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1. Company Snapshot

1.a. Company Description

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.

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1.b. Last Insights on KLTR

Kaltura's recent performance was negatively impacted by a lackluster Q4 2024 earnings release, which showed a decline in revenue and a widening loss. The company's guidance for Q1 2025 was also disappointing, with a projected revenue decline. Furthermore, Kaltura's stock repurchase program, announced in March, was a belated attempt to boost investor confidence, but its limited scope of $15 million may not be sufficient to make a significant impact.

1.c. Company Highlights

2. Kaltura's Q4 2025: Record EBITDA Amid AI Expansion

In the fourth quarter, Kaltura posted total revenue of $45.5 million, a 1% lift YoY, with subscription revenue climbing to $42.7 million. Gross margin held steady at 72%, while adjusted EBITDA surged to a record $6.3 million—more than double the $2.7 million in Q4 2024—signaling sustained profitability. GAAP net loss narrowed to $600 k, and non‑GAAP net profit rose to $5.2 million, underscoring the company’s improving financial health.

Publication Date: Apr -20

📋 Highlights
  • Adjusted EBITDA Growth: Q4 2025 adjusted EBITDA of $6.3M, up 133% YoY, with full-year 2025 hitting $18.6M (+150% YoY)
  • PathFactory Acquisition: $22M cash purchase to add AI-driven content orchestration, targeting $40M+ market expansion
  • Subscription Revenue Momentum: Q4 2025 at $42.7M (+7% YoY), driving full-year 2025 total revenue of $180.9M (+1% YoY)
  • New Product Launches: Agentic avatars, Avatar SDK, and Video Creation Studio to boost channel sales and self-serve adoption
  • 2026 Revenue Guidance: Full-year subscription revenue $172.5–175.5M, total revenue $181.2–184.2M, with adjusted EBITDA $12.7–14.7M

AI-Driven Growth

The firm’s AI strategy is paying dividends: new subscription bookings hit the highest level of 2025, with two seven‑digit and fifteen six‑digit deals. Kaltura’s agentic avatars, Avatar SDK, and Avatar Video Creation Studio are poised to broaden channel sales and attract smaller customers via self‑serve options. “Our new AI capabilities are delivering tangible ROI for clients,” said Chief Revenue Officer, highlighting the platform’s expanding use cases.

PathFactory Synergies

Acquiring PathFactory for $22 million adds AI‑driven content journey orchestration, expanding Kaltura’s reach to 100+ enterprise customers. The integration is expected to unlock cross‑sell and upsell opportunities across 400 PathFactory clients, including 100 large enterprises. The deal also enhances user intent analytics, positioning Kaltura to capture a larger slice of the conversation automation market, projected to grow rapidly.

Guidance & Cash Position

Looking ahead, Kaltura forecasts subscription revenue of $172.5 – $175.5 million for 2026, with total revenue of $181.2 – $184.2 million and adjusted EBITDA of $12.7 – $14.7 million. Cash and marketable securities topped $62.8 million at year‑end, supporting a cautious outlook amid integration costs and FX headwinds. The company remains committed to a Rule of 30 profile by 2028.

Valuation Snapshot

Market pricing reflects Kaltura’s growth narrative: a P/E of –25.64 and a P/B of 27.6 underscore the premium investors place on its AI trajectory. The EV/EBITDA stands at –59.3, while free cash flow yield sits at 7.98%. These metrics suggest the stock trades at a forward‑looking valuation, betting on continued EBITDA expansion and margin improvement.

3. NewsRoom

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Kaltura Announces "Connect on the Road 2026 – The Enterprise is Breaking the Fourth Wall" Conference: Join Experts from IBM, AWS, Morgan Stanley, Palo Alto Networks, MetLife, and more in Exploring the End of the Enterprise Monologue

Apr -30

Source: globenewswire.com

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Kaltura to Announce Financial Results for First Quarter 2026 on Monday, May 11, 2026

Apr -30

Source: globenewswire.com

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Kaltura Introduces Event OS for AI Agents, Enabling Organizations to Create and Orchestrate Events Through Natural-Language Conversation

Apr -28

Source: globenewswire.com

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Kaltura Unveils Avatar-Powered Roleplay Solution for Enterprise Training and Simulations

Apr -27

Source: globenewswire.com

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Kaltura to Present Agentic Revenue Engagement Platform at Forrester B2B Summit 2026, Showcasing the Shift From Static Content Publishing to Intent-Aware, AI-Powered Buyer Journeys

Apr -24

Source: globenewswire.com

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Kaltura Expands AI-Powered Agentic Experiences to Europe, Asia-Pacific, and Canada, With Dedicated Regional Infrastructure for Enterprise Data Residency and Performance

Apr -23

Source: globenewswire.com

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Kaltura Puts the AI CEO Into Production With Ron Yekutiel's Digital Twin, Using the Same Agentic Avatar Tech It Offers Enterprises

Apr -22

Source: globenewswire.com

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Kaltura's Agentic Avatars Combine With PathFactory to Deliver More Sophisticated Buyer Journeys From First Click to Closed‑Won

Apr -21

Source: globenewswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (3.43%)

6. Segments

Enterprise, Education and Technology

Expected Growth: 4%

Kaltura's 4x growth is driven by its Enterprise segment's increasing demand for video-based communication and training tools. Education segment growth is fueled by institutions adopting video-based learning platforms. Technology advancements in AI-powered video analytics and cloud-based infrastructure enable scalable and secure video management, driving growth in all segments.

Media and Telecom

Expected Growth: 2%

Kaltura's Media and Telecom segment growth is driven by increasing demand for cloud-based video solutions, expansion of OTT services, and rising adoption of 5G networks. Additionally, growing need for remote collaboration and virtual events, fueled by the pandemic, contributes to the segment's growth.

7. Detailed Products

Kaltura Video Platform

A cloud-based video platform for managing, publishing, and distributing video content across multiple devices and platforms.

Kaltura OTT TV

A cloud-based over-the-top (OTT) TV platform for launching and managing TV services across multiple devices and platforms.

Kaltura Virtual Events

A virtual event platform for hosting and managing online events, conferences, and meetings.

Kaltura Learning

A video-based learning platform for creating, managing, and delivering online courses and educational content.

Kaltura MediaSpace

A video portal for managing, publishing, and sharing video content across organizations.

8. Kaltura, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Kaltura's video platform is highly customizable, making it difficult for substitutes to emerge. However, the rise of open-source video platforms and YouTube's growing enterprise features pose a moderate threat.

Bargaining Power Of Customers

Kaltura's customers are largely enterprises and educational institutions, which have limited bargaining power due to their reliance on Kaltura's platform for video management and delivery.

Bargaining Power Of Suppliers

Kaltura's suppliers are primarily cloud infrastructure providers, such as AWS and Google Cloud. The company's diversified supplier base and lack of dependence on a single supplier reduce the bargaining power of suppliers.

Threat Of New Entrants

The video platform market is highly competitive, and new entrants can easily replicate Kaltura's features. The low barriers to entry and the availability of open-source alternatives increase the threat of new entrants.

Intensity Of Rivalry

The video platform market is highly competitive, with established players like Brightcove, Ooyala, and Vimeo. The intense rivalry among players drives innovation and pricing pressure, making it challenging for Kaltura to maintain its market share.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 54.98%
Debt Cost 5.46%
Equity Weight 45.02%
Equity Cost 7.63%
WACC 6.44%
Leverage 122.14%

11. Quality Control: Kaltura, Inc. passed 2 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
OneSpan

A-Score: 5.3/10

Value: 6.5

Growth: 6.6

Quality: 8.6

Yield: 4.0

Momentum: 2.5

Volatility: 3.3

1-Year Total Return ->

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Glimpse Group

A-Score: 4.5/10

Value: 7.0

Growth: 6.7

Quality: 4.4

Yield: 0.0

Momentum: 8.0

Volatility: 0.7

1-Year Total Return ->

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Veritone

A-Score: 3.7/10

Value: 6.8

Growth: 3.2

Quality: 3.6

Yield: 0.0

Momentum: 8.5

Volatility: 0.0

1-Year Total Return ->

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Stock-Card
Bakkt Holdings

A-Score: 3.6/10

Value: 10.0

Growth: 3.4

Quality: 4.8

Yield: 0.0

Momentum: 3.5

Volatility: 0.0

1-Year Total Return ->

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Stock-Card
Kaltura

A-Score: 3.6/10

Value: 6.9

Growth: 5.6

Quality: 5.2

Yield: 0.0

Momentum: 2.0

Volatility: 2.0

1-Year Total Return ->

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Stock-Card
Cerberus Sentinel

A-Score: 3.1/10

Value: 9.4

Growth: 3.3

Quality: 3.8

Yield: 0.0

Momentum: 1.5

Volatility: 0.3

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

1.46$

Current Price

1.46$

Potential

-0.00%

Expected Cash-Flows