Kaltura (KLTR) investor relations material

Executive summary

• Achieved record Adjusted EBITDA for Q4 and full year 2025, marking the tenth consecutive profitable quarter, with strong operational momentum and efficiency.

• Closed the acquisition of eSelf.ai and signed a definitive agreement to acquire PathFactory for ~$22M in cash, expanding AI-driven and conversational capabilities.

• Launched new AI-powered products, including agentic avatars, Avatar SDK, and an avatar video creation studio, with revenue contribution expected in H2 2026.

• Achieved highest new bookings and gross retention in 2025, with significant AI-related deals and industry recognition for advanced AI capabilities.

Financial highlights

• Q4 2025 total revenue was $45.5M, up 4% sequentially and nearly flat year-over-year; subscription revenue was $42.7M, up 2% sequentially, down 2% year-over-year.

• Full year 2025 total revenue was $180.9M (+1% YoY); subscription revenue $171.9M (+3% YoY); Adjusted EBITDA $18.6M (+150% YoY).

• Q4 2025 Adjusted EBITDA was $6.3M, more than doubling year-over-year; non-GAAP net profit was $5.2M.

• Full year GAAP net loss was $12.1M, improved from $31.3M loss in 2024; full year non-GAAP net profit was $11.5M.

• Ended Q4 with $62.8M in cash and marketable securities.

Outlook and guidance

• Q1 2026 guidance: subscription revenue $41.2M–$42M, total revenue $42.6M–$43.4M, Adjusted EBITDA $2.3M–$3.3M.

• Full year 2026 guidance: subscription revenue $172.5M–$175.5M, total revenue $181.2M–$184.2M, Adjusted EBITDA $12.7M–$14.7M.

• Expect revenue growth to accelerate in H2 2026, with more significant impact from new products and PathFactory in 2027.

• Guidance reflects integration costs, investments in AI, and recurring business trends.

• Committed to achieving a rule of thirty profile (double-digit revenue growth plus Adjusted EBITDA margin) by 2028 or sooner.