Revenue growth has decelerated into a 5.0% contraction as of 2026Q1, while operating losses persist despite maintaining a gross margin of 71.6%.
| Sales/Revenue | 178.5M | 180.85M | 178.72M | 175.17M | 168.81M | 165.02M | 120.44M | 97.35M |
| Revenue Growth % | -1.34% | 1.2% | 2.02% | 3.77% | 2.3% | 37.01% | 23.72% | - |
| Cost of Goods Sold | 51.63M | 53.19M | 59.61M | 62.94M | 61.87M | 62.31M | 47.66M | 35.62M |
| COGS % of Revenue | - | 29.41% | 33.36% | 35.93% | 36.65% | 37.76% | 39.58% | 36.59% |
| Gross Profit | 126.87M | 127.67M | 119.11M | 112.23M | 106.94M | 102.7M | 72.78M | 61.73M |
| Gross Margin % | 71.08% | 70.59% | 66.64% | 64.07% | 63.35% | 62.24% | 60.42% | 63.41% |
| Gross Profit Growth % | - | 7.19% | 6.12% | 4.95% | 4.13% | 41.12% | 17.89% | - |
| Operating Expenses | 130.41M | 134.99M | 143.21M | 150.89M | 163.32M | 135.38M | 81.26M | 64.51M |
| OpEx % of Revenue | - | 74.64% | 80.13% | 86.14% | 96.75% | 82.04% | 67.47% | 66.27% |
| Selling, General & Admin | 85.68M | 85.74M | 93.78M | 97.52M | 104.69M | 85.28M | 51.7M | 40.29M |
| SG&A % of Revenue | - | 47.41% | 52.47% | 55.67% | 62.02% | 51.68% | 42.92% | 41.39% |
| Research & Development | 45.63M | 45.99M | 49.43M | 52.4M | 57.39M | 48.38M | 29.57M | 24.22M |
| R&D % of Revenue | - | 25.43% | 27.66% | 29.91% | 33.99% | 29.32% | 24.55% | 24.88% |
| Other Operating Expenses | -900K | 3.26M | 0 | 973K | 1.24M | 1.72M | 0 | 0 |
| Operating Income | -3.54M | -7.75M | -24.1M | -38.66M | -56.38M | -32.67M | -8.49M | -2.78M |
| Operating Margin % | -1.98% | -4.29% | -13.48% | -22.07% | -33.4% | -19.8% | -7.05% | -2.85% |
| Operating Income Growth % | - | 67.82% | 37.66% | 31.44% | -72.54% | -284.91% | -205.47% | - |
| EBITDA | 965K | -3.25M | -19.04M | -33.94M | -53.67M | -30.26M | -812K | 1.71M |
| EBITDA Margin % | 0.54% | -1.8% | -10.65% | -19.37% | -31.79% | -18.34% | -0.67% | 1.76% |
| EBITDA Growth % | 107.18% | 82.92% | 43.91% | 36.77% | -77.35% | -3626.97% | -147.46% | - |
| D&A (Non-Cash Add-back) | 4.51M | 4.5M | 5.06M | 4.72M | 2.71M | 2.41M | 7.68M | 4.49M |
| EBIT | -9.09M | -7.75M | -20.98M | -34.28M | -58.33M | -48.85M | -4.4M | -9.67M |
| Net Interest Income | -4.33M | 582K | 259K | 231K | -2.29M | -20.11M | -4.55M | -4.6M |
| Interest Income | 2.63M | 2.98M | 3.35M | 3.94M | 962K | 0 | 18K | 133K |
| Interest Expense | 6.96M | 2.4M | 3.1M | 3.7M | 3.25M | 20.11M | 4.57M | 4.73M |
| Other Income/Expense | -7M | -1.25M | 434K | 1.2M | -4.25M | -20.11M | -46.72M | -11.19M |
| Pretax Income | -10.54M | -9.01M | -23.66M | -37.45M | -60.63M | -52.78M | -55.21M | -13.97M |
| Pretax Margin % | -5.91% | -4.98% | -13.24% | -21.38% | -35.91% | -31.99% | -45.84% | -14.35% |
| Income Tax | 4.18M | 3.06M | 7.65M | 8.91M | 7.87M | 6.57M | 3.55M | 1.6M |
| Effective Tax Rate % | -39.61% | -33.98% | -32.33% | -23.79% | -12.98% | -12.45% | -6.44% | -11.48% |
| Net Income | -14.72M | -12.07M | -31.32M | -46.37M | -68.5M | -59.35M | -58.76M | -15.57M |
| Net Margin % | -8.25% | -6.68% | -17.52% | -26.47% | -40.58% | -35.97% | -48.79% | -16% |
| Net Income Growth % | 31.01% | 61.45% | 32.46% | 32.31% | -15.41% | -1% | -277.36% | - |
| Net Income (Continuing) | -14.72M | -12.07M | -31.32M | -46.37M | -68.5M | -59.35M | -58.76M | -15.57M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.10 | -0.08 | -0.21 | -0.34 | -0.53 | -0.53 | -0.47 | -0.12 |
| EPS Growth % | 52.26% | 62.38% | 38.24% | 35.85% | 0% | -12.77% | -291.67% | - |
| EPS (Basic) | - | -0.08 | -0.21 | -0.34 | -0.53 | -0.53 | -0.47 | -0.12 |
| Diluted Shares Outstanding | 145.84M | 152.91M | 147.93M | 138.24M | 130.37M | 127.65M | 126.34M | 126.34M |
| Basic Shares Outstanding | 145.84M | 152.91M | 147.93M | 138.24M | 130.37M | 127.38M | 126.34M | 126.34M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Liquidity and debt constraints
According to recent financial disclosures, Kaltura's revenue growth has decelerated to a contraction of 5.0% in 2026Q1, highlighting a persistent inability to scale top-line performance despite the company's modular video infrastructure positioning within the competitive enterprise software landscape and broader institutional technology market segments.
The shift from modest growth to year-over-year contraction suggests that the company's core value proposition is struggling to gain traction in a post-pandemic environment. Investors should monitor whether this trend reflects a fundamental saturation of the company's addressable market or an inability to effectively cross-sell its platform capabilities to existing enterprise clients.
As reported in quarterly filings, Kaltura has maintained gross margins near 70.6%, demonstrating a degree of structural stability in its software-as-a-service model even as the company navigates the complexities of integrating high-touch professional services into its broader video experience cloud delivery framework.
While the gross margin profile appears relatively healthy for a software infrastructure provider, the reliance on professional services for complex deployments likely acts as a drag on potential profitability. The ability to sustain these margins suggests some pricing power, yet the lack of significant expansion indicates that cloud hosting costs and service delivery requirements remain significant headwinds.
Based on the company's reported income statements, operating leverage remains constrained, as evidenced by the persistent operating losses that have failed to scale meaningfully with gross profit, suggesting that the firm's heavy investment in R&D and SG&A has yet to yield the expected operational efficiencies.
The company's inability to consistently generate positive operating income indicates that its cost structure is currently too rigid to support its revenue scale. Without a clear path to reducing overhead relative to gross profit, the firm may continue to face significant pressure on its bottom line, necessitating a potential re-evaluation of its long-term expense discipline.
Financial data indicates that Kaltura's cost structure is heavily weighted toward R&D and SG&A, which collectively continue to outpace gross profit generation, thereby preventing the company from achieving sustained GAAP profitability despite its established presence in the enterprise video infrastructure and media services market.
The persistent allocation of capital toward R&D suggests a management focus on maintaining technical differentiation, yet the lack of corresponding revenue growth raises questions about the return on these investments. Investors should scrutinize whether these high fixed costs are essential for competitive survival or if they represent an inefficient use of capital in a challenging growth environment.
Based on the provided figures, the combination of a 7.32 debt-to-equity ratio and limited cash reserves of $27.5M creates a precarious financial position that warrants investigation into the company's long-term solvency and its potential reliance on dilutive financing to sustain ongoing operational requirements.
Short-sellers would likely focus on the company's inability to reach consistent profitability while carrying a significant debt load in a high-interest-rate environment. This structural vulnerability suggests that any further deterioration in revenue or margin performance could force management into difficult capital allocation decisions that may not be in the best interest of existing shareholders.
Quick answers to the most common questions about buying KLTR stock.
For fiscal year 2025, Kaltura, Inc. (KLTR) reported total revenue of $180.9M. This represents a 85.8% increase compared to $97.3M in 2019.
Kaltura, Inc. (KLTR) reported a net loss of $12.1M for the fiscal year ending 2025.
Kaltura, Inc. (KLTR) reported an operating income of $-7.8M, resulting in an operating profit margin of -4.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Kaltura, Inc. (KLTR) generated $127.7M in gross profit for the year, representing a gross profit margin of 70.6%. This demonstrates the company's core pricing power and production efficiency.