Business
Kaltura Announces Financial Results for First Quarter 2023
NEW YORK, May 09, 2023 (GLOBE NEWSWIRE) -- Kaltura, Inc. (“Kaltura” or the “Company”), the video experience cloud, today announced financial results for the
About this update from Kaltura, Inc.
[{"type":"text","content":"NEW YORK, May 09, 2023 (GLOBE NEWSWIRE) -- Kaltura, Inc. (“Kaltura” or the “Company”), the video experience cloud, today announced financial results for the first quarter ended March 31, 2023, as well as outlook for the second quarter and full year 2023. \"We met our revenue and Adjusted EBITDA targets for the first quarter and are reaffirming our expectation of reaching cash-flow-from-operations break-even during 2024, and posting a positive Adjusted EBITDA for the full year of 2024,” said Ron Yekutiel, Kaltura Co-founder, Chairman, and CEO. “Though the industry headwinds experienced in 2022 are still present, we are encouraged to see in the first quarter early indicators of improved market demand translating to year-over-year growth in salesforce productivity and new bookings. Our expanding product portfolio is encouraging companies to consolidate around Kaltura, especially in the current financial climate, which has resulted in an increase in our average deal size.\" First Quarter 2023 Financial Highlights: Revenue for the first quarter of 2023 was $43.3 million, an increase of 4% compared to $41.7 million for the first quarter of 2022.Subscription Revenue for the first quarter of 2023 was $40.4 million, an increase of 9% compared to $37.0 million for the first quarter of 2022.Annualized Recurring Revenue (ARR) for the first quarter of 2023 was $159.6 million, an increase of 8% compared to $147.7 million for the first quarter of 2022.GAAP Gross profit for the first quarter of 2023 was $27.3 million, representing a gross margin of 63% compared to a GAAP gross profit of $26.3 million and gross margin of 63% for the first quarter of 2022. Non-GAAP Gross profit for the first quarter of 2023 was $27.7 million, representing a non-GAAP gross margin of 64%, compared to a non-GAAP gross profit of $26.8 million and non-GAAP gross margin of 64% for the first quarter of 2022. GAAP Operating loss was $12.0 million for the first quarter of 2023, compared to an operating loss of $14.7 million for the first quarter of 2022.Non-GAAP Operating loss was $3.5 million for the first quarter of 2023, compared to a non-GAAP operating loss of $8.8 million for the first quarter of 2022.GAAP Net loss was $12.8 million or $0.09 per diluted share for the first quarter of 2023, compared to a GAAP net loss of $16.9 million, or $0.13 per diluted share, for ...