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Sep 30
Kaltura Q3 2025 Earnings Report
Kaltura reported a slight revenue decline in Q3 2025 with improved operating performance and adjusted profitability.
Key Takeaways
Kaltura delivered Q3 2025 results slightly below the previous year in revenue but exceeded guidance with record adjusted EBITDA, narrowing its GAAP net loss and showing strong operating cash flow.
Q3 revenue was $43.9M, down slightly from $44.3M YoY.
GAAP net loss narrowed to $2.6M, with non-GAAP net income at $2.0M.
Adjusted EBITDA hit $4.2M, a record for the company.
Repurchased 14.4M shares from Goldman Sachs for $16.6M.
Kaltura
Kaltura
Kaltura Revenue by Segment
Revenue by Segment
Enterprise, Education & Tech Revenue
CapyFin.comMedia & Telecom Revenue
CapyFin.com Forward Guidance
Kaltura expects Q4 revenue between $45.0M and $45.7M and adjusted EBITDA of $4.2M to $5.2M. Full year revenue is projected between $180.3M and $181.0M with adjusted EBITDA ranging from $16.6M to $17.6M.
Positive Outlook
- Q4 revenue guidance exceeds Q3 actuals.
- Strong adjusted EBITDA guidance for Q4 and full year.
- Solid bookings pipeline entering Q4.
- Continued customer consolidation around Kaltura’s platform.
- New AI-powered product offerings gaining traction.
Challenges Ahead
- Slight YoY decline in total revenue in Q3.
- Subscription revenue marginally down YoY.
- Net Dollar Retention dropped to 97% from 101%.
- Decreased Remaining Performance Obligations YoY.
- Professional services revenue declined YoY.
Revenue & Expenses
Visualization of income flow from segment revenue to net income