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what it is
Kaltura sells software that lets companies, schools, and media teams create, manage, and stream video.
how it gets paid
Last year Kaltura made $179M in revenue. Enterprise and collaboration video was the main engine at $62M, or 35% of sales.
what just happened
Kaltura posted $45.5M of quarterly revenue and held gross margin at 70.0%.
At a glance
C++ balance sheet — some cracks in the foundation
-$0.21 fy2024 eps est
$179M fy2024 rev est
13.5% operating margin
1.15 beta
xvary composite: 41/100 — below average
What they do
Kaltura sells software that lets companies, schools, and media teams create, manage, and stream video.
Kaltura ran $179M of annual revenue with a 70.0% gross margin. Gross margin → money left after making the product → so what: the software layer still pays better than services. Your videos, classes, and training live in one system, so leaving means rebuilding the mess elsewhere.
How they make money
$179M
annual revenue
Enterprise and collaboration video (est.)
$62M
Education video solutions (est.)
$41M
Media and telecom TV solutions (est.)
$34M
Professional services (est.)
$22M
Support and subscriptions (est.)
$20M
The products that matter
video capture and recording
Kaltura Personal Capture
legacy product · revenue not disclosed
It sits inside a company doing $179M in annual revenue, but Kaltura does not break out what this product contributes. That usually tells you it is not the piece management wants you underwriting.
legacy
ai-driven experience platform
Agentic Digital Experience Platform
$22M acquisition support
This is the current pivot, backed by the $22M PathFactory.ai acquisition closed on March 16, 2026. For a company worth roughly $192M, that is not a side project.
strategic pivot
ai video creation tool
Avatar Video Production Studio
beta launched mar 16, 2026
The beta launch gives management something new to sell, but there is no disclosed revenue attached yet. At $1.23 per share and a $192M market cap, even modest commercial traction would matter.
early test
Key numbers
$179M
annual revenue
This is the full year’s sales. Against a $192M market cap, the stock trades at about 1.1x sales.
70.0%
gross margin
70 cents of each dollar stayed after making the product. That is a software number, not a services number.
13.5%
operating margin
The company still lost 13.5 cents on every sales dollar before interest and tax.
$40M
long-term debt
Debt equals 17% of capital. That is manageable until growth stalls.
Financial health
C++
strength
- balance sheet grade C++ — below average — limited financial resources
- risk rank 3 — safer than 50% of stocks
- price stability 10 / 100
- long-term debt $40M (17% of capital)
C++ — below average. watch for debt servicing and cash burn.
Total return vs. market
Return history isn't available for KLTR right now.
source: institutional data · return history unavailable
What just happened
beat estimates
Kaltura posted $45.5M of quarterly revenue and held gross margin at 70.0%.
Subscription revenue was $42M, almost the whole quarter. That says the core software stayed sticky, while the operating line still needs work.
$45.5M
revenue
$0.03
eps
70.0%
gross margin
the number that mattered
70.0% gross margin mattered because it showed the core software still throws off healthy economics even while the company chases growth.
source: company earnings report, 2026
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What could go wrong
the top threat here is an expensive AI pivot that fails to accelerate growth.
med
AI spend outruns revenue
Kaltura spent $22M in cash on PathFactory.ai while still carrying $40M of long-term debt. If the new platform does not lift sales, you are left with the bill and not much else.
That $22M deal equals more than 11% of the current $192M market cap. For a company this size, failed integration would be visible fast.
med
legacy revenue keeps shrinking
Management expects Media & Telecom to decline again in 2026. The segment was only $2.8M in the latest quarter, but shrinking businesses have a habit of consuming management attention far beyond their revenue share.
Subscription revenue was 94% of Q4 sales. That helps. It does not fully protect you if the remaining business keeps eroding and growth stays stuck near 2.0%.
med
execution risk after the CFO change
The CFO departed in October 2025, right as the company was shifting strategy and heading into acquisition integration. That is not fatal. It is also not ideal.
When a sub-$200M company changes financial leadership during a pivot, forecasting discipline and capital allocation matter more, not less.
The combined risk picture is simple: KLTR is trying to grow beyond a $179M revenue base with a $22M acquisition while already carrying $40M of debt. If revenue stays flat, the AI story gets expensive fast.
source: institutional data · regulatory filings · risk analysis
Pay attention to
metric
can revenue move above the $179M base
That is the whole story. A software company growing 2.0% last year does not get endless patience just because it says AI.
calendar
Q1 2026 earnings
This should be the first report to show early integration costs from the March 16, 2026 acquisition and any updated view on 2026 segment performance.
trend
subscription mix staying near 94%
Recurring revenue is the stabilizer. If that mix slips, the quality of revenue slips with it.
risk
whether the AI launch turns into disclosed traction
The Avatar Video Production Studio beta is new. The next useful proof point is not the launch itself. It is paid adoption, customer wins, or better growth commentary.
Analyst rankings
coverage depth
thin
There is no useful price-target range in this snapshot. In human-speak, the street is not doing much of your work for you here.
volatility read
1.15
Beta measures market sensitivity. In plain English: KLTR has moved a bit more than the market, so you should expect some extra noise.
stability
10/100
Price stability is low. Translation: this stock does not trade like a calm utility. It trades like a small-cap turnaround story.
source: institutional data
Institutional activity
institutional ownership data for KLTR is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$1
current price
n/a
target midpoint · n/a from current
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