Kaltura, Inc.

Total revenue for Q1 2026 was $44.6 million, down 5% year over year and 2% sequentially; subscription revenue was $43.2 million, down 4% year over year and up 1% sequentially. GAAP gross profit was $32.1 million with gross margin of 72%, up 200 basis points year over year; subscription gross margin was 77%, in line with Q1 2025. Adjusted EBITDA was $5.7 million, up from $4.1 million a year ago, and adjusted EBITDA margin was 13%, up 400 basis points year over year. GAAP net loss was $3.8 million, or $0.03 per diluted share, versus a loss of $1.1 million, or $0.01 per diluted share, in Q1 2025. Cash, cash equivalents and marketable securities ended at $61.8 million, and operating cash flow was positive by $0.7 million. For Q2 2026, Kaltura guided to subscription revenue of $43.3 million to $44.1 million, total revenue of $45.2 million to $46 million, and adjusted EBITDA of $2 million to $3 million. For full-year 2026, it guided to subscription revenue of $174.5 million to $176.7 million, total revenue of $182.6 million to $184.8 million, and adjusted EBITDA of $13.8 million to $15.2 million.

Ron Yekutiel framed the quarter as evidence that Kaltura’s strategic transition is gaining traction, pointing to better retention, early AI product adoption, and a broader platform vision spanning customers, employees, learners, and audiences. He emphasized that the company is evolving from a video platform into an AI-powered, agentic digital experience platform, combining Kaltura, eSelf and PathFactory. His tone was constructive and confident, especially around early pipeline activity and the expectation that new products will contribute more meaningfully later this year and in 2027.

Liron Sharon highlighted that Q1 beat the high end of guidance across revenue and adjusted EBITDA, with total revenue of $44.6 million, subscription revenue of $43.2 million, and adjusted EBITDA of $5.7 million. He noted gross margin expanded to 72% from 70% a year ago, operating expenses declined to $33.3 million despite eSelf integration costs and FX headwinds, and operating cash flow turned positive at $0.7 million versus $1 million used in Q1 last year. He also said RPO was $154.5 million, ARR was $168.8 million, and the company is raising and slightly narrowing full-year guidance while still factoring in PathFactory integration costs and FX pressure.

Analysts focused on whether the expanded AI portfolio would lengthen sales cycles and require a digestion period, and Ron said he does not expect sales cycles to be further elongated beyond typical large-enterprise cycles, though some deals may still take time and conversion is expected in the second half. He also clarified that opening the platform to AI coding agents does not mean open-sourcing core technology; rather, Kaltura is enabling easier integration into enterprise workflows and agentic environments. In response to questions about customer engagement, he said the strongest traction is in customer journeys, with a few dozen opportunities in pipeline and about half of them in upsells and half in new logos.