CuriosityStream Inc. Earnings Recaps
Q2 2026
Aug 14, 2026
CuriosityStream’s stock surged 42.5% after the company delivered substantially better-than-expected licensing revenue growth and margin expansion, driven by a high-value, diversified licensing model and significant cost reductions.
Key takeaways
- Total revenue rose 22% year-over-year to $23.2 million, led by licensing revenue growth of 48% to $14.1 million.
- Subscription revenue was flat at approximately $9 million, reflecting a balanced approach to durable economics rather than growth at any cost.
- Operating expenses decreased 24% year-over-year, contributing to improved operating leverage.
- Gross margin increased sharply to 73% from 53% a year ago; adjusted EBITDA margin expanded to 49% from 16%.
- Net income reached a record $8.9 million, up 1,133% year-over-year, with adjusted EBITDA hitting $11.4 million, a ~300% increase.
Q1 2026
May 15, 2026
Shares fell 14.6% as investors reacted negatively to the clear deceleration in near-term revenue and cautious outlook after CuriosityStream’s deliberate shift toward pilot agreements and technology investments which weighed on Q1 revenue growth and margin expansion.
Key takeaways
- Q1 revenue was $15.2 million, showing only slight year-over-year growth and a sequential decline, reflecting the expected impact of newly prioritized pilot and framework agreements with large partners.
- Subscription revenue remained flat compared to the prior quarter, offering little momentum in the core segment.
- Licensing revenue, described as “lumpy,” was deliberately deprioritized in Q1 pending validation and scale-up of broader, more complex deals.
- Management highlighted investments in technology and the expansion of owned IP to strengthen medium- and long-term revenue potential, but these moves weighed on near-term financials.
- The outlook relies on anticipated revenue and cash flow growth later in 2026, driven primarily by a ramp in AI licensing and broader partnerships, though immediate results disappointed given the cautious tone and lack of acceleration.
Q3 2025
Nov 13, 2025
CuriosityStream reported robust Q3 2025 results, with a 46% year-over-year revenue increase to $18.4 million and substantial growth in adjusted free cash flow, reflecting strong momentum across its key business pillars.
Key takeaways
- Revenue reached $18.4 million, exceeding guidance and representing a 46% increase from Q3 2024.
- Adjusted free cash flow surged 88% year-over-year to $4.8 million, marking seven consecutive quarters of positive cash flow.
- Content licensing revenue skyrocketed over 425% to $8.7 million, driven by demand for AI training data and strong partnerships.
- Sequential growth in subscription revenue has been consistent throughout 2025, indicating operational improvements rather than just price increases.
- The company aims to double or triple its roster of AI licensing partners by 2026, anticipating continued robust growth across all revenue streams.