Kaltura, Inc. (KLTR) Market Cap
Kaltura, Inc. has a market capitalization of $185.9M.
Financials based on reported quarter end 2025-12-31
Price: $1.25
▲ 1.25 (6.84%)
Market Cap: 185.92M
NASDAQ · time unavailable
CEO: Ron Yekutiel
Sector: Technology
Industry: Software - Infrastructure
IPO Date: 2021-07-21
Website: https://www.kaltura.com
Kaltura, Inc. (KLTR) - Company Information
Market Cap: 185.92M · Sector: Technology
Kaltura, Inc. provides various Software-as-a-Service products and solutions and a Platform-as-a-Service. The company offers video products, such as webinars, virtual events, video sites, and virtual classrooms for video-based communication, collaboration, training, and customer experience; and video industry solutions, such as learning management system video and lecture capture solutions for educational institutions. It also provides a TV solution that allows to provide OTT advertising and subscription-based live and on-demand TV services for media companies and telecom operators. In addition, the company offers media services, such as APIs, SDKs, and experience components, including live, real-time, and on-demand video creation, ingestion, transcoding, management, search, security, distribution, publishing, engagement, monetization, monitoring, multi-tenancy, and analytics, as well as video and TV content management systems. It serves a range of industries, including financial services, high technology, healthcare, education, public sector, media, and telecommunications. The company was incorporated in 2006 and is headquartered in New York, New York.
Analyst Sentiment
Based on 9 ratings
Analyst 1Y Forecast: $0.00
Average target (based on 1 sources)
Consensus Price Target
Low
$4
Median
$4
High
$4
Average
$4
Potential Upside: 220.0%
Price & Moving Averages
Related Companies in Technology
Fundamentals Overview
📊 AI Financial Analysis
Powered by StockMarketInfo"KLTR reported revenue of $45.54M and a net income of $18.31M for the year ending December 31, 2025. Despite achieving positive profitability with an EPS of $0.0994, the company has shown weak stock performance, with a one-year price change of -41.79%. The operating cash flow stood at $3.648M with a free cash flow of $3.521M, albeit capital expenditures were slightly negative at -$127k. The balance sheet indicates a high leverage scenario with total liabilities of $158.37M outweighing total equity of $6.33M. Furthermore, with net debt of $18.81M, KLTR's leverage could raise concerns among investors. The company is currently not paying dividends, indicating a focus on reinvesting earnings or potential financial constraints. The market price is at $1.17, significantly lower than the target consensus of $4, suggesting possible undervaluation relative to analyst expectations. Overall, KLTR's financial health and performance reflect challenges in shareholder returns and market positioning."
Revenue Growth
Revenue of $45.54M indicates modest growth, but no clear trend is established.
Profitability
Positive net income of $18.31M shows profitability, though margins could improve.
Cash Flow Quality
Positive cash flow but lower capital expenditures reflect cautious spending.
Leverage & Balance Sheet
High liabilities compared to equity raise concerns over financial stability.
Shareholder Returns
Negative price change of -41.79% and no dividends imply poor shareholder returns.
Analyst Sentiment & Valuation
Analyst price targets suggest potential undervaluation, but market performance is poor.
Disclaimer:This analysis is AI-generated for informational purposes only. Accuracy is not guaranteed and this does not constitute financial advice.
Kaltura reported strong profitability and operating efficiency (Q4 adjusted EBITDA $6.3M, above the $4.2M–$5.2M range; full-year adjusted EBITDA $18.6M, +150% YoY) alongside improved retention optics (stronger-than-any-previous-quarter gross retention; highest EENT retention in five years). The bigger story is strategic: management is buying PathFactory for ~$22.0M cash to add “brains” (content intelligence, user intent/context, and journey orchestration) to Kaltura’s Genie/avatars and expand into agentic CX use cases. However, analyst-relevant pressure shows up in the guidance framework: Q1 2026 has an EENT timing headwind from a large customer’s event re-planning and a mid-to-high teens M&T YoY decline tied to 2025 churn effects. For 2026, management maintained the same adjusted EBITDA range ($12.7M–$14.7M) despite integration and FX headwinds, and admitted synergy-driven growth is assumed mostly in 2H26 with a heavier impact in 2027.
Growth Catalysts
- Cross-selling PathFactory journey orchestration + intent/content intelligence to Kaltura install base
- Commercialization of agentic avatars (GA announced last week) and Avatar SDK; revenue recognition expected in 2H26
- Avatar Video Creation Studio beta (customers apply; generally available expected in upcoming Q2)
- Genie “brains” upgrade via PathFactory agentic journey intelligence (context/intent/orchestration)
Business Development
- Definitive agreement to acquire PathFactory for approximately $22,000,000 in cash (subject to customary closing conditions)
- PathFactory serves 100+ enterprise customers including NVIDIA, Cisco, AVEVA, Palo Alto Networks, and LG
- PathFactory identified by Forrester Q4 2025 Wave as a leader alongside Qualified (acquired by Salesforce for over $1B) and 6sense (last round valuation reported over $5B)
- PathFactory overlap with Kaltura/enterprise “big guys” cited as ~10 customers overlapping; ~400 total PathFactory customers cited in Q&A (implying more non-overlapping upsell targets)
Financial Highlights
- Q4 2025 total revenue: $45.5M (above guidance midpoint $45.0M–$45.7M); subscription revenue: $42.7M (above guidance high end $41.6M–$42.3M)
- Q4 2025 adjusted EBITDA: $6.3M (record; above high end of guidance $4.2M–$5.2M)
- Q4 2025 GAAP gross margin: 72% vs 71% in Q4 2024; subscription gross margin: 78% vs 77% in Q4 2024
- Q4 2025 GAAP net loss: $0.6M (≈$0.00/diluted share); non-GAAP net profit: $5.2M (=$0.03/diluted share)
- Full-year 2025 adjusted EBITDA: $18.6M (150% YoY growth; materially above original 100% growth guidance)
- Full-year 2025 revenue: $180.9M (+1% YoY); subscription revenue: $171.9M (+3% YoY); professional services: $8.9M (-19% YoY)
- Full-year 2025 gross margin: 71% (up from 67% in 2024); subscription gross margin: 77% (up from 75%)
- Net dollar retention: Q4 2025 97% (unchanged QoQ; down from 103% YoY); full-year 2025 100% (flat YoY; EENT improved, M&T declined due to elevated churn)
- RPO: $166.3M (+4% QoQ; -6% YoY); expect to recognize 64% as revenue over next 12 months
Capital Funding
- Cash and marketable securities at 12/31/2025: $62.8M
- PathFactory acquisition consideration: ~$22.0M cash (management states sufficient cash available; cash generation expected in 2026 and beyond)
- No explicit buyback or debt amounts stated in provided transcript
Strategy & Ops
- Migrated ESof codebase to Kaltura enterprise infrastructure; strengthened robustness/scalability/security
- Genie integration: conversational avatars enabled across Kaltura experience products and embeddable video players; modalities include text, video snippets, flashcards, and avatars
- Avatar SDK GA announced last week; plan to expand with additional APIs/developer tools over 2026
- GTM: sales team trained on new motions; in discussions with prospective launch partners across agentic marketing, sales, customer care, field services, training/teaching, internal comms, recruiting
- Revenue timing note: commercialization did not impact 2025 reported results; revenue from new products expected in 2H26
Market Outlook
- Q1 2026 guidance: subscription revenue $41.2M–$42.0M; total revenue $42.6M–$43.4M; adjusted EBITDA $2.3M–$3.3M
- Q1 2026 cash flow expectation: similar seasonal negative cash flow from operations as Q1 last year
- Q1 2026 drivers: short-term EENT revenue headwind due to a large customer shifting from large virtual events to many smaller ones (events planned later in year); M&T YoY revenue decline expected in mid-to-high teens due to aggregate effect of 2025 churn
- Full-year 2026 guidance: subscription revenue $172.5M–$175.5M; total revenue $181.2M–$184.2M
- Full-year 2026 adjusted EBITDA guidance maintained at $12.7M–$14.7M (includes PathFactory integration costs and FX headwinds)
- Management expectation: EENT YoY growth rate higher than 2025 (PathFactory base + new product portfolio), with more meaningful growth acceleration assumed in 2027
- PathFactory synergy timing assumption: bookings/revenue impact assumed mostly in 2H26; core M&T churn-related revenue headwind persists in 2026
Risks & Headwinds
- EENT headwind in Q1 2026 from a large customer shifting priority/budget from large virtual events to many smaller ones (planned later in year)
- M&T revenue: Q1 2026 YoY decline expected mid-to-high teens due to delay between 2025 net bookings and revenue recognition plus elevated churn in 2025
- Management reiterates 2026 still includes M&T YoY revenue declines despite expected improved M&T new bookings and retention (sequential quarterly M&T revenue growth expected to regenerate in 2027)
- FX headwinds: called out as increased operating-cost pressure impacting 2026 guidance and leading management to taper profitability/cash flow growth
- Acquisition execution risk implicit in guidance assumptions: uncertainty around timing of PathFactory close and revenue/margin recognition from synergy (management states careful assumptions due to changes happening early in year and being 'yet to see exactly when it will close')
Sentiment: MIXED
Note: This summary was synthesized by AI from the KLTR Q4 2025 earnings transcript. Financial data is complex; please verify all metrics against official SEC filings before making investment decisions.