What Kaltura, Inc. told the SEC could break it.

Kaltura's primary R&D and significant operations are in Israel; a boycott, divestment and sanctions (BDS) campaign against Israel and restrictive anti-Israel laws/policies could adversely affect its operating results and business expansion.

“A campaign of boycotts, divestment and sanctions has been undertaken against Israel, which could also adversely impact our business.”

Kaltura outsources software development/design, QA, and operations to third-party contractors with staff in Poland, Czech Republic, Ukraine, and Belarus — geopolitically sensitive locations (active conflict/sanctions) — creating quality-control and continuity risk for core engineering.

“we outsource some of our software development and design, quality assurance, and operations activities to third-party contractors that have employees and consultants located in Europe (including Poland, Czech Republic, Ukraine and Belarus) and other locations.”

With ~47% of revenue from outside the U.S., Kaltura is exposed to digital services taxes (e.g., UK and France) levied on gross revenue from local users/customers, plus broader sales/VAT exposure, which could increase its tax burden.

“certain jurisdictions, such as the United Kingdom and France, have recently introduced a digital services tax, which is generally a tax on gross revenue generated from users or customers located in those jurisdictions”