Business
Kaltura Announces Financial Results for Second Quarter 2024
NEW YORK, Aug. 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, Aug. 08, 2024 (GLOBE NEWSWIRE) -- Kaltura, Inc. (“Kaltura” or the “Company”), the video experience cloud, today announced financial results for the second quarter ended June 30, 2024, as well as outlook for the third quarter and full year 2024. “We delivered record annualized recurring revenue (\"ARR\") in the second quarter, making it our seventh consecutive quarter of year-over-year revenue growth, while also posting a sequential and year-over-year increase in new bookings and sustaining the improved gross retention rate we saw in the first quarter. It was also our fourth consecutive quarter of Adjusted EBITDA profitability, and its highest result since the third quarter of 2020. Accordingly, we are incrementally raising our revenue and adjusted EBITDA guidance for the full year and are reaffirming our plans to achieve positive cash flow from operations in 2024,” said Ron Yekutiel, Kaltura Co-founder, Chairman, President and CEO. Mr. Yekutiel continued “Looking to the second half of 2024 and beyond, we continue to believe there are strong tailwinds ahead of us, as we are seeing companies re-accelerate their investments in digital transformation and online experiences. Fueling these initiatives are factors such as an increasingly hybrid workplace, growth in Gen-Z & millennial video-savvy employees, cost savings by consolidating multiple enterprise video use-cases around a single video platform, and the advent of Gen-AI, which we expect will bring about more creation and consumption of videos and increased ROI. We believe these trends will continue to grow our new bookings, accelerate our revenue growth, and increase our profits.” Second Quarter 2024 Financial Highlights: Revenue for the second quarter of 2024 was $44.0 million, compared to $43.9 million for the second quarter of 2023.Subscription revenue for the second quarter of 2024 was $41.0 million, an increase of 1% compared to $40.7 million for the second quarter of 2023.Annualized Recurring Revenue (ARR) for the second quarter of 2024 was $165.2 million, an increase of 1% compared to $163.4 million for the second quarter of 2023.GAAP Gross profit for the second quarter of 2024 was $28.7 million, representing a gross margin of 65% compared to a GAAP gross profit of $28.6 million and gross margin of 65% for the second quarter of 2023. Non-GAAP Gross profit for th...