Kaltura, Inc. (KLTR) Earnings
Kaltura, Inc. is expected to report next earnings on August 6, 2026 (in NaN days), with a consensus EPS estimate of $-0.01. KLTR has beaten EPS estimates in 6 of its last 11 reported quarters (average surprise +2774.7% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 11, 2026 | $0.00 | $0.01 | +1718.2% | $45M | +3.8% |
| Mar 16, 2026 | $-0.00 | $0.03 | +8671.4% | $46M | +2.7% |
| Aug 7, 2025 | $-0.00 | $0.01 | +342.7% | $44M | +2.1% |
| May 8, 2025 | $-0.01 | $0.02 | +366.7% | $47M | +7.2% |
| Feb 20, 2025 | $-0.01 | $0.01 | +200.0% | $46M | +0.7% |
| Feb 22, 2024 | $-0.03 | $-0.03 | -15.4% | $44M | +6.4% |
| Aug 2, 2023 | $-0.01 | $-0.02 | -43.1% | $44M | +1.8% |
| Feb 22, 2023 | $-0.07 | $-0.06 | +14.3% | $44M | +3.2% |
| Nov 10, 2022 | $-0.08 | $-0.09 | -12.5% | $41M | -0.7% |
| Feb 23, 2022 | $-0.11 | $-0.12 | -9.1% | $43M | -0.3% |
| Nov 3, 2021 | $-0.11 | $-0.26 | -136.4% | $43M | +2.9% |
| Aug 18, 2021 | — | $-0.37 | — | $42M | -0.4% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · May 11, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
### Core Financial & Retention Highlights - Delivered a strong Q1 2026, exceeding the high end of guidance for total revenue, subscription revenue, and adjusted EBITDA - Achieved the first positive operating cash flow from a first quarter in company history, with $0.7 million in net operating cash flow, a $1.7 million year-over-year improvement - Total revenue was $44.6 million (-5% YoY), subscription revenue was $43.2 million (-4% YoY), and adjusted EBITDA was $5.7 million (+37% YoY), the highest Q1 adjusted EBITDA in company history - Gross retention improved to its highest level in the last five quarters; net dollar retention (NDR) was 95%, still impacted by 2025's elevated M&T churn - Remaining performance obligations (RPO) grew 1% YoY to $154.5 million, with 67% expected to be recognized as revenue over the next 12 months ### Strategic Transition & Product Development - Continued executing on the strategic transition from a pure-play video platform to an AI-powered, agentic digital experience platform, following acquisitions of eSelf, PathFactory, and PaaS Factory - Expanded AI capabilities across content creation and user engagement: launched generally available conversational avatar technology with developer workflow integration, and reached general availability for the avatar video production studio that automates avatar-based video content creation from text inputs - Achieved ISO IEC 42001 certification for artificial intelligence management systems, reinforcing commitment to responsible enterprise-grade AI deployment - Completed acquisition of PaaS Factory on April 1, 2026, after signing the definitive agreement in Q1; integration of teams, product, and go-to-market efforts is progressing quickly ### Customer Engagement Across Key Use Case Journeys - **Customer Journeys**: Early traction is strongest here for the new revenue engagement suite, which unifies video, AI content creation, conversational avatars, and journey orchestration for marketing, sales, and customer success teams. Proof-of-concept discussions are ongoing with multiple Fortune 500 enterprises, with discussions increasingly including cross-functional stakeholders beyond traditional IT buyers. - **Employee Journeys**: Growing demand for AI tools to improve workforce productivity, content creation, knowledge access, and training. Existing AI tools like Content Lab and Genie are expanding within large global enterprises, with increasing interest in avatar-based solutions for role-play sales training and knowledge discovery. - **Learner Journeys**: Rising demand for AI-powered personalized and interactive learning experiences, including automated instructional content generation, AI tutors, role-play simulations, and administrative support avatars. The company's modular architecture and existing learning system integrations position it well for this segment. - **Audience Journeys (M&T)**: Discussions are focused on AI-enhanced audience engagement, content discovery, personalization, and new monetization models. M&T customers are increasingly adopting Kaltura's platform for non-entertainment use cases including internal employee enablement and external customer engagement.
Guidance
- For Q2 2026: Management expects subscription revenue to grow 4% year-over-year to a range of $43.3 million to $44.1 million; total revenue to grow 2-3% YoY to a range of $45.2 million to $46 million; and adjusted EBITDA to come in between $2 million and $3 million. - For full-year 2026: Management upwardly revised all guidance metrics and narrowed guidance ranges. It now expects subscription revenue to grow 1-3% YoY to a range of $174.5 million to $176.7 million; total revenue to grow 1-2% YoY to a range of $182.6 million to $184.8 million; and adjusted EBITDA to come in between $13.8 million and $15.2 million. - E&T is expected to post a higher year-over-year growth rate in 2026 than it achieved in 2025, driven by contributions from the PaaS Factory customer base and new AI products, which are expected to begin contributing revenue in H2 2026 with a larger impact in 2027. - M&T revenue is still expected to decline year-over-year in 2026 due to residual impacts from 2025's elevated churn, but management expects higher new bookings and improved retention in 2026 that will drive sequential quarterly M&T revenue growth starting in 2027. - Guidance accounts for planned PaaS Factory integration costs and ongoing foreign exchange headwinds.
Segment performance
Enterprise & Education (E&T): Total revenue was $34.2 million, down 1% year-over-year. Subscription revenue was $33.7 million, flat year-over-year. Professional services revenue was $0.5 million, down 42% year-over-year. E&T contributed 76.7% of total Q1 2026 revenue. Media & Telecom (M&T): Total revenue was $10.5 million, down 17% year-over-year. Subscription revenue was $9.5 million, down 16% year-over-year. Professional services revenue was $1 million, down 24% year-over-year. M&T contributed 23.5% of total Q1 2026 revenue. Total company revenue was $44.6 million, with 96.9% coming from subscription revenue and 3.1% coming from professional services.
Risks & headwinds
- Forward-looking statements related to expected future financial performance, strategic transition progress, new product revenue contributions, and retention improvements involve inherent risks and uncertainties that could cause actual results to differ materially from guidance. - Net dollar retention remains a lagging indicator significantly impacted by elevated M&T customer churn experienced in 2025, and improvements in retention and M&T revenue growth may not materialize as expected. - Large enterprise sales cycles for the new agentic digital experience platform offering are inherently long, and conversion of ongoing proof-of-concept discussions to closed, revenue-generating deals may take longer than forecast. - Key risk factors that could impact actual results are detailed in the company's Form 10-K for fiscal 2025 and other SEC filings.
Analyst Q&A
Q: Can you explain how customer engagements for the new expanded AI product portfolio differ from historical video-focused engagements, including how you position the portfolio to gain broader customer buy-in? /
A: The new offering combines AI avatar content creation, PathFactory's intent-based content intelligence, and conversational agentic engagement tools to create end-to-end digital journeys across customer, employee, learner, and audience use cases. The current pipeline has a few dozen opportunities, split roughly half between North America and Europe, and half between upsells to existing customers and new logos, with the most opportunities in customer journeys followed by employee, learner, and audience journeys. Unlike historical video tool sales that focused on video engagement metrics, the new portfolio delivers end-to-end task fulfillment tied to core business outcomes like higher pipeline conversion and lower operational costs, and it now attracts deeper engagement from C-level marketing, revenue, and customer care leaders beyond traditional IT buyers. It is an expansion of, not a pivot away from, Kaltura's legacy video business.
Q: Will adding extensive new AI platform functionality lengthen sales cycles as the sales team learns the new offering and customers digest the expanded scope? /
A: Kaltura has always had long sales cycles for large enterprise deals, consistent with industry standards for enterprise software that can run 14 months or longer. The new offering's sales cycles are not meaningfully elongated from historical norms. The company already has inbound POC interest from engagements early in 2026 that management expects to close and contribute revenue in the second half of 2026.
Q: Can you clarify the recent opening of the platform to AI coding agents: how much customer demand is there for building custom AI experiences on Kaltura's platform, and can Kaltura monetize this third-party access? /
A: Kaltura has not open-sourced its core proprietary platform technology; it has just enabled flexible developer integration that allows customers to embed Kaltura's AI avatar and experience tools into their own custom internal workflows and agent systems. Management has always held that video and digital experiences should not exist in silos, and enabling flexible third-party integration aligns with this strategy. The company sees growing demand from enterprises that already have their own custom agent logic, RAG systems, and LLMs, and want to embed Kaltura's rich agentic experience tools into these existing internal systems. This access is monetized as part of standard platform licensing agreements.