Kaltura raises 2026 revenue outlook to $185M–$185.7M
Kaltura’s full-year 2026 outlook calls for revenue of $185.0 million to $185.7 million and Adjusted EBITDA of $19.5 million to $20.5 million.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
8-K
Rhea-AI Filing Summary
Kaltura, Inc. (KLTR) reported third-quarter 2026 revenue of $47.3 million, up 8% year over year, including subscription revenue of $45.9 million, up 9%. GAAP net loss was $1.5 million, compared with $2.6 million a year earlier, while Adjusted EBITDA rose 45% to $6.0 million. Cash flow from operations was $7.6 million, compared with $9.3 million a year earlier.
Enterprise, Education and Technology revenue increased 14%, while Media and Telecom revenue declined 10%. Kaltura reported $3.8 million in combined total contract value across 15 transactions that included AI offerings, versus $1.0 million in the second quarter. Net Dollar Retention was 97%, unchanged year over year. The company expects full-year 2026 revenue of $185.0 million to $185.7 million and Adjusted EBITDA of $19.5 million to $20.5 million, after raising full-year guidance for the third time. It cautioned that actual results may differ materially and did not provide a quantitative reconciliation of forecast Adjusted EBITDA to forecast GAAP net loss.
4 points · 0 major0 major · 2 points
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointTotal revenue rose 8% year over year to $47.3 million.
- Moderate pointAdjusted EBITDA rose 45% year over year to $6.0 million.
- Moderate pointGAAP net loss was $1.5 million, compared with $2.6 million a year earlier.
- Minor pointEnterprise, Education and Technology revenue rose 14% year over year.
Negative
- Moderate pointQuarterly operating cash flow was $7.6 million, compared with $9.3 million a year earlier.
- Minor pointMedia and Telecom revenue declined 10% year over year.
Filing Explained
The 8-K furnishes third-quarter results and includes a September 30 balance-sheet snapshot: Kaltura reported
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
Total revenue: $47.3 million
Subscription revenue: $45.9 million
Adjusted EBITDA: $6.0 million
+5 more
8 metrics
Total revenue
$47.3 million
Third quarter 2026; up 8% from $43.9 million in third quarter 2025
Subscription revenue
$45.9 million
Third quarter 2026; up 9% from $42.0 million in third quarter 2025
Adjusted EBITDA
$6.0 million
Third quarter 2026; up 45% year over year
GAAP net loss
$1.5 million
Third quarter 2026, compared with $2.6 million in third quarter 2025
Cash flow from operations
$7.6 million
Third quarter 2026, compared with $9.3 million in third quarter 2025
Annualized Recurring Revenue
$184.7 million
As of September 30, 2026; up 9% from $169.1 million as of September 30, 2025
Full-year 2026 total revenue guidance
$185.0 million to $185.7 million
Full year ending December 31, 2026
Full-year 2026 Adjusted EBITDA guidance
$19.5 million to $20.5 million
Full year ending December 31, 2026
Key Terms
Annualized Recurring Revenue, Net Dollar Retention Rate, Remaining Performance Obligations, Adjusted EBITDA, +1 more
5 terms
Annualized Recurring Revenue financial
"as a measure of our revenue trend and an indicator of our future revenue opportunity"
Annualized recurring revenue is the predictable income a business expects to earn over a year from ongoing customer subscriptions or contracts. It’s similar to estimating how much money you would make in a year if your current monthly income stayed the same. Investors use this figure to assess the stability and growth potential of a company's revenue stream.
Net Dollar Retention Rate financial
"measure our success in retaining and growing recurring revenue from our existing customers"
Net dollar retention rate measures how much revenue a company keeps from its existing customers over a set period after accounting for additional sales to them, reduced spending, and customers who leave. It matters to investors because it shows whether a company’s customer base is growing in value or shrinking—like checking whether the same garden produces more or fewer fruits over time—which signals the health and sustainability of recurring revenue.
Remaining Performance Obligations financial
"the amount of contracted future revenue that has not yet been delivered"
Remaining performance obligations are the work a company still needs to complete for its customers, like finishing a service or delivering a product. It’s important because it shows how much future income the company has coming in from current agreements, giving a clearer picture of its ongoing business.
Adjusted EBITDA financial
"Adjusted EBITDA is defined as EBITDA (as defined above), adjusted for the impact"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
Non-GAAP financial measures financial
"have not been prepared in accordance with generally accepted accounting principles in the U.S."
Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.
Earnings Snapshot
Total revenue: $47.3 million · Guidance included
Third quarter 2026
Total revenue
$47.3 million
Up 8% year over year
Subscription revenue
$45.9 million
Up 9% year over year
GAAP net loss
$1.5 million
Compared with a $2.6 million loss in third quarter 2025
Adjusted EBITDA
$6.0 million
Up 45% year over year
Guidance
Fourth-quarter 2026: subscription revenue of $44.3 million to $45.0 million, total revenue of $46.2 million to $46.9 million, and Adjusted EBITDA of $2.0 million to $3.0 million. Full-year 2026: subscription revenue of $179.0 million to $179.7 million, total revenue of $185.0 million to $185.7 million, and Adjusted EBITDA of $19.5 million to $20.5 million.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What was KLTR's revenue in Q3 2026?
Kaltura reported total revenue of $47.3 million for the third quarter of 2026, up 8% from $43.9 million a year earlier. Subscription revenue was $45.9 million, up 9% from $42.0 million.
What is KLTR's full-year 2026 guidance?
Kaltura expects full-year 2026 total revenue of $185.0 million to $185.7 million, subscription revenue of $179.0 million to $179.7 million, and Adjusted EBITDA of $19.5 million to $20.5 million. The company said it raised full-year guidance for these measures for the third time in 2026.
What is Kaltura's Project 720 pilot?
After quarter-end, Kaltura announced Project 720 with Israel’s Ministry of Education. The initial one-year pilot delivers AI-based STEM learning to approximately 2,000 students across 20 middle schools, with potential expansion into additional subjects, grades and schools.
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): November 9, 2026
(Exact Name of Registrant as Specified in its Charter)
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N/A
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425). | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12). | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)). | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)). | |||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbols | Name of each exchange on which registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☒
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. Results of Operations and Financial Condition.
On November 9, 2026 , Kaltura, Inc. (the “Company”) issued a press release announcing its financial results for the quarter ended September 30, 2026. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
The information contained in this Item 2.02, including Exhibit 99.1 hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing made by the Company under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filings, unless expressly incorporated by specific reference in such filing.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit No. | Description | |||||||
| 99.1 | Press Release dated November 9, 2026 | |||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |||||||
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
KALTURA, INC. | ||||||||
| By: | /s/ Liron Sharon | |||||||
| Name: | Liron Sharon | |||||||
| Title: | Executive Vice President of Financial Planning and Analysis | |||||||
Date: November 9, 2026
Exhibit 99.1
Kaltura Announces Financial Results for Third Quarter 2026
NEW YORK, November 9, 2026 -- Kaltura, Inc. (Nasdaq: KLTR, “Kaltura” or the “Company”), the Agentic Digital Experience Company, today announced financial results for the third quarter ended September 30, 2026, as well as outlook for the fourth quarter and full year 2026.
The Company’s investor presentation for the quarter, which showcases its agentic avatar technology, is available at: https://q3-26-avatar.kaltura.com/
Total revenue for the third quarter was $47.3 million, including subscription revenue of $45.9 million. Net loss for the quarter was $1.5 million, and Adjusted EBITDA for the quarter was $6.0 million.
“We delivered another strong quarter, exceeding the high end of our guidance for total revenue, subscription revenue and adjusted EBITDA, while achieving record quarterly total and subscription revenue, our highest third-quarter adjusted EBITDA to date, and strong positive cash flow from operations,” said Ron Yekutiel, Co-Founder, Chairman, President and Chief Executive Officer of Kaltura. “Third quarter new subscription bookings more than doubled sequentially, making it our strongest bookings quarter since 2024, highlighted also by three seven-figure new transactions. We are also seeing stronger commercial traction from our evolution toward powering rich, agentic digital experiences. During the quarter, we signed fifteen transactions that included our AI offerings, representing $3.8 million in combined total contract value, compared with $1.0 million in the second quarter of 2026, while our AI-related pipeline and proofs of concept continued to expand. Our execution over the quarter supports the third increase to our full-year guidance and reinforces our confidence in continued commercial momentum and a more meaningful revenue contribution from our new offerings in 2027.”
Third Quarter 2026 Business Highlights:
•Exceeded the high end of guidance for total revenue, subscription revenue and adjusted EBITDA. Total revenue and subscription revenue reached record quarterly levels, while adjusted EBITDA increased 45% year over year to $6.0 million, the company’s highest third-quarter result to date. Cash flow from operations was $7.6 million.
•More than doubled new subscription bookings sequentially, making Q3 the company’s strongest bookings quarter since 2024. Signed eleven new transactions with total contract values of at least six figures, including three seven-figure transactions - the company’s highest quarterly number since 2024 - and two new-logo wins, one of which was seven figures.
•Signed a record fifteen transactions that included one or more of Kaltura’s AI offerings. The full transactions, which in some cases included other Kaltura products, represented $3.8 million in combined total contract value, compared with $1.0 million in Q2 2026. Twelve transactions were expansions or renewals with existing customers.
•Broadened commercial adoption across the AI portfolio and across multiple industries and use cases. Nine transactions included Agentic Avatars or related avatar capabilities, eight included Content Lab, and several included both. Use cases spanned instructional-content creation, AI tutoring, practice and role-play, workflow automation, employee learning, enterprise knowledge sharing, marketing and customer engagement.
•Continued to expand AI-related pipeline and customer-evaluation activity across existing customers and prospective new logos, supporting both Agentic Revenue Engagement and Agentic Learning & Enablement.
•Improved Net Dollar Retention for the second consecutive quarter, reaching 97%.
•After quarter-end, announced Project 720 with Israel’s Ministry of Education. The initial one-year pilot delivers AI-based STEM learning to approximately 2,000 students across 20 middle schools, with the potential to expand into additional subjects, grades and schools.
•Continued integrating Kaltura, eSelf.ai and PathFactory into a unified agentic digital experience platform and advanced Dynamic UI capabilities that enable agents to assemble rich, personalized experiences in real time based on each user’s intent.
•Demonstrated the scale and resilience of Kaltura’s Media and Telecom platform during the 2026 FIFA World Cup. Kaltura-powered services supported more than 1.3 billion playback sessions and peaked at approximately 7 million concurrent sessions across roughly 40 million registered devices, with demand approximately 86% higher than during the 2022 tournament.
•Received industry recognition, including Gartner research titled “AI Vendor Race: Kaltura Is the Company to Beat for Video Platform Services AI” and Digiday naming Kaltura Agentic Avatars the “Best Interactive Content Platform.”
•Raised full-year guidance for subscription revenue, total revenue and adjusted EBITDA for the third time in 2026. All updated guidance ranges represent record high annual results.
Third Quarter 2026 Financial Highlights:
• Total Revenue for the third quarter of 2026 was $47.3 million, an increase of 8% compared to $43.9 million for the third quarter of 2025.
• Subscription Revenue for the third quarter of 2026 was $45.9 million, an increase of 9% compared to $42.0 million for the third quarter of 2025.
•On a reporting-segment basis, Enterprise, Education and Technology (EE&T) total revenue increased 14% year-over-year in the third quarter, while Media & Telecom (M&T) total revenue declined 10% year-over-year, primarily due to elevated gross churn throughout 2025.
• Annualized Recurring Revenue (ARR) for the third quarter of 2026 was $184.7 million, an increase of 9% compared to $169.1 million for the third quarter of 2025.
• Subscription gross margin remained stable at 77% for the third quarter of 2026, compared to 77% for the third quarter of 2025.
• GAAP Gross profit for the third quarter of 2026 was $33.9 million, representing a gross margin of 72% compared to a GAAP gross profit of $30.7 million and gross margin of 70% for the third quarter of 2025.
• Non-GAAP Gross profit for the third quarter of 2026 was $34.3 million, representing a non-GAAP gross margin of 73%, compared to a non-GAAP gross profit of $30.8 million and non-GAAP gross margin of 70% for the third quarter of 2025.
• GAAP Operating loss was $0.7 million for the third quarter of 2026, compared to an operating loss of $1.5 million for the third quarter of 2025.
• Non-GAAP Operating profit was $4.9 million for the third quarter of 2026, compared to a non-GAAP operating profit of $3.1 million for the third quarter of 2025.
• GAAP Net loss was $1.5 million or $0.01 per diluted share, for the third quarter of 2026, compared to a GAAP net loss of $2.6 million, or $0.02 per diluted share, for the third quarter of 2025.
• Non-GAAP Net profit was $3.1 million or $0.02 per diluted share for the third quarter of 2026, compared to a non-GAAP net profit of $2.0 million, or $0.01 per diluted share, for the third quarter of 2025.
• Adjusted EBITDA was $6.0 million for the third quarter of 2026, compared to adjusted EBITDA of $4.2 million for the third quarter of 2025.
Balance Sheet and Cash Flow
• The balance of cash, cash equivalents, and marketable securities at the end of the third quarter was $41.0 million.
• Net Cash Provided by Operating Activities was $7.6 million for the third quarter of 2026, compared to $9.3 million Net Cash Provided by Operating Activities for the third quarter of 2025.
Financial Outlook:
For the fourth quarter of 2026, Kaltura expects:
• Subscription Revenue to be between $44.3 million and $45.0 million.
• Total Revenue to be between $46.2 million and $46.9 million.
• Adjusted EBITDA to be between $2.0 million and $3.0 million.
For the full year ending December 31, 2026, Kaltura expects:
• Subscription Revenue to be between $179.0 million and $179.7 million.
• Total Revenue to be between $185.0 million and $185.7 million.
• Adjusted EBITDA to be between $19.5 million and $20.5 million.
The guidance provided above contains forward-looking statements and actual results may differ materially. Refer to “Forward-Looking Statements” below for information on the factors that could cause our actual results to differ materially from these forward-looking statements. Kaltura has not provided a quantitative reconciliation of forecasted Adjusted EBITDA to forecasted GAAP net loss within this press release because the Company is unable, without making unreasonable efforts, to calculate certain reconciling items with confidence.
The reconciliation for Adjusted EBITDA includes but is not limited to the following items: stock-based compensation expenses, depreciation, amortization, financial expenses (income), net, provision for income tax, and other non-recurring operating expenses.
These items, which could materially affect the computation of forward-looking GAAP net loss, are inherently uncertain and depend on various factors, some of which are outside of the Company’s control. The guidance above is based on the Company's current expectations relating to the macro-economic climate trends.
Additional information on Kaltura’s reported results, including a reconciliation of the non-GAAP financial measures to their most comparable GAAP measures, is included in the financial tables below.
Investor Deck
The Company’s investor presentation for the quarter, which showcases its agentic avatar technology, is available at: https://q3-26-avatar.kaltura.com/
Conference Call
Kaltura will host a conference call today on November 9, 2026 to review its third quarter 2026 financial results and to discuss its financial outlook.
| Time: | 4:30 p.m. ET | ||||||||||
| United States/Canada Toll Free: | 1-877-407-0789 | ||||||||||
| International Toll: | 1-201-689-8562 | ||||||||||
A live webcast will also be available in the Investor Relations section of Kaltura’s website at: https://investors.kaltura.com/news-and-events/events. A replay of the webcast will be available in the Investor Relations section of the company’s web site approximately two hours after the conclusion of the call and remain available for approximately 30 calendar days.
About Kaltura
Kaltura’s mission is to power rich, agentic digital experiences across organizational journeys for customers, employees, learners, and audiences. Its platform combines intelligent content creation, enterprise-grade content management and intelligence, and multimodal conversational engagement capabilities. Kaltura serves leading enterprises, financial institutions, educational institutions, media and telecom providers, and other organizations worldwide. For more information, visit www.corp.kaltura.com.
Investor Contacts:
Kaltura
Liron Sharon
Interim Principal Financial Officer
IR@Kaltura.com
Sapphire Investor Relations
Erica Mannion and Michael Funari
+1 617 542 6180
IR@Kaltura.com
Media Contacts:
Kaltura
Nohar Zmora
pr.team@kaltura.com
Headline Media
Raanan Loew
raanan@headline.media
+1 347 897 9276
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including but not limited to, statements regarding our future financial and operating performance, including our guidance and long-term targets; our business strategy, plans and objectives for future operations; integration activities; expectations with respect to our products, initiatives and capabilities, including the adoption and performance of our new AI-driven technologies; our expectations regarding potential profitability and growth; and general economic, business and industry conditions.
In some cases, you can identify forward-looking statements by terminology such as “aim,” “anticipate,” “assume,” “believe,” “contemplate,” “continue,” “could,” “due,” “estimate,” “expect,” “goal,” “intend,” “may,” “objective,” “plan,” “predict,” “potential,” “positioned,” “seek,” “should,” “target,” “will,” “would” and other similar expressions that are predictions of or indicate future events and future trends, or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. Any forward-looking statements contained herein are based on our historical performance and our current plans, estimates and expectations and are not a representation that such plans, estimates, or expectations will be achieved. These forward-looking statements represent our expectations as of the date of this press release. Subsequent events may cause these expectations to change, and we disclaim any obligation to update the forward-looking statements in the future, except as required by law. These forward-looking statements are subject to known and unknown risks and uncertainties that may cause actual results to differ materially from our current expectations.
Important factors that could cause actual results to differ materially from those anticipated in our forward-looking statements include, but are not limited to, the current volatile economic climate and its direct and indirect impact on our business and operations; political, economic, and military conditions in Israel and other geographies; our ability to retain our customers and meet demand; our ability to achieve and maintain profitability; the evolution of the markets for our offerings; our ability to keep pace with technological and competitive developments; risks associated with our use of certain artificial intelligence and machine learning models; our ability to maintain the interoperability of our offerings across devices, operating systems and third-party applications; risks associated with our Application Programming Interfaces, other components in our offerings and other intellectual property; our ability to compete successfully against current and future competitors; our ability to increase customer revenue; conditions in the regions in which we operate; risks related to our approach to revenue recognition; the cybersecurity landscape and our potential exposure to cybersecurity risks, including our ability to prevent or mitigate vulnerabilities, security incidents, data leakage or data compromise risks; our compliance with data privacy data protection; cybersecurity and other technology laws and regulations; the potential impact of the EU Data Act; our ability to meet our contractual commitments under customer agreements;
our reliance on third parties; our dependence on and ability to retain our key personnel; risks related to revenue mix and customer base; risks related to our international operations; risks related to potential acquisitions; risks related to real or perceived issues with our platform, products or solutions; our ability to generate or raise additional capital; risks related to changes or developments in U.S. or international laws or policies; and the other risks under the caption “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the Securities and Exchange Commission (“SEC”), as such factors may be updated from time to time in our other filings with the SEC, including our Quarterly Report on Form 10-Q for the quarter ended September 30, 2026, which are accessible on the SEC’s website at www.sec.gov and the Investor Relations page of our website at investors.kaltura.com.
Non-GAAP Financial Measures
Kaltura has provided in this press release and the accompanying tables measures of financial information that have not been prepared in accordance with generally accepted accounting principles in the U.S. ("GAAP"), including non-GAAP gross profit, non-GAAP gross margin (calculated as a percentage of revenue), non-GAAP research and development expenses, non-GAAP sales and marketing expenses, non-GAAP general and administrative expenses, non-GAAP operating profit (loss), non-GAAP operating margin (calculated as a percentage of revenue), non-GAAP net profit (loss), non-GAAP net profit (loss) per share and Adjusted EBITDA.
Kaltura defines these non-GAAP financial measures as the respective corresponding GAAP measure, adjusted for, as applicable: (1) stock-based compensation expense; (2) the amortization of acquired intangibles; (3) strategic initiatives costs; (4) restructuring cost; (5) acquisition-related compensation costs; (6) change in fair value of contingent consideration and (7) foreign currency translation adjustments loss (gain).
Kaltura defines EBITDA as net profit (loss) before financial expenses (income), net, provision for income taxes, and depreciation and amortization expenses.
Adjusted EBITDA is defined as EBITDA (as defined above), adjusted for the impact of certain non-cash and other items that we believe are not indicative of our core operating performance, such as non-cash stock-based compensation expenses and certain non-recurring operating expenses. We believe these non-GAAP financial measures provide useful information to management and investors regarding certain financial and business trends relating to Kaltura’s financial condition and results of operations. These non-GAAP metrics are a supplemental measure of our performance, are not defined by or presented in accordance with GAAP, and should not be considered in isolation or as an alternative to net profit (loss) or any other performance measure prepared in accordance with GAAP.
Non-GAAP financial measures are presented because we believe that they provide useful supplemental information to investors and analysts regarding our operating performance and are frequently used by these parties in evaluating companies in our industry.
By presenting these non-GAAP financial measures, we provide a basis for comparison of our business operations between periods by excluding items that we do not believe are indicative of our core operating performance. We believe that investors’ understanding of our performance is enhanced by including these non-GAAP financial measures as a reasonable basis for comparing our ongoing results of operations. Additionally, our management uses these non-GAAP financial measures as supplemental measures of our performance because they assist us in comparing the operating performance of our business on a consistent basis between periods, as described above.
Although we use the non-GAAP financial measures described above, such measures have significant limitations as analytical tools and only supplement but do not replace, our financial statements in accordance with GAAP. See the tables below regarding reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures.
Key Financial and Operating Metrics
Annualized Recurring Revenue. We use Annualized Recurring Revenue (“ARR”) as a measure of our revenue trend and an indicator of our future revenue opportunity from existing recurring customer contracts. We calculate ARR by annualizing our recurring revenue for the most recently completed fiscal quarter. Recurring revenues are generated from SaaS and PaaS subscriptions, as well as term licenses for software installed on the customer's premises (“On-Prem”). For the SaaS and PaaS components, we calculate ARR by annualizing the actual recurring revenue recognized for the latest fiscal quarter. For the On-Prem components for which revenue recognition is not ratable across the license term, we calculate ARR for each contract by dividing the total contract value (excluding professional services) as of the last day of the specified period by the number of days in the contract term and then multiplying by 365. Recurring revenue excludes revenue from one-time professional services and setup fees. ARR is not adjusted for the impact of any known or projected future customer cancellations, upgrades or downgrades or price increases or decreases. The amount of actual revenue that we recognize over any 12-month period is likely to differ from ARR at the beginning of that period, sometimes significantly. This may occur due to new bookings, cancellations, upgrades or downgrades, pending renewals, professional services revenue, foreign exchange rate fluctuations and acquisitions or divestitures. ARR should be viewed independently of revenue as it is an operating metric and is not intended to be a replacement or forecast of revenue. Our calculation of ARR may differ from similarly titled metrics presented by other companies.
Net Dollar Retention Rate. Our Net Dollar Retention Rate, which we use to measure our success in retaining and growing recurring revenue from our existing customers, compares our recognized recurring revenue from a set of customers across comparable periods. We calculate our Net Dollar Retention Rate for a given period as the recognized recurring revenue from the latest reported fiscal quarter from the set of customers whose revenue existed in the reported fiscal quarter from the prior year (the numerator), divided by recognized recurring revenue from such customers for the same fiscal quarter in the prior year (denominator). For annual periods, we report Net Dollar Retention Rate as the arithmetic average of the Net Dollar Retention Rate for all fiscal quarters included in the period. 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 (meaning resellers that directly manage the relationship with the customer) and the customers they manage, to be a single customer for purposes of calculating our Net Dollar Retention Rate. Our calculation of Net Dollar Retention Rate for any fiscal period includes the positive recognized recurring revenue impacts of selling new services to existing customers and the negative recognized recurring revenue impacts of contraction and attrition among this set of customers. Our Net Dollar Retention Rate may fluctuate as a result of a number of factors, including the growing level of our revenue base, the level of penetration within our customer base, expansion of products and features, and our ability to retain our customers. Our calculation of Net Dollar Retention Rate may differ from similarly titled metrics presented by other companies.
Remaining Performance Obligations. Remaining Performance Obligations represents the amount of contracted future revenue that has not yet been delivered, including both subscription and professional services revenues. Remaining Performance Obligations consists of both deferred revenue and contracted non-cancelable amounts that will be invoiced and recognized in future periods. We expect to recognize 70% of our Remaining Performance Obligations as revenue over the next 12 months, and the remainder over of the next four years, in each case, in accordance with our revenue recognition policy; however, we cannot guarantee that any portion of our Remaining Performance Obligations will be recognized as revenue within the timeframe we expect or at all.
Consolidated Balance Sheets (U.S. dollars in thousands)
| As of | ||||||||||||||
| September 30, 2026 | December 31, 2025 | |||||||||||||
| (Unaudited) | ||||||||||||||
| ASSETS | ||||||||||||||
| CURRENT ASSETS: | ||||||||||||||
| Cash and cash equivalents | $ | 21,223 | $ | 27,521 | ||||||||||
| Marketable securities | 13,232 | 24,358 | ||||||||||||
| Trade receivables | 23,909 | 16,358 | ||||||||||||
| Prepaid expenses and other current assets | 10,775 | 13,938 | ||||||||||||
| Deferred contract acquisition and fulfillment costs, current | 6,461 | 8,508 | ||||||||||||
| Total current assets | 75,600 | 90,683 | ||||||||||||
| NONCURRENT ASSETS: | ||||||||||||||
| Marketable securities | 6,515 | 10,883 | ||||||||||||
| Property and equipment, net | 11,105 | 12,361 | ||||||||||||
| Other assets, noncurrent | 3,449 | 3,501 | ||||||||||||
| Deferred contract acquisition and fulfillment costs, noncurrent | 7,451 | 9,403 | ||||||||||||
| Operating lease right-of-use assets | 8,856 | 10,311 | ||||||||||||
| Intangible assets, net | 9,401 | 2,137 | ||||||||||||
| Goodwill | 47,660 | 25,418 | ||||||||||||
| Total noncurrent assets | 94,437 | 74,014 | ||||||||||||
| TOTAL ASSETS | $ | 170,037 | $ | 164,697 | ||||||||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||||||
| CURRENT LIABILITIES: | ||||||||||||||
| Current portion of long-term loans | $ | 25,338 | $ | 29,035 | ||||||||||
| Trade payables | 3,947 | 3,788 | ||||||||||||
| Employees and payroll accruals | 13,847 | 14,876 | ||||||||||||
| Accrued expenses and other current liabilities | 21,799 | 15,592 | ||||||||||||
| Operating lease liabilities, current | 2,837 | 2,901 | ||||||||||||
| Deferred revenue, current | 65,381 | 60,291 | ||||||||||||
| Total current liabilities | 133,149 | 126,483 | ||||||||||||
| NONCURRENT LIABILITIES: | ||||||||||||||
| Deferred revenue, noncurrent | 1,070 | 2,159 | ||||||||||||
| Operating lease liabilities, noncurrent | 12,929 | 14,398 | ||||||||||||
| Other liabilities, noncurrent | 18,544 | 15,325 | ||||||||||||
| Total noncurrent liabilities | 32,543 | 31,882 | ||||||||||||
| TOTAL LIABILITIES | $ | 165,692 | $ | 158,365 | ||||||||||
| STOCKHOLDERS' EQUITY: | ||||||||||||||
| Common stock | 18 | 18 | ||||||||||||
| Treasury stock | (34,006) | (34,006) | ||||||||||||
| Additional paid-in capital | 530,273 | 518,443 | ||||||||||||
| Accumulated other comprehensive income (loss) | (246) | 2,759 | ||||||||||||
| Accumulated deficit | (491,694) | (480,882) | ||||||||||||
| Total stockholders' equity | 4,345 | 6,332 | ||||||||||||
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 170,037 | $ | 164,697 | ||||||||||
Consolidated Statements of Operations (U.S. dollars in thousands, except for share data)
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||
| Revenue: | ||||||||||||||||||||||||||
| Subscription | $ | 45,915 | $ | 41,976 | $ | 134,747 | $ | 129,266 | ||||||||||||||||||
| Professional services | 1,350 | 1,890 | 4,039 | 6,046 | ||||||||||||||||||||||
| Total revenue | 47,265 | 43,866 | 138,786 | 135,312 | ||||||||||||||||||||||
| Cost of revenue: | ||||||||||||||||||||||||||
| Subscription | 10,637 | 9,844 | 30,245 | 29,973 | ||||||||||||||||||||||
| Professional services | 2,694 | 3,295 | 7,961 | 10,656 | ||||||||||||||||||||||
| Total cost of revenue | 13,331 | 13,139 | 38,206 | 40,629 | ||||||||||||||||||||||
| Gross profit | 33,934 | 30,727 | 100,580 | 94,683 | ||||||||||||||||||||||
| Operating expenses: | ||||||||||||||||||||||||||
| Research and development | 12,463 | 11,481 | 35,909 | 35,137 | ||||||||||||||||||||||
| Sales and marketing | 12,025 | 11,047 | 36,713 | 34,489 | ||||||||||||||||||||||
| General and administrative | 9,667 | 8,899 | 28,905 | 30,090 | ||||||||||||||||||||||
| Restructuring | 447 | 804 | 1,720 | 804 | ||||||||||||||||||||||
| Total operating expenses | 34,602 | 32,231 | 103,247 | 100,520 | ||||||||||||||||||||||
| Operating loss | 668 | 1,504 | 2,667 | 5,837 | ||||||||||||||||||||||
| Financial expense (income), net | (728) | (85) | 1,666 | 2,682 | ||||||||||||||||||||||
| Loss (income) before provision for income taxes | (60) | 1,419 | 4,333 | 8,519 | ||||||||||||||||||||||
| Provision for income taxes | 1,559 | 1,209 | 6,479 | 2,978 | ||||||||||||||||||||||
| Net loss | 1,499 | 2,628 | 10,812 | 11,497 | ||||||||||||||||||||||
| Net loss per share attributable to common stockholders, basic and diluted | $ | 0.01 | $ | 0.02 | $ | 0.07 | $ | 0.07 | ||||||||||||||||||
| Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted | 149,666,002 | 154,775,938 | 147,710,430 | 154,110,240 | ||||||||||||||||||||||
Stock-based compensation included in above line items:
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||
Cost of revenue | $ | 90 | $ | 112 | $ | 297 | $ | 359 | ||||||||||||||||||
Research and development | 1,062 | 715 | 3,110 | 2,324 | ||||||||||||||||||||||
Sales and marketing | 844 | 367 | 2,080 | 1,182 | ||||||||||||||||||||||
General and administrative | 2,220 | 2,857 | 6,230 | 8,810 | ||||||||||||||||||||||
Total | $ | 4,216 | $ | 4,051 | $ | 11,717 | $ | 12,675 | ||||||||||||||||||
Revenue by Segment (U.S. dollars in thousands):
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||||||||
| Enterprise, Education and Technology | $ | 36,923 | $ | 32,365 | $ | 107,879 | $ | 100,023 | ||||||||||||||||||
Media and Telecom | 10,342 | 11,501 | 30,907 | 35,289 | ||||||||||||||||||||||
Total | $ | 47,265 | $ | 43,866 | $ | 138,786 | $ | 135,312 | ||||||||||||||||||
Gross Profit by Segment (U.S. dollars in thousands):
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||
| Enterprise, Education and Technology | $ | 28,485 | $ | 24,542 | $ | 84,179 | $ | 76,977 | ||||||||||||||||||
Media and Telecom | 5,449 | 6,185 | 16,401 | 17,706 | ||||||||||||||||||||||
Total | $ | 33,934 | $ | 30,727 | $ | 100,580 | $ | 94,683 | ||||||||||||||||||
Consolidated Statement of Cash Flows (U.S. dollars in thousands)
| Nine Months Ended September 30, | ||||||||||||||
| 2026 | 2025 | |||||||||||||
| Cash flows from operating activities: | ||||||||||||||
| Net loss | $ | (10,812) | $ | (11,497) | ||||||||||
| Adjustments to reconcile net loss to net cash provided by operating activities: | ||||||||||||||
| Depreciation and amortization | 4,388 | 3,383 | ||||||||||||
| Stock-based compensation expenses | 11,717 | 12,675 | ||||||||||||
| Amortization of deferred contract acquisition and fulfillment costs | 7,048 | 8,528 | ||||||||||||
| Loss on sale of property and equipment | 14 | — | ||||||||||||
| Non-cash interest expenses (Income), net | 169 | (239) | ||||||||||||
| Gain on foreign exchange | (65) | (544) | ||||||||||||
| Changes in operating assets and liabilities: | ||||||||||||||
| Increase in trade receivables | (4,069) | (280) | ||||||||||||
| Decrease in prepaid expenses and other current assets and other assets, noncurrent | 966 | 407 | ||||||||||||
| Increase in deferred contract acquisition and fulfillment costs | (3,157) | (2,809) | ||||||||||||
| Increase (Decrease) in trade payables | (791) | 1,780 | ||||||||||||
| Increase (decrease) in accrued expenses and other current liabilities | 5,412 | (1,161) | ||||||||||||
| Decrease in employees and payroll accruals | (1,670) | (1,271) | ||||||||||||
| Increase in other liabilities, noncurrent | 3,375 | 2,840 | ||||||||||||
| Decrease in deferred revenue | (6,162) | (2,097) | ||||||||||||
| Operating lease right-of-use assets and lease liabilities, net | (76) | 1,178 | ||||||||||||
| Net cash provided by operating activities | 6,287 | 10,893 | ||||||||||||
| Cash flows from investing activities: | ||||||||||||||
| Investment in available-for-sale marketable securities | (21,199) | (50,225) | ||||||||||||
| Proceeds from maturities of available-for-sale marketable securities | 36,618 | 59,631 | ||||||||||||
| Purchases of property and equipment | (316) | (534) | ||||||||||||
| Capitalized internal-use software development costs | (1,638) | — | ||||||||||||
| Payments for businesses acquired, net of acquired cash | (22,454) | — | ||||||||||||
| Net cash provided by (used in) investing activities | (8,989) | 8,872 | ||||||||||||
| Cash flows from financing activities: | ||||||||||||||
| Repayment of long-term loans | (3,938) | (2,188) | ||||||||||||
| Proceeds from exercise of stock options | 277 | 2,986 | ||||||||||||
| Cash settlement of equity-classified share-based payment awards | — | (3,089) | ||||||||||||
| Repurchase of common stock | — | (9,595) | ||||||||||||
| Change in prepayments for repurchase of common stock | — | 31 | ||||||||||||
| Net cash used in financing activities | (3,661) | (11,855) | ||||||||||||
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | 65 | 544 | ||||||||||||
| Net increase (decrease) in cash, cash equivalents and restricted cash | (6,298) | 8,454 | ||||||||||||
| Cash, cash equivalents and restricted cash at the beginning of the period | 27,621 | 33,159 | ||||||||||||
| Cash, cash equivalents and restricted cash at the end of the period | $ | 21,323 | $ | 41,613 | ||||||||||
Reconciliation from GAAP to Non-GAAP Results (U.S. dollars in thousands)
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||
| Reconciliation of gross profit and gross margin | ||||||||||||||||||||||||||
| GAAP gross profit | $ | 33,934 | $ | 30,727 | $ | 100,580 | $ | 94,683 | ||||||||||||||||||
| Stock-based compensation expense | 90 | 112 | 297 | 359 | ||||||||||||||||||||||
| Amortization of acquired intangibles | 314 | — | 712 | 98 | ||||||||||||||||||||||
Acquisition-related compensation costs(d) | — | — | 48 | — | ||||||||||||||||||||||
| Non-GAAP gross profit | $ | 34,338 | $ | 30,839 | $ | 101,637 | $ | 95,140 | ||||||||||||||||||
| GAAP gross margin | 72 | % | 70 | % | 72 | % | 70 | % | ||||||||||||||||||
| Non-GAAP gross margin | 73 | % | 70 | % | 73 | % | 70 | % | ||||||||||||||||||
| Reconciliation of operating expenses | ||||||||||||||||||||||||||
| GAAP research and development expenses | $ | 12,463 | $ | 11,481 | $ | 35,909 | $ | 35,137 | ||||||||||||||||||
| Stock-based compensation expense | 1,062 | 715 | 3,110 | 2,324 | ||||||||||||||||||||||
Acquisition-related compensation costs(d) | — | — | 102 | — | ||||||||||||||||||||||
| Non-GAAP research and development expenses | $ | 11,401 | $ | 10,766 | $ | 32,697 | $ | 32,813 | ||||||||||||||||||
| GAAP sales and marketing | $ | 12,025 | $ | 11,047 | $ | 36,713 | $ | 34,489 | ||||||||||||||||||
| Stock-based compensation expense | 844 | 367 | 2,080 | 1,182 | ||||||||||||||||||||||
| Amortization of acquired intangibles | 200 | 13 | 392 | 38 | ||||||||||||||||||||||
Acquisition-related compensation costs(d) | — | — | 19 | — | ||||||||||||||||||||||
| Non-GAAP sales and marketing expenses | $ | 10,981 | $ | 10,667 | $ | 34,222 | $ | 33,269 | ||||||||||||||||||
| GAAP general and administrative expenses | $ | 9,667 | $ | 8,899 | $ | 28,905 | $ | 30,090 | ||||||||||||||||||
| Stock-based compensation expense | 2,220 | 2,857 | 6,230 | 8,810 | ||||||||||||||||||||||
Strategic initiatives (b) | 109 | (301) | 2,437 | 1,331 | ||||||||||||||||||||||
| Change in fair value of contingent consideration | 270 | — | (692) | — | ||||||||||||||||||||||
Acquisition-related compensation costs(d) | — | — | 464 | — | ||||||||||||||||||||||
| Non-GAAP general and administrative expenses | $ | 7,068 | $ | 6,343 | $ | 20,466 | $ | 19,949 | ||||||||||||||||||
| Reconciliation of operating income (loss) and operating margin | ||||||||||||||||||||||||||
| GAAP operating loss | $ | (668) | $ | (1,504) | $ | (2,667) | $ | (5,837) | ||||||||||||||||||
| Stock-based compensation expense | 4,216 | 4,051 | 11,717 | 12,675 | ||||||||||||||||||||||
| Amortization of acquired intangibles | 514 | 13 | 1,104 | 136 | ||||||||||||||||||||||
Strategic initiatives (b) | 109 | (301) | 2,437 | 1,331 | ||||||||||||||||||||||
| Change in fair value of contingent consideration | 270 | — | (692) | — | ||||||||||||||||||||||
Restructuring (c) | 447 | 804 | 1,720 | 804 | ||||||||||||||||||||||
Acquisition-related compensation costs(d) | — | — | 633 | — | ||||||||||||||||||||||
| Non-GAAP operating profit | $ | 4,888 | $ | 3,063 | $ | 14,252 | $ | 9,109 | ||||||||||||||||||
| GAAP operating margin | (1) | % | (3) | % | (2) | % | (4) | % | ||||||||||||||||||
| Non-GAAP operating margin | 10 | % | 7 | % | 10 | % | 7 | % | ||||||||||||||||||
| Reconciliation of net loss | ||||||||||||||||||||||||||
| GAAP net loss attributable to common stockholders | $ | (1,499) | $ | (2,628) | $ | (10,812) | $ | (11,497) | ||||||||||||||||||
| Stock-based compensation expense | 4,216 | 4,051 | 11,717 | 12,675 | ||||||||||||||||||||||
| Amortization of acquired intangibles | 514 | 13 | 1,104 | 136 | ||||||||||||||||||||||
Strategic initiatives (b) | 109 | (301) | 2,437 | 1,331 | ||||||||||||||||||||||
| Change in fair value of contingent consideration | 270 | — | (692) | — | ||||||||||||||||||||||
Foreign currency translation adjustments loss (gain) (e) | (929) | 21 | 1,396 | 2,913 | ||||||||||||||||||||||
Acquisition-related compensation costs(d) | — | — | 633 | — | ||||||||||||||||||||||
Restructuring (c) | 447 | 804 | 1,720 | 804 | ||||||||||||||||||||||
| Non-GAAP net profit attributable to common stockholders | $ | 3,128 | $ | 1,960 | $ | 7,503 | $ | 6,362 | ||||||||||||||||||
| Non-GAAP net earnings per share - basic | $ | 0.02 | $ | 0.01 | $ | 0.05 | $ | 0.04 | ||||||||||||||||||
| Non-GAAP net earnings per share - diluted | $ | 0.02 | $ | 0.01 | $ | 0.05 | $ | 0.04 | ||||||||||||||||||
| Reconciliation of weighted average number of shares outstanding: | ||||||||||||||||||||||||||
| Weighted-average number of shares used in calculating GAAP and Non-GAAP net earnings (loss) per share, basic | 149,666,002 | 154,775,938 | 147,710,430 | 154,110,240 | ||||||||||||||||||||||
| Effect of dilutive shares used in calculating Non-GAAP net earnings per share, diluted | 8,870,097 | 9,959,665 | 8,778,594 | 8,915,752 | ||||||||||||||||||||||
| Weighted-average number of shares used in calculating Non-GAAP net earnings per share, diluted | 158,536,099 | 164,735,603 | 156,489,024 | 163,025,992 | ||||||||||||||||||||||
Adjusted EBITDA (U.S. dollars in thousands)
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
Net loss | $ | (1,499) | $ | (2,628) | $ | (10,812) | $ | (11,497) | |||||||||||||||
Financial expenses (income), net (a) | (728) | (85) | 1,666 | 2,682 | |||||||||||||||||||
Provision for income taxes | 1,559 | 1,209 | 6,479 | 2,978 | |||||||||||||||||||
Depreciation and amortization | 1,639 | 1,104 | 4,388 | 3,383 | |||||||||||||||||||
EBITDA | 971 | (400) | 1,721 | (2,454) | |||||||||||||||||||
Non-cash stock-based compensation expense | 4,216 | 4,051 | 11,717 | 12,675 | |||||||||||||||||||
Strategic initiatives (b) | 109 | (301) | 2,437 | 1,331 | |||||||||||||||||||
| Change in fair value of contingent consideration | 270 | — | (692) | — | |||||||||||||||||||
Restructuring (c) | 447 | 804 | 1,720 | 804 | |||||||||||||||||||
Acquisition-related compensation costs(d) | — | — | 633 | — | |||||||||||||||||||
Adjusted EBITDA | $ | 6,013 | $ | 4,154 | $ | 17,536 | $ | 12,356 | |||||||||||||||
(a)The three months ended September 30, 2026 and 2025, and the nine months ended September 30, 2026 and 2025, include $514, $527, $1,589 and $1,737 respectively, of interest expenses and $349, $751, $1,551 and $2,383, respectively of interest income.
(b)Strategic initiatives for the three and nine months ended September 30, 2026 and 2025 relate to professional fees, consulting services, and transaction-related costs incurred in connection with the acquisition of PathFactory and other costs associated with strategic initiatives. The three and nine months ended September 30, 2025 include vendor credit and discounted pricing for expenses recognized during the three months ended June 30, 2025.
(c)The three and nine months ended September 30, 2026 and 2025 include one-time employee termination benefits incurred in connection with the Company's reorganization plans.
(d)Acquisition-related compensation costs for the nine months ended September 30, 2026 relate to statutory termination costs and other severance payments associated with integrating the PathFactory acquisition.
(e)Represents gains or losses from foreign currency translation adjustments related to the remeasurement of monetary assets and liabilities to the Company’s functional currency, using exchange rates in effect as of the end of the reporting period.
Reported KPIs
| As of September 30, | ||||||||||||||
| 2026 | 2025 | |||||||||||||
| (U.S. dollars, amounts in thousands) | ||||||||||||||
| Annualized Recurring Revenue | $ | 184,705 | $ | 169,094 | ||||||||||
| Remaining Performance Obligations | $ | 161,590 | $ | 159,330 | ||||||||||
| Three Months Ended September 30, | ||||||||||||||
| 2026 | 2025 | |||||||||||||
| Net Dollar Retention Rate | 97 | % | 97 | % | ||||||||||