Kaltura, Inc. (KLTR)
NASDAQ:KLTR
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Kaltura
(NASDAQ:KLTR)
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Rating:53Neutral
Price Target:
$1.50
▲(37.61% Upside)
Action:Reiterated
Date:05/14/26
The score reflects improving operating efficiency and cash flow (including positive free cash flow) and constructive near-term technical momentum, balanced against elevated balance-sheet leverage, continued GAAP losses, and modest growth/retention headwinds highlighted in the latest earnings call.
Positive Factors
Strong gross margins
Sustained mid-60s to low-70s gross margins indicate durable SaaS unit economics that support profitability leverage as revenue stabilizes. High margins allow room to invest in product, sales and R&D while preserving cash generation, improving long-term resilience and operating leverage.
Negative Factors
Elevated leverage and thin equity
Very high debt-to-equity driven by a thin equity base significantly reduces financial flexibility. Even modest absolute debt levels become risky with limited equity cushion, increasing refinancing and covenant risk and constraining the company's ability to fund growth or absorb shocks in the coming 2–6 months.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong gross margins
Sustained mid-60s to low-70s gross margins indicate durable SaaS unit economics that support profitability leverage as revenue stabilizes. High margins allow room to invest in product, sales and R&D while preserving cash generation, improving long-term resilience and operating leverage.
Read all positive factors
Kaltura (KLTR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$230.07M
Dividend YieldN/A
Average Volume (3M)499.57K
Price to Earnings (P/E)―
Beta (1Y)1.91
Revenue Growth-1.34%
EPS Growth32.15%
CountryUS
Employees563
SectorTechnology
Sector Strength88
IndustrySoftware - Infrastructure
Share Statistics
EPS (TTM)-0.06
Shares Outstanding150,374,740
10 Day Avg. Volume379,123
30 Day Avg. Volume499,573
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 Cap0.94
Enterprise Value/Revenue1.21
Enterprise Value/Gross Profit1.70
Enterprise Value/Ebitda-47.21
Forecast
1Y Price Target
$3.50Price Target Upside221.10% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)0.03
Revenue Forecast (FY)$182.55M
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 generates revenue primarily by selling subscription access to its software platforms and related services. Its main revenue stream is typically recurring revenue from customers that pay under multi-period contracts for use of Kaltura’s clo...
Kaltura Earnings Call Summary
Earnings Call Date:May 11, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 06, 2026
Earnings Call Sentiment Neutral
The call presents a mixed but constructive picture: management delivered better-than-expected operational results (beat guidance, positive Q1 operating cash flow, improved margins and higher adjusted EBITDA) and announced meaningful product and M&A milestones (GA launches, ISO AI certification, PathFactory close). However, revenue and ARR remain slightly down year-over-year, net dollar retention is below 100% driven by media & telecom churn, the M&T segment is materially weaker, and GAAP loss widened due to noncash and acquisition-related charges. Guidance was raised for the full year but growth rates are modest. Overall, the operational and strategic progress is encouraging, but underlying top-line and retention headwinds keep the tone balanced.Positive Updates
Beat Guidance Across Key Metrics
Total revenue of $44.6M exceeded the high end of guidance, subscription revenue of $43.2M also exceeded guidance, and adjusted EBITDA of $5.7M beat the high end of the guided range.
Negative Updates
Year-over-Year Revenue Decline
Total revenue declined 5% year-over-year to $44.6M and was down 2% sequentially; subscription revenue declined 4% YoY to $43.2M (though up 1% sequentially).
Read all updates
Q1-2026 Updates
Positive
Negative
Beat Guidance Across Key Metrics
Total revenue of $44.6M exceeded the high end of guidance, subscription revenue of $43.2M also exceeded guidance, and adjusted EBITDA of $5.7M beat the high end of the guided range.
Read all positive updates
Company Guidance
Kaltura raised and narrowed 2026 guidance, calling for Q2 subscription revenue of $43.3–$44.1M (up 2–4% YoY), Q2 total revenue of $45.2–$46.0M (up 2–3% YoY) and Q2 adjusted EBITDA of $2–$3M; for the full year it now expects subscription revenue of $174.5–$176.7M (up 1–3%), total revenue of $182.6–$184.8M (up 1–2%) and adjusted EBITDA of $13.8–$15.2M, with subscription and total revenue forecast to pick up gradually through the year. Q1 actuals were $44.6M total revenue and $43.2M subscription revenue with adjusted EBITDA $5.7M; RPO was $154.5M (67% expected to be recognized in 12 months), ARR $168.8M, NDR 95% and cash of $61.8M, and management expects new product revenue to begin in H2 2026 with a more meaningful impact in 2027.Kaltura Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
28
Negative
Cash Flow
62
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 178.50M | 180.85M | 178.72M | 175.17M | 168.81M | 165.02M |
| Gross Profit | 126.87M | 127.67M | 119.11M | 112.23M | 106.94M | 102.70M |
| EBITDA | -4.58M | -3.25M | -15.92M | -29.56M | -55.62M | -46.44M |
| Net Income | -14.72M | -12.07M | -31.32M | -46.37M | -68.50M | -59.35M |
Balance Sheet | ||||||
| Total Assets | 159.77M | 164.70M | 181.31M | 183.74M | 206.17M | 223.29M |
| Cash, Cash Equivalents and Short-Term Investments | 61.80M | 51.88M | 81.33M | 69.38M | 85.97M | 143.95M |
| Total Debt | 44.52M | 46.33M | 52.53M | 54.83M | 58.85M | 38.74M |
| Total Liabilities | 155.12M | 158.37M | 156.92M | 153.42M | 162.82M | 138.02M |
| Stockholders Equity | 4.64M | 6.33M | 24.39M | 30.32M | 43.35M | 85.27M |
Cash Flow | ||||||
| Free Cash Flow | 15.55M | 13.88M | 11.71M | -12.40M | -52.80M | -28.11M |
| Operating Cash Flow | 16.24M | 14.54M | 12.23M | -8.30M | -46.83M | -22.11M |
| Investing Cash Flow | 38.23M | 9.05M | -12.41M | -1.58M | -49.76M | -5.24M |
| Financing Cash Flow | -28.20M | -29.65M | -3.53M | 109.00K | -529.00K | 143.37M |
Kaltura Technical Analysis
Positive
1.09
Price Trends
1.32
Positive
1.39
Positive
1.48
Positive
Market Momentum
0.05
Positive
60.63
Neutral
74.51
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For KLTR, the sentiment is Positive. The current price of 1.09 is below the 20-day moving average (MA) of 1.47, below the 50-day MA of 1.32, and below the 200-day MA of 1.48, indicating a bullish trend. The MACD of 0.05 indicates Positive momentum. The RSI at 60.63 is Neutral, neither overbought nor oversold. The STOCH value of 74.51 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
73 Outperform | $6.05B | 13.38 | -28.45% | ― | -0.62% | 20.48% | |
71 Outperform | $2.17B | 48.40 | 21.19% | 1.33% | 12.08% | -8.14% | |
70 Outperform | $3.11B | -278.00 | -3.71% | ― | 10.74% | 74.22% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
53 Neutral | $230.07M | -15.16 | -128.96% | ― | -1.34% | 32.15% |
* Technology Sector Average
KLTR
Kaltura
1.53
-0.65
-29.82%
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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.