h3 Kaltura Inc Reports Second Quarter 2024 Financial Resultsh3p strong New York August 8 2024 GLOBE
Intellectia.AI Updated: 1970-01-01
Kaltura, Inc. Reports Second Quarter 2024 Financial Results
New York, August 8, 2024 (GLOBE NEWSWIRE) – Kaltura, Inc. ("Kaltura" or the "Company"), the video experience cloud, announced its financial results for the second quarter ended June 30, 2024.
Key Financial Metrics
| Metric | Q2 2024 | Q2 2023 | QoQ Change | YoY Change | Consensus Estimates |
|---|---|---|---|---|---|
| Total Revenue | $44.0M | $43.9M | +0.23% | +0.23% | $43.2M |
| Subscription Revenue | $41.0M | $40.7M | +0.74% | +0.74% | |
| GAAP Net Loss | $10.0M | $10.8M | -7.41% | -7.41% | |
| Non-GAAP Net Loss | $1.0M | $3.2M | -68.75% | -68.75% | |
| GAAP EPS | $-0.07 | $-0.08 | +12.50% | +12.50% | $-0.02 |
| Adjusted EBITDA | $1.6M | -$1.0M | +260% | +260% | |
| Net Cash Used in Operating Activities | $1.6M | $4.1M | -60.98% | -60.98% |
Interpretation: Kaltura reported a slight increase in revenue both year-over-year and quarter-over-quarter. The company improved its GAAP net loss by reducing its operating expenses. Adjusted EBITDA turned positive, showcasing a significant improvement compared to the same quarter last year. These results indicate a stable financial performance and operational improvement.
Revenue Performance by Segment
| Segment | Q2 2024 Revenue | QoQ Change | YoY Change | Previous Guidance |
|---|---|---|---|---|
| Subscription Revenue | $41.0M | +0.74% | +0.74% | Not Provided |
| Annualized Recurring Revenue (ARR) | $165.2M | +1.10% | +1.10% | Not Provided |
Interpretation: Revenue from subscriptions grew modestly, contributing to a stable ARR, which suggests sustained long-term customer engagements. This aligns with the company's strategy of focusing on recurring revenue streams and indicates robust customer retention.
Key Operational Data
| Operational Data | Q2 2024 | Q2 2023 |
|---|---|---|
| Six-digit deals closed | 23 | N/A |
| New Bookings | Highest since Q4 2022 | N/A |
| Industry Awards | Multiple | N/A |
Kaltura closed significant deals across various sectors and achieved high new bookings, reflecting its growing market presence and industry recognition.
Comments from Company Officers
Ron Yekutiel, Kaltura Co-founder, Chairman, President, and CEO, stated, "We delivered record annualized recurring revenue (ARR) in the second quarter, making it our seventh consecutive quarter of year-over-year revenue growth. Looking to the second half of 2024 and beyond, we continue to believe there are strong tailwinds ahead of us. We believe these trends will continue to grow our new bookings, accelerate our revenue growth, and increase our profits."
Dividends or Share Repurchase Program
No dividends or share repurchase program was announced.
Forward Guidance
For the third quarter of 2024, Kaltura expects:
- Subscription Revenue: $40.5M to $41.2M (YoY change: -1% to +1%)
- Total Revenue: $42.6M to $43.3M (YoY change: -2% to flat)
- Adjusted EBITDA: negative $0.3M to $0.7M
For the full year ending December 31, 2024, Kaltura expects:
- Subscription Revenue: $163.2M to $165.2M (YoY change: flat to +2%)
- Total Revenue: $174.7M to $176.7M (YoY change: flat to +1%)
- Adjusted EBITDA: $2.0M to $3.0M
The company incrementally raised its revenue and adjusted EBITDA guidance for the full year, reflecting confidence in continuous growth driven by favorable market trends.
Stock Price Movement
After the earnings release, Kaltura's stock price increased by 0.88%.
Kaltura's financial results and improved outlook contributed to a modest positive movement in its stock price, indicating investor confidence.
For additional information, visit Kaltura's Investor Relations section: Kaltura Investor Relations
This earnings summary includes forward-looking statements. Refer to the original press release for more information on potential risks and uncertainties that could cause actual results to differ materially.
