista Equity Partners, LLC (company) — affiliated investment funds
• John Strosahl (person) — party to Voting Agreement
• Dean Hager (person) — party to Voting Agreement
• Jawbreaker Parent, Inc. (company) — parent company in potential merger
• Jawbreaker Merger Sub, Inc. (company) — merger subsidiary

FAQ

Risk Factors

• Intense Competition [high — market]: The market for endpoint management solutions is highly competitive, with numerous established players and emerging companies. Failure to innovate and differentiate could lead to loss of market share and reduced revenue.
• Dependence on Apple Ecosystem [high — operational]: Jamf's primary focus is on Apple devices. Any significant changes in Apple's operating systems, hardware strategies, or developer policies could adversely affect Jamf's products and services.
• Acquisition Integration Risk [medium — financial]: The recent acquisition of Identity Automation for $175.608 million introduces integration risks. Failure to successfully integrate the acquired business could disrupt operations and hinder the realization of expected synergies.
• Data Privacy and Security Compliance [medium — regulatory]: As a provider of device management solutions, Jamf handles sensitive customer data. Non-compliance with evolving data privacy regulations (e.g., GDPR, CCPA) could result in significant fines and reputational damage.
• Increased Debt Burden [medium — financial]: The company incurred $400 million in new term loan proceeds. Managing this increased debt, along with the shift from interest income to $2.347 million in net interest expense in Q3 2025, will impact profitability.
• Reliance on Key Personnel [low — operational]: The success of Jamf may depend on the continued service of its key executive officers and employees. The loss of such personnel could negatively impact the company's ability to execute its strategy.

Industry Context

Jamf operates in the enterprise mobility management (EMM) and unified endpoint management (UEM) market, with a strong specialization in Apple devices. The industry is characterized by rapid technological advancements, increasing cybersecurity threats, and a growing demand for cloud-based solutions. Competition is intense, with players like Microsoft, VMware, and MobileIron vying for market share, alongside niche providers.

Regulatory Implications

Jamf must navigate a complex landscape of data privacy regulations, including GDPR and CCPA, due to the sensitive data managed on endpoints. Compliance with these regulations is critical to avoid substantial fines and maintain customer trust. Changes in cybersecurity standards and government mandates regarding device security could also impact product development and operational requirements.

What Investors Should Do

1. Monitor acquisition integration progress
2. Analyze debt management strategy
3. Evaluate subscription revenue growth sustainability
4. Assess path to profitability

Key Dates

• 2025-09-30: End of Q3 2025 — Reported improved net loss of $4.513 million and increased total revenue to $183.494 million.
• 2025-09-30: Acquisition of Identity Automation completed — Led to an increase in Goodwill by $175.093 million and other intangible assets by $38.302 million.
• 2025-09-30: New Term Loan Secured — Provided $400 million in proceeds, significantly boosting cash and cash equivalents to $547.194 million.
• 2024-09-30: End of Q3 2024 — Reported a net loss of $12.241 million and total revenue of $159.286 million.
• 2024-12-31: End of Fiscal Year 2024 — Cash and cash equivalents stood at $224.680 million prior to the new term loan.

Glossary

Goodwill

An intangible asset that arises when a company acquires another company for a price greater than the fair value of its identifiable net assets. (Increased significantly by $175.093 million due to the Identity Automation acquisition, indicating the premium paid over the fair value of acquired net assets.)

Other intangible assets, net

Assets that lack physical substance but are identifiable and provide future economic benefits, such as patents, trademarks, and customer lists, net of accumulated amortization. (Rose by $38.302 million, largely attributed to the Identity Automation acquisition, reflecting the value of acquired intellectual property and other non-physical assets.)

Deferred revenue

Revenue that has been received by a company but not yet earned, typically from subscriptions or advance payments for services not yet rendered. (Represents a significant liability ($380.186 million current, $60.308 million non-current), indicating future revenue streams from existing customer contracts.)

Convertible senior notes

Debt securities that can be converted into a predetermined amount of the issuer's equity at certain times during their life. (Jamf has $371.413 million in current convertible notes and $0 non-current, indicating a recent issuance or conversion activity impacting its debt structure.)

Term loan

A loan from a bank or other financial institution for a specific amount that has a specified repayment schedule and a fixed or floating interest rate. (Jamf has a $20 million current and $377.841 million non-current term loan, totaling $397.841 million, primarily from the $400 million proceeds received.)

Accumulated deficit

The total cumulative net losses of a company since its inception, less any cumulative net income. (Stands at a deficit of $547.464 million, showing that the company has historically incurred more losses than profits, though the net loss is narrowing.)

Year-Over-Year Comparison

Jamf Holding Corp. has demonstrated significant year-over-year improvement in its financial performance. Total revenue for Q3 2025 increased by 15.2% to $183.494 million, driven by a robust 15.1% rise in subscription revenue. The net loss has narrowed considerably, from $12.241 million in Q3 2024 to $4.513 million in Q3 2025, indicating improved operational efficiency or cost management. A key development is the substantial increase in cash reserves to $547.194 million, largely due to a $400 million term loan, which also led to a significant increase in goodwill and other intangible assets from acquisitions. However, the company has also seen a shift from interest income to net interest expense, highlighting the impact of new debt.

Key Financial Figures

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

Filing Documents

• jamf-20250930.htm (10-Q) — 1736KB
• jamf-09302025x10qxex311.htm (EX-31.1) — 9KB
• jamf-09302025x10qxex312.htm (EX-31.2) — 9KB
• jamf-09302025x10qxex321.htm (EX-32.1) — 4KB
• jamf-09302025x10qxex322.htm (EX-32.2) — 4KB
• jamf-20250930_g1.jpg (GRAPHIC) — 3KB
• 0001628280-25-051044.txt ( ) — 8737KB
• jamf-20250930.xsd (EX-101.SCH) — 54KB
• jamf-20250930_cal.xml (EX-101.CAL) — 87KB
• jamf-20250930_def.xml (EX-101.DEF) — 321KB
• jamf-20250930_lab.xml (EX-101.LAB) — 731KB
• jamf-20250930_pre.xml (EX-101.PRE) — 545KB
• jamf-20250930_htm.xml (XML) — 1209KB

Financial Statements (unaudited)

Financial Statements (unaudited) 4 Condensed Consolidated Balance Sheets — September 30, 2025 and December 31, 2024 4 Condensed Consolidated Statements of Operations — Three and Nine Months Ended September 30, 2025 and 2024 5 Condensed Consolidated Statements of Comprehensive Income (Loss) — Three and Nine Months Ended September 30, 2025 and 2024 6 Condensed Consolidated Statements of Stockholders' Equity — Three and Nine Months Ended September 30, 2025 and 2024 7 Condensed Consolidated Statements of Cash Flows — Nine Months Ended September 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 Note 14. Subsequent events 27 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 31 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 47 Item 4.

Controls and Procedures

Controls and Procedures 47 PART II. OTHER INFORMATION 49 Item 1.

Legal Proceedings

Legal Proceedings 49 Item 1A.

Risk Factors

Risk Factors 49 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 51 Item 3. Defaults Upon Senior Securities 51 Item 4. Mine Safety Disclosures 51 Item 5. Other Information 51 Item 6. Exhibits 52

Signatures

Signatures 53 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 Effective Time Effective time of the Merger, subject to the terms and conditions as set forth in the Merger Agreement EUR Euro Exchange Act The Securities Exchange Act of 1934, as amended FASB Financial Accounting Standards Board Francisco Partners Francisco Partners Management, L.P. 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 Mar

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) September 30, 2025 December 31, 2024 (Unaudited) Assets Current assets: Cash and cash equivalents $ 547,194 $ 224,680 Trade accounts receivable, net of allowances of $ 528 and $ 577 at September 30, 2025 and December 31, 2024, respectively 154,680 138,791 Deferred contract costs 29,344 27,958 Prepaid expenses 24,688 12,679 Other current assets 21,306 20,549 Total current assets 777,212 424,657 Equipment and leasehold improvements, net 17,929 19,321 Goodwill 1,057,686 882,593 Other intangible assets, net 186,125 147,823 Deferred contract costs, non-current 57,420 59,663 Other assets 42,801 46,172 Total assets $ 2,139,173 $ 1,580,229 Liabilities and stockholders' equity Current liabilities: Accounts payable $ 20,461 $ 18,405 Accrued liabilities 101,375 68,363 Income taxes payable 374 1,014 Deferred revenue 380,186 333,573 Convertible senior notes, net, current 371,413 — Term loan, net, current 20,000 — Total current liabilities 893,809 421,355 Deferred revenue, non-current 60,308 52,136 Deferred tax liability, net 4,804 5,180 Convertible senior notes, net, non-current — 369,514 Term loan, net, non-current 377,841 — Other liabilities 15,693 16,061 Total liabilities 1,352,455 864,246 Commitments and contingencies (Note 7) Stockholders' equity: Preferred stock, $ 0.001 par value, 50,000,000 shares authorized at September 30, 2025 and December 31, 2024; no shares issued and outstanding at September 30, 2025 and December 31, 2024 — — Common stock, $ 0.001 par value, 500,000,000 shares authorized at September 30, 2025 and December 31, 2024; 133,053,221 and 129,376,245 shares issued at September 30, 2025 and December 31, 2024, respectively; 133,053,221 and 129,332,030 shares outstanding at September 30, 2025 and December 31, 2024, respectively 125 125 Treasury stock, at cost; 0 and 44,215 sh

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