# KALTURA INC (KLTR)

Informational only - not investment advice.

CIK: 0001432133
SIC: 7372 Services-Prepackaged Software
SIC breadcrumb: [Services](/division/I/) > [Business Services](/major-group/73/) > [SIC 7372 Services-Prepackaged Software](/industry/7372/)
Latest 10-K filed: 2026-03-16
SEC page: https://www.sec.gov/edgar/browse/?CIK=1432133
Filing source: https://www.sec.gov/Archives/edgar/data/1432133/000162828026018182/kltr-20251231.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-03-16 · accession 0001628280-26-018182 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001432133.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 180,854,000 USD | 2025 | verified |
| Net income | -12,072,000 USD | 2025 | verified |
| Assets | 164,697,000 USD | 2025 | verified |
| Free cash flow | 13,880,000 USD | 2025 | computed |
| Net margin | -6.67% | 2025 | computed |
| Operating margin | -2.74% | 2025 | computed |
| Revenue YoY | +1.20% | 2025 | computed |
| ROE | -190.65% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | KLTR | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | -6.7% | 1.5% | 30 | 122 |
| Operating margin | -2.7% | 1.3% | 37 | 121 |
| Revenue growth | 1.2% | 13.5% | 16 | 124 |
| FCF margin | 7.7% | 19.3% | 22 | 120 |
| ROE | -190.7% | 2.0% | 2 | 112 |
| ROA | -7.3% | 0.9% | 21 | 124 |
| Liabilities / equity | 25.01 | 0.91 | 98 | 113 |
| Current ratio | 0.72 | 1.57 | 6 | 124 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 7372 Services-Prepackaged Software, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 180854000 | USD | 2025 | 2026-03-16 |
| Net income | -12072000 | USD | 2025 | 2026-03-16 |
| Assets | 164697000 | USD | 2025 | 2026-03-16 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-03-16. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001432133.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue |  | 97,349,000 | 120,440,000 | 165,016,000 | 168,811,000 | 175,172,000 | 178,717,000 | 180,854,000 |
| Net income |  | -15,572,000 | -58,763,000 | -59,351,000 | -68,495,000 | -46,366,000 | -31,315,000 | -12,072,000 |
| Operating income |  | -2,779,000 | -8,489,000 | -32,675,000 | -56,379,000 | -38,655,000 | -24,099,000 | -4,963,000 |
| Gross profit |  | 61,731,000 | 72,775,000 | 102,702,000 | 106,940,000 | 112,234,000 | 119,106,000 | 127,669,000 |
| Diluted EPS |  |  |  |  |  | -0.34 | -0.21 | -0.08 |
| Operating cash flow |  | 370,000 | 5,804,000 | -22,110,000 | -46,828,000 | -8,303,000 | 12,233,000 | 14,541,000 |
| Capital expenditures |  | 2,239,000 | 1,118,000 | 1,876,000 | 1,218,000 | 2,607,000 | 521,000 | 661,000 |
| Share buybacks |  |  |  |  | 0.00 | 0.00 | 2,920,000 | 26,205,000 |
| Assets |  |  | 90,954,000 | 223,293,000 | 206,171,000 | 183,736,000 | 181,305,000 | 164,697,000 |
| Liabilities |  |  | 191,498,000 | 138,019,000 | 162,825,000 | 153,416,000 | 156,918,000 | 158,365,000 |
| Stockholders' equity | -196,035,000 | -210,281,000 | -260,656,000 | 85,274,000 | 43,346,000 | 30,320,000 | 24,387,000 | 6,332,000 |
| Cash and cash equivalents |  | 26,538,000 | 27,711,000 | 143,949,000 | 44,625,000 | 36,684,000 | 33,059,000 | 27,521,000 |
| Free cash flow |  | -1,869,000 | 4,686,000 | -23,986,000 | -48,046,000 | -10,910,000 | 11,712,000 | 13,880,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin |  | -16.00% | -48.79% | -35.97% | -40.57% | -26.47% | -17.52% | -6.67% |
| Operating margin |  | -2.85% | -7.05% | -19.80% | -33.40% | -22.07% | -13.48% | -2.74% |
| Return on equity |  |  |  | -69.60% | -158.02% | -152.92% | -128.41% | -190.65% |
| Return on assets |  |  | -64.61% | -26.58% | -33.22% | -25.24% | -17.27% | -7.33% |
| Liabilities / equity |  |  |  | 1.62 | 3.76 | 5.06 | 6.43 | 25.01 |
| Current ratio |  |  | 0.64 | 1.79 | 1.22 | 1.12 | 1.20 | 0.72 |

## As-reported value updates

No tracked differences above grepcent's stated thresholds and capped precision rule were found between the earliest XBRL-filed value and the value currently on file for the standardized annual metrics grepcent tracks.


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-05. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001432133.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2021-Q2 | 2021-06-30 |  |  | 0.37 | reported discrete quarter |
| 2022-Q1 | 2022-03-31 |  |  | -0.13 | reported discrete quarter |
| 2022-Q2 | 2022-06-30 |  |  | -0.13 | reported discrete quarter |
| 2022-Q3 | 2022-09-30 |  |  | 0.15 | reported discrete quarter |
| 2023-Q2 | 2023-06-30 | 43,880,000 | -10,778,000 | -0.08 | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 43,542,000 | -10,726,000 | 0.08 | reported discrete quarter |
| 2024-Q1 | 2024-03-31 | 44,781,000 | -11,096,000 |  | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 44,032,000 | -10,004,000 | -0.07 | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 44,295,000 | -3,610,000 | -0.02 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 45,609,000 | -6,605,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 46,984,000 | -1,119,000 |  | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 44,462,000 | -7,750,000 | -0.05 | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 43,866,000 | -2,628,000 | 0.02 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 45,542,000 | -575,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 44,626,000 | -3,769,000 | -0.03 | reported discrete quarter |
| 2026-Q2 | 2026-06-30 | 46,894,000 | -5,544,000 | -0.04 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from KLTR's latest 10-K: [/company/KLTR/business/](/company/KLTR/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from KLTR's latest 10-K: [/company/KLTR/risk-factors/](/company/KLTR/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1432133/000162828026052959/kltr-20260630.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary.
Confidence: high
Filing date: 2026-08-05
Report date: 2026-06-30

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our condensed consolidated financial statements and related notes appearing elsewhere in this Quarterly Report on Form 10-Q and our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on March 16, 2026 (the "2025 10-K"). This discussion contains forward-looking statements based upon current plans, expectations and beliefs involving risks and uncertainties. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of various factors, including those set forth in Part I, Item 1A, “Risk Factors” of our 2025 10-K and elsewhere in this Quarterly Report on Form 10-Q.

Overview

We, Kaltura, Inc. (“Kaltura,” “we,” “us,” or “our”), are a market-leading provider of video and rich media offerings for enterprises. Our mission is to power rich, agentic digital experiences across organizational journeys for customers, employees, learners, and audiences.

Kaltura's Digital Experience Platform enables organizations to create, manage, and deliver video and rich media experiences that increasingly incorporate agentic artificial intelligence (“AI”) capabilities, including conversational interfaces, workflow automation, and outcome-oriented engagement across digital touchpoints. We believe this combination of video, rich media and agentic capabilities enables organizations to move beyond static, one-size-fits-all digital experiences toward more personalized, contextual, and interactive agentic digital experiences at scale.

Video and other forms of rich media - including interactive, data-driven, and conversational media - are central to digital interaction and engagement, transforming how people communicate, work, learn, and consume content. For organizations, rich media increasingly sits at the core of digital transformation initiatives, with businesses adopting media-driven solutions to engage customers, employees, learners, and audiences across a growing range of use cases. At the same time, advances in generative artificial intelligence (“Gen AI”) are enabling the real-time and automated creation of highly personalized and contextually relevant content, including video and other forms of rich media. We believe the convergence of rich media and AI is increasing the scale, speed, and strategic importance of digital experiences and driving demand for platforms that support more interactive, contextual, and outcome-oriented engagement.

Founded in 2006, Kaltura was among the pioneers to recognize the potential of integrating video into enterprise workflows and to offer a system for enterprise video content management and online video publishing. Over time, we expanded our platform to support additional experiences, including virtual events and webinars and cloud-based television services. Today, Kaltura provides a cloud-based rich media platform designed to help organizations create, manage, and deliver rich media experiences at scale across customer-facing, employee-facing, learner-facing, and audience-facing use cases.

Our Digital Experience platform is designed around three core layers: rich media content creation, rich media content management, and rich media experiences. Together, these layers enable organizations to produce and generate live and on-demand video and other forms of rich media, securely manage content, users, permissions, and metadata across enterprise and media environments, and deliver media-rich experiences across a wide range of internal and external workflows. The platform increasingly incorporates agentic AI-driven capabilities designed to enable more interactive, contextual, and goal-oriented experiences, while maintaining enterprise-grade security, privacy, and governance.

As video usage continues to accelerate across communication, work, and learning environments, organizations are increasingly deploying sophisticated video solutions to further engage with their customers, partners, and employees. The introduction of Gen AI further amplifies this demand and is expected to have a substantial impact on our business by enabling the automatic production of hyper-personalized and contextually relevant video experiences in real time. We believe this powerful new tool will expand opportunities for increased video creation, consumption, and monetization, and drives a need for advanced video content management solutions.

40

Table of Contents

To support our AI capabilities, in 2025, we acquired eSelf AI, a multimodal AI lab developing technology for agentic interactions with live avatars. Through this acquisition, we expanded our content creation and experience capabilities to include AI-generated video and avatar-based interactions, enhancing our rich media content creation layer. In addition, in April, 2026, we completed our previously announced acquisition of PathFactory Holdings ULC (“PathFactory”), a provider of content journey orchestration and engagement analytics solutions. We believe this acquisition, will strengthen our position in the emerging conversation automation and agentic engagement solutions market and complement the eSelf AI acquisition by adding journey-level orchestration, intent data, analytics, and integrations across additional content types and enterprise systems.

We generate revenue primarily from the sale of Software-as-a-Service (“SaaS”) subscriptions, and we also derive revenue from platform usage license subscriptions and associated professional services. Our sales typically target medium to large enterprises, educational institutions, technology providers, and media and telecom companies. In addition, we are expanding our go-to-market approaches to support a wider range of adoption models and customer sizes. Our professional services revenue is generally driven by implementation and support services for new and existing customers.

We organize our business into two reporting segments: (i) Enterprise, Education, and Technology (“EE&T”); and (ii) Media and Telecom (“M&T”). Accordingly, our financial reporting distinguishes between revenue and gross profit from Subscription and Professional Services from customers who use our products and services to address Entertainment & Monetization use cases (for their audiences), reported in our M&T segment, and those that are attained from customers who are using us to address all other use cases (for their customers, employees, and learners), reported in our EE&T segment. These segments share a common underlying platform consisting of our API-based architecture, as well as unified product development, operations, and administrative resources.

•Enterprise, Education & Technology: In the EE&T segment, subscription revenue is primarily generated on a per full‑time equivalent or platform usage‑license basis for all of our products, in addition to revenue derived from associated professional services. This segment encompasses customers utilizing Kaltura’s solutions to deliver agentic rich-media experiences for their customers, employees, and learners such as buyer enablement, employee recruiting, learning and teaching. Contracts in this segment typically range from 12 to 24 months, with billing generally executed on an annual basis.

•Media & Telecom: The M&T segment includes revenue from customers using Kaltura to deliver entertainment and streaming use cases to their audiences, along with the associated professional services. For customers of our telecom TVCMS and TV Streaming Applications, revenue is recognized primarily on a per end‑subscriber basis, while media customers leveraging our Online Video Platform are billed on a platform usage‑license basis. Contracts in this segment generally extend for two to five years, with billing performed on either a quarterly or annual basis. Implementation of TV offerings typically requires six to 12 months, with upfront resource requirements generally higher than those for our other offerings. Consequently, there is an extended period from initial booking to go‑live, accompanied by a higher proportion of professional services revenue relative to overall revenue. Additionally, a greater share of revenue in this segment is derived from customers licensing our offerings through private cloud and on‑premise deployments, which has an impact on our gross margin.

41

Table of Contents

Reflected below is a summary of reportable segment revenue and reportable segment gross profit for the three and six months ended June 30, 2026 and 2025.

[[GREPCENT_TABLE]]
[["","Three Months Ended June 30,","","Six Months Ended June 30,"],["","2026","","2025","","2026","","2025"],["","(in thousands)"],["Revenue"],["Enterprise, Education & Technology","$","36,804","","","$","33,242","","","$","70,955","","","$","67,658"],["Media & Telecom","10,090","","","11,220","","","20,565","","","23,788"],["Total Revenue","$","46,894","","","$","44,462","","","$","91,520","","","$","91,446"],["Gross Profit"],["Enterprise, Education & Technology","29,231","","","25,867","","","55,694","","","52,435"],["Media & Telecom","5,306","","","5,352","","","10,952","","","11,520"],["Total Gross Profit","$","34,537","","","$","31,219","","","$","66,646","","","$","63,955"]]
[[/GREPCENT_TABLE]]

We employ a "land and expand strategy" with the aim of having our customers increase their usage of our offerings and/or purchase additional offerings over time. Our Net Dollar Retention Rate (as defined below) measures our success in retaining and growing recurring revenue from our existing customers over a given period. For the three months ended June 30, 2026 and 2025, our Net Dollar Retention Rate was 96% and 101%, respectively. We grew our Annualized Recurring Revenue (as defined below) by 8% in the three months ended June 30, 2026, compared to the three months ended June 30, 2025. The increase includes the contribution of the PathFactory acquisition, together with growth from new customers.

For any given year, a large majority of our revenue comes from existing customers, with whom we are in active dialogue and tend to have visibility into their expected usage of our offerings.

We are expanding our go-to-market approaches to support a wider range of adoption models and customer sizes. We believe certain of our newer offerings, particularly AI-assisted content creation tools and conversational rich media agents, are well suited for more targeted departmental deployments, self-service adoption, and product-led growth (“PLG”) motions. These offerings may enable us to engage smaller organizations, teams, and departments, including small and medium enterprises (“SMEs”) and individual groups within larger enterprises, while remaining complementary to our core enterprise business. In addition, we are investing in developer-led growth (“DLG”) initiatives by expanding our APIs, SDKs, and developer tools, including planned offerings such as an Agentic Avatar SDK. These capabilities are designed to enable independent software vendors (“ISVs”), system integrators, partners, and developers to embed Kaltura-powered rich media and conversational interfaces into their own products, workflows, and applications. We also intend to continue expanding our ecosystem of channel partners, including co-sell, resell, OEM, and marketplace relationships. We believe that broader partner distribution, including through cloud marketplaces and digital channels, may increase reach, reduce customer acquisition costs, and accelerate adoption across both enterprise and self-service use cases. Recent partnerships with platforms such as Descript and Cornerstone illustrate this strategy: by integrating the Company’s AI-powered video, avatar, content management, and engagement capabilities into adjacent creation, learning, and workforce-deve

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1432133/000162828026018182/kltr-20251231.htm
Complete FY 2025 MD&A: /company/KLTR/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2026-03-16
Report date: 2025-12-31

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes appearing elsewhere in this Annual Report on Form 10-K. This discussion contains forward-looking statements based upon current plans, expectations and beliefs involving risks and uncertainties. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of various factors, including those set forth in Part I, Item 1A, “Risk Factors” and other factors set forth in other parts of this Annual Report on Form 10-K.

This section of our Annual Report on Form 10-K discusses our financial condition and results of operations for the fiscal years ended December 31, 2025 and 2024, and year-to-year comparisons between fiscal 2025 and fiscal 2024. A discussion of our financial condition and results of operations for the fiscal year ended December 31, 2023 and year-to-year comparisons between fiscal 2024 and fiscal 2023 can be found in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II, Item 7 of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed on February 20, 2025

Overview

We, Kaltura, Inc. (“Kaltura,” “we,” “us,” or “our”), are a market-leading provider of video and rich media offerings for enterprises. Our mission is to power rich, agentic digital experiences across organizational journeys for customers, employees, learners, and audiences.

Kaltura's Digital Experience Platform enables organizations to create, manage, and deliver video and rich media experiences that increasingly incorporate agentic artificial intelligence (“AI”) capabilities, including conversational interfaces, workflow automation, and outcome-oriented engagement across digital touchpoints. We believe this combination of video, rich media and agentic capabilities enables organizations to move beyond static, one-size-fits-all digital experiences toward more personalized, contextual, and interactive agentic digital experiences at scale.

Video and other forms of rich media - including interactive, data-driven, and conversational media - are central to digital interaction and engagement, transforming how people communicate, work, learn, and consume content. For organizations, rich media increasingly sits at the core of digital transformation initiatives, with businesses adopting media-driven solutions to engage customers, employees, learners, and audiences across a growing range of use cases. At the same time, advances in generative artificial intelligence (“Gen AI”) are enabling the real-time and automated creation of highly personalized and contextually relevant content, including video and other forms of rich media. We believe the convergence of rich media and AI is increasing the scale, speed, and strategic importance of digital experiences and driving demand for platforms that support more interactive, contextual, and outcome-oriented engagement.

Founded in 2006, Kaltura was among the pioneers to recognize the potential of integrating video into enterprise workflows and to offer a system for enterprise video content management and online video publishing. Over time, we expanded our platform to support additional experiences, including virtual events and webinars and cloud-based television services. Today, Kaltura provides a cloud-based rich media platform designed to help organizations create, manage, and deliver rich media experiences at scale across customer-facing, employee-facing, learner-facing, and audience-facing use cases.

Our Digital Experience platform is designed around three core layers: rich media content creation, rich media content management, and rich media experiences. Together, these layers enable organizations to produce and generate live and on-demand video and other forms of rich media, securely manage content, users, permissions, and metadata across enterprise and media environments, and deliver media-rich experiences across a wide range of internal and external workflows. The platform increasingly incorporates agentic AI-driven capabilities designed to enable more interactive, contextual, and goal-oriented experiences, while maintaining enterprise-grade security, privacy, and governance.

As video usage continues to accelerate across communication, work, and learning environments, organizations are increasingly deploying sophisticated video solutions to further engage with their customers, partners, and employees. The introduction of generative AI (“Gen AI”) further amplifies this demand and is expected to have a substantial impact on our business by enabling the automatic production of hyper-personalized and contextually relevant video experiences in real time. We believe this powerful new tool will expand opportunities for increased video creation, consumption, and monetization, and drives a need for advanced video content management solutions.

Table of Contents

To support our AI capabilities, in 2025, we acquired eSelf AI, a multimodal AI lab developing technology for agentic interactions with live avatars. Through this acquisition, we expanded our content creation and experience capabilities to include AI-generated video and avatar-based interactions, enhancing our rich media content creation layer. In addition, in March, 2026, we entered into a definitive agreement to acquire PathFactory, a provider of content journey orchestration and engagement analytics solutions. We believe this acquisition, once completed, would strengthen our position in the emerging conversation automation and agentic engagement solutions market and complement our recent acquisition of eSelf AI by adding journey-level orchestration, intent data, analytics, and integrations across additional content types and enterprise systems. The transaction has not yet closed, and there can be no assurance that it will be completed or that the anticipated benefits will be realized.

We generate revenue primarily from the sale of Software-as-a-Service (“SaaS”) subscriptions, and we also derive revenue from platform usage license subscriptions and associated professional services. Our sales typically target medium to large enterprises, educational institutions, technology providers, and media and telecom companies. In addition, we are expanding our go-to-market approaches to support a wider range of adoption models and customer sizes. Our professional services revenue is generally driven by implementation and support services for new and existing customers.

In August 2025, our Board of Directors approved a reorganization plan (the “2025 Reorganization Plan) that included, among other things, downsizing approximately 10% of our workforce and adapting our organizational structure, roles, and responsibilities accordingly. The total cost reduction from the downsizing in connection with the 2025 Reorganization Plan on an annualized basis is expected to be approximately $8.5 million. The 2025 Reorganization Plan, which was completed in the third quarter of 2025, is focused on realigning the Company’s operations to further increase efficiency and productivity, alongside our integration of enhanced AI-based technologies, to align the Company’s business strategy in light of uncertainties in the current macro-economic climate, and to support the Company’s growth and profitability initiatives.

We organize our business into two reporting segments: (i) Enterprise, Education, and Technology (“EE&T”); and (ii) Media and Telecom (“M&T”). Accordingly, our financial reporting distinguishes between revenue and gross profit from Subscription and Professional Services from customers who use our products and services to address Entertainment & Monetization use cases (for their audiences), reported in our M&T segment, and those that are attained from customers who are using us to address all other use cases (for their customers, employees, and learners), reported in our EE&T segment. These segments share a common underlying platform consisting of our API-based architecture, as well as unified product development, operations, and administrative resources.

•Enterprise, Education & Technology: In the EE&T segment, subscription revenue is primarily generated on a per full‑time equivalent or platform usage‑license basis for all of our products, in addition to revenue derived from associated professional services. This segment encompasses customers utilizing Kaltura’s solutions to deliver agentic rich-media experiences for their customers, employees, and learners such as buyer enablement, employee recruiting, learning and teaching. Contracts in this segment typically range from 12 to 24 months, with billing generally executed on an annual basis.

•Media & Telecom: The M&T segment includes revenue from customers using Kaltura to deliver entertainment and streaming use cases to their audiences, along with the associated professional services. For customers of our telecom TVCMS and TV Streaming Applications, revenue is recognized primarily on a per end‑subscriber basis, while media customers leveraging our Online Video Platform are billed on a platform usage‑license basis. Contracts in this segment generally extend for two to five years, with billing performed on either a quarterly or annual basis. Implementation of TV offerings typically requires six to 12 months, with upfront resource requirements generally higher than those for our other offerings. Consequently, there is an extended period from initial booking to go‑live, accompanied by a higher proportion of professional services revenue relative to overall revenue. Additionally, a greater share of revenue in this segment is derived from customers licensing our offerings through private cloud and on‑premise deployments, which has an impact on our gross margin.

87

Table of Contents

Reflected below is a summary of reportable segment revenue and reportable segment gross profit for the years ended December 31, 2025, 2024 and 2023.

[[GREPCENT_TABLE]]
[["","For the Year Ended December 31,"],["","2025","","2024","","2023"],["","(in thousands)"],["Revenue"],["Enterprise, Education & Technology","$","134,435","","","$","128,704","","","$","125,154"],["Media & Telecom","46,419","","","50,013","","","50,018"],["Total Revenue","$","180,854","","","$","178,717","","","$","175,172"],["Gross Profit"],["Enterprise, Education & Technology","103,955","","","96,928","","","91,624"],["Media & Telecom","23,714","","","22,178","","","20,610"],["Total Gross Profit","$","127,669","","","$","119,106","","","$","112,234"]]
[[/GREPCENT_TABLE]]

We employ a “land and expand” strategy with the aim of having our customers increase their usage of our offerings and/or purchase additional offerings over time. For the years ended December 31, 2025 and 2024, our Net Dollar Retention Rate was 100%. Our Annualized Recurring Revenue (as defined below), declined by 3% in the year ended December 31, 2025, compared to the year ended December 31, 2024.

For any given year, a large majority of our revenue comes from existing customers, with whom we are in active dialogue and tend to have visibility into their expected usage of our offerings.

We are expanding our go-to-market approaches to support a wider range of adoption models and customer sizes. We believe certain of our newer offerings, particularly AI-assisted content creation tools and conversational rich media agents, are well suited for more targeted departmental deployments, self-service adoption, and product-led growth (“PLG”) motions. These offerings may enable us to engage smaller organizations, teams, and departments, including small and medium-sized businesses (“SMBs”) and individual groups within larger enterprises, while remaining complementary to our core enter

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/KLTR/mda/fy2025/
All MD&A years: /company/KLTR/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/KLTR/mda/fy2024/): filed 2025-02-20; accession 0001432133-25-000025 (https://www.sec.gov/Archives/edgar/data/1432133/000143213325000025/kltr-20241231.htm)
- [FY 2023 MD&A](/company/KLTR/mda/fy2023/): filed 2024-02-22; accession 0001432133-24-000088 (https://www.sec.gov/Archives/edgar/data/1432133/000143213324000088/kltr-20231231.htm)
- [FY 2022 MD&A](/company/KLTR/mda/fy2022/): filed 2023-02-24; accession 0001432133-23-000035 (https://www.sec.gov/Archives/edgar/data/1432133/000143213323000035/kltr-20221231.htm)
- [FY 2021 MD&A](/company/KLTR/mda/fy2021/): filed 2022-02-25; accession 0001178913-22-000830 (https://www.sec.gov/Archives/edgar/data/1432133/000117891322000830/zk2227356.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 7372 Services-Prepackaged Software) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm
- [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity

Macro-to-micro threads including this sector: [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/KLTR.md · JSON record: /company/KLTR.json · verified financials: /company/KLTR/financials.json / /company/KLTR/financials.csv · machine TOC for the whole site: /llms.txt