Kaltura, Inc. · NASDAQ:KLTR
Kaltura — Q1 2025 Earnings Presentation
83 slides from Kaltura's earnings presentation, May 8, 2025
Slide 1: Investor Presentation
Investor Presentation May 2025
Slide 2: Forward-Looking Statements & Non-GAAP Financial Measures
Forward-Looking Statements & Non-GAAP Financial Measures Forward-Looking Statements. This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements c
Slide 3: Our Mission: AI-Infused Hyper-Personalized Video Experiences
Our Mission: To Create & Power AI-Infused Hyper-Personalized Video Experiences that Boost Customer & Employee Engagement & Success A blue sign with white text A blue sign with white text Company Intro AI-Infused Vision Description automatically generated Description automatically generated 3
Slide 4: Kaltura at a Glance
Kaltura at a Glance Who We Are By the Numbers2 • A leading provider of live, real time and on-demand video solutions for organizations, with the mission of creating & powering AI- $178.7 / $181.4M $167.7 / $171.9M infused hyper-personalized video experiences that boost customer & employee engagement
Slide 5: The Kaltura Video Experience Cloud
links to detailed slides The Kaltura Video Experience Cloud return to this slide Immersive AI-infused video first products A blue sign with white text A blue sign with white text A blue sign with white text A blue sign with white text A blue sign with white text Description automatically generated D
Slide 6: Platform: VCMS+RTC, TVCMS, APIs and Consoles
AI-Infused Experiences Components Platform: VCMS+RTC, TVCMS, APIs and Consoles Marketplace Integrations & Partnerships Consoles Kaltura Management Console (KMC) Kaltura Admin Console TV Operator Console Embeddable Video Capture & Web Web Captions Editor Video Messaging Interactive Web Web Chat & Emb
Slide 7: AI-Infused Experiences Components
AI-Infused Experiences Components Kaltura s AI ecosystem includes a series of autonomous and semi-autonomous AI agents including the Genie family, AI Content Lab, Live Session Agents and AI Enrichment Agents. These Agents are seamlessly integrated into our solutions, transforming how organizations c
Slide 8: Unique Value Proposition and Competitive Differentiation
Unique Value Proposition and Competitive Differentiation </////> Unmatched Flexibility Unified Platform Across Enterprise-Grade AI Agents, Analytics, and Modularity, API-First Products, Use-cases (CX Compliance, Reliability, Personalization & Design that Videofies and EX) and Video Types Scalability
Slide 9: Kaltura's Multi-Year Product Strategy
Links to detailed slides Kaltura s Multi-Year Product Strategy return to this slide Content Management + Content Creation & Play Video The era of AI Agents Hyper-Personalized Content Experiences Play Video & Live Streaming Realtime Experiences AI Content Lab Fully Automated, Context-Aware AI Agents
Slide 10: Trusted by Top Organizations Across Industries
Trusted by Top Organizations Across Industries2 Professional Services, Technology Education Regulated Industries Media & Telecom Commercial & Manufacturing 30% 50%+ 24% 5 3 4 3 Of Top 50 Of Top US Of Top 50 Of Top 10 Of The Big Four Of Top 10 Of Top 10 Tech Companies Universities Financial Services
Slide 11: Empowering Enterprises' Increasingly Complex Video Needs
Empowering Enterprises Increasingly Complex Video Needs Surge In Video Content Enterprise Pain Points Kaltura Solutions Vast amount of unmanaged video content with Best-in-class video content management, and The Rapid Surge In Video Content Has non-streamlined VOD, Live and RTC experiences streamlin
Slide 12: Driving Business Value Across Customer and Employee Experiences
Driving Business Value Across Customer and Employee Experiences Marketing, Teaching, Learning, Communication & Entertainment & Sales, Customer Training & Certification Collaboration Monetization Enablement & Success Examples Examples Examples Examples • Product demo videos • LMS/LXP video transforma
Slide 13: Customer Testimonials
Customer Testimonials https://investor- Watch customer showcase video >> https://corp.kaltura.com/landing_pages/general/investors- day-customers-video/ Watch customer panel recording >> event.events.kaltura.com/media/Kaltura%20Investor%20E vent%202025/1_bs2uc6gk?st=6535 Technology Education 3:57 0:4
Slide 14: Kaltura's Large TAM Presents a Unique Growth Opportunity
Kaltura s Large TAM Presents a Unique Growth Opportunity Key Growth Drivers: ~$3B $13B+ EVCM & OVP • Demographic shift, remote work and affinity for more visual content Products to manage and deliver on-demand • Increased content creation & consumption, & live videos to large audiences over the furt
Slide 15: Projected Revenue Growth and Return to Adj. EBITDA Profitability
Projected Revenue Growth and Return to Adj. EBITDA Profitability Revenue Evolution ($mm) $175 $179 $181 $181.4M $165 $169 Proven Scale $12 $11 $10 2025G1 Total Revenue $120 $20 $16 $97 $16 $13 $168 $172 $145 $152 $163 $104 $85 2019 2020 2021 2022 2023 2024 2025G 95% High Revenue 2025G1 Subscription
Slide 16: Kaltura's Growth and Profitability Journey
Kaltura s Growth and Profitability Journey Kaltura Yesterday Kaltura Today & Tomorrow Before COVID During COVID After COVID Today Tomorrow Accelerating Growth COVID-Fueled Modest Projected Revenue While Attaining Acceleration of Video Reduced Growth Amid Growth & Return to Multiple Levers for Profit
Slide 17: Favorable Market Dynamics & Past Investments Fuelling Growth
Favorable Market Dynamics & Past Investments Fuelling Growth Stabilizing Trends for Enterprise Online Trend Toward Full-Suite Over Video Experiences, with GenAI boost Point Solutions Expected easing of macroeconomic Enterprises are consolidating spend on video headwinds, increasingly hybrid solution
Slide 18: Numerous Strategic Organic & Inorganic Growth Opportunities
Numerous Strategic Organic & Inorganic Growth Opportunities Kaltura s Strategy is Designed to Enable Significant Revenue Growth while Supporting Expansion in its Current Markets and Penetration into New Ones Evolution Plans Revolution Potential Continue Executing Against the Current Mission Statemen
Slide 19: Key Investment Highlights
Key Investment Highlights 1 Large, (Re)-Growing Market Opportunity Robust Financial Performance 5 Capitalizing on the (re)-growing demand for video post temporary industry Robust past financial performance amid recent industry headwinds slow-down, and on Kaltura s potential to continuously launch ne
Slide 20: Q1-25 & FY-25 Summary
Q1-25 & FY-25 Summary 20 |
Slide 21: Q1-25 Actual vs. Guidance
Q1-25 Actual vs. Guidance ($mm) • Record subscription revenue of $44.9 million, an increase of 9% from Q1-24, and above the high end of guidance range. • Record total revenue of $47.0 million, an increase of 5% from Q1-24, and above the high end of guidance range. • Adjusted EBITDA at $4.1 million,
Slide 22: Q1-25 Results
Q1-25 Results 01 Record Subscription & Total Revenue, both above guidance ranges; 3rd consecutive quarter of increasing year-over-year (YoY) growth rates, reaching this quarter +9% YoY for Subscription Revenue; Record ARR Top Line (+7% YoY) for the 4th consecutive quarter; Record avg. ARR per custom
Slide 23: Q1-25 Revenue & YoY
Q1-25 Revenue & YoY Enterprise, Education & Technology (EE&T) Revenue Total Revenue ($mm) ($mm) $34.4 $0.8 $47.0 $32.4 $1.8 $44.8 $2.1 $33.6 $3.6 $30.7 $44.9 Q1 2024 Q1 2025 $41.2 Media & Telecom (M&T) Revenue $12.6 ($mm) $12.3 $1.3 Q1 2024 Q1 2025 $1.8 $11.3 $10.5 Q1 2024 Q1 2025 Subscription Reven
Slide 24: Multi-Quarter P&L (GAAP)
Multi-Quarter P&L (GAAP) ($ mm) 24
Slide 25: Multi-Quarter P&L (Non-GAAP)
Multi-Quarter P&L (Non-GAAP) ($ mm) 25
Slide 26: Expense and Adj. EBITDA % of Revenue (Non-GAAP)
Expense and Adj. EBITDA % of Revenue (Non-GAAP) 26
Slide 27: Multi-Quarter Cash Flow Report
Multi-Quarter Cash Flow Report ($ mm) *Restricted cash at the end of Q4-24 was $0.1M. I.e., at the end of Q4-24, Cash & Cash equivalent & marketable securities 27 was $84.7M
Slide 28: March 31, 2025 Balance Sheet
March 31, 2025 Balance Sheet ($ mm) 28 The data refers to the last day of the relevant period
Slide 29: Annual Recurring Revenue (ARR)
Annual Recurring Revenue (ARR) ($mm) +2% +2% +3% +1% QoQ 173.9 174.8 168.9 165.2 162.7 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 29
Slide 30: Annual Recurring Revenue (ARR) 2019-2024
Annual Recurring Revenue (ARR) 2019-2024 ($mm) +28% +29% +6% +3% +6% YoY 30
Slide 31: Remaining Performance Obligations (RPO)
Remaining Performance Obligations (RPO) ($mm) +8% +6% +8% -9% QoQ 203.4 187.8 184.9 177.8 165.2 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 31 The data refers to the last day of the relevant period
Slide 32: Remaining Performance Obligations (RPO) 2019-2024
Remaining Performance Obligations (RPO) 2019-2024 ($mm) +23% +32% -7% +8% +10% YoY The data refers to the last day of the relevant period 32 * From 2021 we started adjusting for IR/DR, and from 2022 for FX
Slide 33: Quarterly Net Dollar Retention (NDR)
Quarterly Net Dollar Retention (NDR) 107% 103% 101% 98% 98% Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 1) The above figures incorporate an adjustment made in Q1 24 earnings filings, whereupon the Net Dollar Retention Rate calculation was slightly adjusted (retroactively and going forward) to treat VARs
Slide 34: Net Dollar Retention (NDR) 2019-2024
Net Dollar Retention (NDR) 2019-2024 119% 109% 106% 100% 101% 100% 2019 2020 2021 2022 2023 2024 1) The above figures incorporate an adjustment made in Q1 24 earnings filings, whereupon the Net Dollar Retention Rate calculation was slightly adjusted (retroactively and going forward) to treat VARs an
Slide 35: FY-25
FY-25 23¢ kaltura
Slide 36: FY-25 Anticipated Growth Drivers
FY-25 Anticipated Growth Drivers 01 Re-growing enterprise video market: fueled by regrowing budgets, digital and 04 Agentic AI features: automation and hyper-personalization are boosting the AI transformations, increasingly hybrid creation, consumption, and impact of workplace, reduced travel budget
Slide 37: Q2-25 & FY-25 Guidance
Q2-25 & FY-25 Guidance • Regarding Q2-25, and consistent with past years, we expect ($mm) revenue to decline sequentially. • For FY-25, we are maintaining our guidance for total and Guidance subscription revenue and increasing our adjusted EBITDA Q2-25 Low Mid High guidance marginally. Subscription
Slide 38: Revenue Per Quarter & YoY Growth Rates
Revenue Per Quarter & YoY Growth Rates 5% 3% 3% 1% 3% 0% 2% 4% 5% 6% 0% 40% 21% 45% 11% 1% -4% 46% 30% $45.6M $47.0M $43.8M $44.3M $44.1M $43.3M $43.9M $43.5M $44.5M $44.8M $44.0M $43.0M $42.7M $41.6M $41.7M $42.0M $41.1M 9% 6% $37.7M 2% 3% 0% 9% 7% 8% 3% 1% $35.2M 3% 40% 33% 4% 1% 46% 14% 39% 23% $
Slide 39: Revenue Per Year & YoY Growth Rates
Revenue Per Year & YoY Growth Rates 2% 2% 4% 2% +1% 37% 24% $181.4M $178.7M 18% $168.8M $175.2M $165.0M 3% 3% $120.4M 7% 5% 39% $97.3M 23% 18% $162.7M $167.7M $171.9M $145.0M $152.5M $104.1M $84.7M $11.0M $16.4M $20.1M $16.3M $12.6M $12.4M $11.0M $9.5M 2019 2020 2021 2022 2023 2024 2025G * 39 * Repr
Slide 40: Adjusted EBITDA and Cash Flow from Operations
Adjusted EBITDA and Cash Flow from Operations ($mm) * We are expecting 2025 cash flow from operations to be at a similar level as Adjusted EBITDA, with most if not all contribution coming in the second half of the year, consistent with historical trends 40 * Represents latest public guidance provide
Slide 41: Expected Long-Term Trends (Non-GAAP)
Expected Long-Term Trends (Non-GAAP) Expected Long-Term Trends Longer term our goal is to double our Adjusted EBITDA in 2026, and by 2028 or before return to being a Rule of 30 company, through a combination of an expected double-digit revenue growth rate and Adjusted EBITDA margin 41
Slide 42: Additional Product Info
Additional Product Info 42 |
Slide 43: Video Portal
Video Portal A blue arrow in a square Description automatically generated with Video Messaging A screenshot of a website Description automatically generated Kaltura's Video Portal is an enterprise-grade, fully customizable media portal that centralizes media content creation, management and collabor
Slide 44: Video Portal
Video Portal A blue arrow in a square Description automatically generated with Video Messaging A screenshot of a website Description automatically generated • Actionable Analytics & Insights: Gain detailed insights into user interactions and content performance to fine-tune strategies, optimize enga
Slide 45: LMS & CMS Video Extensions
LMS & CMS Video A person pointing at his hands Description automatically generated Extensions A blue arrow in a square Description automatically generated Kaltura s Video Extensions seamlessly integrate powerful video creation, management, engagement and analytics tools into leading platforms, A scr
Slide 46: LMS & CMS Video Extensions
LMS & CMS Video A person pointing at his hands Description automatically generated Extensions A blue arrow in a square Description automatically generated • Accessibility and Compliance: Kaltura s VPAT v2.5 certification ensures compliance with WCAG 2.2 and Section 508. Supporting major screen A scr
Slide 47: Virtual Events & Webinars
Virtual Events & Webinars A blue arrow in a square Description automatically generated Kaltura s Events & Webinars platform provides all the tools you need to A screenshot of a phone create, manage, promote and host virtual and hybrid events at any Description automatically generated scale. From pro
Slide 48: Virtual Events & Webinars
Virtual Events & Webinars A blue arrow in a square Description automatically generated • Flexible Branding & Customization: Customize templates to fit any event size, type and audience, keeping your brand at the forefront. Kaltura s A screenshot of a phone Description automatically generated platfor
Slide 49: Virtual Classroom
Virtual Classroom A blue arrow in a square Description automatically generated Kalturas Virtual Classroom is a cloud-based solution that enhances both educational and corporate learning environments. Seamlessly integrating with your LMS, it supports higher education, corporate training, HR onboardin
Slide 50: Virtual Classroom
Virtual Classroom A blue arrow in a square Description automatically generated • Resource Management for Streamlined Learning: Automatically record sessions and provide transcripts to improve accessibility. Manage lessons efficiently with playlists, shared notes and moderation tools to ensure organi
Slide 51: TV Streaming Apps
TV Streaming Apps A blue arrow in a square Description automatically generated Graphical user interface, website Description automatically generated Kaltura s TV Streaming Apps provide cutting-edge user experiences with seamless cross-device compatibility across the latest devices and operating syst
Slide 52: TV Streaming Apps
TV Streaming Apps A blue arrow in a square Description automatically generated Graphical user interface, website Description automatically generated • Flexible Monetization Models: Drive revenue through multiple monetization options, including SVOD, AVOD (FAST), TVOD, pay-per- view and boxsets, with
Slide 53: Video Content Management System (VCMS) incl. RTC
astrazeneca-PNG-logo - Atlanta Cancer Care Foundation Download Eli Lilly Logo PNG Image for Free A blue and black striped logo Description automatically generated Video Content Management System (VCMS) incl. RTC A blue arrow in a square Description automatically generated Kaltura s VCMS platform pro
Slide 54: Video Content Management System (VCMS) incl. RTC
astrazeneca-PNG-logo - Atlanta Cancer Care Foundation Download Eli Lilly Logo PNG Image for Free A blue and black striped logo Description automatically generated Video Content Management System (VCMS) incl. RTC A blue arrow in a square Description automatically generated • Lecture Capture for Seaml
Slide 55: TV Content Management System (TVCMS)
TV Content Management System (TVCMS) A blue arrow in a square Description automatically generated Kaltura s TV Content Management System (TVCMS) is a powerful and scalable platform built to transform the TV experience for millions worldwide. Engineered for leading TV operators and media companies, T
Slide 56: TV Content Management System (TVCMS)
TV Content Management System (TVCMS) A blue arrow in a square Description automatically generated • Telco-Grade Reliability: Carrier-grade performance with 99.995% uptime, delivering scalable, uninterrupted viewing for millions of concurrent users. • Business Analytics: Advanced insights to optimize
Slide 57: AI-infused Experience Components
AI-infused Experience Components 57 |
Slide 58: AI Content Lab Experience Component
AI Content Lab Experience Component Creators can quickly transform their content into engaging, bite-sized experiences using the AI- powered content repurposing engine. With a single click, Content Lab generates clips, video quizzes, summaries, and chapters from your videos and audio, in different l
Slide 59: Clips Generator
Clips Generator Content Lab Clips are short, standalone video segments extracted from a longer video, focusing on key moments, insights, or bite-sized takeaways based on engagement analytics. They are ideal for sharing on social media, embedding in articles, or repurposing for different audiences. E
Slide 60: Video Quiz Generator
Video Quiz Generator Content Lab Automatically inserts contextualized quiz questions at optimal points within the video, boosting viewer engagement and comprehension. This tool enhances interactivity and provides valuable insights into audience understanding, maximizing content impact. 60
Slide 61: Text Summaries & Chaptering Generator
Text Summaries & Chaptering Generator Content Lab Text Summaries & Chaptering make long-form content easier to consume and navigate. AI-powered summaries capture key takeaways in seconds, while automatic chaptering segments videos into clear sections with labeled timestamps. Together, they boost acc
Slide 62: Highlight Videos Generator
Highlight Videos Generator Content Lab Highlight Videos are curated compilations of the most engaging, impactful, or essential moments from a full-length video. Instead of standalone snippets, a highlight video is a dynamic, seamless summary designed to tell a cohesive story, capture attention, and
Slide 63: Metadata Enrichment Generator
Metadata Enrichment Generator Content Lab Metadata Enrichment enhances content discoverability and organization by automatically generating and refining metadata. AI-powered tagging, categorization, and keyword extraction make videos more searchable, improving content management. With enriched metad
Slide 64: AI Live Session Agents Experience Component
AI Live Session Agents Experience Component These agents help organizers drive higher engagement and maximize ROI by delivering real-time insights and automation. By analyzing audience behavior and sentiment, they enable smarter decision-making, keeping attendees engaged, and optimizing communicatio
Slide 65: Email Notifications Engine
Email Notifications Engine AI Live Session Agents Automatically generates event-related emails tailored to attendee data and event metadata, streamlining outreach, maximizing engagement, and enhancing communication efficiency enabling scalable, personalized messaging. 65
Slide 66: Real-time Event Agent
Real-time Event Agent AI Live Session Agents Analyzes live session data in real time to generate and trigger interactive activities that boost audience engagement and create a dynamic, responsive experience, enhancing the impact of live events and webinar. 66
Slide 67: Sentiment Analysis
Sentiment Analysis AI Live Session Agents Monitors audience mood in real time through chat analysis, providing organizers with instant feedback to adjust the event atmosphere and optimize engagement strategies on the spot. 67
Slide 68: Noise Cancelation
Noise Cancelation AI Live Session Agents Automatically reduces background noise during real-time sessions for clearer, distraction-free audio. 68
Slide 69: Work/CX/Class/TV Genies Experience Components
Work/CX/Class/TV Genies Experience Components Genie is an agentic AI designed to transform the way organizations deliver knowledge. By connecting to your existing content and data, Genie provides instant, hyper-personalized learning experiences and engaging journeys - serving up video snippets, inte
Slide 70: Work/CX Genies
Work & CX Genies The Genies Work Genie goes beyond personalized learning, it s an intelligent assistant for every stage of the employee, customer, and partner journey. From upskilling and onboarding, real-time troubleshooting, to tailored journeys in marketing events, it delivers instant, AI-driven
Slide 71: Class Genie
Class Genie The Genies Class Genie enhances learning by making content more interactive, engaging, and accessible. It supports students with instant study aids, reinforcing comprehension through personalized quizzes, flashcards, and video highlights. For educators, it streamlines content delivery, a
Slide 72: TV Genie
TV Genie The Genies TV Genie transforms content curation and streaming experiences with AI automation. For viewers, TV Genie delivers hyper-personalized suggestions based on real-time feedback, turning endless searches into effortless discovery. For editors and content creators TV Genie can instantl
Slide 73: AI Enrichment Agents Experience Component
AI Enrichment Agents Experience Component Enhance core capabilities and automate workflows across our solutions. These innovations are designed to streamline content management, optimize engagement, and improve accessibility, providing smarter, more efficient video experiences. By leveraging AI, we
Slide 74: ASR (Automatic Speech Recognition)
ASR (Automatic Speech Recognition) AI Enrichment Agents Transcribes spoken content in real-time to generate captions, enhancing accessibility and searchability. 74
Slide 75: OCR (Optical Character Recognition)
OCR (Optical Character Recognition) AI Enrichment Agents Kalturas new OCR (Optical Character Recognition) feature enhances video content by automatically extracting text from slides, presentations, and images. Ideal for learning, training, communications, and marketing, it makes videos more searchab
Slide 76: Moderation Agent
Moderation Agent AI Enrichment Agents Launching H1-25 Kalturas Moderation AI Agent streamlines content approval by automatically reviewing transcripts against your organization s policies. It can approve content for publishing, flag it for review, or decline it - ensuring compliance at scale while r
Slide 77: AI-Powered TV Experience
AI-Powered TV Experience AI Enrichment Agents Beta AI TV metadata enrichment pipeline, which includes sentiment recognition, translations, dubbing, highlights and chaptering, empowers content curators to create a next-generation TV experience and increases eyeballs by leveraging a broader range of c
Slide 78: Thank You
Thank You Visit us at kaltura.com
Slide 79: EBITDA to Adjusted-EBITDA Reconciliation
EBITDA to Adjusted-EBITDA Reconciliation The following table reconciles EBITDA and Adjusted EBITDA to the most directly comparable GAAP financial performance measure, which is net loss: a. The three months ended December 31, 2024 and 2023 and year ended December 31, 2024 and 2023 include $551, $692,
Slide 80: EBITDA to Adjusted-EBITDA Reconciliation
EBITDA to Adjusted-EBITDA Reconciliation The following table reconciles EBITDA and Adjusted EBITDA to the most directly comparable GAAP financial performance measure, which is net loss: 80
Slide 81: GAAP to Non-GAAP Reconciliation (Annual)
GAAP to Non-GAAP Reconciliation (Annual) (In Thousands) 2019 2020 2021 2022 2023 2024 Q1 2025 Total Net Income (Loss) -15,572 -58,763 -59,351 -68,495 -46,366 -31,315 -1,119 Stock-Based Compensation 2,322 5,114 17,065 23,645 29,980 26,264 4,533 Intangible Assets Amortization 630 917 1,005 665 555 477
Slide 82: Reconciliation of GAAP Operating Cash Flow to Free Cash Flow
Reconciliation of GAAP Operating Cash Flow to Free Cash Flow Q1 2019 2020 2021 2022 2023 2024 (In Thousands) 2025 Net Cash provided by Operating Activities 370 5,804 - 22,110 -46,828 -8,303 12,233 -1,047 Purchase of Property and Equipment -2,239 -1,118 -1,876 -1,218 -2,607 -521 -297 Capitalized inte
Slide 83: 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