Business
Kaltura Announces Financial Results for Third Quarter 2021
NEW YORK, Nov. 03, 2021 (GLOBE NEWSWIRE) -- Kaltura, Inc. (“Kaltura” or the “Company”), the video experience cloud, today announced reported financial results
About this update from Kaltura, Inc.
[{"type":"text","content":"NEW YORK, Nov. 03, 2021 (GLOBE NEWSWIRE) -- Kaltura, Inc. (“Kaltura” or the “Company”), the video experience cloud, today announced reported financial results for the third quarter ended September 30, 2021, as well as outlook for the fourth quarter and full year 2021. “We are excited to report earnings for the second time as a public company, with total revenue, subscription revenue, and Annualized Recurring Revenue each growing at or above 40% year-over-year. In a world reshaped by the pandemic, video technology and experiences have become mission critical, and Kaltura is uniquely positioned to harness this opportunity as a long-time leader in the Enterprise Video Content Management market and a strong recent entrant into the Meeting Solutions and Virtual Event spaces,” said Ron Yekutiel, Co-founder, Chairman and Chief Executive Officer of Kaltura. “We are especially excited to see the strong demand for our newer products that power ‘meetings with purpose’ – Virtual Events, Webinars, and Virtual Classrooms. Our ability to power tightly integrated and easily customized on-demand, live, and real-time video experiences at great scale and quality make us ideally suited to address specialized meeting experiences and virtual events for enterprises.” Third Quarter 2021 Financial Highlights: Revenue for the third quarter of 2021 was $43.0 million, an increase of 40% compared to $30.6 million for the third quarter of 2020. Subscription revenue for the third quarter of 2021 was $37.7 million, an increase of 40% compared to $26.9 million for the third quarter of 2020. Annualized Recurring Revenue (ARR) for the third quarter of 2021 was $151.7 million, an increase of 41% compared to $107.3 million for the third quarter of 2020. Gross profit for the third quarter of 2021 was $27.8 million, representing a gross margin of 65%, compared to a gross profit of $18.1 million and gross margin of 59% for the third quarter of 2020. Gross profit for the third quarter of 2021 includes the impact of $0.2 million in stock-based compensation expenses, $0.1 million in amortization of acquired intangible assets, and $0.2 million in depreciation expenses. Gross profit for the third quarter of 2020 includes the impact of $0.1 million in stock-based compensation expenses, $0.2 million in amortization of acquired intangible assets, and $0.7 million in depreciat...