Kaltura posted Q4 2025 Non-GAAP EPS of $0.03, beating the consensus estimate of $0.0006 by a remarkable 4,900%. Revenue reached $45.5 million, just above analyst forecasts of $45.32 million. Full-year 2025 revenue hit $180.9 million, up 1% year-over-year, while Adjusted EBITDA surged over 150% to a record $18.6 million. Shares rose 0.74% in after-hours trading to $1.36 following the announcement.
About Kaltura
Kaltura, Inc. (Nasdaq: KLTR) is a New York-headquartered Software-as-a-Service and Platform-as-a-Service company founded in October 2006 by Ron Yekutiel, Shay David, Michal Tsur-Shalev, and Eran Etam.
The company bills itself as a “rich, agentic digital experience platform” that powers video creation, management, and delivery for enterprises, educational institutions, media companies, and telecom operators. Kaltura operates through two reporting segments: Enterprise, Education and Technology (EE&T) and Media and Telecom (M&T).
As of March 17, 2026, Kaltura carries a market cap of approximately $206.74 million, placing it firmly in the micro-cap category. The company has no dividend and carries a negative trailing P/E ratio given ongoing GAAP net losses, though it achieved its first full-year Non-GAAP net profit of $11.5 million in 2025. Kaltura employs roughly 800 large enterprise customers globally across industries including financial services, healthcare, education, manufacturing, and media.
Top Financial Highlights
- Q4 2025 Total Revenue was $45.5 million, up 4% sequentially and roughly flat year-over-year, above the company’s guidance midpoint of $45.0 million to $45.7 million
- Q4 2025 Subscription Revenue reached $42.7 million, down 2% year-over-year but above the high end of guidance ($41.6 million to $42.3 million)
- Q4 2025 Professional Services Revenue was $2.9 million, up 31% year-over-year
- Q4 2025 Non-GAAP EPS came in at $0.03 per diluted share; GAAP net loss was $0.6 million or $0.00 per diluted share
- Q4 2025 Adjusted EBITDA hit a record $6.3 million, above guidance of $4.2 million to $5.2 million, and representing 137% year-over-year growth from $2.7 million in Q4 2024
- GAAP Gross Margin improved to 72% in Q4 2025, up from 71% in Q4 2024; Non-GAAP Gross Margin reached 73%, up from 71%
- Subscription Gross Margin expanded to 78%, up from 77% in Q4 2024
- Full Year 2025 Total Revenue was $180.9 million, up 1% year-over-year
- Full Year 2025 Adjusted EBITDA soared to a record $18.6 million, representing more than 150% growth from $7.3 million in 2024 and materially exceeding the company’s original guidance of approximately 100% growth
- Full Year 2025 GAAP Net Loss narrowed to $12.1 million ($0.08 per diluted share), a $19.2 million improvement over the $31.3 million loss in 2024
- Full Year 2025 Non-GAAP Net Profit reached a record $11.5 million ($0.07 per diluted share), a $16.2 million improvement from a Non-GAAP net loss of $4.7 million in 2024
- Cash and Marketable Securities on hand at quarter-end totaled $62.8 million
- Net Cash from Operating Activities for Q4 2025 was $3.6 million; full year operating cash flow was $14.5 million, up from $12.2 million in 2024
- Annualized Recurring Revenue (ARR) was $168.2 million, down 3% year-over-year from $173.9 million
- Net Dollar Retention stood at 97% in Q4 2025, down from 103% in Q4 2024
- EE&T Segment total revenue grew 4% year-over-year in Q4 2025; M&T Segment declined 12% year-over-year due to elevated churn
- Q1 2026 Guidance: Total revenue of $42.6 million to $43.4 million; Adjusted EBITDA of $2.3 million to $3.3 million
- Full Year 2026 Guidance: Total revenue of $181.2 million to $184.2 million; Adjusted EBITDA of $12.7 million to $14.7 million
Beat or Miss?
| Metric | Reported | Estimated | Difference / Analysis |
| Q4 2025 Total Revenue | $45.5M | $45.32M | Beat by ~$0.18M (+0.4%) |
| Q4 2025 Non-GAAP EPS | $0.03 | $0.0006 | Beat by 4,900% surprise |
| Q4 2025 GAAP Net Loss per share | $0.00 | N/A | Significant improvement from -$0.04 in Q4 2024 |
| Q4 2025 Subscription Revenue | $42.7M | $41.6M-$42.3M guidance | Above the high end of guidance |
| Q4 2025 Adjusted EBITDA | $6.3M | $4.2M-$5.2M guidance | Above the high end of guidance |
| Full Year 2025 Total Revenue | $180.9M | ~$181M consensus | Roughly in line |
| Full Year 2025 Adjusted EBITDA | $18.6M | ~$7.3M original guidance implied | Exceeded 100% growth target, delivering 150%+ |
| Full Year 2025 Non-GAAP EPS | $0.07 | -$0.10 consensus (as of early 2025) | Strong outperformance |
What Leadership Is Saying?
CEO Ron Yekutiel on strategic positioning and the agentic platform vision:
“With a combination of Kaltura, eSelf.ai, and PathFactory, we believe we will have in place the required pillars to complete our long-discussed multi-year evolution from a video platform to an agentic digital experience platform that specializes in harnessing AI-powered video-enriched media to drive engagement and business outcomes. We are reiterating our goal of achieving double-digit revenue growth in a rule of thirty profile by 2028 or sooner.”
Liron Sharon, Interim Principal Financial Officer, on Q4 execution and financial discipline:
“In the fourth quarter, we exceeded once again the midpoint of our guidance across subscription revenue, total revenue, and adjusted EBITDA, and delivered, through disciplined execution, a record level of both adjusted EBITDA and non-GAAP net profit. Our 2026 adjusted EBITDA guidance thoughtfully incorporates the expected impact of the PathFactory acquisition and related integration and investment, and our continued commitment to carefully balance growth and profitability to maximize long-term shareholder value.”
Historical Performance
Kaltura Q4 2025 vs Q4 2024
| Category | Q4 2025 | Q4 2024 | Change (%) |
| Total Revenue | $45.5M | ~$45.6M | ~Flat (-0.2%) |
| Subscription Revenue | $42.7M | $43.4M | -1.60% |
| Professional Services Revenue | $2.9M | ~$2.2M | 31% |
| GAAP Gross Profit | $33.0M | $32.3M | 2.20% |
| GAAP Gross Margin | 72% | 71% | +100bps |
| Total Operating Expenses | $32.1M | $36.1M | -11.10% |
| GAAP Operating Income (Loss) | $0.9M profit | -$3.8M loss | Turned profitable |
| Adjusted EBITDA | $6.3M | $2.7M | 133.30% |
| GAAP Net Loss | -$0.6M | ~-$6.6M | -90.9% (improved) |
| Non-GAAP Net Profit (Loss) | $5.2M | $0.3M | 1633% |
| ARR | $168.2M | $173.9M | -3.30% |
| Net Dollar Retention | 97% | 103% | -600bps |
Kaltura Full Year 2025 vs Full Year 2024
| Category | FY 2025 | FY 2024 | Change (%) |
| Total Revenue | $180.9M | $178.7M | 1.20% |
| Subscription Revenue | $171.9M | $167.7M | 2.50% |
| Professional Services Revenue | $8.9M | ~$11.0M | -19% |
| GAAP Gross Profit | $127.7M | $119.1M | 7.20% |
| GAAP Gross Margin | 71% | 67% | +400bps |
| Total Operating Expenses | $132.6M | $143.2M | -7.40% |
| Adjusted EBITDA | $18.6M | $7.3M | 154.80% |
| GAAP Net Loss | -$12.1M | -$31.3M | -61.3% (improved) |
| Operating Cash Flow | $14.5M | $12.2M | 18.90% |
Competitor Performance Comparison
Brightcove (BCOV) was taken private in early 2025 after reporting FY2024 results; the most recent public comparable data available is from FY2024/Q3 2024. Vimeo (VMEO) was delisted in November 2025 following its acquisition by Bending Spoons. The data below reflects the most recent available public figures for direct comparison.
| Category | Kaltura (KLTR) FY 2025 | Brightcove (BCOV) FY 2024 (Last Public Year) | Vimeo (VMEO) TTM as of Q3 2025 |
| Total Revenue | $180.9M | ~$199.8M | $416.6M |
| Revenue Growth (YoY) | +1.2% | -0.22% | -0.67% |
| GAAP Gross Margin | 71% | ~63% | ~78% |
| Adjusted EBITDA | $18.6M | ~$17M (FY2024 est.) | ~$35M target (2025 est.) |
| Market Status | Public (Nasdaq: KLTR) | Taken private (Feb 2025) | Acquired/Delisted (Nov 2025) |
| Net Dollar Retention | 97% | 80% (Q3 2024) | Not disclosed |
| Key Strategic Focus | Agentic digital experience platform with AI avatars and PathFactory acquisition | AI Suite for enterprise streaming | Enterprise video and AI tools |
How the Market Reacted?
Following the March 16, 2026 earnings announcement after market close, Kaltura shares rose 0.74% in after-hours trading, reaching $1.36. The muted gain reflects a market that welcomed the record profitability metrics and massive EPS surprise but remained cautious given flat year-over-year revenue growth and a declining ARR of $168.2 million.
The stock had been under pressure leading into earnings, trading down roughly 6% over the prior week and approximately 15% year-to-date, reflecting persistent investor skepticism about top-line growth. Analyst sentiment remains constructive, with a consensus “Strong Buy” rating and a 12-month price target of $3.00, implying more than 115% upside from current levels near $1.39.
The positive reaction was tempered by investor awareness that 2026 is described by management as a “transition year,” with revenue contributions from new agentic AI products and the PathFactory acquisition expected primarily in the second half of the year and with a stronger impact in 2027.
The company announced the pending $22 million all-cash acquisition of PathFactory, an AI-driven content journey orchestration platform, alongside closing of the eSelf.ai acquisition, both of which management positions as transformational steps in Kaltura’s evolution from a video platform to a full agentic digital experience company.
