Business
Kaltura Announces Financial Results for Third Quarter 2023
NEW YORK, Nov. 08, 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, Nov. 08, 2023 (GLOBE NEWSWIRE) -- Kaltura, Inc. (“Kaltura” or the “Company”), the video experience cloud, today announced financial results for the third quarter ended September 30, 2023, as well as outlook for the fourth quarter and full year 2023. “This quarter, for the fourth quarter in a row, we posted record subscription revenue, and our year-over-year total revenue growth rate was the highest since the first quarter of 2022. We are also pleased to share that our focused efforts on returning to profitability have borne fruit, and that we achieved this quarter adjusted EBITDA profits for the first time since 2020, as well as positive cash flow from operations. We are slightly raising again our revenue and adjusted EBITDA guidance for the full year, and are reaffirming our plans to achieve a positive adjusted EBITDA in 2024,” said Ron Yekutiel, Co-founder, Chairman and Chief Executive Officer of Kaltura. “Over the quarter we continued to see growing demand for consolidation around Kaltura across a wide array of on-demand, live, and real-time video use-cases for both employees, customers, and prospects. This continued to drive larger deals with new customers, and expansions with existing ones.” Third Quarter 2023 Financial Highlights: Revenue for the third quarter of 2023 was $43.5 million, an increase of 6% compared to $41.1 million for the third quarter of 2022.Subscription revenue for the third quarter of 2023 was $40.8 million, an increase of 8% compared to $37.9 million for the third quarter of 2022.Annualized Recurring Revenue (ARR) for the third quarter of 2023 was $163.1 million, an increase of 7% compared to $152.9 million for the third quarter of 2022.GAAP Gross profit for the third quarter of 2023 was $27.7 million, representing a gross margin of 64%, compared to a GAAP gross profit of $26.4 million and gross margin of 64% for the third quarter of 2022. Non-GAAP Gross profit for the third quarter of 2023 was $28.1 million, representing a non-GAAP gross margin of 65%, compared to a non-GAAP gross profit of $26.8 million and non-GAAP gross margin of 65% for the third quarter of 2022. GAAP Operating loss was $8.3 million for the third quarter of 2023, compared to an operating loss of $14.9 million for the third quarter of 2022.Non-GAAP Operating loss was $0.8 million for the third quarter of 2023, compared to...