Revenue decline and ARR contraction confirm the business is shrinking, despite beating internal guidance. The Q2 guidance for a return to modest growth (2-3%) is a positive signal, but the MT segment's 17% drop and NDR falling to 95% suggest ongoing churn. Watch for stabilization in ARR and NDR in Q2 before considering a position.
Price Chart
Executive Summary
Kaltura reported Q1 2026 revenue of $44.6M, down 5% YoY, and a GAAP net loss of $3.8M ($0.03/share), wider than the $1.1M loss a year ago. All key metrics (revenue, subscription revenue, Adjusted EBITDA) exceeded the high end of guidance, and the company guided for Q2 2026 revenue growth of 2-3% YoY, but the headline revenue decline and shrinking ARR (-3% YoY) signal ongoing business contraction.
Key Financial Metrics
Key Facts
- Total revenue of $44.6M, down 5% YoY from $47.0M
- Subscription revenue of $43.2M, down 4% YoY from $44.9M
- GAAP net loss of $3.8M ($0.03/share) vs $1.1M loss ($0.01/share) in Q1 2025
- Adjusted EBITDA of $5.7M, above guidance and up from $4.1M YoY
- ARR of $168.8M, down 3% YoY from $174.8M
- Net Dollar Retention Rate fell to 95% from 107% a year ago
- MT segment revenue declined 17% YoY; EET segment declined 1% YoY
- Q2 2026 guidance: total revenue $45.2M-$46.0M (2-3% YoY growth); FY 2026 guidance: $182.6M-$184.8M (1-2% growth)
- Cash and marketable securities of $61.8M at quarter end
Financial Impact
Revenue declined 5% YoY to $44.6M; GAAP net loss widened to $3.8M from $1.1M; ARR down 3% YoY
Risk Factors
- Continued revenue contraction in the Media & Telecom segment (-17% YoY)
- ARR declining for a second consecutive year (-3% YoY)
- Net Dollar Retention Rate dropping to 95% from 107% indicates elevated churn and contraction
- Integration risk from recent acquisitions (eSelf, PathFactory) may pressure near-term margins
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-033449 |
| Document: kltr-20260511.htm | 0001628280-26-033449 |
| Document: 0001628280-26-033449-index-headers.html | 0001628280-26-033449 |
| Document: 0001628280-26-033449-index.html | 0001628280-26-033449 |
| Document: 0001628280-26-033449.txt | 0001628280-26-033449 |
| 8-K Data (Synthetic) | 0001628280-26-033449 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 7, 2026 11w ago | Insider Cluster | $1.75 | awaiting T+60 | — | $1.40 (−20.00%) |
Aug 5, 2026 11w ago | 8-K | $1.89 | awaiting T+60 | — | $1.40 (−25.93%) |
Jun 18, 2026 18w ago | Insider Cluster | $1.40 $1.41 | ▲ +0.71% | ▼ −0.71% | $1.40 (−0.00%) |
Jun 17, 2026 18w ago | Insider Cluster | $1.41 $1.42 | ▲ +0.71% | ▼ −1.98% | $1.40 (−0.71%) |
Jun 17, 2026 18w ago | Insider Cluster | $1.41 $1.42 | ▲ +0.71% | ▼ −1.98% | $1.40 (−0.71%) |
Jun 16, 2026 18w ago | Insider Cluster | $1.45 $1.41 | ▼ −2.76% | ▼ −4.62% | $1.40 (−3.45%) |
Jun 15, 2026 19w ago | Insider Cluster | $1.48 $1.43 | ▼ −3.38% | ▼ −3.78% | $1.40 (−5.41%) |
Jun 10, 2026 19w ago | Insider Cluster | $1.42 $1.51 | ▲ +6.34% | ▲ +0.17% | $1.40 (−1.41%) |
Jun 8, 2026 20w ago | Insider Cluster | $1.42 $1.52 | ▲ +7.04% | ▲ +3.53% | $1.40 (−1.41%) |
Jun 4, 2026 20w ago | Insider Cluster | $1.45 $1.60 | ▲ +10.34% | ▲ +8.46% | $1.40 (−3.45%) |
US Market Status
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