Achieved record adjusted EBITDA of $6,300,000 in Q4, marking the tenth consecutive quarter of profitability driven by disciplined execution and operating efficiency.

Transitioning from a video-centric provider to an 'agentic visual experience platform' by integrating real-time conversational AI and journey orchestration.

Acquisition of PathFactory adds 'agentic brain' capabilities, allowing the platform to understand user intent and automate personalized content sequences beyond just video.

Performance in the Enterprise (EENT) segment remains stable with 4% year-over-year growth, while Media and Telecom (M&T) continues to face headwinds from prior-year churn.

AI is viewed as a structural tailwind that increases switching costs by embedding deeper into mission-critical workflows and leveraging proprietary longitudinal engagement data.

The integration of ESof and PathFactory completes the pillars for a multiyear evolution toward hyper-personalized, outcome-oriented digital experiences.

Management attributes the 150% year-over-year increase in full-year adjusted EBITDA to material improvements in expense discipline and a higher-margin subscription profile.

2026 is characterized as a transition year, with revenue contributions from new AI products expected to begin in the second half and accelerate in 2027.

Adjusted EBITDA guidance for 2026 is set between $12,700,000 and $14,700,000, reflecting deliberate tapering to fund acquisition integration and growth investments.

Management expects M&T net bookings to improve in 2026, which is projected to return that segment to sequential quarterly revenue growth by 2027.

Guidance incorporates significant FX headwinds related to the Israeli shekel, which are expected to impact operating costs throughout the fiscal year.

Reiterated long-term goal of achieving a Rule of 30 profile with double-digit revenue growth by 2028 or sooner.

Entered definitive agreement to acquire PathFactory for approximately $22,000,000 in cash to bolster B2B journey orchestration and content intelligence.

Q1 2026 guidance includes a short-term EENT headwind caused by a large customer shifting budget from major virtual events to smaller, distributed engagements.

The company is actively searching for a permanent CFO while the finance organization remains under interim leadership.

General availability of 'agentic avatars' and the Avatar SDK marks the first phase of commercializing the ESof acquisition technology.

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PathFactory brings 100 large enterprise customers with only 10% overlap with Kaltura's existing base, providing a significant new logo and cross-sell opportunity.

The combination allows Kaltura to move from top-of-funnel marketing into bottom-of-funnel sales enablement and internal employee training use cases.

Management believes the integrated 'agentic' offering creates a ticket to engage new prospects in a way that mature, consolidated video markets previously did not allow.

Revenue growth is back-weighted to the second half of 2026, assuming PathFactory closes in Q2 and new AI products gain commercial traction.

Profitability targets were intentionally moderated to prioritize the 'engine' for long-term growth over short-term margin expansion.

M&T revenue will see a double-digit decline in 2026 due to the lag between bookings and revenue recognition following 2025 churn.

Kaltura distinguishes itself from point solutions like Synthesia by connecting avatar creation directly to an enterprise-grade content management and governance platform.

Recent consolidation among traditional video competitors is expected to create displacement opportunities for Kaltura as a stable, innovation-led alternative.

The shift toward 'agentic' experiences moves Kaltura into a larger, faster-growing market category with higher valuation multiples than traditional video.

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