Kaltura (KLTR) investor relations material

Executive summary

• Q3 revenue reached a record $47.3M, up 8% YoY; subscription revenue was a record $45.9M, up 9% YoY.

• Adjusted EBITDA rose 45% YoY to $6.0M; new subscription bookings more than doubled sequentially, marking the strongest bookings quarter since 2024.

• Fifteen Q3 transactions included AI offerings, with $3.8M in combined TCV versus $1.0M in Q2; FY2026 guidance was raised for the third time.

Financial highlights

• Q3 total revenue was $47.3M versus $43.9M; subscription revenue was $45.9M versus $42.0M, and professional services revenue was $1.4M versus $1.9M.

• GAAP gross profit rose 10% to $33.9M; gross margin was 72%, up from 70%. GAAP operating expenses rose 7% to $34.6M, including $0.4M of restructuring costs.

• GAAP operating loss narrowed to $0.7M from $1.5M; net loss narrowed to $1.5M, or $0.01 per diluted share, from $2.6M, or $0.02.

• Non-GAAP net profit was $3.1M, or $0.02 per share; non-GAAP operating profit was $4.9M versus $3.1M.

• Q3 operating cash flow was $7.6M; 9M revenue increased 3% to $138.8M and Adjusted EBITDA rose 42% to $17.5M.

Outlook and guidance

• Q4 guidance: subscription revenue of $44.3M–$45.0M, total revenue of $46.2M–$46.9M, and Adjusted EBITDA of $2.0M–$3.0M.

• FY2026 guidance: subscription revenue of $179.0M–$179.7M, total revenue of $185.0M–$185.7M, and Adjusted EBITDA of $19.5M–$20.5M.

• FY2026 revenue and Adjusted EBITDA guidance was raised for the third time; outlook reflects FX headwinds and investment in integration, products and solutions.

• Q4 operating cash flow generation is expected, consistent with historical seasonality; AI offerings are expected to contribute more meaningfully in coming quarters and 2027.