Kaltura (KLTR) Noble Capital Markets Virtual Equity Investor Conference summary

Financial profile and core platform

• 20-year enterprise video SaaS business with 1,200 customers, including 25% of U.S. Fortune 100; reaches 10M people monthly, sometimes 20M, and has 600 employees.

• 2026 revenue guidance: $184M, up 2% YoY; 97% subscription revenue and 74% gross margin.

• Adjusted EBITDA guidance of 16.5, raised twice; FY25 free cash flow was $13M, with positive FCF expected to continue.

• Core offerings span video content management, cloud TV, video portals, LMS integrations and virtual events; virtual events launched in 2020, including AWS re:Invent with 600,000 registrants.

AI products and use cases

• Strategy shifts video toward personalized, interactive and conversational experiences, including avatar agents and generative interfaces; eSelf was acquired in Nov. 2025.

• PathFactory, acquired Apr. 1, 2026, adds experience intelligence and content sequencing; initial integration lets users run video within PathFactory, with agent integration planned over the next few quarters.

• Customer applications include marketing and sales concierges, SDR and point-of-sale agents, customer care, remote field-service support, employee training and personalized tutoring.

• Further use cases include interactive digital books and TV content discovery; new AI products are positioned as incremental add-ons to existing video and event offerings.

• Demonstrations showed agents retrieving relevant video segments, generating flashcards and using screen and camera context for two-way interactions.

Market opportunity and commercial traction

• Legacy video technology markets were described as stagnant post-COVID; the prior enterprise video, rich-media and Cloud TV opportunity was cited at $13B, with agentic engagement expanding the addressable market.

• Gartner recognized rapid AI advances and governance capabilities; management also cited recent positive commentary from IDC, Forrester, Frost & Sullivan and ISG.

• Last quarter: 14 AI-related deals with $1M TCV, roughly double prior AI opportunity count; pipeline exceeded 500 opportunities, including 60 active scoped POCs.

• Management forecast a bookings pickup in H2 2026, continuing into 2027; platform expansion, cross-selling, new logos, channel opportunities and some core-business improvement are growth drivers.