Kaltura, Inc. (KLTR): History, Ownership, Mission, How It Works & Makes Money

Kaltura, Inc. (KLTR) is navigating a complex video cloud market, but with a non-GAAP gross margin hitting 70% in Q3 2025, are they finally turning the corner from a pure growth story to a sustainably profitable one? You're looking at a company with a modest $227.1 million market capitalization that just reported a record Adjusted EBITDA of $4.2 million for Q3 2025, plus they're aggressively moving into the generative AI space with the strategic eSelf.ai acquisition. So, how does a subscription-based model with a full-year revenue forecast midpoint of around $181.4 million actually work, and what does the recent $16.6 million share repurchase tell you about management's defintely strong confidence? Let's break down Kaltura's history, ownership structure, and core revenue streams to see if their AI Video Experience Cloud platform is a smart long-term bet.

Kaltura, Inc. (KLTR) History

You're looking for the foundation of Kaltura, Inc. (KLTR), the video experience cloud, because understanding its origin story is key to assessing its current market position. The company didn't start as a public entity focused on enterprise AI video; it began as a pioneering open-source video platform. The journey from a 2006 startup in New York to a Nasdaq-listed company with a 2025 full-year revenue expectation of up to $181.0 million is a masterclass in adapting to the video-first economy.

Kaltura, Inc.'s Founding Timeline

Year established

Kaltura was established in 2006.

Original location

The company's original location was New York City.

Founding team members

The founding team included four key individuals: Shai David, Eran Westman, Ron Yekutiel, and Michal Tsur.

Initial capital/funding

The first major funding came in 2007 with a $6 million Series A round, led by Avalon Ventures.

Kaltura, Inc.'s Evolution Milestones

Kaltura, Inc.'s Transformative Moments

The biggest shifts in Kaltura's trajectory came from moving beyond its open-source roots and making hard decisions about focus and profitability. The 2010 Open Source launch was defintely a game-changer, establishing a massive footprint, but the path to becoming a profitable, publicly-traded company required more discipline.

The 2021 IPO was a massive capital event, but the real transformation happened with the 2023 Strategic Realignment. That move was about getting lean and focusing on the core, high-margin enterprise and education business, which is why the 2025 Adjusted EBITDA guidance is now a positive $16.6 million to $17.6 million. That's a clear signal of operational efficiency paying off.

The near-term focus is all about Artificial Intelligence. You can see this in their actions:

• Gen AI Product Focus: By Q1 2025, over 150 customers were already showing interest in their Generative AI products.
• Strategic Acquisition: The November 2025 agreement to acquire eSelf.ai immediately positions Kaltura to integrate AI-based real-time conversational Avatars into its offerings.
• Capital Management: The November 2025 repurchase of 14,443,739 shares for approximately $16.6 million from a major investor shows a commitment to optimizing capital structure.

The company is now a video experience cloud, mapping its Mission Statement, Vision, & Core Values of Kaltura, Inc. (KLTR). directly to the enterprise need for scalable, AI-driven video tools. They're no longer just a platform; they are a profitability-focused, AI-enabled solution provider.

Kaltura, Inc. (KLTR) Ownership Structure

Kaltura, Inc. (KLTR) is a publicly traded company on the NASDAQ, but its ownership structure is heavily influenced by a combination of institutional investors and company insiders, including co-founders and executives. This means that while the stock is available to the public, a significant majority of the shares, over 78% as of November 2025, are held by large, sophisticated stakeholders, giving them substantial control over strategic decisions.

Given Company's Current Status

Kaltura, Inc. is a publicly listed company trading on the NASDAQ Global Market under the ticker symbol KLTR. This status requires compliance with U.S. Securities and Exchange Commission (SEC) regulations, including regular financial disclosures like the Q3 2025 earnings reported on November 10, 2025. The company's market capitalization was approximately $253.98 million as of mid-November 2025. The stock's public nature allows for easy trading but also exposes it to market volatility, which is why understanding the ownership base is critical. For a deeper dive into the financials, you can check out Breaking Down Kaltura, Inc. (KLTR) Financial Health: Key Insights for Investors.

Given Company's Ownership Breakdown

The company's ownership is concentrated, with institutional investors and insiders holding the lion's share. This concentration suggests that major strategic moves, like the recent acquisition of eSelf.ai, are primarily driven by a relatively small group of large stakeholders. Here's the quick math on the breakdown of shares outstanding as of November 2025:

What this estimate hides is the influence of key early investors like 406 Ventures Management and Nexus Venture Partners, who hold large individual stakes, further concentrating the control beyond just the broad categories.

Given Company's Leadership

The leadership team is anchored by a co-founder, providing continuity and a deep understanding of the video technology space. Still, there is a key transition underway at the financial helm, which is a near-term risk to monitor.

• Ron Yekutiel: Co-founder, Chairman, President, and Chief Executive Officer. He has been the CEO since October 2006.
• John Doherty: Chief Financial Officer (CFO). He is set to step down effective December 5, 2025, to take a CFO role at a medical technology company, but will remain an advisor until March 31, 2026, to ensure a smooth transition.
• Liad Eshkar: Chief Revenue Officer (CRO). He oversees the global Enterprise, Education, and Technology (EE&T) segment.
• Eynav "Navi" Azaria: Chief Product Officer.
• Zohar Babin: Chief Business & Innovation Officer.

The search for a new CFO is defintely a key action item for the board right now. The company's goal to become a "Rule of 30" company by 2028-meaning revenue growth plus adjusted EBITDA margin equals 30 or more-will hinge on the next financial leader's ability to execute on profitability while maintaining growth momentum.

Kaltura, Inc. (KLTR) Mission and Values

Kaltura, Inc.'s core purpose transcends pure technology delivery; its mission is to create and power AI-infused, hyper-personalized video experiences, driving engagement and success for both customers and employees. This is grounded in foundational values of openness, flexibility, and collaboration, which defintely shape its product development and corporate culture.

Kaltura, Inc.'s Core Purpose

For a company operating in the dynamic Software-as-a-Service (SaaS) sector, the mission is a critical compass, especially as Kaltura, Inc. navigates towards its multi-year goal of becoming a 'Rule of 30' company by 2028 or sooner. This ambition is supported by strong operational performance, such as the Q3 2025 record adjusted EBITDA of $4.2 million.

Official Mission Statement

The company's mission has evolved to reflect its strategic focus on artificial intelligence (AI) and deep personalization, moving beyond the simple concept of powering any video experience. This is a clear signal to the market about where their research and development dollars are going. Here's the current, more specific statement:

• Create and power AI-infused hyper-personalized video experiences that boost customer and employee engagement and success.

The underlying philosophy, which is still relevant, is to 'Power any video experience,' enabling seamless video integration for a diverse client base, including educational institutions and media companies. In Q3 2025, the company reported a robust non-GAAP gross margin of 70%, showing the efficiency of this core platform business.

Vision Statement

While Kaltura, Inc. may not publish a single, formal vision statement, its long-term aspiration is clear from its founding principles and strategic initiatives. The vision is about democratizing media and advancing societal values through technology, which is a powerful differentiator in a crowded market.

• Deeply 'videofy' organizational workflows-from communication and collaboration to learning and sales.
• Further democratize the creation and consumption of media.
• Advance collaboration, equal opportunity, and pluralism beyond physical, economic, and social divides.

This vision is what drives product extensions like Virtual Classrooms and Virtual Events, which contributed to a total revenue of $43.9 million in Q3 2025. If you want a deeper dive into the institutional money behind this vision, you should check out Exploring Kaltura, Inc. (KLTR) Investor Profile: Who's Buying and Why?

Kaltura, Inc. Slogan/Tagline

The company's tagline provides a concise summary of its market positioning and product offering, emphasizing its cloud-based delivery model and focus on AI-driven experiences.

• The AI Video Experience Cloud.

This is a smart, active-language tagline. It highlights the shift from a general video platform to one that integrates Generative AI (GenAI) capabilities, a move solidified by the strategic acquisition of eSelf.ai, which is expected to close in Q4 2025. For the full year 2025, management is guiding for Total Revenue between $179.9 million and $182.9 million, a testament to the market's adoption of this 'AI Video Experience Cloud' concept.

Kaltura, Inc. (KLTR) How It Works

Kaltura, Inc. operates as a video experience cloud, delivering live and on-demand video Software-as-a-Service (SaaS) and Platform-as-a-Service (PaaS) solutions that power video workflows for enterprises, educational institutions, and media companies globally. The company essentially provides the infrastructure, tools, and intelligence to manage, distribute, and monetize video content at scale, moving beyond simple hosting to deep integration across core business processes.

Kaltura, Inc.'s Product/Service Portfolio

The company's offerings are segmented into Enterprise, Education, and Technology (EE&T) and Media and Telecom (M&T), with a strong pivot toward AI-infused features to drive new bookings.

Kaltura, Inc.'s Operational Framework

Kaltura's operational success is built on a high-margin, recurring revenue model, which is defintely the most stable way to grow a software business. This structure allows for predictable cash flow and focused investment into the platform.

• Subscription-First Revenue Model: Approximately 95% of the company's revenue is recurring subscription revenue, which is projected to be between $170.9 million and $171.6 million for the full 2025 fiscal year. This high percentage provides a strong foundation for operational leverage.
• Value Chain Integration: The platform covers the entire video lifecycle: content creation, secure management, global distribution, and deep analytics. This end-to-end control drives value by simplifying the tech stack for customers.
• Cloud-Native Architecture: The Video Experience Cloud is built on a modular, API-first (Application Programming Interface) design, allowing clients to use the full suite or integrate specific modules into their existing systems. This flexibility is key for large-scale enterprise adoption.
• AI-Driven Workflow Automation: Recent strategic acquisitions, like the AI avatar provider eSelf, and new product launches like Content Lab and Genie, automate video production, accessibility, and content personalization, which reduces the operational burden on customers.

Kaltura, Inc.'s Strategic Advantages

The competitive landscape for enterprise video is fierce, but Kaltura maintains its position by focusing on a few key areas. Mission Statement, Vision, & Core Values of Kaltura, Inc. (KLTR).

• Subscription Moat and Gross Margin: The high switching cost associated with migrating massive video libraries and integrating the platform into core business systems creates a significant moat. Plus, a subscription gross margin of 77% in the third quarter of 2025 gives the company substantial room to invest in research and development.
• AI-as-a-Platform Strategy: The company is aggressively embedding generative AI (Gen AI) across its offerings, from creating conversational avatars (eSelf) to automating video editing and metadata generation (Content Lab and Genie). This focus on AI is a clear differentiator in a crowded market.
• Dual-Segment Diversification: Operating in both the Enterprise/Education and Media/Telecom segments provides a hedge against cyclical downturns in any single industry. The EE&T segment, however, remains the majority revenue driver.
• Strategic Cloud Partnerships: A key collaboration with Amazon Web Services (AWS) accelerates joint innovation and co-selling initiatives, particularly in AI-driven video solutions, which expands the company's reach and credibility with large corporate clients.

Here's the quick math: The company is guiding for an Adjusted EBITDA of up to $17.6 million for FY 2025, which shows a clear path to profitability, even with the ongoing investment in AI. What this estimate hides is the continued pressure on total revenue growth, which is projected to be modest at just over $180 million for the year. You need to watch the new AI product bookings to see if they accelerate top-line growth in 2026.

Kaltura, Inc. (KLTR) How It Makes Money

Kaltura, Inc. primarily makes money by selling access to its cloud-based video platform as a subscription service to enterprises, educational institutions, and media companies, plus a smaller but necessary revenue stream from professional services to help clients implement and customize the platform.

Kaltura, Inc.'s Revenue Breakdown

The company operates a classic Software-as-a-Service (SaaS) model, which means its revenue is highly predictable, largely concentrated in recurring subscriptions. For the third quarter of 2025, this revenue mix was overwhelmingly skewed toward the platform access fees.

Subscription Revenue, which totaled $42.0 million in Q3 2025, represents the core of the business, covering access to the Video Experience Cloud and its various modules for Enterprise, Education, and Media & Telecom customers. This stream was flat year-over-year in Q3 2025, a trend that suggests a focus on operational efficiency over top-line growth in the near term.

Professional Services Revenue, which came in at $1.9 million for Q3 2025, is non-recurring and involves implementation, integration, and custom development. This stream is shrinking, down 14% year-over-year, which is actually a positive sign for a mature SaaS company as it indicates the product is becoming easier to deploy and scale without heavy manual intervention.

Business Economics

The economics of Kaltura's business are built on high-margin, sticky subscription contracts, which is exactly what you want to see in a SaaS model. The focus right now is on driving profitability and margin expansion, not just growth at any cost.

• Subscription Gross Margin: The non-GAAP gross margin for the subscription segment hit a strong 77% in Q3 2025, up from 75% a year prior. That's a defintely healthy margin that shows the cost of delivering the service (hosting, bandwidth, support) is well-controlled.
• Net Dollar Retention (NDR): This is the key metric for a subscription business, showing how much revenue is retained from existing customers, including upsells and minus churn. The NDR dropped to 97% in Q3 2025, down from 101% in the prior quarter, which is a clear yellow flag indicating churn, particularly in the Media and Telecom segment. You want to see this consistently above 100%.
• Pricing Strategy: Kaltura uses a tiered subscription model, often combining a base platform fee with usage-based charges for things like video storage, streaming bandwidth, and advanced features. This hybrid approach ensures revenue scales as customers use the platform more, a fundamental driver of SaaS growth.
• Strategic Investment: The company is actively investing in its future, notably through the acquisition of eSelf.ai for approximately $27 million, which is aimed at integrating generative AI (GenAI) capabilities into its platform to create immersive virtual agents and new product lines. This is a move to re-accelerate growth by adding high-value, AI-powered features that can justify higher pricing.

Kaltura, Inc.'s Financial Performance

Looking at the full fiscal year 2025 guidance, the picture is one of stabilizing revenue and significantly improving profitability, which is a crucial pivot for a company that has historically struggled with GAAP profitability.

• Full Year Revenue Guidance: Kaltura expects total revenue for the full year 2025 to be in the range of $180.3 million to $181.0 million. This modest top-line figure reflects the current market environment but also the company's shift in focus.
• Adjusted EBITDA Profitability: The most compelling financial story is the jump in profitability. Full-year 2025 Adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) is projected to be between $16.6 million and $17.6 million. This is a massive improvement, nearly doubling the 2024 Adjusted EBITDA of $7.3 million.
• Gross Margin Strength: The overall GAAP Gross Margin for Q3 2025 was 70%, a solid increase from 67% in Q3 2024. This margin expansion is driven by a more favorable revenue mix (more high-margin subscription, less low-margin services) and cost-cutting measures, including a 5% reduction in total operating expenses in Q3 2025.
• Cash Flow: The company is generating cash from its operations, with Net Cash Provided by Operating Activities reaching $9.3 million in Q3 2025. Positive operating cash flow is a sign of business health and sustainability, allowing for strategic investments like the eSelf.ai acquisition without draining the balance sheet.

To dig deeper into the ratios and liquidity, you should read Breaking Down Kaltura, Inc. (KLTR) Financial Health: Key Insights for Investors. The quick math here shows a company trading growth for cash generation and margin improvement, a common and often prudent move in a tightening economy.

Kaltura, Inc. (KLTR) Market Position & Future Outlook

Kaltura, Inc. is strategically positioning its AI Video Experience Cloud to capture growth in the enterprise and education sectors, even as it navigates slow overall revenue growth and churn in its Media and Telecom segment. The company is projected to achieve total revenue between $180.3 million and $181.0 million for the full fiscal year 2025, with an adjusted EBITDA guidance of $16.6 million to $17.6 million, demonstrating a clear focus on profitability over pure top-line expansion.

This trajectory is supported by a strong non-GAAP gross margin of 70% in Q3 2025 and a commitment to AI-driven innovation, which is the defintely the core of its future strategy.

Competitive Landscape

Kaltura operates in the fragmented Enterprise Video Content Management (VCM) market, which is projected to be valued at approximately $5.8 billion in 2025, where it contends with both specialized vendors and massive tech conglomerates.

Opportunities & Challenges

The company's future hinges on its ability to leverage its core strengths in video technology to capitalize on the massive shift toward AI-infused digital experiences. Kaltura was recognized as a Leader in the IDC MarketScape Worldwide AI-Enabled Enterprise Video Platform 2025 Assessment, a strong qualitative signal of its product direction. [cite: 1 (from second search)]

Industry Position

Kaltura is firmly positioned as a specialized, full-stack player in the Enterprise Video Content Management (EVCM) space, distinguished by its open-source heritage and modular, API-first architecture. [cite: 1 (from second search), 9 (from third search)]

• Maintain a 'Representative Vendor' status in the 2025 Gartner Market Guide for Video Platform Services, validating its broad feature set. [cite: 4 (from second search)]
• Focus heavily on the Education vertical, where its Virtual Classroom and LMS (Learning Management System) extensions are primary drivers, competing directly with Panopto. [cite: 8, 10 (from third search)]
• The strategic acquisition of eSelf.ai for an undisclosed amount, expected to close in Q4 2025, is a clear signal that the company is prioritizing AI-infused video as its primary differentiator against larger, more generalist competitors.
• The company's commitment to its mission is clear; you can review their Mission Statement, Vision, & Core Values of Kaltura, Inc. (KLTR) for a deeper dive.

What this estimate hides is the significant size difference between Kaltura and competitors like Microsoft, whose video offerings are a small part of a much larger revenue stream. Kaltura must keep innovating in AI and hyper-personalization to justify its premium, specialized platform against the bundled offerings from the giants. [cite: 9 (from third search)]