Business
Kaltura Announces Financial Results for First Quarter 2024
NEW YORK, May 08, 2024 (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 08, 2024 (GLOBE NEWSWIRE) -- Kaltura, Inc. (“Kaltura” or the “Company”), the video experience cloud, today announced financial results for the first quarter ended March 31, 2024, as well as outlook for the second quarter and full year 2024. \"We delivered both record total revenues and subscription revenues in the first quarter, making it our sixth consecutive quarter of year-over-year growth. It was also our third consecutive quarter of Adjusted EBITDA profitability with significant year-over-year improvement in cash flows, demonstrating our progress towards achieving positive Adjusted EBITDA and Cash Flow from Operations for the full year of 2024,” said Ron Yekutiel, Kaltura Co-founder, Chairman, President and CEO. “Also noteworthy, our gross retention improved for a third consecutive quarter. We believe that this improvement, coupled with a forecasted sequential growth in bookings, will support our path towards sustainable profitable growth,” concluded Yekutiel. First Quarter 2024 Financial Highlights: Revenue for the first quarter of 2024 was $44.8 million, an increase of 3% compared to $43.3 million for the first quarter of 2023.Subscription Revenue for the first quarter of 2024 was $41.2 million, an increase of 2% compared to $40.4 million for the first quarter of 2023.Annualized Recurring Revenue (ARR) for the first quarter of 2024 was $162.7 million, an increase of 2% compared to $159.6 million for the first quarter of 2023.GAAP Gross profit for the first quarter of 2024 was $28.6 million, representing a gross margin of 64% compared to a GAAP gross profit of $27.3 million and gross margin of 63% for the first quarter of 2023. Non-GAAP Gross profit for the first quarter of 2024 was $29.0 million, representing a non-GAAP gross margin of 65%, compared to a non-GAAP gross profit of $27.7 million and non-GAAP gross margin of 64% for the first quarter of 2023. GAAP Operating loss was $7.3 million for the first quarter of 2024, compared to an operating loss of $12.0 million for the first quarter of 2023.Non-GAAP Operating loss was $0.6 million for the first quarter of 2024, compared to a non-GAAP operating loss of $3.5 million for the first quarter of 2023.GAAP Net loss was $11.1 million or $0.08 per diluted share for the first quarter of 2024, compared to a GAAP net loss of $12.8 million, or $0.09 per diluted sha...