Kaltura, Inc. announced financial results for the first quarter ended March 31, 2025, surpassing its guidance for the quarter. The company reported record total revenue of $47.0 million, up 5% year-over-year, and subscription revenue of $44.9 million, an increase of 9% year-over-year.
The first quarter also saw a significant improvement in profitability, with a gross margin of 70%, up from 65% in Q1 2024. Adjusted EBITDA reached a record $4.1 million, marking the seventh consecutive quarter of positive Adjusted EBITDA, and GAAP net loss substantially improved to $1.1 million from $11.1 million in Q1 2024.
Key operational metrics continued to strengthen, with Annualized Recurring Revenue (ARR) growing 7% year-over-year to a record $174.8 million, and Remaining Performance Obligations (RPO) increasing 12% year-over-year to $184.9 million. Net Dollar Retention (NDR) climbed to 107%, its highest level since Q1 2022.
For the second quarter of 2025, Kaltura expects subscription revenue between $40.8 million and $41.6 million, and total revenue between $43.4 million and $44.2 million. Adjusted EBITDA is projected to be between $1.5 million and $2.5 million.
Kaltura maintained its full year 2025 revenue guidance but increased its Adjusted EBITDA guidance to between $13.5 million and $15.5 million, up from the previous range. This adjustment reflects confidence in continued operational efficiencies and a path towards doubling the adjusted EBITDA margin from 2024 levels.
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