<p>Kaltura, Inc. ((KLTR)) 已召开其第一季度财报电话会议。请继续阅读会议的主要亮点。</p>
<h3>在 TipRanks 上享受 55% 的折扣</h3>
<ul>
<li>解锁对冲基金级别的数据和强大的投资工具，以做出更聪明、更精准的决策</li>
<li>发现表现优异的股票投资理念，并升级到市场领先者的投资组合，使用智能投资者精选</li>
</ul>
<p>Kaltura 最新的财报电话会议描绘了一个谨慎乐观的前景，管理层强调了超出预期的盈利能力和现金生成，同时承认了持续的收入压力和客户流失。高管们对新 AI 产品和收购持建设性态度，但对媒体、电信和客户留存指标的逆风给予了清晰的认识，调低了乐观情绪。</p>
<h2>在关键指标上超出指导</h2>
<p>Kaltura 在本季度超出了自身目标，交付总收入 4460 万美元，超过了指导的高端，同时订阅收入为 4320 万美元。调整后的 EBITDA 达到 570 万美元，也高于指导范围，尽管面临需求背景的挑战和某些细分市场的疲软，仍显示出严格的执行力。</p>
<h2>盈利能力和利润率改善</h2>
<p>盈利能力朝着正确的方向发展，调整后的 EBITDA 同比增长 37% 至 570 万美元，利润率提高至 13%，上升了 400 个基点。GAAP 毛利率上升至 72%，改善了 200 个基点，而订阅毛利率保持在稳健的 77%，反映出核心 SaaS 模型的韧性。</p>
<h2>首次实现正的第一季度经营现金流</h2>
<p>Kaltura 首次在第一季度实现正的经营现金流，录得 70 万美元，而去年同期为 100 万美元的流出。这一表现帮助现金余额提升至 6180 万美元，增强了公司的流动性，并提供了更多灵活性以投资于增长计划和整合工作。</p>
<h2>产品和 AI 动力</h2>
<p>管理层强调了 AI 和视频创新的增长势头，将其对话式头像技术和头像视频制作工作室从测试版推向正式发布。公司还扩展了其内容实验室和 Genie 产品，并获得了其 AI 管理系统的 ISO 认证，旨在在合规性和企业级能力上实现差异化。</p>
<h2>战略收购和整合进展</h2>
<p>Kaltura 继续依靠并购来扩展其平台，在四月初完成了对 PathFactory 的收购，并推进了 eSelf.ai 和 PathFactory 的整合。高管们提到早期的联合市场活动和令人鼓舞的初步客户互动，表明交叉销售和追加销售的机会可能逐渐支持增长和产品深度。</p>
<h2>健康的交易质量和新客户</h2>
<p>尽管顶线增长乏力，但交易质量似乎强劲，新订阅订单中包括一份七位数合同和 14 份六位数交易。新客户的赢得涵盖了全球内容交付网络、领先的医疗系统、两所美国大学和一家主要的亚太广播公司，以及三项与 AI 相关的新交易，突显了对公司新能力日益增长的兴趣。</p>
<h2>上调并收窄全年指导</h2>
<p>反映出信心的提升，管理层上调并收窄了全年展望，现在目标是订阅收入增长 1% 至 3%，达到 1.745 亿至 1.767 亿美元。预计总收入将增长 1% 至 2%，达到 1.826 亿至 1.848 亿美元，调整后的 EBITDA 预计在 1380 万至 1520 万美元之间，随着盈利能力的持续提升。</p>
<h2>同比收入下降</h2>
<p>尽管上调了指导，当前的结果显示出压力，总收入同比下降 5% 至 4460 万美元，环比下降 2%。订阅收入也同比下降 4% 至 4320 万美元，尽管环比增长 1%，这表明有初步稳定的迹象，但尚未出现明确的增长拐点。</p>
<h2>年度经常性收入和留存压力</h2>
<p>年度经常性收入为 1.688 亿美元，同比下降 3%，环比持平，突显了流失和扩张放缓的拖累。净美元留存率下降至 95%，较去年同期的 107% 大幅下降，管理层指出，媒体和电信客户的高流失率的滞后影响是一个主要挑战。</p>
<h2>媒体与电信部门的疲软</h2>
<p>媒体和电信部门仍然是一个痛点，总收入为 1050 万美元，同比下降 17%，订阅收入下降 16%。高管们警告称，由于 2025 年已经发生的流失，这一部门可能在 2026 年继续下降，这意味着投资者应预期来自这一传统领域的持续压力。</p>
<h2>专业服务的故意下降</h2>
<p>专业服务收入降至 140 万美元，环比下降 50%，同比下降 31%，因为公司有意减少低利润工作的比例。尽管这一举措对短期服务收入造成压力，但旨在将收入结构更倾向于经常性订阅收入，并随着时间的推移改善利润质量。</p>
<h2>GAAP 净亏损和收购成本</h2>
<p>在 GAAP 基础上，净亏损扩大至 380 万美元，或每股稀释后 0.03 美元，而去年同期为 110 万美元的亏损，尽管调整后的指标有所改善。更深的亏损反映了 380 万美元的非现金股票补偿和约 190 万美元的与公司扩张和整合计划相关的收购及战略举措费用。</p>
<h2>温和的短期盈利能力指导</h2>
<p>短期盈利能力指导较为温和，第二季度调整后的 EBITDA 预计在 200 万至 300 万美元之间，显著低于第一季度实现的 570 万美元。管理层指出，预计季度间的波动性，以及全年仅有 1% 至 3% 的温和收入增长，强调了向更快、可持续增长转型将需要时间。</p>
<h2>来自外汇和整合成本的逆风</h2>
<p>公司还指出，eSelf 收购、PathFactory 整合以及持续的外汇压力带来的增量运营成本对业绩造成了拖累。这些因素预计将在短期内对运营费用施加压力，即使管理层认为这些投资对于释放未来跨平台协同效应和基于人工智能的机会是必要的。</p>
<h2>前景与展望指引</h2>
<p>Kaltura 更新的展望预计第二季度订阅收入为 4330 万美元至 4410 万美元，同比增长 2% 至 4%，总收入为 4520 万美元至 4600 万美元，同比增长 2% 至 3%。管理层预计 2026 年整体将逐步加速，并预计新产品收入将在下半年开始贡献，预计在 2027 年将产生更显著的影响。</p>
<p>Kaltura 的财报电话会议提供了鼓舞人心的运营进展与持续的收入挑战的结合，投资者将密切关注。利润率提升、积极的现金流和基于人工智能的产品进展指向更健康的基础，但增长乏力、客户留存率下降以及媒体电信的压力意味着公司在明确的增长重新加速故事形成之前仍需付出努力。</p>

KLTR

<p>Kaltura, Inc. 发布了其第一季度财报，强调了盈利能力的改善，调整后的 EBITDA 增长了 37%，达到 570 万美元，尽管收入同比下降了 5%，降至 4460 万美元。该公司在第一季度首次实现了正的经营现金流，达到 70 万美元。Kaltura 将全年的订阅收入增长指引上调至 1-3%，同时承认媒体和电信领域面临挑战，收入大幅下降。尽管客户流失和留存问题仍在持续，该公司正专注于人工智能创新和战略收购以推动未来增长</p>

<p>Kaltura, Inc. ((KLTR)) has held its Q1 earnings call. Read on for the main highlights of the call.</p>
<div class="lb-trans"><p>Kaltura, Inc. ((KLTR)) 已召开其第一季度财报电话会议。请继续阅读会议的主要亮点。</p>
</div><h3>Claim 55% Off TipRanks</h3>
<div class="lb-trans"><h3>在 TipRanks 上享受 55% 的折扣</h3>
</div><ul>
<li>Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions</li>
<li>Discover top-performing stock ideas and upgrade to a portfolio of market leaders with Smart Investor Picks</li>
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<div class="lb-trans"><ul>
<li>解锁对冲基金级别的数据和强大的投资工具，以做出更聪明、更精准的决策</li>
<li>发现表现优异的股票投资理念，并升级到市场领先者的投资组合，使用智能投资者精选</li>
</ul>
</div><p>Kaltura’s latest earnings call painted a cautiously upbeat picture, as management highlighted better‑than‑expected profitability and cash generation while acknowledging ongoing revenue pressure and customer churn. Executives struck a constructive tone around new AI products and acquisitions, but tempered enthusiasm with modest growth forecasts and clear recognition of headwinds in media, telecom and retention metrics.</p>
<div class="lb-trans"><p>Kaltura 最新的财报电话会议描绘了一个谨慎乐观的前景，管理层强调了超出预期的盈利能力和现金生成，同时承认了持续的收入压力和客户流失。高管们对新 AI 产品和收购持建设性态度，但对媒体、电信和客户留存指标的逆风给予了清晰的认识，调低了乐观情绪。</p>
</div><h2>Beat Guidance Across Key Metrics</h2>
<div class="lb-trans"><h2>在关键指标上超出指导</h2>
</div><p>Kaltura outperformed its own targets in the quarter, delivering total revenue of $44.6 million, surpassing the high end of guidance alongside subscription revenue of $43.2 million. Adjusted EBITDA reached $5.7 million, also above the guided range, underscoring disciplined execution despite a challenging demand backdrop and softness in certain segments.</p>
<div class="lb-trans"><p>Kaltura 在本季度超出了自身目标，交付总收入 4460 万美元，超过了指导的高端，同时订阅收入为 4320 万美元。调整后的 EBITDA 达到 570 万美元，也高于指导范围，尽管面临需求背景的挑战和某些细分市场的疲软，仍显示出严格的执行力。</p>
</div><h2>Improved Profitability and Margins</h2>
<div class="lb-trans"><h2>盈利能力和利润率改善</h2>
</div><p>Profitability moved in the right direction, with adjusted EBITDA climbing 37% year over year to $5.7 million and margin improving to 13%, up 400 basis points. GAAP gross margin advanced to 72%, an improvement of 200 basis points, while subscription gross margin held steady at a solid 77%, reflecting a resilient core SaaS model.</p>
<div class="lb-trans"><p>盈利能力朝着正确的方向发展，调整后的 EBITDA 同比增长 37% 至 570 万美元，利润率提高至 13%，上升了 400 个基点。GAAP 毛利率上升至 72%，改善了 200 个基点，而订阅毛利率保持在稳健的 77%，反映出核心 SaaS 模型的韧性。</p>
</div><h2>First-Ever Positive Q1 Operating Cash Flow</h2>
<div class="lb-trans"><h2>首次实现正的第一季度经营现金流</h2>
</div><p>For the first time, Kaltura generated positive operating cash flow in a first quarter, posting $0.7 million versus an outflow of $1.0 million a year ago. That performance helped lift the cash balance to $61.8 million, reinforcing the company’s liquidity and offering more flexibility to invest in growth initiatives and integration efforts.</p>
<div class="lb-trans"><p>Kaltura 首次在第一季度实现正的经营现金流，录得 70 万美元，而去年同期为 100 万美元的流出。这一表现帮助现金余额提升至 6180 万美元，增强了公司的流动性，并提供了更多灵活性以投资于增长计划和整合工作。</p>
</div><h2>Product and AI Momentum</h2>
<div class="lb-trans"><h2>产品和 AI 动力</h2>
</div><p>Management emphasized growing traction in AI and video innovation, moving its conversational Avatar technology and Avatar Video Production Studio from beta to general availability. The company also expanded its Content Lab and Genie offerings and secured ISO certification for its AI management systems, aiming to differentiate on compliance and enterprise‑grade capabilities.</p>
<div class="lb-trans"><p>管理层强调了 AI 和视频创新的增长势头，将其对话式头像技术和头像视频制作工作室从测试版推向正式发布。公司还扩展了其内容实验室和 Genie 产品，并获得了其 AI 管理系统的 ISO 认证，旨在在合规性和企业级能力上实现差异化。</p>
</div><h2>Strategic Acquisitions and Integration Progress</h2>
<div class="lb-trans"><h2>战略收购和整合进展</h2>
</div><p>Kaltura continued to lean on M&amp;A to build out its platform, closing the PathFactory acquisition at the start of April and advancing integration of both eSelf.ai and PathFactory. Executives cited early joint go‑to‑market activity and encouraging initial customer engagements, suggesting that cross‑sell and upsell opportunities could gradually support growth and product depth.</p>
<div class="lb-trans"><p>Kaltura 继续依靠并购来扩展其平台，在四月初完成了对 PathFactory 的收购，并推进了 eSelf.ai 和 PathFactory 的整合。高管们提到早期的联合市场活动和令人鼓舞的初步客户互动，表明交叉销售和追加销售的机会可能逐渐支持增长和产品深度。</p>
</div><h2>Healthy Deal Quality and New Wins</h2>
<div class="lb-trans"><h2>健康的交易质量和新客户</h2>
</div><p>While top‑line growth is muted, deal quality appeared strong, with new subscription bookings including one seven‑digit contract and 14 six‑digit deals. New customer wins spanned a global content‑delivery network, a leading health system, two U.S. universities and a major Asia‑Pacific broadcaster, alongside three new AI‑related deals that highlight growing interest in the company’s newer capabilities.</p>
<div class="lb-trans"><p>尽管顶线增长乏力，但交易质量似乎强劲，新订阅订单中包括一份七位数合同和 14 份六位数交易。新客户的赢得涵盖了全球内容交付网络、领先的医疗系统、两所美国大学和一家主要的亚太广播公司，以及三项与 AI 相关的新交易，突显了对公司新能力日益增长的兴趣。</p>
</div><h2>Raised and Narrowed Full-Year Guidance</h2>
<div class="lb-trans"><h2>上调并收窄全年指导</h2>
</div><p>Reflecting improved confidence, management raised and tightened its full‑year outlook, now targeting subscription revenue growth of 1% to 3% to between $174.5 million and $176.7 million. Total revenue is projected to rise 1% to 2% to $182.6 million to $184.8 million, with adjusted EBITDA expected between $13.8 million and $15.2 million as profitability continues to build.</p>
<div class="lb-trans"><p>反映出信心的提升，管理层上调并收窄了全年展望，现在目标是订阅收入增长 1% 至 3%，达到 1.745 亿至 1.767 亿美元。预计总收入将增长 1% 至 2%，达到 1.826 亿至 1.848 亿美元，调整后的 EBITDA 预计在 1380 万至 1520 万美元之间，随着盈利能力的持续提升。</p>
</div><h2>Year-over-Year Revenue Decline</h2>
<div class="lb-trans"><h2>同比收入下降</h2>
</div><p>Despite the guidance raise, current results show pressure, as total revenue fell 5% year over year to $44.6 million and slipped 2% sequentially. Subscription revenue also declined 4% from a year ago to $43.2 million, though it grew 1% from the prior quarter, signaling a tentative stabilization but not yet a clear growth inflection.</p>
<div class="lb-trans"><p>尽管上调了指导，当前的结果显示出压力，总收入同比下降 5% 至 4460 万美元，环比下降 2%。订阅收入也同比下降 4% 至 4320 万美元，尽管环比增长 1%，这表明有初步稳定的迹象，但尚未出现明确的增长拐点。</p>
</div><h2>ARR and Retention Pressure</h2>
<div class="lb-trans"><h2>年度经常性收入和留存压力</h2>
</div><p>Annualized recurring revenue stood at $168.8 million, down 3% versus last year and flat sequentially, highlighting the drag from churn and slower expansion. Net dollar retention weakened to 95%, down sharply from 107% a year ago, with management pointing to the lagging impact of elevated churn in media and telecom customers as a key challenge.</p>
<div class="lb-trans"><p>年度经常性收入为 1.688 亿美元，同比下降 3%，环比持平，突显了流失和扩张放缓的拖累。净美元留存率下降至 95%，较去年同期的 107% 大幅下降，管理层指出，媒体和电信客户的高流失率的滞后影响是一个主要挑战。</p>
</div><h2>Media &amp; Telecom Segment Weakness</h2>
<div class="lb-trans"><h2>媒体与电信部门的疲软</h2>
</div><p>The media and telecom segment remains a sore spot, with total revenue of $10.5 million down 17% year over year and subscription revenue off 16%. Executives warned that this segment is likely to keep declining in 2026 due to churn that already occurred in 2025, meaning investors should expect ongoing pressure from this legacy vertical.</p>
<div class="lb-trans"><p>媒体和电信部门仍然是一个痛点，总收入为 1050 万美元，同比下降 17%，订阅收入下降 16%。高管们警告称，由于 2025 年已经发生的流失，这一部门可能在 2026 年继续下降，这意味着投资者应预期来自这一传统领域的持续压力。</p>
</div><h2>Deliberate Decline in Professional Services</h2>
<div class="lb-trans"><h2>专业服务的故意下降</h2>
</div><p>Professional services revenue dropped to $1.4 million, a steep 50% sequential decline and 31% year‑over‑year fall, as the company intentionally shifts away from lower‑margin work. While this move weighs on near‑term services revenue, it is designed to tilt the mix more toward recurring subscription income and improve margin quality over time.</p>
<div class="lb-trans"><p>专业服务收入降至 140 万美元，环比下降 50%，同比下降 31%，因为公司有意减少低利润工作的比例。尽管这一举措对短期服务收入造成压力，但旨在将收入结构更倾向于经常性订阅收入，并随着时间的推移改善利润质量。</p>
</div><h2>GAAP Net Loss and Acquisition Costs</h2>
<div class="lb-trans"><h2>GAAP 净亏损和收购成本</h2>
</div><p>On a GAAP basis, net loss widened to $3.8 million, or $0.03 per diluted share, compared with a $1.1 million loss a year earlier, even as adjusted metrics improved. The deeper loss reflects noncash stock‑based compensation of $3.8 million and roughly $1.9 million of acquisition and strategic initiative expenses tied to the company’s expansion and integration agenda.</p>
<div class="lb-trans"><p>在 GAAP 基础上，净亏损扩大至 380 万美元，或每股稀释后 0.03 美元，而去年同期为 110 万美元的亏损，尽管调整后的指标有所改善。更深的亏损反映了 380 万美元的非现金股票补偿和约 190 万美元的与公司扩张和整合计划相关的收购及战略举措费用。</p>
</div><h2>Modest Near-Term Profitability Guidance</h2>
<div class="lb-trans"><h2>温和的短期盈利能力指导</h2>
</div><p>Near‑term profitability guidance was more subdued, with Q2 adjusted EBITDA projected at $2 million to $3 million, notably below the strong $5.7 million achieved in Q1. Management flagged expected quarter‑to‑quarter variability and only modest full‑year revenue growth of 1% to 3%, underscoring that the transition to faster, sustainable growth will take time.</p>
<div class="lb-trans"><p>短期盈利能力指导较为温和，第二季度调整后的 EBITDA 预计在 200 万至 300 万美元之间，显著低于第一季度实现的 570 万美元。管理层指出，预计季度间的波动性，以及全年仅有 1% 至 3% 的温和收入增长，强调了向更快、可持续增长转型将需要时间。</p>
</div><h2>Headwinds from FX and Integration Costs</h2>
<div class="lb-trans"><h2>来自外汇和整合成本的逆风</h2>
</div><p>The company also pointed to incremental operating costs from the eSelf acquisition, PathFactory integration and ongoing foreign‑exchange headwinds as drags on results. These factors are expected to pressure operating expenses in the near term, even as management argues that the investments are necessary to unlock future cross‑platform synergies and AI‑driven opportunities.</p>
<div class="lb-trans"><p>公司还指出，eSelf 收购、PathFactory 整合以及持续的外汇压力带来的增量运营成本对业绩造成了拖累。这些因素预计将在短期内对运营费用施加压力，即使管理层认为这些投资对于释放未来跨平台协同效应和基于人工智能的机会是必要的。</p>
</div><h2>Outlook and Forward-Looking Guidance</h2>
<div class="lb-trans"><h2>前景与展望指引</h2>
</div><p>Kaltura’s updated outlook calls for Q2 subscription revenue of $43.3 million to $44.1 million, up 2% to 4% year on year, and total revenue of $45.2 million to $46.0 million, up 2% to 3%. For 2026 as a whole, management expects gradual acceleration through the year and sees new product revenue beginning to contribute in the second half, with more meaningful impact anticipated in 2027.</p>
<div class="lb-trans"><p>Kaltura 更新的展望预计第二季度订阅收入为 4330 万美元至 4410 万美元，同比增长 2% 至 4%，总收入为 4520 万美元至 4600 万美元，同比增长 2% 至 3%。管理层预计 2026 年整体将逐步加速，并预计新产品收入将在下半年开始贡献，预计在 2027 年将产生更显著的影响。</p>
</div><p>Kaltura’s earnings call offered a blend of encouraging operational progress and lingering top‑line challenges that investors will watch closely. Margin gains, positive cash flow and AI‑driven product advances point to a healthier foundation, but subdued growth, weaker retention and media‑telecom headwinds mean the company still has work to do before a clear growth reacceleration story takes hold.</p>
<div class="lb-trans"><p>Kaltura 的财报电话会议提供了鼓舞人心的运营进展与持续的收入挑战的结合，投资者将密切关注。利润率提升、积极的现金流和基于人工智能的产品进展指向更健康的基础，但增长乏力、客户留存率下降以及媒体电信的压力意味着公司在明确的增长重新加速故事形成之前仍需付出努力。</p>
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Kaltura 财报电话会议：盈利能力提升，增长依然缓慢