Cash flow generation remains erratic and insufficient, with a current ratio of 0.81 indicating limited liquidity to cover short-term obligations.
| Cash from Operations | 16.24M | 14.54M | 12.23M | -8.3M | -46.83M | -22.11M | 5.8M | 370K |
| Operating CF Margin % | - | 8.04% | 6.84% | -4.74% | -27.74% | -13.4% | 4.82% | 0.38% |
| Operating CF Growth % | 399.77% | 18.87% | 247.33% | 82.27% | -111.8% | -480.94% | 1468.65% | - |
| Net Income | -14.72M | -12.07M | -31.32M | -46.37M | -68.5M | -59.35M | -58.76M | -15.57M |
| Depreciation & Amortization | 4.51M | 4.5M | 5.06M | 4.72M | 2.71M | 2.41M | 7.68M | 4.49M |
| Stock-Based Compensation | 11.96M | 16.49M | 26.26M | 29.98M | 23.64M | 17.07M | 5.11M | 2.32M |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 14.07M | 10.33M | 10.14M | 9.92M | 12.33M | 23.58M | 46M | 9M |
| Working Capital Changes | 425K | -4.71M | 2.08M | -6.55M | -17.01M | -5.81M | 5.78M | 133K |
| Change in Receivables | 1.16M | 3.62M | 3.33M | 5.47M | -11.28M | -1.06M | -6.27M | 6.16M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 12K | 706K | -534K | -5.88M | 3.13M | 3.89M | 2.06M | 2M |
| Cash from Investing | 38.23M | 9.05M | -12.41M | -1.58M | -49.76M | -5.24M | -2.75M | -2.73M |
| Capital Expenditures | -693K | -661K | -521K | -2.61M | -1.22M | -1.88M | -1.12M | -2.24M |
| CapEx % of Revenue | 0.39% | 0.37% | 0.29% | 1.49% | 0.72% | 1.14% | 0.93% | 2.3% |
| Acquisitions | -7.15M | -7.15M | 0 | 0 | 0 | 0 | 383K | 0 |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | 4.05M | 0 | 0 | -3.24M | -7.36M | -3.37M | -2.01M | -493K |
| Cash from Financing | -28.2M | -29.65M | -3.53M | 109K | -529K | 143.37M | -1.85M | 300K |
| Debt Issued (Net) | -3.94M | -3.5M | -2.19M | -1M | -3.14M | -11.63M | -2.02M | 153K |
| Equity Issued (Net) | -23.58M | -23.06M | -2.95M | 0 | 0 | 158.86M | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -23.88M | -26.2M | -2.95M | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -684K | -3.09M | 1.6M | 1.11M | 2.61M | -3.85M | 174K | 147K |
| Net Change in Cash | 26.7M | -5.54M | -3.63M | -9.05M | -98.54M | 116.02M | 1.21M | -2.06M |
| Free Cash Flow | 15.55M | 13.88M | 11.71M | -12.4M | -52.8M | -28.11M | 2.67M | -2.36M |
| FCF Margin % | 8.71% | 7.67% | 6.55% | -7.08% | -31.28% | -17.03% | 2.22% | -2.43% |
| FCF Growth % | 33.98% | 18.51% | 194.43% | 76.51% | -87.86% | -1150.8% | 213.25% | - |
| FCF per Share | 0.11 | 0.09 | 0.08 | -0.09 | -0.41 | -0.22 | 0.02 | -0.02 |
| FCF Conversion (FCF/Net Income) | -1.06x | -1.20x | -0.39x | 0.18x | 0.68x | 0.37x | -0.10x | -0.02x |
| Interest Paid | 1.14M | 0 | 2.69M | 2.95M | 2.3M | 1.94M | 3.95M | 4.3M |
| Taxes Paid | 930K | 0 | 3.77M | 4.29M | 8.87M | 2.64M | 1.21M | 1.07M |
Liquidity and debt constraints
According to quarterly financial data, Kaltura exhibits a persistent disconnect between net losses and operating cash flow, with OCF/NI ratios frequently fluctuating into negative territory, suggesting that reported earnings do not reliably reflect the underlying cash-generating capacity of the firm's core video infrastructure business model.
The frequent divergence between net income and operating cash flow suggests that non-cash charges and working capital volatility are masking the true economic performance of the company. Investors should monitor whether this gap narrows as the company attempts to reach sustainable profitability, as the current pattern indicates a reliance on accounting adjustments rather than operational cash generation.
As reported in recent financial statements, Kaltura's free cash flow trajectory remains highly erratic, swinging from a peak margin of 23.9% in 2024Q3 to negative territory in 2025Q1, which underscores the difficulty in maintaining consistent cash flow conversion within its current enterprise software-as-a-service framework.
The lack of a stable FCF trend suggests that the business is susceptible to lumpy contract timing and seasonal procurement cycles. This volatility complicates the company's ability to service its significant debt load, as cash availability appears insufficient to provide a reliable buffer against operational downturns.
Based on historical cash flow filings, working capital changes have frequently acted as a drag on cash flow, with a notable $8.4M outflow in 2025Q1, indicating that the company struggles to efficiently manage its receivables and payables cycle in alignment with its revenue recognition milestones.
The inconsistent impact of working capital on cash flow suggests potential friction in the collection process or inventory-like build-ups related to professional services deployments. This inefficiency likely exacerbates the company's liquidity constraints, as cash is frequently tied up in the operational cycle rather than being available for debt reduction.
Data from recent filings indicates that Kaltura has prioritized share repurchases, including $16.6M in 2025Q4, despite persistent operating losses and a thin cash cushion, which warrants investigation into the strategic rationale for returning capital while the firm remains in a cash-burning phase of its lifecycle.
The decision to deploy capital toward buybacks while maintaining high debt levels appears counterintuitive and may suggest a management focus on supporting the share price at the expense of balance sheet fortification. Investors should scrutinize whether these outflows are sustainable given the company's limited cash reserves and the ongoing need to fund R&D.
As evidenced by the provided financial tables, stock-based compensation (SBC) has consistently reached as high as $8.9M in a single quarter, effectively obscuring the true cash cost of talent acquisition and retention that is not fully captured in the company's GAAP operating cash flow figures.
The reliance on SBC as a primary lever for compensation suggests that the company is managing its cash burn by diluting shareholders rather than achieving operational efficiency. This practice warrants further investigation, as it may be masking the true cost of maintaining the specialized engineering talent required for the company's modular video platform.
Quick answers to the most common questions about buying KLTR stock.
Kaltura, Inc. (KLTR) generated $14.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Kaltura, Inc. (KLTR) generated $13.9M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Kaltura, Inc. (KLTR) spent $0.7M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Kaltura, Inc. (KLTR) spent $26.2M on share repurchases. This shows the company's commitment to returning capital to its equity investors.