Israeli video cloud management company Kaltura is not giving up on its Nasdaq Initial Public Offering (IPO) despite postponing its first attempt at the end of March, probably because of lower than expected demand. Kaltura has re-submitted its prospectus although no share prices or company valuation was specified, Trend reports with reference to Globes.
In its first attempt, the company planned to raise between $244 million and $278 million at a company valuation of about $2 billion, including the sale of shares by the company's founders as part of the IPO.
Kaltura, which develops and markets video management systems for businesses and media organizations, was founded in 2006 by CEO Ron Yekutiel, president Dr. Michal Tsur, Dr. Shay David, and Eran Etam.
The new prospectus does reveal Kaltura's first quarter results in which revenue was $37.7 million, up 45.6% from the corresponding quarter of 2020. The revenue included $32.3 million from subscribers and $5.4 million from professional services, almost double that of the first quarter of 2020.
Operational expenditure in the first quarter of 2020 was $30.7 million, up 58.3% from the first quarter of 2020 and operational loss grew to $8.6 million from $3.9 million in the first quarter of 2020. The company recorded a net loss of $15.6 million in the first quarter of 2021, compared with a loss of $5 million in the first quarter of 2020.
As previously reported, revenue in 2020 grew 23.7% to $120 million and the net loss for the year was $38.7 million compared with a net loss of $15.6 million in 2019.