Kaltura, Inc. · NASDAQ:KLTR
Kaltura — Q2 2025 Earnings Presentation
88 slides from Kaltura's earnings presentation, Aug 7, 2025
Slide 1: Investor Presentation August 2025
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Slide 2: Non-GAAP Financial Measures
Non-GAAP Financial Measures.
Slide 3: A blue sign with white text A blue sign with white text
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Slide 4: Kaltura at a Glance
Kaltura at a Glance @ A leading provider of live, real time and on-demand video solutions for organizations, with the mission of creating & powering ALinfused hyper-personalized video experiences that boost customer & employee engagement & success © Powering video-first experiences for marketing, sa
Slide 5: Driving Business Value Across Customer and Employee Experiences
Driving Business Value Across Customer and Employee Experiences Marketing, Sales, Customer Enablement & Success Enable marketing, sales, and customer success teams, across industries including financial services and healthcare/pharma, to deliver engaging, compliant, and measurable video experiences
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Slide 7: Platform: VCMS+RTC, TVCMS, APIs and Consoles
Platform: VCMS+RTC, TVCMS, APIs and Consoles Marketplace Integrations & Partnerships Consoles Experience Components APIs Play APIs demo video >> aws NN Adobe 7 webex CITRIX Markets Q @ THETALAKE synthesia Kollective ilianthology ?owToon broadpeak MAVICE +) 4 >, Al Live Ses Agents Commerce & Payments
Slide 8: Unique Value Proposition and Competitive Differentiation
Unique Value Proposition and Competitive Differentiation Unmatched Flexibility and Modularity, API-First Design that ‘Videofies’ Workflows Robust APIs enable deep integration into workflows and with other systems, powering both ‘horizontal’ products and industry solutions while enabling heavy custom
Slide 9: Kaltura's Multi-Year Product Strategy
Kaltura’s Multi-Year Product Strategy Content Management + Content Creation & & Live Streaming Realtime Experiences The era of Al Agents - Hyper-Personalized Content Experiences > Play Video AAlCeniemslel Fully Automated, Context-Aware Al Work & CX Genies Al Agents Workflows Content Creation & Deliv
Slide 10: AI-First Products & Experiences Components
10 « Al-First Products & Experiences Components Kaltura’s Al ecosystem includes a series of autonomous and semi-autonomous Al agents— including the Genie family, Al Content Lab, Live Session Agents and Al Enrichment Agents and Tools. These Agents are seamlessly integrated into our solutions, transfo
Slide 11: $209 50% 53% 54% 54% $179 $183 $196 % 244 22 21 41% 205
298 302 298 290 30 $209 50% 53% 54% 54% 26 $179 $183 $196 47% 244 22 21 41% 205 $130 $146 38% 15 32% 25% 27% 6 18% 20% 2019 2020 2021 2022 2023 2024 2019 2020 2021 2022 2023 2024 2019 2020 2021 2022 2023 2024 2019 2020 2021 2022 2023 2024 1 1
Slide 12: By the end of the migration, 4 million households will be using Kaltura TV
https://investor- https://corp.kaltura.com/landing_pages/general/investors- event.events.kaltura.com/media/Kaltura%20Investor%20E day-customers-video/ vent%202025/1_bs2uc6gk?st=6535 3:57 0:42 3:02 4:03 0:17 Watch Video Watch Video Watch Video Watch Video Watch Video 1:37 1:16 4:52 2:42 28:48 Watch V
Slide 13: Empowering Enterprises' Increasingly Complex Video Needs
Empowering Enterprises’ Increasingly Complex Video Needs 4 Surge In Video Content The Rapid Surge In Video Content Has Significantly Amplified The Challenges for Enterprises Global video consumption is expected to grow at 23% CAGR' Video is responsible for 54% ofall global data traffic! 69% of B2B m
Slide 14: ~$3B $13B+ ~$5B
~$3B $13B+ • • ~$5B • ~$5B • • • • • Source: PwC 2024 Market Study • TAM is estimated as of December 31, 2023
Slide 15: Subscription and Professional Services Revenue 2019-2025G
$175 $179 $181 $165 $169 $12 $11 $10 $20 $16 $120 $97 $16 $13 $168 $172 $145 $152 $163 $104 $85 2019 2020 2021 2022 2023 2024 2025G Subscription Revenue Professional Services Revenue 1
Slide 16: Footnotes
1. Gartner discontinued publication of its Magic Quadrant for Enterprise Video Content Management in 2018. 2. 2025G stands for 2025 guidance as of Aug 7 2025.
Slide 17: Favorable Market Dynamics & Past Investments Fuelling Growth
Favorable Market Dynamics & Past Investments Fuelling Growth Stabilizing Trends for Enterprise Online Video Experiences, with GenAl boost Expected easing of macroeconomic headwinds, increasingly hybrid workplace, growth in Gen-Z & Millennial video-savvy employees and the advent of Gen Al are stabili
Slide 18: Numerous Strategic Organic & Inorganic Growth Opportunities
Numerous Strategic Organic & Inorganic Growth Opportunities Kaltura’s Strategy is Designed to Enable Significant Revenue Growth while Supporting Expansion in its Current Markets and Penetration into New Ones “Evolution” Plans evolution” Potential Continue Executing Against the Current Mission Statem
Slide 19: Key Investment Highlights
Key Investment Highlights Ci) Large, (Re)-Growing Market Opportunity (s) Capitalizing on the (re)-growing demand for video post temporary industry Robust past financial performance amid recent industry headwinds slow-down, and on Kaltura’s potential to continuously launch new ‘horizontal’ and indust
Slide 20: Q2-25 Summary
Q2-25 Summary 23¢ kaltura
Slide 21: Q2-25 Actual vs. Guidance
Q2-25 Actual vs. Guidance ($mm) Suidance - * Subscription revenue of $42.4M, an 0225 Mid High increase of 3% from Q2-24, and above the SHRED LSS 41.2 41.6 high end of guidance range. YoY % % -1% 0% 1% Total Revenue . 43.8 44.2 * Total revenue of $44.5M, an increase of 1% YoY % % -1% 0% 0% from Q2-24
Slide 22: Q2-25 Results
Q2-25 Results Both Subscription and Total Revenue were above guidance ranges; 11th consecutive quarter of year-over-year (YoY) Total Revenue growth; Subscription revenue up 3% YoY; Total Revenue up 1% YoY; ARR up 3% YoY; Record avg. ARR per customer (5th consecutive QoQ increase). 22 02 Bottom Line
Slide 23: Q2-25 Revenue & YoY
Q2-25 Revenue & YoY Enterprise, Education & Technology (EE&T) Revenue Total Revenue ($mm) (mm) TRNON Growth $33.2 ~~ Decrease (0.7 ga1.0 ae Yor $44.0 $44.5 31% YoY Decrease 43% YoY Growth ad 22024 22025 : Media & Telecom (M&T) Revenue ($mm) $13.1 “14% Yoy Decrease Q2 2024 Q2 2025 @2z2024 @z2025 lH S
Slide 24: Quarterly GAAP Income Statement
($ mm) Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Subscription Revenue 40.7 40.8 40.8 41.2 41.0 42.1 43.4 44.9 42.4 Professional Services Revenue 3.2 2.7 3.7 3.6 3.0 2.2 2.2 2.1 2.1 Total Revenue 43.9 43.5 44.5 44.8 44.0 44.3 45.6 47.0 44.5 Cost of Subscription Revenue 10.9 11.0 11.1 11.4
Slide 25: Quarterly Non-GAAP Income Statement
($ mm) Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Subscription Revenue 40.7 40.8 40.8 41.2 41.0 42.1 43.4 44.9 42.4 Professional Services Revenue 3.2 2.7 3.7 3.6 3.0 2.2 2.2 2.1 2.1 Total Revenue 43.9 43.5 44.5 44.8 44.0 44.3 45.6 47.0 44.5 Cost of Subscription Revenue 10.7 10.8 10.9 11.2
Slide 26: Expense and Adj. EBITDA % of Revenue (Non-GAAP)
26 Expense and Adj. EBITDA % of Revenue (Non-GAAP) Gross Margin 64% | 61% | 63% | 64% | 65% | 67% 70% | 70% Research & Development 24% 24% 28% 31% 27% | 25% 24% | 24% Sales & Marketing 26% | 23% | 26% | 33% 26% | 25% 24% | 25% General & Administrative 14% 14% 18% | 18% | 16% | 16% 15% | 14% Adjusted
Slide 27: Cash Flow Summary
Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Net Profit (Loss) (10.0) (3.6) (6.6) (1.1) (7.8) Net cash used in operating activities (1.6) 10.7 4.3 (1.0) 2.7 Net cash used in investing activities 5.3 (5.9) (8.2) 2.2 9.4 Net cash provided by financing activities (0.5) (2.6) 0.3 (2.6) (8.7) Increase (Decrease) in cas
Slide 28: Balance Sheet
($ mm) Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Assets: Liabilities & Shareholders' Equity Current Assets: Current Liabilities: Cash and Cash Equivalents 34.3 36.8 33.1 31.7 35.4 Marketable securities 34.0 40.9 48.3 31.2 35.8 Trade payables (7.1) (5.8) (3.3) (8.3) (9.2) Trade rece
Slide 29: Quarterly KPIs
Q2-24 Q3-24 Q4-24 Q1-25 Q2-25
Slide 30: Annual Recurring Revenue (ARR) 2019-2024
30 Annual Recurring Revenue (ARR) 2019-2024 ($mm) +28% +29% — +6% +3% +6% = CY CY OX NN 173.9 2019 2020 2021 2022 2023 2024 3¢ kaltura
Slide 31: Quarterly ARR and Customer Metrics
Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 The data refers to the last day of the relevant period
Slide 32: Average ARR per Customer
1 1 The data refers to the last day of the relevant period 1. From 2021 we started adjusting for IR/DR, and from 2022 for FX
Slide 33: Quarterly Net Dollar Retention (NDR)
33 Quarterly Net Dollar Retention (NDR) 107% 103% Woks 101% a2 2024 3 2024 a4 2024 12025 Q2 2025 ‘The above figures incorporate an adjustment made in QT24 earnings flings, whereupon the Net Dollar Retention Rate calculation was slightly adjusted (retroactively and going forward) to treat VARS and th
Slide 34: Net Dollar Retention (NDR) 2019-2024
34 Net Dollar Retention (NDR) 2019-2024 119% 106% fam 107% 100% 2019 2020 2021 2022 2023 2024 101% 100% lculation was sightly adjusted (retroactively and going forward) to treat VARS and the customers they 3¢ kaltura
Slide 35: FY-25
FY-25 23¢ kaltura
Slide 36: FY-25 Anticipated Growth Drivers
36 FY-25 Anticipated Growth Drivers O1 02 03 Re-growing enterprise video market: fueled by regrowing budgets, digital and Al transformations, increasingly hybrid workplace, reduced travel budgets, rising influence of younger video-savvy employees. Customers’ vendor consolidation around Kaltura: our
Slide 37: Q3-25 & FY-25 Guidance
Q3-25 & FY-25 Guidance ($M) Q3-25 Subscription Revenue YoY % Total Revenue YoY % Adjusted EBITDA % of Rev FY-25 Subscription Revenue YoY % Total Revenue YoY % Adjusted EBITDA % of Rev 37 42.8 -3% 1.5 4% Guidance Mid 2% 2% 2.0 2.5 5% 6% Guidance Mid 171.9 172.9 3% 3% 181.4 182.4 2% 2% 15.3 16.0 8% 9%
Slide 38: Quarterly Revenue Trend
5% 3% 3% 1% 3% 0% 2% 1% 4% 5% 6% -2% 40% 21% 45% 11% 1% -4% 46% 30% $45.6M $47.0M $44.5M $44.3M $44.1M $43.3M $43.9M $43.5M $44.5M $44.8M $44.0M $43.2M $43.0M $42.7M 9% $41.6M $41.7M $42.0M $41.1M 6% 3% 3% 9% 7% 8% 3% 2% 1% -2% $37.7M 33% 3% $35.2M 40% 14% 4% 1% 46% 39% 23% $39.6M $44.9M $36.5M $37.
Slide 39: Annual Revenue Trend 2019-2025G
2% 2% 4% 2% 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 $16.4M $20.1M $16.3M $12.6M $12.4M $11.0M $9.5M 2019 2020 2021 2022 2023 2024 2025G *
Slide 40: Adjusted EBITDA and Cash Flow from Operations
Adjusted EBITDA and Cash Flow from Operations ($mm) 2019 2020 2021 2022 2023 2024 20256 —O=Net cash from operating activities © —-®—Adjusted EBITDA see= Weare 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
Slide 41: Expected Long-Term Trends (Non-GAAP)
4 Expected Long-Term Trends (Non-GAAP) Gross Margin 64% 61% 63% 64% 67% Q2-25 Research & Development Sales & Marketing 24% 26% 24% 23% 28% 26% 31% 33% 25% 25% |General & Administrative 14% 14% 18% 18% 16% ‘Adjusted EBITDA 4% 4% 7 -17% 4% Expected Long-Term Trends Longer term our goal is to double ou
Slide 42: Additional Product Info
Additional Product Info om
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Slide 57: AI-First Products, Experience Components & Agents
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Slide 58: AI Content Lab
58 ‘Al Content Lab’ Creators can quickly transform their content into engaging, bite-sized experiences using the Al- powered content repurposing engine. With a single click, Content Lab generates clips, video quizzes, summaries, and chapters from your videos and audio, in different languages, saving
Slide 59: Clips Generator content tab
Clips Generator content tab 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 content Lab
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. Quiz Start yo
Slide 61: Text Summaries & Chaptering Generator
Text Summaries & Chaptering Generator contenttab Text Summaries & Chaptering make long-form content easier to consume and navigate. Al-powered summaries capture key takeaways in seconds, while automatic chaptering segments videos into clear sections with labeled timestamps. Available in different la
Slide 62: Highlight Videos Generator
62 Highlight Videos Generator contentLab 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, an
Slide 63: Metadata Enrichment Generator
Metadata Enrichment Generator content Lab Metadata Enrichment enhances content discoverability and organization by automatically generating and refining metadata. Al-powered tagging, categorization, and keyword extraction, available in different languages, make videos more searchable, improving cont
Slide 64: AI Live Session Agents
64 ‘Al Live Session Agents’ 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 communication throughout the
Slide 65: Email Notifications Engine
Email Notifications Engine 4\tive 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. € Aes Virwaltyuvet Emails Bown T
Slide 66: Real-time Event Agent
66 Real-time Event Agent Al 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. + Assistant 3 kaltura 2 REALTIME INSIGHT
Slide 67: Sentiment Analysis
Sentiment Analysis Al 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 =i kaltura
Slide 68: Noise Cancelation
Noise Cancelation Al Live Session Agents Automatically reduces background noise during real-time sessions for clearer, distraction-free audio. 68 =i kaltura
Slide 69: Work/CX/Class/TV Genies
‘Work/CX/Class/TV Genies’ Genie is an agentic Al 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, interactive flashcards,
Slide 70: Work & CX Genies
Work & CX Genies the Genies Genie goes beyond personalized learning; it’s an intelligent assistant that supports every Technology stage of the employee, customer, and partner journey. From onboarding and upskilling to real-time troubleshooting and guided marketing experiences, it delivers Al-driven
Slide 71: Class Genie
Class Genie The Genies e Breakthrough Class Genie enhances learning by making content more interactive, engaging, and anesust accessible. It supports students with instant study aids, reinforcing comprehension through personalized quizzes, flashcards, and video highlights. For educators, it streamli
Slide 72: TV Genie
72 TV Genie The Genies TV Genie transforms content curation and streaming experiences with Al 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 insta
Slide 73: AI Enrichment Agents
73 Al Enrichment Agents Our Al enrichment agents act on the data extracted by our core tools to automate decisions, personalize experiences, and scale video operations. From streamlining publishing and accessibility, to ensuring compliance through intelligent moderation, to curating dynamic, viewer-
Slide 74: Publishing, Enrichment & Accessibility Agent
Publishing, Enrichment & Accessibility Agent 4! Enrichment agents Launching H2-25 The Publishing Agent automates the publishing process by executing predefined workflows and rules. It brings together capabilities from across the enrichment engine, accessibility services, and repurposing workflows, i
Slide 75: Moderation & Compliance Agent
Moderation & Compliance Agent Al Enrichment Agents Kaltura’s Moderation &Compliance 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 w
Slide 76: AI Enrichment Tools
76 Al Enrichment Tools: Foundational Capabilities That Power Intelligent Video Workflows Our Al tools serve as the foundation for intelligent video experiences, extracting structured data from audio and visual content to enhance accessibility, enable automation, and fuel advanced enrichment across t
Slide 77: ASR (Automatic Speech Recognition)
ASR (Automatic Speech Recognition) | 4\Enrichment tools Transcribes spoken content in real-time to generate captions, enhancing accessibility and searchability. + Reach captions & enrich Service type Machine Feature Captions ‘Source media language Auto + + ={¢ kaltura
Slide 78: OCR (Optical Character Recognition)
OCR (Optical Character Recognition) | Altnricnment tosis Kaltura’s 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 searcha
Slide 79: AI-Powered TV Experience
Al-Powered TV Experience Al Enrichment Tools 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 co
Slide 80: What's Next for Kaltura Agents
80 What’s Next for Kaltura Agents Looking further down the road beyond the second half of the year, our vision is to transform our Al agents from reactive, prompt-based agents into proactive, automated, ambient agents that will anticipate needs and take actions to optimize impact across the content
Slide 81: Thank You
>» - -€ 3:¢ kaltura Thank You ®
Slide 82: EBITDA and Adjusted EBITDA Reconciliation
EBITDA and Adjusted EBITDA Reconciliation The following table reconciles EBITDA and Adjusted EBITDA to the most directly comparable GAAP financial performance measure, which is net loss: Year End December 31, Three months ended March 31, Three months ended June 30, Three months ended September 30, T
Slide 83: Reconciliation footnotes
* The year ended December 31, 2024, 2023, 2022, 2021 and 2020 includes $2.7 million, $3.2 million, $2.3 million, $15.0 million and $41.5 million, respectively, of interest expenses ,and $3.4 million, $2.7 million, $1.0 million, $3.0 million and $4.1 million, respectively, of interest income. * The y
Slide 84: GAAP to Non-GAAP Reconciliation (Annual)
84 GAAP to Non-GAAP Reconciliation (Annual) (In Thousands) 2019 2020 2021 2022 2023 2024 Total Net Income (Loss) -15,572 -58,763 -59,351 -68,495 -46,366 = -31,315 Stock-Based Compensation 2,322 5,14 17,065 23,645 29,980 26,264 Intangible Assets Amortization 630 917 1,005 665 555 477 Loan Forgiveness
Slide 85: GAAP to Non-GAAP Reconciliation (Quarterly)
85 GAAP to Non-GAAP Reconciliation (Quarterly) (In Thousands) Q2 2023 Q3 2023 Q4 2023 Q12024 Q2 2024 Q3 2024 Q4 2024 Q12025 Q2 2025 Total Net Income (Loss) -10,778 -10,726 -12,067 -11,096 -10,004 -3,610 -6,605 -1,119 -7,750 Stock-Based Compensation 7,422 7,370 8,024 6,529 8,902 5,635 5,199 4,533 4,0
Slide 86: Reconciliation of GAAP Operating Cash Flow to Free Cash Flow
86 (In Thousands) 2019 | 2020 2021 2022 2023 2024 Net Cash provided by (Operating Activities 370 5,804 -22,110 -46,828 -8,303 12,233 Purchase of Property and Equipment -2,239 AN8 -1,876 1,218 — -2,607 -521 ‘Capitalized internal-use software -249 -1,849 -3,978 -4,759 -1,493 - Purchase of Intangible A
Slide 87: Reconciliation of GAAP Operating Cash Flow to Free Cash Flow
87 Reconciliation of GAAP Operating Cash Flow to Free Cash Flow (In Thousands) Q2 2024 Q3 2024 Q4 2024 Q12025 Q2 2025 -1,605 10,673 4,316 -1,047 2,659 Net Cash provided by Operating Activities -234 -94 -101 -297 -127 Purchase of Property and Equipment Free Cash Flow -1,839 10,579 4,216 1,344 2,532 2
Slide 88: Business Measures & KPIs
88 Business Measures & KPls 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 r