Kaltura, Inc.

Good morning everyone and welcome to the Cultura first quarter 2026 earnings call. All material contained in the webcast is the sole property and copyright of Cultura with all rights reserved. For opening remarks and introductions, I now turn the call over to Erica Mannion at Sapphire Investor Relations. Please go ahead Erica.

Thank you, operator, and good afternoon. I am joined by Ron Yucatel, Kaltura's co-founder, chairman, president, and chief executive officer, and Leron Sharon, executive vice president of FP&A and interim principal financial officer. Ron will begin with a summary of the results for the first quarter ending March 31, 2026, and provide a business update. Leron will then review the financial results for the first quarter of 2026 in greater detail, followed by the company's outlook for the second 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 law, including but not limited to statements regarding Caltura's expected future financial results, management's expectations and plans for the business, including execution on our strategic transition and upcoming product launches, integration and expected benefits of our recent acquisitions, trends in customer engagement, anticipated headwinds, and our expectations around capabilities and benefits of our products, including AI technologies. These statements are neither promises nor guarantees and involve risks and uncertainties that may cause actual results to differ maturely 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's annual report on Form 10-K the fiscal year ended December 31, 2025, and other SEC filings. Any forward-looking statements made during this conference call, including responses to your questions, are based on current expectations as of today, and Kaltura 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, adjusted EBITDA margin, and non-GAAP gross margin during this call. For reconciliation of these measures to the most directly comparable GAAP metric, please refer to our earnings release, which is available on our website at www.investors.caltura.com. Now, I'd like to turn the call over to Ron.

Thank you, Erica, and thanks, everyone, for joining us today. We delivered a strong start to 2026, exceeding the high end of our guidance across revenue and adjusted EBITDA, and generating, for the first time in our history, positive cash flow from operations in a first quarter. Total revenue was 44.6 million, down 5% year over year. Subscription revenue was 43.2 million, down 4% year over year. Adjusted EBITDA was 5.7 million, up 37% year over year, and our highest first quarter results to date. These results reflect continued operating discipline, improving retention trends, and steady progress as we execute on our strategic transition. New subscription bookings in the first quarter followed our typical seasonal pattern with encouraging deal quality across both new logos and expansions. We closed one seven-digit deal. 14 six-digit deals, and three UAI-related deals. New logos included a global content delivery network, a leading healthcare system, two U.S. universities, and a major APAC broadcaster. As in prior quarters, the majority of bookings came from expansions within our existing enterprise customer base across technology, financial services, healthcare, education, and media. Growth retention improved to its highest level in the last five quarters. Net dollar retention continued to reflect the lagging impact of elevated median telecom churn in 2025, which we expect to improve over the course of this year. During the quarter, we continue to expand our AI capabilities across both content creation and user engagement. We announced the general availability of our conversational avatar technology along with developer tools that enable integration into enterprise workflows. We also launched a beta version and last week moved to general availability of our avatar video production studio, which enables automated creation of avatar-based video content from text and other materials. These capabilities build on our existing AI tools, such as Content Lab and Genie, extending them into more interactive and conversational use cases. Importantly, we also achieved ISO IEC 42001 certification for artificial intelligence management systems during this quarter, enforcing our commitment to responsible enterprise-grade AI deployment. We also completed the acquisition of PathFactory on April 1st, following the signing of the definitive agreement during the first quarter. PathFactory adds content intelligence and journey orchestration built to enable enterprises to better understand user intent and dynamically deliver personalized digital experiences. In closing, we have moved quickly to integrate teams and the line product and go-to-market efforts. We're already jointly presenting our combined platform in the market and seeing encouraging early engagements. With a combination of Cultura, Eself, and PathFactory, we believe we now have the core building blocks to evolve from a video platform into an AI-powered, rich, agentic digital experience platform. Altura provides enterprise-grade video experiences and rich media infrastructure. eSELF adds multi-model conversational avatar technology for agentic real-time and on-demand interactions. And PathFactory adds content intelligence and journey orchestration. Together, these capabilities are designed to allow enterprises to move from static, one-size-fits-all digital experiences toward more personalized, interactive, and outcome-driven journeys. Now, I will spend some time discussing how customers are engaging with us across the four journeys we power. Customers, employees, learners, and audiences. This is where we are seeing the most meaningful early validation of our strategy. First, customer journeys. Customer-facing use cases are the most advanced and show the strongest early traction. We are seeing growing interest in our revenue engagement suite, which brings together video, AI-powered content creation, conversational avatars, and journey orchestration into a unified solution for marketing, sales, and customer engagement teams. Discussions with both new and existing customers are shifting from deploying video tools to broader conversations around improving lead conversion, scaling personalized engagement, and augmenting sales and customer success teams. We are improving concept discussions with large enterprises, including Fortune 500 organizations across technology, financial services, healthcare, and media and telecom. These include use cases such as personalized content journeys and microsites, AI-powered conversational interfaces across websites and events, automated creation and scaling of targeted video content, 24-7 digital agents supporting customer and partner engagement and onboarding, and AI-powered SDR agents. In several of these engagements, we are progressing from initial proof of concept to broader platform discussions, reflecting growing confidence in the combined value of our offerings. Importantly, These conversations increasingly involve multiple business stakeholders, including marketing, sales, and customer success leaders, expanding our buyer base beyond IT. Second, employee journeys. Across employee-facing use cases, we're seeing strong interest in leveraging AI to improve productivity, training, and knowledge access. Customers are engaging with us around four primary themes. extending workforce capacity through AI-assisted interactions, accelerating content creation and internal communications, turning large content libraries into interactive knowledge bases, and enhancing training through more personalized and interactive experiences. We're seeing adoption of tools such as Content Lamborghini expand within large enterprises, including global financial institutions, pharmaceutical companies, and professional services firms. These deployments are creating a strong foundation for future expansion into more advanced conversational and avatar-based use cases. For example, a large global professional services firm is expanding its use of our AI tools to scale internal communications and knowledge access across hundreds of thousands of employees, while a major financial institution has begun transforming support content into interactive, self-serve learning experiences using our genie platform. We also see growing interest in our avatar based offerings for content creation, knowledge discovery, and roleplay simulations for sales training, enablement, and field support. Third, learner journeys. In education, discussions are increasingly centered around how AI can enable more personalized and interactive learning experiences. Use cases include AI-powered teaching assistants and tutors, personalized learning tasks, automated content creation and adaptation, and improved accessibility. We're engaged in discussions with universities around using our avatar video production studio to generate rich instructional content. We're also in discussions with institutions regarding the use of our agentic avatars as academic tutors, role-play simulation tools, and support agents for administration and admissions. Our modular architecture and integrations with learning systems position us well in these conversations, and we're seeing continued engagement from both existing institutions and new prospects. Fourth, audience journeys. In media and telecom, we're discussing how AI can enhance audience engagement and monetization. These discussions include more advanced content discovery and recommendations, personalized viewing experiences, view monetization models, and the introduction of interactive and conversational interfaces. These discussions range from AI-powered content recommendation and avatar concierge experiences to broader applications such as digital signage and customer engagement in large venues. It is worth noting we're also seeing growing interest for media and telecom companies to leverage our platform beyond traditional entertainment use cases, including customer journeys, such as marketing and customer care, and employee journeys, such as sales enablement. In summary, the increasing depth and breadth of these engagements reflects the progress we're making in our transition. As we evolve from powering video experiences to powering end-to-end rich, agentic visual experiences, our focus in 2026 is on integrating eself.ai and PathFactory, packaging rich agentic solutions around clear use cases, and driving early adoptions. We are seeing early signs of momentum in customer engagement and pipeline activity and continue to expect revenue contribution from our new product portfolio to begin in the second half of the year with a more meaningful impact in 2027. Before I close, I also want to highlight our upcoming Cultura Connect On The Road 2026 events. We will be hosting events in New York, San Francisco, and London this week and next, bringing together customers and partners to discuss the evolution toward more personalized AI-powered visual experiences. We are pleased to have participation from leading organizations, including AWS, Cisco, IBM, MetLife, Morgan Stanley, and Palo Alto Networks. These events provide an important opportunity for customers and prospects to engage directly with our platform and roadmap, and we view the strong participation as further validation of the relevance of our strategy. Early feedback and participation levels are exceeding our expectations with strong engagement from both existing customers and new prospects. You're invited to register for in-person or virtual participation through our website. To summarize, We delivered a strong Q1, exceeding expectations across revenue and adjusted EBITDA and achieving a key milestone with positive first quarter operating cash flow. We launched new products based on the ESOP acquisition and completed the past factory acquisitions and are progressing well on integration. We've been expanding our platform capabilities and seeing encouraging early validation across all four journeys we support and are headed into the rest of the year with increased confidence reflected in our updated guidance. With that, I'll turn it over to Liron. Liron.