CuriosityStream (NASDAQ: CURI) lifts dividend and targets 2026 revenue up to $80M
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
CuriosityStream Inc. reported first-quarter 2026 revenue of $15.2 million, roughly flat with the prior-year quarter, but improved profitability on a gross basis. Gross profit was $8.5 million, with gross margin rising to 56.1% from 53.1%, reflecting better cost efficiency.
The company posted a net loss of $1.3 million, compared to net income of $0.3 million a year earlier, mainly while absorbing higher advertising, marketing, and general and administrative expenses. Even so, CuriosityStream generated positive Adjusted EBITDA of $0.9 million, its fifth consecutive quarter in positive territory, and Adjusted Free Cash Flow of $1.3 million, its ninth consecutive positive quarter.
Operating activities provided $1.2 million of cash, and the company ended the quarter with $23.4 million in cash, restricted cash and held-to-maturity securities and no debt. The Board increased the quarterly dividend to $0.085 per share, or $0.34 annually, and the company repurchased 90 thousand shares.
For 2026, CuriosityStream expects first-half revenue of $35–$41 million and full-year revenue of $75–$80 million, with full-year Adjusted EBITDA targeted between $16 and $20 million.
Positive
- None.
Negative
- None.
Insights
Flat Q1 revenue but stronger margins, cash generation, and a higher dividend.
CuriosityStream delivered Q1 2026 revenue of $15.2 million, nearly unchanged year over year, but expanded gross margin to 56.1%. Higher operating expenses drove a small net loss of $1.3 million, yet Adjusted EBITDA remained positive at $0.9 million.
Cash generation stayed healthy, with Adjusted Free Cash Flow of $1.3 million and quarter-end liquidity of $23.4 million in cash, restricted cash and held-to-maturity securities, and no debt. Management highlighted multiple consecutive quarters of positive Adjusted EBITDA and Adjusted Free Cash Flow.
The Board raised the quarterly dividend to $0.085 per share ($0.34 annually) and the company repurchased 90 thousand shares, signaling confidence in its outlook. Guidance for full-year 2026 calls for revenue of $75–$80 million and Adjusted EBITDA of $16–$20 million. Subsequent filings may provide updates on whether revenue and cash-flow trends track this guidance.
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
Revenue: $15.2M
Gross margin: 56.1%
Net loss: $1.3M
+5 more
8 metrics
Revenue
$15.2M
Q1 2026 revenue vs $15.1M in Q1 2025
Gross margin
56.1%
Q1 2026 gross margin vs 53.1% in Q1 2025
Net loss
$1.3M
Q1 2026 net loss vs $0.3M net income in Q1 2025
Adjusted EBITDA
$0.9M
Q1 2026, fifth consecutive positive quarter
Adjusted Free Cash Flow
$1.3M
Q1 2026, ninth consecutive positive quarter
Cash and securities
$23.4M
Cash, restricted cash and held-to-maturity securities as of March 31, 2026
Quarterly dividend
$0.085/share
Raised Q2 2026 dividend, $0.34 annually
2026 revenue guidance
$75–$80M
Full-year 2026 revenue outlook
Key Terms
Adjusted EBITDA, Adjusted Free Cash Flow, forward-looking statements, non-GAAP financial measures, +1 more
5 terms
Adjusted EBITDA financial
"Adjusted EBITDA of $0.9 million, a decline of $0.2 million, compared to Adjusted EBITDA of $1.1 million in the first quarter of 2025"
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
"Adjusted free cash flow of $1.3 million, compared to $2.0 million in the first quarter of 2025"
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.
forward-looking statements regulatory
"Certain statements in this press release may be considered “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995"
Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.
non-GAAP financial measures financial
"We present Adjusted EBITDA and Adjusted Free Cash Flow in this press release. Our use of non-GAAP financial measures"
Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.
equity method investment financial
"Equity method investment income (loss) | 30 | | | (151)"
An equity method investment is an accounting way to report ownership in another company when an investor has significant influence (commonly around 20–50% of voting rights). Instead of listing the other company’s full assets and debts, the investor records its share of that company’s profits or losses on its own income statement—like keeping track of your share of a neighborhood bakery’s monthly earnings. Investors care because those shared profits, losses and changes in the investee’s value directly affect the investor’s reported earnings and balance sheet, so this method can materially change a company’s financial picture and valuation.
Earnings Snapshot
Revenue: $15.2M · Guidance included
Q1 2026
Revenue
$15.2M
Net income (loss)
-$1.3M
Adjusted EBITDA
$0.9M
Guidance
First-half 2026 revenue $35–$41M and Adjusted EBITDA $5–$7M; full-year 2026 revenue $75–$80M and Adjusted EBITDA $16–$20M.
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): May 14, 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)
(Zip code)
(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 May 14, 2026, CuriosityStream Inc. (the “Company”) issued a press release (the "Press Release") regarding its financial results for the first quarter ended March 31, 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 May 14, 2026, the Company raised in the Press Release that the Company's Board of Directors approved the declaration of a quarterly cash dividend of $0.085 per share of the Company's Common Stock payable on June 19, 2026, to stockholders of record on June 5, 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 or about 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; (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 May 14, 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: May 14, 2026 | |||||
/s/ P. Brady Hayden | |||||
P. Brady Hayden | |||||
Chief Financial Officer and Treasurer (Principal Financial and Accounting Officer) | |||||
Exhibit 99.1
CURIOSITYSTREAM REPORTS
FIRST QUARTER 2026 FINANCIAL RESULTS
AND RAISES DIVIDEND
▪Revenue of $15.2 million
▪Dividend Program Raised to $0.085 per Quarter; $0.34 Annually
▪90 thousand shares repurchased
▪56% gross margin, improving from 53% in the prior-year quarter
SILVER SPRING, Md. (May 14, 2026) – CuriosityStream Inc. (NASDAQ: CURI), a global factual entertainment company, today announced its financial results for the quarter ended March 31, 2026. In addition, the Company’s Board of Directors raised the Company's second quarter cash dividend to $0.085 per share, payable on June 19, 2026, to stockholders of record on June 5, 2026.
"While we were pleased with Q1's year-over-year operational improvement, Q1's sequential revenue decline was anticipated and, we believe, temporary," said Clint Stinchcomb, President & CEO of CuriosityStream. "We currently expect 2026 to represent a significant step-up in both revenue and cash flow compared to 2025, with subscription revenue increasing by single-digit percentages and with licensing becoming the larger growth engine as it surpasses subscriptions for the full year. In light of our plans to drive double-digit growth in both revenue and cash flow in 2026, our board has raised our dividend to $0.34 per year, reiterating its confidence in this outlook. Notably, gross margin grew to 56%, and this marked our fifth consecutive quarter of positive Adjusted EBITDA and our ninth consecutive quarter of positive Adjusted Free Cash Flow."
First Quarter 2026 Financial Results
•Revenue of $15.2 million, compared to $15.1 million in the first quarter of 2025;
•Gross profit of $8.5 million or 56.1% gross margin, compared to $8.0 million or 53.1% gross margin in the first quarter of 2025;
•Net loss of $1.3 million, inclusive of $2.2 million of non-cash stock-based compensation, compared to a net income of $0.3 million, inclusive of $0.9 million in non-cash stock-based compensation, in the first quarter of 2025.
•Adjusted EBITDA of $0.9 million, a decline of $0.2 million, compared to Adjusted EBITDA of $1.1 million in the first quarter of 2025, and a fifth sequential quarter of positive EBITDA;
•Net cash provided by operating activities of $1.2 million, compared to $1.9 million in the first quarter of 2025;
•Adjusted free cash flow of $1.3 million, compared to $2.0 million in the first quarter of 2025;
•Total advertising and marketing and general and administrative expenses of $10.0 million;
•Paid an ordinary dividend of $4.9 million;
•Repurchased 90 thousand shares; and
•Cash, restricted cash and held-to-maturity securities balance of $23.4 million and no debt as of March 31, 2026.
First Quarter 2026 Business Highlights
•Subscription services launched with partners in the U.S., Australia, New Zealand, and Germany;
•Fourth 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 content across multiple genres;
•Building on the solid foundation of our advertising business with U.S. Hispanic and flagship FAST channels recently launched on Amazon, Roku, LG, and Truth+;
•Strengthened content lineup with groundbreaking original series and specials including Loot: The Power of Diamonds, new episodes in the fifth season of Butterfly Effect, and Telescopes: The Truth is Out There, the 100th episode of our brand-defining Breakthrough strand.
Financial Outlook
CuriosityStream expects the following for the first half and full year of 2026:
•First-half 2026 revenue in the range of $35 - $41 million, and full-year 2026 revenue in the range of $75 to $80 million.
•First-half 2026 Adjusted EBITDA1 in the range of $5 - $7 million, and full-year 2026 Adjusted EBITDA1 in the range of $16 to $20 million.
1 See Non-GAAP Financial Measures below.
Conference Call Information
CuriosityStream will host a Q&A conference call today to discuss the Company’s first 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 leader in high-integrity AI video model training and data licensing, extending the reach and value of its premium library. With millions of subscribers worldwide and thousands of titles, the company operates the flagship Curiosity Stream SVOD service, available in more than 175 countries worldwide; 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) | March 31, 2026 | December 31, 2025 | |||||||||
| 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 shares issued as of March 31, 2026 and 58,950 issued as of December 31, 2025, including 306 and 216 treasury shares; 58,734 shares outstanding as of December 31, 2025; 59,288 shares outstanding as of March 31, 2026. | 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 | |||||||
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 | |||||||||
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 | |||||||
CuriosityStream Inc.
Reconciliation from Net (Loss) Income to Adjusted EBITDA
| Three Months Ended March 31, | |||||||||||
(unaudited and in thousands) | 2026 | 2025 | |||||||||
| Net Loss | $ | (1,328) | $ | 319 | |||||||
| Change in fair value of warrant liability | — | 7 | |||||||||
| Interest and other income | (210) | (426) | |||||||||
| Provision for income taxes | 24 | 28 | |||||||||
| Equity method investment income (loss) | (30) | 151 | |||||||||
Depreciation and amortization1 | 41 | 41 | |||||||||
Restructuring2 | — | 25 | |||||||||
Other nonrecurring3 | 171 | 93 | |||||||||
| Stock-based compensation | 2,241 | 863 | |||||||||
| Adjusted EBITDA | $ | 909 | $ | 1,101 | |||||||
1 Amounts do not include amortization of content assets. | |||||||||||
2 Consists primarily of severance and workforce optimization expenses resulting from a 2024 reduction in force. | |||||||||||
3 Consists of nonrecurring license and risk mitigation expenses. | |||||||||||
CuriosityStream Inc.
Reconciliation from Net Cash Flow provided by Operating Activities to Adjusted Free Cash Flow
| Three Months Ended March 31, | |||||||||||
| (In thousands) | 2026 | 2025 | |||||||||
Net cash flow provided by operating activities | $ | 1,210 | $ | 1,922 | |||||||
Restructuring payments1 | — | 45 | |||||||||
Other nonrecurring payments2 | 65 | 38 | |||||||||
| Adjusted Free Cash Flow | $ | 1,275 | $ | 2,005 | |||||||
1 Consists primarily of severance and workforce optimization payments resulting from 2024 reductions in force. | |||||||||||
2 Consists primarily of payments related to risk mitigation efforts. | |||||||||||
FAQ
How did CuriosityStream (CURI) perform financially in Q1 2026?
CuriosityStream reported Q1 2026 revenue of $15.2 million, roughly flat year over year. Gross profit was $8.5 million with a 56.1% gross margin, while the company posted a small net loss of $1.3 million but maintained positive Adjusted EBITDA and Adjusted Free Cash Flow.
What dividend did CuriosityStream (CURI) declare and when is it payable?
The Board approved a quarterly cash dividend of $0.085 per share, equivalent to $0.34 annually. It is payable on June 19, 2026 to stockholders of record as of June 5, 2026, reflecting a higher ongoing dividend program.
What guidance did CuriosityStream (CURI) give for 2026 revenue and Adjusted EBITDA?
CuriosityStream expects first-half 2026 revenue of $35–$41 million and full-year 2026 revenue of $75–$80 million. It also projects first-half Adjusted EBITDA of $5–$7 million and full-year Adjusted EBITDA of $16–$20 million, outlining anticipated growth in both revenue and profitability.
Was CuriosityStream (CURI) profitable in Q1 2026 and what was Adjusted EBITDA?
The company recorded a net loss of $1.3 million in Q1 2026, versus net income in the prior-year quarter. However, Adjusted EBITDA was $0.9 million, marking the fifth consecutive quarter of positive Adjusted EBITDA, supported by improved gross margins and ongoing cost discipline.
What was CuriosityStream’s (CURI) cash position and debt level at March 31, 2026?
As of March 31, 2026, CuriosityStream held $23.4 million in cash, restricted cash and held-to-maturity securities. The company reported no debt, giving it financial flexibility while it continues to invest in content, partnerships, and shareholder returns such as dividends and share repurchases.