Kaltura at The Gateway Conference: AI-Driven Video Innovation

On Wednesday, 03 September 2025, Kaltura Inc. (NASDAQ:KLTR) presented at The Gateway Conference 2025, outlining its strategic focus on AI-enhanced video experiences. While the company highlighted its adaptability and strong customer base, it also acknowledged the challenges of navigating a post-COVID market. Kaltura aims to balance growth with profitability, targeting a "Rule of 30" status by 2028.

Key Takeaways

• Kaltura is integrating AI to deliver personalized video experiences across sectors like enterprise, education, and media.
• The company maintains single-digit revenue growth despite industry challenges, with a focus on profitability.
• Kaltura plans to double its adjusted EBITDA by 2026 and achieve a "Rule of 30" status by 2028.
• Strategic focus includes expanding into financial services and healthcare, leveraging AI for content creation and distribution.
• The company is positioned to consolidate the fragmented video technology market.

Financial Results

• Revenue Growth: Kaltura reported a 7% revenue growth in the first half of the year, following 3%-4% growth in previous years.
• Profitability: The company achieved profitability with adjusted EBITDA increasing from $7.3 million last year to a projected $15 million this year.
• EBITDA Growth Target: Plans to double adjusted EBITDA by 2026 are in place.
• Gross Margin: Gross margin improved from 61% to 70%, with an aim to reach 75%.
• Expense Management: Kaltura plans to reduce R&D expenses and maintain sales and marketing expenses at 25% of revenue.

Operational Updates

• Market Focus: Shift from media to non-media sectors to enhance profitability.
• AI Integration: Focus on AI to enhance video personalization and automation.
• Consolidation: Positioned to capture a larger market share in the fragmented video technology sector.
• Platform Approach: Emphasizes a modular platform using APIs for flexibility and integration.
• Customer Base: Serves 850 large organizations with over 10 million active users.

Future Outlook

• Full Stack Enabler: Aims to become a leader in customer and employee experience with video-first solutions.
• Market Rebound: Anticipates a rebound in the video market with improved macro conditions.
• AI-Driven Growth: Significant growth expected from AI-driven products for content automation.
• Vertical Expansion: Expanding into sectors like financial services and healthcare.

Q&A Highlights

• Competitive Landscape: Views Vimeo as catering to smaller customers, while Kaltura focuses on larger enterprises.
• Potential B2C Opportunities: Considering a marketplace for educational content, with a focus on B2B security and privacy.

For the full transcript of the conference call, please refer to the document below.

Full transcript - The Gateway Conference 2025:

Operator: Next presenting is Kaltura. They’re a leading provider of video technology powering live real time and on demand video experiences for enterprises, education institutions, and media companies worldwide. Their platform supports everything from virtual events and corporate communications to online learning and streaming TV. They help organizations use video to engage large audiences and drive growth. Presenting today is Ron Yukicil, President and CEO.

Ron.

Ron Yukatil, Co Founder, President, and CEO, Kaltura: Thank you so much. Thank you all for attending and for joining online. Again, my name is Ron Yukatil, Co Founder, President, and CEO of Kaltura, NASDAQ, ticker KLTR. So let me walk you through what the company does. First and foremost, our mission statement is to create and power AI infused hyper personalized video experiences that boost customer and employee engagement and success.

Now given that we’re a video company, what better than starting with a one minute video? Here it is.

Unidentified speaker: Imagine you could market, sell, enable, teach, learn, and so much more all in one place, powered by AI. Kaltura brings it all together. Employees stay aligned, connected to leadership, and equipped with snackable, searchable knowledge from every meeting. Students and employees can improve learning with content that’s captured once, and the platform auto generates summaries, chapters, localizations, and quizzes to deliver personal learning journeys at scale. Leads, customers, and prospects receive hyper high quality playlist personalized and localized just for them.

With Kaltura, it’s not just video. It’s one connected platform built to manage content at scale, streamline workflows, and deliver measurable impact. Kaltura.

Ron Yukatil, Co Founder, President, and CEO, Kaltura: Great. So let me walk through what our platform does. We offer the Kaltura Video Experience Cloud that caters to three distinct markets. EVCM and OVP stands for Enterprise Video Content Management and Online Video Platform. Second is virtual events and webinars.

And the third is Cloud TV software. Everything that we develop runs on a bit of two major platforms. On the left is video content management for the web, and on the right is TV content management for TVs. They run the entire video lifecycle from uploading, managing, distributing, publishing, engaging, monetizing video, together with experience components, administrator consoles, and marketplace integrations. On top of these back office systems, we have five family of products that are touching end users.

We got our video portal, a white label corporate like YouTube for organizations. We have plug ins into all LMSs that are running video in the learning management systems. We have a system for virtual events and webinars. We have a specific conferencing product for virtual classroom type meetings and a set of TV streaming apps. Let’s go through some of them so we could wet our eyes a bit.

This is the video portal, enables people to create content in a myriad of different ways. And then once they’ve done that, to upload that into their environment behind a single sign on, the corporate portal environment, Each and every employee can log in, watch the videos, or transcript it down to the spoken word, could be translated to every language, and conduct a lot of different things. Award winning product considered the best in the category of video portals. This is more about our LMS integration. Not only can you create and consume videos, this is AI infused.

Here’s our Genie product, which enables students to write questions and click and receive answers, not just by way of text and graphics, but videos that are sliced down to specific seconds and minutes of the lectures that they have their answers from, together with quizzes that are inserted into the video in the right place and then ranked and answered and added into their overall grades. So a learning object that is AI infused. This is example from our virtual events, creating events, running events. This shows you the example of the real time AI infusion where you could create automatic polls to increase engagement. And that system enables you to do this on the fly and check the statistics and analytics around the degree of engagement of your audience.

And not only do we have features for during the event that would maximize participation, but also post event that will maximize the ROI. Here you could see how you could automatically create clips, define the duration or certain purposes. It will go back to all of your virtual event information and deliver timely clips that you could send to different participants depending on their interest. Another example is our virtual classroom. You can see here that you could create a storyboard before, during, and after the actual teaching and learning where you could put their videos, you could put related documents, any and all engaging material.

And as you go through the class, you could run it, engage with polls, add quizzes, have a teleprompter feature set if you are speaking, and have a collaborative whiteboard type experience for everybody who is at the event. So this is not your regular video conferencing meeting type solution, but a very much education centric video experience. Here’s the example of our content management, not only can you have all your assets uploaded and managed and you could create metadata by hand or automatically, and you could also look at analytics of what’s being consumed, where and how. Now we’ve also launched agents, it’s a genetic AI that enables you to publish content automatically. And that enables to create specific agents, define the rules of engagement for the agent, if it’s captions related, metadata enrichment related, if it’s about summarizations or chaptering or translations, and to have that done created automatically.

Reduces the time it takes to create content and improves the distribution and engagement of the content. Here’s another example from the TV world. We power television for some of the largest media and telecom companies. It’s not just about the scale and ability to be engaging, it’s also about being hyper personalized. And here you could see our TV Genie play where the same like Genie for learning, in this case for television, enables to understand the user and provide the right recommendation, not just based on the overall two or three categories, but conversational, everything that you’d like.

And would differentiate between different people in the household. This has won awards at the latest NAB show for the best product for streaming video in the age of AI. So everything we’ve built, and it looks like a lot of different products, they’re all running on the same bed of APIs, which makes Kaltura so unique. Every single software has APIs, but we built the APIs first and wrapped them into products. And we have what’s called experience components that are embeddable objects, many of which are already infused with AI capabilities.

To give you a feel of what you could do from a set of API perspective, everything has consoles. You could click on any one of these experiences or APIs, get the code itself, translate it or move it into different code languages, and then be able to get the embed code and put it wherever you’d like. People use Kotura because it’s extremely flexible, easy to integrate, and very, very modular. Some of the awards we’ve been getting over the years, including as of the recent year, IDC Marketplace Award for AI enabled enterprise video. We were then on the top right quadrant of leader quadrant, streaming product of the year, I mentioned earlier, and many other recognitions for the use of AI infused video across marketing, sales, learning, and elders.

Talking about our customers, so we got eight fifty large organizations, and together we’re powering more than 10,000,000 active users. We got some of the biggest technology companies on earth running events for Amazon, Nvidia, Salesforce. For anybody attending Dreamforce in this city, it’s powered by Kaltura. Oracle and SAP are using us for their content management education. Assume most of your alma matters are covered.

50% of the R1 schools are covered with Kaltura for either teaching, learning, marketing, administration, everything that you need video for. Biggest banks, the five largest US banks and banks around the world, bless you. Big insurance companies, professional services, commercial, manufacturing, so very big brands. In the media and telecom, Vodafone replaced Cisco, Ericsson, and TiVo with Kaltura. Had it now just extended the ten year relationship we’ve had with them for another ten years with great accolades to how Kaltura is managing TV for Vodafone.

And likewise, with the likes of in Eastern Europe and Bouygues in France and many others around the world. What’s interesting, if you look at the bottom part, they’ve been paying us more and more. The amount of use cases and products they consume is growing and the average ARR is growing. Does Google use you then? Hulu doesn’t use this, no.

They have their own technology. Some of the big guys have their own technology. What do people use us for? There’s four use cases, three of them defined as non media and one is media. You can see the bottom in our financial reporting, we separate between the two colors, the non media and the media.

The non media is marketing, sales, customer enablement, teaching, learning, training, communication, collaboration. We are use case first when we sell. So we have packages for each one of these, and they bring together all these different products customized and integrated to deliver the quality that you need for all these different use cases. And most customers use us across for multiple use cases. Why do people buy us?

Four reasons by and large. One is how deep we go, how our APIs run deep and enable flexibility, modularity, ease of integration, etcetera. Second is how wide we go, how we enable across products, use case, video lifecycle, video technologies on demand live in real time in one place. And that enables to have less vendors, less silos, less complexities, less cost, and better insights, especially when you’re considering the age of AI. When you want to have, for example, the entire customer journey in one platform, all the events in one place so you can understand the user and recommend the right next step.

We’re enterprisable. We provide a lot of data and insights, especially in the age of Agenetic AI. Let’s talk about the markets. We’ve grown over the years from the left side, which we were content management, about a $5,000,000,000 market into TV. And then added in 2020, just before COVID started, virtual events and webinars.

And then over the last few years, it’s all about AI infused experiences. Why is this so exciting? Content creation is blowing, because now you can actually create content for every individual in the right time in the right context. And the same goes for content curation. It’s not just about how quickly, effectively you could create content, but how effectively you could deliver it.

And imagine that this could replace production companies out there. That now you spend a lot of time and money and cycles it takes in order to get one or two or three videos. Now you could have that done automatically very, very quickly and delivered as part of your workflow. We are getting deeper into vertical agents. So the agents are specifically for financial services, for health care.

And ultimately, we believe this enables us to become the full stack enabler because world is becoming more and more video first. And if you could deliver video first teaching and learning, then you could become the full teaching and learning stack. The reason Kaltura is interesting and some people ask what about the big LLMs and are you going to be in problem with the big guys, the answer is no. We deliver the last mile Because what we have on the left is the workflow integration, whether it is for learning, marketing or sales. We have all the data harmonized on Kotura.

So we actually sit on this treasure trove of all the information that we manage around the world for so many organizations that we atomize and understand. And then we’re enabled to deliver the AI together with our application. So it’s a sandwich, starting with a workflow, moving to the data, the AI, and then the experience layer itself. Stock financials, it’s been a tough market for the industry of video over the last few years. For those watching, we’ve had good numbers pre COVID, 18%, 20% growth profitable, accelerating.

During the height of COVID, it was very high, and then it went flat slash down. A lot of companies declined year over year, we’ve never declined. We’ve always kept growing, but low single digit. If you look deeper, you’d find that if you break the media to the non media, the media is on the top, it went slower. The reason was we pulled the handbrake.

We needed to focus on how we take the company profitable again. There was a slowdown in media and telecom that was much stronger than in the non media. And so you could see that on the non media at the bottom, there was a big correction. In part, events moved from virtual back to physical. There was a lot of change, and now it’s reaccelerating.

You could see in the first half of this year, 7% after 3%, 4% last few years, and one percent two years before. But media has been coming down. It’s the effect of the last few years of pulling the handbrake. It’s turning around. We now have new deals.

We’re now that we’re profitable, media is even profitable reinvesting. There’s less churn that’s coming around the corner, so we expect that to pull up as well. NDR, we’ve been north of 100% by and large for the years, as some quarters dipped a bit under. Prior, it was about 01/2006, 01/2009, at the height it was 01/2020. Again, enterprise about 112.

So as media comes back and enterprise picks up, we believe we’re going to come back to that 110 level and we believe AI is going to pick it up. Profitability, look at this V shape. 2022, we’re a negative 47,000,000 net cash from operating activities and we’re negative 20,000,000 at adjusted EBITDA. This year we’re guiding for about $15,000,000 We’ve doubled last year, it was 7,300,000.0 on adjusted EBITDA, 15,000,000 this year. In a second we’ll talk about the future because we’re going to double it again.

This is a rule of if you add together growth rates for revenue together with adjusted EBITDA. You could see the guidance entails 10% after six and two, but at the lowest it was negative 14, after it was 30. We do believe we’re going to get back. These are the trends on a multi year basis. If you start with the top area, could see that we’ve gained about 10 points in our gross margin.

This is non GAAP from 61 to somewhere around 70. We’re going end up seventy, seventy one for the year. So a nice 10% gain. We expect that to continue to about 75%. R and D on a percentage basis is still high.

We expect that to start going down. Sales and marketing to be maintained at about 25% and G and A to go down towards the 10%, ultimately bringing adjusted EBITDA towards the 20% plus. So if you think about what we are looking at forward, and we’ve said that to the Street, we plan to double adjusted EBITDA again in 2026. We’ve not provided guidance for revenue, but we have provided the general direction for adjusted EBITDA. We’re expecting, again, the margins I mentioned.

But the longer term goal is to become, again, the rule of 30 company like we were passed by at least 10% growth and at least 20% adjusted EBITDA. And we said that we’re going to do that by 2020 or before. I want to wrap up with two slides. One is why video at large? Why is this category interesting?

And the second is assuming you are convinced that this category is interesting at this time, why is Glutro the right vehicle for that? So starting by why video and why now? This market is rebounding. It was down and when the streets are flooding, that’s the opportunity to invest. It’s been down for a few years post COVID, but this multi year correction is ready to rise again.

Macro is getting better. Budgets are coming up. The workforce is absolutely still hybrid. And the employees are becoming more and more video savvy than ever. It is more and more a mission critical opportunity.

It’s not anymore the first generation of video where you just have a video clip and you’re done. It is how you harness the power of video to better learn, market, sell, entertain. And if you integrate that deep into the workflow, then the ROI is much higher. And this is what we’re all about. Gen AI is a big influencer there.

We’re not waiting for Gen AI, everything we’ve done to date. There’s a lot of things that are carrying us up. We have maturity of the recent event products. We have the consolidation in the market. We have the change in the market.

But on top of that, we have the sizzle on the stake. We started selling in the last quarter for the first time our products. We had three deals, now we’re to have more and it’s picking up. And we have a multi million dollar pipeline for that. It’s all about automation of content creation and distribution to provide a hyper personalized experience.

Consider in education this con economy and steroids, where everybody learns what they need to learn in the moment they need to learn it. Or the same goes for marketing. Consider that in every website, you’ll have a widget that enables you to have a customer experience that is video first. You don’t go to a website, start clicking around looking for a video. You maybe have an avatar and it then sends you directly to video that’s created on the fly, whether for customer support or for marketing or for whatever your needs are.

For this, you need a product like Kaltura and we could be the leader in inserting these new products and we’re definitely focused on it. And so that will increase massively the number of videos that are consumed and created. Continuing into consolidation, our customers, as I mentioned, are replacing point solutions with a horizontal platform. And specifically, there is an opportunity to consolidate what is a fragmented market. There’s a lot of vendors.

A lot of them are dead and a lot of them are subscale, even more than Kaltura. We’re 180, right? That’s subscale, but there’s forty, thirty, twenty, ten. And these could be consolidated. Kaltura, in a second, will talk about us, is a great opportunity to do that.

Lastly, for this slide, or two more, is the CX and EX full stack opportunity. Again, video has been kind of a medium as opposed to the full package for CX and EX. But the future is going to become more and more video fied. And the opportunity is for a video company that automatically creates hyper personalized video to become the CX stack, to become the X stack. If you could understand users and deliver them a video first experience, then you are the learning environment.

If you understand customers and prospects and deliver them a video first experience, you become the customer experience, customer engagement platform. And so we believe we could get out of video as a mean, as an end, and become more a video as a mean to achieve these things. Lastly, of you in the room and people who are joining us are well aware of valuations in the market and how hard it’s been for SMIT caps in the world of hyperscalers and ETFs and everything else. It’s not forever, right? It turns around.

And we believe there is a significant turnaround opportunity for companies that are like us, real, sizable revenue, great customer base, which brings me to why Cultura. Assuming you’re subscribed to the fact the video is interesting and it had cycled to the left and it’s going to cycle back to the right, then Culture is your right bet. It’s definitely the best deck out there. You’ll find us in each and every report up in top right quadrant with our best APIs and horizontal platform and large enterprise and AI. And all these touch on the points that were discussed earlier.

Because they’re imperative in order to get the mission critical workflows, in order to consolidate, in order to get hyper personalization. Our blue chip customers are second to none. They’re very long tenured, they’re very diversified. We touch the largest TAM by way of use case, industries and geographies. We’ve done better than others, not to say that it’s good enough.

We’d love for it to be better and we’ll continue to improve. But if you look at all the other players in this industry, have declined and or been flat. They have not gotten to what Kaltura has done. We’re ideally positioned from an architecture perspective to take upon us other companies, get their technology out and put them on Cultura given how we’re built. And last not least, we’re ideally positioned because of that to be that full stack of CX and EX.

So baby steps, we’re getting there. Profitability is getting there. Growth is getting there. I know it’s taken a while for those of you who are holding or owning our stock. Thank you for your continued trust and confidence.

We’re not happy from where we are. We would forever want to be better or bigger. It’s still small and not big enough, but the opportunity we are confronted with is huge and timely. We believe we have the right team and the right architecture, and we are absolutely resilient and able to deliver the results. That’s it.

Questions, comments, accolades, flowers? So we don’t publicly state that, but we’ll give you a feel, because we’ve just not broken. Enterprise is the highest one, and naturally so given that it took a bit of a beating after events had gone from physical to virtual again. Or sorry, from virtual to physical, and then gradually came back and are now kind of normalized. It is north of 110, so it’s coming back up.

Education has been less than 100 as of recent. And I’d say it’s rather stable. It’s stable and I think that everybody’s waiting for the next big thing. Because that market is relatively more saturated in North America. There’s opportunities around other new logos around the world which we’re catering to.

But it’s really about moving to the next step of not just having video available in your LMS, but to have a video first teaching and learning experience, which is associated with what’s going to happen with AI. The moment you become the teacher assistant of sorts with Genie and others, then so much more consumption could be in place and so much more ROI. So we believe that’s going to jump things to a much, much higher level of education, but still maybe bring it 100 and something. We still believe in enterprise as the core market, which would be the largest. By the way, also learning.

So it’s learning in enterprise, it’s still learning even if it’s not learning in education. Media and telecom has come below 100. It was at times very, very high because there’s a lot of organic growth. We have customers like Vodafone that grew to become 20,000,000 over a short period because they added more and more subscribers. It’s a gift that keeps on giving.

So you have one telco and then they add more and more users or move to more geographies. But we stopped feeding this new customers and we stopped feeding it purposefully. When you say you need to focus on something, then the question is what do you unfocus on? So you needed to pull the brakes a little bit. Now that it’s coming back, there’s more customers that are coming back, it’ll pick up again.

I think that’ll be the biggest turnaround. It’s the lowest at the moment given some of the churns that have happened this year that we knew that we told people are going to happen because we knew a couple of years in advance that they’re going to happen, but it’s going to turn around. Thank you. More. Anybody here invested in a video company that you care to share?

Anybody here uses a lot of video for yourself? I assume so. It is them? Yep. Vimeo?

Yeah. Vimeo, great company, blah, blah, like them. Vimeo started as a YouTube competitor, moved from content creation tools in mainly smaller customers and departmental sales into what in recent years have been focused more on, which is enterprise sales. I do enterprise sales a little bit like this because their ARPU, their average revenue per unit for the enterprise side of the business is 20 ks a pop. Ours is 10 times higher, 200 ks.

And generally what they do is they take all these different sub agreements and put them together. But we’ve not seen them compete strongly with us in really having a CIO level horizontal platform that caters to all the needs of the entire corporation. We were born in the large enterprise. A lot of folks have tried pivoting into the large enterprise from the departmental or the product like growth, low entry point into departmental. There’s a lot of merits in that because if you put the mousetrap there and it grows and you could do a lot of things, that’s a good marketing tool to expand into the enterprise.

But again, we’re cheering for them, rooting for them, good company. But they’re not, in most of the cases we’re in, they’re not competing seriously on the large enterprise stuff that we do. Does that address or yeah.

Operator: Could you put together a YouTube of all of your content or all the content that’s

Ron Yukatil, Co Founder, President, and CEO, Kaltura: In theory, we can. In practice, they’re owned by our customers, and they’re all confidential and information that’s owned by them. If the general question is, can you become more of a 2C? Part of what we’ve been looking at, so take education for example, is to create a marketplace that daisy chains everybody and enables to share content and share resources. And in certain cases maybe even move towards more B2C.

Technically 100%. There’s nothing limiting it. It’s just the rights and permissions. And we are a B2B company, not a B2C company. And so they all have their gated environment.

By the way, would say the same thing for AI. We’re very careful. Nobody shares any insights or content. Everything is a walled garden because we take care of the largest and biggest companies with very big security requirements. 100%.

100%. Is the strongest tech out there for years. Don’t believe me for it. You can read Gartner, Forrest or whatever, for anything that has to do with content management. Now granted, some of you asked about Hulu and then there’s others, very large organizations that had builtbought to manage their own.

But save that, that people have their own technology and they have their own reasons to have done so. As a horizontal vendor, we are the number one platform there for years. Disney is using us for several things. They use us for some of the short form. Originally, before they had Disney plus then we were a lot of what they do.

Ultimately, by the way, just like other big TV companies, they have their own technology for what they use for Disney plus But there’s other elements that are in discussion and things that are in play around other areas, some of them not media related, just around training and learning and marketing. Yeah.

Operator: So the bigger companies have their own teams doing this internally and spend

Ron Yukatil, Co Founder, President, and CEO, Kaltura: The big media companies, if you take Verizon, AT and T, Apple, course Netflix and Amazon and all these, of course use their own technology. They don’t use our technology. But that’s just a small piece. I’ll say a word about media and telecom. Media security is as important as water security is as important as defense.

Consider all the leaders out there around the world, how many of them want to outsource media to a different country? Zero. Everybody wants to be in control of of of news. Everybody wants to be in control of sports because that’s what their people consume. They’re not going to let a different country do that.

So every single country has, call it, four or five outlets, whether they’re the big media companies and or the big quad play moves around telcos, that they need to have a TVvideo engagement platform. And they are not the top five or 10 in the world that could go ahead and put a team of hundreds of people and spend that amount of money. So we are the vendor of choice for that. And again, we’re some of the biggest players in that. Some of them are still using historical technologies, IPTV, that is dedicated cable and dedicated equipment.

And that’s all rotting and turning over to over the top technology. And in many of the cases where it turns around, people look for solutions like us. And again, we haven’t done a lot of that in recent years because it would have taken a while and have cost us too much money. We want to be profitable. We’re not coming back to do more of it.

Think we’re out of time sooner, but I’m available, we’re available and thank you for your time and interest. Again, KLTR, thank you.

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