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Item 1. Business

2025-02-20 compared with 2024-02-22 · 494 added, 195 removed, 92 unchanged (88% of the section changed)

Our mission is to power any video experience, for any organization.

We, Kaltura, Inc.

(“Kaltura,” “we,” “us,” or “our”), are a market-leading provider of live, real-time, and on-demand video offerings for enterprises, with a mission to create and power AI-infused hyper-personalized video experiences that boost customer and employee engagement and success.

Video is everywhere.

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For businesses, video sits at the heart of digital transformation, with organizations increasingly embracing video solutions to better engage with customers and employees.

The COVID-19 pandemic accelerated the use and adoption of video, while creating a long-lasting remote operation culture across all sectors.

Moreover, generative AI enables real-time, automatic production of highly personalized and contextually-relevant content, including video and rich media, that we believe would materially boost the creation, consumption, and business impact of video experiences.

With the expected growth in rich content in organizations, the potential need for content management solutions and advanced digital experiences is expected to grow.

Kaltura's Video Experience Cloud includes products that power digital experiences such as virtual and hybrid events, webinars, online learning, and content portals for large enterprises and small and medium enterprises (SMEs), across all industries, including technology, financial services, healthcare and pharma, IT & professional services, retail and manufacturing.

In 2023, we broadened our suite of offerings for marketers, successfully attracting new clients and stakeholders across Marketing Technology (MarTech), Field Marketing, and Chief Marketing Officer (CMO) groups.

Our platform also includes industry-specific solutions, currently for the Education and Media and Telecom industries.

For developers, it includes an extensive array of Application Programming Interfaces (APIs) and developer tools that enable them to build other media workflows, integrations, and industry solutions.

Kaltura has long been recognized by top industry analysts as a leader in the Enterprise Video Content Management market, which includes experiences that are based on video-on-demand and live broadcast/streaming.

In 2020 we expanded our offerings to power experiences that harness two-way real-time-communication (RTC) with the launch of our new products for virtual and hybrid events, webinars and online learning.

Since then, the capabilities of our event and webinar platform that incorporates our virtual meeting rooms have also been recognized by those same analysts.

These newer products now incorporate our full stack of on-demand, live and RTC technology, designed to provide our customers with the utmost level of flexibility and variety when crafting their digital experiences.

Our Video Experience Cloud is used by leading brands, reaching millions of users, at home, at school and at work.

Organizations from a wide range of industries, including financial services, technology, professional services, healthcare, pharma, education, public sector and media and telecommunications, trust Kaltura to power their digital experiences for marketing, events, communication, collaboration, sales, customer care, training and learning, and entertainment experiences.

Before the COVID-19 pandemic, Kaltura demonstrated a track record of double digit revenue growth while having positive adjusted EBITDA.

In 2020 and most of 2021 there was increased demand for video services due to the COVID pandemic across enterprises and in the education sector, which led to further acceleration of our year-on-year revenue growth.

Beginning in the fourth quarter of 2021, revenue growth has decreased, which we attribute to the post-COVID return to offices and university campuses, and subsequently to the economic slowdown and financial markets instability that resulted from the increase in inflation and interest rates, and geopolitical unrest.

In August 2022, our Board of Directors approved a strategic restructuring program (the “2022 Restructuring Plan”) to streamline our operations in order to support our investment in critical growth areas.

The 2022 Restructuring Plan included, among other things, a workforce reduction of approximately 10% of our employees.

The 2022 Restructuring Plan was substantially completed in 2022.

On January 3, 2023, our Board of Directors approved a re-organization plan (the “2023 Reorganization Plan” and together with the 2022 Restructuring Plan, the “Reorganization Plans”) that included, among other things, downsizing an additional 11% of our workforce and adapting our organizational structure, roles, and responsibilities accordingly, to realign our operations, with a goal of increasing efficiency and productivity, in reaction to the macro-economic climate, position the Company for lower demand, spend, and available budgets across our market segments, align our business strategy in light of these market conditions and support our growth initiatives and our return path to profitability.

The 2023 Reorganization Plan was substantially completed in 2023.

See Note 18, Restructuring Activities, for further information.

We foresee great potential and growth opportunities for rich media digital experiences, and we believe Kaltura is well positioned with our robust offering and strong customer base in this growing market.

We intend to continue to innovate and invest in our products and technology to maintain and improve our market position.

Key Industry Trends

The nature of video consumption has transformed in recent years.

We have observed the following trends playing a role in this evolution:

Moreover, the recent rise of generative AI enables real-time, automatic production of highly personalized and contextually relevant content, including video and rich media, which we believe would materially boost the creation, consumption, and business impact of video experiences.

With the expected continued growth in rich content in organizations, the potential need for content management solutions and advanced digital experiences is expected to grow.

Founded in 2006, Kaltura was amongst the first pioneers to recognize the great potential of adding video to enterprise workflows and to offer a system for enterprise video content management and online video publishing.

We have since expanded to also power virtual events and webinars and Cloud TV with our Video Experience Cloud.

Our Video Experience Cloud includes a platform for enterprise and TV content management and a wide array of Gen AI-infused video-first products, including Video Portals, LMS and CMS Video Extensions, Virtual Events and Webinars, Virtual Classrooms, and TV Streaming Applications.

Our platform and products engage millions of end-users at home, at work, and at school, boosting both customer and employee experiences, including marketing, sales, and customer success;

teaching, learning, training and certification;

communication and collaboration;

and entertainment, and monetization.

We power a large and loyal blue-chip customer base of large, and small and medium enterprises (SMEs), across diverse industries, including 27% of Fortune 100 companies, over 50% of US R1 schools, and top-tier telecommunications companies and media companies.

From the onset, our differentiated approach has been to treat video as a data type, not as an application, and accordingly to provide a unified and flexible enterprise-grade API-first platform that enables tightly integrated live, real-time, and on-demand video experiences across business workflows.

We believe Kaltura’s platform offering is superior to siloed point solutions, which are not deeply integrated or interoperable, and as such are typically less effective, less efficient, and more costly.

Our platform is designed to foster deeper engagement and deliver greater business outcomes, whether that means boosting employee knowledge, engagement, collaboration and productivity;

driving marketing funnel conversion and successfully attracting and engaging customers and prospects;

providing improved customer care;

or offering more engaging entertainment experiences that yield greater monetization.

During the COVID-19 pandemic, many enterprises and educational institutions rapidly expanded their use of video solutions, fueling accelerated adoption of video solutions.

While the enterprise video market saw demand deceleration when pandemic-related restrictions subsequently eased and certain geopolitical and macroeconomic challenges ensued, the demand for high-quality, secure, and flexible video tools remains robust.

We believe demand is gradually starting to regrow, along with an even greater need of organizations to converge their numerous disparate video experiences to run more effectively on single horizontal platforms like Kaltura’s.

Furthermore, we believe that recently introduced Gen AI capabilities supercharge the value of video experiences by helping to facilitate real-time, unique, hyper-personalized and hyper-contextualized video-first experiences for every end user.

We believe this is a groundbreaking revolution in our industry, and that Kaltura is well-positioned to benefit from it in light of the vast video content that we already manage for our customers, our deep integrations into workflows, and our cross-enterprise deployments across a wide range of products, and employee and customer use-cases.

As we look ahead, we see opportunities to strengthen our valuable existing relationships through additional upsells and cross-sells, to attract new customers to use our existing products and services, and to also continue and grow our product and services portfolio and expand into additional adjacent markets.

We believe this combination of innovation, operational adaptability, and strong customer relationships will enable us to maintain our leadership in the dynamic video technology market and deliver growing, sustainable value for our shareholders.

Market Segments

We have expanded throughout the years to operate today in three enterprise video market segments:

• Enterprise Video Content Management and Online Video Platforms

• Cloud TV Software

• Virtual Events and Webinars

We believe that we are well-positioned to continue expanding our business in these growing market segments as well as continue to effectively penetrate new ones and are continually exploring new ways to innovate our business.

• Enterprise Video Content Management (EVCM) and Online Video Platforms (OVP)

◦ The EVCM and OVP market segment is comprised of video-first solutions designed to enable organizations to capture, create, manage, analyze, edit, optimize, distribute, publish, monetize, and engage with on-demand and live video streaming, at scale.

◦ Key Projected Growth Drivers:

▪ The advent of mobile devices and cloud-based services, increased bandwidth capacity, a shift towards remote work and learning, and a demographic shift to generations that favor video over other data types are expected to increase content creation and consumption.

▪ Gen AI-infused experiences are expected to boost content creation, consumption, and impact, and to increasingly replace labor-intensive production services.

• Cloud TV Software

◦ The Cloud TV Software market segment is comprised of solutions that power large scale, cloud-based over-the-top (OTT) television streaming services across devices (set-top-boxes, smart TVs, and connected devices) and monetization schemas (subscription, transaction, and advertising-based).

This includes both a backend platform for content and user management, and front-end applications for end-user engagement.

◦ Key Projected Growth Drivers:

▪ Customer migration from legacy IPTV systems to OTT, and from on-premises to cloud, is expected to continue.

▪ Gen AI-infused content curation and end-user TV experiences are expected to improve cost efficiencies and to boost engagement and monetization.

• Virtual Events and Webinars

◦ The Virtual Events and Webinars market segment is comprised of both synchronous and asynchronous video-first solutions that are used to host virtual and hybrid events and webinars at varying scales, from small group meetings to large multi-day conferences.

◦ Key Projected Growth Drivers:

▪ Events have increasingly become full or partial virtual experiences, in order to expand reach, reduce costs and increase sustainability, and to increase engagement before, during, and after the events.

▪ Gen AI-infused experiences are expected to reduce event production costs and to drive adoption, engagement, impact, and return on investment.

Our platform and products support millions of end users worldwide at home, work, and school, through our enterprise customers who rely on Kaltura to power a broad range of use cases, spanning across both customer and employee experiences.

Main use cases include:

• Marketing, Sales and Customer Success:

including, for example, live webinar programs for lead generation, large-scale virtual or hybrid events, video publishing in websites and social media, customer video portal, and personalized video messaging.

• Teaching, Learning, Training and Certification:

including, for example, lecture capture, virtual classrooms, online learning and training libraries and portals for onboarding, training, compliance programs, micro-learning, and certification pathways.

• Communication and Collaboration:

including, for example, intranet knowledge sharing portals and content hubs, social enterprise platforms, virtual events, and employee town halls.

• Entertainment and Monetization:

including, for example, live and on-demand Cloud TV services (SVOD, TVOD, and AVOD), live broadcasting, content syndication and publishing, and user-generated content portals.

We distinguish in our financial reporting between revenue and gross profit from Subscription and Professional Services that are attained from customers who use us to address the Entertainment & Monetization use case (“Media & Telecom” reporting segment, or “M&T”), to those that are attained from customers who are using us to address all other use cases (“Enterprise, Education, and Technology” reporting segment, or “EE&T”).

Key Market Trends

The nature of video experiences has transformed in recent years.

Several major trends have played a role in this evolution:

• Shift to Remote Work and Education:

The world is settling into a "new normal" that includes remote and hybrid work and learning practices that rely heavily on video, and that require complex, integrated video workflows and analytics, to create comprehensive digital experiences at scale.

The need for high-quality remote and hybrid digital experiences has become increasingly important with the recent trend towards reduced business travel to address companies' budgetary constraints and commitments to climate change and reduction in carbon footprint.

Organizations worldwide continue to adopt remote and hybrid work and learning arrangements, relying heavily on video to create comprehensive digital experiences at scale.

The need for high-quality remote and hybrid solutions has further increased as businesses reduce travel budgets and seek to lower their carbon footprint and further adapt to the remote experiences culture of their audiences.

As a result, we have observed a growing demand for integrated video workflows, analytics, and engagement tools that can accommodate diverse use cases from employee collaboration and corporate training, to academic instruction and online events.

• Events are No Longer just In-Person :

Marketers and event organizers embrace virtual and hybrid experiences as part of their engagement strategy.

The core of these experiences is video, with growing interest in in-depth engagement analytics.

Marketers and event organizers are increasingly incorporating virtual and hybrid formats into their engagement strategies.

Video remains at the core of these experiences, and we experience a corresponding rise in demand for detailed engagement analytics and hyper-personalized content.

As organizations seek to connect with audiences both on-site and remotely, comprehensive virtual event solutions that provide high-quality interactivity and robust performance metrics become increasingly essential.

• Growing Importance of Employer Branding :

Companies are increasingly promoting their brand both externally, for customer and prospect marketing, and internally, for employee recruitment and retention.

Communications by marketing to external audiences and internal company human resource and executive communications are getting closer in term of their needs, as companies are increasingly looking for the same level of experience for both audiences.

Companies are intensifying their focus on employer branding, both externally to customers and prospects, and internally to recruit and retain talent.

This convergence of external marketing and internal communications requires the same level of production quality and user experience for all audiences.

As a result, video-based solutions for communications and branding must be flexible, scalable, and consistent in look and feel across different channels.

• Focus on First Party Data :

Marketers increasingly are relying on user consent and first party data to target their audiences, given, among other things, recent changes to privacy and data regulations that disincentive usage of third-party data.

This shifts the focus to creators of digital experiences, which are key drivers of first party data, to raise the quantity and quality of the experience, as well as the breadth and depth of the data that is derived from interactions.

• Rise of Over-The-Top (OTT) Video :

Television is increasingly delivered as an internet-based service.

OTT video technology has enabled content providers to bypass the traditional distribution value chain and reach consumers directly.

It also enables any organization, and even person, to easily produce and distribute video content.

• Move from growth to profitability:

In the current unstable economic climate, we have seen a noticeable shift towards businesses streamlining operations and maximizing value by consolidating vendors.

This trend is largely motivated by the need for organizations to reduce complexity, manage costs more effectively, and enhance operational efficiency.

Companies are increasingly looking for versatile solutions that can cover multiple digital transformation needs - such as virtual events, corporate communications, and live streaming - within a single platform.

This approach not only simplifies vendor management but also provides a more integrated and cohesive strategy for leveraging technology.

By prioritizing partnerships with vendors capable of delivering comprehensive solutions, businesses can achieve greater agility, improved cost efficiencies, and a stronger competitive edge in the digital marketplace.

With increasing privacy regulations and evolving consumer expectations, we believe that first-party data has and will increasingly become a strategic asset.

Organizations are investing in platforms such as video experience platforms that help them gather and leverage their own user data rather than relying on third-party sources.

These capabilities are built to enable deeper audience insights, more effective personalization, and stronger control over compliance and data governance, and better control the organization's secured environments and resources.

• Increased Demand for Vendor Consolidation :

Many businesses are seeking to streamline operations and maximize value by consolidating their technology vendors.

While cost savings remain an important motivator, organizations are also focused on improving overall efficiency, performance, and agility.

Companies increasingly look for comprehensive platforms that address multiple digital transformation needs, such as webinars, virtual events, corporate communications, and live streaming, within a single ecosystem.

This approach is intended to reduce complexity, simplify vendor management, and support more cohesive long-term digital strategies.

• Generative Artificial Intelligence on the Rise :

The technology revolution around generative AI has introduced a slew of ways to automate workflows, increase productivity and save costs across every department and industry.

With the expected growth in rich content in organizations, the potential need for content management solutions and advanced digital experiences is expected to grow.

Generative AI is especially popular in the world of marketing technology, and we are seeing growing interest in built-in AI capabilities for marketers to leverage in a wide range of use cases across the creation and execution of video-based digital experiences.

The emergence of generative AI has opened new avenues for automating workflows, increasing productivity, and lowering costs across industries and departments.

Real-time, automated production of highly personalized, contextually relevant video and other rich media has the potential to substantially boost both the creation and consumption of video experiences.

As organizations are expected to produce more rich content, we anticipate growing demand for robust content management solutions and advanced digital experiences.

Generative AI has particularly gained popularity among marketing teams, who are leveraging AI-driven tools in a wide range of video-based campaigns.

We believe the expanded adoption of Gen AI will continue to influence both technology investments and the strategic direction of video-centric solutions.

• Rise of Over-The-Top (OTT) Video :

Television content delivery continues its migration to internet-based (OTT) services, allowing providers to bypass traditional broadcast models and reach consumers directly.

At the same time, enterprises, smaller organizations, and even individuals can now produce and distribute video content locally and globally.

This shift has driven demand for high-performance, user-friendly, highly customizable platforms that support live and on-demand video, advanced monetization models, and a seamless cross-device viewer experience.

Challenges That Organizations Who Want to Use Video Currently Face

Video has become a primary means for organizations of all industries to enrich sales and marketing activities, host events, communicate and collaborate, support customers and offer learning and training.

However, taking full advantage of the transformational potential of video in an organization is not a trivial endeavor, and end users, content managers and business leaders must overcome significant pitfalls and challenges:

• Not integrating video into existing processes, tools and systems.

Video is a data type, just like text, not a stand-alone application.

It should therefore be tightly integrated and utilized within existing workflows and applications, rather than just be used separately as complementary standalone experiences.

Most video solutions are, however, stand-alone experiences that are not tightly integrated into existing workflows, and we believe most organizations are still far from exploring the full transformational potential of video as an in integral part of their business activities.

As video continues to grow as a primary medium for communication, collaboration, learning, marketing, and entertainment, many organizations will have to navigate new complexities.

In a challenging economic environment, organizations are under pressure to deliver measurable results with reduced budgets and to reinvent themselves amid a fast-evolving Gen AI landscape.

Without cohesive video-centric strategies and robust analytics to support those activities, these efforts often fall short of achieving the desired engagement and return on spend.

The following are some of the challenges that we have observed organizations frequently encounter:

• Limited integration of video into existing processes, tools and systems :

Most video solutions are standalone applications that are not sufficiently integrated into existing workflows and applications.

Without deep integration, video experiences do not fulfill their full potential and often fall short of delivering on their intended business impact.

For example, marketing departments are under pressure to deliver measurable leads and conversions with increasingly smaller marketing budgets and a pressured B2B marketing funnel.

Without deeply integrating video experiences into the lead generation workflows, customer and campaign data, and MARTECH systems, marketing efforts may fail to drive the desired customer engagement and return on investment.

• Dealing with a large number of single purpose and often redundant video applications :

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These organizations may suffer from limited functionality, a lack of cohesiveness and inconsistent user experience, disjointed workflows, content silos, and fragmented analytics that lack a holistic view of user behavior.

All of this reduces usability and user engagement, adds unnecessary complexities and costs, and lowers return-on-investment.

All of this reduces usability and user engagement, adds unnecessary complexities and costs, and lowers return-on-investment, efficiency and productivity.

• Still offering mostly non-personalized lean-back viewing experiences :

Currently, most common systems still offer unified passive viewing experiences that are not optimized or personalized for users' needs, and do not encourage them to interact with the content or contribute their own.

This greatly limits engagement and reduces return-on-investment.

Many video-based experiences remain “lean-back”, offering minimal engagement and limited data capture.

Without personalized interactions and advanced analytics, organizations may struggle to derive meaningful insights or nurture deeper employee and customer relationships.

To that end, while the introduction of new Gen AI technology can dramatically boost personalization, organizations often find it difficult to adopt new capabilities and insert them deeply into their workflows.

• Being vulnerable to mission-critical risks and liabilities :

Video is a demanding data type, and solutions that were not designed from the ground up to support the specific needs of video capture, creation, preparation, repurposing, and distribution, nor to run in scalable public clouds, have difficulties offering the availability and service level that many companies require.

Security and data protections are also lacking in many video applications, as providers have not invested in the technical implementations and compliance mechanisms needed by enterprises that use video at scale for mission-critical use cases.

Security, availability, resilience and data protection remain top concerns for any enterprise, and even more so for organizations that are operating in regulated sectors.

Video is a complex and demanding data type, and many video solutions fail to fully adhere to the most stringent compliance and governance requirements, resulting not just in limited functionality and adoption, and in unnecessary complexities and costs, but also in greater risks compared to enterprise-grade solutions.

How Kaltura Addresses Organizations' Video Challenges

Customers trust Kaltura to power their video experiences for the following main reasons:

• Advanced Video Content Management:

We offer a powerful and feature rich content processing, management and distribution system.

Hundreds of open APIs allow developers unparalleled flexibility to build fully custom use cases and deeply, yet easily, integrate video functionality into their existing workflows and applications.

Over one hundred ecosystem partners are already integrated with Kaltura.

• Advanced, Flexible and Modular Video Content Management :

Our API-first architecture and hundreds of APIs, comprehensive software development kits (“SDK”) and Experience Components, and vast ecosystem of integration partners provide to organizations of all sizes across diverse industries the leading content management capabilities with a very high degree of integration, customization and flexibility.

We believe this is key to successfully addressing business challenges and needs, security requirements, cost-efficiencies, and user-experiences.

For example, in the case of marketing this enables us to deeply integrate into marketing workflows and with third party marketing products, and through that to boost the marketing funnel.

To that end, it is noteworthy that Kaltura’s design approach to foster flexibility, modularity, and ecosystem collaboration stems not only from its sound business rationale, but also from our founding values of openness, flexibility, and collaboration.

Since our inception we have wholeheartedly believed that video is a great equalizer, connecting people of diverse backgrounds, languages, industries, and accessibility needs, and that by enabling organizations to deeply integrate it into workflows, we help them achieve their own business goals and objectives.

• A Single Platform for All Video Experiences :

Our Platform seamlessly combines real-time, live and on-demand video and manages all content from one place, across experiences, use-cases and platforms, from webinars and events to online learning and content management.

This avoids content silos and unnecessary complexities and costs, and enables vendor consolidation across CIO, CMO and training departments, economies-of-scale, and an increased return-on-investment.

Unified in-depth analytics across products and use-cases provides a holistic view of video usage and user journeys and helps boost engagement.

Kaltura’s extensive and diverse product portfolio is designed to address a broad spectrum of employee and customer experience use cases, while also meeting the distinct needs of multiple functional decision-makers - including Chief Marketing Officers, Chief Information Officers, Chief Technology Officers, and Chief Learning Officers - through a single, consolidated platform.

This integrated approach avoids fragmentation of workflows, siloing of content, complexities, and redundant costs, fostering consistency and cost efficiency.

Moreover, by owning the entire employee and customer journey we can collect their complete data, generate comprehensive insights, and maximize engagement and business results.

This is even more crucial in the age of Gen AI, where having access to the complete data across the entire employee and customer journeys can yield the best insights and business outcomes.

For example, in the same aforementioned case of marketing – our offerings span from interactive videos embedded in corporate websites and CMS integrations, to video-driven marketing events and portals, through customer education programs like academies and enablement hubs.

This enables us to collect all of the user data and offer consistent engagement throughout their lifecycle, including effective hyper-personalized experiences with the use of evolving Gen AI technologies.

• Heightened Engagement, Interactivity, and Personalization:

We offer applications, sites and management consoles that are fully branded, engaging, interactive, personalized, and easy to use.

These create a holistic digital experience, leveraging content and video capabilities alongside audience interactions.

Kaltura provides powerful capabilities for both end-user and experience managers, including recent additions, such as the AI assistant for Events and Webinars, that leverage session data to suggest real-time actions that event managers and moderators can take.

Our offerings include a wide array of “lean forward” experiences that promote engagement and interactivity.

Our Gen AI-powered capabilities and developments, are building on our advanced content management, deep workflow integrations, and enterprise-wide data collection to offer hyper-personalized and hyper-contextualized immersive digital experiences, while designed to address enterprise-grade data integrity and privacy requirements, and adhere to our customers' AI policies.

• Built for Enterprise :

Our platform is built from the ground-up as a mission-critical platform for large enterprises, offering high availability, scalability, accessibility, security and data protection.

Our cloud-native architecture is designed to serve millions of concurrent viewers, supported by high-availability infrastructure, helping facilitate robust mission-critical performance at scale.

We meet global data security and privacy requirements through secure deployment options and regional data sovereignty, as well as by adhering to international compliance schemes and certifications such as ISO and SOC 2.

In addition, we strive to address the needs of all users by integrating accessibility features that align with recognized global standards, reflecting our commitment to inclusivity.

These capabilities also enable us to successfully cater to heavily regulated industries - such as healthcare, government, and financial services.

We believe our extensive experience in executing large-scale, highly secure video projects allows us to help organizations achieve meaningful business results without compromising on security, privacy, resilience, and accessibility requirements.

Market Recognition of Kaltura

In 2023, we were recognized as a Representative Vendor in the 2023 Gartner Market Guide for Event Technology Platforms, the 2023 Gartner Market Guide for Meeting Solutions, and the Market Finder and Use Case Guide for Meetings and Virtual Events.

Our products received multiple awards and industry recognition in 2024, reflecting our continued effort to foster innovation and customer satisfaction.

These include:

Industry Recognition

• Gartner’s Market Guide for Meeting Solutions (2025) :

(1) Kaltura recognized in this report as a “Representative Vendor”

• Gartner’s Magic Quadrant and Gartner’s Critical Capabilities for Event Technology Platforms (2024) :

(2) Kaltura recognized in these reports.

• Digiday Technology Awards (2024) :

Best Video Management Platform (Winner).

• MarTech Awards (2024) :

Best Overall Event Solution Provider, Best Virtual Event Platform (North America).

• Eventex Awards (2023–2024) :

Best Webinar Software (Winner, 2023), Best Audience Engagement Technology (Gold, 2024), Best Event Technology (Silver, 2024), Best Virtual Event Platform (Silver, 2024).

• Event Technology Awards (US & Canada, 2024) :

Best Virtual / Hybrid Event Platform (Winner).

• G2 (2024) :

Multiple “Leader” recognitions, including Mid-Market and Americas segments.

• Frost & Sullivan's Radar for Media & Entertainment 2024 :

Named one of top 5 solutions worldwide, highlighting our flexible architecture, modularity and scalability.

• ‘FEED Special Recognition in AI’ (2024) :

The magazine’s 2024 Honor List for Kaltura’s Media and Telecom new GenAI features for Streaming Services.

Recognition by Gartner

In 2025, we were recognized in the 2025 Gartner Market Guide for Meeting Solutions.

(3) In 2024, we were recognized in the 2024 Gartner Magic Quadrant for Event Technology Platforms (4) , the 2024 Gartner Critical Capabilities for Event Technology Platforms (5) , and in Gartner 2024 Competitive Landscape:

Video Platform Services.

In 2023, we were recognized in Gartner 2023 Market Guide for Event Technology Platforms, (7) the 2023 Gartner Market Guide for Meeting Solutions, (8) and the Market Finder and Use Case Guide for Meetings and Virtual Events.

1 Gartner® Market Guide for Meeting Solutions, By Christopher Trueman, Lacy Lei, Adam Prese, 28 January, 2025

2 Gartner® Magic Quadrant™ for Event Technology Platforms, Christy Ferguson et al., 18 March 2024, and Gartner®, Critical Capabilities for Event Technology Platforms, Christy Ferguson et al., 20 March 2024

3 Gartner's Magic Quadrant and Critical Capabilities references are provided for historical purposes only and do not reflect current market recognition

4 Gartner® Magic Quadrant™ for Event Technology Platforms, Christy Ferguson et al., 18 March 2024

5 Gartner®, Critical Capabilities for Event Technology Platforms, Christy Ferguson et al., 20 March 2024

6 Gartner®, Competitive Landscape:

Video Platform Services, Amol Nerlekar, 18 December 2024

7 Gartner®, Market Guide for Event Technology Platforms, Christy Ferguson et al., 5 June 2023 (This research has already archived)

8 Gartner®, Market Guide for Meeting Solutions, Tapan Upmanyu et al., 21 November 2023 (This research has already archived)

9 Gartner®, Market Finder and Use Case Guide for Meetings and Virtual Events, Christopher Trueman et al., 16 August 2023

In 2021, we were recognized as a Visionary in the 2021 Gartner® Magic Quadrant™ for Meeting Solutions, (10) and we ranked 4 th in the ‘External Presentation’ (4.44/5) Use Case, and 5 th in the ‘Learning and Training’ (4.32/5), and ‘Webinar’ (4.16/5) Use Cases in the Gartner 2021 Critical Capabilities for Meeting Solutions Report.

2020 and before

We were also recognized as a Representative Vendor in the 2020 Gartner Market Guide for Enterprise Video Content Management.

(1) We have been included in Gartner research reports on this since 2013, where we were listed as a Leader for 5 consecutive times in the Magic Quadrant for Enterprise Video Content Management report and ranked highest in all Use Cases in the last-published Critical Capabilities for Enterprise Video Content Management report.

(12) We have been included in Gartner research reports on this since 2013, where we were listed as a Leader for 5 consecutive times in the Magic Quadrant for Enterprise Video Content Management report (13) and ranked highest score in all 4 Use Cases in the last-published Critical Capabilities for Enterprise Video Content Management report.

(14) Gartner discontinued publication of this Magic Quadrant for Enterprise Video Content Management report in 2018 and of the correlating Critical Capabilities report in 2019.

We have also received customer recognition.

As of January 30, 2024, we received a rating of 4.8/5 from 4 reviews for Event Technology Platforms, and 4.5/5 from 62 reviews for Meeting Solutions and 4.6/5 from 27 reviews for Enterprise Video Content Management by customers on Gartner® Peer Insights TM .

Past Recognition by Forrester

In March 2023, we were recognized as a Contender in The 2023 Forrester Wave™:

B2B Event Management Technology, Q1 2023 .

In November 2022, we were recognized as a Notable Vendor in The Forrester B2B Event Management Technology Landscape, Q4 2022.

B2B Event Management Technology.

In November 2022, we were recognized as a Notable Vendor in The 2022 Forrester B2B Event Management Technology Landscape.

In March 2021, we were also cited as a Strong Performer in The 2021Forrester Wave™:

B2B Marketing Events Management Solutions, Q1 2021.

B2B Marketing Events Management Solutions.

Customer Recognition

We have also received customer recognition.

As of January 29, 2025, we received a rating of 4.2/5 from 5 reviews for Event Technology Platforms (15) , and 4.5/5 from 62 reviews for Meeting Solutions (16) and 4.5/5 from 29 reviews for Enterprise Video Content Management (17) by customers on Gartner® Peer Insights™.

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Gartner's Magic Quadrant and Critical Capabilities references are provided for historical purposes only and do not reflect current market recognition.

Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation.

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Gartner Content speaks as of its original publication date (and not as of the date of this Form 10-K) and the opinions expressed in the Gartner Content are subject to change without notice

(1) Gartner's Magic Quadrant and Critical Capabilities references are provided for historical purposes only and do not reflect current market recognition.

As of December 31, 2023, we served approximately 1,000 customers, including several of the world’s leading brands across multiple industries, including financial services, high technology, healthcare, education, public sector, media and telecommunications.

10 Gartner®, Magic Quadrant for Meeting Solutions, Mike Fasciani et al., 7 October 2021 (This research has already archived)

11 Gartner®, Critical Capabilities for Meeting Solutions,Tom Eagle et al., 7 October 2021

12 Gartner®, Market Guide for Enterprise Video Content Management, Stephen Emmott et al., 28 September 2020 (This research has already archived)

13 Gartner®, Magic Quadrant™ for Enterprise Video Content Management, Stephen Emmott et al., 28 November 2018 (This research has already archived)

14 Gartner®, Critical Capabilities for Enterprise Video Content Management, Stephen Emmott et al., 29 March 2019 (This research has already archived)

15 Gartner®, Peer Insights™, Kaltula in Event Technology Platforms, https://www.gartner.com/reviews/market/event-technology-platforms/vendor/kaltura/product/kaltura-events

16 Gartner®, Peer Insights™, Kaltura in Meeting Solutions, https://www.gartner.com/reviews/market/meeting-solutions/vendor/kaltura/product/kaltura-video-communications-and-collaboration-suite

17 Gartner®, Kaltura in Enterprise Video Content Management, https://www.gartner.com/reviews/market/enterprise-video-content-management/vendor/kaltura/product/kaltura-video-platform

Forrester does not endorse any company, product, brand, or service included in its research publications and does not advise any person to select the products or services of any company or brand based on the ratings included in such publications.

Information is based on the best available resources.

Opinions reflect judgment at the time and are subject to change.

For more information, read about Forrester’s objectivity at https://www.forrester.com/about-us/objectivity/.

Customers and Industries

As of December 31, 2024, we served approximately 850 customers 18 , including several of the world’s leading brands across multiple industries, such as technology, higher education and K-12, regulated industries (banking, government, healthcare, and life sciences), professional and commercial services (consulting, manufacturing, retail, real estate, and nonprofit organization), and media and telecommunications.

We serve 27 of the U.S.

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Additionally, our solutions power major global TV initiatives.

Most of our top customers leverage several Kaltura products for a range of use cases across their organization.

Our customers are global, spanning 54 countries, and during the year ended December 31, 2023, our technology reached end users in over approximately 200 countries.

Most of our customers leverage several Kaltura products for a range of use cases across their organization.

Our customers are global, spanning 53 countries, and during the year ended December 31, 2024, our technology reached end users in over 200 countries.

For the year ended December 31, 2024, approximately 53% of our revenue was generated from customers in the Americas, 38% from customers in EMEA and 9% from customers in APAC.

We have sold our products to customers of all sizes, selling to large global enterprises as well as more recently to SMEs.

We have sold our products to customers of all sizes, selling to large global enterprises as well as more recently to small and medium enterprises (“SMEs”).

As of December 31, 2024, our customer base included 290 customers with annualized recurring revenue (“ARR”) greater than $100,000 and 30 customers with ARR greater than $1.0 million.

The following are our main target industries, and their main use cases with our offerings:

◦ Major technology companies such as cloud service providers, enterprise and consumer software providers, semiconductor manufacturers, and EdTech vendors use Kaltura for deep video integrations into their applications, large-scale virtual events, marketing programs, customer engagement, learning and development, employee experience, and partner training and certification.

◦ We serve approximately 30% of the top 50 global technology companies.

• Higher Education and K-12

◦ Leading research universities, community colleges, and K-12 school systems use Kaltura for virtual classrooms, lecture capture, interactive video learning deeply integrated into Learning Management Systems and university systems, serving student and faculty in online and on-site classes, as well as career development, marketing and alumni relations.

◦ We serve more than 50% of R1 schools in the U.S.

18 As previously disclosed, in 2024, we updated our customer count methodology to treat subdivisions of the same legal entity (for example, divisions of a parent company or separate campuses that are part of the same state university system), as well as Value-add Resellers (“VARs”) (meaning resellers that directly manage the relationship with the customer) and the customers they manage, to be a single customer.

The change in methodology results in a decrease to our reported customer count as compared to the calculation under our prior methodology.

• Regulated Industries

◦ Organizations within highly regulated sectors such as banking, government, healthcare, and life sciences - rely on Kaltura to meet stringent security and compliance requirements across various use cases, including customer interactions, partner training, corporate communications, learning and development, and knowledge sharing.

We also cater to vertical-specific solutions such as Wealth Management and Patient and Partners Engagement digital experiences.

◦ We serve approximately 24% of the top 50 financial services and insurance institutions, 6 out of the 10 largest pharma and healthcare providers, and various government entities globally.

• Professional and Commercial Services

◦ We define professional and commercial services to include industries such as consulting, manufacturing, retail, real estate, and nonprofit organizations.

These entities leverage Kaltura for internal communications, training, customer engagement, partner enablement, and marketing campaigns.

◦ Our customer base includes three of the Big Four accounting firms and 4 out of the 10 largest Automotive Manufacturers.

◦ Media & Telecom

◦ Telecom operators, media networks, and OTT streaming platforms utilize Kaltura for large-scale live streaming, content management, multi-device viewing, and advanced monetization.

◦ Kaltura works with top global telcos and leading media and entertainment companies to deliver direct to consumer and end to end television services globally.

Growth Strategies

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We expect to see continued increase in usage of our products, by way of more video creation and consumption and more end-users.

We expect our customers will consolidate around a single video vendor to grow and believe that Kaltura is ideally situated to be that single vendor.

For the years ended December 31, 2024 and 2023, our Net Dollar Retention Rate (as defined below in Part II, Item 7.

"Management's Discussion and Analysis of Financial Condition and Results of Operations") was 100%.

“Management's Discussion and Analysis of Financial Condition and Results of Operations”) was 100% and 101%, respectively.

• Secure New Customers Within our Current Markets :

Kaltura is already trusted by top large enterprises, leading education institutions, and prominent Media & Telecom companies.

We have a significant opportunity to expand our presence in these markets, especially with Global 2000 companies.

We believe we have a significant opportunity to expand our presence in these markets, especially with Global 2000 companies.

We have a well-tuned sales and marketing operation, which we expect will drive both geographic and vertical expansion.

• Expand our Product Offering for our Existing Markets :

Our flexible and extendable platform facilitates a continuous expansion of our product portfolio to include more advanced capabilities and use cases, and additional industry-solutions.

For example, since 2020, we have introduced Webinars, Online Learning, and Hybrid and Virtual Events products, and a set of new Cloud TV applications for viewers using TVs, PCs, tablets, and mobile devices.

We plan to continue leveraging our flexible and extendable platform to expand our product portfolio to include more advanced capabilities and power more use cases.

For example, since 2020, we have introduced our Events & Webinars and Virtual Classroom products, and a set of new TV applications for viewers using TVs, PCs, tablets, and mobile devices.

We have recently also launched a suite of Gen AI capabilities which we believe will start impacting revenues in 2025.

• Expand into New Markets:

We are expanding down market from large enterprises to also power SMEs through making our products more self-operated, and advancing our inside-sales marketing, sales, and operations practices.

We are continuing to pursue our plan to gradually expand down market from large enterprises to also power SMEs through making our products more self-operated, and advancing our inside-sales marketing, sales, and operations practices.

We also plan to expand in the future into new markets by introducing new industry solutions, for example for the financial services and healthcare markets.

• Accelerate through Partnerships and M&A :

• Accelerate through Partnerships and Mergers & Acquisitions :

We plan to increase the breadth of partnerships with our technology partners, further allowing us to provide the most comprehensive video solutions to our customers.

Additionally, we intend to continue to explore potential M&A transactions that could enhance our capabilities, increase our market share in markets we already operate in, or open up new markets.

Kaltura's Video Experience Cloud includes products that power virtual and hybrid events, webinars, online learning, and video portals for companies across all industries, including technology, financial services, healthcare and pharma, IT and professional services, retail and manufacturing.

It also includes industry-specific video solutions, currently for the Education and Media and Telecom industries.

For developers, it includes an extensive array of APIs and developer tools that enable them to build other video workflows, products, and industry solutions.

Products for Any Enterprise

Advanced video products that utilize on-demand, live, and real-time video to boost training, marketing, virtual and hybrid events, communication, collaboration, sales, and customer care.

• Video Portal:

Enterprise video portal that enables the creation and management of content across the organization, its partners and customers.

Video Portals provide a rich media experience that drives engagement and interaction.

• Virtual and Hybrid Events:

Comprehensive event platform to create, manage and track every event of any size, internal or external, from smaller group gatherings, through larger town halls, to very large flagship conferences.

Creation, management, and analytics for webinars, with automatically created branded mini-sites, driving interaction and engagement from registration to video-on-demand (VOD) .

• Online Learning:

Self-paced on-demand learning with playlists, quizzes, and video paths and real-time group online learning with virtual classrooms that leverage analytics and interactive tools built for learning.

Education Solutions

Advanced video solutions that boost in-class and remote teaching and learning, and boost student engagement, interactivity, and performance.

• Learning-Management-System (LMS) Video:

Video galleries, video creation and virtual classrooms, seamlessly integrated into the LMS.

• Lecture Capture:

Scheduling, recording, and monitoring of any size lecture hall including live broadcast.

Media & Telecom Solutions

Platforms for TV service providers and media companies to manage and distribute premium television content across devices, and boost reach, engagement, and monetization.

Modular and scalable solution for building multinational streaming services that aggregate VOD, live, and linear content on any device.

▪ Streaming Platform:

Turn-key solution enabling launching, operating, and managing direct-to-consumer streaming service with low entry and operational costs.

API & Developer Tools :

Tools for developers to create their own video workflows, products, and industry solutions.

These tools also power Kaltura's products and industry solutions.

• Media Services :

Hundreds of media services APIs for live, on-demand and real time video, offering ingestion, transcoding, enrichment, management, distribution, engagement, monetization, and deep viewer analytics amongst many other capabilities.

• Experience Components:

Complete experiences ready to be embedded in any application.

This includes our video player, video editor, video capture tool, and chat and networking widgets.

Our business has been driven by constant innovation, anticipating trends ahead of other participants in the market.

We believe we are one of the first organizations to recognize the importance and mission-critical nature of video experiences.

Our ability to be a leader in our target markets and rapidly introduce new applications depends on the constant expansion of our APIs, and the development of new products and industry solutions that rely on them.

Our unique technology enables very large scale interactive video applications at a high level of reliability, performance, accessibility, scale and security.

Our cloud platform was specifically designed to address the entire lifecycle of media, how users interact with media online and the business models that support content monetization.

With new AI technologies available we plan to further expand our offering to include capabilities such as content enrichment and content repurposing.

Kaltura's platform natively supports live broadcast, real-time communications, and VOD playback.

The platform also addresses other media types such as audio files (e.g., podcasts) and images including PDFs.

The platform provides a complete digital experience within the site, built on the content management capabilities, that connects these different experiences and creates workflows and cohesive, engaging experiences for end users.

The platform's flexibility and robustness enables creation of highly customized experiences at scale.

With AI assistant, we are able support users with automated advanced workflows that leverage real-time platform analytics.

Our technology and platform are infrastructure agnostic, allowing us to also offer managed, hybrid, private and air-gapped deployment options.

While the great majority of our customers are hosted on our public Software-as-a-Service ("SaaS") offering, some customers are hosted on separate and dedicated private cloud environments that are also managed by us.

In our operations, we receive, collect, store, process, transfer, share and otherwise use or host personal information and other sensitive information about individuals and other data relating to users of our offerings, our employees and contractors, and other persons.

As a result, we are subject to various data privacy and data protection laws, which are rapidly evolving and present increasing compliance challenges.

For more information regarding the applicable legal framework and risks related to data privacy, see Part I, Item 1A.

Additionally, we intend to continue to explore potential M&A initiatives that could enhance our capabilities, increase our market share in markets we already operate in, or open up new markets.

Kaltura’s Video Experience Cloud is designed to meet the variety of customers’ needs to effectively engage employees and customers through video-first and TV experiences, and boost business results.

It includes a cloud-native video and TV content management platform that serves as a foundation for our broader suite of immersive Gen AI-infused “video-first” products, including Video Portals, LMS & CMS Video Extensions, Virtual Events & Webinars, Virtual Classrooms, and TV Streaming Applications.

Our platform and products are highly modular, scalable, and interoperable, stemming from our API-first architecture and our hundreds of APIs, SDKs, and modular Experience Components (embeddable Kaltura components with an end-user interface).

Our unified, flexible underlying architecture is designed to allow our customers to heavily customize and deeply integrate our products into their workflows and systems, to consolidate around Kaltura as a single vendor to power all employee and customer video use cases, to best benefit from the emerging capabilities of Gen AI-infused video experiences, and to scale up successfully with the required stability, compliance, and security.

While certain offerings focus on specific market segments and/or use cases, many of our products cut across them, enabling customers to uniformly address workflows that run the gamut from internal employee training to external customer and prospect engagement, to large-scale consumer-facing TV offerings, under a single, integrated infrastructure.

The following provides information on our foundational platform, and on the products that run over it to address a wide range of video-centric requirements.

Platform for Video & TV Content Management:

APIs & SDKs, Experience Components, Consoles and Marketplace Integrations

Kaltura’s platform includes video and TV content management systems that are comprised of APIs & SDKs, Experience Components, consoles, and Marketplace integrations.

They are designed to streamline the creation, management, and delivery of enterprise video and TV experiences.

Key capabilities include:

• Development tools :

Comprehensive APIs and SDKs that enable developers to build custom video-first workflows and embed video functionalities into existing workflows, applications, and websites.

• Embeddable Experience Components :

Modular end-user facing building blocks that can be tailored and customized to match branding guidelines, user experience requirements, and specific operational needs.

• Consoles and Marketplace Integrations :

Administrative interfaces and third-party integrations that support efficient deployment and management of video content across diverse ecosystems.

• Video Content Management System (VCMS) :

A comprehensive solution for digital asset management, designed for a secure, enterprise-grade environment.

It addresses the entire lifecycle of video content, from creation and transcoding through storage, search, distribution, publishing, engagement, analytics, and monetization, designed to enable organizations to deliver both live, on-demand, and real-time-communication video experiences, interactive functionalities, and advanced analytics.

◦ Key Capabilities :

VCMS provides centralized media management for storing, categorizing, and distributing video assets, underpinned by enterprise-grade security features aimed at supporting global data privacy and regulatory requirements.

Its API-first architecture, SDKs, and configurable Experience Components (as detailed in the picture above) facilitate seamless embedding of video workflows, across applications and websites.

The solution also supports live events, VOD, and WebRTC-enabled communications, allowing businesses to manage and optimize a wide array of video experiences.

◦ Key Use Cases :

VCMS is designed to power media management and immersive video experience in a broad variety of use cases and applications.

Its flexibility and scalability make it suitable for organizations of any size, and it is often deeply integrated into broader technology ecosystems or commercial products.

◦ Key Gen AI-Infused Features :

VCMS includes Gen AI-infused capabilities such as automated content summarization, in-video quiz generation, automated intelligent video editing, and Gen-AI enhanced search, discoverability and user engagement.

These features seek to provide data-driven insights and targeted content experiences, helping organizations to realize more value from their content and create new personalized video experiences.

◦ Differentiators :

We believe VCMS is differentiated by its highly scalable architecture, deeply flexible integration options, and introduction of evolving Gen AI capabilities, which together enable customers to centralize and streamline their video-first experiences across their various business functions.

• TV Content Management System (TVCMS) :

A large-scale cloud-based OTT solution designed to enable personalized, always-on television experiences across millions of concurrent viewers.

It supports a variety of distribution and monetization models, and offers a scalable, flexible, and cost-effective infrastructure for TV operators, media companies, and other direct-to-consumer services.

◦ Key Capabilities :

TVCMS powers cloud-native telco-grade on-demand and live-linear TV services across many device types (set-top-boxes, smart TVs, and connected devices).

It provides a diverse and flexible set of monetization options, including SVOD (Subscription Video on Demand), TVOD (Transactional Video on Demand), and AVOD (Advertising Video on Demand).

It also incorporates ‘super-aggregation’ capabilities that unify multiple content sources into a single cohesive viewer experience, with robust analytics that provides insights into user behavior.

◦ Key Use Cases :

TVCMS is designed to power large-scale streaming services and operator-managed TV platforms.

Its scalability, combined with the ability to aggregate content from multiple sources, makes it suitable for providers looking to deliver a seamless, personalized experience to diverse audiences and across multiple devices, leveraging multiple business models.

◦ Key Gen AI-Infused Features :

TVCMS leverages Gen AI-based personalization designed to deliver content recommendations based on individual preferences and consumption patterns, which can be utilized by our customers according to their respective policies.

Furthermore, automated Gen AI-based metadata enrichment streamlines and enhances content curation, discoverability, localization, and monetization.

◦ Differentiators:

We believe TVCMS is differentiated by its robust scalability, multi-format monetization support, and AI-powered personalization.

Furthermore, we have vast experience in seamlessly and smoothly migrating customers from legacy IPTV providers to our modern Cloud TV offering.

Together, these advantages allow our customers to manage, distribute, and monetize large-scale content libraries efficiently while delivering a high-quality, customized viewing experience.

Immersive “Video First” Products

• Video Portal (with Video Messaging) :

An enterprise-grade hub designed to centralize video creation, management, and collaboration.

By integrating with existing corporate systems, it aims to provide secure, customizable user experiences for both internal and customer-facing communication.

◦ Key Capabilities :

Our Video Portal offers modular components for departmental content distribution and deep white-labeling, ensuring alignment with corporate branding.

It integrates with Single Sign-On (SSO), intranet portals, marketing tools, and other enterprise applications, providing customizable workflows for video messaging and collaboration.

Enterprise-grade security and compliance features are built in, supporting data privacy requirements.

◦ Key Use Cases :

This solution is used for corporate communications, employee training, customer engagement, marketing initiatives, and user-generated content workflows.

Its modularity and integrations make it suitable for organizations seeking to unify various video-based activities under a single platform.

◦ Key Gen AI-Infused Features :

Gen AI-driven tools offered in the Video Portal can assist in generating automated transcripts, editing content, and tagging metadata for improved search and discovery.

These features aim to reduce production overhead, enable more personalized viewing experiences, and provide insights into user engagement.

◦ Differentiators :

We believe Video Portal is differentiated by its flexible design system, comprehensive security measures, and availability of Gen AI-infused video workflows.

These capabilities help organizations increase productivity and user engagement while maintaining strict data governance across multiple departments and use cases.

• LMS & CMS Video Extensions :

Solutions that embed video creation, management, engagement, and analytics directly into widely used learning management systems (“LMS”) and content management systems (“CMS”).

◦ Key Capabilities :

Our extensions integrate with leading platforms such as Blackboard, Canvas, Moodle, SharePoint, Adobe Experience Manager, and automate content ingestion and interaction with Zoom, Cisco Webex, and Microsoft Teams.

Powered by our VCMS, these integrations aim to streamline and centralize media storage and unified analytics that track user engagement across multiple environments.

Secure workflows simplify content creation, distribution, and moderation.

◦ Key Use Cases :

These extensions support both academic and corporate settings.

In education, they facilitate interactive lectures, flipped classrooms, and online assessments.

In enterprise scenarios, they enable training, onboarding, internal communications, and marketing.

By embedding video directly into existing platforms, organizations can streamline workflows without disrupting familiar user interfaces.

◦ Key Gen AI-Infused Features :

Gen AI-infused functionalities include interactive elements such as interactive in-video quiz generation, and automated speech recognition for accessibility.

These tools are designed to help improve user engagement, knowledge comprehension and reduce manual processes.

◦ Differentiators :

We believe LMS & CMS Video Extensions are differentiated by their ability to enhance productivity and user engagement through seamlessly integrating secure, Gen AI-infused video capabilities into everyday workflows, according to the customers taste and needs.

This approach supports institutional branding, accessibility, and compliance requirements and designed to enable a richer, more efficient learning and communication experience.

• Virtual Events & Webinars :

A comprehensive solution designed to create, manage, promote, and host virtual and hybrid events of any scale, from product launches and training sessions to large conferences and sales kickoffs.

◦ Key Capabilities :

Our offering includes event management tools for scheduling, participant registration, hybrid in-person check-in, pre-event engagement and promotion, during-event live experiences and audience interactions, and post-event VOD catchup, audience follow-up, and online community engagement.

Advanced security settings aim to safeguard sensitive content, while customizable design elements allow deep white-labeling and branding throughout the event lifecycle.

Analytics provide insights into real-time and post-event audience behavior, helping measure return on investment.

◦ Key Use Cases :

Organizations leverage Virtual Events & Webinars for corporate communications, press briefings, virtual conferences, marketing programs, and educational programs.

The ability to handle both private and public events, coupled with scalability and data-driven performance metrics, makes this solution adaptable to diverse organizational needs.

◦ Key Gen AI-Infused Features :

Gen AI-infused tools include a Realtime Event Assistant that was designed to analyzes live sessions and audience mood and suggests interactive elements (Q&A, polls, chats, gamification) to increase attendee engagement.

Automated recommendations and personalized notifications can further enhance event participation.

Personalized agenda and content paths are aimed to create unique hyper-personalized user experiences that drive more value from the event content during and post-event.

◦ Differentiators :

We believe Virtual Events & Webinars is differentiated by its robust security, customizable interfaces, and Gen AI-driven engagement features offering, which collectively can enable organizations to extend the impact of their events and gain valuable audience insights.

• Virtual Classroom:

A cloud-based WebRTC environment designed for academic institutions, corporate training, continued-education programs, and customer-success teams, offering interactive features aimed at improving learning and development effectiveness and learner engagement.

◦ Key Capabilities :

Our Virtual Classroom provides persistent, browser-based rooms that preserve pre-set content and configurations.

It includes interactive tools, such as whiteboards, polls, and breakout rooms, reactions, high-quality media playback, and interactive presentations.

It fosters collaboration while session recording and moderation enhance oversight and replay value.

It includes post-session learner engagement and participation analytics, and integrations with learning management systems (LMS) that help maintain a unified user experience.

◦ Key Use Cases :

This solution addresses higher education, K-12, continued-education programs, corporate training, employee onboarding, and customer and partner education programs.

Its flexible design supports a range of learning formats, from small group tutorials to large-scale online courses and compliance sessions.

◦ Key Gen AI-Infused Features :

Automated Gen-AI based captioning and transcription designed to address global accessibility requirements, Gen AI-based background replacement and audio quality improvement as well as a real-time interaction assistant aims to help instructors deliver highly engaging and compliant learning experiences.

◦ Differentiators :

We believe the Virtual Classroom’s ease of integration, Gen-AI infused engagement and interactivity capabilities, and built-in accessibility tools address a broad spectrum of teaching and training scenarios, enabling institutions and enterprises to deliver engaging, effective learning experiences at scale.

• TV Streaming Apps :

Multi-platform applications designed to deliver engaging, personalized viewing experiences across set-top-boxes, smart TVs, and connected devices, supporting live and on-demand content across a variety of integrated experiences and business models.

◦ Key Capabilities :

TV Streaming Apps feature tools like Hero Rail, Maxi Player, Zapper, and Voice Search, making it easier for users to discover and navigate content.

They also support fast channel zapping, multi-DRM protection, and integrations for “super-aggregation”, enabling diverse and centralized content delivery.

Multiple monetization models, ranging from subscription and ad-supported (FAST/AVOD) to transactional and pay-per-view TV provide flexible revenue strategies.

◦ Key Use Cases :

Service providers, operators, and content aggregators employ TV Streaming Apps to launch or expand direct-to-consumer streaming services, manage multi-channel TV solutions, and reach audiences on a variety of devices.

◦ Key Gen AI-Infused Features :

Gen AI-infused personalization designed to offer user-specific content recommendations, while enriched metadata improves search and discovery.

Analytics can help optimize viewer engagement and refine monetization approaches through data-driven decision-making.

◦ Differentiators :

We believe our TV Streaming Apps enable content providers to quickly scale their offerings, deliver compelling user experiences, and tap into new revenue opportunities, supported by the combined power of multi-device distribution and AI-driven personalization.

Recently Introduced Gen AI Capabilities

During 2024 we developed, launched and offered several Gen AI-based offerings that are not yet contributing material revenue, but in our view represent a potential for meaningful increased future growth.

These capabilities expand upon our existing video technology stack by providing new ways to enrich content, personalize user experiences, and automate manual processes.

We believe their appeal may grow as organizations increasingly seek secure, Gen AI-based solutions that align with stringent data governance and privacy requirements.

Below is an overview of some of these capabilities and developments:

• Gen AI-Powered Content Lab :

Designed to help users elevate and repurpose their video content.

It offers automated video quizzes, text summaries, chaptering, and clip creation, allowing organizations to automatically transform existing videos into powerful, reusable assets.

By making it simpler to enhance engagement, improve discoverability, and tailor content to different audiences, we believe the AI Content Lab can drive increased value from existing media libraries and help organizations realize more value from their content, at greater affordability and with faster time to market.

• Gen AI-Powered ‘Work Genie’ :

A video-first organizational knowledge agent that is designed to deliver hyper-personalized insights and interactive content paths to employees, customers, and partners by referencing only verified internal knowledge bases.

• This approach is intended to facilitate reliable, context-specific information while helping businesses maintain data security.

We believe the demand for Gen AI-powered workflows that respect strict privacy, and regulatory standards will continue to grow.

• Gen AI-Powered ‘Class Genie’ :

A video-first personal tutor, tailored for educational institutions.

It is designed to operate exclusively within an institution’s validated content repositories, providing hyper-personalized learning pathways such as video snippets, flashcards, quizzes, and podcasts.

By attempting to eliminate misinformation and focusing on customized educational experiences, we believe Class Genie can greatly improve learning outcomes and engagement.

• Gen AI-Powered TV Experience :

Tailored to enable metadata generation and management, including captions, translations, dubbing, and highlights.

Additionally, it includes a user-controlled conversation interface designed to leverage enriched metadata, such as mood, sub-genres, and contextual tags, to deliver highly personalized recommendations.

We believe these enhancements can deepen viewer engagement and help media providers differentiate their offerings in a competitive streaming market.

• Gen AI-Powered ASR (Automatic Speech Recognition) :

Provides video captioning, transcription and translations, aiming to boost accessibility and compliance while also improving the overall user experience.

By automating the captioning process, we can reduce operational overhead, improve cost-efficiencies and broaden content reach to a variety of audiences.

• Gen AI-Powered Email Notifications Engine :

Provides automated customized outreach for event-related engagements, designed to enable more targeted follow-ups and improve attendee participation.

By streamlining communications, we believe organizations can bolster the success of virtual and hybrid events.

• Gen AI-Powered Realtime Event Assistant :

Designed to analyze live sessions in real time, monitor chat interactions, gauge audience sentiment, and suggest interactive activities (e.g., polls, Q&A, gamification) to heighten engagement.

This functionality can help organizations gather immediate feedback and adapt content on the fly.

• Gen AI-Powered Noise Cancellation :

Reduces background noise to enhance audio clarity, supporting more professional and polished online presentations, webinars, and virtual events.

• Gen AI-Powered Real-Time Background Replacement :

Provides users with a more polished and compliant on-screen presence by removing or replacing the background during live video or recorded sessions.

While these new Gen AI capabilities launched in 2024 have not contributed material revenue to date, we believe they may serve as important growth drivers as customers increasingly adopt Gen AI-based applications.

We intend to continue refining and expanding these solutions in response to evolving market demands and regulatory considerations, although there can be no assurance of their adoption level and eventual financial impact.

Our business has been driven by constant innovation while anticipating trends ahead of other participants in the market.

We believe we are one of the first organizations to have recognized the importance and mission-critical nature of video experiences in enterprises.

Kaltura's offerings natively support, and integrate with each other, live broadcast, real-time communications, and VOD playback, and address their entire lifecycle.

They also support other digital media types such as audio files (e.g., podcasts) and images, including PDFs.

They provide video-first and TV-based employee and customer experiences that are built upon robust content management capabilities, deep integration into workflows and Gen AI-infused hyper-personalized and hyper-contextualized engaging and interactive experiences.

We believe that the sustainable differentiation and success of our Video Cloud stems from the unique “Lego-like” modular approach that we have followed ever since our inception.

We have built our platform and products from the bottom up with an API-first approach that enables deep integrations, customizations, and interoperability across products and user cases.

Coupled with our robust software development kits (“SDKs”) and highly configurable Experience Components customers can tailor workflows, maintain custom branding, and embed video features deeply into nearly any of their workflows, applications, and environments.

Moreover, our technology stack has been built to address large enterprise needs from day one, supporting large-scale mission critical deployments with high reliability, performance, compliance, accessibility, and security.

The following are key attributes of our technology:

• API-First Architecture & Flexibility :

Our API-first architecture provides heightened flexibility, modularity, and customizability, enabling customers to integrate deeply into any workflow or application.

Our embeddable Experience Components and robust SDKs provide extensive white-labeling and brand control capabilities.

This approach supports the development of customized and vertical-specific solutions and is designed to maintain robust security controls and unified analytics at scale.

We believe this architecture allows us to address diverse business needs across industries and use cases, from small departmental deployments to enterprise-wide implementations.

• Extensibility & Integrations :

We have a large ecosystem of partners and offer integrations with leading technological platforms and service providers across a range of functions, including for example internal networking, content production, event services, and marketing automation.

Built on robust APIs, SDKs, and Experience Components, our architecture is designed to meet stringent data security and privacy requirements for heavily regulated sectors.

This extensibility is intended to help organizations seamlessly adapt our solutions to their existing infrastructure and workflows and customize their experience with a handful available add-ons.

• Global Infrastructure & Scalable Architecture :

We employ a cloud-native, virtualized design that leverages multi-CDN technology to serve global audiences securely and reliably.

To address data sovereignty requirements, we offer multiple hosting options, including shared and dedicated SaaS regions as well as on-premises, air-gapped deployments.

This flexibility, combined with robust data privacy controls, comprehensive monitoring and strict SLAs, helps ensure high availability and minimal downtime, even in heavily regulated markets worldwide.

While most of our customers utilize our public cloud Software-as-a-Service (“SaaS”) offering provided globally in shared or dedicated regions, certain customers, particularly in heavily regulated industries, opt for managed, hybrid, private, or air-gapped deployment models.

• Security, Privacy and Compliance :

We use encryption at rest and in transit, tokenization, and hold-your-own-key capabilities.

Our comprehensive security controls include multi-factor authentication (“MFA”), web application firewalls (“WAF”), and distributed denial-of-service (“DDoS”) protection.

We maintain certifications under ISO/IEC 27001, ISO 27701, ISO 27799, ISO 22301, and SOC 2 Type 2, and are self-certified under the EU-U.S.

Data Privacy Framework (“DPF”), including UK and Swiss extensions.

• Best Practice Development Processes :

We employ an enterprise-grade secure software development lifecycle (“SSDLC”) adhering to ISO, CIS, NIST, and OWASP standards.

Ongoing monitoring, automated testing, and vulnerability management help maintain code quality and security.

• Responsible Data and AI Practices :

Our platform and products collect and analyze data based on direct user interactions with video content, often referred to as “first-party data”, rather than relying on information gathered or licensed from external entities.

By operating on first-party data, we believe our platform enables organizations to comply with increasingly stringent privacy regulations that restrict the use of third-party data.

This approach provides deeper insights into audience engagement, allowing customers to refine their strategies while mitigating compliance risks.

As a result, organizations can strengthen user relationships and increase the overall value derived from their video initiatives.

As for Kaltura’s AI principles, our approach emphasizes accountability, transparency, fairness, and continuous improvement.

We do not use customer data to train third-party AI models.

AI capabilities are incorporated to enhance content enrichment and repurposing without compromising security or privacy.

We believe these combined elements, namely, flexibility & extensibility, scalability & security, best-practice development processes, and responsible data & AI practices, strengthen our sustainable competitive advantages, and support our ability to continue and deliver best-in-class video products and services.

In our operations, we handle personal information and other sensitive data related to users of our services, our employees, contractors, and other third parties.

As a result, we are subject to various data privacy and protection laws, which continue to evolve and may pose significant compliance challenges.

For more information on the legal framework and associated risks, see Part I, Item 1A.

“Risk Factors—Risks Related to Information Technology, Intellectual Property and Data Privacy and Security.”

Partner Ecosystem

We have built an ecosystem consisting of over 120 partners that have integrated with our solutions, and extend our products and platform capabilities with creation, AI, transcripts, and delivery capabilities.

We make our partners’ solutions available to our customers through our marketplace, complete with a variety of plugins and out-of-the-box integrations with our platform.

This ecosystem further simplifies our customers’ workflows, enabling them to weave video capabilities into non-video workflows and discover new technologies to further enhance their own offerings, ultimately increasing their satisfaction and stickiness with our platform.

We also maintain relationships with cloud partners, most notably Amazon Web Services (“AWS”) and Oracle.

We believe our Products, Industry Solutions and API & Developer Tools position us well to compete with other video solution providers.

Our key competitors vary based on market and industry.

• Our main competitors for Video Portals are Microsoft and Vimeo

• Our main competitors for Virtual & Hybrid Events and Webinars are Zoom, On24, Cvent and Notified

• Our main competitors for Online Learning and Education are Zoom and Microsoft

• Our main competitors for Media and Telecom Solutions are Mediakind and Synamedia

• Our main competitors for API & Developer Tools are the media services offered by AWS and Microsoft

We have established an extensive ecosystem of technology provider and system integrator partners that integrate with our offerings to extend our platform and products’ capabilities.

These partnerships make available to our customers Kaltura-certified partner solutions that provide, for example, enhanced content creation, transcription, network optimization, encoding, analytics, lecture capture, and content delivery.

We also partner with agencies and system integrators that at times deliver certified Kaltura services to joint customers.

We offer our partners solutions through our marketplace, where we feature a range of plugins and out-of-the-box integrations with our technology.

The partner ecosystem enables our customers to discover and more easily integrate new technologies that enhance their existing Kaltura offerings, and ultimately increase their overall satisfaction and retention.

We believe that our partner ecosystem will continue to expand in 2025.

We believe our Platform and Products position us well to compete with other video solution providers.

Our key competitors vary based on market segment:

• EVCM & OVP :

Microsoft, AWS, and Vimeo

• Virtual Events & Webinars :

Microsoft, Zoom, and ON24

• Cloud TV Software :

Comcast, Synamedia and MediaKind

We believe the principal competitive factors in our markets include, but are not limited to:

• breadth and scale of products, industry solutions, and APIs and developer tools;

• ability to provide a cross-organization video platform with multiple interoperable video solutions;

• ability to support converging experiences across live, real time, and on-demand video;

• flexibility to build and support custom workflows using video technology;

• ease of customization and integration with other products;

• quality of service and customer satisfaction;

• flexibility of deployment options;

• ability to innovate quickly;

• Breadth, depth, and scale of products, APIs and developer tools;

• Ability to support all types of video interactions, including live, real-time, and on-demand, as well as non-video digital assets;

• Ability to cater to numerous use-cases with interoperable products and unified analytics;

• Ability to provide engaging, interactive, and personalized experiences;

• data capabilities, including advanced analytics and AI;

• Ability to innovate quickly;

• Ease of customization and integration with other products;

• Support of various deployment options (including regional and dedicated environments);

• Data capabilities, including advanced analytics and Gen AI;

• High-availability and global presence;

• Enterprise-grade reliability, security, and scalability;

• cost of implementation and ongoing use;

• Quality of service and customer satisfaction;

• Total cost of ownership and time to value;

• Brand recognition;

• Corporate culture.

Recent trends towards consolidation within the industry may result in our competitors achieving greater capabilities in some or all of these areas.

Sales & Marketing

We sell products for virtual and hybrid events, webinars, online learning, and content portals for large enterprises and small and medium enterprises (SMEs), across all industries, including technology, financial services, healthcare and pharma, IT and professional services, retail and manufacturing, and more.

These products are typically bought by CTOs, CIOs, and heads of Learning and Development when used for internal events, communication and collaboration, training and learning.

CMOs are typically the buyers for marketing programs, such as webinars and external events.

We also sell specialized video industry solutions.

Currently we have offerings for the Education and Media & Telecom markets.

In Media and Telecom the buyers are typically the CTO or CEO.

In Education the buyers are typically the CTOs or CIOs of educational institutions or of education-technology companies.

We sell our APIs and Developer Tools to all of these markets, either along with products and industry solutions, or separately from them.

Buyers are typically the CTOs.

Our sales organization is primarily comprised of direct sales and account teams that focus mainly on acquisition, retention, and growth of large customers, including Fortune Global 2000 organizations.

We apply different sales approaches to the different segments we target:

• Sales & Accounts:

We use high-touch "Outside-Sales" methodologies to target Global 2000 companies with our Enterprise products, TV operators and media companies with our Media and Telecom industry solutions and universities, K-12 institutions and Ed-Tech companies with our Education industry solutions.

• Commercial Sales :

We use high velocity "Inside-Sales" methodologies to sell our low touch enterprise products to mid-market accounts.

• Self-Serve / Digital Acquisition :

We use digital acquisition sales methodologies to target small businesses with our no-touch offers.

• Business Development :

We establish strategic partnerships with the world's top tech firms, integrators and value-add resellers, to cater to their advanced needs and to establish co-sell, re-sell and OEM relationships.

Our marketing efforts are focused on creating preference for our brand, and driving leads to Kaltura through thought leadership, participation in industry events, analyst and press coverage, customer referrals, community work, customer user groups, and Kaltura produced customer and industry events like “Kaltura Connect” and “Kaltura Virtually Live”.

We also leverage digital campaigns and make free trials available for many of our products to drive engagement and conversion.

We believe that our combination of advanced Gen AI-infused video-first and TV capabilities, robust API-first secure architecture, embeddable Experience Components, and flexible products and deployment options sets us apart in a competitive landscape.

Our focus on enterprise governance and security, exemplified by stringent data protection features, dedicated environments, and global availability, enables customers to adopt video-centric workflows at scale with confidence.

Our products and Experience Components generate valuable first-party data that enrich our comprehensive analytics and business insights, helping organizations drive engagement, streamline operations, and achieve faster time to value.

In addition, our broad product portfolio is designed to serve the converging needs of live, on-demand, and real-time communications, and to support customers’ plans to consolidate around one vendor across products and use cases, to power both employee and customer experiences.

Moreover, we believe such consolidation can help customers make the most out of hyper-personalized and hyper-contextualized Gen AI-infused experiences.

We believe our brand reputation, track record of innovation, and commitment to responsible Gen AI further reinforce our differentiated position, equipping us to address evolving market demands and to deliver long-term value to our customers and shareholders.

Sales and Marketing

We market and sell our offerings primarily to medium to large enterprises, across a diverse array of industries including technology, education, regulated industries, professional and commercial services, and media & telecommunications.

While most of our offerings apply to customers of all industries, some of them are more tailored for specific industries such as education, media & telecom, and financial services/wealth management.

When our offerings are used for internal events, communication, collaboration, training, or learning, the primary buyers are chief technology officers (“CTOs”), chief information officers (“CIOs”), and heads of learning and development.

In the case of marketing-related use cases (e.g., webinars and external events), the primary buyers are chief marketing officers (“CMOs”).

Furthermore, we offer our application programming interfaces (“APIs”) and developer tools to all our target markets, either as standalone offerings or bundled with our other solutions.

Buyers for these API and developer tool offerings are typically CTOs.

We currently serve customers in 53 countries.

Our key markets include the United States, United Kingdom, Germany, and France.

Other markets include:

Switzerland, the Netherlands, the Nordics, Italy, Spain, Singapore, Hong Kong, and Australia.

Our primary go-to-market strategy is direct sales, where our account executives and customer success managers cultivate and maintain long-term strategic relationships with enterprise customers.

We define our “enterprise customers” as customers with more than 5,000 employees and/or that pay us more than $60,000 in annualized recurring revenue (“ARR”).We consider subdivisions of the same legal entity (for example, divisions of a parent company or separate campuses that are part of the same state university system) as well as Value-add Resellers (“VARs”) (meaning resellers that directly manage the relationship with the customer) and the customers they manage, to be a single customer.

These customers represented in 2024 more than 96% of our subscription revenue.

In addition, we have a small, dedicated sales and accounts team that manages commercial and small to medium business (“SMB”) accounts.

These are customers with less than 5,000 employees and/or that pay us less than $60,000 ARR.

These customers represented in 2024 less than 4% of our subscription revenue.

Our sales and accounts team focuses on both new customer acquisition and existing customer expansion, supported by customer success managers who drive adoption, usage, and overall customer satisfaction.

Business Development and Channels :

We have established strategic partnerships with some of the world's top tech firms, integrators and value-add resellers, to cater to their advanced needs and to establish co-sell, re-sell and OEM relationships.

In 2024 we reaccelerated our focus on cultivating channel sales partnerships for co-sell and sell-through initiatives.

This effort began to yield preliminary heightened results, and we expect channel sales to continue expanding over time.

Our marketing efforts are designed to enhance brand awareness and generate sales leads through thought leadership, participation in industry events, industry analyst and media coverage, customer referrals, community engagement, and company-hosted conferences and regional customer user-groups, such as “Kaltura Connect”.

Additionally, we utilize digital marketing campaigns and make free trials available for many of our products to encourage product engagement and expedite the sales cycle.

Intellectual Property and Data Privacy

Intellectual property is an important aspect of our business and we seek protection for our intellectual property rights as appropriate.

Intellectual property is an important aspect of our business, and we seek protection for our intellectual property rights we deem as appropriate.

To establish and protect our proprietary rights, we rely on a combination of patent, copyright, trade secret and trademark laws, know-how and continuing innovation, and contractual restrictions such as confidentiality agreements, licenses, and intellectual property assignment agreements.

As of December 31, 2023, we owned nine issued U.S.

patents and eleven non-U.S.

patents and patent applications.

As of December 31, 2024, we owned eight issued U.S.

patents and ten non-U.S.

The issued U.S.

patents are expected to expire between 2025 and 2035.

We pursue the registration of our domain names, trademarks and service marks in the United States and in certain locations outside the United States.

To protect our brand, we file trademark registrations in the United States and in some other jurisdictions.

As of December 31, 2023, we owned five registered trademarks in the United States and three registered trademarks in foreign jurisdictions, including the European Union and Brazil, that we consider material to the marketing of our products, including the “Kaltura” name and logo.

We have registered certain of our domain names, trademarks and service marks in the United States and in certain locations outside the United States.

As part of our brand protection strategy, we filed trademark registrations in the United States and in some other jurisdictions.

As of December 31, 2024, we owned five registered trademarks in the United States and nine registered trademarks in foreign jurisdictions, including the European Union and Brazil, that we consider material to the marketing of our products, including the “Kaltura” name and logo.

We generally seek to enter into confidentiality agreements and proprietary rights agreements with our employees and consultants and to control access to, and distribution of, our proprietary information.

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Moreover, our platform and many of our products and services incorporate software components licensed to the general public under open-source software licenses.

We obtain some components from software developed and released by contributors to independent open-source components of our platform.

We also obtain some components from software developed and released by contributors to independent open-source components of our platform.

Open-source licenses grant licensees broad permissions to use, copy, modify and redistribute certain components of our platform.

As a result, open-source development and licensing practices can limit the value of our proprietary software assets.

Despite our efforts to protect our proprietary rights, unauthorized parties may attempt to copy or obtain and use our technology to develop products and services with the same functionality as our platform.

Despite our efforts to protect our proprietary rights, unauthorized parties may attempt to copy, obtain or circumvent and use our technology to develop products and services with the same functionality as our platform.

Policing unauthorized use of our technology is difficult.

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As of December 31, 2024, we had 563 employees operating across 24 countries and 5 continents.

We embrace hybrid work arrangements and provide competitive compensation and equity incentive plans to attract and retain top talent.

We are passionately committed to our founding values of openness, flexibility, and collaboration.

We also believe that they are integral to delivering transformative video solutions, and that ‘videofying’ the world brings about increased democratization, pluralism, and equality.

We strive to maintain an inclusive culture, emphasizing equality, well-being, and a sense of shared purpose.

Our culture embraces our employees’ differences in age, race, gender and gender identity, sexual orientation and nationality, and it is our policy that employment decisions not be made on the basis of these or any other legally protected characteristics.

We aim to provide our employees with a competitive salary and benefits that will enable them to achieve a good quality of life and plan for the future, and keep them inspired and motivated to drive innovation and out-of-the-box thinking.

In addition to competitive base salaries and cash compensation, we maintain equity incentive plans to attract, retain and reward personnel through share-based compensation awards.

We are committed to ensuring a culture of diversity and equality.

Our culture embraces our employees’ differences in age, race, gender and gender identity, sexual orientation and nationality.

We are highly committed to our founding values of Openness, Flexibility, and Collaboration.

Except for certain of our employees in Brazil, our employees are not represented by a labor union in respect to their employment or covered by a collective bargaining agreement.

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business