KLTR on Nasdaq

Kaltura

Logo: bilmayman, Public domain, via Wikimedia Commons5

New York-based software company founded between 2006-2007

Kaltura, Inc. is a software company legally headquartered in New York, with its primary research and development, operational hub, and engineering core located in Ramat Gan, Israel. It was founded in 2006.3 It was founded by Michal Tsur.1 Its shares trade on Nasdaq under the symbol KLTR.1 Wikipedia text CC BY-SA 4.0

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Last updated Oct 21, 2026.

Overview

2006Founded1

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  • TickerKLTR on Nasdaq1
  • IndustryServices-Prepackaged Software1
  • HeadquartersNew York City1
  • Websitewww.kaltura.com
  • Business address250 Park Avenue South, 10Th Floor, New York, Ny 100036
  • Filer categoryAccelerated filer, Smaller reporting company, Emerging growth company6
  • Legal formCorporation4
  • LEI254900WYME0NSA8DVA414
  • StatusActive4
  • LEI statusIssued and current4
  • Registered addressC/O THE CORPORATION TRUST COMPANY, 19801 Wilmington, United States4
  • Registered withDivision of Corporations, Department of State, 42435694

Kaltura, Inc. is a software company legally headquartered in New York, with its primary research and development, operational hub, and engineering core located in Ramat Gan, Israel. It was founded in 2006. It operates in several major markets: webinars and virtual events, enterprise video content management and online video platform (OVP), educational technology (virtual classroom), and Cloud TV software; and offers products such as a video portal, an LMS and CMS (course management system) extension, a virtual event and webinar platform, and a TV streaming app.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

70.6%Gross margin9
-2.7%Operating margin9
-6.7%Net margin9
1.2%Revenue growth, 20259
-190.7%Return on equity9
0.00×Debt to equity9
$13.9MFree cash flow9

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Subscription brought in 95% of the revenue Kaltura broke down this way in fiscal 2025.

  1. Subscription$171.9M995%up 3% from 2024
  2. Professional Services$8.9M95%down 19% from 2024
Products and services by year
Products and services202320242025
Subscription$162.8M$167.7M$171.9M
Professional Services$12.4M$11.0M$8.9M

Business segments

Enterprise, Education And Technology brought in 74% of the revenue Kaltura broke down this way in fiscal 2025.

  1. Enterprise, Education And Technology$134.4M974%up 4% from 2024
  2. Media And Telecom$46.4M926%down 7% from 2024
Business segments by year
Business segments202320242025
Enterprise, Education And Technology$125.2M$128.7M$134.4M
Media And Telecom$50.0M$50.0M$46.4M

Regions

United States brought in 53% of the revenue Kaltura broke down this way in fiscal 2025.

  1. United States$96.2M953%up 1% from 2024
  2. EMEA$71.2M939%up 4% from 2024
  3. Other Countries$13.4M97%down 13% from 2024
Regions by year
Regions202320242025
United States$91.3M$94.9M$96.2M
EMEA$65.8M$68.4M$71.2M
Other Countries$18.0M$15.5M$13.4M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue29¢$53.2M
  • Research and development25¢$46.0M
  • Other costs43¢$78.6M
  • Income tax2¢$3.1M

Out of $180.9M in revenue.9 The company lost money this year.

Where each dollar of operating cash went, fiscal 2025

  • Capital spending2¢$661.0K
  • Share buybacks98¢$26.2M

Out of $14.5M of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.9

Financial statements

Revenue101112139$180.9M in 2025+86% since 2019
0$50.0M$100.0M$150.0M$200.0M2019: $97.3M$97.3M20192020: $120.4M$120.4M2020+24%2021: $165.0M$165.0M2021+37%2022: $168.8M$168.8M2022+2%2023: $175.2M$175.2M2023+4%2024: $178.7M$178.7M2024+2%2025: $180.9M$180.9M2025+1%
Gross profit101112139$127.7M in 2025+107% since 2019
0$50.0M$100.0M$150.0M2019: $61.7M$61.7M20192020: $72.8M$72.8M2020+18%2021: $102.7M$102.7M2021+41%2022: $106.9M$106.9M2022+4%2023: $112.2M$112.2M2023+5%2024: $119.1M$119.1M2024+6%2025: $127.7M$127.7M2025+7%
Operating income101112139-$5.0M in 2025+79% since 2019
-$60.0M-$40.0M-$20.0M02019: -$2.8M-$2.8M20192020: -$8.5M-$8.5M2020+205%2021: -$32.7M-$32.7M2021+285%2022: -$56.4M-$56.4M2022+73%2023: -$38.7M-$38.7M2023−31%2024: -$24.1M-$24.1M2024−38%2025: -$5.0M-$5.0M2025−79%
Net income101112139-$12.1M in 2025−22% since 2019
-$80.0M-$60.0M-$40.0M-$20.0M02019: -$15.6M-$15.6M20192020: -$58.8M-$58.8M2020+277%2021: -$59.4M-$59.4M2021+1%2022: -$68.5M-$68.5M2022+15%2023: -$46.4M-$46.4M2023−32%2024: -$31.3M-$31.3M2024−32%2025: -$12.1M-$12.1M2025−61%

Every line of the income statement as filed: the last 3 fiscal years, latest first.9

Period ending2025-12-312024-12-312023-12-31
Total revenue$180.9M$178.7M$175.2M
Total cost of revenue$53.2M$59.6M$62.9M
Gross profit$127.7M$119.1M$112.2M
Research and development$46.0M$49.4M$52.4M
Sales and marketing$44.9M$47.8M$48.8M
General and administrative$40.8M$46.0M$48.7M
Restructuring$903.0K$0$973.0K
Total operating expenses$132.6M$143.2M$150.9M
Operating loss$5.0M$24.1M$38.7M
Financial expenses (Income), net$4.0M-$434.0K-$1.2M
Loss before provision for income taxes$9.0M$23.7M$37.5M
Provision for income taxes$3.1M$7.7M$8.9M
Net loss$12.1M$31.3M$46.4M
Net loss per share - diluted (in dollars per share)$0.08$0.21$0.34
Net loss per share - basic (in dollars per share)$0.08$0.21$0.34
Weighted-average shares used in computing net loss per share - basic (in shares)152.9M shares147.9M shares138.2M shares
Weighted-average shares used in computing net loss per share - diluted (in shares)152.9M shares147.9M shares138.2M shares

Compare Kaltura with another company

Corporate structure

Kaltura sits at the top of its group. 8 entities, 6 countries on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Kaltura

  • Kaltura Bnei Barak, Israel
    • eSalf AI Ltd Subsidiary · Israel
    • Kaltura Asia Pte. Ltd. Subsidiary · Singapore
    • Kaltura Brasil Internet Video Software e Servicos Limitada Subsidiary · Brazil
    • Kaltura Europe Ltd. Subsidiary · United Kingdom
    • Kaltura Germany GmbH Subsidiary · Germany
    • Kaltura Portugal Unipessoal LDA Subsidiary · Portugal
    • Quantum Inventions Unipessoal LDA Subsidiary · Portugal

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Kaltura reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$25.4M9 Dec 31, 2025$24.9M9 Dec 31, 2024+2.1%
Accumulated depreciation$13.0M9 Dec 31, 2025$8.7M9 Dec 31, 2024+50.0%
Property and equipment, net$12.4M9 Dec 31, 2025$16.2M9 Dec 31, 2024−23.7%
Operating-lease assets (leased space)$10.3M9 Dec 31, 2025$12.3M9 Dec 31, 2024−16.2%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$27.5M9 Dec 31, 2025$33.1M9 Dec 31, 2024−16.8%
Marketable securities, current$24.4M9 Dec 31, 2025$48.3M9 Dec 31, 2024−49.5%
Marketable securities, non-current$10.9M9 Dec 31, 2025$3.4M9 Dec 31, 2024+222.1%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$25.4M9 Dec 31, 2025$11.1M9 Dec 31, 2024+129.6%
Intangible assets, net (excluding goodwill)$2.1M9 Dec 31, 2025$212.0K9 Dec 31, 2024+908.0%
Finite-lived intangibles, gross$8.6M9 Dec 31, 2025$6.5M9 Dec 31, 2024+32.3%
Accumulated amortization$6.5M9 Dec 31, 2025$6.3M9 Dec 31, 2024+2.9%
Finite-lived intangibles, net$2.1M9 Dec 31, 2025$212.0K9 Dec 31, 2024+908.0%

Properties, in its own words

Our headquarters are located in New York, NY, where we lease approximately 13,815 square feet of office space. The lease expires in July 2027. We also lease approximately 5,926 square meters (approximately 63,784 square feet) of office space in Bnei-Brak, Israel, where our primary research and development, human resources, and certain other finance and administrative activities, among others, are based. The lease for our Israeli center expires in November 2027 with two extension options of five years each. We also subscribe for co-working office spaces in Singapore and London.

We lease all of our current facilities and do not own real estate property. We believe that our current facilities are adequate to meet our current needs for the immediate future.

Item 2 of the 10-K filed Mar 16, 2026.16

The story

Founded by Michal Tsur in 2006.1

Kaltura was founded in Israel in the fall of 2006 and was launched at the TechCrunch40 industry event in San Francisco on September 18, 2007. At that time, the company had 20 employees, and had received $2.1 million in funding from business angels and Californian VC fund Avalon Ventures.

In 2007, Kaltura began a partnership with the New York Public Library, whose team was headed by Joshua Greenberg, to enhance online rich media in the library's digital collection.

In January 2008, the Wikimedia Foundation and Kaltura announced that they had begun a collaboration aimed at bringing rich-media to Wikipedia and other wiki websites. The technology behind this project is a form of video-wiki software (of open source purport) that was integrated into the MediaWiki platform as an extension, allowing users to add collaborative video players that enable all users to add and edit images, sounds, diagrams, animations and movies in the same manner as they do today with text.

Kaltura was a sponsor of the Wikimania 2008 event, where it announced that it is sponsoring Michael Dale, a video developer, to support the further development of a 100% open source video editing solution integrated into MediaWiki. Kaltura is also a founder of the Open Video Alliance, a group of organizations, academics, artists and entrepreneurs, geared towards promoting open standards for video on the web.

Apart from serving educational institutes like Harvard, Yale, NYU, and others, Kaltura also helps media companies and telcos like Vodafone, Watch Brasil, and Bouygues Telecom, as well as enterprises like Oracle, SAP, Intel, Bank of America, and AT&T.

From 2010-present

In July 2011, Blackboard Inc. and Kaltura announced a partnership to integrate Kaltura's media solution in Blackboard Learn (TM) in a bid to offer rich media tools to educational institutions.

In May 2014, Kaltura purchased pay TV service Tvinci to widen its scope of video solutions to include over-the-top (OTT) TV capabilities. In August 2016, Kaltura announced that it had raised $50 million from Goldman Sachs. Also in 2016, Kaltura partnered with Inception, 24i Media, Encompass and Harmonic to showcase OTT experiences. In 2019, Kaltura crossed $100 million in annual recurring revenues (ARR).

Kaltura' solutions and APIs all rest on their proprietary online video platform, offering advanced video management, publishing, and monetization capabilities as well as tools for internal knowledge sharing, learning, training, collaboration, and marketing. Kaltura built use-case-centric applications for business, media, and education to facilitate the integration of video into specific workflows, from an open, API-focused architecture. The company reportedly had a community of 160,000 registered developers (2018).

Read the full text

In April 2019, Kaltura announced its intention to develop Cloud TV with Dativa through a dedicated data lake.

In early 2020 Kaltura announced its acquisition of Newrow, a platform for collaborative online meetings. The integration of Newrow's real-time communication capabilities into Kaltura's video asset management and live broadcast/webcast technology paved the way for a single comprehensive solution to power customers' multiple video needs.

In July 2021, Kaltura launched a $150 million IPO, listing on the Nasdaq under the symbol KLTR. In the 12 months leading up to the IPO, Kaltura booked $132 million in revenue.

In May 2022, Kaltura officially launched Kaltura Events, a virtual events platform with modules for event creation and management, as well as event performance measurement (analytics), and event management automation features.

In 2023, Kaltura started integrating generative AI capabilities into its digital experience solutions to enrich content, search and discovery, interactivity, and analytics.

In 2024, they announced the release of Class Genie, an AI-powered agent that creates hyper-personalized learning experiences for students, based on their individual preferences, engagement patterns, and past interactions, and drawing exclusively from their institution's trusted knowledge base. At the annual content and technology convention IBC 2024 Kaltura introduced their new Generative AI capabilities for streaming services, enabling the production of high-quality content at lower costs.

Kaltura currently has offices in Israel, Singapore, the United Kingdom, and the United States.

From Wikipedia’s article on Kaltura, shared under CC BY-SA 4.0.7

Leadership

Who has led Kaltura, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Ron Yekutiel2021–now
2010201520202025
Board members and other officers (16)

Products and brands

  • virtual event

Listed on Wikidata.1

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • Kaltura Asia Pte. Ltd. Singapore8
  • Kaltura Brasil Internet Video Software e Servicos Limitada Brazil8
  • Kaltura Europe Ltd. United Kingdom8
  • Kaltura Germany GmbH Germany8
  • Kaltura Ltd. Israel8
  • Kaltura Portugal Unipessoal LDA Portugal8
  • Quantum Inventions Unipessoal LDA Portugal8
  • eSalf AI Ltd Israel8

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Timeline

  1. Aug 5, 20268-K Other events34
  2. Jun 29, 20268-K Shareholder vote35
  3. May 11, 20268-K Results of operations36
  4. Apr 6, 20268-K Other events37
  5. Mar 16, 20268-K Results of operations; Executive or director change; Other events38
  6. Dec 8, 20258-K Executive or director change39
  7. Dec 3, 20258-K Other events40
  8. Nov 10, 20258-K Results of operations; Unregistered sale of shares; Regulation FD disclosure41
  9. Oct 6, 20258-K Executive or director change; Regulation FD disclosure42
  10. Aug 7, 20258-K Results of operations43
  11. Jun 27, 20258-K Executive or director change44
  12. Jun 27, 20258-K Shareholder vote45
  13. Jul 21, 2021New chief executive Ron Yekutiel becomes CEO17
  14. 2006Founded Founded1

Calendar

Coming up

  1. Nov 9, 2026Reports results for the quarter ending Sep/202646

When it reported results

  1. May 11, 2026Reported quarterly or annual results36
  2. Mar 16, 2026Reported quarterly or annual results38
  3. Nov 10, 2025Reported quarterly or annual results41
  4. Aug 7, 2025Reported quarterly or annual results43
  5. May 8, 2025Reported quarterly or annual results47
  6. Feb 20, 2025Reported quarterly or annual results48
  7. Nov 6, 2024Reported quarterly or annual results49
  8. Aug 8, 2024Reported quarterly or annual results50

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

364 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 40 major events, 236 insider forms, 22 large holders, 46 other. The latest 20:

  1. Oct 14, 20264 EDGAR
  2. Sep 22, 20264 EDGAR
  3. Sep 18, 20264 EDGAR
  4. Sep 16, 20264 EDGAR
  5. Sep 14, 20264 EDGAR
  6. Sep 10, 20264 EDGAR
  7. Sep 8, 20264 EDGAR
  8. Sep 3, 2026144 EDGAR
  9. Sep 3, 20264 EDGAR
  10. Aug 31, 20264 EDGAR
  11. Aug 28, 20264 EDGAR
  12. Aug 26, 2026144 EDGAR
  13. Aug 13, 2026SCHEDULE 13G/A EDGAR
  14. Aug 7, 20264 EDGAR
  15. Aug 7, 20264 EDGAR
  16. Aug 7, 20264 EDGAR
  17. Aug 6, 2026144 EDGAR
  18. Aug 5, 2026144 EDGAR
  19. Aug 5, 2026144 EDGAR
  20. Aug 5, 202610-Q EDGAR

The 364 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

177 open-market trades by officers, directors and large owners since October 2021: 9 buys and 168 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Sep 18, 2026Azaria EynavSee RemarksSale4,100$1.41$5.8KForm 4
Sep 17, 2026Azaria EynavSee RemarksSale6,488$1.42$9.2KForm 4
Sep 16, 2026Azaria EynavSee RemarksSale7,116$1.42$10.1KForm 4
Sep 15, 2026Azaria EynavSee RemarksSale6,113$1.41$8.6KForm 4
Sep 14, 2026Azaria EynavSee RemarksSale5,149$1.43$7.4KForm 4
Sep 11, 2026Azaria EynavSee RemarksSale5,656$1.42$8.0KForm 4
Sep 10, 2026Azaria EynavSee RemarksSale3,763$1.45$5.5KForm 4
Sep 9, 2026Azaria EynavSee RemarksSale10,078$1.48$14.9KForm 4
Sep 8, 2026Azaria EynavSee RemarksSale12,341$1.49$18.4KForm 4
Sep 4, 2026Azaria EynavSee RemarksSale8,176$1.51$12.3KForm 4
Sep 3, 2026Azaria EynavSee RemarksSale9,866$1.53$15.1KForm 4
Sep 2, 2026Azaria EynavSee RemarksSale7,816$1.51$11.8KForm 4
Sep 1, 2026Azaria EynavSee RemarksSale4,328$1.54$6.7KForm 4
Aug 28, 2026Manor EyalDirectorSale993$1.60$1.6KForm 4
Aug 27, 2026Manor EyalDirectorSale20,795$1.58$32.9KForm 4
Aug 26, 2026Manor EyalDirectorSale21,638$1.53$33.1KForm 4
Aug 5, 2026Manor EyalDirectorSale138,143$1.92$265.3KForm 4
Aug 5, 2026Azaria EynavSee RemarksSale83,995$2.01$168.8KForm 4
Aug 5, 2026Israeli NatanChief Customer OfficerSale259,322$1.87$483.9KForm 4
Jul 27, 2026Israeli NatanChief Customer OfficerSale100$1.50$150Form 4

All 177 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Ron YekutielChairman, President, Chief Executive Officer and Director53$553.0K$6.4M58
2025Eynav AzariaChief Product, Engineering, and Marketing Officer52$320.8K$2.1M58
2025Natan IsraeliChief Customer and Commercial Officer54$320.4K$2.1M58
2024Ron YekutielChairman, President, Chief Executive Officer and Director53$463.7K$5.2M58
2024Eynav AzariaChief Product, Engineering, and Marketing Officer52$298.9K$1.8M58
2024Natan IsraeliChief Customer and Commercial Officer54$298.4K$1.8M58

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Sapphire Ventures, L.P.7,980,295$10.4M10.0%No change
BlackRock, Inc.5,993,468$7.8M0.0%+612,142
Vanguard Capital Management LLC3,758,823$4.9M0.0%+18,844
Gagnon Securities LLC3,266,999$4.2M0.8%−11,937
Geode Capital Management, LLC2,294,375$3.0M0.0%+51,015
S Squared Technology, LLC1,942,804$2.5M0.8%+431,516
State Street Corp1,613,021$2.1M0.0%+1,134
Gagnon Advisors, LLC1,413,010$1.8M1.2%No change
Russell Investments Group, Ltd.1,270,513$1.7M0.0%−191,020
Arrowstreet Capital, Limited Partnership876,977$1.1M0.0%+61,207
Vanguard Portfolio Management LLC868,515$1.1M0.0%+155,739
Charles Schwab Investment Management Inc726,090$943.9K0.0%+49,771
Northern Trust Corp724,308$941.6K0.0%+115,588
Renaissance Technologies LLC707,200$919.4K0.0%+52,900
Vanguard Fiduciary Trust Co623,190$810.1K0.0%+20,892
Aqr Capital Management LLC615,505$800.2K0.0%+197,234
Jacobs Levy Equity Management, Inc551,235$716.6K0.0%+408,321
Globeflex Capital L P519,673$675.6K0.1%−211,671
Morgan Stanley518,797$674.4K0.0%+152,318
Maniro Ltd454,432$590.8K0.1%No change
Bridgeway Capital Management, LLC349,800$454.7K0.0%No change
Arax Advisory Partners331,017$430.3K0.0%+330,834
Tocqueville Asset Management L.P.278,988$362.7K0.0%−290,000
Bank of New York Mellon Corp275,488$358.1K0.0%+11,104
UBS Group AG208,542$271.1K0.0%+66,549

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How Kaltura is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARKALTURA INC2
  • CIK0001432133
  • Employer ID (EIN)20-812832616
  • Filer statusAccelerated filer an emerging growth company; not a smaller reporting company; not a shell company16
  • Incorporated inDelaware16
  • Fiscal year endsDecember 312
  • Industry code (SIC)7372 Services-Prepackaged Software2
  • SEC reviewing officeOffice of Technology, Division of Corporation Finance2
  • Business address250 Park Avenue South, 10Th Floor, New York, NY 100032
  • Phone646 262-91442
  • Shares outstanding152,551,223 as of Aug 3, 202615
  • Public float$262.9M as of Jun 30, 202516
  • AuditorKOST FORER GABBAY & KASIERER, Tel-Aviv, Israel PCAOB ID 1281; no auditor attestation of internal control over financial reporting16
  • On EDGAR sinceApr 8, 20082
  • Filings414 in all: 4 (233), 8-K (42), 144 (28), 3 (20), 10-Q (16), CORRESP (9), SC 13G (8), SC 13G/A (8)2
    All 30 form types

    S-8 (6), 10-K (5), DEF 14A (5), DEFA14A (5), S-1/A (5), UPLOAD (4), SCHEDULE 13G/A (3), 8-A12B (2), SC 13D/A (2), 144/A (1), 424B4 (1), ARS (1), CERT (1), D (1), DRS (1), DRS/A (1), DRSLTR (1), EFFECT (1), REGDEX (1), S-1 (1), SC 13D (1), SCHEDULE 13G (1)

  • Latest filingsAnnual report (10-K) Mar 16, 2026
    Quarterly report (10-Q) Aug 5, 2026
    Proxy statement (DEF 14A) Apr 30, 2026
    Latest 8-K (8-K) Aug 5, 2026

Securities registered for trading

ClassSymbolExchange
Common stock, $0.0001 par value per shareKLTRThe Nasdaq Stock Market LLC

From the cover page of the 10-K filed Mar 16, 2026 (Section 12(b) of the Exchange Act).16

Risk factors and legal proceedings

The risks Kaltura names in Item 1A of its 10-K filed Mar 16, 2026: 74 risks under these headings, as written.16

  • Risks Related to Our Business and Industry
  • We may not be able to successfully assess or mitigate the current volatile economic climate and its direct and indirect impact on our business and operations, including our customers and vendors, or to correctly predict the duration and depth of the current instability of the global economy and take the right or sufficient measures to address it, and as a result our business, financial condition, results of operations and prospects would be adversely affected.
  • Our dependency on existing customers' demand and exposure to change in demand by our customers, including due to reasons not under our control, makes it difficult to evaluate our current business and future prospects and may increase the risk that we will not be successful.
  • The loss of one or more of our significant customers, or any other reduction in the amount of revenue we derive from any such customer, would adversely affect our business, financial condition, results of operations and growth prospects.
  • We have a history of losses and may not be able to achieve or maintain profitability.
  • The markets for our offerings are new and evolving and may develop more slowly or differently than we expect. Our future success depends on the growth and expansion of these markets and our ability to adapt and respond effectively to evolving market conditions.
  • Our results of operations are likely to fluctuate from quarter to quarter and year to year, which could adversely affect the trading price of our common stock.
  • We may discover significant deficiencies or material weaknesses in our internal control over financial reporting which, if not remediated, could cause us to fail to timely and accurately report our financial results and result in restatements of our consolidated financial statements, and could cause stockholders to lose confidence in our financial reporting and our stock price to suffer.
  • If we are not able to keep pace with technological and competitive developments and develop or otherwise introduce new products and solutions and enhancements to our existing offerings, our offerings may become less marketable, less competitive or obsolete, and our business, financial condition and results of operations may be adversely affected.
  • We may face risks associated with our use of certain AI and machine learning model technologies and compliance with the evolving regulatory framework around AI development and use.
  • If we do not maintain the interoperability of our offerings across devices, operating systems, and third-party applications that we do not control, and if we are not able to maintain and expand our relationships with third-party technology partners to integrate our offerings with their products and solutions, our business, financial condition, and results of operations may be adversely affected.
  • A version of our Rich Media Content Management System and its underlying APIs is licensed to the public under an open source license, which could negatively affect our ability to monetize our offerings and protect our intellectual property rights.
The other 63 risks
  • The markets in which we compete are nascent and highly fragmented, and we may not be able to compete successfully against current and future competitors, some of whom have greater financial, technical, and other resources than we do. If we do not compete successfully, our business, financial condition and results of operations could be harmed.
  • The failure to effectively develop and expand our marketing and sales capabilities could harm our ability to increase our customer base and achieve broader market acceptance of our offerings.
  • The sales prices of our offerings may change, which may reduce our revenue and gross profit and adversely affect our financial results.
  • If we are unable to increase sales of our subscriptions to new customers, expand the offerings to which our existing customers subscribe, or expand the value of our existing customers’ subscriptions, our future revenue and results of operations will be adversely affected.
  • If our existing customers do not renew their subscriptions, or if they renew on terms that are less economically beneficial to us, it could have an adverse effect on our business, financial condition, and results of operations.
  • We rely on third parties, including third parties outside the United States, for some of our software development, quality assurance, operations, and customer support.
  • Currency exchange rate fluctuations affect our results of operations, as reported in our financial statements.
  • We recognize a significant portion of revenue from subscriptions over the term of the relevant subscription period, and as a result, downturns or upturns in sales are not immediately reflected in full in our results of operations.
  • If we fail to meet contractual commitments under our customer agreements, we could be subject to contractual penalties, litigation, and other liabilities, and could experience an increase in contract terminations or decrease in contract renewals in future periods, which would lower our revenue, increase our costs, and otherwise adversely affect our business, financial condition, and results of operations.
  • We depend on our management team and other key employees, and the loss of one or more of these employees or an inability to attract and retain highly skilled employees could adversely affect our business.
  • If we are not able to maintain and enhance awareness of our brand, especially among developers and IT operators, as well as new departments such as marketing, our business, financial condition, and results of operations may be adversely affected.
  • Our corporate culture has contributed to our success, and if we cannot maintain this culture as we grow, we could lose the innovation, creativity, and entrepreneurial spirit we have worked to foster, which could adversely affect our business.
  • Our failure to offer high quality customer support would have an adverse effect on our business, reputation, and results of operations.
  • We expect our revenue mix to vary over time, which could negatively impact our gross margin and results of operations.
  • The length of our sales cycle can be unpredictable, particularly with respect to sales to large customers, and our sales efforts may require considerable time and expense.
  • Our international operations and expansion expose us to risk.
  • If we are not successful in sustaining and expanding our international business, we may incur additional losses and our revenue growth could be adversely affected.
  • A portion of our revenue is generated by sales to government entities, which are subject to a number of challenges and risks.
  • If we are unable to consummate acquisitions at our desired rate and at acceptable prices, and to enter into other strategic transactions and relationships that support our long-term strategy, our growth rate and the trading price of our common stock could be negatively affected. These transactions and relationships also subject us to certain risks.
  • Risks Related to Information Technology, Intellectual Property and Data Privacy and Security
  • A real or perceived bug, defect, security vulnerability, error, or other performance failure involving our platform, products or solutions could cause us to lose revenue, damage our reputation, and expose us to liability.
  • If we or our third-party service providers experience a security breach, data loss or other compromise, including if unauthorized parties obtain access to our customers’ data, our reputation may be harmed, demand for our platform, products and solutions may be reduced, and we may incur significant liabilities.
  • Our expanded use of AI and generative AI technologies, including their incorporation into our offerings, may expose us to increased liability and new regulatory, compliance, and ethical risks.
  • If our plan to acquire or invest in AI-focused or niche vertical businesses is not successful, our future growth could be limited and our operating results could suffer.
  • Incorrect implementation or use of, or our customers’ failure to update, our software could result in customer dissatisfaction and negatively affect our business, financial condition, results of operations and growth prospects.
  • Insufficient investment in, or interruptions or performance problems associated with, our technology and infrastructure, including in connection with our ongoing expansion of our use of public cloud infrastructure, and our reliance on technologies from third parties, may adversely affect our business operations and financial results.
  • Failure to protect our proprietary technology, or to obtain, maintain, protect, and enforce sufficiently broad intellectual property rights therein, could substantially harm our business, financial condition, and results of operations.
  • We could incur substantial costs and otherwise suffer harm as a result of any claim of infringement, misappropriation or other violation of another party’s intellectual property or proprietary rights.
  • We may become subject to claims for remuneration or royalties for assigned service invention rights by our employees and consultants, which could result in litigation and would adversely affect our business.
  • Indemnity provisions in various agreements potentially expose us to substantial liability for intellectual property infringement, misappropriation, violation, and other losses.
  • Our use of open-source software could negatively affect our ability to sell our offerings and subject us to possible litigation.
  • We are subject to stringent and changing laws, regulations, standards, and contractual obligations related to privacy, data protection, and data security. Our actual or perceived failure to comply with such obligations could adversely affect our business.
  • We may be subject to online content regulations, and our actual or perceived failure to comply with applicable regulations could adversely affect our business.
  • We rely on software and services licensed from other parties. The loss of software or services from third parties could increase our costs and limit the features available in our platform, products, and solutions.
  • Risks Related to our Debt, Liquidity and Capitalization
  • Our failure to raise additional capital or generate the significant capital necessary to expand our operations and invest in new offerings could reduce our ability to compete and could adversely affect our business.
  • Our indebtedness could adversely affect our ability to raise additional capital to fund operations, limit our ability to react to changes in the economy or our industry and prevent us from meeting our financial obligations.
  • Risks Related to Other Legal, Regulatory and Tax Matters
  • We are subject to various governmental export control, trade and economic sanctions, and import laws and regulations that could impair our ability to compete in international markets or subject us to liability if we violate these controls.
  • Changes in laws and regulations related to the internet, changes in the internet infrastructure itself, or increases in the cost of internet connectivity and network access may diminish the demand for our offerings and could harm our business.
  • Our business may be adversely affected by third-party claims, including by governmental bodies, regarding the content and advertising distributed through our offerings.
  • Actions by governments to restrict access to our offerings in their countries or to require us to disclose or provide access to information in our possession could harm our business, financial condition, and results of operations.
  • Failure to comply with anti-bribery, anti-corruption, anti-money laundering laws, and similar laws, could subject us to penalties and other adverse consequences.
  • Changes in financial accounting standards or practices may cause adverse, unexpected financial reporting fluctuations and affect our results of operations.
  • Significant changes or developments in U.S. laws or policies, including changes in U.S. trade policies and tariffs and the reaction of other countries to these policies, may have a material adverse effect on our business, results of operations, or financial condition.
  • Changes in U.S. and foreign tax laws could have a material adverse effect on our business, cash flow, results of operations, or financial conditions.
  • Unanticipated changes in effective tax rates or adverse outcomes resulting from examination of our income or other tax returns could expose us to greater than anticipated tax liabilities.
  • Our corporate structure and intercompany arrangements are subject to the tax laws of various jurisdictions, and we could be obligated to pay additional taxes, which would adversely affect our results of operations.
  • We could be required to collect additional sales, use, value added, digital services or other similar taxes or be subject to other liabilities that may increase the costs our clients would have to pay for our offerings and adversely affect our results of operations.
  • Our ability to use our net operating loss carryforwards to offset future taxable income may be subject to certain limitations.
  • Risks Related to Our Operations in Israel
  • Political, economic, and military conditions in Israel could materially and adversely affect our business.
  • Certain tax benefits that are available to us require us to continue to meet various conditions and may be terminated or reduced in the future, which could increase our costs and taxes.
  • Risks Related to Ownership of our Common Stock
  • The market price for our common stock may be volatile or may decline regardless of our operating performance, and you may not be able to resell your shares at or above the price at which you purchased your shares.
  • An active public trading market may not be sustained.
  • Future sales of substantial amounts of our common stock in the public markets, or the perception that such sales might occur, could reduce the price that our common stock might otherwise attain.
  • Your ownership and voting power may be diluted by the issuance of additional shares of our common stock in connection with financings, acquisitions, investments, our equity incentive plans or otherwise.
  • We may issue shares of preferred stock in the future, which could make it difficult for another company to acquire us or could otherwise adversely affect holders of our common stock, which could depress the price of our common stock.
  • Anti-takeover provisions in our governing documents and under Delaware law could make an acquisition of our company more difficult, limit attempts by our stockholders to replace or remove our current management, and depress the market price of our common stock.
  • Our Certificate of Incorporation provides that the Court of Chancery of the State of Delaware will be the sole and exclusive forum for substantially all disputes between us and our stockholders, and federal district courts will be the sole and exclusive forum for Securities Act claims, which could limit our stockholders’ ability to obtain a favorable judicial forum for disputes with us or our directors, officers, or employees.
  • Our Certificate of Incorporation provides that the doctrine of “corporate opportunity” will not apply with respect to any director or stockholder who is not employed by us or our subsidiaries.
  • The requirements of being a public company may strain our resources, divert management’s attention, and affect our ability to attract and retain qualified board members.
  • We are an “emerging growth company”, and we cannot be certain if the reduced disclosure requirements applicable to us will make our common stock less attractive to investors.
  • We do not anticipate paying dividends on our common stock in the foreseeable future. As a result, your ability to achieve a return on your investment will depend on appreciation in the price of our common stock.
  • The current uncertainty in the global economy and financial and stock markets may depress our stock price, which may cause stockholders, activists and others to take advantage of the distressed stock price and pursue aggressive actions that may not be in the interests of all stockholders.
  • General Risk Factors
  • Unfavorable conditions in our industry or the global economy or reductions in information technology spending could limit our ability to grow our business and negatively affect our results of operations.

Legal proceedings

From time to time, we are involved in various legal proceedings arising from the normal course of business activities. We are not presently a party to any litigation the outcome of which, we believe, if determined adversely to us, would individually or taken together have a material adverse effect on our business, operating results, cash flows or financial condition. Defending such proceedings is costly and can impose a significant burden on management and employees.

We may receive unfavorable preliminary or interim rulings in the course of litigation, and there can be no assurances that favorable final outcomes will be obtained.

The opening of Item 3, Legal Proceedings.16

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