Jamf Holding Corp. Reports $627.4M Revenue with 12% Growth and Net Loss Improvement

Jamf Holding Corp. reported a total revenue of $627.4 million for the fiscal year ending December 31, 2024, marking a 12% increase from $560.6 million in the previous year. The growth was primarily driven by a 13% rise in subscription revenue, which accounted for 98% of total revenue, reflecting the company's focus on expanding its customer base and increasing device deployments. However, the company also experienced a net loss of $68.5 million, an improvement from a loss of $110.1 million in 2023, indicating a continued effort to enhance profitability despite ongoing operational challenges.

The company’s Annual Recurring Revenue (ARR) reached $646 million, up 10% from $588.6 million in 2023, driven by device expansion and cross-selling additional solutions to existing customers. Jamf's customer base grew to over 76,500, with more than 33.2 million devices deployed across various sectors, including education and enterprise. The dollar-based net retention rate was reported at 104%, down from 108% the previous year, suggesting a slight decrease in revenue growth from existing customers.

Strategically, Jamf completed the acquisition of dataJAR in July 2023 for approximately $25.1 million, enhancing its service offerings for Apple device management. The company also executed a workforce reduction plan in January 2024, impacting about 6% of its employees, aimed at reducing operating costs and improving margins. Additionally, Jamf has been investing in product innovation, with the launch of new solutions like Jamf Executive Threat Protection, which is designed to enhance security for mobile devices.

Operationally, Jamf's total cost of revenue increased to $141.3 million, up 12% from the previous year, primarily due to higher subscription support costs and third-party hosting fees. The company’s gross margin slightly decreased to 77% from 78% in 2023. Looking ahead, Jamf anticipates continued growth driven by international expansion and increased adoption of Apple products in enterprise environments, although it remains cautious about macroeconomic conditions that could impact IT spending. The company maintains a strong liquidity position with $224.7 million in cash and cash equivalents as of year-end, alongside a $175 million revolving credit facility to support its operational and strategic initiatives.