A：For the fourth quarter of 2025, Kaltura reported total revenue of $45.5 million, with a full year 2025 adjusted EBITDA of $18.6 million, marking a 150% year-over-year increase. The company closed the year with a strong performance in new deals and improved gross retention rates.

A：The acquisition of Pass Factory is significant as it adds a layer of AI journey intelligence to Kaltura's platform. It is expected to enhance the personalization and contextual engagement capabilities of Kaltura's offerings, and help in the orchestration of personalized content delivery sequences to improve marketing conversion and customer experiences.

A：The acquisition aligns with Kaltura's strategy to evolve from a video platform to an AI-driven visual experience platform. By combining Kaltura's video and rich media foundation with Pass Factory's AI capabilities and personalization technology, Kaltura aims to deliver more personalized, contextual, interactive, and conversational experiences at scale, in line with the shift towards AI-powered digital experiences.

A：Kaltura plans to continue enhancing the quality of its avatars, enriching the generative content presented during conversations, expanding integrations with third-party systems, and strengthening its 'Genie Brain' through a deeper understanding of user context and intent. These improvements are scheduled for throughout 2026.

A：The general availability of the Avatar SDK was announced last week, enabling ISV system integrators and in-house developing groups to leverage text to video and audio to video models through their own pipelines.

A：The company expects to begin recognizing revenue from the new products in the second half of the year.

A：Anticipated growth drivers for the year include: expanding the conversational AI platform into a digital platform to addressable market, broader applicability of the platform across a wider range of use cases, upselling to the company's existing large enterprise customer base, new customer acquisition in conversational AI experiences, and channel partnerships for market expansion.

A：M&A revenue in 2026 is expected to decline year over year due to last year's heightened churn, but M&A net bookings are expected to improve this year. This is anticipated to fuel revenue growth in 2027. The company is entering 2026 with an evolved mission and an expanded product suite, positioned to bring significant long-term opportunities.

A：Strategic actions include deepening engagement with existing customers, expanding into new accounts, extending reach downmarket, leveraging channel partnerships, and strengthening competitive positioning in the traditional video market, including regrowing the M&A business. The company expects revenue contribution from its new portfolio to start in the second half of the year.

A：The net loss for the quarter was $0.6 million, or 0 cents per diluted share, a year over year improvement of 6 million. The non GAAP net profit for the quarter was a record $5.2 million, or 3 cents per diluted share, an improvement of 4.9 million year over year.

A：RPO was $166.3 million, a 4% sequential increase and a 6% year-over-year decrease. We expect to recognize 64% of this amount as revenue over the next 12 months.

A：For the full year ended December 31, 2025, total revenue was $180.9 million, up 1% year over year. Subscription revenue grew by 3% year over year to $171.9 million.

A：The adjusted EBITDA for 2025 was a record $18.6 million, representing more than 150% year over year growth compared to $7.3 million in 2024.

A：The GAAP net loss was $12.1 million, or 8 cents per diluted share, an improvement of 19.2 million compared to a net loss of $31.3 million, or 21 cents per diluted share, in 2024. The non GAAP net profit for 2025 was a record $11.5 million, or 7 cents per diluted share, reflecting a 16.2 million improvement from a non GAAP net loss of $4.7 million, or 3 cents per diluted share in 2024.

A：For the first quarter of 2026, the company expects subscription revenue between $41.2 million and $42 million, total revenue between $42.6 million and $43.4 million, adjusted EBITDA between $2.3 million and $3.3 million, and similar seasonal levels of negative cash flow from operations as in the first quarter of the previous year. For the full year 2026, the company expects subscription revenue between $172.5 million and $175.5 million, total revenue between $180 million and $184.2 million, and higher year-over-year growth in EEMT revenue fueled by the contribution from the past factory customer base and new product portfolio. The company also provides annual Adjusted EBITDA guidance between $12.7 million to $14.7 million and expects low double-digit cash flow from operations this year, with most generated in the second half of the year.

A：Any upside on the bottom line could be driven by higher revenue and better effects, pending outcomes that will be seen in the future.

A：Recent acquisitions are helping the company to gradually move into a larger, more exciting market and are enhancing its competitive position, particularly in the area of AI and content creation experiences.

A：The company is transitioning by offering a range of digital experiences in real-time that enable conversational agents to perform tasks that were traditionally done by humans, making video a key but secondary element in their offerings.

A：The potential impact includes increased growth opportunities, with the ability to upsell to the company's existing 800 enterprise customers. This could lead to a gradual increase in growth, making the company better positioned in the market.