Kaltura: Revisiting the setup through a per share compounding lens

Continuing Coverage | October 2025

In our initial coverage of Kaltura, we laid out the strategic strengths of the platform: a broad enterprise-grade solution, strong ARR growth, improving GMs, and a growing suite of AI-infused features. We called out the durability of its subscription model, customer stickiness, and positive cash flow trajectory as long-term positives. What we did not fully explore at the time was the per-share value compounding setup now emerging beneath the surface.

This update focuses on that angle. In a year where revenue growth is pacing in the 1-3% range, most of the equity return will come not from top-line acceleration but from better GM mix, improved cash conversion, and disciplined control of share count. These are precisely the levers that have begun to turn in Kaltura’s favor, yet they remain underappreciated in the broader narrative.