Kaltura (KLTR)
NASDAQ:KLTR
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Kaltura
(NASDAQ:KLTR)
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Rating:46Neutral
Price Target:
$1.00
▼(-8.26% Downside)
Action:ReiteratedDate:04/07/26
The score is held down primarily by balance-sheet fragility and weak technicals (below key moving averages with bearish momentum). Offsetting factors include improving profitability and sustained positive free cash flow, plus a generally balanced earnings outlook that highlights execution risks and near-term revenue softness as growth initiatives ramp into H2 2026 and beyond.
Positive Factors
Improved gross and subscription margins
Material gross-margin expansion and higher subscription gross margins indicate stronger unit economics for the SaaS platform. Sustained margin gains support cash generation and profitability resilience, enabling reinvestment in product and AI without immediate reliance on top-line growth.
Negative Factors
Fragile balance sheet and high leverage
Very elevated debt-to-equity and diminished equity cushion materially reduce financial flexibility. In a revenue slowdown or execution hiccup, high leverage constrains ability to invest, raises refinancing risk, and limits capacity to absorb integration or FX shocks.
Read all positive and negative factors
Positive Factors
Negative Factors
Improved gross and subscription margins
Material gross-margin expansion and higher subscription gross margins indicate stronger unit economics for the SaaS platform. Sustained margin gains support cash generation and profitability resilience, enabling reinvestment in product and AI without immediate reliance on top-line growth.
Read all positive factors
Kaltura (KLTR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$160.63M
Dividend YieldN/A
Average Volume (3M)289.70K
Price to Earnings (P/E)―
Beta (1Y)1.92
Revenue Growth1.88%
EPS Growth53.31%
CountryUS
Employees563
SectorTechnology
Sector Strength88
IndustrySoftware - Infrastructure
Share Statistics
EPS (TTM)0.03
Shares Outstanding148,735,570
10 Day Avg. Volume203,150
30 Day Avg. Volume289,705
Financial Highlights & Ratios
PEG Ratio0.33
Price to Book (P/B)39.61
Price to Sales (P/S)1.39
P/FCF Ratio18.07
Enterprise Value/Market Cap1.13
Enterprise Value/Revenue1.00
Enterprise Value/Gross Profit1.42
Enterprise Value/Ebitda-55.64
Forecast
1Y Price Target
$3.50Price Target Upside221.10% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)0.05
Revenue Forecast (FY)$182.62M
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, collab...
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...
Kaltura Earnings Call Summary
Earnings Call Date:Mar 16, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 12, 2026
Earnings Call Sentiment Neutral
Balanced outlook: the company reported strong profitability gains, improved margins, record adjusted EBITDA and non-GAAP profits, a solid cash position, notable product launches (agentic avatars, SDK, video studio beta), and strategic M&A (PathFactory) that could expand addressable market and cross-sell opportunities. Offsetting these positives are soft recurring revenue trends (ARR down 3% YoY, subscription down 2% in Q4), lower net dollar retention in the quarter (97% vs 103% a year ago), and continued weakness in the Media & Telecom segment with expected near-term declines. Management expects near-term pacing of revenue growth until new products and acquisitions scale (H2 2026+), and is guiding to steady adjusted EBITDA while investing for growth. Overall, positives and operational improvements are meaningful but are balanced by clear revenue and timing risks, leading to a neutral near-term sentiment.Positive Updates
Record Adjusted EBITDA and Profitability Run
Q4 adjusted EBITDA was a record $6.3M (tenth consecutive quarter of adjusted EBITDA profitability). Full-year 2025 adjusted EBITDA was $18.6M, a 150% year-over-year increase and materially above prior guidance (original guidance = 100% growth).
Negative Updates
Revenue Stagnation and Subscription Decline in Q4
Q4 total revenue was roughly flat year-over-year and subscription revenue declined 2% YoY (Q4 subscription $42.7M, down 2% YoY). Annualized recurring revenue (ARR) in Q4 was $168.2M, down 3% YoY.
Read all updates
Q4-2025 Updates
Positive
Negative
Record Adjusted EBITDA and Profitability Run
Q4 adjusted EBITDA was a record $6.3M (tenth consecutive quarter of adjusted EBITDA profitability). Full-year 2025 adjusted EBITDA was $18.6M, a 150% year-over-year increase and materially above prior guidance (original guidance = 100% growth).
Read all positive updates
Company Guidance
Kaltura guided Q1 2026 subscription revenue of $41.2–$42.0M, total revenue of $42.6–$43.4M, adjusted EBITDA of $2.3–$3.3M, and a similar seasonal level of negative cash flow from operations as last year, noting a mid‑to‑high‑teens year‑over‑year M&T revenue decline in Q1; for full‑year 2026 it expects subscription revenue of $172.5–$175.5M, total revenue of $181.2–$184.2M, annual adjusted EBITDA of $12.7–$14.7M (same range as prior guidance), and low double‑digit cash flow from operations (mostly in H2), with new product revenue anticipated to begin in H2, M&T sequential recovery expected in 2027, and management forecasting adjusted EBITDA and cash‑flow growth to remain in the teens while absorbing PathFactory integration costs and FX headwinds.Kaltura Financial Statement Overview
Summary
Income Statement
46
Neutral
Balance Sheet
28
Negative
Cash Flow
62
Positive
| 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 | -3.25M | -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
Negative
1.09
Price Trends
1.33
Negative
1.45
Negative
1.55
Negative
Market Momentum
-0.07
Positive
36.96
Neutral
14.43
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 1.09 is below the 20-day moving average (MA) of 1.19, below the 50-day MA of 1.33, and below the 200-day MA of 1.55, indicating a bearish trend. The MACD of -0.07 indicates Positive momentum. The RSI at 36.96 is Neutral, neither overbought nor oversold. The STOCH value of 14.43 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for KLTR.
Kaltura Risk Analysis
Kaltura disclosed 78 risk factors in its most recent earnings report. Kaltura reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Kaltura Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
70 Outperform | $1.72B | 30.33 | 20.61% | 1.33% | 10.27% | 3.52% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
60 Neutral | $5.27B | 14.67 | -35.62% | ― | -0.44% | 2.47% | |
60 Neutral | $1.84B | ― | -10.29% | ― | 11.05% | 45.23% | |
46 Neutral | $160.63M | -106.50 | -42.81% | ― | 1.88% | 53.31% |
* Technology Sector Average
KLTR
Kaltura
1.09
-0.86
-44.10%
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24.93
9.37
60.20%
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22.71
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Kaltura Corporate Events
Business Operations and StrategyM&A Transactions
Kaltura Completes Acquisition of PathFactory to Expand Portfolio
Positive
Apr 6, 2026
On April 1, 2026, Kaltura, Inc. completed its previously announced acquisition of PathFactory Holdings ULC. The deal involved purchasing all of PathFactory’s issued and outstanding share capital from its shareholders for a total cash conside...
Business Operations and StrategyExecutive/Board ChangesFinancial DisclosuresM&A Transactions
Kaltura Adds New Director, Accelerates AI-Driven Strategy
Positive
Mar 16, 2026
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 compensat...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.