Detailed financial statements for Kaltura, Inc. (KLTR): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Kaltura, Inc., together with its subsidiaries, provides various software-as-a-service (SaaS) products and solutions and a platform-as-a-service (PaaS) in the United States, Europe, the Middle East, Africa, and internationally. The company operates through two segments, Enterprise, Education, and Technology (EE&T); and Media and Telecom (M&T).
Analysis Summary
Kaltura, Inc. reported revenue of $180.9M in the most recent fiscal year, growing at a 5-year CAGR of 8.5%.
Trailing-twelve-month margins: gross margin 72.0%, operating margin -0.9%, net margin -6.9%. Free cash flow grew at 39.0% CAGR over 5 years.
At the current price of $1.43, KLTR has negative trailing earnings (P/E not meaningful) and an ROE of -164.67%. Market capitalisation stands at $215M.
Balance sheet quality for KLTR: current ratio of 0.7, net cash position of $5.5M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | $97.3M | $120.4M | $165.0M | $168.8M | $175.2M | $178.7M | $180.9M |
| Cost of Revenue | $35.6M | $47.7M | $62.3M | $61.9M | $62.9M | $59.6M | $53.2M |
| Gross Profit | $61.7M | $72.8M | $102.7M | $106.9M | $112.2M | $119.1M | $127.7M |
| Research & Development | $24.2M | $29.6M | $48.4M | $57.4M | $52.4M | $49.4M | $46.0M |
| Selling, General & Admin | $40.3M | $51.7M | $85.3M | $104.7M | $97.5M | $93.8M | $85.7M |
| Operating Expenses | $64.5M | $81.3M | $135.4M | $163.3M | $150.9M | $143.2M | $135.0M |
| Operating Income | -$2.8M | -$8.5M | -$32.7M | -$56.4M | -$38.7M | -$24.1M | -$7.8M |
| EBITDA | -$5.2M | $3.3M | -$46.4M | -$55.6M | -$29.6M | -$15.9M | -$2.1M |
| Interest Expense | $4.7M | $4.6M | $20.1M | $3.3M | $3.7M | $3.1M | $2.4M |
| Pre-tax Income | -$14.0M | -$55.2M | -$52.8M | -$60.6M | -$37.5M | -$23.7M | -$9.0M |
| Income Tax | $1.6M | $3.6M | $6.6M | $7.9M | $8.9M | $7.7M | $3.1M |
| Net Income | -$15.6M | -$58.8M | -$59.4M | -$68.5M | -$46.4M | -$31.3M | -$12.1M |
| EPS | $-0.12 | $-0.47 | $-0.53 | $-0.53 | $-0.34 | $-0.21 | $-0.08 |
| EPS (Diluted) | $-0.12 | $-0.47 | $-0.53 | $-0.53 | $-0.34 | $-0.21 | $-0.08 |
| Shares Outstanding (Diluted) | $126.3M | $126.3M | $127.6M | $130.4M | $138.2M | $147.9M | $152.9M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | $43.9M | $45.5M | $44.6M | $46.9M |
| Gross Profit | $30.7M | $33.0M | $31.9M | $34.5M |
| Operating Income | -$700000 | $1.4M | -$1.5M | -$775000 |
| EBITDA | $212000 | $1.1M | $501000 | $785000 |
| Net Income | -$2.6M | -$575000 | -$3.8M | -$5.5M |
| EPS | $-0.02 | $-0.00 | $-0.03 | $-0.04 |
| EPS (Diluted) | $-0.02 | $-0.00 | $-0.03 | $-0.04 |
Balance Sheet (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $26.5M | $27.7M | $143.9M | $44.6M | $36.7M | $33.1M | $27.5M |
| Short-term Investments | 0 | 0 | 0 | $41.3M | $32.7M | $48.3M | $24.4M |
| Receivables | $10.8M | $17.1M | $17.5M | $28.8M | $23.3M | $20.0M | $16.4M |
| Inventory | $5.0M | $8.2M | $9.1M | 0 | 0 | 0 | 0 |
| Total Current Assets | $42.6M | $53.5M | $175.6M | $133.0M | $111.7M | $121.6M | $90.7M |
| Property, Plant & Equipment | $7.8M | $4.1M | $9.5M | $36.0M | $34.0M | $28.5M | $22.7M |
| Goodwill | $9.4M | $11.1M | $11.1M | $11.1M | $11.1M | $11.1M | $25.4M |
| Intangible Assets | $1.1M | $2.8M | $1.9M | $1.2M | $689000 | $212000 | $2.1M |
| Total Assets | $72.8M | $91.0M | $223.3M | $206.2M | $183.7M | $181.3M | $164.7M |
| Accounts Payable | $2.7M | $5.0M | $6.5M | $9.4M | $3.6M | $3.3M | $3.8M |
| Short-term Debt | $19.5M | $1.0M | $2.8M | $5.8M | $1.6M | $3.1M | $29.0M |
| Total Current Liabilities | $76.6M | $83.0M | $98.1M | $108.8M | $99.9M | $101.7M | $126.5M |
| Long-term Debt | $28.2M | $47.2M | $35.8M | $30.0M | $33.0M | $29.2M | 0 |
| Total Liabilities | $125.6M | $191.5M | $138.0M | $162.8M | $153.4M | $156.9M | $158.4M |
| Retained Earnings | -$204.5M | -$263.3M | -$322.6M | -$391.1M | -$437.5M | -$468.8M | -$480.9M |
| Total Equity | -$52.8M | -$100.5M | $85.3M | $43.3M | $30.3M | $24.4M | $6.3M |
| Total Debt | $51.8M | $50.0M | $38.7M | $58.8M | $54.8M | $50.0M | $46.3M |
| Net Debt | $25.3M | $22.3M | -$105.2M | -$27.1M | -$14.5M | -$31.3M | -$5.5M |
| Working Capital | -$33.9M | -$29.5M | $77.6M | $24.2M | $11.8M | $19.9M | -$35.8M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $45.0M | $27.5M | $58.4M | $26.0M |
| Total Assets | $172.6M | $164.7M | $159.8M | $168.8M |
| Total Liabilities | $154.9M | $158.4M | $155.1M | $167.1M |
| Total Equity | $17.7M | $6.3M | $4.6M | $1.7M |
| Total Debt | $47.8M | $46.3M | $44.5M | $43.5M |
Cash Flow (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | -$15.6M | -$58.8M | -$59.4M | -$68.5M | -$46.4M | -$31.3M | -$12.1M |
| Depreciation & Amortization | $4.5M | $7.7M | $2.4M | $2.7M | $4.7M | $5.1M | $4.5M |
| Stock-based Compensation | $2.3M | $5.1M | $17.1M | $23.6M | $30.0M | $26.3M | $16.5M |
| Change in Working Capital | $133000 | $5.8M | -$5.8M | -$17.0M | -$6.6M | $2.1M | -$4.7M |
| Operating Cash Flow | $370000 | $5.8M | -$22.1M | -$46.8M | -$8.3M | $12.2M | $14.5M |
| Capital Expenditure | -$2.7M | -$3.1M | -$6.0M | -$6.0M | -$4.1M | -$521000 | -$661000 |
| Acquisitions | 0 | $383000 | 0 | 0 | 0 | 0 | -$7.1M |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | -$3.0M | -$26.2M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$2.4M | $2.7M | -$28.1M | -$52.8M | -$12.4M | $11.7M | $13.9M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | $9.3M | $3.6M | $656000 | -$2.0M |
| Capital Expenditure | -$111000 | -$127000 | -$329000 | $147000 |
| Free Cash Flow | $9.2M | $3.5M | $327000 | -$1.8M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $4.1M | $3.8M | $3.8M | $3.7M |
Growth & Margins (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue Growth (YoY) | | +23.7% | +37.0% | +2.3% | +3.8% | +2.0% | +1.2% |
| Net Income Growth (YoY) | | -277.4% | -1.0% | -15.4% | +32.3% | +32.5% | +61.4% |
| EPS Growth (YoY) | | -291.7% | -12.8% | +0.0% | +35.8% | +38.2% | +62.4% |
| Shares Change (YoY) | | +0.0% | +1.0% | +2.1% | +6.0% | +7.0% | +3.4% |
| FCF Growth (YoY) | | +213.3% | -1150.8% | -87.9% | +76.5% | +194.4% | +18.5% |
| Gross Margin | 63.4% | 60.4% | 62.2% | 63.3% | 64.1% | 66.6% | 70.6% |
| Operating Margin | -2.9% | -7.0% | -19.8% | -33.4% | -22.1% | -13.5% | -4.3% |
| EBITDA Margin | -5.3% | 2.7% | -28.1% | -32.9% | -16.9% | -8.9% | -1.2% |
| Net Margin | -16.0% | -48.8% | -36.0% | -40.6% | -26.5% | -17.5% | -6.7% |
| FCF Margin | -2.4% | 2.2% | -17.0% | -31.3% | -7.1% | 6.6% | 7.7% |
| Effective Tax Rate | -11.5% | -6.4% | -12.4% | -13.0% | -23.8% | -32.3% | -34.0% |
Per-Share Data (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $-0.02 | $0.02 | $-0.22 | $-0.41 | $-0.09 | $0.08 | $0.09 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $126.3M | $126.3M | $127.4M | $130.4M | $138.2M | $147.9M | $152.9M |
What to look at in Technology companies
- Revenue growth 3y (>=15%/year) — Validates sustained traction, not a one-off.
- Gross margin (Sub-sector dependent) — SaaS >=70%, Internet >=55%, Semis >=45%, Hardware >=35%.
- FCF / Revenue (>=20%) — Real cash generated. Many tech firms dress up non-GAAP earnings.
- ROIC (>=15%) — Capital reinvested efficiency — Buffett's first metric.
- SBC / Revenue (<10% healthy) — Stock-based compensation. Silent dilution: >20% destroys value.
- Net Debt / EBITDA (<=2x (1.5x SaaS)) — Resilience in downturns and rate hikes.
Profitability
| Return on Equity | -164.67% |
| Return on Invested Capital | -2.44% |
| Return on Assets | -7.41% |
| Gross Margin | 71.96% |
| Operating Margin | -0.86% |
| Net Margin | -6.92% |
Financial Health
| Debt / Equity | 25.72 |
| Current Ratio | 0.56 |
Key Ratios (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -100.00 | -25.53 | -6.36 | -3.25 | -5.74 | -10.48 | -20.76 |
| P/B | -28.71 | -15.08 | 5.03 | 5.17 | 8.89 | 13.34 | 39.61 |
| P/S | 15.57 | 12.59 | 2.60 | 1.33 | 1.54 | 1.82 | 1.39 |
| Gross Margin | 63.4% | 60.4% | 62.2% | 63.3% | 64.1% | 66.6% | 70.6% |
| Operating Margin | -2.9% | -7.0% | -19.8% | -33.4% | -22.1% | -13.5% | -4.3% |
| Net Margin | -16.0% | -48.8% | -36.0% | -40.6% | -26.5% | -17.5% | -6.7% |