Kaltura, Inc. reported its financial results for the three and nine months ended September 30, 2024, showing modest growth in revenue and significant improvements in profitability compared to the same periods in 2023. For the third quarter of 2024, Kaltura generated total revenue of $44.3 million, a 2% increase from $43.5 million in Q3 2023. Subscription revenue, which constitutes the majority of total revenue, rose to $42.1 million from $40.8 million year-over-year. For the nine-month period, total revenue reached $133.1 million, up 2% from $130.7 million in the prior year.
Gross profit for Q3 2024 was $29.5 million, reflecting a 7% increase from $27.7 million in Q3 2023. The gross profit margin improved to 67% from 64% in the same quarter last year. For the nine months ended September 30, 2024, gross profit was $86.8 million, a 4% increase from $83.6 million in 2023.
Operating expenses decreased by 6% in both the third quarter and the nine-month period, totaling $34.0 million and $107.1 million, respectively. This reduction in expenses contributed to a significant decrease in operating loss, which fell to $4.5 million in Q3 2024 from $8.3 million in Q3 2023. The net loss for the third quarter was $3.6 million, a substantial improvement from a net loss of $10.7 million in the same quarter last year. For the nine months, the net loss was $24.7 million, down from $34.3 million in 2023.
Kaltura's balance sheet as of September 30, 2024, showed total assets of $178.6 million, a slight decrease from $183.7 million at the end of 2023. Total liabilities increased marginally to $154.4 million from $153.4 million. The company reported cash and cash equivalents of $36.8 million, up from $34.1 million a year earlier.
Strategically, Kaltura continues to focus on expanding its customer base, particularly in the enterprise and education sectors, while also enhancing its self-serve offerings for smaller customers. The company has been investing in new product features and maintaining strong customer support to drive revenue growth. Additionally, Kaltura has authorized a stock repurchase program of up to $5 million, with approximately $2.2 million already utilized for share buybacks during the nine months ended September 30, 2024.
Overall, Kaltura's financial performance reflects a positive trajectory, with increased revenues, improved gross margins, and reduced losses, positioning the company for future growth amidst ongoing market challenges.
About KALTURA INC
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