Kaltura, Inc. · NASDAQ:KLTR
Kaltura — Q4 2025 Earnings Presentation
65 slides from Kaltura's earnings presentation, Mar 16, 2026
Slide 1: Investor Presentation
Investor Presentation March 2026 1
Slide 2: Forward-Looking Statements & Non-GAAP Financial Measures
Forward - Looking Statements & Non Forward - Looking Statements. This presentation contains forward - looking statements within the meaning of Section - GAAP Financial Measures 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All stat
Slide 3: Welcome to The New Era of Digital Engagement
Welcome to The New Era of Digital Engagement Kaltura's company overview video accompanied by a real-time Agentic Avatar A white arrow on a black background AI-generated content may be incorrect. 3
Slide 4: Kaltura at a Glance
Kaltura at a Glance A blue circle with a white arrow in it AI-generated content may be company overview video (accompanied by a Kaltura avatar Genie) incorrect. At a Glance At a Glance Experience Flywheel Who We Are Trusted by Top Organizations Across Industries Experience Flywheel Platform o We are
Slide 5: Powering Rich, Agentic Digital Experiences
At a Glance At a Glance Experience Flywheel Experience Flywheel Platform Platform e.self e.self PathFactory Addressing Needs PathFactory Addressing Needs Powering rich, agentic Digital Experience Flywheel USPs USPs digital experiences Customers Experiences: personalized, rich, conversational, Use Ca
Slide 6: The Kaltura Digital Experience Platform
The Kaltura Digital Experience Platform Use the arrows → to skip to the relevant product page At a Glance At a Glance Experience Flywheel Initial product launch: Augmented by To be augmented by planned Experience Flywheel 2006-2014 | 2015-2024 | 2025 → eSelf acquisition PathFactory acquisition1 Plat
Slide 7: eSelf.ai Acquisition at a Glance
eSelf.ai Acquisition at a Glance (Closed Dec. ‘25; click here to read acquisition press release) At a Glance At a Glance Experience Flywheel About eSelf Deal Terms & Financial Impact Experience Flywheel • Deep-tech Gen-AI lab building conversational agentic Platform Platform Equity Consideration: 4.
Slide 8: PathFactory Acquisition at a Glance
PathFactory Acquisition at a Glance (Signed March ’26 and expected to close in Q2-26; click here to read acquisition press release) At a Glance At a Glance Experience Flywheel Experience Flywheel About PathFactory Deal Terms & Financial Impact Platform Platform e.self e.self o AI-driven content and
Slide 9: Digital Experience Challenges & How Kaltura Addresses Them
Digital Experience Challenges & How Kaltura Addresses Them At a Glance At a Glance Experience Flywheel Digital Experience Challenges How Kaltura Addresses These Challenges Experience Flywheel Platform Platform e.self PathFactory e.self Static, non-rich, ‘same for all’ digital Dynamically created ric
Slide 10: Kaltura Unique Selling Propositions
Kaltura Unique Selling Propositions At a Glance At a Glance Experience Flywheel Experience Flywheel 1 3 Platform Platform e.self e.self Best-in-Class Agentic PathFactory Addressing Needs USPs PathFactory Addressing Needs USPs Digital Experience Platform 2 Horizontal Platform Across Use Cases, Buyers
Slide 11: Trusted Globally by 800+ Organizations
Trusted Globally by 800+ Organizations with 10M+ Monthly Active Users1 At a Glance At a Glance Professional Services, Technology Education Regulated Industries Media & Telecom Experience Flywheel Experience Flywheel Commercial & Manufacturing Platform Platform e.self 25%+ 40%+ 14% 60% 75% 30% 20% e.
Slide 12: Use Cases: Driving Business Value Across Organizational Journeys
Use Cases: Driving Business Value Across Organizational Journeys At a Glance At a Glance Experience Flywheel Enterprise, Education & Tech (EE&T) Reported Experience Flywheel Segment • Recruiting: Employer branding videos; candidate experience videos; recruiter-to- Employees Platform Platform candida
Slide 13: Customer Testimonials
Customer Testimonials https://corp.kaltura.com/landing_pages/general/inv Watchestors-day-customers-video/ customer showcase video >> https://investor- Watch customer panel recording >> event.events.kaltura.com/media/Kaltura%20Inves tor%20Event%202025/1_bs2uc6gk?st=6535 At a Glance At a Glance Experi
Slide 14: Growing Markets & Evolving Mission Statement
Growing Markets & Evolving Mission Statement At a Glance At a Glance Mission statement period | Initial market entry: Mission Statement Experience Flywheel Experience Flywheel 2006-2014 | 2015-2024 | 2025 → Platform Platform e.self e.self PathFactory Powering any video Powering rich agentic PathFact
Slide 15: Our Competitive Advantages & Positioning Per Market
Our Competitive Advantages & Positioning Per Market At a Glance Enterprise Video and Rich Virtual Events, Webinars, At a Glance Conversation Automation and Media Content Creation & & Interactive Learning Cloud TV Software Agentic Engagement Solutions Experience Flywheel Platform Experience Flywheel
Slide 16: Key Market Trends
Key Market Trends At a Glance At a Glance Experience Flywheel Experience Flywheel Platform Platform e.self Rich media becoming core Video and rich media are expanding across mission-critical workflows, requiring secure e.self enterprise infrastructure PathFactory enterprise platforms that integrate
Slide 17: Projected Revenue Growth and Adjusted EBITDA Profitability
Projected Revenue Growth and Adjusted EBITDA Profitability At a Glance At a Glance Experience Flywheel Revenue Evolution ($mm) Experience Flywheel Platform Platform Proven Scale $182.7M $175 $179 $181 $183 e.self 2026G1 Total Revenue $165 $169 e.self $12 $11 $9 $9 $120 $20 $16 PathFactory $97 PathFa
Slide 18: Expecting Stronger Growth Drivers Starting 2026
Expecting Stronger Growth Drivers Starting 2026 At a Glance At a Glance Platform Expansion Channel and Down-Market Expansion Experience Flywheel Experience Flywheel 1 5 Platform The integration of rich media, conversational AI, and journey orchestration We believe that our new content creation and a
Slide 19: Summary Investment Thesis
Summary Investment Thesis At a Glance At a Glance Experience Flywheel Experience Flywheel Platform Platform 1. Expanding Market 2. Strong, Differentiated Offering 3. Sustainable Moats e.self e.self Expanding into the exciting, End-to-end platform for Integrated deeply into mission- PathFactory PathF
Slide 20: Q4-25 & FY-25 Summary
At a Glance At a Glance Experience Flywheel Experience Flywheel Platform Platform e.self e.self PathFactory PathFactory Addressing Needs Addressing Needs USPs USPs Q4-25 & FY-25 Customers Customers Use Cases Use Cases Testimonials Testimonials Summary Mission Markets Mission & Markets Market Trends
Slide 21: Q4-25 & FY-25 Actual vs. Guidance
Q4-25 & FY-25 Actual vs. Guidance At a Glance At a Glance Experience Flywheel Experience Flywheel Q4-25: Platform ($mm) Platform e.self • Subscription revenue of $42.7M, above the high end PathFactory e.self of the guidance range. PathFactory Addressing Needs • Total revenue of $45.5M, above the mid
Slide 22: Q4-25 Results
Q4-25 Results At a Glance At a Glance Experience Flywheel 01 Q4-25 Total Revenue $45.5M, above mid-point of guidance, up 4% sequentially and flat YoY (EE&T +4%, M&T - Experience Flywheel 12% YoY). Subscription Revenue $42.7M, above high-end of guidance range, up 2% sequentially and down 2% Platform
Slide 23: Q4-25 Revenue & YoY
Q4-25 Revenue & YoY At a Glance At a Glance Total Revenue ($mm) Enterprise, Education & Technology (EE&T) Revenue Experience Flywheel ($mm) $34.4 Experience Flywheel $33.0 Platform +0% YoY $1.5 Platform $45.6 $45.5 $.7 e.self e.self $2.2 PathFactory PathFactory Addressing Needs $2.9 Addressing Needs
Slide 24: FY-25 Revenue & YoY
FY-25 Revenue & YoY At a Glance At a Glance Experience Flywheel Enterprise, Education & Technology (EE&T) Revenue Experience Flywheel Total Revenue ($mm) ($mm) Platform $134.4 Platform $128.7 $3.5 e.self $4.5 e.self PathFactory PathFactory $178.7 $180.9 Addressing Needs Addressing Needs $8.9 $11. US
Slide 25: Multi-Quarter P&L (GAAP)
Multi-Quarter P&L (GAAP) At a Glance At a Glance ($ mm) Experience Flywheel Experience Flywheel Platform Platform e.self e.self PathFactory PathFactory Addressing Needs Addressing Needs USPs USPs Customers Customers Use Cases Use Cases Testimonials Testimonials Mission Markets Mission & Markets Mark
Slide 26: Multi-Quarter P&L (Non-GAAP)
Multi-Quarter P&L (Non-GAAP) At a Glance At a Glance Experience Flywheel ($ mm) Experience Flywheel Platform Platform e.self e.self PathFactory PathFactory Addressing Needs Addressing Needs USPs USPs Customers Customers Use Cases Use Cases Testimonials Testimonials Mission Markets Mission & Markets
Slide 27: Expense and Adj. EBITDA % of Revenue
Expense and Adj. EBITDA % of Revenue (Non-GAAP) At a Glance At a Glance Experience Flywheel Experience Flywheel Platform Platform e.self e.self PathFactory PathFactory Addressing Needs Addressing Needs USPs USPs Customers Customers Use Cases Use Cases Testimonials Testimonials Mission Markets Missio
Slide 28: Multi-Quarter Cash Flow Report
Multi-Quarter Cash Flow Report At a Glance At a Glance ($ mm) Experience Flywheel Experience Flywheel Platform Platform e.self e.self PathFactory PathFactory Addressing Needs Addressing Needs USPs USPs Customers Customers Use Cases Use Cases Testimonials Testimonials Mission Markets Mission & Market
Slide 29: December 31, 2025 Balance Sheet
December 31, 2025 Balance Sheet At a Glance At a Glance ($ mm) Experience Flywheel Experience Flywheel Platform Platform e.self e.self PathFactory PathFactory Addressing Needs Addressing Needs USPs USPs Customers Customers Use Cases Use Cases Testimonials Testimonials Mission Markets Mission & Marke
Slide 30: Annual Recurring Revenue (ARR)
Annual Recurring Revenue (ARR) At a Glance At a Glance Experience Flywheel Experience Flywheel Platform ($mm) Platform +1% -3% -1% -1% QoQ e.self e.self 174.8 PathFactory PathFactory Addressing Needs 173.9 Addressing Needs 170.4 169.1 USPs Customers USPs 168.2 Customers Use Cases Use Cases Testimoni
Slide 31: Annual Recurring Revenue (ARR) 2019-2025
Annual Recurring Revenue (ARR) 2019-2025 At a Glance At a Glance Experience Flywheel Experience Flywheel Platform Platform e.self ($mm) +28% +29% + 6% +3% + 6% -3% e.self PathFactory YoY PathFactory Addressing Needs 173.9 168.2 159.2 164.7 Addressing Needs 150.8 USPs USPs Customers Customers Use Cas
Slide 32: Remaining Performance Obligations (RPO)
Remaining Performance Obligations (RPO) At a Glance At a Glance Experience Flywheel Experience Flywheel Platform ($mm) Platform e.self -13% +7% - 4% +4% e.self PathFactory QoQ PathFactory Addressing Needs 176.9 Addressing Needs USPs USPs 166.3 Customers 165.4 Customers Use Cases 159.3 Use Cases Test
Slide 33: Quarterly Net Dollar Retention (NDR)
Quarterly Net Dollar Retention (NDR) At a Glance At a Glance Experience Flywheel Experience Flywheel Platform Platform e.self e.self PathFactory PathFactory Addressing Needs Addressing Needs USPs USPs Customers Customers Use Cases Use Cases Testimonials Testimonials Mission Markets Mission & Markets
Slide 34: Net Dollar Retention (NDR) 2019-2025
Net Dollar Retention (NDR) 2019-2025 At a Glance At a Glance Experience Flywheel Experience Flywheel Platform Platform e.self e.self 119% PathFactory PathFactory Addressing Needs Addressing Needs USPs 109 % USPs 106 % 100 % 101% 100 % Customers Customers 100 % Use Cases Use Cases Testimonials Testim
Slide 35: Q1-26 & FY-26 Guidance
At a Glance At a Glance Experience Flywheel Experience Flywheel Platform Platform e.self e.self PathFactory PathFactory Addressing Needs Addressing Needs USPs USPs Q1-26 & FY-26 Customers Customers Use Cases Use Cases Testimonials Testimonials Guidance Mission Markets Mission & Markets Market Trends
Slide 36: Q1-26 and FY-26 Guidance
Q1-26 and FY-26 Guidance At a Glance At a Glance Experience Flywheel Revenue: Experience Flywheel ($M) • Q1-26 Revenue guidance reflects seasonal revenue dynamics Platform and incorporates a short-term expected EE&T headwind due Platform e.self to a large customer that shifted priority and budget fr
Slide 37: Revenue Per Quarter & YoY Growth Rates
Revenue Per Quarter & YoY Growth Rates At a Glance At a Glance Experience Flywheel Experience Flywheel Platform Platform e.self e.self PathFactory PathFactory Addressing Needs Addressing Needs USPs USPs Customers Customers Use Cases Use Cases Testimonials Testimonials Mission Markets Mission & Marke
Slide 38: Revenue Per Year & YoY Growth Rates
Revenue Per Year & YoY Growth Rates At a Glance At a Glance Experience Flywheel Experience Flywheel 1% Platform 2% 1% Platform 4% 2% e.self 37% +1% e.self PathFactory PathFactory Addressing Needs Addressing Needs USPs USPs 24% Customers $182.7M Customers $180.9M $178.7M Use Cases 18% $168.8M $175.2M
Slide 39: Adjusted EBITDA and Cash Flow from Operations
Adjusted EBITDA and Cash Flow from Operations At a Glance At a Glance Experience Flywheel Experience Flywheel Platform Platform ($mm) e.self e.self PathFactory PathFactory Addressing Needs Addressing Needs USPs USPs Customers Customers Use Cases Use Cases Testimonials Testimonials Mission Markets Mi
Slide 40: Expected Long-Term Trends (Non-GAAP)
Expected Long-Term Trends (Non-GAAP) At a Glance At a Glance Experience Flywheel Experience Flywheel Platform Platform e.self e.self PathFactory Expected Longer term, our PathFactory Long -Term Addressing Needs Trends goal is return to Addressing Needs USPs being a ‘Rule of 30’ USPs Customers compan
Slide 41: Additional Product Info
At a Glance At a Glance Experience Flywheel Experience Flywheel Platform Platform e.self e.self PathFactory PathFactory Addressing Needs Addressing Needs USPs USPs Customers Customers Additional Product Info Use Cases Use Cases Testimonials Testimonials Mission Markets Mission & Markets Market Trend
Slide 42: Video Capturing & Streaming
Video Capturing & Streaming → At a Glance At a Glance < Rich Media Content Creation Initial launch: 2006-2014 Experience Flywheel Experience Flywheel Platform Platform e.self e.self PathFactory PathFactory Addressing Needs Addressing Needs o Content creation capabilities include tools for video capt
Slide 43: Video Editing & Personalization
Video Editing & Personalization → At a Glance At a Glance > Rich Media Content Creation Initial launch: 2015-2024 Experience Flywheel Experience Flywheel Platform Platform o Kaltura’s built-in editor lets users trim, clip, e.self e.self chop/slice, add simple effects (fade) and adjust PathFactory Pa
Slide 44: AI Rich Media Generation Suite
AI Rich Media Generation Suite → At a Glance At a Glance < Rich Media Content Creation Initial launch: 2025 → Experience Flywheel Experience Flywheel Platform o Kaltura’s content creation capabilities differentiate Platform e.self by the ability to combine both AI-assisted and AI- PathFactory e.self
Slide 45: Rich Media Content Mgmt. System
Rich Media Content Mgmt. System → At a Glance At a Glance <> Rich Media Content Mgmt. Initial launch: 2006-2014 Experience Flywheel Experience Flywheel Platform Platform o Kaltura’s Rich Media Content Management System e.self (“Rich Media CMS”) is designed to manage the full e.self PathFactory lifec
Slide 46: TV Content Mgmt. System
TV Content Mgmt. System → At a Glance At a Glance >> Rich Media Content Mgmt. Initial launch: 2015-2024 Experience Flywheel Experience Flywheel Platform Platform o Kaltura’s TV Content Management System e.self e.self PathFactory PathFactory (“TVCMS”) is a cloud-based solution designed to Addressing
Slide 47: Experience Intelligence & Orchestration
Experience Intelligence & Orchestration → At a Glance At a Glance >> Rich Media Content Mgmt. Initial launch: 2025 → Experience Flywheel Experience Flywheel o Post planned Closing and integration of PathFactory1, Kaltura plans to offer a unified DAM Platform Platform (digital asset management) platf
Slide 48: Rich Media Content Hubs
Rich Media Content Hubs → At a Glance At a Glance <>> Rich Media Experiences Initial launch: 2006-2014 Experience Flywheel Experience Flywheel Platform Platform e.self e.self PathFactory Addressing Needs PathFactory o Kaltura’s Rich Media Content Hubs provide secure, Addressing Needs customizable in
Slide 49: LMS & CMS Rich Media Extensions
LMS & CMS Rich Media Extensions → At a Glance At a Glance <>> Rich Media Experiences Initial launch: 2006-2014 o Kaltura offers deep integrations with leading Experience Flywheel Experience Flywheel Platform Platform learning management systems (“LMS”) and e.self content management systems (“CMS”) e
Slide 50: TV Streaming Apps
TV Streaming Apps → At a Glance At a Glance >>< Rich Media Experiences Initial launch: 2015-2024 Experience Flywheel Experience Flywheel Platform Platform o Kaltura provides multi-platform TV and streaming e.self applications designed to deliver personalized viewing e.self PathFactory experiences ac
Slide 51: Virtual Events, Webinars & Virtual Classroom
Virtual Events, Webinars & Virtual Classroom → At a Glance At a Glance >>< Rich Media Experiences Initial launch: 2015-2024 Experience Flywheel Experience Flywheel Platform Platform o Kaltura’s virtual events, webinars, and virtual classroom solutions support interactive, media-rich e.self e.self Pa
Slide 52: Conversational Rich Media Agents
Conversational Rich Media Agents → At a Glance At a Glance >>< Rich Media Experiences Initial launch: 2025 → Experience Flywheel Experience Flywheel Platform Platform e.self o Kaltura’s AI-powered Conversational Rich Media Agents e.self PathFactory automate and augment interactions across customer,
Slide 53: Conversational Rich Media Agents: Genies
Conversational Rich Media Agents (cont.): Genies → At a Glance At a Glance >>< Rich Media Experiences Initial launch: 2025 → Experience Flywheel Experience Flywheel o Kaltura Genies are Conversational Rich Media Agents Platform that operate without visual avatars, enabling users to Platform interact
Slide 54: Conversational Rich Media Agents: Agentic Avatars
Conversational Rich Media Agents (cont.): Agentic Avatars → At a Glance >>< Rich Media Experiences Initial launch: 2025 → At a Glance Experience Flywheel Click on sample agents below to speak with them! Experience Flywheel Platform e.self Platform Sample employee & learner facing use cases Sample cu
Slide 55: Conversational Rich Media Agents: Conversational Agents SDK
Conversational Rich Media Agents (cont.): Conversational Agents SDK → At a Glance At a Glance >>< Rich Media Experiences Initial launch: 2026 → Experience Flywheel Experience Flywheel Platform Platform o The Conversational Agents SDK provide the human-facing interaction layer for conversational e.se
Slide 56: Thank You
Thank You Visit us at kaltura.com
Slide 57: Appendix
Appendix At a Glance At a Glance Experience Flywheel Experience Flywheel Platform EBITDA and Adjusted EBITDA Reconciliation Platform e.self e.self PathFactory PathFactory Addressing Needs Addressing Needs EBITDA and Adjusted EBITDA Reconciliation (Cont.) USPs USPs Customers Customers GAAP to Non - G
Slide 58: EBITDA and Adjusted EBITDA Reconciliation
EBITDA and Adjusted EBITDA Reconciliation At a Glance At a Glance The following table reconciles EBITDA and Adjusted EBITDA to the most directly comparable GAAP financial performance measure, which is net loss: Experience Flywheel Experience Flywheel Platform Platform e.self e.self PathFactory PathF
Slide 59: EBITDA and Adjusted EBITDA Reconciliation (Cont.)
EBITDA and Adjusted EBITDA Reconciliation (Cont.) At a Glance The following table reconciles EBITDA and Adjusted EBITDA to the most directly comparable GAAP financial performance measure, which is net loss: At a Glance Experience Flywheel a. The year ended December 31, 2025, 2024, 2023, 2022, 2021 a
Slide 60: GAAP to Non-GAAP Reconciliation (Annual)
GAAP to Non-GAAP Reconciliation (Annual) At a Glance (In Thousands) 2019 2020 2021 2022 2023 2024 2025 At a Glance Experience Flywheel Total Net Income (Loss) -15,572 -58,763 -59,351 -68,495 -46,366 -31,315 -12,072 Experience Flywheel Platform Stock-Based Compensation 2,322 5,114 17,065 23,645 29,98
Slide 61: GAAP to Non-GAAP Reconciliation (Quarterly)
GAAP to Non-GAAP Reconciliation (Quarterly) At a Glance At a Glance (In Thousands) Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Experience Flywheel Experience Flywheel Platform Total Net Income (Loss) -10,778 -10,726 -12,067 -11,096 -10,004 -3,610 -6,605 -1
Slide 62: Reconciliation of GAAP Operating Cash Flow to Free Cash Flow (Annual)
Reconciliation of GAAP Operating Cash Flow to Free Cash Flow (Annual) At a Glance At a Glance Experience Flywheel Experience Flywheel (In Thousands) 2019 2020 2021 2022 2023 2024 2025 Platform Platform e.self e.self Net Cash provided by Operating PathFactory 370 5,804 - 22,110 -46,828 -8,303 12,233
Slide 63: Reconciliation of GAAP Operating Cash Flow to Free Cash Flow (Quarterly)
Reconciliation of GAAP Operating Cash Flow to Free Cash Flow (Quarterly) At a Glance At a Glance Experience Flywheel Experience Flywheel Platform (In Thousands) Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Platform e.self e.self Net Cash provided by Operating PathFactory -1,605 10,673 4,3
Slide 64: Business Measures & KPIs
Business Measures & KPIs Annualized Recurring Revenue - We use Annualized Recurring Revenue (“ARR”) as a measure of our revenue trend and an indicator of our future revenue opportunity from existing recurring customer contracts. We calculate ARR by annualizing our recurring revenue for the most rece
Slide 65: Investor Presentation
Investor Presentation March 2026 65