Gaia (NASDAQ: GAIA) posts Q1 2026 $24.3M revenue and positive free cash flow

Rhea-AI Filing Summary

Gaia, Inc. reported first quarter 2026 results showing modest growth with ongoing losses but solid cash generation. Revenue rose to $24.3 million from $23.8 million, while gross profit was flat at $20.9 million, reflecting an 86.0% gross margin.

Net loss was $1.3 million, or $0.05 per share, compared with a $1.0 million loss, or $0.04 per share, a year earlier. Operating cash flow was $1.5 million and free cash flow was $1.1 million, marking the ninth consecutive quarter of positive free cash flow.

Gaia ended March 31, 2026 with $13.1 million in cash and a fully available $10 million line of credit. Management plans to rely less on lower-value third-party platforms, focus on higher-value direct member relationships, and is targeting for the fourth quarter of 2026 an approximate 20% reduction in churn and a 20–25% increase in average revenue per user compared with the fourth quarter of 2025.

Insights

Equity analyst

Gaia posts slight revenue growth, continued losses, but steady free cash flow.

Gaia grew Q1 2026 revenue to $24.3 million from $23.8 million while maintaining a high 86.0% gross margin. Net loss widened modestly to $1.3 million, or $0.05 per share, reflecting higher operating and corporate expenses.

The company generated operating cash flow of $1.5 million and free cash flow of $1.1 million, its ninth consecutive positive free cash flow quarter. Cash was $13.1 million as of March 31, 2026, alongside a fully available $10 million credit line, indicating comfortable liquidity.

Management is shifting away from lower-ARPU, higher-churn third-party platforms toward direct relationships. For Q4 2026 versus Q4 2025, they are targeting about a 20% churn reduction and a 20–25% ARPU increase. Actual results will depend on execution in content, AI, personalization, and community offerings.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Revenue: $24.3 million Gross margin: 86.0% Net loss: $1.3 million +5 more

8 metrics

Revenue $24.3 million Q1 2026, up from $23.8 million in Q1 2025

Gross margin 86.0% Q1 2026 gross profit of $20.9 million on $24.3 million revenue

Net loss $1.3 million Q1 2026, or $0.05 loss per share attributable to common shareholders

Free cash flow $1.1 million Q1 2026, ninth consecutive quarter of positive free cash flow

Cash balance $13.1 million Cash and cash equivalents as of March 31, 2026, with $10 million credit line

Deferred revenue $20.5 million Current deferred revenue as of March 31, 2026

Churn target improvement 20% reduction Targeted churn reduction for Q4 2026 versus Q4 2025

ARPU target increase 20–25% increase Targeted ARPU increase for Q4 2026 versus Q4 2025

Key Terms

free cash flow, ARPU, deferred revenue, non-GAAP financial measures, +2 more

6 terms

free cash flow financial

"Generated $1.5 million in operating cash flow and $1.1 million in free cash flow."

Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.

ARPU financial

"those members carry lower ARPU, higher churn, and no access to the AI and community features"

ARPU, or Average Revenue Per User, measures how much money a company earns, on average, from each of its customers over a set period. It helps investors understand how effectively a business is generating income from its customer base, similar to calculating how much each customer spends at a store. Higher ARPU often indicates stronger sales per customer and better revenue performance.

deferred revenue financial

"Deferred revenue | | | 20,539 | | | | 18,502 |"

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.

non-GAAP financial measures financial

"the financial information included in this release contains non-GAAP financial measures, including Free Cash Flow."

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.

forward-looking statements regulatory

"This press release contains forward-looking statements within the meaning of the federal securities laws."

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.

condensed consolidated balance sheets financial

"GAIA, INC. Condensed Consolidated Balance Sheets (unaudited)"

A condensed consolidated balance sheet is a shortened, combined snapshot of a company's assets, liabilities and shareholders’ equity that merges the parent company with its subsidiaries and removes internal transactions. It gives investors a quick, comparable view of the group’s financial position—like a summarized bank statement for the whole family—useful for gauging liquidity and solvency at a glance, though it omits the detailed line-item disclosures in full financial statements.

Earnings Snapshot

Revenue: $24.3 million · Guidance included

Q1 2026

Revenue $24.3 million

Net loss $1.3 million

Free cash flow $1.1 million

Guidance

For Q4 2026 versus Q4 2025, Gaia is targeting an approximate 20% reduction in churn and a 20–25% increase in ARPU.

Understanding 8-K Material Events →

false000108987200010898722026-05-042026-05-04

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 04, 2026

GAIA, INC.

(Exact name of Registrant as Specified in Its Charter)

Colorado			000-27517	84-1113527
(State or Other Jurisdiction of Incorporation)			(Commission File Number)	(IRS Employer Identification No.)
833 West South Boulder Road
Louisville, Colorado				80027
(Address of Principal Executive Offices)				(Zip Code)

Registrant’s Telephone Number, Including Area Code: (303) 222-3600

(Former Name or Former Address, if Changed Since Last Report)

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:

☐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 each exchange on which registered
Class A Common Stock		GAIA		Nasdaq Global Market

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 ☐

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. ☐

Item 2.02 Results of Operations and Financial Condition.

On May 4, 2026, Gaia, Inc. (the “Company”) issued a press release announcing results for its quarter ended March 31, 2026. A copy of the press release is attached as Exhibit 99.1 to this Current Report.

In accordance with General Instruction B.2 of Form 8-K, the information contained in this Item 2.02 and in Exhibit 99.1 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference into any of the Company's filings under the Securities Act of 1933, as amended, (the “Securities Act”)or the Exchange Act, except as shall be expressly set forth by specific reference in any such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.	Description
99.1	Press Release issued by Gaia, Inc. on May 4, 2026.
104	Cover Page Interactive Data File (formatted as inline XBRL).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

			GAIA, INC.
Date:	May 4, 2026	By:	/s/ Ned Preston
			Ned Preston, Chief Financial Officer

Gaia Reports First Quarter 2026 Financial Results

BOULDER, CO – May 4, 2026 - Gaia, Inc. (NASDAQ: GAIA), a conscious media and community company, reported financial results for the first quarter ended March 31, 2026.

First Quarter 2026 Summary vs First Quarter 2025 (where applicable)

•Revenue increased to $24.3 million compared to $23.8 million.

•Gross profit remained flat at $20.9 million.

•Generated $1.5 million in operating cash flow and $1.1 million in free cash flow.

Management Commentary

“This quarter reflects a deliberate step in how we are positioning Gaia for long-term success,” said Kiersten Medvedich, Chief Executive Officer of Gaia. “As we’ve evaluated the business, it has become clear that our greatest opportunity lies in deepening our direct relationship with members, where we can deliver the full Gaia experience and capture significantly stronger long-term economics.”

“Over time, third-party platforms contributed to subscriber growth, but those members carry lower ARPU, higher churn, and no access to the AI and community features that define our future. In addition, because those relationships sit with the platform rather than with Gaia, we do not know who those subscribers are and have no ability to engage them directly. As a result, we are making intentional changes to reduce our reliance on lower-value third-party acquisition, take a very disciplined approach to discounting, and strengthen our direct marketing capabilities. While these actions are expected to moderate near-term revenue growth, we believe they will materially improve lifetime value, retention, and overall unit economics. As a reflection of that focus, for the fourth quarter of 2026, compared with the fourth quarter of 2025, Gaia is targeting an approximate 20% reduction in churn and a 20-25% increase in ARPU.”

“We are executing this transition from a position of strength, with a highly engaged direct member base and continued positive free cash flow. At the same time, we are investing in the core pillars of the Gaia experience—including content, AI, personalization, and community—to build a more differentiated and enduring platform. We believe the steps we are taking today will position Gaia to deliver more durable, profitable growth and create meaningful long-term value for both our members and our shareholders.”

First Quarter 2026 Financial Results

Revenue increased 2% to $24.3 million, compared to $23.8 million in Q1 2025. The increase was primarily driven by increased ARPU, partially offset by the elimination of discounted pricing.

Gross profit was flat year-over-year at $20.9 million, with gross margin of 86.0% for the quarter-ended March 31, 2026.

Net loss was $(1.3) million, or $(0.05) per share, versus $(1.0) million or $(0.04) per share, in Q1 2025.

Operating cash flow was $1.5 million, with free cash flow of $1.1 million, representing the ninth consecutive quarter of positive free cash flow.

Cash balance was at $13.1 million as of March 31, 2026, compared to $13.1 million a year ago, all with a fully available $10 million line of credit.

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Conference Call

Date: Monday, May 4, 2026

Time: 4:30 p.m. Eastern time (2:30 p.m. Mountain time)

Toll-free dial-in number: 1-877-269-7751

International dial-in number: 1-201-389-0908

Conference ID: 13759800

Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Gateway Group at (949) 574-3860.

The conference call will be broadcast live and available for replay here and via ir.gaia.com.

A telephonic replay of the conference call will be available after 7:30 p.m. Eastern time on the same day through May 18, 2026.

Toll-free replay number: 1-844-512-2921

International replay number: 1-412-317-6671

Replay ID: 13759800

About Gaia

Gaia is a member-supported global video streaming service and community that produces and curates conscious media through four primary channels—Seeking Truth, Transformation, Alternative Healing and Yoga—in four languages (English, Spanish, French and German) to its members in 185 countries. Gaia’s library includes over 10,000 titles, over 90% of which is exclusive to Gaia, and approximately 75% of viewership is generated by content produced or owned by Gaia. Gaia is available on Apple TV, iOS, Android, Roku, Chromecast, and sold through Amazon Prime Video and Comcast Xfinity. For more information about Gaia, visit www.gaia.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the federal securities laws. All statements other than statements of historical fact are forward looking statements that involve risks and uncertainties. When used in this discussion, we intend the words “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “future,” “hope,” “intend,” “may,” “might,” “objective,” “ongoing,” “plan,” “potential,” “predict,” “project,” “should,” “strive,” “target,” “will,” “would” and similar expressions as they relate to us to identify such forward-looking statements. Our actual results could differ materially from the results anticipated in these forward-looking statements as a result of certain factors set forth under “Risk Factors” and elsewhere in our filings with the U.S. Securities and Exchange Commission, including in our Annual Report on Form 10-K for the year ended December 31, 2025. Risks and uncertainties that could cause actual results to differ include, without limitation: our ability to attract new members and retain existing members; our ability to compete effectively, including for customer engagement with different modes of entertainment; maintenance and expansion of device platforms for streaming; fluctuation in customer usage of our service; fluctuations in quarterly operating results; service disruptions; production risks; general economic conditions; future losses; loss of key personnel; price changes; brand reputation; acquisitions; new initiatives we undertake; security and information systems; legal liability for website content; failure of third parties to provide adequate service; future

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internet-related taxes; our founder’s control of us; litigation; consumer trends; the effect of government regulation and programs; the impact of public health threats; and other risks and uncertainties included in our filings with the Securities and Exchange Commission. We caution you that no forward-looking statement is a guarantee of future performance, and you should not place undue reliance on these forward-looking statements which reflect our views only as of the date of this press release. We undertake no obligation to update any forward-looking information.

Non-GAAP Measures

In addition to disclosing financial results calculated in accordance with generally accepted accounting principles in the United States of America (GAAP), the financial information included in this release contains non-GAAP financial measures, including Free Cash Flow. These non-GAAP measures should not be considered a substitute for, or superior to, financial measures and results calculated in accordance with GAAP, including net income, and reconciliations to GAAP financial statements should be carefully evaluated. Free Cash Flow represents net cash provided by operating activities plus cash paid for interest payments, less cash used for capital expenditures, plus cash from non-core business activities. We believe Free Cash Flow is also useful as one of the bases for comparing the Gaia’s performance with its competitors. Although Free Cash Flow and similar measures are frequently used as measures of cash flows generated from operations by other companies, Gaia’s calculation of Free Cash Flow might not necessarily be comparable to such other similarly titled captions of other companies. We believe that both management and investors benefit from referring to these non-GAAP financial measures in assessing our performance and when planning, forecasting and analyzing future periods.

Company Contact:

Ned Preston

Chief Financial Officer

Gaia, Inc.

Investors@gaia.com

Investor Relations:

Gateway Group, Inc.

Cody Slach

(949) 574-3860

GAIA@gateway-grp.com

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GAIA, INC.

Condensed Consolidated Balance Sheets (unaudited)

Condensed consolidated balance sheets
		March 31,				December 31,
(in thousands, except share and per share data)		2026				2025
ASSETS
Current assets:
Cash and cash equivalents		$	13,098			$	13,540
Accounts receivable			5,446				5,437
Prepaid expenses and other current assets			3,492				3,527
Total current assets			22,036				22,504
Media library, net			39,338				39,133
Operating right-of-use asset, net			8,659				8,836
Property and equipment, net			27,451				26,963
Technology license, net			14,541				14,743
Investments and other intangible assets, net			8,547				8,488
Goodwill			33,982				33,982
Total assets		$	154,554			$	154,649
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable		$	15,071			$	15,224
Accrued and other liabilities			2,732				3,396
Long-term debt, current portion			227				227
Operating lease liability, current portion			629				614
Deferred revenue			20,539				18,502
Total current liabilities			39,198				37,963
Long-term debt, net of current portion			5,395				5,452
Operating lease liability, net of current portion			8,338				8,501
Deferred taxes, net			617				603
Total liabilities			53,548				52,519
Shareholder's equity:
Class A common stock, $0.0001 par value, 150,000,000 shares   authorized, 20,035,340 and 19,709,325 shares   issued, 19,576,582 and 19,562,520 shares outstanding at March 31, 2026 and December 31, 2025, respectively			2				2
Class B common stock, $0.0001 par value, 50,000,000 shares    authorized, 5,400,000 shares issued and outstanding at    March 31, 2026 and December 31, 2025, respectively			1				1
Additional paid-in capital			183,715				183,393
Treasury stock at cost: 146,805 shares as of March 31, 2026 and December 31, 2025, respectively			(525	)			(525	)
Accumulated deficit			(96,177	)			(94,922	)
Total Gaia, Inc. shareholders’ equity			87,016				87,949
Noncontrolling interests			13,990				14,181
Total equity			101,006				102,130
Total liabilities and equity		$	154,554			$	154,649

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Condensed Consolidated Statements of Operations (unaudited)

		For the Three Months Ended March 31,
(in thousands, except per share data)		2026				2025
Revenues, net		$	24,313			$	23,840
Cost of revenues			3,407				2,935
Gross profit			20,906				20,905
Operating Expenses:
Selling and operating			20,001				20,022
Corporate, general and administration			2,333				1,897
Total operating expenses			22,334				21,919
Loss from operations			(1,428	)			(1,014	)
Interest and other income, net			16				(136	)
Loss before income taxes			(1,412	)			(1,150	)
Income tax expense			34				48
Loss from continuing operations		$	(1,446	)		$	(1,198	)
Loss from discontinued operations			—				(21	)
Net loss		$	(1,446	)		$	(1,219	)
Net loss attributable to noncontrolling interests		$	(191	)		$	(205	)
Net loss attributable to common shareholders		$	(1,255	)		$	(1,014	)
Loss per share:
Basic (attributable to common shareholders)		$	(0.05	)		$	(0.04	)
Diluted (attributable to common shareholders)		$	(0.05	)		$	(0.04	)
Weighted-average shares outstanding:
Basic			24,995				24,349
Diluted			24,995				24,349

Condensed Consolidated Statements of Cash Flows (unaudited)

		For the Three Months Ended March 31,
(in thousands)		2026				2025
Net cash provided by (used in):
Net cash provided by operating activities		$	1,493			$	1,298
Net cash provided by (used in) investing activities			(1,854	)			(1,030	)
Net cash (used in) provided by financing activities			(81	)			6,962
Net change in cash and cash equivalents		$	(442	)		$	7,230

Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow (unaudited)

		For the Three Months Ended March 31,
(in thousands)		2026				2025
Net cash provided by operating activities		$	1,493			$	1,298
Cash paid for interest		$	120				137
Net cash used for capital expenditures		$	(1,624	)			(1,030	)
Change in cash from non-core business activities		$	1,093				291
Free cash flow		$	1,082			$	696

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FAQ

How did Gaia (GAIA) perform financially in Q1 2026?

Gaia reported modest growth and continued losses in Q1 2026. Revenue increased to $24.3 million from $23.8 million, with gross profit essentially flat at $20.9 million. Net loss was $1.3 million, or $0.05 per share, compared with a $1.0 million loss, or $0.04 per share.

Was Gaia (GAIA) profitable on a cash flow basis in Q1 2026?

Gaia generated positive cash flow in Q1 2026. Operating cash flow reached $1.5 million and free cash flow was $1.1 million, marking the company’s ninth consecutive quarter of positive free cash flow. This supports ongoing investment while the business remains unprofitable on a net income basis.

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

Gaia ended Q1 2026 with solid liquidity. Cash and cash equivalents were $13.1 million as of March 31, 2026, unchanged from a year earlier. The company also had a fully available $10 million line of credit, providing additional financial flexibility for operations and strategic initiatives.

What strategic shift is Gaia (GAIA) making in its subscriber acquisition?

Gaia is reducing reliance on lower-value third-party platforms. Management plans to deepen direct member relationships, limit discounting, and strengthen direct marketing. They note third-party subscribers have lower ARPU, higher churn, and limited access to AI and community features that are central to Gaia’s long-term strategy.

What churn and ARPU targets has Gaia set for late 2026?

Gaia has set specific churn and ARPU improvement goals. For the fourth quarter of 2026 versus the fourth quarter of 2025, the company is targeting an approximate 20% reduction in churn and a 20–25% increase in average revenue per user, reflecting its focus on higher-value direct subscribers.

How does Gaia (GAIA) define and use Free Cash Flow?

Gaia uses Free Cash Flow as a non-GAAP performance measure. It is calculated as net cash provided by operating activities plus cash paid for interest, minus capital expenditures, plus cash from non-core business activities. Management believes this helps compare Gaia’s performance with competitors and assess cash generation.

Filing Exhibits & Attachments

2 documents

Press Releases

• EX-99.1 EX-99.1 316.0 KB

Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA WITH EMBEDDED LINKBASES DOCUMENT 23.3 KB