Kaltura, Inc. (KLTR): Business Model Canvas [Dec-2025 Updated]

You're looking past the noise to see how Kaltura, Inc. actually makes money in this new AI-driven landscape, and honestly, their Q3 2025 numbers give us a defintely clear picture of the operating model. We're seeing a company doubling down on its unified Video Experience Cloud, pushing AI agents like Work Genie while keeping costs tight-Operating Expenses actually dropped 5% year-over-year in Q3. With Annual Recurring Revenue hitting $169.1 million as of that quarter and subscription guidance pointing toward $170.9M to $171.6M for the full fiscal year, the model is clearly shifting toward high-margin SaaS, but the real question is how those new AI upsells translate into future growth. Dive into the full canvas below to see the exact partnerships and activities driving this near-term efficiency.

Kaltura, Inc. (KLTR) - Canvas Business Model: Key Partnerships

You're looking at how Kaltura, Inc. builds its ecosystem through key alliances, which is crucial for scaling its Video Experience Cloud, especially as it pushes deeper into AI-driven solutions. These partnerships aren't just nice-to-haves; they directly impact revenue streams and market access, which you can see reflected in their $170.9 million to $171.6 million full-year 2025 subscription revenue guidance. Here's the breakdown of the most significant relationships as of late 2025.

The outline you provided hits on the core strategic moves Kaltura made this year to solidify its enterprise and education footprints.

• - Exclusive migration partnership with Telestream for Sherpa Stream customers. Kaltura was selected in July 2025 as the exclusive partner to migrate customers from the Telestream Sherpa Stream platform, which is slated to go offline by the end of 2025. This move is designed to bring those global organizations onto Kaltura's enterprise-grade video solutions, ensuring a seamless transition with white-glove onboarding support from a joint task force.
• - Strategic cloud provider relationship with Amazon Web Services (AWS) Marketplace. This is a deep commitment; Kaltura signed a two-year Strategic Collaboration Agreement (SCA) with AWS in March 2025. This agreement focuses on joint offering, co-selling, and integrating AWS AI services like Bedrock and Rekognition into the Video Experience Cloud. A concrete result of this is the availability of Kaltura Work Genie in the new AWS Marketplace AI Agents and Tools category as of July 16, 2025. Kaltura was also recently honored as a top Vertical Technology Partner of the Year by AWS.
• - Technology integration partners for Learning Management Systems (LMS) and Content Management Systems (CMS). While I don't have a current count of the exact number of LMS/CMS integrations for late 2025, this category represents the deep embedding of Kaltura within the education and enterprise workflows. These integrations are what allow for features like the AI-powered 'Class Genie' to function effectively within existing learning environments.
• - Resellers and system integrators for global enterprise deployment. This channel is vital for global reach, though specific revenue contribution percentages aren't public. The strategy here is to use established integrators to deploy the platform across diverse, large-scale enterprises, complementing direct sales efforts.

To put these strategic moves into financial context, especially considering the recent acquisition of eSelf.ai for up to ~$27 million, here is a snapshot of the company's scale heading into the final quarter of 2025:

The Telestream migration is a near-term opportunity to capture established enterprise video users, which should positively impact the $169.1 million ARR base. Also, the focus on AI integrations, like the one with AWS and the eSelf.ai acquisition, suggests these partnerships are geared toward future growth beyond the current 2% to 3% subscription revenue growth projected for the full year 2025.

Kaltura, Inc. (KLTR) - Canvas Business Model: Key Activities

You're looking at the core engine driving Kaltura, Inc. right now-the things they must do well to keep the lights on and grow. It's all about execution on the platform and pushing that new AI layer.

Developing and integrating AI-infused video agents like Work Genie and Class Genie.

This is where the near-term upside is being built. Kaltura announced the signing of a definitive agreement to acquire eSelf.ai, a provider of AI-based real-time conversational avatars, for $27 million, announced in November 2025. The company closed five AI deals for ContentLab and Genie in the third quarter of 2025. For Class Genie, over half of the organizations that attended the November 2024 Connect in Education event enrolled in the beta-release program. Work Genie's beta attracted early registrants from Fortune 100 and 500 companies, representing a combined market cap of over $2 trillion and employing more than 1 million individuals. Management noted over 100 qualified opportunities in the AI pipeline as of Q2 2025.

Maintaining and scaling the core Video Experience Cloud platform infrastructure.

Keeping that massive cloud running reliably is non-negotiable. The Kaltura TV Platform boasts a benchmark in IP-delivered TV, ensuring unmatched platform availability of 99.995%. The platform is deployed in over 25% of Fortune 100 companies. For the education segment, Kaltura manages the video assets of more than 40% of US R1 schools.

Software-as-a-Service (SaaS) platform development and feature updates.

The core of the business is recurring revenue, so continuous SaaS development is key to retention. Annualized Recurring Revenue (ARR) stood at $170.4 million in Q2 2025, up 3% year-over-year, following $174.8 million in Q1 2025. The company's full-year 2025 guidance for Subscription Revenue was set between $170.4 million and $173.4 million. The net dollar retention rate was 101% in Q2 2025, down from 107% the prior quarter.

• Support for cloud, on-prem, and hybrid models is maintained.
• API-first modular architecture enables seamless integration and customization.
• Non-GAAP Gross Margin reached 70% in Q2 and Q3 2025.

Professional services for large-scale customer deployments and customization.

While subscription is the focus, professional services still play a part in getting big customers set up. For the third quarter of 2025, professional services revenue contributed $1.9 million. This compares to $2.1 million in professional services revenue recognized in the second quarter of 2025.

Here's a quick look at the top-line financial results that frame these activities as of late 2025:

Finance: draft 13-week cash view by Friday.

Kaltura, Inc. (KLTR) - Canvas Business Model: Key Resources

When you look at what makes Kaltura, Inc. tick, you're looking at a foundation built on proprietary technology and a very specific financial cushion. These aren't just abstract concepts; they are concrete assets that drive the entire business engine.

The core of Kaltura, Inc.'s offering is its Proprietary AI Video Experience Cloud platform and API-first architecture. This isn't just a video player; it's a unified platform designed to reduce silos across marketing, sales, learning, and entertainment use cases. The platform's architecture is explicitly API-first and modular, which lets customers deeply embed video into their existing workflows or build entirely bespoke experiences on top of it. This technical design is recognized; Kaltura was named a Representative Vendor in the 2025 Gartner Market Guide for Video Platform Services in April 2025. The platform's IP backbone for TV services boasts an unmatched platform availability of 99.995% for IP-delivered TV. Furthermore, the platform's intelligence is being rapidly deployed through new AI agents, such as the Kaltura Work Genie and Kaltura Class Genie, which deliver hyper-personalized experiences.

Financially, the company maintains a solid liquidity position. As of the end of Q3 2025, Kaltura, Inc. held $84.1 million in cash and marketable securities. This cash position supports strategic flexibility, especially considering recent capital actions. The company also reported strong operating cash flow for the quarter, generating $9.3 million in net cash from operating activities. Looking ahead, following the announced share repurchase and the eSelf.ai acquisition closing in Q4, management forecasts ending the year with approximately $60 million in gross cash, translating to about $30 million in net cash after accounting for debt.

The push into advanced AI is heavily reliant on human capital, which Kaltura, Inc. is actively bolstering. The planned acquisition of eSelf.ai is a direct investment in specialized AI/ML talent base. This deal, signed in November 2025, is valued at approximately $27 million total consideration. The eSelf.ai team is comprised of over 15 AI experts specializing in computer vision models, NLP, and speech technology. This team is set to accelerate the expansion into immersive, AI-infused virtual agents. The acquired technology supports over 30 languages and includes proprietary capabilities like screen understanding for real-time interaction.

The company's Intellectual property (IP) is evidenced by its deep integration within major media and telecom entities. This IP covers the entire stack from content management to delivery. For instance, Kaltura TV Platform IP has been successfully used by tier-1 operators like Vodafone, Viacom18, and others to transform legacy services into hybrid Cloud TV solutions. One such deployment resulted in a partner achieving over 75 million app downloads. The platform's AI tools, like the Kaltura Content Lab, represent IP focused on content repurposing, transforming long-form videos into bite-sized assets without manual editing.

Here's a quick look at the key financial and operational metrics underpinning these resources as of Q3 2025:

The platform's ability to drive revenue is reflected in its subscription performance. Subscription Revenue for Q3 2025 was $42.0 million, flat year-over-year, but above the guidance high end. The company is projecting FY 2025 Adjusted EBITDA to be between $16.6 million and $17.6 million, a significant increase from $7.3 million in 2024.

The API-first nature supports a broad ecosystem of products, including:

• - Video Content Management System (VCMS)
• - Virtual Classroom and Virtual Events solutions
• - TV Content Management System (TVCMS) and streaming Apps
• - AI-powered tools like Work Genie and Content Lab

The talent acquisition is designed to immediately enhance the IP by adding capabilities like conversational photorealistic avatars that support over 30 languages. Finance: draft 13-week cash view by Friday.

Kaltura, Inc. (KLTR) - Canvas Business Model: Value Propositions

You're looking at the core reasons why large enterprises and education systems choose Kaltura, Inc. (KLTR) over a patchwork of point solutions. The value proposition centers on unification, intelligence, and proven financial efficiency.

Unified Platform for Consolidation and Cost Reduction

The primary draw is the unified platform that powers the entire Video Experience Cloud. Honestly, this is about stopping the vendor sprawl that plagues IT budgets. Many leading organizations are consolidating their various video needs onto the Kaltura platform instead of using numerous point solutions from different vendors. This consolidation directly translates to reducing silos and cutting operational costs for you and your team.

This unified approach supports a wide range of enterprise use cases, spanning marketing, sales, customer enablement, teaching, learning, training, communication, and monetization. The platform's API-first, modular architecture is key here, allowing for seamless integration and extensive customizations deep within your existing business workflows.

AI-Powered Agents for Immersive Experiences

Kaltura, Inc. is pushing hard into the 'decade of agents,' as their CEO noted. This isn't just buzz; they recently signed an agreement to acquire eSelf.ai, a provider of AI-based real-time conversational avatars. The goal is to evolve from enabling video experiences to powering immersive, AI-infused virtual agents for both customers and employees.

The tangible outputs of this focus are agents like the Kaltura Work Genie and Kaltura Class Genie, which deliver hyper-personalized, immersive digital experiences for customers, employees, and students. These AI tools automate content enrichment, moderation, and accessibility, helping admins streamline repetitive tasks and deliver tailored content that boosts engagement. This focus earned them recognition as a Leader in the IDC MarketScape Worldwide AI-Enabled Enterprise Video Platform 2025 Vendor Assessment.

Financial Efficiency and Margin Strength

The platform's structure supports strong underlying economics, which is what you, as a financially-literate decision-maker, need to see. The subscription services demonstrate significant efficiency. For the third quarter of 2025, Kaltura reported a non-GAAP gross margin of 70%. To be fair, the GAAP gross margin was also 70% for that same quarter.

Here's a quick look at the profitability metrics from Q3 2025, showing the operational leverage achieved through this model:

This efficiency is also reflected in the full-year 2025 guidance for Adjusted EBITDA being raised to between $16.6 million and $17.6 million.

Robustness for Demanding Sectors

For enterprise and education sectors, reliability isn't optional; it's a baseline requirement. Kaltura's Video Experience Cloud is built to address the most demanding needs worldwide. This means delivering top-notch reliability, scalability, security, compliance, privacy, and accessibility across all its products.

The platform supports deployment flexibility, offering options for cloud, on-prem, and hybrid models. Furthermore, features like AI-driven Automated Speech Recognition (ASR) ensure accurate captions, while real-time noise cancellation enhances audio clarity in live meetings, creating that seamless experience you need for mission-critical collaboration. Finance: draft 13-week cash view by Friday.

Kaltura, Inc. (KLTR) - Canvas Business Model: Customer Relationships

You're looking at how Kaltura, Inc. manages its relationships with its customer base across enterprise and education segments as of late 2025. The approach is clearly tiered, moving from high-touch for the biggest accounts to more scalable motions for newer, often AI-driven, product adoption.

Dedicated account management and Customer Success teams for enterprise clients are central, overseen globally by the Chief Revenue Officer, Liad Eshkar, who manages the Customer Success function, and Natan Israeli, the Chief Customer Officer. This focus supports the high-value subscription base, evidenced by the $169.1 million in Annualized Recurring Revenue (ARR) as of the third quarter of 2025. The stickiness of this relationship is reflected in the first quarter of 2025 Net Dollar Retention Rate, which reached 107%. Furthermore, the enterprise focus secured 12 six-digit deals in the third quarter of 2025 alone.

High-touch professional services for complex implementations directly correlate with the Professional Services Revenue line item, which contributed $1.9 million in the third quarter of 2025. This service layer helps customers consolidate, with some reporting a 50% cost reduction by moving off multiple point solutions onto the unified platform. The platform's unified nature is designed to reduce silos and streamline operations for these high-touch clients.

For newer AI offerings, Kaltura is clearly employing a self-service and product-led growth (PLG) motion. This is visible in the early adoption metrics for their generative AI products. As of the first quarter of 2025, more than 150 customers were showing interest in Gen AI products, which represented roughly 20% of the total customer base at that time. The company closed five AI deals for ContentLab and Genie in Q3 2025, following initial sales the prior quarter. Research released in October 2025 suggests organizations using AI-infused tools are 4.5X more likely to increase video creation.

Customer engagement is driven by events like the Annual Kaltura Connect roadshow. The 2025 series, branded as Connect on the Road, included stops in New York (May 13th), San Francisco (May 15th), and London (May 20th), bringing together hundreds of leaders from Marketing, Communications, and Enterprise Media for the Digital Engagement Awards. A parallel Education Connect on the Road track kicked off in Utrecht, Netherlands, on May 12th, targeting higher education communities. The platform's engagement tools enabled 89% webinar & event audience engagement across their customer base.

You can see the relationship focus in these key engagement statistics:

• 6X increase in client reach achieved with the digital engagement platform.
• Average salary for a Customer Success Manager was $93,820 per year as of November 2025.
• The platform is positioned as the #1 engagement data generator for enhanced insights via webinars & events.
• The company aims for continued strong gross retention, with the Enterprise, Education, and Technology (EE&T) segment retention forecasted to be better than the previous four years for 2025.

Kaltura, Inc. (KLTR) - Canvas Business Model: Channels

You're looking at how Kaltura, Inc. gets its Video Experience Cloud and AI tools into the hands of its customers as of late 2025. The channel strategy is clearly multi-pronged, hitting large accounts directly while expanding reach through the cloud ecosystem.

The direct sales force remains critical, especially for landing those big, strategic wins. In the second quarter of 2025, the team closed 21 new six-figure deals across key verticals like banking, financial services, and media & telecom. This direct effort is now heavily focused on new AI monetization, as the AI sales pipeline already includes over 100 qualified opportunities.

Here's a quick look at the scale Kaltura is operating at, which informs the size of the targets for these direct sales efforts:

The online presence and direct sales via the corporate website support the funnel, driving leads that feed the direct sales team. This digital front door is where many initial product explorations start, especially for the AI-powered offerings like the Work Genie.

Cloud marketplaces are a growing focus, particularly for accelerating AI adoption. Kaltura announced the availability of its Work Genie in the new AWS Marketplace AI Agents and Tools category in July 2025. This move follows a two-year Strategic Collaboration Agreement signed with AWS in March 2025, designed to foster co-sell opportunities leveraging both companies' AI capabilities.

Channel partners, resellers, and system integrators provide essential global reach and specialized integration capabilities. The partner ecosystem includes marketplace integrations with companies like Synthesia and Mediamelon. While the program was reported to have over 100 partner members in 2011, the current 2025 revenue contribution from this segment isn't explicitly broken out in the latest filings, but the partnership with AWS suggests a strong focus on co-selling through that channel.

The channel mix is designed to support several key outcomes:

• Direct sales close large, complex deals, including initial AI sales to customers like AWS and Xbox in Q2 2025.
• The AWS Marketplace streamlines procurement for AI tools, reducing negotiation time for customers.
• Partnerships extend the platform's power through specialized tools across accessibility and engagement.
• The overall strategy aims to support the company's goal of achieving double-digit revenue growth by 2028 or sooner.

Finance: review the Q4 2025 pipeline conversion rates by channel by end of January.

Kaltura, Inc. (KLTR) - Canvas Business Model: Customer Segments

You're looking at the core groups Kaltura, Inc. serves, which directly map to their revenue structure as of late 2025. Honestly, segmenting the customer base this way helps you see where the bulk of the recurring dollars come from.

Kaltura, Inc. organizes its customer base into two primary revenue-generating segments, which together account for the trailing twelve months (LTM) revenue of approximately $180.92 million.

The EE&T segment clearly drives the majority of the top line. For the full year ending December 31, 2025, Kaltura projects total revenue to land between $180.3 million and $181.0 million, showing the LTM figures are right in line with current expectations.

The specific types of organizations within these segments define the value proposition they are buying into. You can see the focus is heavily weighted toward large, established entities needing scalable video infrastructure.

• Higher Education institutions use Kaltura for critical functions like powering virtual classrooms and deep integration with their existing Learning Management Systems (LMS) and Content Management Systems (CMS) extensions.
• Corporate clients rely on the platform for essential internal operations, including broad-scale internal communications, structured employee training and certification programs, and hosting large-scale virtual events and webinars.
• The platform supports use cases spanning marketing, sales, customer enablement, and monetization across various industries.
• Kaltura, Inc. reports being trusted by over 1,000+ of the world's leading organizations.

The M&T segment specifically targets media and telecom companies looking to launch and monetize content at scale, often leveraging telco-grade streaming capabilities and AI personalization tools like the recently launched TV Genie.

Kaltura, Inc. (KLTR) - Canvas Business Model: Cost Structure

You're looking at the expense side of the ledger for Kaltura, Inc. as of late 2025, focusing on what it costs to keep the video platform running and innovating. The structure shows a clear focus on managing overhead while investing in future capabilities like AI.

Cost of Revenue (CoR) is directly tied to serving customers and delivering video content. For the third quarter of 2025, the GAAP Cost of Revenue, which covers the core expenses like cloud infrastructure and video delivery bandwidth, was calculated to be approximately $13.2 million, derived from total GAAP revenue of $43.9 million and GAAP gross profit of $30.7 million for the quarter.

The overall efficiency in managing these delivery costs is reflected in the gross margin:

• GAAP Gross Margin for Q3 2025 was reported at 70%.
• Subscription Gross Margin for Q3 2025 reached 77%.

Operating Expenses (OpEx) demonstrate a push for efficiency following organizational realignment. Total operating expenses for the third quarter of 2025 were $32.2 million, which represented a 5% reduction year-over-year from $34 million in the third quarter of 2024. This cost discipline helped Kaltura achieve a record adjusted EBITDA of $4.2 million in Q3 2025.

The OpEx is comprised of several key areas, though specific breakdowns for R&D and S&M for the quarter are not explicitly detailed in the top-line reporting, they are the primary drivers within the total OpEx figure:

Beyond recurring operational costs, Kaltura committed to significant strategic investment through acquisition:

• Acquisition cost for eSelf.ai was a total consideration valued at approximately $27 million.

The structure of this acquisition cost is detailed:

• Upfront cash payment at closing: $7.5 million.
• Contingent cash payments over three years: up to $12.5 million.
• Vesting stock component: 4,690,025 shares of common stock.

Finance: draft 13-week cash view by Friday.

Kaltura, Inc. (KLTR) - Canvas Business Model: Revenue Streams

You're looking at the core ways Kaltura, Inc. brings in cash as of late 2025, focusing on the hard numbers from their latest reports.

The largest component of Kaltura, Inc.'s revenue is definitely the recurring stream from its platform access.

• Subscription Revenue (SaaS/PaaS): The guidance for the full fiscal year 2025 is set between $170.9 million and $171.6 million.

For the most recently reported quarter, Q3 2025, the actual breakdown shows how these streams performed:

Kaltura, Inc. reported total revenue of $43.9 million for the quarter ended September 30, 2025. This total is composed of two main parts:

The recurring nature of the business is best captured by the Annualized Recurring Revenue (ARR) metric, which shows the committed revenue base.

• Annualized Recurring Revenue (ARR): As of Q3 2025, ARR stood at $169.1 million.

Professional Services revenue, which covers implementation and custom work, contributed $1.9 million in Q3 2025. This was down 14% year-over-year, consistent with expected trends as the company focuses on scaling its subscription base.

Regarding revenue from new AI-infused product upsells, like the excitement around Genie and ContentLab, specific 2025 dollar amounts for upsells aren't broken out in the guidance. However, the strategic move to acquire eSelf.ai for a total consideration of $27 million signals future monetization. Management noted that the financial impact from this acquisition is expected to be minimal in 2025, with incremental revenue anticipated starting in the second half of 2026.

To give you a clearer picture of the overall financial expectation for the year, here's the full-year guidance:

• FY 2025 Total Revenue Expectation: $180.3 million to $181.0 million.
• FY 2025 Adjusted EBITDA Expectation: Raised to between $16.6 million and $17.6 million.

Finance: draft 13-week cash view by Friday.