CuriosityStream Inc. Q3 2026 Earnings Recap

Curiosity Stream’s shares rose 18.7% after the company reported higher revenue and earnings, with licensing—largely from AI developers—driving growth. Subscription revenue declined slightly, but management said subscription profitability improved significantly.

Key Takeaways

• Q3 revenue increased 13% year over year to $21 million, from $18.4 million.
• Net income was $4.8 million, an $8.6 million improvement; adjusted EBITDA rose 67% to $5 million. EPS improved to $0.08 from a loss of $0.06.
• Licensing revenue grew 35% to $11.7 million. Management said nearly all Q3 cash licensing revenue came directly from AI developers.
• Subscription revenue declined slightly, though management reported significantly improved profitability and said it is prioritizing retention and lifetime value over growth at any cost.
• Management cited an annualized cost structure below $40 million to operate the business and pay the annual dividend, and cautioned that licensing results can vary with the timing and size of individual transactions.