CuriosityStream (NASDAQ: CURI) swings to Q1 2026 loss as costs rise

Rhea-AI Filing Summary

CuriosityStream Inc. reported relatively flat revenue but moved back into a small loss for the quarter. Revenue for the three months ended March 31, 2026 was $15.2 million, essentially unchanged from $15.1 million a year earlier, as lower subscription revenue was offset by higher licensing, including sizable trade and barter deals.

The company posted a net loss of $1.3 million, versus net income of $0.3 million in the prior-year quarter, largely due to a 31% rise in general and administrative expenses driven by higher stock-based compensation. Content amortization and other cost of revenues were stable to slightly higher, while distribution costs fell as music and AI revenue-share fees declined.

CuriosityStream generated $1.2 million of operating cash flow and ended the quarter with $17.0 million in cash, cash equivalents and restricted cash, plus about $7.0 million in short- and long-term debt securities. It continued quarterly cash dividends and share repurchases, and added a new $10 million senior secured revolving credit facility with Citibank, providing additional liquidity. After quarter-end, partners exercised put options that will require CuriosityStream to acquire the remaining 68% of its Spiegel Venture affiliate for $1.9 million, to be funded from cash on hand.

Insights

Media & streaming equity analyst

Flat revenue with higher costs pushed CuriosityStream into a small loss, but liquidity remains solid.

CuriosityStream kept quarterly revenue roughly steady at $15.2 million, with subscription declines offset by growth in licensing, including $3.8 million of trade and barter content deals. This shifts more of the model toward B2B and non-cash exchanges while preserving cash.

Operating expenses rose 11%, mainly from a 31% jump in general and administrative costs tied to stock-based compensation. That turned a small prior-year profit into a $1.3 million loss. However, operating cash flow was positive at $1.2 million, and content amortization remains a large non-cash item.

With $17.0 million of cash and restricted cash, about $7.0 million in debt securities, and a new $10.0 million revolving credit facility maturing in 2029, the balance sheet appears reasonably positioned to support dividends, buybacks and the $1.9 million Spiegel Venture buyout. Actual impact will depend on execution across subscriptions, AI-related licensing and cost control in future quarters.

Key Figures

Revenue: $15.2 million Net (loss) income: ($1.3 million) Operating cash flow: $1.2 million +5 more

8 metrics

Revenue $15.2 million Three months ended March 31, 2026

Net (loss) income ($1.3 million) Three months ended March 31, 2026

Operating cash flow $1.2 million Three months ended March 31, 2026

Cash, cash equivalents and restricted cash $16.9 million As of March 31, 2026

Held-to-maturity debt securities $6.9 million amortized cost Corporate debt securities as of March 31, 2026

Quarterly dividend $0.08 per share Declared January 29, 2026 for March 20, 2026 payment

Credit facility capacity $10.0 million Senior Secured Revolving Credit Facility entered March 12, 2026

Spiegel Venture purchase price $1.9 million Aggregate price to acquire remaining 68% ownership in 2026

Key Terms

trade and barter transactions, held-to-maturity investments, Senior Secured Revolving Credit Facility, nonqualified deferred compensation plan, +2 more

6 terms

trade and barter transactions financial

"During 2026, the Company continued to enter into trade and barter transactions, primarily for the purpose of exchanging content assets through licensing agreements"

held-to-maturity investments financial

"The Company classifies its investments in debt securities as held-to-maturity ("HTM") under ASC "Accounting Standards Codification" 320"

Senior Secured Revolving Credit Facility financial

"the Company entered into a Credit Agreement with Citibank, N.A., providing for a $10.0 million Senior Secured Revolving Credit Facility"

A senior secured revolving credit facility is a multi‑use bank lending line that a company can draw, repay and redraw as needed, backed by specific assets and ranked first in repayment order if the company defaults. Think of it like a collateralized credit card that gives flexible short‑term cash while lenders hold priority to recover their money; investors watch it because it affects a company’s liquidity, borrowing cost, and who gets paid first in financial distress.

nonqualified deferred compensation plan financial

"the Company established a nonqualified deferred compensation plan (the "NQDC Plan") for the benefit of a select group of management and highly compensated employees"

Smaller reporting company regulatory

"The Company continues to qualify as a “smaller reporting company” and a “non-accelerated filer” under the rules of the Securities and Exchange Commission"

A smaller reporting company is a publicly traded firm that meets regulatory size tests allowing it to provide abbreviated financial disclosures and compliance filings compared with larger companies. For investors, that means financial statements and notes may be less detailed, which can make it harder to compare performance or spot risks—think of reading a short summary instead of a full report when deciding whether to buy or hold a stock.

Employee Retention Credit financial

"the Company became eligible for the Employee Retention Credit ("ERC") under the Coronavirus Aid, Relief, and Economic Security Act"

A government-provided payroll tax credit that reimburses employers for a portion of wages paid to staff during qualifying downturns or disruptions, designed to encourage businesses to keep employees on the payroll. For investors, it matters because the credit improves a company’s cash flow and reduces payroll expenses—like a temporary government subsidy that boosts short-term profits and may change the company’s reported tax liabilities and cash reserves, which can affect valuation and risk assessments.

10-Q Quarterly Reports: What Changes Quarter to Quarter →

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Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_____________________

FORM 10-Q

_____________________

(MARK ONE)

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026

o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _________ to _________

Commission file number: 001-39139

_____________________

CURIOSITYSTREAM INC.

(Exact Name of Registrant as Specified in Its Charter)

_____________________

Delaware			84-1797523
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)

8484 Georgia Ave., Suite 700

Silver Spring, Maryland 20910

(Address of principal executive offices)

(301) 755-2050

(Issuer’s telephone number)

_____________________

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, par value $0.0001

CURI

NASDAQ

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☐

Accelerated filer

☐

Non-accelerated filer

☒

Smaller reporting company

☒

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.☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of May 8, 2026, 59,287,600 shares of common stock of the registrant were issued and outstanding.

Table of Contents

CURIOSITYSTREAM INC.

QUARTERLY REPORT ON FORM 10-Q

Table of Contents

			Page
Part I. Condensed Consolidated Financial Information
Item 1. Financial Statements (unaudited)
Condensed Consolidated Balance Sheets			1
Condensed Consolidated Statements of Operations			2
Condensed Consolidated Statements of Stockholders’ Equity			3
Condensed Consolidated Statements of Cash Flows			4
Notes to Unaudited Consolidated Financial Statements			5
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations			24
Item 3. Quantitative and Qualitative Disclosures Regarding Market Risk			31
Item 4. Controls and Procedures			31
Part II. Other Information
Item 1. Legal Proceedings			33
Item 1A. Risk Factors			33
Item 6. Exhibits			34
Part III. Signatures			36

i

Table of Contents

PART I. FINANCIAL INFORMATION

ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

CURIOSITYSTREAM INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except par value)			March 31, 2026						December 31, 2025
			(Unaudited)
Assets
Current assets
Cash and cash equivalents			$	16,900					$	18,318
Restricted cash			60						60
Short-term investments in debt and other securities			3,493						8,966
Accounts receivable, net			5,809						8,893
Other current assets			1,207						1,198
Total current assets			27,469						37,435
Investments in debt securities			2,959						—
Investments in equity method investees			3,698						3,668
Property and equipment, net			371						404
Content assets, net			31,311						31,000
Operating lease right-of-use assets			2,684						2,763
Other assets			664						461
Total assets			$	69,156					$	75,731
Liabilities and stockholders’ equity
Current liabilities
Content liabilities			$	306					$	362
Accounts payable			6,415						9,449
Accrued expenses and other liabilities			13,455						12,094
Deferred revenue			8,618						8,409
Total current liabilities			28,794						30,314
Non-current operating lease liabilities			3,347						3,460
Other liabilities			554						470
Total liabilities			32,695						34,244
Commitments and contingencies (Note 13)
Stockholders’ equity
Common stock, $0.0001 par value – 125,000 shares authorized as of March 31, 2026, and December 31, 2025; 59,593 and 58,950 issued, including 306 and 216 treasury shares; 59,288 and 58,734 shares outstanding as of March 31, 2026, and December 31, 2025, respectively.			5						5
Treasury stock			(562)						(251)
Additional paid-in capital			379,136						377,577
Accumulated deficit			(342,118)						(335,844)
Total stockholders’ equity			36,461						41,487
Total liabilities and stockholders’ equity			$	69,156					$	75,731

The accompanying notes are an integral part of these condensed consolidated financial statements.

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CURIOSITYSTREAM INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

									Three Months Ended March 31,
(unaudited and in thousands except per share amounts)															2026						2025
Revenues															$	15,161					$	15,090
Operating expenses
Cost of revenues															6,657						7,080
Advertising and marketing															3,515						2,934
General and administrative															6,533						4,997
															16,705						15,011
Operating loss															(1,544)						79
Change in fair value of warrant liability															—						(7)
Interest and other income															210						426
Equity method investment income (loss)															30						(151)
(Loss) income before income taxes															(1,304)						347
Provision for income taxes															24						28
Net (loss) income															$	(1,328)					$	319
Net (loss) income per share
Basic															$	(0.02)					$	0.01
Diluted															$	(0.02)					$	0.01
Weighted average number of common shares outstanding
Basic															58,949						57,132
Diluted															58,949						57,132

The accompanying notes are an integral part of these condensed consolidated financial statements.

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CURIOSITYSTREAM INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(unaudited and in thousands)			Common Stock																		Treasury Stock												Additional Paid-in Capital												Accumulated Deficit						Total Stockholders’ Equity
			Shares						Amount																		Shares									Amount
Balance at December 31, 2025			58,734						$	5																	216						$	(251)					$	377,577											$	(335,844)					$	41,487
Net Loss			—						—																		—						—						—												(1,328)						(1,328)
Dividends declared			—						—																		—						—						—												(4,946)						(4,946)
Stock-based compensation, net			554						—																		—						—						1,559												—						1,559
Buyback of shares			—						—																		90						(311)						—												—						(311)
Balance at March 31, 2026			59,288						$	5																	306						$	(562)					$	379,136											$	(342,118)					$	36,461
Balance at December 31, 2024			56,598						$	5																	216						$	(251)					$	366,508											$	(308,414)					$	57,848
Net Income			—						—																		—						—						—												319						319
Dividends declared			—						—																		—						—						—												(862)						(862)
Stock-based compensation, net			332						—																		—						—						811												—						811
Balance at March 31, 2025			56,930						$	5																	216						$	(251)					$	367,319											$	(308,957)					$	58,116

The accompanying notes are an integral part of these condensed consolidated financial statements.

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CURIOSITYSTREAM INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

			Three Months Ended March 31,
(unaudited and in thousands)			2026						2025
Cash flows from operating activities
Net (loss) income			$	(1,328)					$	319
Adjustments to reconcile net (loss) income to net cash provided by operating activities
Change in fair value of warrant liability			—						8
Additions to content assets			(4,026)						(1,828)
Change in content liabilities			(56)						(276)
Amortization of content assets			3,678						3,513
Depreciation and amortization expenses			41						41
Amortization of premiums and accretion of discounts associated with investments in debt securities, net			(32)						(195)
Stock-based compensation			2,241						863
Equity method investment (income) loss			(30)						151
Other non-cash items			161						120
Changes in operating assets and liabilities
Accounts receivable			3,084						(1,619)
Other assets			(227)						3
Accounts payable			(3,081)						(757)
Accrued expenses and other liabilities			583						2,058
Deferred revenue			202						(479)
Net cash provided by operating activities			1,210						1,922
Cash flows from investing activities
Purchases of property and equipment			—						(77)
Sales of investments in debt securities			1,000						1,000
Maturities of investments in debt securities			4,500						7,400
Purchases of investments in debt securities			(2,954)						(6,253)
Net cash provided by investing activities			2,546						2,070
Cash flows from financing activities
Repurchases of common stock			(311)						—
Dividends paid			(4,862)						(2,277)
Payments related to tax withholding			(1)						(358)
Net cash used in financing activities			(5,174)						(2,635)
Net (decrease) increase in cash, cash equivalents and restricted cash			(1,418)						1,357
Cash, cash equivalents and restricted cash, beginning of period			18,378						7,951
Cash, cash equivalents and restricted cash, end of period			$	16,960					$	9,308
Supplemental disclosure:
Cash paid for taxes, net			$	61					$	34
Cash paid for operating leases			$	97					$	141

The accompanying notes are an integral part of these condensed consolidated financial statements.

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CURIOSITYSTREAM INC.

UNAUDITED NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1 - ORGANIZATION AND BUSINESS

On October 14, 2020, Software Acquisition Group Inc., a special purpose acquisition company and a Delaware corporation (“SAQN”), consummated a reverse merger pursuant to that certain Agreement and Plan of Merger, dated August 10, 2020 (the “Business Combination”). Upon the consummation of the Business Combination, CuriosityStream Operating Inc., a Delaware corporation (“Legacy CuriosityStream”) became a wholly owned subsidiary of SAQN, and the registrant changed its name from “Software Acquisition Group Inc.” to “CuriosityStream Inc.” Following the consummation of the Business Combination, Legacy CuriosityStream changed its name from “CuriosityStream Operating Inc.” to “Curiosity Inc.”

The principal business of CuriosityStream Inc. (the "Company" or "CuriosityStream") is providing customers with access to high quality factual content via subscription or license.

The Company's online library available for streaming spans the entire category of factual entertainment including science, history, society, nature, lifestyle, and technology packaged as three distinct subscription video-on-demand (“SVOD”) services: the flagship Curiosity Stream, Curiosity University and Catholic Stream. Individual customers can purchase subscriptions directly via the Company’s SVOD platform accessible by internet connected devices and applications for such devices as well as through distributor channel stores offering subscriptions to Company products on an a la carte basis. Individual subscriptions may be monthly or annual and pricing may vary based on the customer’s location worldwide. Customers may also subscribe to Company services indirectly via distribution partners who deliver CuriosityStream content via the distributor’s platform or system. Such wholesale distribution agreements typically convey a broad scope of rights, such as access to a 24/7 linear channel and an on-demand content library, with pricing and packaging flexibility, in exchange for an annual fixed fee or per-subscriber fee as part of a multi-year deal. The streaming library is composed of thousands of accessible on-demand and ad-free productions and includes shows and series from leading nonfiction producers.

The Company also has a substantial licensing business. Traditionally this business focused on content licensing of CuriosityStream’s library of 15,000 hours of factual entertainment content to other media companies and distributors worldwide, typically for a fee per hour of content. CuriosityStream’s traditional content licensing business is global, and licensed rights vary by platform or outlet, such as SVOD, FAST and Pay TV. The Company also owns, licenses or has access to millions of hours of content, both finished and raw, across the landscape of content genres and languages, as well as hundreds of millions of tokens of code and other datasets for sublicensing to technology companies to train artificial intelligence (AI) models and products that utilize AI.

CuriosityStream’s other businesses include advertising, such as FAST and AVOD channels and advertising on its Pay TV channels.

NOTE 2 - BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

BASIS OF PRESENTATION

The accompanying Unaudited Condensed Consolidated Financial Statements are prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and are consistent in all material respects with those applied in the Company’s Condensed Consolidated Financial Statements as of and for the year ended December 31, 2025.

In the opinion of management, the Unaudited Condensed Consolidated Financial Statements include all adjustments of a normal recurring nature necessary for the fair presentation of the Company’s financial position, results of operations, and cash flows. The Unaudited Condensed Consolidated Financial Statements should be read in conjunction with the Audited Condensed Consolidated Financial Statements and related notes and Management’s Discussion and Analysis of Financial Condition and Results of Operations included in the Annual Report on Form 10-K for the year ended December 31, 2025. The results of operations for the three months ended March 31, 2026, are not necessarily indicative of the results to be expected for the year ending December 31, 2026.

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USE OF ESTIMATES

The preparation of consolidated financial statements in conformity with U.S. GAAP and the rules and regulations of the U.S Securities and Exchange Commission (the “SEC”) requires management to make estimates and assumptions that affect amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Significant items subject to such estimates include the content asset amortization, the assessment of the recoverability of content assets and equity method investments, and the determination of fair value estimates related to non-monetary transactions, share-based awards and liability-classified warrants (prior to their expiration in October 2025).

Revenue Recognition

The Company recognizes revenue as performance obligations are satisfied by transferring control of promised goods or services to customers in an amount that reflects the consideration the Company expects to receive. The Company’s revenue is classified into three primary categories: Subscription, Licensing, and Other.

Subscription revenue is derived from arrangements providing ongoing access to the Company’s streaming content library. This includes subscriptions sold through our direct business and via wholesale distribution agreements. Revenue is recognized on a straight-line basis over the contractual term as the customer simultaneously receives and consumes the benefit of the service. For arrangements via wholesale distribution agreements, the Company recognizes revenue straight-line over the term of the applicable distribution agreement or based on reported subscriber counts.

Licensing revenue is generated through the monetization of the Company’s content library and proprietary data assets, including traditional library sales to media companies, AI data licensing for model training, and non-monetary barter transactions. These arrangements represent the transfer of functional intellectual property. Revenue is generally recognized at the point in time when the license period begins and the content or data is made available for the customer’s use. For barter exchanges, revenue is recognized upon delivery and acceptance of the assets and at the fair value of services received.

Other revenue primarily consists of advertising, sponsorship services, and brand partnerships across the Company's digital platforms. Revenue is recognized when the performance obligation is satisfied, which occurs when the advertisement is aired, displayed, or impressions are delivered.

Concentration of Risk

Financial instruments that potentially subject the Company to concentration of credit risk consist principally of cash, cash equivalents, investments, and accounts receivable. The Company maintains its cash and cash equivalents with high credit quality financial institutions. At times, cash balances with the financial institutions may exceed the applicable Federal Deposit Insurance Corporation (FDIC)-insured limits.

Investments in debt securities are held with reputable institutions and are monitored to manage credit risk exposure.

Accounts receivable, net are typically unsecured and are derived from revenues earned from customers, the majority of which are located in the United States.

Investments in Debt Securities

The Company classifies its investments in debt securities as held-to-maturity ("HTM") under ASC “Accounting Standards Codification” 320, "Investments—Debt and Equity Securities." HTM investments represent securities

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for which the Company has the positive intent and ability to hold to maturity, and they are reported at amortized cost.

Investments with original maturities of three months or less from the date of purchase are classified as cash equivalents. Investments with longer maturities are classified as short-term or long-term investments based on the remaining maturity at each balance sheet date and the Company’s intent to hold the security. Interest income earned from HTM investments is recognized in the Unaudited Condensed Consolidated Statement of Operations as “Interest and other Income” under non-operating income.

Fair Value Measurement of Financial Instruments

Fair value is defined as the exit price, or the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date. The applicable accounting guidance establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are those that market participants would use in valuing the asset or liability and are developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the factors market participants would use in valuing the asset or liability. The accounting guidance establishes three levels of inputs that may be used to measure fair value:

•Level 1: Quoted prices in active markets for identical assets or liabilities.

•Level 2: Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

•Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurements. The Company reviews the fair value hierarchy classification at each reporting period. Changes in the observability of valuation inputs may result in a reclassification of levels for certain securities within the fair value hierarchy.

The Company’s assets measured at fair value on a recurring basis have included its investments in money market funds, U.S. government securities, corporate debt securities, as well as assets held in a rabbi trust related to the Company’s non-qualified deferred compensation (“NQDC”) plan. Level 1 inputs were derived by using unadjusted quoted prices for identical assets in active markets and were used to value the Company’s investments in money market funds, U.S. government debt securities, and the NQDC plan assets. Level 2 inputs were derived using prices for similar investments and were used to value the Company’s investments in corporate and municipal debt securities.

The Company’s liabilities previously measured at fair value on a recurring basis included its Private Placement Warrants issued to Software Acquisition Holdings LLC, the Company’s former Sponsor. All such Private Placement Warrants expired on October 14, 2025, at which time the associated liability was reduced to zero. Prior to their expiration, the fair value of the Private Placement Warrants was considered a Level 3 valuation and was determined using the Black-Scholes valuation model. Refer to Note 6 - Stockholders' Equity for significant assumptions which the Company used in the fair value model for the Private Placement Warrants during the periods the warrants were outstanding.

Certain assets are measured at fair value on a nonrecurring basis and are subject to fair value adjustments only in certain circumstances, e.g., when there is evidence of impairment indicators. The Company’s remaining financial instruments, including cash and cash equivalents, accounts receivable, accounts payable, and accrued expenses and other liabilities, are carried at cost, which approximates fair value because of the short-term maturity of these instruments.

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RECENT ACCOUNTING PRONOUNCEMENTS

As of December 31, 2025, the Company ceased to be an "emerging growth company," as defined in the Jumpstart Our Business Startups Act (JOBS Act), because that date marked the last day of the fiscal year following the fifth anniversary of the Company’s initial public offering. While the Company previously elected to use the extended transition period provided by the JOBS Act to delay the adoption of new or revised accounting pronouncements until such time as those pronouncements were applicable to private companies, the sunset of its emerging growth company status means the Company is now generally required to comply with new or revised accounting standards on the timelines applicable to public business entities.

The Company continues to qualify as a “smaller reporting company” and a “non-accelerated filer” under the rules of the Securities and Exchange Commission. Although the Company has transitioned to the adoption timelines for public business entities, as a smaller reporting company, it may still be eligible to take advantage of certain accommodations and alternative effective dates for specific accounting standards where the Financial Accounting Standards Board (FASB) allows for a staggered adoption for smaller registrants. The Company will evaluate the impact of any such standards on its consolidated financial statements as they are issued.

Accounting Pronouncements Issued but not Adopted

In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, requiring public entities to disclose additional information about specific expense categories in the notes to the financial statements on an interim and annual basis. In January 2025, the FASB issued ASU 2025-01, Clarifying the Effective Date, which amended the effective date of ASU 2024-03 to clarify that all public business entities are required to adopt the guidance for annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. The standard allows for adoption using either a prospective or a retrospective method of transition. The Company is currently evaluating the impact of adopting ASU 2024-03, including the clarification provided by ASU 2025-01.

In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements. The amendments in this update are intended to improve the navigability of interim reporting guidance and clarify when Topic 270 is applicable. The ASU provides a comprehensive list of interim disclosure requirements and introduces a disclosure principle requiring an entity to disclose any events or significant changes since the most recent annual reporting period that have a material effect on the entity. The new guidance is effective for the Company’s interim reporting periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted for all entities, and the amendments may be applied either prospectively or retrospectively. The amendments in this update may be applied either prospectively or retrospectively to all periods presented. The Company is currently evaluating the impact of the adoption of this standard on its consolidated financial statements and related disclosures.

NOTE 3 - EQUITY INVESTMENTS

EQUITY INVESTMENTS

On November 14, 2025, the Company executed a Series Seed Preferred Share Purchase Agreement to acquire a minority equity interest in a private AI technology company. As of December 31, 2025, the Company holds 1,217,730 Series 2 Seed Preferred Shares, representing approximately a 2.60% ownership interest on a fully diluted basis. These shares are convertible into common stock at the Company's option and carry a liquidation preference of $0.20530 per share. The shares are non-redeemable and represent a permanent equity interest in the investee. The shares entitle the Company to dividend and voting rights on an as-converted basis and provide certain protective rights over major corporate actions of the investee. The total cash consideration for this investment was $0.2 million, which was recorded as an accrued investment payable at December 31, 2025, and subsequently settled in cash on January 2, 2026.

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The Company holds equity investments in Spiegel TV Geschichte und Wissen GmbH & Co. KG (the “Spiegel Venture”) and Watch Nebula LLC (“Nebula”). The Company accounts for these investments under the equity method of accounting. The carrying value of the Company’s equity method investment in the Spiegel Venture was reduced to zero as of December 31, 2024, and remains unchanged as of December 31, 2025. The carrying values for the investment in Nebula as of March 31, 2026, and December 31, 2025, were as follows:

(in thousands)									Total
Balance at December 31, 2025									$	3,668
Equity method investment income									30
Balance at March 31, 2026									$	3,698

SPIEGEL VENTURE

In July 2021, the Company acquired a 32% ownership in the Spiegel Venture for an initial investment of $3.3 million. The Spiegel Venture, which prior to the Company’s equity purchase, was jointly owned and operated by Spiegel TV GmbH (“Spiegel TV”) and Autentic GmbH (“Autentic”), operates two documentary channels, and a free advertising-supported streaming television (FAST) channel, and receives a share of revenue from the Company's German-language SVOD service. The Spiegel Venture provides factual content to audiences in Germany and certain German-speaking regions of other countries. As of December 31, 2024, the Company’s carrying value in the Spiegel Venture was written down to zero as the Company’s share of cumulative losses exceeded its initial investment. The Company has not received any dividends from the Spiegel Venture as of March 31, 2026.

The Company has a call option that permits it to require Spiegel TV and Autentic to sell their respective ownership interests in the Spiegel Venture (the “Call Option”) to the Company. The Call Option, exercisable at a value based on a determinable calculation in the Share Purchase Agreement (“SPA”), is initially exercisable only during the period that is the later of (i) 30 business days following the adoption of the Spiegel Venture’s audited financial statements for the fiscal year 2025, and (ii) the period between March 1, 2026, and March 31, 2026.

Together with the Call Option, each of Spiegel TV and Autentic has a put option that permits it to require the Company to purchase their interest (“Put Option”) at a value based on a determinable calculation outlined in the SPA. The Put Option is initially exercisable only during the period that is the later of i) the 60-day period following the adoption of Spiegel Venture’s audited financial statements for the fiscal year 2025, and (ii) the period between April 1, 2026, and April 30, 2026.

In April 2026, Spiegel TV and Autentic exercised their respective Put Options. The aggregate purchase price payable by the Company is calculated to be $1.9 million based on the formula set forth in the SPA and the Spiegel Venture’s audited 2025 results. The Company expects to finalize the acquisition in mid-2026, at which point it will own 100% of the Spiegel Venture and begin consolidating its financial results. For additional information regarding our pending acquisition of Spiegel Venture, please see Note 16 — Subsequent Events.

NEBULA

Nebula is an SVOD technology platform built for and by a group of independent content creators. Prior to the Company’s investment, Nebula was a wholly owned subsidiary of Standard Broadcast LLC (“Standard”). On August 23, 2021, the Company purchased a 12% ownership interest in Nebula for $6.0 million. Upon its initial investment, the Company obtained 25% representation on Nebula’s board of directors.

Since the time of its original investment, the Company purchased additional incremental ownership interests, each for a payment of $0.8 million and representing 1.625% of equity ownership, if Nebula met certain quarterly targets. The Company made three subsequent incremental purchases, bringing its total ownership interest in Nebula to 16.875% as of March 31, 2026. The opportunity or obligation to make additional purchases ended as of September 30, 2023. Because the Company did not purchase at least two consecutive ownership interests in Nebula, effective December 15, 2023, Standard removed the Company’s seat on the Nebula board of directors. The Company has not received dividends from Nebula as of March 31, 2026.

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Beginning August 2021, the Company included access to Nebula’s SVOD service as a part of a combined CuriosityStream / Watch Nebula subscription offer and as part of the Company’s Smart Bundle subscription package. As part of this arrangement, the Company shared revenue with Nebula based on certain metrics and paid monthly. On September 26, 2023, Nebula provided the Company with a notice of non-renewal, resulting in the expiration of the revenue share agreement at the end of 2023. Nebula was required to make its service available to subscribers of these offerings through the end of the term of any such subscription that existed as of December 31, 2023.

NOTE 4 - BALANCE SHEET COMPONENTS

CASH, CASH EQUIVALENTS, RESTRICTED CASH AND INVESTMENTS

A reconciliation of the Company’s cash and cash equivalents in the Unaudited Condensed Consolidated Balance Sheets to cash, cash equivalents and restricted cash in the Unaudited Condensed Consolidated Statements of Cash Flows is as follows:

(in thousands)			March 31, 2026						December 31, 2025
Cash and cash equivalents			$	16,900					$	18,318
Restricted cash1			60						60
Cash and cash equivalents and restricted cash			$	16,960					$	18,378
1 Restricted cash included cash deposits required by a bank as collateral related to corporate credit card agreements.

The Company’s investments in debt securities at fair value based on unadjusted quoted market prices (Level 1) and quoted prices for comparable assets (Level 2) were as follows as of March 31, 2026, and December 31, 2025:

			As of March 31, 2026
(in thousands)			Cash and Cash Equivalents						Short-Term Investments						Investments (Non-Current)						Total
Level 1 securities:
Money market funds			$	11,356					$	—					$	—					$	11,356
Mutual funds			—						1						162						163
Total Level 1 securities			$	11,356					$	1					$	162					$	11,519
Level 2 securities:
Corporate debt securities			498						3,492						2,959						6,949
Total Level 2 securities			498						3,492						2,959						6,949
Total			$	11,854					$	3,493					$	3,121					$	18,468

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			As of December 31, 2025
(in thousands)			Cash and Cash Equivalents						Short-Term Investments						Investments (Non-Current)						Total
Level 1 securities:
Money market funds			$	10,842					$	—					$	—					$	10,842
Mutual funds			—						—						76						76
U.S. government securities			250						—						—						250
Total Level 1 securities			$	11,092					$	—					$	76					$	11,168
Level 2 securities:
Corporate debt securities			4,234						8,964						—						13,198
Total Level 2 securities			4,234						8,964						—						13,198
Total			$	15,326					$	8,964					$	76					$	24,366

The following table provides the amortized cost and estimated fair value of investments with fixed maturities as of March 31, 2026:

As of March 31, 2026

(in thousands)

Amortized Cost

Gross Unrealized Gains

Gross Unrealized Losses

Estimated Fair Value

Corporate debt securities

6,950

—

(1)

6,949

The Company recorded no material realized gains or losses during the three months ended March 31, 2026, and 2025.

For the three months ended March 31, 2026, the Company recorded a nominal amount of net investment income and an unrealized loss related to the mutual funds held in the Rabbi Trust related to the NQDC plan, which is included in Interest and other income, net in the Unaudited Condensed Consolidated Statements of Operations.

Accrued interest on held-to-maturity securities is excluded from the amortized cost basis. As of March 31, 2026, the total accrued interest receivable excluded from the disclosed amortized cost basis was immaterial, net of any allowance for credit losses.

The Company’s held-to-maturity investments as of March 31, 2026, consist of short term, investment-grade debt securities, primarily corporate bonds and U.S. Treasury securities. Based on external credit ratings and economic forecasts, the Company determined that the expected credit losses over the lifetime of these securities are immaterial. Therefore, no allowance for credit losses has been recorded for these securities as of March 31, 2026.

The following table provides the amortized cost and estimated fair value of investments with fixed maturities by maturity date as of March 31, 2026:

			As of March 31, 2026
(in thousands)			Amortized Cost						Estimated Fair Value
Due in one year or less			$	3,991					$	3,990
Due after one year through five years			2,959						2,959
Total			$	6,950					$	6,949

Our investment in the private AI technology company is an equity security without a readily determinable fair value and is measured using the measurement alternative under ASC 321; accordingly, it is not categorized within the fair value hierarchy.

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CONTENT ASSETS

Content assets consisted of the following as of March 31, 2026, and December 31, 2025:

(in thousands)			March 31, 2026						December 31, 2025
Licensed content, net:
Released, less amortization and impairment			$	9,390					$	9,307
Prepaid and unreleased			13,009						11,209
Total Licensed content, net			22,399						20,516
Produced content, net:
Released, less amortization and impairment			8,720						10,292
In production			192						192
Total produced content, net			8,912						10,484
Total content assets			$	31,311					$	31,000

Of the $9.4 million unamortized cost of licensed content that had been released as of March 31, 2026, the Company expects that $6.2 million, $1.8 million and $0.4 million will be amortized in each of the next three years. Of the $8.7 million unamortized cost of produced content that had been released as of March 31, 2026, the Company expects that $4.2 million, $3.0 million and $1.1 million will be amortized in each of the next three years.

As of March 31, 2026, the Company has licensed content that is contractually completed but not yet released. The timing of the release for this content is uncertain, and therefore, the Company cannot reasonably estimate the portion of costs that will be amortized in the next 12 months. The Company will recognize amortization once the content is published and available for monetization.

Content assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. No impairment charges were recognized during the three months ended March 31, 2026, and 2025.

Amortization

In accordance with its accounting policy for content assets, the Company amortizes licensed content costs and produced content costs, which are included within cost of revenues in the Company’s Unaudited Condensed Consolidated Statements of Operations. For the three months ended March 31, 2026, and 2025, content amortization was as follows:

									Three Months Ended March 31,
(in thousands)															2026						2025
Licensed content															$	2,063					$	1,694
Produced content															1,615						1,819
Total															$	3,678					$	3,513

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ACCRUED EXPENSES AND OTHER LIABILITIES

Accrued expenses and other liabilities consisted of the following as of March 31, 2026, and December 31, 2025:

(in thousands)			March 31, 2026						December 31, 2025
Accrued payroll and benefits			$	6,548					$	4,964
Accrued revenue share			4,043						3,846
Sales and income tax liabilities			885						935
Dividends payable			493						408
Operating lease liabilities			436						428
Accrued royalties			62						452
Other			988						1,061
Total			$	13,455					$	12,094

CREDIT FACILITY

On March 12, 2026, the Company entered into a Credit Agreement with Citibank, N.A., providing for a $10.0 million Senior Secured Revolving Credit Facility (the "Credit Facility"). The Credit Facility has a three-year term maturing on March 12, 2029, and is secured by a first-priority lien on substantially all assets of the Company and its domestic subsidiaries. Borrowings under the Credit Facility bear interest at a rate per annum equal to, at the Company's option, either (i) a floating rate plus 3.00% or (ii) Adjusted Term SOFR plus 3.00%. The Company is required to pay an unused fee of 0.35% per annum on the average daily unused portion of the facility. For the three months ended March 31, 2026, the Company recorded immaterial unused fees, which are included within general and administrative expenses in the Unaudited Condensed Consolidated Statements of Operations.

The Credit Facility includes a $2.0 million sublimit for the issuance of letters of credit and an accordion feature allowing the Company to request increases in the revolving commitment an aggregate principal amount of $20.0 million, subject to lender consent. The Credit Facility contains customary financial covenants, including a Consolidated Leverage Ratio not to exceed 3.00:1.00 and a Unaudited Condensed Consolidated Interest Coverage Ratio of not less than 3.00:1.00. Additionally, the agreement restricts the payment of cash dividends or the repurchase of equity interests unless the Company maintains liquidity (defined as unrestricted cash plus facility availability) of at least $10.0 million, after giving effect to such payment. As of March 31, 2026, the Company was in compliance with all covenants under the Credit Facility.

As of March 31, 2026, there were no outstanding borrowings under the 2026 Credit Facility. In connection with entering into the facility, the Company incurred $0.1 million in debt issuance costs, that are included within Other assets in the Unaudited Condensed Consolidated Balance Sheets. These costs are being amortized to general and administrative expense over the 36-month term of the facility. For the three months ended March 31, 2026, the Company recorded an immaterial amount of amortization expense related to these costs.

NOTE 5 - REVENUE

The following table sets forth the Company’s disaggregated revenues for the three months ended March 31, 2026, and 2025, as well as the relative percentage of total revenue:

												Three Months Ended March 31,
(in thousands)																		2026												2025
Subscription																														8,826						58		%				9,281						61		%
Licensing (1)																														6,017						40		%				5,411						36		%
Other																														318						2		%				398						3		%
Total revenues																														$	15,161											$	15,090
(1) The 2026 and 2025 amounts include $3.8 million and $1.7 million of trade and barter transactions, respectively.

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REMAINING PERFORMANCE OBLIGATIONS

As of March 31, 2026, the Company expects to recognize revenues in the future related to performance obligations that were unsatisfied as follows:

			Remainder of Year Ending December 31, 2026						Year Ended December 31,
(in thousands)									2027						2028						2029						Thereafter						Total
Remaining performance obligations			$	2,316					$	538					$	317					$	98					$	16					$	3,285

These amounts include only fixed consideration or minimum guarantees and do not include amounts related to (a) contracts with an original expected term of one year or less or (b) licenses of content that are solely based on sales or usage-based royalties.

DEFERRED REVENUE

Contract liabilities (i.e., deferred revenue) consist of subscriber and affiliate license fees billed that have not been recognized, amounts contractually billed or collected for content licensing sales in advance of the related content being made available to the customer, and unredeemed gift cards and other prepaid subscriptions that have not been redeemed. Approximately 90% of the contract liability balance relates to annual subscriptions.

Total deferred revenues were $8.9 million and $8.7 million as of March 31, 2026, and December 31, 2025, respectively. The non-current portions of $0.3 million as of March 31, 2026, and December 31, 2025, are included in other liabilities in the Unaudited Condensed Consolidated Balance Sheets.

For the three months ended March 31, 2026, the Company recognized revenues of 3.7 million related to amounts deferred as of December 31, 2025.

The following table provides a roll-forward of the contract liability balances for the three months ended March 31, 2026, and 2025:

						Three Months Ended March 31,
(in thousands)						2026						2025
Balance at beginning of period						$	8,733					$	11,350
Revenue recognized in the current period from beginning balance						(3,693)						(4,941)
New deferrals, net of amounts recognized in current period						3,895						4,462
Balance at end of period						$	8,935					$	10,871

TRADE AND BARTER TRANSACTIONS

During 2026, the Company continued to enter into trade and barter transactions, primarily for the purpose of exchanging content assets through licensing agreements with media counterparties.

For content acquired through trade and barter transactions, the Company records the acquired assets in the consolidated balance sheet and amortizes those assets over the term of the content license, beginning at the time the asset is published, in accordance with the Company’s content and amortization policies. For other products and services received through trade and barter transactions, the Company records operating expenses upon receipt of such products and services, as applicable.

The transaction price for these contracts is measured at the estimated fair value of the non-cash consideration received unless this is not reasonably estimable, in which case, the consideration is measured based on the standalone selling price of the services provided. For an exchange of content, the performance obligation is satisfied at the time the content is made available for the counterparty to use, which represents the point in time that control is transferred. For advertising, the performance obligation is satisfied upon the Company’s delivery of the media campaign or other service to the counterparty.

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For the three months ended March 31, 2026, and 2025, trade and barter revenues were as follows:

									Three Months Ended March 31,
(in thousands)															2026						2025
Trade and barter license fees: Content Licensing															$	3,848					$	1,717

For the three months ended March 31, 2026, and 2025, trade and barter cost of revenues were as follows:

									Three Months Ended March 31,
(in thousands)															2026						2025
Cost of revenues															$	—					$	3

For the three months ended March 31, 2026, and 2025, additions to content assets resulting from trade and barter transactions were as follows:

									Three Months Ended March 31,
(in thousands)															2026						2025
Content assets acquired															$	3,848					$	1,714

NOTE 6 - STOCKHOLDERS’ EQUITY

COMMON STOCK

As of March 31, 2026, and December 31, 2025, the Company had authorized the issuance of 126,000,000 shares of capital stock, par value of $0.0001 per share, consisting of (a) 125,000,000 shares of common stock, and (b) 1,000,000 shares of preferred stock.

TREASURY STOCK

On June 10, 2024, the Company's Board of Directors authorized and approved a share repurchase program for up to $4.0 million of the then-outstanding shares of the Company’s common stock. Under the stock repurchase program, the Company may repurchase shares through open market purchases, privately negotiated transactions, block purchases, or otherwise in accordance with applicable federal securities laws. On March 10, 2026, the Board authorized an additional $2.0 million for the purchase of the Company’s common stock under this existing program, increasing the total authorized amount to $6.0 million.

As of December 31, 2025, the Company had repurchased 216,000 shares of its common stock at an average price of $1.16 per share. The total cost of the repurchases was $0.3 million. The Company purchased additional 90,000 shares at an average price of $3.46 per share for a total of $0.3 million during the three months ended March 31, 2026. The purchased shares were recorded as treasury stock in the equity section of the Company’s Unaudited Condensed Consolidated Balance Sheets.

As of March 31, 2026, $5.4 million remains available for future repurchases under the Board-authorized program.

WARRANTS

All of the Company’s outstanding Warrants expired unexercised on October 14, 2025. As of December 31, 2025, there were no Warrants outstanding and the related warrant liability was zero. Prior to their expiration, the Company had 3,054,203 Public Warrants and 3,676,000 Private Placement Warrants outstanding. Each whole warrant entitled the registered holder to purchase one share of the Company’s common stock at an exercise price of $11.50 per share. The Private Placement Warrants were liability-classified, and the Public Warrants were equity-classified. No warrants were exercised during the three months ended March 31, 2025.

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The Private Placement Warrants were recorded at fair value as of each reporting date with the change in fair value reported in the accompanying Unaudited Condensed Consolidated Statements of Operations as “Change in fair value of warrant liability.” The fair value of the Private Placement Warrant liability was estimated using a Black-Scholes pricing model with Level 3 inputs. As of September 30, 2025, the fair value of the Private Placement Warrants was determined to be zero as the Warrants were significantly out-of-the-money and approaching their expiration date. Because the Private Placement Warrants were written down to zero during the third quarter of 2025, and subsequently extinguished upon expiration, no fair value measurements or significant assumptions were required for the Black-Scholes model as of December 31, 2025. The significant assumptions used to determine fair value as of March 31, 2025, were as follows:

			March 31, 2025
Exercise price			$	11.50
Stock price (CURI)			$	2.68
Expected volatility			96.40		%
Expected warrant term (years)			0.5
Risk-free interest rate			4.19		%
Dividend yield			6.0		%
Fair Value per Private Placement Warrant			$	0.03

The change in fair value of the private placement warrant liability was negligible for the three months ended March 31, 2025.

NOTE 7 - EARNINGS (LOSS) PER SHARE

Basic and diluted earnings (loss) per share are computed based on the weighted-average number of shares of the Company’s common stock outstanding during the respective periods. Diluted earnings (loss) per share reflect the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted, using the treasury stock method for stock options, restricted stock units (“RSUs”), and other potentially dilutive instruments. For RSUs, the assumed proceeds under the treasury stock method include the amount of unrecognized compensation cost. Potential common shares are excluded from the diluted per share calculation when their effect is anti-dilutive, including in periods of net loss or when inclusion does not result in a decrease in earnings per share.

For the three months ended March 31, 2026, and 2025, the components of basic and diluted net (loss) income per share were as follows:

(in thousands except per share amounts)									Three Months Ended March 31,
															2026						2025
Numerator — basic and diluted EPS:
Net (loss) income															$	(1,328)					$	319
Denominator — basic and diluted EPS:
Weighted–average shares															58,949						57,132
Net (loss) income per share — basic and diluted															$	(0.02)					$	0.01

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The following table summarizes common shares issuable for stock options and restricted stock units as of March 31, 2026, and for warrants, stock options, and restricted stock units as of March 31, 2025. For the three months ended March 31, 2026, and 2025, these share equivalents were excluded from the calculation of diluted net (loss) income per share as their inclusion would have been anti-dilutive.

									Three Months Ended March 31,
(in thousands)															2026						2025
Options															27						27
Restricted stock units															3,307						2,227
Warrants															—						6,730
Total															3,334						8,984

NOTE 8 - STOCK-BASED COMPENSATION

In October 2020, the Board adopted the CuriosityStream 2020 Omnibus Plan (the “2020 Plan”). The 2020 Plan became effective upon consummation of the Business Combination and succeeds the Legacy CuriosityStream Stock Option Plan. Upon adoption of the 2020 Plan, a total of 7,725,000 shares were approved to be issued as stock options, share appreciation rights, restricted stock units and restricted stock. In June 2025, the Company’s stockholders approved an amendment to the 2020 Plan to increase the number of shares of common stock reserved for issuance thereunder by 3,000,000 shares, bringing the total number of shares reserved for issuance thereunder to 10,725,000 shares.

Stock options and RSUs generally vest on a monthly, quarterly, or annual basis over a period of up to four years from the grant date. In addition to time-based vesting, certain RSU awards are subject to performance-based conditions (based on the achievement of specific financial or operational goals) or market-based conditions (based on the Company’s stock price performance). When options are exercised or RSUs vest, the Company issues previously unissued shares of Common Stock to satisfy the awards, net of shares withheld for taxes if elected by the holder.

The Company measures the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award, recognizing the expense in earnings over the period during which an employee is required to provide the service. Expense for time-based awards is recognized on a straight-line basis over the requisite service period. Expense for awards with accelerated vesting subject to performance or market-based triggers is recognized over the shorter of the derived or requisite time-based service period. Forfeitures are accounted for as they occur.

STOCK OPTIONS

The fair value of stock option awards is estimated using the Black-Scholes option pricing model, which incorporates assumptions regarding stock price volatility, employee exercise behavior, future dividend payments, and risk-free interest rates. Due to a lack of sufficient historical exercise behavior, the Company utilizes the simplified method to estimate the expected term, representing the midpoint between the vesting date and the end of the contractual term. Volatility is estimated using the Company’s historical volatility alongside that of similar public companies, while the risk-free interest rate is based on the rate of return on U.S. Treasury securities with maturities approximating the expected term. No options were exercised during the three months ended March 31, 2026, and 2025.

As of March 31, 2026, all outstanding stock options were fully exercisable with a weighted-average exercise price of $5.00 and a weighted-average remaining contractual term of 3.42 years. There were no unvested stock options as of March 31, 2026.

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RSUs

The Company issues RSU awards that vest upon continued service, the achievement of performance conditions, or the attainment of specified market conditions. Certain RSU awards include dividend equivalent rights (“DERs”) on dividends declared during the vesting period. These DERs are forfeitable until the underlying RSUs vest and are payable in cash upon vesting. Upon the declaration of dividends, the Company records the related DERs as a dividend payable with a corresponding charge to accumulated deficit. DERs do not result in additional share-based compensation expense.

During the year ended December 31, 2025 and three months ended March 31, 2026, the Company granted RSU awards to employees and senior leadership, a significant portion of which were granted in July 2025 and included tranches that vest upon (i) achievement of specified market conditions or (ii) performance conditions or (iii) continued service through dates generally ranging from one to four years.

For tranches with market condition-based vesting terms, grant-date fair value was estimated using a Monte Carlo simulation. Key inputs for this simulation included an expected volatility of 85.5%, risk-free interest rates ranging from 3.57% to 3.95%, an expected dividend yield ranging from 6.5% to 9.2%, and an assumed correlation with peer indices of 1.54 to 1.67. Compensation expense is recognized over the derived service period and is therefore front-loaded, with the majority expected to be recognized in the first three quarters following grant.

For tranches with vesting terms based on performance conditions, grant-date fair value equals the Company’s common stock closing price on the grant date; compensation expense is recognized when achievement of the performance condition is considered probable, on a straight-line basis over the remaining requisite service period.

The following table summarizes stock option and RSU activity, prices, and values for the three months ended March 31, 2026:

			Number of Shares Available for Issuance Under the Plan						Stock Options																		Restricted Stock Units
(in thousands except share price and fair value amounts)									Number of Shares						Weighted- Average Exercise Price						Weighted- Average Remaining Contractual Term (in Years)						Number of Shares						Weighted- Average Grant Date Fair Value
Balance at December 31, 2025			735						27						$	5.00					3.67						3,428						$	3.99
Granted			(720)						—						—						—						720						3.15
RSUs vested			197						—						—						—						(841)						3.92
Forfeited or expired			—						—						—						—						—						—
Balance at March 31, 2026			212						27						$	5.00					3.42						3,307						$	3.84

For the three months ended March 31, 2026, and 2025, stock-based compensation expense was as follows:

(in thousands)									Three Months Ended March 31,
															2026						2025
Stock-based compensation — RSUs															2,241						863

The following table summarizes total fair value of RSUs that vested during the three months ended March 31, 2026, and 2025. This value is calculated based on the closing market price of the Company’s common stock on the applicable vesting dates.

(in thousand)									Three Months Ended March 31,
															2026						2025
Fair value of vested RSUs															$	2,883					$	167

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As of March 31, 2026, the total remaining unrecognized compensation cost related to unvested restricted stock units was approximately $4.3 million. This cost is expected to be recognized over a weighted average remaining period of 0.62 years.

NOTE 9 - SEGMENT AND GEOGRAPHIC INFORMATION

The Company operates as one reportable segment. The Company’s Chief Operating Decision Maker ("CODM"), its Chief Executive Officer ("CEO"), reviews financial information on a consolidated basis to make operating decisions, assess financial performance, and allocate resources.

In evaluating performance, the CODM primarily assesses operating loss and net loss, as reported on the consolidated statement of operations and regularly reviews certain significant expense categories, including content amortization, other cost of revenues, advertising and marketing, payroll and related expenses, and other general and administrative expenses. These expense categories are considered key factors in managing the business and guiding resource allocation decisions.

This approach ensures that the Company’s financial reporting reflects the way management monitors expenses and overall financial performance.

The following table presents financial information with respect to the Company’s single operating segment for the three months ended March 31, 2026, and 2025:

									Three Months Ended March 31,
(in thousands)															2026						2025
Revenues															$	15,161					$	15,090
Less:
Content amortization															3,678						3,513
Other cost of revenues															2,979						3,567
Advertising and marketing															3,515						2,934
Payroll and related															2,889						2,632
Other general and administrative															3,644						2,365
Total operating expenses															16,705						15,011
Operating (loss) income															(1,544)						79
Other segment items1															$	240					$	268
(Loss) income before income taxes															$	(1,304)					$	347
Provision for income taxes															$	24					$	28
Net (loss) income															$	(1,328)					$	319
1 Other segment items include interest and other income, and equity method investment income for the three months ended March 31, 2026. Other segment items include changes in the fair value of warrant liabilities, interest and other income, and equity method investment loss for the three months ended March 31, 2025. See the consolidated financial statements for additional information regarding the Company’s operating segment.

All long-lived tangible assets are located in the United States. For the three months ended March 31, 2026, and 2025, revenue by geographic location based on customer location was as follows:

									Three Months Ended March 31,
(in thousands)															2026												2025
United States																											$	12,314					81		%				$	10,736					71		%
International																											2,847						19		%				4,354						29		%
Total revenue																											$	15,161					100		%				$	15,090					100		%

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Revenue from no single foreign country comprised 10% or greater of total revenue for the three months ended March 31, 2026. Revenue from one foreign country, Switzerland, comprised 10% or greater of total revenue for the same period in 2025.

NOTE 10 - RELATED-PARTY TRANSACTIONS

EQUITY INVESTMENTS

As of March 31, 2026, and December 31, 2025, the impacts of the arrangements with the Spiegel Venture on the Company’s Unaudited Condensed Consolidated Balance Sheets were as follows:

(in thousands)			March 31, 2026						December 31, 2025
Accounts receivable			$	42					$	101
Accounts payable			$	7					$	4
Accrued expenses and other liabilities			$	—					$	5

For the three months ended March 31, 2026, and 2025, the impacts of arrangements with the Spiegel Venture on the Company’s Unaudited Condensed Consolidated Statements of Operations were as follows:

									Three Months Ended March 31,
(in thousands)															2026						2025
Revenues															$	—					$	—
Cost of revenues															$	7					$	9

The Company had no business transactions with Nebula during the periods presented; however, it continues to hold an equity interest in Nebula.

OPERATING LEASE

The Company sublets a portion of its office space to Hendricks Investment Holdings, LLC, which is considered a related party as it is managed by various members of the Company’s Board of Directors. The Company accounts for the arrangement as an operating lease. Refer to Note 12 - Leases for additional information.

NOTE 11 - RETIREMENT PLAN

Nonqualified Deferred Compensation Plan

In July 2025, the Company established a nonqualified deferred compensation plan (the "NQDC Plan") for the benefit of a select group of management and highly compensated employees under Internal Revenue Service (IRS) rules, including the Company’s Chief Executive Officer and Chief Financial Officer. The NQDC Plan allows eligible participants to defer up to 80% of their base salary and up to 100% of their annual incentive compensation.

The NQDC Plan is unfunded for tax purposes and represents an unsecured general obligation of the Company to pay the participants in the future. Participant accounts are credited with earnings or losses based on the performance of notional investment indices selected by the participants from a menu of options established by the Company. The Company does not guarantee a minimum rate of return on participant accounts. To manage the obligation, the Company maintains a Rabbi Trust, which holds investments in Fidelity mutual funds that generally mirror the participants' notional investment selections. These assets are recorded at fair value within Other assets on the Unaudited Condensed Consolidated Balance Sheets

The Company records a liability for the participant deferrals, which is adjusted each reporting period to reflect the performance of the selected investment indices. Changes in the fair value of the NQDC Plan liability are recognized as compensation expense within "General and administrative" expenses in the Unaudited Condensed Consolidated Statements of Operations.

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As of March 31, 2026, the aggregate liability under the NQDC Plan was $0.2 million, which is included in "Other liabilities" on the Unaudited Condensed Consolidated Balance Sheets. The following table summarizes the activity in the NQDC Plan for the three months ended March 31, 2026:

(in thousands)			Three Months Ended March 31, 2026
Balance at beginning of period			$	76
Participant contributions			92
Aggregate earnings (losses)			(5)
Distributions			—
Balance at end of period			$	163

NOTE 12 - LEASES

COMPANY AS LESSEE

The Company is a party to a non-cancellable operating lease agreement for office space, which expires in 2033. The Company’s operating lease for this office space includes fixed rent payments and variable lease payments, which are primarily related to common area maintenance and utility charges. The Company elected not to separate lease and non-lease components, and as such, all amounts paid under the lease are classified as either fixed or variable lease payments. The Company has determined that no renewal clauses are reasonably certain of being exercised and therefore has not included any renewal periods within the lease term for this lease.

As of March 31, 2026, the Company held operating lease ROU assets of $2.7 million. Current lease liabilities were $0.4 million, and are included within accrued expenses and other liabilities on the Unaudited Condensed Consolidated Balance Sheets. Non-current lease liabilities were $3.3 million. In measuring these operating lease liabilities, the Company used a weighted average discount rate of 4.4% as of March 31, 2026. The weighted average remaining lease term as of March 31, 2026, was 6.92 years.

Components of Lease Cost

For the three months ended March 31, 2026, the Company’s total operating lease cost was comprised of the following:

									Three Months Ended March 31,
(in thousands)															2026						2025
Operating lease cost															$	119					$	119
Variable lease cost															18						14
Total lease cost															$	137					$	133

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Maturity of Lease Liabilities

As of March 31, 2026, maturities of the Company’s operating lease liabilities, which do not include short-term leases and variable lease payments, were as follows:

			(In thousands)
Nine remaining months of 2026			$	440
2027			600
2028			615
2029			630
2030			646
Thereafter			1,455
Total lease payments			$	4,386
Less: imputed interest			(603)
Present value of total lease liabilities			$	3,783

COMPANY AS LESSOR

The Company subleases a portion of its office space to a related party and accounts for the arrangement as an operating lease. Related party sublease rental income is recognized on a straight-line basis and is included in Interest and other income (expense) in the accompanying Unaudited Condensed Consolidated Statements of Operations. For the three months ended March 31, 2026, operating lease income from the Company’s sublease was less than $0.1 million. As of March 31, 2026, total remaining future minimum lease payments receivable on the Company’s sublease were $0.2 million.

NOTE 13 - COMMITMENTS AND CONTINGENCIES

CONTENT COMMITMENTS

As of March 31, 2026, the Company’s content obligations amounted to $0.5 million, including $0.3 million recorded within content liabilities in the accompanying unaudited consolidated balance sheets, and $0.2 million of obligations not yet recorded as they did not yet meet the asset recognition criteria for content assets. These obligations are expected to be paid through the remainder of 2026.

As of December 31, 2025, the Company’s content obligations amounted to $0.6 million, including $0.4 million recorded within current content liabilities in the accompanying unaudited consolidated balance sheets and $0.2 million of obligations not yet recorded as they did not yet meet the asset recognition criteria for content assets.

Content obligations include amounts related to licensed, commissioned and internally produced streaming content. An obligation for the production of content includes non-cancelable commitments under creative talent and employment agreements. An obligation for the licensed and commissioned content is incurred at the time the Company enters into an agreement to obtain future titles. Once a title becomes available, a content liability is generally recorded. Certain agreements include the obligation to license rights for unknown future titles, the ultimate quantity and/or fees for which are not yet determinable as of the reporting date.

ADVERTISING COMMITMENTS

The Company periodically enters into agreements to receive future advertising and marketing services as part of various licensee arrangements, and the Company reports commitments when the applicable agreements provide for specific committed amounts. As of March 31, 2026, the Company’s future advertising commitments totaled $0.6 million, all of which the Company expects to pay through the remainder of 2026.

NOTE 14 - INCOME TAXES

The Company's provision for income taxes for the three months ended March 31, 2026, and 2025 was immaterial. The Company’s provision for income taxes differs from the federal statutory rate primarily due to the Company being in a full valuation allowance position and not recognizing a tax benefit attributable to generated losses for either federal or state income tax purposes.

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NOTE 15 - SALE OF EMPLOYEE RETENTION CREDIT CLAIM

In response to the COVID-19 pandemic, the Company became eligible for the Employee Retention Credit ("ERC") under the Coronavirus Aid, Relief, and Economic Security Act ("CARES Act") and subsequent legislation. The ERC is a refundable tax credit against certain employment taxes, designed to support businesses in retaining employees during periods of economic hardship. The Company determined its total eligible ERC to be $1.2 million.

In 2023, the Company filed claims for the Employee Retention Credit (“ERC”) related to the 2020 tax year and the first and second quarters of the 2021 tax year. In December 2024, the Company sold its rights to these anticipated proceeds to a third party (the “Buyer”). During the year ended December 31, 2025, the IRS processed the 2020 ERC claims, and the resulting refund of $0.4 million was remitted to the Buyer in accordance with the agreement.

During the three months ended March 31, 2026, the Company received a Letter 105C from the IRS notifying the Company of the disallowance of its claims related to the first and second quarters of 2021, which total approximately $1.0 million. The Company, in consultation with its tax advisors, continues to believe it is eligible for these credits and has initiated a formal appeal of the IRS's determination.

The agreement with the Buyer includes a provision allowing the Buyer to require the Company to repurchase the ERC claim if the IRS disallows or reduces the amount. Management continues to believe the likelihood of such a repurchase obligation is remote based on the technical merits of the pending appeal; consequently, no liability has been recognized for this contingent obligation as of March 31, 2026. No income or expenses related to the 2021 ERC claims were recognized during the three months ended March 31, 2026.

NOTE 16 - SUBSEQUENT EVENTS

DIVIDEND DECLARATION

On May 13, 2026, the Board raised the quarterly cash dividend to $0.085 per share of common stock, up from the $0.08 per share paid in previous quarters. The cash dividend will be paid on June 19, 2026, to all holders of record of common stock at the close of business on June 5, 2026. This cash dividend of approximately $5.0 million is expected to be paid from available cash on hand.

PENDING ACQUISITION OF REMAINING OWNERSHIP IN SPIEGEL VENTURE

In April 2026, Spiegel TV GmbH and Autentic GmbH exercised their respective put options requiring the Company to purchase the remaining 68% ownership interest in the Spiegel Venture for an aggregate purchase price of $1.9 million. The Company currently holds a 32% equity interest in Spiegel Venture. The Company expects to finalize the acquisition and settle the payment in mid-2026. Upon the expected closing, the Company will own 100% of the Spiegel Venture, at which point Spiegel Venture’s results of operations will be consolidated within the Company’s financial statements.

The Company intends to fund the acquisition through cash on hand.

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion and analysis provides information that management believes is relevant to an assessment and understanding of our results of operations and financial condition. The following discussion should be read in conjunction with the Company’s unaudited condensed consolidated financial statements and notes thereto included elsewhere in this Quarterly Report on Form 10-Q (“Quarterly Report”). Unless the context otherwise requires, references in this “Management’s Discussion and Analysis of Financial Condition and Results of Operations” to “we,” “us,” “our,” and “the Company” are intended to mean the business and operations of CuriosityStream Inc.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report contains certain statements that are, or may be deemed to be, “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, regarding the Company’s plans, expectations, thoughts, beliefs, estimates, goals and outlook for the future that are intended to be covered by the protections provided under the Private Securities Litigation Reform Act of 1995.

All statements other than statements of historical fact included in this Quarterly Report including, without limitation, statements under this “Management’s Discussion and Analysis of Financial Condition and Results of Operations” regarding the Company’s financial position, business strategy and the plans and objectives of management for future operations, such as subscription plan price increases, the development of integrated digital brand partnerships with advertisers and our dividend plans, are forward-looking statements. When used in this Quarterly Report, words such as “anticipate,” “attribute,” “believe,” “continue,” “hope,” “estimate,” “expect,” “intend,” “may,” “might,” “potential,” “seek,” “should,” “will” and “would,” and similar expressions, as they relate to us or the Company’s management, identify forward-looking statements. Such forward-looking statements are based on the beliefs of management, as well as assumptions made by, and information currently available to, the Company’s management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors detailed in our filings with the SEC. All subsequent written or oral forward-looking statements attributable to us or persons acting on the Company’s behalf are qualified in their entirety by this paragraph. These forward-looking statements are subject to risks and uncertainties that could cause actual results and events to differ materially from those included in forward-looking statements. Factors that might cause or contribute to such differences include, but are not limited to, those discussed in our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on March 12, 2026 (the “Annual Report”) and any other subsequent periodic reports and future periodic reports. We assume no obligation to revise or publicly release any revision to any forward-looking statements contained in this Quarterly Report, unless required by law.

OVERVIEW

Founded by John Hendricks, former Chairman of Discovery Communications and founder of the Discovery Channel, CuriosityStream is a media and entertainment company that offers premium video and audio programming across the principal categories of factual entertainment, including science, history, society, nature, lifestyle and technology. Our mission is to provide premium factual entertainment that informs, enchants and inspires.

We seek to meet the demand for high-quality factual entertainment via subscription video on-demand (“SVOD”)

platforms, content licensing, bundled content licenses for SVOD and linear offerings, talks and courses and partner bulk sales.

The main sources of our revenue are:

1.Subscription Revenue, which includes fees earned from our direct subscriber business and wholesale distribution agreements;

2.Licensing Revenue, which reflects fees from content licensing including trade and barter transactions, and AI data licensing; and

3.Other Revenue, which primarily consists of advertising, sponsorships, and integrated brand partnerships.

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We operate our business as a single operating segment that provides premium content through multiple channels, including the use of various applications, partnerships and affiliate relationships.

CuriosityStream’s award-winning content library features 14,000 programs that explore topics ranging from space engineering to ancient history to the rise of Wall Street, and includes shows and series from leading nonfiction producers. Each week we launch new video titles, which are available on demand in high- or ultra-high definition. Through new and long-standing international partnerships, substantial portions of our video library have been localized from English into eleven different languages. The Company also aggregates rights to millions of video and audio programs, course materials and other assets to utilize on our own services as well as license to other media and technology companies.

RESULTS OF OPERATIONS

The financial data in the following table sets forth selected financial information derived from our Unaudited Condensed Consolidated Financial Statements for the three months ended March 31, 2026, and 2025, and includes our results of operations as a percentage of revenue or as a percentage of costs, as applicable, for the periods indicated:

															Three Months Ended March 31,												Change
(unaudited and in thousands)																											2026						2025						Total						%
Revenues
Subscription																											$	8,826					$	9,281					$	(455)					(5		%)
Licensing																											6,017						5,411						606						11		%
Other																											318						398						(80)						(20		%)
Total revenue																											15,161						15,090						71						—		%
Operating expenses
Cost of revenues																											6,657						7,080						(423)						(6		%)
Advertising and marketing																											3,515						2,934						581						20		%
General and administrative																											6,533						4,997						1,536						31		%
Total operating expenses																											16,705						15,011						1,694						11		%
Operating (loss) income																											(1,544)						79						(1,623)						n/m
Other income (expense)
Change in fair value of warrant liability																											—						(7)						7						n/m
Interest and other income																											210						426						(216)						(51		%)
Equity method investment income (loss)																											30						(151)						181						(120		%)
(Loss) income before income taxes																											$	(1,304)					$	347					(1,651)						n/m
Provision for income taxes																											24						28						(4)						n/m
Net (loss) income																											$	(1,328)					$	319					(1,647)						n/m
* n/m = percentage not meaningful

For the three months ended March 31, 2026, the Company reported an operating loss of $1.5 million, compared to an operating income of $0.1 million for the three months ended March 31, 2025. This $1.6 million decrease in operating results was primarily driven by a $1.7 million, or 11%, increase in total operating expenses, largely due to higher stock-based compensation charges.

The Company recognized a net loss of $1.3 million for the three months ended March 31, 2026, compared to net income of $0.3 million in the prior year period, resulting in a year-over-year decrease of $1.6 million. The decrease in our net result of $1.6 million, was primarily due to higher general and administrative expenses of $1.5 million.

Our future operating results and cash flows are dependent upon a number of opportunities, challenges, and other factors, including our ability to efficiently grow our subscriber base, increase our prices and expand our service offerings to maximize subscriber lifetime value.

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Revenue

Since the Company was founded in 2015, we have generated the majority of our revenues from consumers directly accessing our content in the form of monthly or annual subscription plans.

For the three months ended March 31, 2026, total revenue increased slightly by $0.1 million compared to the same period in 2025, as a $0.6 million increase in Licensing revenue was offset by a $0.5 million decline in Subscription revenue.

Subscription

The Company’s streaming content is provided to subscribers directly, via the Company’s website, applications, and channel stores offerings, as well as through wholesale distribution agreements.

Individual customers can purchase subscriptions directly via the Company’s SVOD platform accessible by internet connected devices and applications for such devices as well as through distributor channel stores offering subscriptions to Company products on an a la carte basis. Individual subscriptions may be monthly or annual and pricing may vary based on the customer’s location worldwide. Customers may also subscribe to Company services indirectly via distribution partners who deliver CuriosityStream content via the distributor’s platform or system. Such wholesale distribution agreements typically convey a broad scope of rights, such as access to a 24/7 linear channel and an on-demand content library, with pricing and packaging flexibility, in exchange for an annual fixed fee or per-subscriber fee as part of a multi-year deal. The streaming library is composed of thousands of accessible on-demand and ad-free productions and includes shows and series from leading nonfiction producers.

The Company continually evaluates pricing structures to align with market conditions, including price adjustments for legacy subscribers initiated in March 2023 as well as March 2026. Alongside standard subscriptions, the Company offers the “Smart Bundle” service, which includes access to Tastemade, Kidstream, SOMM TV, and Curiosity University.

For the three months ended March 31, 2026, direct business revenue decreased due to a lower overall subscriber count. However, this portion of our business benefited from a strategic price increase implemented in March 2026, which applied to our subscription offerings across our direct business platforms. Additionally, new partnerships and revised affiliate agreements drove a net increase in wholesale distribution revenue for the quarter.

Licensing

Through our Licensing business, we license collections of existing titles from our content library to various media companies. These transactions include traditional cash licenses as well as non-cash barter arrangements (whereby we license out our content in exchange for new programming to expand our library while preserving liquidity). Additionally, we license and sublicense high volumes of content and data assets to organizations developing large language models (LLMs) and other artificial intelligence (AI) products.

The growth in licensing was primarily driven by expanded barter activity. Under these non-cash arrangements, the Company acquires additional content to expand its content library, which consequently required the concurrent recognition of licensing revenue at the estimated fair value of the content received. The volume of these transactions varies based on the timing of content exchanges between the Company and its partners.

Other

We provide advertising and sponsorship services by developing integrated digital brand partnerships designed to offer CuriosityStream content in a variety of forms. These include short- and long-form program integration, branded social media promotional videos, and broadcast advertising spots within our video and audio programs. Our services are made available via our linear programming channels, in front of the paywall, and through an increasing focus on digital display ads. Additionally, we deliver content through advertising-based video-on-demand (AVOD) and free advertising-supported streaming television (FAST) platforms. This includes our dedicated YouTube channels (Curiosity and Curiosity University), where we generate advertising revenue from our digital content without transactional video-on-demand (TVOD) components. We continue to expand these offerings across YouTube and other similar ad-supported distribution channels to maximize our brand reach and digital ad inventory.

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In the future, we intend to continue developing integrated digital brand partnerships with advertisers. These sponsorship campaigns offer companies the chance to be associated with CuriosityStream content in the forms described above. We believe the impressions accumulated in these multi-faceted campaigns would result in verifiable metrics for the clients.

Operating Expenses

Our primary operating costs relate to the cost of producing and acquiring our content, the costs of advertising and marketing our service, personnel costs, and distribution fees.

For the three months ended March 31, 2026, and 2025, our operating expenses were $16.7 million and $15.0 million, respectively, an increase of $1.7 million, or 11%.

Cost of Revenues

Cost of revenues encompasses distribution fees, content amortization, hosting and streaming delivery costs, payment processing costs, commission costs, and subtitling and broadcast costs. Producing and co-producing content and commissioned content is generally more costly than content acquired through licenses.

Distribution fees include revenue share arrangements with our content, Smart Bundle and digital distributor partners, payment processing fees and fees owed to the Spiegel Venture related to its streaming service. We pay a fixed percentage fee to our AI training content partners. We also pay fixed percentage fees to certain distribution partners for allowing their subscriber base to access our subscription platform.

The following table details cost of revenues for the three months ended March 31, 2026, and 2025:

															Three Months Ended March 31,												Change
(in thousands)																											2026						2025						Total						%
Content amortization																											$	3,678					$	3,513					$	165					5		%
Distribution1																											1,566						2,836						(1,270)						(45		%)
Other2																											1,413						731						682						93		%
Total cost of revenues																											$	6,657					$	7,080					$	(423)					(6		%)
1 Includes revenue share, payment processing fees, music licensing fees, and application service commissions.
2 Includes storage costs, web service costs, production and broadcast, agent commissions, and other expenses.

Cost of revenues decreased to $6.7 million for the three months ended March 31, 2026, a 6% decrease from $7.1 million for the same period in 2025. These decreases were primarily driven by a $1.3 million, or 45% decreases in distribution costs, resulting from reductions in music licensing fees and AI revenue share costs compared to the same period in 2025. These decreases were partly offset by $0.7 million, or 93% increase in Other for the three months ended March 31, 2026, primarily due to higher storage costs and web service costs directly related to the delivery and management of data assets under our increased AI licensing agreements.

Advertising and Marketing

Our advertising and marketing expenditures are a primary operating cost for our business, focused specifically on the acquisition and retention of Direct subscribers. While these costs may fluctuate based on our specific outreach objectives, we prioritize the allocation of marketing dollars toward efficient customer acquisition methods for our streaming service. For the three months ended March 31, 2026, advertising and marketing expenses increased by $0.6 million, compared to the same period in 2025. The increase primarily reflects expanded digital advertising efforts targeted at high-growth strategic initiatives. We continue to optimize our marketing mix to balance efficient spending with the maintenance of a robust market presence.

General and Administrative

Our general and administrative costs are associated with certain administrative functions, including corporate governance, executive management, information technology, finance and human resources. These costs consist largely of compensation expense, subscriptions that support our business, professional services, and rent. While personnel levels may fluctuate based on our needs, we tend to focus on hiring and retaining revenue-generating personnel, such as sales staff and roles that support the improvement, maintenance and marketing of our different revenue streams.

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The following table details general and administrative costs for the three months ended March 31, 2026, and 2025:

															Three Months Ended March 31,												Change
(in thousands)																											2026						2025						Total						%
Payroll and related																											$	2,889					$	2,632					257						10		%
Stock-based compensation																											2,241						863						1,378						160		%
Professional services																											478						$	589					(111)						(19		%)
Technology and subscriptions																											349						317						32						10		%
Other1																											576						596						(20)						(3		%)
Total general and administrative																											6,533						4,997						1,536						31		%
1 Includes facilities costs, depreciation and amortization, insurance, travel and other expenses.

For the three months ended March 31, 2026, general and administrative expenses increased to $6.5 million from $5.0 million for the same period in 2025. The increase of $1.5 million, or 31% was primarily driven by $1.4 million higher stock-based compensation expense from the RSUs granted in July 2025 and during the period, and $0.3 million higher payroll and related primarily due to increased accruals for full-year incentive compensation. These increases were partially offset by a $0.1 million decrease in Professional services, mainly due to lower legal expense.

Other Income (Expense)

Change in Fair Value of Warrant Liability

The fair value of the Company's warrant liability was estimated using the Black-Scholes valuation model, which took into account a number of economic assumptions, including the market price of the Company's common stock and its expected volatility. Changes in these inputs from period to period significantly affected the reported changes in fair value during the periods the warrants were outstanding. As of March 31, 2026, there were no warrants outstanding, and the Company no longer carried a warrant liability on its consolidated balance sheet.

Interest and Other Income

Interest and other income for the three months ended March 31, 2026, was $0.2 million compared to $0.4 million for the same periods in 2025. The decrease in 2026 was primarily due to less interest income earned resulting from an overall decrease in investment balance starting in 2025 and continued through the first quarter of 2026.

Equity Method Investment Income

For the three months ended March 31, 2026, the Company recorded an immaterial income compared to a loss of $0.2 million for the same period in 2025. The Company no longer recognizes its share of losses from the Spiegel Venture, as the investment balance was fully reduced in 2024 due to cumulative losses. The Company continues to record its share of income and losses from Nebula.

Income Taxes

For the three months ended March 31, 2026 and 2025 income tax expense was immaterial. Our provision for income taxes differs from the federal statutory rate primarily due to the Company being in a full valuation allowance position and not recognizing a tax benefit attributable to generated losses for either federal or state income tax purposes.

LIQUIDITY AND CAPITAL RESOURCES

Liquidity

As of March 31, 2026, the Company’s cash, cash equivalents and restricted cash totaled $17.0 million, with an additional $6.5 million held in investments in debt securities that can be readily converted to cash to support ongoing cash flow needs.

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For the three months ended March 31, 2026, the Company generated $1.2 million of net cash from operating activities. Additionally, the Company generated $2.5 million in net cash from investing activities, mainly related to maturities of investments in debt securities. Net cash used in financing activities was $5.2 million, mainly due to dividends paid and repurchase of treasury stock.

As of March 31, 2026, we principally use cash to promote our services through advertising and marketing and to provide working capital for our operations. While we have experienced net losses since inception, we have generated positive cash flow from operating activities in 2024 and 2025 and expect this trend to continue. We believe that our current cash levels and investments, supplemented by anticipated operating cash flows and the availability under our new Credit Facility will be adequate to support our ongoing operations, capital expenditures, dividend payments, and working capital for at least the next twelve months from the date of this filing.

We have used, and expect to continue to use, cash on hand to fund our quarterly dividend, subject to Board approval and market conditions. As of March 31, 2026, we continue to utilize trade and barter transactions, a strategy initiated in 2023, to exchange content assets through licensing agreements. These transactions allow us to acquire high-quality, monetizable content while preserving our cash liquidity.

The following table provides details of dividends declared and paid as of March 31, 2026.

Declaration Date

Record Date

Payment Date

Per Share

Aggregate Amount

January 29, 2026

March 6, 2026

March 20, 2026

$0.08

$4.9 million

Our Board of Directors has declared the next cash dividend of $0.085 per share to be paid on June 19, 2026, for an expected aggregate amount of $5.0 million. Subject to future declaration by our Board of Directors, we intend to continue to pay regular quarterly cash dividends.

On June 10, 2024, our Board of Directors authorized and approved a share repurchase program for up to $4.0 million of the then-outstanding shares of our common stock. Under the stock repurchase program, we may repurchase shares through open market purchases, privately negotiated transactions, block purchases, or otherwise in accordance with applicable federal securities laws. On March 10, 2026, the Board authorized an additional $2.0 million for the purchase of the Company’s common stock under this existing program, increasing the total authorized amount to $6.0 million. Since the program’s inception through March 31, 2026, we had repurchased $0.6 million of common stock under this program. As of March 31, 2026, $5.4 million remains available for future repurchases under the Board-authorized program.

Subsequent to March 31, 2026, in April 2026, the minority partners of the Spiegel Venture exercised their respective put options. As a result, the Company is committed to acquiring the remaining 68% ownership interest for an aggregate purchase price of approximately $1.9 million, based on the formula set forth in the relevant Share Purchase Agreement. The Company expects to finalize this transaction in mid-2026 and intends to fund the acquisition using existing cash on hand. Upon closing, the Company will own 100% of the Spiegel Venture and will begin consolidating its financial results.

We cannot predict when or if we will repurchase any additional shares of common stock as this stock repurchase program will depend on a number of factors, including constraints imposed by applicable federal securities laws, price, general business and market conditions, and alternative investment opportunities. This program does not obligate us to acquire any particular amount of common stock. The program has no expiration date and may be modified, suspended or discontinued at any time at our discretion.

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Cash Flow Analysis

The following table presents our cash flows from operating, investing and financing activities for the three months ended March 31, 2026, and 2025:

			Three Months Ended March 31,
(unaudited and in thousands)			2026						2025
Net cash provided by operating activities			$	1,210					$	1,922
Net cash provided by investing activities			2,546						2,070
Net cash used in financing activities			(5,174)						(2,635)
Net (decrease) increase in cash, cash equivalents and restricted cash			$	(1,418)					$	1,357

Operating Activities

Cash flows from operating activities primarily consist of net (loss) income, changes to our content assets (including additions and amortization), and other working capital items.

			Three Months Ended March 31,
(in thousands)			2026						2025
Net (loss) income			$	(1,328)					$	319
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities
Change in fair value of warrant liability			—						8
Additions to content assets			(4,026)						(1,828)
Change in content liabilities			(56)						(276)
Amortization of content assets			3,678						3,513
Stock-based compensation			2,241						863
Equity method investment loss			(30)						151
Other depreciation, amortization and non-cash items			170						(34)
Changes in operating assets and liabilities			561						(794)
Net cash provided by operating activities			$	1,210					$	1,922

For the three months ended March 31, 2026, our net cash from operating activities was $1.2 million compared to $1.9 million for the same period in 2025.

For the three months ended March 31, 2026, net loss was $1.3 million. Operating cash flows reflected non-cash adjustments, including $3.7 million of amortization of content assets, $2.2 million of stock-based compensation and $0.2 million of other depreciation, amortization and non-cash items. Cash used during the quarter primarily consisted of a $4.0 million of additions to content assets acquired primarily through barter activities, and $0.6 million inflow from changes in operating assets and liabilities.

Investing Activities

Cash flow from investing activities consists of purchases, sales and maturities of investments, business acquisitions and equity investments and purchases of property and equipment.

For the three months ended March 31, 2026 and 2025, we recorded a net cash inflow in investing activities of $2.5 million and $2.1 million, respectively, mainly due to maturities of investments in debt securities.

Financing Activities

For the three months ended March 31, 2026 and 2025, net cash used in financing activities was $5.2 million and $2.6 million, respectively, reflecting an increase of $2.5 million primarily due to dividends paid.

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Capital Expenditures

Going forward, we expect to continue making expenditures for purchases of property and equipment. The amount, timing and allocation of capital expenditures are largely discretionary and within management’s control. Depending on market conditions, we may choose to defer a portion of our budgeted expenditures until later periods to achieve the desired balance between sources and uses of liquidity and prioritize capital projects that we believe have the highest expected returns and potential to generate cash flow. Subject to financing alternatives, we may also increase our capital expenditures significantly to take advantage of opportunities we consider to be attractive.

OFF BALANCE SHEET ARRANGEMENTS

As of March 31, 2026, we had no off-balance sheet arrangements.

CRITICAL ACCOUNTING POLICIES AND ESTIMATES

Our discussion and analysis of our financial condition and results of operation is based upon our financial statements, which have been prepared in accordance with U.S. GAAP. Certain amounts included in or affecting the financial statements presented in this Quarterly Report and related disclosures must be estimated, requiring management to make assumptions with respect to values or conditions which cannot be known with certainty at the time the financial statements are prepared. Management believes that the accounting policies set forth below comprise the most important “critical accounting policies” for the Company. A critical accounting policy is one which is both important to the portrayal of a company’s financial condition and results of operations and requires management’s most difficult, subjective or complex judgments, often as a result of the need to make estimates about the effect of matters that are inherently uncertain. Management evaluates such policies on an ongoing basis, based upon historical results and experience, consultation with experts and other methods that management considers reasonable in the particular circumstances under which the judgments and estimates are made, as well as management’s forecasts as to the manner in which such circumstances may change in the future.

For more detailed information on our critical accounting policies, including those related to content assets, revenue recognition and trade and barter transactions, refer to the "Summary of Significant Accounting Policies" section in the Annual Report filed with the Securities and Exchange Commission on March 12, 2026. This comprehensive discussion helps to ensure that stakeholders have a complete understanding of the accounting methodologies and principles that influence the financial statements presented herein. During the quarter ended March 31, 2026, there were no significant changes made to the Company’s critical accounting policies from those disclosed in our Annual Report.

RECENT ACCOUNTING PRONOUNCEMENTS

The information set forth in Note 2 - Basis of Presentation and Summary of Significant Accounting Policies in the Unaudited Notes to Interim Unaudited Condensed Consolidated Financial Statements is incorporated herein by reference.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES REGARDING MARKET RISK

Not applicable.

ITEM 4. CONTROLS AND PROCEDURES

DISCLOSURE CONTROLS AND PROCEDURES

We maintain disclosure controls and procedures designed to provide reasonable assurance that information required to be disclosed in our reports that we file or submit under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) are recorded, processed, summarized and reported within the specified time periods in the rules and forms of the SEC, and that such information is accumulated and communicated to the Company’s management, including its Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”), as appropriate, to allow timely decisions regarding required disclosure.

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Our management, with the participation of the CEO and the CFO, evaluated the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) or 15d-15(e) promulgated under the Exchange Act) as of March 31, 2026. Based on these evaluations, our CEO and CFO concluded that our disclosure controls and procedures were effective as of March 31, 2026.

CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING

Our management is required to evaluate, with the participation of our CEO and our CFO, any changes in internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that occurred during each fiscal quarter that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting. There were no changes in our internal control over financial reporting during the quarter ended March 31, 2026, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II — OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

From time to time, we may become involved in legal proceedings arising in the ordinary course of our business. We are not presently a party to any legal proceedings that, if determined adversely to us, we believe would individually or in the aggregate have a material adverse effect on our business, results of operations, financial condition or cash flows.

ITEM 1A. RISK FACTORS

Factors that could cause our actual results to differ materially from those in this Quarterly Report are any of the risks described in our Annual Report on Form 10-K filed with the SEC on March 12, 2026. Any of these factors could result in a significant or material adverse effect on our results of operations or financial condition. Additional risk factors not presently known to us or that we currently deem immaterial may also impair our business or results of operations.

There have been no material changes from the risk factors previously disclosed under the heading “Risk Factors” in our Annual Report on Form 10-K filed with the SEC on March 12, 2026.

ITEM 5. OTHER INFORMATION

None of the Company’s directors or officers otherwise adopted, modified or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement during the Company’s fiscal quarter ended March 31, 2026, as such terms are defined under Item 408(a) of Regulation S-K.

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ITEM 6. EXHIBITS

The following exhibits are filed as part of, or incorporated by reference into, this Quarterly Report.

Incorporated By Reference

Exhibit No.

Description

Form

File No.

Exhibit

Filing Date

Filed/Furnished Herewith

10.1*

Employment Agreement, Dated July 10, 2025, by and between CuriosityStream Inc. and Clint Stinchcomb.

8-K

001-39139

10.1

July 16, 2025

10.9+

Credit Agreement, Dated March 12, 2026, by and between Curiosity Inc. and Citibank.

10.9

X

10.10

Guaranty, Dated March 12, 2026, by and between CuriosityStream Inc. and Citibank.

10.10

X

10.11+

Pledge and Security Agreement, Dated March 12, 2026, by and between Curiosity Inc. and Citibank.

10.11

X

10.12+

Patent and Trademark Security Agreement, Dated March 12, 2026, by and between Curiosity Inc. and Citibank.

10.12

X

31.1

Certification of the Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

X

31.2

Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes- Oxley Act of 2002

X

32.1**

Certification of the Chief Executive Officer and Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

X

101. INS***

Inline XBRL Instance Document

X

101. SCH

Inline XBRL Taxonomy Extension Schema Document

X

101. CAL

Inline XBRL Taxonomy Extension Calculation Linkbase Document

X

101. LAB

Inline XBRL Taxonomy Extension Label Linkbase Document

X

101. PRE

Inline XBRL Taxonomy Extension Presentation Linkbase Document

X

101. DEF

Inline XBRL Taxonomy Extension Definition Linkbase Document

X

104

Cover Page Interactive Data File (as formatted as Inline XBRL and contained in Exhibit 101)

X

*			Management contract or compensatory plan or arrangement
+			Certain schedules and attachments have been omitted pursuant to Item 601(a)(5) of Regulation S-K. The Company agrees to provide, on a supplemental basis, a copy of any omitted schedules and attachments to the SEC or its staff upon its request.

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**			This document is being furnished with this Form 10-Q. This certification is deemed not filed for purposes of Section 18 of the Exchange Act, or otherwise subject to the liability of that section, nor shall it be deemed incorporated by reference into any filing under the Securities Act, or the Exchange Act.
***			The instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.

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PART III. SIGNATURES

In accordance with the requirements of the Exchange Act, the registrant caused this Quarterly Report on Form 10-Q to be signed on its behalf by the undersigned, thereunto duly authorized.

			CURIOSITYSTREAM INC.
Date: May 14, 2026			By:			/s/ Clint Stinchcomb
			Name:			Clint Stinchcomb
			Title:			President and Chief Executive Officer (Principal Executive Officer)
Date: May 14, 2026			By:			/s/ P. Brady Hayden
			Name:			P. Brady Hayden
			Title:			Chief Financial Officer and Treasurer (Principal Financial and Accounting Officer)

FAQ

How did CuriosityStream (CURI) perform financially in Q1 2026?

CuriosityStream generated about $15.2 million in revenue and recorded a net loss of $1.3 million in Q1 2026. Revenue was essentially flat year over year, but higher general and administrative costs, especially stock-based compensation, shifted results from a small prior-year profit to a loss.

What were CuriosityStream’s main revenue drivers in Q1 2026?

Revenue came mainly from subscriptions and content licensing, with total revenue of $15.2 million. Subscription revenue fell by $0.5 million, while licensing revenue rose by $0.6 million, helped by $3.8 million of trade and barter content licensing. Other revenue, including advertising and sponsorships, declined modestly.

What is CuriosityStream’s cash and liquidity position as of March 31, 2026?

As of March 31, 2026, CuriosityStream held $16.9 million in cash, cash equivalents and restricted cash, plus $7.0 million in held-to-maturity debt securities at amortized cost. It also added a $10.0 million senior secured revolving credit facility with Citibank, providing additional liquidity with no borrowings outstanding.

How much cash did CuriosityStream generate from operations in Q1 2026?

CuriosityStream produced $1.2 million of net cash from operating activities in Q1 2026. Positive cash flow was driven by non-cash items like $3.7 million of content amortization and $2.2 million of stock-based compensation, partially offset by $4.0 million of new content additions, largely through barter arrangements.

What dividends and share repurchases did CuriosityStream make around Q1 2026?

The board declared a quarterly dividend of $0.08 per share, totaling about $4.9 million, paid March 20, 2026. Under its $6.0 million repurchase program, the company had bought back 306,000 shares for roughly $0.6 million through March 31, 2026, leaving $5.4 million authorized for future repurchases.

What is the status of CuriosityStream’s Spiegel Venture investment?

CuriosityStream currently owns 32% of the Spiegel Venture and recorded its equity-method carrying value at zero after prior losses. In April 2026, partners exercised put options requiring CuriosityStream to buy the remaining 68% for about $1.9 million, with closing expected mid-2026 and funded from cash.

How is CuriosityStream using trade and barter transactions in its licensing business?

CuriosityStream exchanges content licenses for programming instead of cash, recording both content assets and equal licensing revenue at fair value. In Q1 2026, it recognized $3.8 million of trade and barter licensing revenue and added the same amount to content assets, supporting library growth while conserving cash.