Kaltura Q4 Revenue Tops Guidance with Record $6.3M EBITDA and $22M Acquisition
Kaltura reported Q4 revenue of $45.5M, with subscription revenue of $42.7M and record adjusted EBITDA of $6.3M, all exceeding guidance. Full-year revenue reached $180.9M (+1% YoY) and adjusted EBITDA rose 150% to $18.6M as the company closed the eSelf.ai acquisition and agreed to buy PathFactory for $22M.
1. Financial Results and Guidance
Kaltura reported Q4 2025 revenue of $45.5 million, topping the midpoint of its $45.0 million to $45.7 million guidance range, with subscription revenue of $42.7 million above the high end. Adjusted EBITDA reached a record $6.3 million, marking ten consecutive profitable quarters and lifting full-year revenue to $180.9 million (+1% YoY) and EBITDA to $18.6 million (+150% YoY).
2. AI-Focused Acquisitions
During Q4 2025, Kaltura completed the acquisition of AI avatar developer eSelf.ai and signed a definitive agreement to acquire PathFactory for approximately $22 million in cash. The PathFactory transaction, expected to close in Q2 2026, will expand Kaltura’s conversational AI and content orchestration capabilities across its digital experience platform.
3. Avatar Video Production Studio Beta
Kaltura launched the beta of its Avatar Video Production Studio, enabling business users to create photorealistic, avatar-narrated videos at scale from scripts or session highlights. The studio integrates with Kaltura’s Agentic Avatars to allow videos’ avatars to transform into live, conversational agents, enhancing personalized engagements without specialized production resources.
4. Outlook and Growth Targets
Management reaffirmed its strategy to evolve from a video platform into a comprehensive agentic digital experience provider, aiming to return to a "Rule of 30"—double-digit revenue growth and adjusted EBITDA margin—by 2028 or sooner. Recent operational momentum, record bookings, and AI-driven product expansions underpin confidence in capturing emerging digital engagement markets.