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Good day, everyone, and welcome to the Kaltura, Inc. Fourth Quarter and Full Year 2025 Earnings Call. All material contained in the webcast is the sole property and copyright of Kaltura, Inc., with all rights reserved. For opening remarks and introductions, I will now turn the call over to Erica L. Mannion at Sapphire Investor Relations. Please go ahead, Erica.

Thank you, operator, and good afternoon. I am joined by Ron Yekutiel, Kaltura, Inc.’s Co-Founder, Chairman, President, and Chief Executive Officer, and Liron Sharon, Executive Vice President of FP&A and Interim Principal Financial Officer. Ron will provide a summary of the results for the fourth quarter ended December 31, 2025, along with a business and strategy update. Liron will then review financial results for the quarter and full year 2025, as well as the company's outlook for the first quarter and full year 2026. We will then open the call for questions. Please note that this call will include forward-looking statements within the meaning of the federal securities laws, including, but not limited to, statements regarding Kaltura, Inc.’s expected future financial results, management's expectations, and plans for the business, including our pending acquisition of PathFactory and upcoming product launches, and our expectations around capabilities and benefits of our AI technologies. These statements are neither promises nor guarantees and involve risks and uncertainties that may cause actual results to differ materially from those discussed here. Important factors that could cause actual results to differ from forward-looking statements can be found in the Risk Factors section of Kaltura, Inc.’s Annual Report on Form 10-K for the year ended 12/31/2024 and other SEC filings, including our Annual Report on Form 10-K for the fiscal year ended 12/31/2025 to be filed with the SEC. Any forward-looking statements made during this conference call, including responses to your questions, are based on current expectations as of today, and Kaltura, Inc. assumes no obligation to update or revise them, whether as a result of new developments or otherwise, except as required by law. Please note, we will be discussing non-GAAP financial measures, adjusted EBITDA and adjusted EBITDA margin, during this call. For a reconciliation of adjusted EBITDA to the most directly comparable GAAP metric, please refer to our earnings release, which is available on our website at investors.kaltura.com. Now I would like to turn the call over to Ron.

Thank you, Erica, and thanks everyone for joining us on the call this afternoon. Today, we reported total revenue of $45,500,000 for Q4 2025 and subscription revenue of $42,700,000. We posted a record adjusted EBITDA of $6,300,000, representing our tenth consecutive quarter of adjusted EBITDA profitability. This brought full-year 2025 adjusted EBITDA to $18,600,000, a 150% year-over-year increase and materially above our original guidance of 100% growth. We are pleased with the continued improvement in our operating efficiency while advancing our long-term strategic positioning. New subscription bookings in the fourth quarter were at the highest level of 2025. We closed two seven-digit and fifteen six-digit new deals across industries including technology, financial services, healthcare, manufacturing, education, and media and telecom. We also closed seven AI-related deals for Content Lab and Genie, reflecting continued customer interest in our automation and personalization capabilities. Gross retention in the fourth quarter was also stronger than in any previous quarter in 2025, and we concluded the year as expected with the highest EENT growth retention level in five years. Our market leadership was once again recognized by tech analysts in the past quarter, this time by Frost & Sullivan in their 2025 Global Enterprise Video Platform Radar research, where they also cited our advanced AI capabilities and early move into agentic AI. In other exciting news, earlier today, we announced that we entered into a definitive agreement to acquire PathFactory. This acquisition remains subject to customary closing conditions. PathFactory is a provider of AI-driven content journey orchestration and conversation automation. The company helps enterprises understand user context and intent and automatically assemble and sequence personalized visual experiences designed to improve engagement and outcomes. PathFactory serves over 100 enterprise customers including global brands such as NVIDIA, Cisco, AVEVA, Palo Alto Networks, and LG. The company was recently recognized as a leader in the Q4 2025 Forrester Wave report on conversation automation solutions for B2B. The report acknowledged PathFactory’s unique approach of leveraging generative AI and content intelligence to help B2B go-to-market teams create personalized self-service B2B buying journeys. The other recognized leaders in this Wave were Qualified, that was recently acquired by Salesforce for over $1,000,000,000, and 6sense, whose last funding round was at a reported valuation of over $5,000,000,000. PathFactory adds an important layer of agentic, journey-level intelligence to our platform. While Kaltura, Inc. has long powered rich media creation, management, and experience delivery at enterprise scale, and ESof AI, which we acquired last quarter, enriched our real-time conversational capabilities and content creation with avatars, PathFactory will bring the ability to understand what each user is trying to accomplish and the most impactful, personalized sequence of content delivery and interaction accordingly. To date, PathFactory’s primary applicability has been in improving B2B top-of-funnel marketing conversion by supporting account-based marketing motions (ABM) with insights, personalized customer microsites, and chat agents. We plan to continue supporting this valuable use case and to gradually expand its applicability to additional B2B and B2C customer experience use cases, including bottom-of-funnel marketing, sales enablement, customer and partner enablement, onboarding and support, as well as employee and learner experiences such as internal communication, training, and education. Organizations are producing more content and engaging users across more channels, and particularly in the age of agentic AI, are increasingly seeking systems of engagement that move beyond static, one-size-fits-all digital experiences to deliver personalized, contextual, interactive, and conversational experiences at scale. Our expanded platform is well aligned with this shift. With a combination of Kaltura, Inc., ESof, and PathFactory, we believe we will have in place the required pillars to complete our long-discussed, multiyear evolution from a video platform to an agentic visual experience platform that specializes in harnessing AI-powered video and rich media to drive engagement and business outcomes. Within this expanded platform, Kaltura, Inc. provides the video-enriched media foundation—creation, management, governance, and delivery at enterprise scale—including AI-based rich media repurposing and personalized conversational delivery through Kaltura Genie. ESof added avatar-based content creation and real-time, multimodal, photorealistic conversational interaction with Genie in over 30 languages, including screen and camera comprehension. And PathFactory will boost Genie’s “brains” by adding to it agentic journey intelligence, understanding user context and intent, and orchestrating personalized engagement paths. Our combined platform therefore evolves beyond serving as the backbone of video experiences to becoming a comprehensive enabler of rich, multimodal, agentic, conversational digital experiences that are hyper-personalized, contextual, outcome-oriented, and deeply integrated into enterprise workflows. Following the ESof and contemplated PathFactory acquisitions—two very meaningful steps in our long-planned evolution to become a full AI-infused agentic digital experience platform—we intend to formally update our mission statement from powering any video experiences for any organization, to powering rich, agentic digital experiences across organizational journeys for customers, employees, learners, and audiences. PathFactory is a revenue-generating business with a current annual revenue run rate in the teens of millions, and a professional team across North America and India. In addition to meaningfully strengthening our strategic evolution into an agentic digital experience platform, we believe there is an immediate opportunity of cross-selling our respective offerings to our customer bases and great value in expanding our enterprise customer footprint and employee talent base in the marketing technology and customer experience domains. Under the terms of the acquisition agreement and subject to customary closing conditions, we expect to acquire PathFactory for approximately $22,000,000 in cash. We believe we have sufficient cash available to execute on our goals, and we believe we will continue generating cash in 2026 and beyond. For further details, please refer to today's acquisition press release. Moving to the product front, we announced last week the general availability of our agentic avatars. Since acquiring ESof, we have migrated their code base to Kaltura, Inc.’s enterprise-grade infrastructure and further strengthened its robustness, scalability, and security. We have continued enhancing the core AI models and integrating the conversational avatars with Kaltura’s Genie product, enabling both to operate across our experience products and embeddable video players. This allows interactive, contextual conversations to occur anywhere using text, video snippets, flashcards, and avatars. Throughout 2026, we plan to continue enhancing avatar quality, enriching the generative content that can be presented during conversation, expanding integrations with third-party systems, and strengthening our agentic brain through deeper understanding of user context and intent powered by PathFactory technology. We also announced last week the general availability of our Avatar SDK, which enables ISVs, system integrators, and in-house development groups to leverage our text-to-video and audio-to-video models and connect them to their own RAG pipelines, agentic logic, databases, and enterprise systems. Over the course of the year, we plan to expand the SDK with additional APIs and developer tools. Today, we are pleased to announce the launch of a beta program for our Avatar Video Creation Studio. This solution enables customers to easily create avatar-based and avatar-narrated videos on demand at scale. These prerecorded avatars can also come to life in real time upon request, transforming into an interactive conversational avatar to respond to users’ questions about the recorded video-related topics. Customers can apply for the beta program through our website. We plan to make this offering generally available in the upcoming second quarter. For all three of these new products, we are also developing self-serve versions targeting smaller organizations, departments within larger enterprises, content creators, and individual developers. We believe these versions will also support an expansion of our channel sales. In parallel with the initial commercialization of these offerings, our sales team has been trained on the new go-to-market motions and are already in discussions with various prospective launch partners spanning across a wide array of industries and use cases, including agentic marketing, sales, customer care, field services, training, teaching, internal communications, and recruiting. Since the commercial activity associated with these new offerings did not impact 2025, which we are reporting today, we will share more concrete information about these activities in our next earnings call. As a reminder, we expect to begin recognizing revenue from these products in the second half of the year. In 2026, we believe AI is reshaping the market in ways that structurally favor our platform. AI strengthens each layer of what we do. First, we are deeply embedded in mission-critical enterprise workflows and business processes across marketing, training, compliance, education, communications, and media delivery. These are governed, integrated, and operationally critical environments with high switching costs. AI enhances these workflows by making them more intelligent and automated; it does not replace them. Second, we manage large volumes of rich media assets, metadata, and behavioral engagement data for our customers that carry a high migration cost. With the addition of PathFactory, we expect to further expand our ability to generate insights and understand user context and intent. In the age of AI, longitudinal data and intent intelligence become increasingly valuable assets that enable more precise personalization and orchestration and that are harder to switch away from and replicate. Third, AI expands how we create and monetize value. Personalized content generation, dynamic journey orchestration, and conversational engagement lend themselves naturally to usage-based and outcome-oriented pricing models, not just seat-based pricing, and platforms that help drive meaningful engagement can benefit from organic growth and high net dollar retention. Fourth, AI is synergistic across all layers of our platform: content creation, content management and intelligence, and agentic experiences. Insights generated in one layer can power new content, new experiences, and new conversations in another. This creates a flywheel effect. Existing data fuels richer experiences and real-time content generation. Those experiences generate new behavioral insights, and those insights further enhance personalization and automation. Finally, because we provide a unified digital experience platform that consolidates multiple use cases and buyers, rather than a single point solution, AI amplifies our platform advantage rather than fragmenting it. In short, we believe AI is a structural tailwind for our strategy and an amplifier of our competitive moat as a provider of rich, personalized, agentic digital experiences at scale. With that foundation in place, let me outline our anticipated growth drivers for the year ahead fueling what, how, and to whom we sell. First, platform expansion. The integration of rich media, conversational AI, and journey orchestration into a unified agentic digital experience platform is positioned to expand our addressable market and strengthens our competitive position. We believe we are differentiated by the breadth and depth of our content creation, management, and agentic experience offerings; by our API-driven flexibility; by our ability to consolidate multiple use cases on one platform; and by our proven track record of powering complex enterprise-scale deployments. Second, broader applicability. Our expanded platform addresses a significantly wider range of use cases across customers, employees, learners, and audiences. Many of these use cases are more mission-critical and can generate tangible ROI through cost and labor efficiencies and revenue uplift. Examples include performing and supporting tasks and roles of marketers, sellers, customer support representatives, field agents, recruiters, educators, health professionals, and financial advisors. In certain cases, this also expands our reach into industries where we have historically been less active. Third, install base upsell. Our base of over 800 large enterprise customers represents a substantial cross-sell and upsell opportunity. Our new capabilities leverage the deep workflow integration, enterprise trust, and significant content repositories we already manage for these organizations, creating meaningful expansion potential. Fourth, new customer acquisition. Agentic conversational experiences represent a fast-emerging category generating strong market interest. Unlike the more mature video segment where vendor consolidation limited new vendor adoption, this evolving category creates opportunities to engage new prospects. To support these opportunities, we are increasing our outbound go-to-market efforts. Fifth, channel and down-market expansion. Our new content creation and agentic offerings are well suited for self-serve PLG models targeting SMEs, SMBs, enterprise departments, and developers, as well as expanded channel partnerships including co-sellers, resellers, OEMs, and marketplace partners. We plan to grow these motions throughout the year. Sixth, PathFactory cross-sell. We believe there are meaningful opportunities to introduce broader Kaltura, Inc. capabilities into PathFactory’s customer base of over 100 enterprises, while also enhancing the value delivered to our existing customers through journey orchestration and intent intelligence. Seventh, competitive landscape. We believe recent consolidation activity in the video market may create additional displacement opportunities, positioning Kaltura, Inc. as a stable, innovation-driven alternative in both the traditional video and emerging agentic engagement categories. Lastly, eighth, while M&T revenue in 2026 is expected to still decline year over year because of last year’s heightened churn, we believe that M&T net bookings will improve this year compared to last, fueled by both lower gross churn and higher new bookings. We believe this will generate sequential quarterly M&T revenue growth in 2027. In summary, 2025 was a year of operational strengthening and strategic transformation. We materially improved our adjusted EBITDA results while working on two strategic acquisitions we believe significantly expand our long-term opportunity. We are entering 2026 with an evolved mission and are excited by the expanded product suite and broader market opportunity across use cases, industries, and customer segments that our two complementary strategic acquisitions will bring to the table. We plan to deepen engagement with existing customers, expand into new accounts, extend our reach down market, and leverage channel partnerships, all while strengthening our competitive positioning in our traditional video market, including regrowing our M&T business. We see 2026 as a transition year, and we expect revenue contribution from our new portfolio to begin in the second half of the year with a stronger impact in 2027. We are tapering our adjusted EBITDA profitability and cash flow from operations growth for this year in support of acquisition costs, integration efforts, and related growth investments—though both metrics are forecasted to remain in the teens—and in light of higher FX headwinds that are affecting our operating costs. We continue to be committed to carefully balancing growth and profitability to maximize long-term shareholder value. To that end, we are reiterating our goal of achieving double-digit revenue growth in a Rule of 30 profile by 2028 or sooner. Lastly, we continue to progress in our CFO search and succession process and will provide updates as appropriate. In the meantime, our finance organization continues to operate under the strong leadership of our Executive Vice President of Finance and Interim Principal Accounting Officer, Mrs. Claire Rochstein, and our Executive Vice President of FP&A and Interim Principal Financial Officer, Mrs. Liron Sharon. I would like to thank both for their leadership. With that, I will turn it over to Liron to review our financial results in greater detail and discuss our 2026 guidance. Liron?

Thanks, Ron, and hello to everyone on the call today. In the fourth quarter, we exceeded once again the midpoint of our guidance across subscription revenue, total revenue, and adjusted EBITDA, and delivered through disciplined execution a record level of both adjusted EBITDA and non-GAAP net profit. We also posted, as forecasted, a sequential quarterly growth in our new subscription bookings and the highest gross retention level of 2025. Total revenue for the quarter ended 12/31/2025 was $45,500,000, up 4% sequentially, almost flat year over year, and above the midpoint of our guidance range of $45,000,000 to $45,700,000. Subscription revenue was $42,700,000, up 2% sequentially, down 2% year over year, and above the high end of our guidance range of $41,600,000 to $42,300,000. Professional services revenue was $2,900,000 for the quarter, up 31% year over year and consistent with our previously forecasted increase. On a segment basis, EENT total revenue increased 4% year over year in the fourth quarter, while M&T total revenue declined 12% year over year due to the elevated churn experienced earlier in the year, as discussed on prior calls. GAAP gross profit for the fourth quarter was $33,000,000, up 7% sequentially and 2% year over year. Gross margin was 72% compared to 71% in Q4 2024. Subscription gross margin was 78%, up from 77% in Q4 2024. Total operating expenses for the quarter were $32,100,000, compared to $36,100,000 in 2024, representing an 11% year-over-year reduction. Adjusted EBITDA for the quarter was a record $6,300,000, above the high end of our guidance range of $4,200,000 to $5,200,000. This represents a year-over-year increase of $3,600,000 compared to $2,700,000 in 2024, effectively more than doubling our adjusted EBITDA results year over year. GAAP net loss for the quarter was $600,000, or $0.00 per diluted share, representing a $6,000,000 year-over-year improvement. Non-GAAP net profit for the quarter was a record $5,200,000, or $0.03 per diluted share, representing an improvement of $4,900,000 year over year. Remaining performance obligations, or RPO, were $166,300,000, representing a 4% sequential increase and a 6% year-over-year decrease. We expect to recognize 64% of this amount as revenue over the next twelve months. Historical comparison RPO figures have been adjusted as discussed in our previous earnings call. Annualized recurring revenue in the fourth quarter was $168,200,000, down 3% year over year. Net dollar retention was 97%, unchanged sequentially and compared to 103% in the same quarter last year. For the full year ended 12/31/2025, total revenue was $180,900,000, up 1% year over year. Subscription revenue was $171,900,000, up 3% year over year. Professional services revenue was $8,900,000, down 19% year over year, consistent with the expected trends we discussed on previous earnings calls. On a segment basis, EENT total revenue increased 4% year over year, while M&T total revenue declined 7% due to elevated churn, as previously discussed. Net dollar retention for 2025 was 100%, consistent with 2024 levels. While flat overall, this reflects improved net retention in EENT offset by lower net retention in M&T. GAAP gross profit for 2025 was $127,700,000, up 7% year over year, representing a gross margin of 71%, up from 67% in 2024. Subscription gross margin improved to 77%, up from 75% in 2024. Adjusted EBITDA for 2025 was a record $18,600,000, representing more than 150% year-over-year growth compared to $7,300,000 in 2024. This performance, together with our improved expense discipline and margin profile, reflects our continued focus on operating efficiency. GAAP net loss for 2025 was $12,100,000, or $0.08 per diluted share, an improvement of $19,200,000 compared to a net loss of $31,300,000, or $0.21 per diluted share, in 2024. For the full year 2025, non-GAAP net profit was a record $11,500,000, or $0.07 per diluted share, reflecting a $16,200,000 improvement from a non-GAAP net loss of $4,700,000, or $0.03 per diluted share, in 2024. Moving to the balance sheet and cash flow, we ended the fourth quarter with $62,800,000 in cash and marketable securities. Net cash provided by operating activities was $3,600,000 in the quarter, compared to $4,300,000 in Q4 2024. For the full year 2025, net cash provided by operating activities was $14,500,000 compared to $12,200,000 in 2024. I will now turn to our outlook for Q1 2026 and for the full fiscal year ending 12/31/2026. For Q1 2026, we expect subscription revenue between $41,200,000 and $42,000,000, total revenue between $42,600,000 and $43,400,000, and adjusted EBITDA between $2,300,000 and $3,300,000. We expect a similar seasonal level of negative cash flow from operations as in the first quarter of last year. Our Q1 guidance incorporates a short-term EENT revenue headwind due to a large customer that shifted priority and budget from conducting large virtual events to many smaller ones, which are planned to be conducted with us later in the year. The guidance also incorporates a first-quarter year-over-year M&T revenue decline in the mid to high teens due to the aggregate effect of last year’s higher churn. We expect an improvement in the following quarters. For the full year 2026, we expect subscription revenue between $172,500,000 and $175,500,000, and total revenue between $181,200,000 and $184,200,000. We are expecting subscription and total revenue to pick up gradually throughout the year. We expect EENT to post a higher year-over-year growth rate compared to 2025, fueled by contribution from the PathFactory customer base and from our new product portfolio, which we expect would affect 2026. That said, given the early stage of our new product commercialization, we have thoughtfully assumed that the more meaningful growth acceleration from them will occur in 2027. We expect to still post M&T year-over-year revenue declines this year due to the elevated churn in 2025, but forecast to achieve both higher M&T new bookings and retention this year, which, as Ron mentioned, is expected to regenerate sequential quarterly M&T revenue growth in 2027. As for our bottom-line figures this year, our 2026 adjusted EBITDA guidance and cash flow from operations forecast thoughtfully incorporate the expected impact of the PathFactory acquisition and related integration and investment and our continued commitment to carefully balance growth and profitability to maximize long-term shareholder value. It also incorporates increased FX headwinds affecting operating costs. Accordingly, we are providing the same annual adjusted EBITDA guidance range that we originally provided for 2025, which is between $12,700,000 and $14,700,000. We also forecast that we will generate low double-digit cash flow from operations this year, with most of it generated in the second half of the year, consistent with historical trends. As Ron mentioned, we remain committed to achieving a Rule of 30 combination between double-digit revenue growth and adjusted EBITDA margin by 2028 or sooner. With that, we will open the call for questions. Operator?

Thank you. We will now be conducting a question-and-answer session. You may press 2 if you would like to move your question from the queue. One moment please while we poll for questions. Our first question is coming from Matt Cavanagh from Needham & Company. Your line is now live.

Hi, thanks for the question, and congratulations on today’s results and announcements. Starting out with the PathFactory acquisition, could you expand a little bit about the sales synergy and cross-selling abilities you might expect to see now with both ESof and PathFactory under the platform, along with the core Kaltura, Inc. products?

Yeah, 100%. Love to do that, and thank you everybody for joining. So let us talk about PathFactory and the reasons for the acquisition. So we have been communicating to the market all along the need to evolve from video into a full CX, DX digital experience platform, where the market is bigger, the growth is faster, the multiples are higher. And we believe that the advent of AI is enabling that. The ability to create real-time videos and to turn that into conversational avatars, conversational videos, enables us to close the flywheel effect—create content on the fly, manage it on the fly, engage people on the fly, and move from static experiences into dynamic, engaging experiences. So that was the impetus of the general move, and we brought in ESof to double down on the ability to create these agents, immersive agents. As we have said, they have added the eyes and ears and mouth to our Genie and then, of course, the face. So why did we move on and do this additional move into PathFactory? PathFactory, from a product perspective, adds a few things. They add content intelligence, understanding the content itself; they enable us to add multiple assets and not just video assets. We can go beyond video—talk about documents and files—and connect it to third-party CRMs, marketing automation platforms, DAMs, etc. Very importantly, they have user analysis, user intent, user understanding. Our system has been basically a content management system for video, and now we have a user understanding. And that is key because we need to serve the right content to the right people at the right time in the right context. And so what they are able to do is to provide orchestration for user journeys. Right now, they have been identified as one of the top providers in this space. I will say about it a few things. They have been working mainly on top-of-the-funnel B2B marketing, but we are going to take it to the bottom of the funnel to address SDRs, like Qualified is, and other CX customer experiences like customer and partner onboarding, training, customer care—later take the same technology to deliver paths for learning and internal use. And so right now, they are also able not just to provide the orchestration, but pipeline and revenue attribution, and they are also connected to their own applications that they have developed for chat-based interfaces and stuff of that nature. So that enables us—before I talk about how and what we are going to sell—to appreciate that we are entering deeper into a market of conversation automation solutions in the B2B front, but later across the board. Forrester, in their Q4 2025 report, had identified them as leaders alongside Qualified, that was just acquired for $1,500,000,000 by Salesforce, of course, and 6sense, whose last valuation from a long time ago had been at $5,000,000,000. So they are in a good neighborhood, and this strengthens our position in that market. That is a big market. I would assume twice the size of our current market, and also, based on our analysis, growing very fast—unlike the traditional video market. It is an interesting market. And that adds up to another element before I answer the specific question about sales. We have just gone deeper into the ability to add brains to our agents, not just, quote unquote, good looks, so that they can deliver the right content at the right time while you are teaching, learning, marketing, selling, etc. We have done that at the same time as we have just launched our VOD avatar that takes us deeper to content creation, aligned with companies like Synthesia that are also reportedly valued at $4,000,000,000. So I think that movement from just content management and video experiences towards content creation and towards real-time conversational technology with brains and agentic logic behind it turns us into the full digital experience platform that we have been waiting to turn. To the question of cross-sell and upsell, maybe that now becomes clear through my statement here. So first, they themselves have about 400 customers, of which 100 are large enterprises like Cisco, NVIDIA, MetLife, LG. About 10 of them only are overlapping from the big guys. That means there are a lot of folks that are not. We have had great calls with a bunch of them, and they have expressed a lot of excitement about this combination. They understand the synergy. There are, to their statements, even active RFPs running for avatars. They have been talking to us about the opportunity to displace other video vendors, because you would want to have a full end-to-end connection in the new agentic world between the medium that is engaging and the logic that is used towards that medium, and the actual conversation technology. So it all comes very much together. So now, again, later we could talk more about guidance. I have been careful assuming when and if and how we start making a lot of money from this synergy, but we do believe that, a) we could take this and sort it into our products, get a significant bump in value and revenue within a combined product, and b) that we could very well go back to their customers and upsell them and support them with the Kaltura, Inc. products. Let me know if you have any more specific questions about the cross-sell/upsell opportunities.

That is great, Ron. Thank you so much. Just touching on what you mentioned at the end there, on your 2026 outlook, could you talk a little bit more about the puts and takes that went into the assumptions there?

Yeah. Happy to do that. From a top line, bottom line, both—

Yes, that would be great.

Thank you. Okay.

So look. Generally speaking, we are looking at a year in which we expect gross retention to be better because we all knew media and telecom in the past year was not good—by the way, EENT was fine. But if we improve M&T, the gross retention is going to get better. Bookings, we believe, will pull up. Again, we are hoping for this to be as early as possible, but we are assuming it is going to be mostly in the second half of the year, in line with both the PathFactory synergies as well as with our own product releases. And while we have just started putting them out, we have some good pilots and excitement and interest, which we will share more about. We did say last time—we are seeing yet again now—we expect that to start pulling up more in the second half of the year. When you think about the revenue guidance that we have set, we are guiding at a similar kind of level that was expected, but we are hopefully coming at it very carefully, given the amount of changes that are happening so early in the year—following one acquisition, creating another one, yet to see exactly when it will close, hopefully quickly—and so we want to make sure that we are able to achieve the numbers that we were discussing. And I think at the end of the day, to your question about the pluses and minuses, I think that we are still seeing some of the headwinds come from M&T’s last year performance that are going to cause double-digit decline this year because of the delay between net bookings in M&T and how they impact revenue. We did say we expect this year for net bookings to start pulling up, for that to affect sequential growth in 2027, but for 2026, it is a headwind on the revenue side. And then from core EENT, again, there is some growth, but most of it is pegged towards the new stuff, and that is going to come in the second half. And lastly, PathFactory—as mentioned, their run rate is in the teens—and we do not know when they are going to come in, in the middle of the year or in the second quarter, early or later in the second quarter. So we have to be careful in our assumptions. We do assume it is in the second quarter, maybe earlier within that quarter—we will see—but given that, we have put a certain amount that we feel comfortable should be reasonable, and that is what brought it all together. So that is for the top line. I will say from a bottom line—just to remind all of us—last time, after the acquisition of ESof, we reduced what we had planned. So even going before, we increased dramatically our adjusted EBITDA year—more than 150% growth—much more than we said; we said we were going to double, we delivered on it. Originally, we said we were going to continue to pull it up, but that was before we decided to go and do these two acquisitions and go for the bigger market, bigger opportunity. Again, we could tick along and have a bit more profit and not put the engine in place to be able to become an exciting company again, or we could do the moves that we have just done now over the last couple of acquisitions to take us there. So we have tapered down the expectations. The last time we reduced it, we said, look, it is a function of a few things: it is both the ESof acquisition costs and investments, it is the lower M&T results, it is the higher FX because of the Israeli shekel. And now we have come to do another readjustment and, again, we are looking at the PathFactory integration investment and additional FX cushion that continued to go the other way on the Israeli shekel. So between all of them, we have come with the exact same guidance we did last year. To remind you, we started with that guidance and ended up far higher. Maybe that will happen this year, maybe not. We would like to stick to our guidance and see where things go. There is still a question on the revenue; there is a question on the cost; there is integration of companies. We believe we have been thoughtful, and we hope to be able to over-deliver, but let us wait and see where we get to. And, ultimately, to the extent that there will be any upside on the bottom line, it could be driven by the top side with higher revenue, because there are a lot of things that are pulling the revenue, as I noted earlier, but also maybe better FX. Let us wait and see. So that is my two cents about both top and bottom line.

Very perfect, thank you. And just lastly for me, could you share an updated view on how you are seeing the competitive landscape and how these recent acquisitions are further differentiating Kaltura, Inc. from your competitors?

By design, we are gradually moving and expanding—I would not say moving because we are both in the other market and the new market—into a larger and more exciting market. So let me be clear. In the world of pure video experiences, we had another research done in Q4 that had put us throughout the far-right corner as the best product in its case. We also think that the recent consolidation that has taken place in our traditional market would enable us to be even better competitively positioned, let alone with the rest of what we just said now. When we talk to our own customers, there is a lot of synergy with the new products that we offer now that our existing video competitors do not—around the agentic experiences, but also around content creation. And therefore, we think that given both their consolidation as well as the improved amount of offerings that we have, we could do better within our classic core market in selling more of our current product and adding—or not adding—some of these new things. But I think the bigger point here is that we are now gradually moving to the point that we are not a video technology company. Differentiated by the richness of the media that we provide—and video is a core key piece of it; it will continue to be a core key piece of it—it becomes more a means than an end, in the sense that what we offer is agentic digital experiences in real time that are able to deliver conversational agents that are performing tasks that otherwise just humans would do. And, again, I do not think they are going to replace them. I think they are going to augment them. I think they are going to boost them. I think they are going to support them. This is something completely different. Now, when we reach out to our own customers, there is a lot of excitement—much more than previously—because video has been relatively similar in recent years, and this is at the hype level of “Oh my God, I want to use this. This is exciting.” And plus, this is a ticket for us to get to a lot more new logos. In recent years, it has been harder in our industry because people have kept to their own vendors even if there was a better solution. This opens the door for a completely different conversation and one that is synergistic and complementary. So in short, I think that, a) we are going to be better positioned to compete with our existing, quote unquote, competitors, but also, b) we are expanding to now be in the same neighborhood the bigger companies that are valued higher, that are in faster-growing markets, are in. I mentioned Qualified. You can look at PathFactory—it is put on the same report as they are, right by them, as a leader. You could also look, like I said, at Synthesia. I am not suggesting that one-to-one we have the same product set, that we are going to do the same growth, that we have the same revenue, but when you look at the products we just released and the ones that are just now in beta, and appreciate our advantages in entering that market, then you would appreciate that we have not only the ability to create avatar-based videos, but they can come to life and become conversational. That is new. They are connected to our platform so that you can connect that to any other video experience and management, and that is the opposite direction that companies like Synthesia are working hard to do. So that is powerful. We have our existing 800 enterprise customers to upsell this to, and so there are a lot of things that are helping us to come from a place that has been relatively flattish to something that we believe—and we hope, and again, we have been very thoughtful and careful, and will continue to be—could potentially gradually increase our growth. And that is the strategy.

That sounds great. Well, thank you so much, Ron. That is it for me today.

Thank you so much, Matt.

Thank you. We have reached the end of our question-and-answer session. I will turn the floor back over for any further or closing comments.

So thank you all for joining today. First, to start a fresh year, thank you all for your continued support and trust, and I wish upon all of us a great fiscal year and a great year altogether filled with financial success, but also some more peace, hopefully around us and around the world. I am looking forward to following up with each of you that wants to reach out. Have a beautiful day. Take care. Bye-bye.

Thank you. That does conclude today's teleconference webcast. You may disconnect your lines at this time. Have a wonderful day. We thank you for your participation today. Good day everyone, and welcome to the Kaltura, Inc. Fourth Quarter and Full Year 2025 Earnings Call. All material contained in the webcast is the sole property and copyright of Kaltura, Inc., with all rights reserved. For opening remarks and introductions, I am now going to turn the call over to Erica L. Mannion at Sapphire Investor Relations. Please go ahead, Erica.

Thank you, operator, and good afternoon. I am joined by Ron Yekutiel, Kaltura, Inc.’s Co-Founder, Chairman, President, and Chief Executive Officer, and Liron Sharon, Executive Vice President of FP&A and Interim Principal Financial Officer. Ron will provide a summary of the results for the fourth quarter ended 12/31/2025, along with a business and strategy update. Liron will then review financial results for the quarter and full year 2025, as well as the company's outlook for the first quarter and full year 2026. We will then open the call for questions. Please note that this call will include forward-looking statements within the meaning of the federal securities laws, including, but not limited to, statements regarding Kaltura, Inc.’s expected future financial results, management's expectations, and plans for the business, including our pending acquisition of PathFactory and upcoming product launches, and our expectations around capabilities and benefits of our AI technologies. These statements are neither promises nor guarantees and involve risks and uncertainties that may cause actual results to differ materially from those discussed here. Important factors that could cause actual results to differ from forward-looking statements can be found in the Risk Factors section of Kaltura, Inc.’s Annual Report on Form 10-K for the year ended 12/31/2024 and other SEC filings, including our Annual Report on Form 10-K for the fiscal year ended 12/31/2025 to be filed with the SEC. Any forward-looking statements made during this conference call, including responses to your questions, are based on current expectations as of today, and Kaltura, Inc. assumes no obligation to update or revise them, whether as a result of new developments or otherwise, except as required by law. Please note, we will be discussing non-GAAP financial measures, adjusted EBITDA and adjusted EBITDA margin, during this call. For a reconciliation of adjusted EBITDA to the most directly comparable GAAP metric, please refer to our earnings release, which is available on our website at investors.kaltura.com. Now I would like to turn the call over to Ron.

Thank you, Erica, and thanks everyone for joining us on the call this afternoon. Today, we reported total revenue of $45,500,000 for Q4 2025, and subscription revenue of $42,700,000. We posted a record adjusted EBITDA of $6,300,000, representing our tenth consecutive quarter of adjusted EBITDA profitability. This brought full-year 2025 adjusted EBITDA to $18,600,000, a 150% year-over-year increase and materially above our original guidance of 100% growth. We are pleased with the continued improvement in our operating efficiency while advancing our long-term strategic positioning. New subscription bookings in the fourth quarter were at the highest level of 2025. We closed two seven-digit and fifteen six-digit new deals across industries including technology, financial services, healthcare, manufacturing, education, and media and telecom. We also closed seven AI-related deals for Content Lab and Genie, reflecting continued customer interest in our automation and personalization capabilities. Gross retention in the fourth quarter was also stronger than in any previous quarter in 2025, and we concluded the year as expected with the highest EENT growth retention level in five years. Our market leadership was once again recognized by tech analysts in the past quarter, this time by Frost & Sullivan in their 2025 Global Enterprise Video Platform Radar research, where they also cited our advanced AI capabilities and early move into agentic AI. In other exciting news, earlier today, we announced that we entered into a definitive agreement to acquire PathFactory. This acquisition remains subject to customary closing conditions. PathFactory is a provider of AI-driven content journey orchestration and conversation automation. The company helps enterprises understand user context and intent and automatically assemble and sequence personalized visual experiences designed to improve engagement and outcomes. PathFactory serves over 100 enterprise customers including global brands such as NVIDIA, Cisco, AVEVA, Palo Alto Networks, and LG. The company was recently recognized as a leader in the Q4 2025 Forrester Wave report on conversation automation solutions for B2B. The report acknowledged PathFactory’s unique approach of leveraging generative AI and content intelligence to help B2B go-to-market teams create personalized self-service B2B buying journeys. The other recognized leaders in this Wave were Qualified, that was recently acquired by Salesforce for over $1,000,000,000, and 6sense, whose last funding round was at a reported valuation of over $5,000,000,000. PathFactory adds an important layer of agentic journey-level intelligence to our platform. While Kaltura, Inc. has long powered rich media creation, management, and experience delivery at enterprise scale, and ESof AI, which we acquired last quarter, enriched our real-time conversational capabilities and content creation with avatars, PathFactory will bring the ability to understand what each user is trying to accomplish and orchestrate the most impactful personalized sequence of content delivery and interaction accordingly. To date, PathFactory’s primary applicability has been in improving B2B top-of-funnel marketing conversion by supporting account-based marketing motions (ABM) with insights, personalized customer microsites, and chat agents. We plan to continue supporting this valuable use case and to gradually expand its applicability to additional B2B and B2C customer experience use cases, including bottom-of-funnel marketing, sales enablement, customer and partner enablement, onboarding and support, as well as employee and learner experiences, such as internal communication, training, and education. Organizations are producing more content, engaging users across more channels, and particularly in the age of agentic AI, are increasingly seeking systems of engagement that move beyond static, one-size-fits-all digital experiences to deliver personalized, contextual, interactive, and conversational experiences at scale. Our expanded platform is well aligned with this shift. With a combination of Kaltura, Inc., ESof, and PathFactory, we do believe we will have in place the required pillars to complete our long-discussed multiyear evolution from a video platform to an agentic visual experience platform that specializes in harnessing AI-powered video and rich media to drive engagement and business outcomes. Within this expanded platform, Kaltura, Inc. provides the video-enriched media foundation—creation, management, governance, and delivery at enterprise scale—including AI-based rich media repurposing, and personalized conversational delivery through Kaltura Genie. ESof added avatar-based content creation and real-time, multimodal, photorealistic conversational interaction with Genie in over 30 languages, including screen and camera comprehension, and PathFactory will boost Genie’s brain by adding to it agentic journey intelligence—understanding user context and intent, and orchestrating personalized engagement paths. Our combined platform therefore evolves beyond serving as the backbone of video experiences to becoming a comprehensive enabler of rich, multimodal, agentic conversational digital experiences that are hyper-personalized, contextual, outcome-oriented, and deeply integrated into enterprise workflows. Following the ESof and contemplated PathFactory acquisitions—two very meaningful steps in our long planned evolution to become a full AI-infused agentic digital experience platform—we intend to formally update our mission statement from powering any video experiences for any organization, to powering rich, agentic digital experiences across organizational journeys for customers, employees, learners, and audiences. PathFactory is a revenue-generating business with a current annual revenue run rate in the teens of millions and a professional team across North America and India. In addition to meaningfully strengthening our strategic evolution into an agentic digital experience platform, we believe there is an immediate opportunity of cross-selling our respective offerings to our customer bases and great value in expanding our enterprise customer footprint and employee talent base in the marketing technology and customer experience domains. Under the terms of the acquisition agreement and subject to customary closing conditions, we expect to acquire PathFactory for approximately $22,000,000 in cash. We believe we have sufficient cash available to execute on our goals and we believe we will continue generating cash in 2026 and beyond. For further details, please refer to today's acquisition press release. Moving to the product front, we announced last week the general availability of our agentic avatars. Since acquiring ESof, we have migrated their code base to Kaltura, Inc.’s enterprise-grade infrastructure and further strengthened its robustness, scalability, and security. We have continued enhancing the core AI models and integrating the conversational avatars with Kaltura’s Genie product, enabling both to operate across our experience products and embeddable video players. This allows interactive, contextual conversations to occur anywhere using text, video snippets, flashcards, and avatars. Throughout 2026, we plan to continue enhancing avatar quality, enriching the generative content that can be presented during conversation, expanding integrations with third-party systems, and strengthening our agentic brain through deeper understanding of user context and intent powered by PathFactory technology. We also announced last week the general availability of our Avatar SDK, which enables ISVs, system integrators, and in-house development groups to leverage our text-to-video and audio-to-video models and connect them to their own RAG pipelines, agentic logic, databases, and enterprise systems. Over the course of the year, we plan to expand the SDK with additional APIs and developer tools. Today, we are pleased to announce the launch of a beta program for our Avatar Video Creation Studio. This solution enables customers to easily create avatar-based and avatar-narrated videos on demand at scale. These prerecorded avatars can also come to life in real time upon request, transforming into an interactive conversational avatar to respond to users’ questions about the recorded video-related topics. Customers can apply for the beta program through our website. We plan to make this offering generally available in the upcoming second quarter. For all three of these new products, we are also developing self-serve versions targeting smaller organizations, departments within larger enterprises, content creators, and individual developers. We believe these versions will also support an expansion of our channel sales. In parallel with the initial commercialization of these offerings, our sales team has been trained on the new go-to-market motions and are already in discussions with various prospective launch partners spanning across a wide array of industries and use cases, including agentic marketing, sales, customer care, field services, training, teaching, internal communications, and recruiting. Since the commercial activity associated with these new offerings did not impact 2025, which we are reporting today, we will share more concrete information about these activities in our next earnings call. As a reminder, we expect to begin recognizing revenue from these products in the second half of the year. In 2026, we believe AI is reshaping the market in ways that structurally favor our platform. AI strengthens each layer of what we do. First, we are deeply embedded in mission-critical enterprise workflows and business processes across marketing, training, compliance, education, communications, and media delivery. These are governed, integrated, and operationally critical environments with high switching costs. AI enhances these workflows by making them more intelligent and automated; it does not replace them. Second, we manage large volumes of rich media assets, metadata, and behavioral engagement data for our customers that carry a high migration cost. With the addition of PathFactory, we expect to further expand our ability to generate insights and understand user context and intent. In the age of AI, longitudinal data and intent intelligence become increasingly valuable assets that enable more precise personalization and orchestration, and that are harder to switch away from and replicate. Third, AI expands how we create and monetize value. Personalized content generation, dynamic journey orchestration, and conversational engagement lend themselves naturally to usage-based and outcome-oriented pricing models, not just seat-based pricing, and platforms that help drive meaningful engagement can benefit from organic growth and high net dollar retention. Fourth, AI is synergistic across all layers of our platform: content creation, content management and intelligence, and agentic experiences. Insights generated in one layer can power new content, new experiences, and new conversations in another. This creates a flywheel effect. Existing data fuels richer experiences and real-time content generation. Those experiences generate new behavioral insights, and those insights further enhance personalization and automation. And finally, because we provide a unified digital experience platform that consolidates multiple use cases and buyers, rather than a single point solution, AI amplifies our platform advantage rather than fragmenting it. In short, we believe AI is a structural tailwind for our strategy and an amplifier of our competitive moat as a provider of rich, personalized, agentic digital experiences at scale. With that foundation in place, let me outline our anticipated growth drivers for the year ahead fueling what, how, and to whom we sell. First, platform expansion. The integration of rich media, conversational AI, and journey orchestration into a unified agentic digital experience platform is positioned to expand our addressable market and strengthens our competitive positioning. We believe we are differentiated by the breadth and depth of our content creation, management, and agentic experience offering; by our API-driven flexibility; by our ability to consolidate multiple use cases on one platform; and by our proven track record of powering complex enterprise-scale deployments. Second, broader applicability. Our expanded platform addresses a significantly wider range of use cases across customers, employees, learners, and audiences. Many of these use cases are more mission-critical and can generate tangible ROI through cost and labor efficiencies and revenue uplift. Examples include performing and supporting tasks and roles of marketers, sellers, customer support representatives, field agents, recruiters, educators, health professionals, and financial advisors. In certain cases, this also expands our reach into industries where we have historically been less active. Third, install base upsell. Our base of over 800 large enterprise customers represents a substantial cross-sell and upsell opportunity. Our new capabilities leverage the deep workflow integration, enterprise trust, and significant content repositories we already manage for these organizations, creating meaningful expansion potential. Fourth, new customer acquisition. Agentic conversational experiences represent a fast-emerging category generating strong market interest. Unlike the more mature video segment where vendor consolidation limited new vendor adoption, this evolving category creates opportunities to engage new prospects. To support these opportunities, we are increasing our outbound go-to-market efforts. Fifth, channel and down-market expansion. Our new content creation and agentic offerings are well suited for self-serve PLG models targeting SMEs, SMBs, enterprise departments, developers, as well as expanded channel partnerships including co-sellers, resellers, OEMs, and marketplace partners. We plan to grow these motions throughout the year. Sixth, PathFactory cross-sell. We believe there are meaningful opportunities to introduce broader Kaltura, Inc. capabilities into PathFactory’s customer base of over 100 enterprises, while also enhancing the value delivered to our existing customers through journey orchestration and intent intelligence. Seventh, competitive landscape. We believe recent consolidation activity in the video market may create additional displacement opportunities, positioning Kaltura, Inc. as a stable, innovation-driven alternative in both the traditional video and emerging agentic engagement categories. Lastly, eighth, while M&T revenue in 2026 is expected to still decline year over year because of last year’s heightened churn, we believe that M&T net bookings will improve this year compared to last, fueled by both lower gross churn and higher new bookings. We believe this will generate sequential quarterly M&T revenue growth in 2027. In summary, 2025 was a year of operational strengthening and strategic transformation. We materially improved our adjusted EBITDA results while working on two strategic acquisitions we believe significantly expand our long-term opportunity. We are entering 2026 with an evolved mission and are excited by the expanded product suite and broader market opportunity across use cases, industries, and customer segments that our two complementary strategic acquisitions will bring to the table. We plan to deepen engagement with existing customers, expand into new accounts, extend our reach down market, and leverage channel partnerships, all while strengthening our competitive positioning in our traditional video market, including regrowing our M&T business. We see 2026 as a transition year; we expect revenue contribution from our new portfolio to begin in the second half of the year with a stronger impact in 2027. We are tapering our adjusted EBITDA profitability and cash flow from operations growth for this year in support of acquisition costs and integration efforts and related growth investments—though both metrics are forecasted to remain in the teens—and in light of higher FX headwinds that are affecting our operating costs. We continue to be committed to carefully balancing growth and profitability to maximize long-term shareholder value. To that end, we are reiterating our goal of achieving double-digit revenue growth in a Rule of 30 profile by 2028 or sooner. Lastly, we continue to progress in our CFO search and succession process and will provide updates as appropriate. In the meantime, our finance organization continues to operate under the strong leadership of our Executive Vice President of Finance and Interim Principal Accounting Officer, Mrs. Claire Rochstein, and our Executive Vice President of FP&A and Interim Principal Financial Officer, Mrs. Liron Sharon. I would like to thank both for their leadership. With that, I will turn it over to Liron to review our financial results in greater detail and discuss our 2026 guidance. Liron?

Thanks, Ron, and hello to everyone on the call today. In the fourth quarter, we exceeded once again the midpoint of our guidance across subscription revenue, total revenue, and adjusted EBITDA, and delivered through disciplined execution a record level of both adjusted EBITDA and non-GAAP net profit. We also posted, as forecasted, a sequential quarterly growth in our new subscription bookings and the highest gross retention level of 2025. Total revenue for the quarter ended 12/31/2025 was $45,500,000, up 4% sequentially, almost flat year over year, and above the midpoint of our guidance range of $45,000,000 to $45,700,000. Subscription revenue was $42,700,000, up 2% sequentially, down 2% year over year, and above the high end of our guidance range of $41,600,000 to $42,300,000. Professional services revenue was $2,900,000 for the quarter, up 31% year over year and consistent with our previously forecasted increase. On a segment basis, EENT total revenue increased 4% year over year in the fourth quarter, while M&T total revenue declined 12% year over year due to the elevated churn experienced earlier in the year as discussed on prior calls. GAAP gross profit for the fourth quarter was $33,000,000, up 7% sequentially and 2% year over year. Gross margin was 72% compared to 71% in Q4 2024. Subscription gross margin was 78%, up from 77% in Q4 2024. Total operating expenses for the quarter were $32,100,000, compared to $36,100,000 in 2024, representing an 11% year-over-year reduction. Adjusted EBITDA for the quarter was a record $6,300,000, above the high end of our guidance range of $4,200,000 to $5,200,000. This represents a year-over-year increase of $3,600,000 compared to $2,700,000 in 2024, effectively more than doubling our adjusted EBITDA results year over year. GAAP net loss for the quarter was $600,000, or $0.00 per diluted share, representing a $6,000,000 year-over-year improvement. Non-GAAP net profit for the quarter was a record $5,200,000, or $0.03 per diluted share, representing an improvement of $4,900,000 year over year. Remaining performance obligation, or RPO, were $166,300,000, representing a 4% sequential increase and a 6% year-over-year decrease. We expect to recognize 64% of this amount as revenue over the next twelve months. Historical comparison RPO figures have been adjusted as discussed in our previous earnings call. Annualized recurring revenue in the fourth quarter was $168,200,000, down 3% year over year. Net dollar retention was 97%, unchanged sequentially and compared to 103% in the same quarter last year. For the full year ended 12/31/2025, total revenue was $180,900,000, up 1% year over year. Subscription revenue was $171,900,000, up 3% year over year. Professional services revenue was $8,900,000, down 19% year over year, consistent with the expected trends we discussed on the previous earnings calls. On a segment basis, EENT total revenue increased 4% year over year, while M&T total revenue declined 7% due to elevated churn as previously discussed. Net dollar retention for 2025 was 100%, consistent with 2024 levels. While flat overall, this reflects improved net retention in EENT offset by lower net retention in M&T. GAAP gross profit for 2025 was $127,700,000, up 7% year over year, representing a gross margin of 71%, up from 67% in 2024. Subscription gross margin improved to 77%, up from 75% in 2024. Adjusted EBITDA for 2025 was a record $18,600,000, representing more than 150% year-over-year growth compared to $7,300,000 in 2024. This performance, together with our improved expenses discipline and margin profile, reflects our continued focus on operating efficiency. GAAP net loss for 2025 was $12,100,000, or $0.08 per diluted share, an improvement of $19,200,000 compared to a net loss of $31,300,000, or $0.21 per diluted share, in 2024. For the full year 2025, non-GAAP net profit was a record $11,500,000, or $0.07 per diluted share, reflecting a $16,200,000 improvement from a non-GAAP net loss of $4,700,000, or $0.03 per diluted share, in 2024. Moving to the balance sheet and cash flow, we ended the fourth quarter with $62,800,000 in cash and marketable securities. Net cash provided by operating activities was $3,600,000 in the quarter, compared to $4,300,000 in Q4 2024. For the full year 2025, net cash provided by operating activities was $14,500,000 compared to $12,200,000 in 2024. I will now turn to our outlook for Q1 2026 and for the full fiscal year ending 12/31/2026. For Q1 2026, we expect subscription revenue between $41,200,000 and $42,000,000, total revenue between $42,600,000 and $43,400,000, and adjusted EBITDA between $2,300,000 and $3,300,000. We expect a similar seasonal level of negative cash flow from operations as in the first quarter of last year. Our Q1 guidance incorporates a short-term EENT revenue headwind due to a large customer that shifted priority and budget from conducting large virtual events to many smaller ones, which are planned to be conducted with us later in the year. The guidance also incorporates a first-quarter year-over-year M&T revenue decline in the mid to high teens due to the aggregate effect of last year’s higher churn. We expect an improvement in the following quarters. For the full year 2026, we expect subscription revenue between $172,500,000 and $175,500,000, and total revenue between $181,200,000 and $184,200,000. We are expecting subscription and total revenue to pick up gradually throughout the year. We expect EENT to post a higher year-over-year growth rate compared to 2025, fueled by contribution from the PathFactory customer base and from our new product portfolio, which we expect would affect 2026. That said, given the early stage of our new product commercialization, we have thoughtfully assumed that the more meaningful growth acceleration from them will occur in 2027. We expect to still post M&T year-over-year revenue declines this year due to the elevated churn in 2025, but forecast to achieve both higher M&T new bookings and retention this year, which, as Ron mentioned, is expected to regenerate sequential quarterly M&T revenue growth in 2027. As for our bottom-line figures this year, our 2026 adjusted EBITDA guidance and cash flow from operations forecast thoughtfully incorporate the expected impact of the PathFactory acquisition and related integration and investment and our continued commitment to carefully balance growth and profitability to maximize long-term shareholder value. It also incorporates increased FX headwinds affecting operating costs. Accordingly, we are providing the same annual adjusted EBITDA guidance range that we originally provided for 2025, which is between $12,700,000 and $14,700,000. We also forecast that we will generate low double-digit cash flow from operations this year, with most of it generated in the second half of the year, consistent with historical trends. As Ron mentioned, we remain committed to achieving a Rule of 30 combination between double-digit revenue growth and adjusted EBITDA margin by 2028 or sooner. With that, we will open the call for questions. Operator?

Thank you. We will now be conducting a question-and-answer session. You may press 2 if you would like to move your question from the queue. One moment please while we poll for questions. Our first question is coming from Matt Cavanagh from Needham & Company. Your line is now live.

Hi. Thanks for the question, and congratulations on today’s results and announcements. Starting out with the PathFactory acquisition, could you expand a little bit about the sales synergy and cross-selling abilities you might expect to see now with both ESof and PathFactory under the platform, along with the core Kaltura, Inc. products?

Yeah, 100%. Love to do that, and thank you everybody for joining. So let us talk about PathFactory and the reasons for the acquisition. So we have been communicating to the market all along the need to evolve from video into a full CX, EX, DX digital experience platform, where the market is bigger, the growth is faster, the multiples are higher. And we believe that the advent of AI is enabling that. The ability to create real-time videos and to turn that into avatars, conversational videos, enables us to close the flywheel effect—create content on the fly, manage it on the fly, engage people on the fly, and move from static experiences into dynamic, engaging experiences. So that was the impetus of the general move, and we have brought in ESof to double down the ability to create these agents, immersive agents. As we have said, they have added the eyes and ears and mouth to our Genie and then, of course, the face. So why did we move on and do this additional move into PathFactory? PathFactory, from a product perspective, adds a few things. They add content intelligence, understanding the content itself; then they are enabling us to add multiple assets and not just video assets. So we can go beyond video—talk about documents and files—and connect it to third-party CRMs, marketing automation platforms, DAMs, etc. Very importantly, they have user analysis, user intent, user understanding. We—our system—had been basically a content management system for video; now we have a user understanding. And that is key because we need to serve the right content to the right people at the right time in the right context. And so what they are able to do is to provide orchestration for user journeys. Right now, they have been identified as one of the top providers in this space. I will say about it a few things. They have been working mainly on top-of-the-funnel B2B marketing. But we are going to take it to the bottom of the funnel to address SDRs like Qualified is, and other CX customer experiences like customer and partner onboarding, training, customer care; later take the same technology to deliver paths for learning and internal use. And so right now, they are also able not just to provide the orchestration, but pipeline and revenue attribution, and they are also connected to their own applications that they have developed for chat-based interfaces and stuff of that nature. So that enables us—before I talk about how and what we are going to sell—to appreciate that we are entering deeper into a market of conversation automation solutions in the B2B front, but later across the board. Forrester, in their Q4 2025 report, identified them as leaders alongside Qualified, that was just acquired for $1,500,000,000 by Salesforce, of course, and 6sense, whose last valuation from a long time ago had been at $5,000,000,000. So they are in a good neighborhood, and this strengthens our position in that market. That is a big market. I would assume twice the size—or doubling the size—of our current market. And also, based on our analysis, growing very fast unlike the traditional video market. It is an interesting market. And that adds up to another element before I answer the specific question about sales. We have just gone deeper into the ability to add brains to our agents, not just, quote unquote, good looks, so that they can deliver the right content at the right time while you are teaching, learning, marketing, selling, etc. We have done that at the same time that we have just launched our VOD avatar that takes us deeper into content creation, aligned with companies like Synthesia that are also reportedly valued at $4,000,000,000. So I think that movement—just content management and video experiences—towards content creation and towards real-time conversational technology with brains and agentic logic behind it turns us into the full digital experience platform that we have been waiting to turn. To the question of cross-sell and upsell, maybe that now becomes clear through my statement here. So first, they themselves have about 400 customers, of which 100 are large enterprises like Cisco, NVIDIA, MetLife, LG. About 10 of them only are overlapping from the big guys. That means there are a lot of folks that are not. We have had great calls with a bunch of them, and they have expressed a lot of excitement about this combination. They understand the synergy. There are, to their statements, even active RFPs running for avatars. They have been talking to us about the opportunity to displace other video vendors, because you would want to have a full end-to-end connection in the new agentic world between the medium that is engaging and the logic that is used towards that medium and the actual conversation technology. So it all comes very much together. So now, again, later we could talk more about guidance. I have been careful assuming when and if and how we start making a lot of money here from this synergy. But we do believe that, a) we could take this and sort it into our products, get a significant bump in value and revenue within a combined product, and b) that we could very well go back to their customers and sell them and support them with the Kaltura, Inc. product. Let me know if you have any more specific questions about the cross-sell/upsell opportunities.

That is great, Ron. Thank you so much. Just, yeah, touching on what you have mentioned at the end there, on your 2026 outlook, could you talk a little bit more about the puts and takes that went into the assumptions there?

Yeah. Happy to do that. Yeah. From a top line, bottom line, both.

Yes. That would be great.

Thank you. Okay. So look.

For generally speaking, we are looking at a year in which we expect gross retention to be better because we all knew media and telecom in the past year was not good. By the way, EENT was fine. But if we improve M&T, the gross retention is going to get better. Bookings, we believe, will pull up. Again, we are hoping for this to be as early as possible, but we are assuming it is going to be mostly in the second half of the year, in line with both PathFactory synergies as well as with our own product releases. And while we have just started putting them out, we have some good pilots and excitement and interest, which we will share more about. We did say last time—we are seeing yet again now—we expect that to start pulling up more in the second half of the year. When you think about the revenue guidance that we have set, we are guiding at a similar kind of level that was expected, but we are hopefully coming at it very carefully given the amount of changes that are happening so early in the year—following one acquisition, creating another one, yet to see exactly when it will close, hopefully quickly—and so we want to make sure that we are able to achieve the numbers that we were discussing. And I think at the end of the day, to your question about the pluses and minuses, I think that we are still seeing some of the headwinds come from M&T’s last year performance that are going to cause double-digit decline this year because of the delay between net bookings in M&T and how they impact revenue. We did say we expect this year for net bookings to start pulling up, for that to affect sequential growth in 2027. But for 2026, it is a headwind on the revenue side. And then from core EENT, again, there is some growth, but most of it is pegged towards the new stuff, and that is going to come in the second half. And lastly, PathFactory—as mentioned, their run rate is in the teens—and we know when they are going to come in: in the middle of the year or in the second quarter, or early or later in the second quarter. So we have to be careful in our assumptions. We do assume it is in the second quarter, maybe earlier within that quarter, we will see. But given that, we have put a certain amount that we feel comfortable should be reasonable, and that is what brought it all together. So that is for the top line. I will say from a bottom line—just to remind all of us—last time after the acquisition of ESof, we reduced what we had planned. So even going before, we have increased dramatically our adjusted EBITDA year—more than 150% growth—much more than we said; we said we were going to double, we delivered on it. Originally, we said we were going to continue to pull it up, but that was before we decided to go and do these two acquisitions and go for the bigger market, bigger opportunity. Again, we could stick along and have a bit more profit and not put the engine in place to be able to become an exciting company again. Or we could do the moves that we have just done now over the last couple of acquisitions to take us there. We have tapered down the expectations. The last time we reduced it to somewhere around, we said, look, it is a function of a few things. It is both the ESof acquisition costs and investments. It is the lower M&T results. It is the higher FX because of the Israeli shekel. And now we have come to do another readjustment. And once again, we are looking at the PathFactory integration investment and additional FX cushion that continued to go the other way on the Israeli shekel. So between all of them, we have come with the exact same guidance we did last year. To remind you, we started with that guidance and ended up far higher. Maybe that will happen this year, maybe not. We would like to stick to our guidance and see where things go. There is still a question on the revenue. There is a question on the cost. There is integration of companies. We believe we have been thoughtful, and we do hope to be able to over-deliver, but let us wait and see where we get to. And, ultimately, to the extent that there will be any upside on the bottom line, it could be driven by the top side with a higher revenue, because there are a lot of things that are pulling the revenue, as I noted earlier. But also maybe better FX. Let us wait and see. So that is my two cents about both top and bottom line.

Very perfect. Thank you. And just lastly from me, could you share an updated view on how you are seeing the competitive landscape and how these recent acquisitions are further differentiating Kaltura, Inc. from your competitors?

We are moving—gradually moving and expanding, I would not say moving because we are both in the other market and the new market—into a larger and more exciting market. So let me be clear. In the world of pure video experiences, we had another research done in Q4 that had put us throughout the far-right corner as the best product in its case. We also think that the recent consolidation that has taken place in our traditional market would enable us to be even better competitively positioned, let alone with the rest of what we just said now. When we talk to our own customers, there is a lot of synergy with the new products that we offer now that our existing video vendors—competitors—do not, around the agentic experiences but also around content creation. And therefore, we think that given both their consolidation as well as the improved amount of offerings that we have, we could do better within our classic core market in selling more of our current product and adding—or not adding—some of these new things. But I think the bigger point here is that we are now gradually moving to the point that we are not a video technology company. We offer agentic digital experiences in real time that are able to deliver conversational agents that are performing tasks that otherwise just humans would do. And, again, I do not think they are going to replace them. I think they are going to augment them. I think they are going to boost them. I think they are going to support them. This is something completely different. Now, when we reach out to our own customers, there is a lot of excitement—much more than previously—because video had been relatively similar in recent years, and this is at the hype level of, “Oh my God, I want to use this.” So this is exciting. And plus, this is a ticket for us to get to a lot more new logos. In recent years, it has been harder in our industry because people have kept to their own vendors even if there was a better solution. This opens the door for a completely different conversation and one that is synergistic and complementary. So in short, I think that, a) we are going to be better positioned to compete with our existing, quote unquote, competitors, but also, b) we are expanding to now be in the same neighborhood the bigger companies that are valued higher, that are in faster-growing markets, are in, and I mentioned Qualified. You can look at PathFactory—it is put on the same report as they are, right by them, as a leader. And you could also look, like I said, at Synthesia. I am not suggesting that one-to-one we have the same product set, that we are going to do the same growth, that we have the same revenue, but when you look at the products we just released and the ones that are just now in beta, and appreciate our advantages in entering that market, then you would appreciate that we have not only the ability to create avatar-based videos, but they can come to life and become conversational. That is new. They are connected to our platform so that you can connect that to any other video experience and content management—that is the opposite direction that companies like Synthesia are working hard to do. So that is powerful. We have our existing 800 enterprise customers to upsell this to. And so there are a lot of things that are helping us come from a place that has been relatively flattish to something that we believe—and we hope, and again, we have been very thoughtful and careful and will continue to be—could potentially gradually increase our growth, and that is the strategy.

That sounds great. Well, thank you so much, Ron. That is it for me.

Thank you so much, Matt.

Thank you. We have reached the end of our question-and-answer session. I would like to turn the floor back over for any further or closing comments.

So thank you all for joining today. First, start of a fresh year, thank you all for your continued support and trust, and I wish upon all of us a great fiscal year and a great year altogether filled with financial success, but also some more peace, hopefully around us and around the world. I am looking forward to following up with each of you that wants to reach out. Have a beautiful day. Take care. Bye-bye.