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    Max Michaels

    Research Analyst at Lake Street Capital Markets

    Max Michaelis is a Research Analyst at Lake Street Capital Markets, specializing in the industrials sector with particular expertise in security and protection services. He has covered companies such as Knightscope, where his single published rating demonstrated a 100% success rate and an average return of 2.18%, earning him a ranking of 2,831 out of 4,793 analysts. Max began his analyst role at Lake Street prior to 2025, and there are no public records indicating previous firms or additional sector coverage. His professional credentials and FINRA securities licenses are not disclosed in publicly available sources.

    Max Michaels's questions to Cellebrite DI (CLBT) leadership

    Max Michaels's questions to Cellebrite DI (CLBT) leadership • Q3 2024

    Question

    Max Michaels of Lake Street Capital Markets inquired about expectations for adjusted EBITDA margin expansion in 2025 and the reason for the sequential increase in professional services revenue.

    Answer

    CFO Dana Gerner pointed to the company's long-term model, which targets a 20-25% adjusted EBITDA margin, suggesting performance would remain within that range. She explained that the quarterly increase in professional services revenue was a one-time event due to the early completion of a contract with a specific APAC customer.

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