KLTR

MKT CAP:$191M

Kaltura, Inc.

Market Cap

$191M

Technology·Software - Infrastructure·🇺🇸 United States·NASDAQ

Technology·Software Infra·🇺🇸·NASDAQ

Stock Price

$1.28-$0.28 (-17.95%)

Apr 22, 2026

Company Details

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,...

CEO

Ron Yekutiel

IPO Date

Jul 21, 2021

Website

www.kaltura.com

Key Metrics TTM

Revenue

$183M

+2.8% YoY

Net Income

-$16M

EPS (Diluted)

-$0.09

Free Cash Flow

$9M

Revenue / Share

$1.22

Gross Margin

70.8%

Operating Margin

-4.7%

Net Margin

-8.8%

FCF Margin

4.9%

P/S

1.0x

P/E

—

Earnings Reports

Q1 2026

May 7, 2026

PENDING

FY 2025

Mar 16, 2026

$181M+1.2%EPS -$0.08

Q4 2025

Mar 16, 2026

$46M-0.2%EPS -$0.00

Q2 2025

Aug 7, 2025

$44M+1.0%EPS -$0.05

Q1 2025

May 8, 2025

$47M+4.9%EPS $0.01

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 21	$43M	$27M	-$12M
Q1 22	$42M	$26M	-$15M
Q2 22	$42M	$27M	-$16M
Q3 22	$41M	$26M	-$15M
Q4 22	$44M	$28M	-$11M
Q1 23	$43M	$27M	-$12M
Q2 23	$44M	$29M	-$10M
Q3 23	$44M	$28M	-$8M
Q4 23	$44M	$29M	-$9M
Q1 24	$45M	$29M	-$8M
Q2 24	$44M	$29M	-$9M
Q3 24	$44M	$30M	-$4M
Q4 24	$46M	$32M	-$4M
Q1 25	$47M	$33M	-$2M
Q2 25	$44M	$31M	-$3M
Q4 25	$46M	$33M	-$411.0K

Valuation

Quarter	P/S	P/E
Q4 21	2.9x	—
Q1 22	1.4x	—
Q2 22	1.5x	—
Q3 22	1.8x	—
Q4 22	1.6x	—
Q1 23	1.5x	—
Q2 23	1.7x	—
Q3 23	1.4x	—
Q4 23	1.4x	—
Q1 24	1.1x	—
Q2 24	1.0x	—
Q3 24	1.2x	—
Q4 24	1.9x	—
Q1 25	1.6x	—
Q2 25	1.7x	—
Q4 25	1.4x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 21	-$11M	-$12M
Q1 22	-$20M	-$22M
Q2 22	-$23M	-$24M
Q3 22	$1M	-$595.0K
Q4 22	-$6M	-$6M
Q1 23	-$7M	-$9M
Q2 23	-$4M	-$6M
Q3 23	$2M	$1M
Q4 23	$1M	$512.0K
Q1 24	-$1M	-$1M
Q2 24	-$2M	-$2M
Q3 24	$11M	$11M
Q4 24	$4M	$4M
Q1 25	-$1M	-$1M
Q2 25	$3M	$3M
Q4 25	$4M	$4M

Capital Expenditures

Quarter	CapEx
Q4 21	$2M
Q1 22	$2M
Q2 22	$2M
Q3 22	$2M
Q4 22	$400.0K
Q1 23	$1M
Q2 23	$2M
Q3 23	$452.0K
Q4 23	$815.0K
Q1 24	$93.0K
Q2 24	$234.0K
Q3 24	$94.0K
Q4 24	$100.0K
Q1 25	$297.0K
Q2 25	$126.0K
Q4 25	$127.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 21	+21.4%	+51.3%
Q1 22	+10.6%	+21.7%
Q2 22	+0.9%	+21.3%
Q3 22	-4.5%	+14.4%
Q4 22	+3.2%	+0.5%
Q1 23	+3.7%	-2.0%
Q2 23	+4.5%	-7.0%
Q3 23	+6.1%	-7.2%
Q4 23	+0.9%	-3.8%
Q1 24	+3.5%	-4.5%
Q2 24	+0.3%	-1.6%
Q3 24	+1.7%	-6.0%
Q4 24	+2.5%	-7.3%
Q1 25	+4.9%	-7.9%
Q2 25	+1.0%	-10.2%
Q4 25	+2.8%	-5.8%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 21	$4M	9.7%
Q1 22	$6M	13.6%
Q2 22	$6M	14.4%
Q3 22	$6M	14.9%
Q4 22	$6M	13.2%
Q1 23	$7M	16.5%
Q2 23	$7M	16.9%
Q3 23	$7M	16.9%
Q4 23	$0	0.0%
Q1 24	$7M	14.6%
Q2 24	$9M	20.2%
Q3 24	$6M	12.7%
Q4 24	$5M	11.4%
Q1 25	$5M	9.6%
Q2 25	$4M	9.2%
Q4 25	$4M	8.4%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q4 21	$13M	$12M	$14M
Q1 22	$15M	$11M	$15M
Q2 22	$14M	$25M	$3M
Q3 22	$14M	$24M	$3M
Q4 22	$14M	—	$51M
Q1 23	$14M	$22M	$2M
Q2 23	$13M	$22M	$3M
Q3 23	$13M	$21M	$2M
Q4 23	$13M	—	$42M
Q1 24	$12M	$32M	—
Q2 24	$12M	$23M	$2M
Q3 24	$12M	$10M	$12M
Q4 24	$13M	—	$41M
Q1 25	$12M	$20M	$3M
Q2 25	$12M	$20M	$2M
Q4 25	$11M	—	$29M

Rule of 40

Quarter	Rev Growth %	EBITDA Margin %	Rule of 40
Q4 21	21.4%	-29.8%	-8.4
Q1 22	10.6%	-33.7%	-23.1
Q2 22	0.9%	-33.4%	-32.5
Q3 22	-4.5%	-40.8%	-45.3
Q4 22	3.2%	-15.6%	-12.4
Q1 23	3.7%	-19.3%	-15.6
Q2 23	4.5%	-14.7%	-10.1
Q3 23	6.1%	-14.2%	-8.1
Q4 23	0.9%	-19.3%	-18.4
Q1 24	3.5%	-11.5%	-8.1
Q2 24	0.3%	-12.6%	-12.3
Q3 24	1.7%	-0.7%	1.0
Q4 24	2.5%	-7.1%	-4.6
Q1 25	4.9%	4.3%	9.2
Q2 25	1.0%	-12.7%	-11.7
Q4 25	2.8%	2.5%	5.3

Rule of 40

Revenue Segments

Quarter	Enterprise, Education And Technology	Media And Telecom	Professional Services	Subscription
Q4 22	$30M	$14M	—	—
Q3 23	—	—	$5M	$41M
Q1 24	—	—	$5M	$41M
Q2 24	—	—	$4M	$41M
Q3 24	—	—	$4M	$42M
Q1 25	—	—	$4M	$45M
Q2 25	—	—	$4M	$42M

Revenue by Geography

Quarter

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$120M	$0	$120M
Q2 22	$56M	$35M	$91M
Q3 22	$53M	$40M	$92M
Q4 22	$45M	$41M	$86M
Q1 23	$42M	$34M	$76M
Q2 23	$40M	$29M	$70M
Q3 23	$34M	$35M	$69M
Q4 23	$37M	$33M	$69M
Q1 24	$32M	$37M	$69M
Q2 24	$34M	$34M	$68M
Q3 24	$37M	$41M	$78M
Q4 24	$33M	$48M	$81M
Q1 25	$32M	$31M	$63M
Q2 25	$35M	$36M	$71M
Q3 25	$45M	$31M	$76M
Q4 25	$28M	$24M	$52M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 21	127M	+23.8%	+16.9%
Q1 22	128M	+0.3%	+3.9%
Q2 22	130M	+1.5%	+4.6%
Q3 22	132M	+1.9%	+28.4%
Q4 22	134M	+1.0%	+4.8%
Q1 23	135M	+1.2%	+5.7%
Q2 23	137M	+1.3%	+5.4%
Q3 23	139M	+1.8%	+5.3%
Q4 23	142M	+1.9%	+6.2%
Q1 24	144M	+1.7%	+6.8%
Q2 24	148M	+2.3%	+7.9%
Q3 24	149M	+1.2%	+7.3%
Q4 24	148M	-0.9%	+4.3%
Q1 25	154M	+4.1%	+6.8%
Q2 25	154M	-0.3%	+4.0%
Q4 25	149M	-2.7%	+0.0%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 21	$56.4K	758
Q1 22	$55.0K	758
Q2 22	$55.4K	758
Q3 22	$54.2K	758
Q4 22	$64.7K	681
Q1 23	$63.5K	681
Q2 23	$64.4K	681
Q3 23	$63.9K	681
Q4 23	$76.7K	580
Q1 24	$77.2K	580
Q2 24	$75.9K	580
Q3 24	$76.4K	580
Q4 24	$81.0K	563
Q1 25	$83.5K	563
Q2 25	$79.0K	563
Q4 25	$9.1K	5K

Revenue / Employee