Business
Kaltura Announces Financial Results for Second Quarter 2023
NEW YORK, Aug. 02, 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, Aug. 02, 2023 (GLOBE NEWSWIRE) -- Kaltura, Inc. (“Kaltura” or the “Company”), the video experience cloud, today announced financial results for the second quarter ended June 30, 2023, as well as outlook for the third quarter and full year 2023. \"We are progressing towards our goal to return to profitable growth. This quarter we again posted record subscription revenue and our year-over-year total revenue growth rate was the highest since the first quarter of 2022. We also posted our lowest Adjusted EBITDA loss in eight quarters and are reaffirming our plans to achieve a positive Adjusted EBITDA in 2024,\" said Ron Yekutiel, Kaltura Co-founder, Chairman and CEO. \"We continue to be encouraged by leading demand indicators and are excited about the adoption of our newer products and our continued innovation, especially our recent move into the world of Generative AI which we believe has the potential to significantly grow the demand, usage, and value of our solutions.\" Second Quarter 2023 Financial Highlights: Revenue for the second quarter of 2023 was $43.9 million, an increase of 5% compared to $42.0 million for the second quarter of 2022.Subscription revenue for the second quarter of 2023 was $40.7 million, an increase of 7% compared to $38.0 million for the second quarter of 2022.Annualized Recurring Revenue (ARR) for the second quarter of 2023 was $163.4 million, an increase of 8% compared to $151.0 million for the second quarter of 2022.GAAP Gross profit for the second quarter of 2023 was $28.6 million, representing a gross margin of 65% compared to a GAAP gross profit of $26.7 million and gross margin of 64% for the second quarter of 2022. Non-GAAP Gross profit for the second quarter of 2023 was $29.0 million, representing a non-GAAP gross margin of 66%, compared to a non-GAAP gross profit of $27.2 million and non-GAAP gross margin of 65% for the second quarter of 2022. GAAP Operating loss was $9.6 million for the second quarter of 2023, compared to an operating loss of $15.5 million for the second quarter of 2022.Non-GAAP Operating loss was $2.0 million for the second quarter of 2023, compared to a non-GAAP operating loss of $9.1 million for the second quarter of 2022.GAAP Net loss was $10.8 million or $0.08 per diluted share for the second quarter of 2023, compared to a GAAP net loss of $17.3 million, or $0.13 ...