CuriosityStream (NASDAQ: CURI) posts record Q2 2026 earnings and boosts full-year targets
Rhea-AI Filing Summary
CuriosityStream Inc. reported strong second quarter 2026 results driven by licensing. Revenue reached $23.2 million, up 22% from the prior-year quarter, with gross profit of $16.9 million and gross margin of 72.8%. Licensing revenue was $14.1 million, and operating income rose to $9.2 million. The company delivered record net income of $8.9 million, up 1,033%, and record adjusted EBITDA of $11.4 million, its sixth consecutive quarter of positive adjusted EBITDA.
For the six months ended June 30, 2026, net income was $7.6 million, but net cash used in operating activities was $3.0 million, compared with positive $4.7 million a year earlier. Cash, restricted cash and held-to-maturity securities totaled $10.9 million with no debt as of June 30, 2026. The Board approved a quarterly cash dividend of $0.085 per share, with about $5.0 million of ordinary dividends and $0.9 million of share repurchases paid in the first half, and the company reaffirmed a strategy of returning capital while investing in growth.
Positive
- Revenue grew 22% year over year in Q2 2026 to $23.2 million, showing strong top-line expansion.
- Net income increased 1,033% to a record $8.9 million in Q2 2026, indicating major profitability improvement.
- Adjusted EBITDA rose 276% to a record $11.4 million in Q2 2026, marking the sixth consecutive positive quarter.
- Gross margin expanded from 53.4% to 72.8% year over year, reflecting more profitable revenue mix and cost discipline.
- Operating expenses fell 24.1% versus Q2 2025, a material reduction that supports sustained profitability.
- The company ended June 30, 2026 with $10.9 million in cash, restricted cash and investments and no debt, providing balance sheet flexibility.
Negative
- Net cash from operating activities turned negative to $(3.0) million for the first half of 2026 from $4.7 million a year earlier.
- Adjusted Free Cash Flow was negative at $(4.1) million in Q2 2026 and $(2.8) million for the first half, despite strong earnings.
- Total cash, cash equivalents and restricted cash declined to $5.4 million from $18.4 million at year-end 2025, reflecting cash usage.
- Dividends of $9.9 million and share repurchases of $0.9 million in the first half represent significant cash outflows relative to current cash balances.
Filing Explained
Management raised 2026 guidance, while the filing records only expectations and projects year-end cash and investments of 17 to 22 million dollars.
This Form 8-K furnishes second-quarter results and reports a declared dividend; its material additional ownership detail is that common shares outstanding increased between year-end and
The balance sheet reports, in thousands, 59,594 shares issued, including 489 treasury shares, and 59,105 shares outstanding at
The company raised its outlook to second-half 2026 revenue of
Those outlook figures are forward-looking expectations rather than completed results;
8-K Event Classification
3 items: 2.02, 8.01, 9.01
3 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 8.01
Other Events
Other
Voluntary disclosure of events the company deems important to shareholders but not covered by other items.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Q2 2026 Revenue: $23.2 million
Q2 2026 Net Income: $8.9 million
Q2 2026 Adjusted EBITDA: $11.4 million
+5 more
8 metrics
Q2 2026 Revenue
$23.2 million
Revenue for the three months ended June 30, 2026
Q2 2026 Net Income
$8.9 million
Net income for the three months ended June 30, 2026, up 1,033% year over year
Q2 2026 Adjusted EBITDA
$11.4 million
Adjusted EBITDA for the three months ended June 30, 2026
Gross Margin
72.8%
Q2 2026 gross margin versus 53.4% in Q2 2025
Net Cash from Operating Activities
$(3.0) million
Net cash used in operating activities for the six months ended June 30, 2026
Quarterly Dividend per Share
$0.085
Third quarter cash dividend payable September 18, 2026
2026 Revenue Guidance
$77–$82 million
Full-year 2026 revenue outlook
Cash and Investments
$10.9 million
Cash, restricted cash and held-to-maturity securities as of June 30, 2026
Key Terms
Adjusted EBITDA, Adjusted Free Cash Flow, held-to-maturity securities, equity method investees, +2 more
6 terms
Adjusted EBITDA financial
"Record adjusted EBITDA of $11.4 million, an increase of $8.3 million"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
Adjusted Free Cash Flow financial
"Reconciliation from Net Cash Flow provided by Operating Activities to Adjusted Free Cash Flow"
Adjusted free cash flow is the amount of money a company generates from its operations after accounting for essential expenses and investments, like maintaining or upgrading equipment. It shows how much cash is truly available to grow the business, pay debts, or return to shareholders, helping investors see the company's financial health more clearly.
held-to-maturity securities financial
"Cash, restricted cash and held-to-maturity securities balance of $10.9 million"
Held-to-maturity securities are debt investments—like bonds—that a company or investor intends and is able to keep until they mature and repay their face value. Think of them as money you lock in like a fixed-term certificate: they matter to investors because their value is recorded at amortized cost rather than market price, so they provide predictable interest income and reduce balance-sheet volatility but limit flexibility to sell.
equity method investees financial
"Investments in equity method investees | 3,733"
Equity method investees are companies in which an investor owns a substantial minority stake and can influence decisions but does not control them, typically through holding around 20–50% of voting shares. The investor records its share of the investee’s profits or losses on its own income statement and adjusts the carrying value of the investment, similar to reporting your share of profits from a jointly owned shop. For investors, these holdings matter because they affect reported earnings, balance-sheet exposure, and the firm’s economic risk without full consolidation of the investee’s assets and liabilities.
warrant liability financial
"Change in fair value of warrant liability | — | | | (79)"
Warrant liability is the financial obligation a company records when it grants warrants—special options giving the holder the right to buy company shares at a set price in the future. It matters to investors because changes in this liability can affect a company's reported earnings and overall financial health, similar to how a pending contract can influence a company's future value.
deferred revenue financial
"Deferred revenue | 8,226 | | | 8,409"
Cash a company has already received for goods or services it has promised but not yet delivered; it's recorded as a liability because the company still owes that product, service, or future revenue recognition. For investors, deferred revenue signals upcoming work or deliveries that will convert into reported sales over time and affects short-term obligations, cash flow quality, and how quickly a firm can grow recognized revenue—think of it like prepaid subscriptions or gift cards a business must honor later.
Earnings Snapshot
Revenue: $23.2 million (Q2 2026) · Guidance included
Quarter and six months ended June 30, 2026
Revenue
$23.2 million (Q2 2026)
Up 22% from $19.0 million in Q2 2025
Net Income
$8.9 million (Q2 2026)
Up 1,033% from $0.8 million in Q2 2025
Adjusted EBITDA
$11.4 million (Q2 2026)
Up $8.3 million from $3.0 million in Q2 2025
Gross Margin
72.8% (Q2 2026)
Up from 53.4% in Q2 2025
Guidance
Second-half 2026 revenue expected at $38–$41 million and full-year 2026 revenue at $77–$82 million, with second-half Adjusted EBITDA of $6–$10 million and full-year Adjusted EBITDA of $18–$22 million.
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
How did CuriosityStream (CURI) perform financially in Q2 2026?
CuriosityStream reported Q2 2026 revenue of $23.2 million, up 22% year over year, and record net income of $8.9 million. Adjusted EBITDA reached $11.4 million, up 276%, with gross margin expanding to 72.8% from 53.4% in Q2 2025.
What dividend did CuriosityStream (CURI) declare for Q3 2026?
The Board declared a quarterly cash dividend of $0.085 per share, payable on September 18, 2026 to stockholders of record on September 4, 2026. The company also paid $5.0 million in ordinary dividends in the first half of 2026.
What guidance did CuriosityStream (CURI) provide for 2026?
CuriosityStream expects second-half 2026 revenue of $38–$41 million and full-year 2026 revenue of $77–$82 million. It guides to second-half Adjusted EBITDA of $6–$10 million and full-year Adjusted EBITDA of $18–$22 million, with year-end cash and investments of $17–$22 million.
How is CuriosityStream’s (CURI) cash flow trending in 2026?
Despite positive earnings, net cash used in operating activities was $(3.0) million for the first half of 2026 versus $4.7 million provided a year earlier. Adjusted Free Cash Flow was $(2.8) million for the first half, reflecting working capital and content investment dynamics.
What is driving CuriosityStream’s (CURI) growth in licensing revenue?
Licensing revenue reached $14.1 million in Q2 2026, up 48%, supported by new partnerships across traditional media and AI training. The company highlighted licensing of thousands of hours of video and millions of tokens of code for AI-related use cases.
What is CuriosityStream’s (CURI) balance sheet position as of June 30, 2026?
As of June 30, 2026, CuriosityStream reported total assets of $67.5 million and stockholders’ equity of $41.5 million. Cash, restricted cash and held-to-maturity securities totaled $10.9 million, and the company had no debt outstanding.
How have CuriosityStream’s (CURI) operating expenses changed year over year?
Total operating expenses for Q2 2026 were $14.1 million, down from $18.5 million in Q2 2025, a decrease of 24.1%. This reduction, alongside revenue growth, contributed to higher operating income and record profitability.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
_________________________________________
FORM 8-K
_________________________________________
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 12, 2026
_________________________________________
(Exact Name of Issuer as Specified in Charter)
_________________________________________
(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||||||||||
(Address of principal executive offices)
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(Registrant’s telephone number, including area code)
_________________________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d- 2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e- 4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of exchange on which registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company o
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. o
Item 2.02 Results of Operations and Financial Condition.
On August 12, 2026, CuriosityStream Inc. (the “Company”) issued a press release (the "Press Release") regarding its financial results for the second quarter ended June 30, 2026. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K (this "Current Report") and is incorporated herein by reference.
In accordance with General Instruction B.2 of Form 8-K, the information furnished under Item 2.02 of this Current Report (including Exhibit 99.1) is deemed to be “furnished” and shall not be deemed “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, nor shall such information be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.
Item 8.01 Other Events.
On August 11, 2026, the Company announced that its Board of Directors approved the declaration of a quarterly cash dividend of $0.085 per share of the Company's Common Stock payable on September 18, 2026, to stockholders of record on September 4, 2026.
Cautionary Statements Regarding Forward-Looking Information
Certain statements in this Current Report on Form 8-K may be considered “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 including, but not limited to, CuriosityStream’s expectations or predictions of future financial or business performance or conditions, plans to pay regular dividends, consumers’ valuation of factual content, the Company’s ability to regain compliance with the Bid Price Rule and the Company’s continued success. Forward-looking statements are inherently subject to risks, uncertainties and assumptions. Generally, statements that are not historical facts, including statements concerning possible or assumed future actions, business strategies, events or results of operations, are forward-looking statements. These statements may be preceded by, followed by or include the words “believes,” “estimates,” “expects,” “projects,” “forecasts,” “may,” “will,” “should,” “seeks,” “plans,” “scheduled,” “anticipates,” “predicts” or “intends” or similar expressions. Such forward-looking statements involve risks and uncertainties that may cause actual events, results or performance to differ materially from those indicated by such statements. Certain of these risks are identified and discussed under “Risk Factors” in CuriosityStream’s Annual Report on Form 10-K for the year ended December 31, 2025 that we filed with the Securities and Exchange Commission (the “SEC”) on March 12, 2026, and in CuriosityStream’s other SEC filings. These risk factors are important to consider in determining future results and should be reviewed in their entirety. Forward-looking statements are based on the current belief of the management of CuriosityStream, based on currently available information, as to the outcome and timing of future events, and involve factors, risks, and uncertainties that may cause actual results in future periods to differ materially from such statements. However, there can be no assurance that the events, results or trends identified in these forward-looking statements will occur or be achieved. Forward-looking statements speak only as of the date they are made, and CuriosityStream is not under any obligation, and expressly disclaims any obligation to update, alter or otherwise revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law. Readers should carefully review the statements set forth in the reports that CuriosityStream has filed or will file from time to time with the SEC.
In addition to factors previously disclosed in CuriosityStream’s reports filed with the SEC and those identified elsewhere in this communication, the following factors, among others, could cause actual results to differ materially from forward-looking statements or historical performance: (i) risks related to CuriosityStream’s ability to maintain and develop new and existing revenue-generating relationships and partnerships or to significantly increase CuriosityStream’s subscriber base and retain customers; (ii) the effects of pending and future legislation; (iii) credit risk and counterparty concentration risk; (iv) the highly competitive nature of the internet, online commerce and media industry and CuriosityStream’s ability to compete therein; (v) litigation, complaints, and/or adverse publicity; (vi) the ability to meet Nasdaq’s listing standards; and (vii) privacy and data protection laws, privacy or data breaches, or the loss of data.
Item 9.01 Financial Statement and Exhibits.
(d)Exhibits
Exhibit No. | Description | |||||||
| 99.1 | Press Release, dated August 12, 2026 | |||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |||||||
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this Current Report to be signed on its behalf by the undersigned hereunto duly authorized.
| CURIOSITYSTREAM INC. | |||||
Date: August 12, 2026 | |||||
/s/ P. Brady Hayden | |||||
P. Brady Hayden | |||||
Chief Financial Officer and Treasurer (Principal Financial and Accounting Officer) | |||||
Exhibit 99.1
CuriosityStream Delivers Record Q2 Earnings as Licensing Momentum Drives $8.9 million in Net Income and $11.4 million in Adjusted EBITDA; Raises Full-Year Outlook
▪Raised full year guidance for both revenue and adjusted EBITDA
▪Revenue of $23.2 million, up 22% or $4.2 million
▪Licensing revenue of $14.1 million, up 48%, driven by new partnerships
▪Record net income of $8.9 million, up 1,033% or $8.1 million
▪Record Adj. EBITDA of $11.4 million, up 276% or $8.3 million
▪EPS of $0.15 per share
▪Continued return of capital to shareholders through share repurchases and cash dividend of $0.085
SILVER SPRING, Md. (August 12, 2026) – CuriosityStream Inc. (NASDAQ: CURI), a global factual entertainment company, today announced its financial results for the quarter ended June 30, 2026. In addition, the Company’s Board of Directors declared the Company's third quarter cash dividend of $0.085 per share, payable on September 18, 2026, to stockholders of record on September 4, 2026.
“Curiosity delivered a record second quarter, demonstrating the earnings power of our differentiated content and data corpora and our efficient operating model,” said Clint Stinchcomb, CuriosityStream’s President and CEO. “Licensing revenue reached $14.1 million, supported by new partnerships across traditional media and AI training, while our gross margin expanded to 73%. The combination of strong licensing execution, sturdy subscription revenue and continued cost discipline drove record net income of $8.9 million and record adjusted EBITDA of $11.4 million.”
“This was our sixth consecutive quarter of positive adjusted EBITDA, and we believe we are still in the early stages of realizing the full value of our IP," Stinchcomb continued. "We continue to expect a significant step-up in revenue and cash flow in 2026 compared with 2025 from our subscription and licensing efforts. Our licensing opportunity is built on three pillars: video licensing to traditional media; audio and video licensing for AI training; and private code licensing for AI training. With a robust pipeline we are raising our full-year revenue and adjusted EBITDA outlook while continuing to invest in growth and return capital to shareholders through dividends."
Second Quarter 2026 Financial Results
•Revenue of $23.2 million, compared to $19.0 million in the second quarter of 2025;
•Gross profit of $16.9 million or 72.8% gross margin, compared to $10.1 million or 53.4% gross margin in the second quarter of 2025;
•Record net income of $8.9 million compared to a net income of $0.8 million in the second quarter of 2025.
•Record adjusted EBITDA of $11.4 million, an increase of $8.3 million, compared to Adjusted EBITDA of $3.0 million in the second quarter of 2025, and the sixth sequential quarter of positive EBITDA;
•Reduced operating expenses by $4.5 million, or 24.1%, compared to the second quarter of 2025;
•Net cash used in operating activities of $3.0 million for the six months ended June 30, 2026, compared to net cash provided by operating activities of $4.7 million for the six months ended June 30, 2025;
•Paid an ordinary dividend of $5.0 million and repurchased nearly $0.6 million in common shares; and
•Cash, restricted cash and held-to-maturity securities balance of $10.9 million and no debt as of June 30, 2026.
Second Quarter 2026 Business Highlights
•Licensed thousands of hours of traditional premium video to over 25 public broadcasters, streamers, paytv and digital first distributors;
•Premiered Independence Dawn, new season of Butterfly Effect and over 160 films and series to SVOD and Paytv subscribers;
•Licensed millions of tokens of code for AI training, reinforcement learning and evaluation;
•Private code corpus of more than 880 billion tokens now available for virtually all aspects of AI training;
•Licensed thousands of hours of synchronized multi-camera action sequences to a leading video research lab to train models on advanced video editing workflows;
•Licensed 40,000 segment High Dynamic Range (HDR) dataset;
•Seventh straight quarter of expanded data and video licensing partnerships for AI training, having now built a differentiated content library of rights to over three million hours of video and audio across multiple genres;
•New subscription launches in Mexico and US with Apple, Sling, Dish and other partners; and
•Continued enhancements in payments, billing and processing. May 2026 was the Company's best month in history for retention of involuntary churn.
Financial Outlook
CuriosityStream expects the following for the second half and full year of 2026:
•Second-half 2026 revenue in the range of $38 - $41 million, and full-year 2026 revenue in the range of $77 - $82 million.
•Second-half 2026 Adjusted EBITDA1 in the range of $6 - $10 million, and full-year 2026 Adjusted EBITDA1 in the range of $18 - $22 million.
•December 31, 2026, cash and investments2 balance in the range of $17 - 22 million.
1 See Non-GAAP Financial Measures below.
2 Cash and investments consist of financial instruments, including cash and cash equivalents, restricted cash, investments in debt and other securities, and investments in equity method investees.
Conference Call Information
CuriosityStream will host a Q&A conference call today to discuss the Company’s second quarter 2026 results at 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time). A live audio webcast of the call will be available on the CuriosityStream Investor Relations website at https://investors.curiositystream.com. Participants may also dial-in toll free at (877) 407-9716 or International at (201) 493-6779 and reference conference ID# 13758750. An audio replay of the conference call will be available for two weeks following the call on the CuriosityStream Investor Relations website at https://investors.curiositystream.com.
Forward-Looking Statements
Certain statements in this press release may be considered “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 including, but not limited to, CuriosityStream’s expectations or predictions of future financial or business performance or conditions, consumers’ valuation of factual content, and the Company’s continued success. Forward-looking statements are inherently subject to risks, uncertainties and assumptions. Generally, statements that are not historical facts, including statements concerning possible or assumed future actions, business strategies, events or results of operations, are forward-looking statements. These statements may be preceded by, followed by or include the words “believes,” “estimates,” “expects,” “projects,” “forecasts,” “may,” “will,” “should,” “seeks,” “plans,” “scheduled,” “anticipates,” “predicts” or “intends” or similar expressions. Such forward-looking statements involve risks and uncertainties that may cause actual events, results or performance to differ materially from those indicated by such statements. Certain of these risks are identified and discussed under “Risk Factors” in CuriosityStream’s Annual Report on Form 10-K for the year ended December 31, 2025, that CuriosityStream filed with the Securities and Exchange Commission (the “SEC”) on March 12, 2026, and in CuriosityStream’s other SEC filings. These risk factors are important to consider in determining future results and should be reviewed in their entirety.
Forward-looking statements are based on the current belief of the management of CuriosityStream, based on currently available information, as to the outcome and timing of future events, and involve factors, risks, and uncertainties that may cause actual results in future periods to differ materially from such statements. However, there can be no assurance that the events, results or trends identified in these forward-looking statements will occur or be achieved. Forward-looking statements speak only as of the date they are made, and CuriosityStream is not under any obligation, and expressly disclaims any obligation to update, alter or otherwise revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law. Readers should carefully review the statements set forth in the reports that CuriosityStream has filed or will file from time to time with the SEC.
In addition to factors previously disclosed in CuriosityStream’s reports filed with the SEC and those identified elsewhere in this communication, the following factors, among others, could cause actual results to differ materially from forward-looking statements or historical performance: (i) risks related to CuriosityStream’s ability to maintain and develop new and existing revenue-generating relationships and partnerships or to significantly increase CuriosityStream's subscriber base and retain customers; (ii) the effects of pending and future legislation; (iii) risks of the internet, online commerce and media industry; (iv) the highly competitive nature of the internet, online commerce and media industry and CuriosityStream’s ability to compete therein; (v) litigation, complaints, and/or adverse publicity; and (vi) privacy and data protection laws, privacy or data breaches, or the loss of data.
Non-GAAP Financial Measures
To supplement our unaudited consolidated statement of operations, which is prepared in accordance with GAAP, we present Adjusted EBITDA and Adjusted Free Cash Flow in this press release. Our use of non-GAAP financial measures, such as Adjusted EBITDA and Adjusted Free Cash Flow, has limitations as an analytical tool, and these measures should not be considered in isolation or as a substitute for analysis of financial results as reported under GAAP.
The Company is not able to provide expectations of net cash generated from operating activities, the closest comparable GAAP measure to Adjusted Free Cash Flow (a non-GAAP measure), on a forward-looking basis. The Company is unable to predict without unreasonable costs and efforts the ultimate amounts of certain cash receipts and outlays because, in part, such items may have not yet occurred, are out of the Company’s control and/or cannot be reasonably predicted. These items are further described in the reconciliation tables and related descriptions below. Further, these items are uncertain, depend on various factors and could be material to the Company’s results computed in accordance with U.S. GAAP.
We use these non-GAAP financial measures in conjunction with financial measures prepared in accordance with GAAP for planning purposes, including in the preparation of our annual operating budget, as a measure of our core operating results and the effectiveness of our business strategy, and in evaluating our financial performance. These measures provide consistency and comparability with past financial performance, facilitate period-to-period comparisons of core operating results, and also facilitate comparisons with other peer companies, many of which use similar non-GAAP financial measures to supplement their GAAP results. In addition, Adjusted EBITDA and Adjusted Free Cash Flow are widely used by investors and securities analysts to measure a company’s operating performance. We exclude the following items from net income to calculate Adjusted EBITDA: interest and other income (expense), provision for income taxes, depreciation and non-content amortization, loss/(gain) on the change in fair value of our warrants, equity interests loss (gain), impairment of goodwill, intangible assets and content assets, restructuring charges and stock-based compensation. Adjusted Free Cash Flow is calculated as net cash flow used in operating activities less purchases of property and equipment, restructuring charges and nonrecurring license fees.
Investors are cautioned that there are material limitations associated with the use of non-GAAP financial measures as an analytical tool. In particular, (1) although depreciation and amortization expense are non-cash charges, the assets subject to depreciation and amortization may have to be replaced in the future, and Adjusted EBITDA does not reflect cash capital expenditure requirements for such replacements or for new capital expenditure requirements; (2) Adjusted EBITDA does not reflect: (a) changes in, or cash requirements for, our working capital needs; or (b) tax payments that may represent a reduction in cash available to us; and (3) Adjusted Free Cash Flow does not reflect: (a) our cash flow available for discretionary payments; (b) our future contractual commitments (such as any debt service requirements or dividend payments); (c) funds available for investment or other discretionary uses; (d) certain capital expenditure requirements; or (e) the total increase or decrease in our cash balances for the stated period. The non-GAAP financial measures we use may be different from non-GAAP financial measures used by other companies, limiting their usefulness for comparison purposes. We compensate for these limitations by providing specific information regarding the GAAP items excluded from these non-GAAP financial measures. A reconciliation of these non-GAAP financial measures has been provided in the financial statements tables included in this press release and investors are encouraged to review the reconciliation.
About CuriosityStream Inc.
CuriosityStream Inc. (Nasdaq:CURI) is the entertainment brand for people who want to know more. The global media company is home to award-winning original and curated factual films, shows, and series covering science, nature, history, technology, society, and lifestyle. CuriosityStream is also a leading provider of AI model training datasets, leveraging one of the world's largest and most valuable rights-cleared media corpora. The company's portfolio spans millions of hours of premium video and audio, 850 billion tokens of production-grade code rich with developer context, and dozens of bespoke datasets created with proprietary content intelligence tools. CuriosityStream's data licensing partnerships enable leading technology companies to train and fine-tune generative, agentic, and physical AI systems that will power the next era of infrastructure and enterprise capabilities.
CuriosityStream also reaches millions of subscribers worldwide, operating the flagship Curiosity Stream SVOD service; Curiosity Channel, the linear television channel available via global distribution partners; Curiosity University, featuring talks from the best professors at the world's most renowned universities as well as courses, short and long-form videos, and podcasts; Curiosity Now, Curiosity History, Curiosity Animals, Curiosity Explora, and other free, ad-supported channels; Curiosity Audio Network, with original content and podcasts; and Curiosity Studios, which oversees original programming. For more information, visit CuriosityStream.com.
Contacts:
CuriosityStream Investor Relations
Brett Maas
IR@CuriosityStream.com
CuriosityStream Inc.
Condensed Consolidated Balance Sheets
(unaudited and in thousands) | June 30, 2026 | December 31, 2025 | |||||||||
| Assets | |||||||||||
| Current assets | |||||||||||
| Cash and cash equivalents | $ | 5,379 | $ | 18,318 | |||||||
| Restricted cash | 60 | 60 | |||||||||
Short-term investments in debt and other securities | 1,496 | 8,966 | |||||||||
| Accounts receivable, net | 6,402 | 8,893 | |||||||||
| Other current assets | 2,994 | 1,198 | |||||||||
| Total current assets | 16,331 | 37,435 | |||||||||
| Investments in debt securities | 3,920 | — | |||||||||
| Investments in equity method investees | 3,733 | 3,668 | |||||||||
| Property and equipment, net | 341 | 404 | |||||||||
| Content assets, net | 32,502 | 31,000 | |||||||||
Licensing fee receivable, net of current portion | 5,967 | — | |||||||||
| Operating lease right-of-use assets | 2,605 | 2,763 | |||||||||
| Other assets | 2,066 | 461 | |||||||||
| Total assets | $ | 67,465 | $ | 75,731 | |||||||
| Liabilities and stockholders’ equity | |||||||||||
| Current liabilities | |||||||||||
| Content liabilities | $ | 61 | $ | 362 | |||||||
| Accounts payable | 4,316 | 9,449 | |||||||||
| Accrued expenses and other liabilities | 8,218 | 12,094 | |||||||||
| Deferred revenue | 8,226 | 8,409 | |||||||||
| Total current liabilities | 20,821 | 30,314 | |||||||||
| Non-current operating lease liabilities | 3,234 | 3,460 | |||||||||
| Other liabilities | 1,948 | 470 | |||||||||
| Total liabilities | 26,003 | 34,244 | |||||||||
| Commitments and contingencies (Note 13) | |||||||||||
| Stockholders’ equity | |||||||||||
Common stock, $0.0001 par value – 125,000 shares authorized as of June 30, 2026, and December 31, 2025; 59,594 shares issued as of June 30, 2026 and 58,950 issued as of December 31, 2025, including 489 and 216 treasury shares; 59,105 and 58,734 shares outstanding as of June 30, 2026. and December 31, 2025, respectively. | 5 | 5 | |||||||||
| Treasury stock | (1,122) | (251) | |||||||||
| Additional paid-in capital | 381,034 | 377,577 | |||||||||
| Accumulated deficit | (338,455) | (335,844) | |||||||||
| Total stockholders’ equity | 41,462 | 41,487 | |||||||||
| Total liabilities and stockholders’ equity | $ | 67,465 | $ | 75,731 | |||||||
CuriosityStream Inc.
Condensed Consolidated Statements of Operations
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(unaudited and in thousands except per share amounts) | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||
| Revenues | $ | 23,245 | $ | 19,012 | $ | 38,406 | $ | 34,102 | |||||||||||||||
| Operating expenses | |||||||||||||||||||||||
| Cost of revenues | 6,313 | 8,864 | 12,970 | 15,944 | |||||||||||||||||||
| Advertising and marketing | 1,900 | 3,275 | 5,415 | 6,209 | |||||||||||||||||||
| General and administrative | 5,852 | 6,393 | 12,385 | 11,390 | |||||||||||||||||||
| 14,065 | 18,532 | 30,770 | 33,543 | ||||||||||||||||||||
| Operating income | 9,180 | 480 | 7,636 | 559 | |||||||||||||||||||
| Change in fair value of warrant liability | — | (79) | — | (86) | |||||||||||||||||||
| Interest and other income | 101 | 424 | 311 | 850 | |||||||||||||||||||
| Equity method investment income (loss) | 35 | (156) | 65 | (307) | |||||||||||||||||||
| Income before income taxes | 9,316 | 669 | 8,012 | 1,016 | |||||||||||||||||||
| Provision for (benefit from) income taxes | 434 | (115) | 458 | (87) | |||||||||||||||||||
| Net income | $ | 8,882 | $ | 784 | $ | 7,554 | $ | 1,103 | |||||||||||||||
| Net income per share | |||||||||||||||||||||||
| Basic | $ | 0.15 | $ | 0.01 | $ | 0.13 | $ | 0.02 | |||||||||||||||
| Diluted | $ | 0.15 | $ | 0.01 | $ | 0.12 | $ | 0.02 | |||||||||||||||
| Weighted average number of common shares outstanding | |||||||||||||||||||||||
| Basic | 59,190 | 57,585 | 59,070 | 57,357 | |||||||||||||||||||
| Diluted | 60,607 | 58,745 | 60,534 | 58,489 | |||||||||||||||||||
CuriosityStream Inc.
Condensed Consolidated Statements of Cash Flows
| Six Months Ended June 30, | |||||||||||
(unaudited and in thousands) | 2026 | 2025 | |||||||||
| Cash flows from operating activities | |||||||||||
| Net income | $ | 7,554 | $ | 1,103 | |||||||
| Adjustments to reconcile net income to net cash (used in) provided by operating activities | |||||||||||
| Change in fair value of warrant liability | — | 86 | |||||||||
| Additions to content assets | (9,543) | (4,179) | |||||||||
| Change in content liabilities | (301) | 120 | |||||||||
| Amortization of content assets | 8,041 | 7,113 | |||||||||
| Depreciation and amortization expenses | 88 | 83 | |||||||||
| Bad debt expenses | 48 | (61) | |||||||||
| Loss on disposal of assets | 170 | — | |||||||||
| Amortization of premiums and accretion of discounts associated with investments in debt securities, net | (34) | (354) | |||||||||
| Stock-based compensation | 4,101 | 3,077 | |||||||||
| Equity method investment (income) loss | (65) | 307 | |||||||||
| Other non-cash items | 102 | 145 | |||||||||
| Changes in operating assets and liabilities | |||||||||||
| Accounts receivable | (3,811) | (5,190) | |||||||||
| Other assets | (1,174) | 335 | |||||||||
| Accounts payable | (5,134) | (521) | |||||||||
| Accrued expenses and other liabilities | (2,861) | 4,023 | |||||||||
| Deferred revenue | (131) | (1,376) | |||||||||
| Net cash (used in) provided by operating activities | (2,950) | 4,711 | |||||||||
| Cash flows from investing activities | |||||||||||
| Purchases of property and equipment | — | (77) | |||||||||
| Business acquisitions | (1,954) | — | |||||||||
| Sales of investments in debt securities | $ | 1,000 | 2,000 | ||||||||
| Maturities of investments in debt securities | $ | 6,500 | 17,450 | ||||||||
| Purchases of investments in debt securities | $ | (3,915) | (11,070) | ||||||||
| Net cash provided by investing activities | $ | 1,631 | 8,303 | ||||||||
| Cash flows from financing activities | |||||||||||
| Repurchases of common stock | (871) | — | |||||||||
| Dividends paid | $ | (9,889) | (12,665) | ||||||||
| Payments related to tax withholding | $ | (730) | (1,297) | ||||||||
| Payment of debt issuance costs | $ | (130) | — | ||||||||
| Net cash used in financing activities | $ | (11,620) | (13,962) | ||||||||
| Net decrease in cash, cash equivalents and restricted cash | (12,939) | (948) | |||||||||
| Cash, cash equivalents and restricted cash, beginning of period | 18,378 | 7,951 | |||||||||
| Cash, cash equivalents and restricted cash, end of period | 5,439 | 7,003 | |||||||||
| Supplemental non-cash operating activities: | |||||||||||
| Disposition of assets in exchange for a non-cash receivable in connection with the Curiosity Brands, LLC transaction | $ | 250 | $ | — | |||||||
| Supplemental disclosure: | |||||||||||
| Income tax refunds received, net of payments | $ | 12 | $ | 84 | |||||||
| Cash paid for operating leases | $ | (290) | $ | (235) | |||||||
CuriosityStream Inc.
Reconciliation from Net Income to Adjusted EBITDA
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(unaudited and in thousands) | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||
| Net Income | $ | 8,882 | $ | 784 | $ | 7,554 | $ | 1,103 | |||||||||||||||
| Change in fair value of warrant liability | — | 79 | — | 86 | |||||||||||||||||||
| Interest and other income | (101) | (424) | (311) | (850) | |||||||||||||||||||
| Provision for (benefit from) income taxes | 434 | (115) | 458 | (87) | |||||||||||||||||||
| Equity method investment income (loss) | (35) | 156 | (65) | 307 | |||||||||||||||||||
Depreciation and amortization1 | 47 | 42 | 88 | 83 | |||||||||||||||||||
Restructuring2 | — | 13 | — | 36 | |||||||||||||||||||
Other nonrecurring3 | 281 | 273 | 452 | 366 | |||||||||||||||||||
| Stock-based compensation | 1,860 | 2,214 | 4,101 | 3,077 | |||||||||||||||||||
| Adjusted EBITDA | $ | 11,368 | $ | 3,022 | $ | 12,277 | $ | 4,121 | |||||||||||||||
1 Amounts do not include amortization of content assets. | |||||||||||||||||||||||
2 Consists primarily of severance and other costs associated with ongoing workforce optimization. | |||||||||||||||||||||||
3 Consists of nonrecurring license, risk mitigation expenses, and loss on asset disposal associated with the Curiosity Brands transaction. | |||||||||||||||||||||||
CuriosityStream Inc.
Reconciliation from Net Cash Flow provided by Operating Activities to Adjusted Free Cash Flow
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| (In thousands) | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||
Net cash flow provided by operating activities | $ | (4,160) | $ | 2,789 | $ | (2,950) | $ | 4,711 | |||||||||||||||
| Purchases of property and equipment | $ | — | — | — | (77) | ||||||||||||||||||
Restructuring payments1 | — | 13 | — | 59 | |||||||||||||||||||
Other nonrecurring payments2 | 105 | 59 | 170 | 174 | |||||||||||||||||||
| Adjusted Free Cash Flow | $ | (4,055) | $ | 2,861 | $ | (2,780) | $ | 4,867 | |||||||||||||||
1 Consists primarily of severance and ongoing workforce optimization. | |||||||||||||||||||||||
2 Consists primarily of payments related to risk mitigation efforts. | |||||||||||||||||||||||