Kaltura (KLTR) AI Stock Analysis

• Market Cap: $217.30M
• Dividend Yield: N/A
• Average Volume (3M): 289.70K
• Price to Earnings (P/E): 21.2
• Beta (1Y): 2.10
• Revenue Growth: 1.88%
• EPS Growth: 53.31%
• Country: US
• Employees: 563
• Sector: Technology
• Sector Strength: 88
• Industry: Software - Infrastructure
• EPS (TTM): 0.03
• Shares Outstanding: 156,334,150
• 10 Day Avg. Volume: 203,150
• 30 Day Avg. Volume: 289,705
• PEG Ratio: -0.15
• Price to Book (P/B): 39.61
• Price to Sales (P/S): 1.39
• P/FCF Ratio: 18.07
• Enterprise Value/Market Cap: 1.07
• Enterprise Value/Revenue: 1.29
• Enterprise Value/Gross Profit: 1.83
• Enterprise Value/Ebitda: -71.82
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): 0.05
• Revenue Forecast (FY): $182.62M

• Rating: 49 Neutral
• Price Target: $1.50 ▲(14.50% Upside)
• Action: Reiterated Date: 03/17/26
• Date: Action: Reiterated 03/17/26

The score is held back primarily by elevated balance-sheet leverage despite improved profitability and positive free cash flow. Technicals also remain bearish with the stock below key moving averages. Valuation is reasonable and the earnings call suggests improving operations, but near-term growth and retention pressures keep the outlook mixed.

Positive Factors

Improved cash generation

Sustained positive operating and free cash flow in 2024–2025 indicates the business can internally fund operations and reinvestment without immediate reliance on external financing. This materially improves liquidity resilience and supports product development, integration costs, and gradual deleveraging over the next 2–6 months.

Strengthening margins and profitability

Meaningful gross‑margin expansion and a swing to positive net margin reflect durable unit economics and operating leverage potential in Kaltura's SaaS model. Higher margins create room to fund sales/marketing and R&D while sustaining profitability through modest revenue fluctuations over the medium term.

Strategic M&A and AI product build-out

Acquiring PathFactory and integrating AI avatar/eSelf.ai tech strengthens Kaltura's product suite and addressable market in conversation automation. These durable capability additions should boost cross‑sell potential, deepen enterprise engagement, and create structural revenue growth opportunities once integrated and monetized over 6–18 months.

Negative Factors

Elevated balance‑sheet leverage

Very high debt-to-equity and compressed equity reduce financial flexibility and heighten downside risk if revenue softens. With limited equity cushion, large or unforeseen cash needs could force dilutive financing or constrain strategic moves, making the capital structure a persistent structural vulnerability.

Revenue stagnation and retention pressure

Flat-to-declining ARR and weaker net-dollar retention signal challenges in upselling and customer stickiness. For a subscription-centric business model, persistent churn or slower expansion undermines durable revenue growth and increases the need for higher new‑business acquisition spending to sustain top-line momentum.

Timing and execution risk on growth initiatives

Growth is contingent on successful integration and commercialization of acquisitions and AI products. Delays or execution gaps would push out revenue and margin benefits, while integration costs pressure near-term cash flow and EBITDA, making the company's growth thesis dependent on multi‑quarter operational execution.

Kaltura Business Overview & Revenue Model

Company Description

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, collaboration, training, and customer experience; and video industry solutions, such as learning management system video and lecture capture solutions for educational institutions. It also provides a TV solution that allows to provide OTT advertising and subscription-based live and on-demand TV services for media companies and telecom operators. In addition, the company offers media services, such as APIs, SDKs, and experience components, including live, real-time, and on-demand video creation, ingestion, transcoding, management, search, security, distribution, publishing, engagement, monetization, monitoring, multi-tenancy, and analytics, as well as video and TV content management systems. It serves a range of industries, including financial services, high technology, healthcare, education, public sector, media, and telecommunications. The company was incorporated in 2006 and is headquartered in New York, New York.

How the Company Makes Money

Kaltura primarily makes money by selling access to its software platform and related services to business and institutional customers. The company’s revenue model is centered on recurring subscriptions (typically SaaS-style) that provide customers with the right to use Kaltura’s video platform capabilities (e.g., video management, live and VOD streaming, video portals, and analytics) with pricing commonly structured around packaged plans and usage-based components (such as bandwidth/streaming, storage, or event scale). In addition to subscriptions, Kaltura generates revenue from professional services and support associated with implementation, customization, integrations, and onboarding for enterprise deployments. The company also earns from add-on modules and solutions tailored to specific workflows (e.g., virtual events, education/training use cases, or media/OTT deployments) when customers expand functionality beyond a base plan. Specific material partnership details contributing to earnings: null.

Kaltura Financial Statement Overview

Summary

Operational improvement is clear (better gross margin and a swing to positive net margin, with positive operating and free cash flow in 2024–2025). The main drag is balance-sheet risk: equity compressed sharply and leverage is very high, limiting flexibility if revenue softens.

Income Statement

Revenue has been relatively flat over the period and turned negative in 2025 (down ~3.7% YoY), but profitability improved sharply: net margin swung from a sizable loss in 2024 (-17.5%) to positive in 2025 (+6.7%). Gross margin also strengthened meaningfully in 2025 (~70.6% vs ~66.6% in 2024), signaling better unit economics. However, operating profitability remains weak with EBITDA still negative in 2025, indicating the business is not yet consistently profitable at the operating level.

Balance Sheet

Leverage and equity quality are the key concerns. Total debt declined in 2025, but stockholders’ equity collapsed to a low level (~$6.3M), driving debt-to-equity to a very elevated ~7.3x (vs ~2.2x in 2024). That leaves the balance sheet more fragile and reduces financial flexibility. Total assets also stepped down versus prior years, reinforcing a tighter capital position despite the recent improvement in net income.

Cash Flow

Cash generation improved substantially versus earlier years: operating cash flow and free cash flow were positive in both 2024 and 2025 (about $14.5M and $13.9M in 2025). Free cash flow also closely matched net income in 2025, suggesting earnings are broadly supported by cash. The main weakness is growth: free cash flow growth in 2025 was negative, and the company has a history of volatile cash flow (materially negative in 2021–2023).

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	180.85M	178.72M	175.17M	168.81M	165.02M
Gross Profit	127.67M	119.11M	112.23M	106.94M	102.70M
EBITDA	-4.96M	-15.92M	-29.56M	-55.62M	-46.44M
Net Income	12.07M	-31.32M	-46.37M	-68.50M	-59.35M
Balance Sheet
Total Assets	164.70M	181.31M	183.74M	206.17M	223.29M
Cash, Cash Equivalents and Short-Term Investments	51.88M	81.33M	69.38M	85.97M	143.95M
Total Debt	46.33M	52.53M	54.83M	58.85M	38.74M
Total Liabilities	158.37M	156.92M	153.42M	162.82M	138.02M
Stockholders Equity	6.33M	24.39M	30.32M	43.35M	85.27M
Cash Flow
Free Cash Flow	13.88M	11.71M	-12.40M	-52.80M	-28.11M
Operating Cash Flow	14.54M	12.23M	-8.30M	-46.83M	-22.11M
Investing Cash Flow	9.05M	-12.41M	-1.58M	-49.76M	-5.24M
Financing Cash Flow	-29.65M	-3.53M	109.00K	-529.00K	143.37M

Kaltura Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 1.31
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For KLTR, the sentiment is Negative. The current price of 1.31 is below the 20-day moving average (MA) of 1.39, below the 50-day MA of 1.47, and below the 200-day MA of 1.64, indicating a bearish trend. The MACD of -0.02 indicates Positive momentum. The RSI at 46.42 is Neutral, neither overbought nor oversold. The STOCH value of 14.74 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for KLTR.

Kaltura Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ATEN	70 Outperform	$1.49B	30.33	20.61%	1.33%	10.27%	3.52%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
DBX	60 Neutral	$5.95B	14.67	-35.62%	―	-0.44%	2.47%
TENB	60 Neutral	$2.31B	-949.46	-10.29%	―	11.05%	45.23%
KLTR	49 Neutral	$217.30M	21.20	-35.58%	―	1.88%	53.31%

Kaltura Corporate Events

Kaltura Adds New Director, Accelerates AI-Driven Strategy

On March 14, 2026, Kaltura’s board expanded from six to seven members and appointed venture capitalist and cybersecurity expert Greg Dracon as a Class I director effective March 16, 2026, granting him standard non-employee director compensation and equity awards. On March 15, 2026, the company also signed a definitive agreement to acquire AI-driven content and journey orchestration specialist PathFactory Holdings for about $22 million in cash, adding to its recent acquisition of eSelf.ai as it sharpens its strategic shift toward AI-powered, agentic digital experiences.

For the fourth quarter of 2025, Kaltura reported flat total revenue of $45.5 million but delivered record Adjusted EBITDA of $6.3 million and its tenth straight quarter of adjusted EBITDA profitability, supported by higher gross margins and lower operating expenses. Full-year 2025 revenue inched up 1% to $180.9 million while Adjusted EBITDA more than doubled to $18.6 million, with growth in Enterprise, Education and Technology offsetting Media & Telecom churn, underpinning management’s push to reposition the company in the emerging conversation automation and agentic engagement market.

Operationally, Kaltura closed the acquisition of AI avatar specialist eSelf.ai in the fourth quarter, integrated its technology, and secured strong new bookings and record gross retention for the year, while winning industry recognition as a leader in enterprise video platforms. Subsequent launches of an Avatar Video Creation Studio beta, general availability of Agentic Avatar and an Avatar SDK, and the planned PathFactory acquisition signal an aggressive build-out of AI and conversational capabilities aimed at deepening personalized, real-time digital engagement for its customers.

The most recent analyst rating on (KLTR) stock is a Hold with a $1.50 price target. To see the full list of analyst forecasts on Kaltura stock, see the KLTR Stock Forecast page.