Gaia Q3 2026 revenue falls 12%; loss widens to $3M

CEO Kiersten Medvedich said member churn improved by more than 20% from the first to third quarter; CFO expects positive free cash flow in the fourth quarter.

Available on EDGAR 11/02/2026 - 04:05 PM EST Accepted by SEC EDGAR 11/02/2026 - 04:05 PM EST Learn about SEC filing dates

Rhea-AI Filing Summary

Gaia, Inc. (GAIA) reported third-quarter 2026 revenue of $22.0 million, down 12% from $25.0 million a year earlier. Net loss attributable to common shareholders was $3.0 million, compared with $1.2 million, and loss per diluted share was $0.12 versus $0.05. Gross margin was 85.2%, compared with 86.4%; operating cash flow was $4.1 million used, versus $0.3 million provided.

For the first nine months of 2026, revenue was $69.7 million versus $73.5 million, and net loss was $7.8 million versus $4.6 million. Management attributed the quarterly revenue decline primarily to reducing acquisition of lower-ARPU members and prioritizing direct subscribers, which it said historically have lower churn. CEO Kiersten Medvedich said member churn improved by more than 20% from the first to third quarter. Cash and cash equivalents were $7.1 million as of September 30, 2026. CFO Ned Preston said revenue had stabilized at a quarterly run rate around $21.0 million over the prior 60 days and that Gaia expects to return to positive free cash flow during the fourth quarter, following nine consecutive quarters of positive free cash flow before the March reset.

1 point · 0 major

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0 major · 3 points

How the balance works

Positive

• Moderate pointCEO reported churn improved more than 20% from first to third quarter.

Negative

• Moderate pointRevenue fell 12% to $22.0 million year over year.
• Moderate pointNet loss attributable to common shareholders rose to $3.0 million from $1.2 million.
• Moderate pointOperating cash flow was $4.1 million used, versus $0.3 million provided.

Filing Explained

At September 30, 2026, Gaia had $7,000 thousand outstanding on its revolving line, versus no balance at December 31, 2025; cash was $7,104 thousand, nearly matching the borrowing.

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, or exhibit attachments filed with this report.

Key Figures

Revenue: $22.0 million Net loss attributable to common shareholders: $3.0 million loss Loss per diluted share: $0.12 loss +3 more

6 metrics

Revenue $22.0 million Third quarter 2026; $25.0 million in third quarter 2025; down 12%.

Net loss attributable to common shareholders $3.0 million loss Third quarter 2026; $1.2 million loss in third quarter 2025.

Loss per diluted share $0.12 loss Third quarter 2026; $0.05 loss in third quarter 2025.

Gross margin 85.2% Third quarter 2026; 86.4% in third quarter 2025.

Operating cash flow $4.1 million used Third quarter 2026; $0.3 million provided in third quarter 2025.

Cash and cash equivalents $7.1 million As of September 30, 2026.

Key Terms

ARPU, Gross margin, Free cash flow, Operating right-of-use asset, +1 more

5 terms

ARPU financial

"lower ARPU regions"

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.

Gross margin financial

"Gross margin was 85.2% compared to 86.4% a year ago"

Gross margin is the difference between how much money a company makes from selling its products and how much it costs to produce them, expressed as a percentage of sales. It shows how efficiently a company is turning sales into profit before other expenses like marketing or salaries. Higher gross margin means the company keeps more money from each sale, which is a good sign of financial health.

Free cash flow financial

"return to positive free cash flow during the fourth quarter"

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.

Operating right-of-use asset financial

"Operating right-of-use asset, net"

Noncontrolling interests financial

"Noncontrolling interests"

The portion of a subsidiary’s equity and profits that belongs to outside owners rather than the parent company; when a parent reports consolidated results it includes the whole subsidiary but shows the noncontrolling slice separately. Think of a company’s subsidiary as a pie where the parent owns most slices but some are held by other investors — noncontrolling interests tell you how much of the pie and its future earnings don’t belong to the parent, which affects how much profit and net assets are truly attributable to the parent’s shareholders.

Earnings Snapshot

Revenue: $22.0 million · Guidance included

Third quarter ended September 30, 2026

Revenue $22.0 million Down 12% from $25.0 million in third quarter 2025

Net loss attributable to common shareholders $3.0 million loss Compared with $1.2 million loss in third quarter 2025

Loss per diluted share $0.12 loss Compared with $0.05 loss in third quarter 2025

Gross margin 85.2% Compared with 86.4% in third quarter 2025

Operating cash flow $4.1 million used Compared with $0.3 million provided in third quarter 2025

Guidance

Gaia expects to return to positive free cash flow during the fourth quarter.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What was GAIA's revenue in Q3 2026?

GAIA reported revenue of $22.0 million for the third quarter ended September 30, 2026, down 12% from $25.0 million in the third quarter of 2025. The company said the decrease primarily reflected reducing acquisition of lower-ARPU members and prioritizing direct subscribers, which it said historically have lower churn.

How much did GAIA lose in Q3 2026?

Net loss attributable to common shareholders was $3.0 million, or $0.12 per share, compared with $1.2 million, or $0.05 per share, in the third quarter of 2025.

How many consecutive quarters of positive free cash flow did GAIA report before its March reset?

CFO Ned Preston said Gaia had delivered nine consecutive quarters of positive free cash flow before its March reset and expects to return to positive free cash flow during the fourth quarter.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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0001089872false00010898722026-11-022026-11-02

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): November 02, 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 November 2, 2026, Gaia, Inc. (the “Company”) issued a press release announcing results for its quarter ended September 30, 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 November 2, 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:	November 2, 2026	By:	/s/ Ned Preston
			Ned Preston, Chief Financial Officer

Exhibit 99.1

Gaia Reports Third Quarter 2026 Financial Results

BOULDER, CO – November 2, 2026 - Gaia, Inc. (NASDAQ: GAIA), a conscious media and community company, reported financial results for the third quarter ended September 30, 2026.

“Our third quarter results reflect the successful completion of the reset we announced at the beginning of March—a deliberate move to reduce our revenue reliance on third parties and lower ARPU regions,” said Kiersten Medvedich, Chief Executive Officer of Gaia. “As part of this shift to prioritize long-term value, we have largely eliminated discounting, with the sole exception of returning members acquired without meaningful marketing spend. We are already seeing traction from these disciplined choices, with member churn rate improving by more than 20% from the first to the third quarter. We remain confident that this focus on the quality of our direct member base is building a stronger, more sustainable foundation.”

Gaia CFO, Ned Preston, stated: “Over the last 60 days, our revenue has stabilized at a quarterly run rate around $21.0 million. We have compensated for this lower revenue by effectively reducing expenses, which has allowed our annualized gross profit per employee to continue growing to $827,000. As predicted, we expect to return to positive free cash flow during the fourth quarter, resuming the trend of nine consecutive quarters of positive free cash flow we delivered prior to our March reset.”

Third Quarter 2026 Financial Results

Revenue decreased 12% to $22.0 million, compared to $25.0 million in the third quarter of 2025. The decrease primarily reflected the decision to reduce acquisition of lower ARPU members and prioritize direct subscribers, which have historically demonstrated lower churn.

Gross margin was 85.2% compared to 86.4% a year ago, primarily attributable to lower revenue, while content-related amortization remained relatively consistent.

Net loss was $(3.0) million, or $(0.12) per share, versus $(1.2) million or $(0.05) per share, in the third quarter of 2025.

Gaia’s cash balance as of September 30, 2026, was $7.1 million.

Conference Call

Date: Monday, November 2, 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: 13763050

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 November 16, 2026.

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

International replay number: 1-412-317-6671

1

Replay ID: 13763050

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 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.

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

2

GAIA, INC.

Condensed Consolidated Balance Sheets (unaudited)

		September 30,				December 31,
(in thousands, except share and per share data)		2026				2025
ASSETS
Current assets:
Cash and cash equivalents		$	7,104			$	13,540
Accounts receivable			6,364				5,437
Prepaid expenses and other current assets			4,076				3,527
Total current assets			17,544				22,504
Media library, net			39,165				39,133
Operating right-of-use asset, net			8,297				8,836
Property and equipment, net			28,767				26,963
Technology license, net			14,137				14,743
Investments and other intangible assets, net			8,329				8,488
Goodwill			33,982				33,982
Total assets		$	150,221			$	154,649
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable		$	11,472			$	15,224
Accrued and other liabilities			4,324				3,396
Long-term debt, current portion			227				227
Operating lease liability, current portion			660				614
Deferred revenue			17,382				18,502
Total current liabilities			34,065				37,963
Revolving line of credit, net of current portion			7,000				—
Long-term debt, net of current portion			5,281				5,452
Operating lease liability, net of current portion			8,003				8,501
Deferred taxes, net			647				603
Total liabilities			54,996				52,519
Shareholder's equity:
Class A common stock, $0.0001 par value, 150,000,000 shares authorized, 20,172,598 and 19,709,325 shares issued, 20,026,793 and 19,562,520 shares outstanding at September 30, 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 September 30, 2026 and December 31, 2025, respectively			1				1
Additional paid-in capital			184,900				183,393
Treasury stock at cost: 146,805 shares as of September 30, 2026 and December 31, 2025			(525	)			(525	)
Accumulated deficit			(102,224	)			(94,922	)
Total Gaia, Inc. shareholders’ equity			82,154				87,949
Noncontrolling interests			13,071				14,181
Total equity			95,225				102,130
Total liabilities and equity		$	150,221			$	154,649

3

Condensed Consolidated Statements of Operations (unaudited)

		For the Three Months Ended September 30,								For the Nine Months Ended September 30,
(in thousands, except per share data)		2026				2025				2026				2025
Revenues, net		$	22,031			$	24,984			$	69,674			$	73,456
Cost of revenues			3,263				3,410				10,091				9,629
Gross profit			18,768				21,574				59,583				63,827
Operating Expenses:
Selling and operating			19,636				20,578				61,236				61,233
Corporate, general and administration			2,082				2,237				5,941				7,043
Total operating expenses			21,718				22,815				67,177				68,276
Loss from operations			(2,950	)			(1,241	)			(7,594	)			(4,449	)
Interest and other income, net			(131	)			22				(145	)			9
Loss before income taxes			(3,081	)			(1,219	)			(7,739	)			(4,440	)
Income tax expense			33				12				60				61
Loss from continuing operations		$	(3,114	)		$	(1,231	)		$	(7,799	)		$	(4,501	)
Loss from discontinued operations			—				(63	)			—				(59	)
Net loss		$	(3,114	)		$	(1,294	)		$	(7,799	)		$	(4,560	)
Net loss attributable to noncontrolling interests		$	(96	)		$	(141	)		$	(497	)		$	(592	)
Net loss attributable to common shareholders		$	(3,018	)		$	(1,153	)		$	(7,302	)		$	(3,968	)
Loss per share:
Basic (attributable to common shareholders)		$	(0.12	)		$	(0.05	)		$	(0.29	)		$	(0.16	)
Diluted (attributable to common shareholders)		$	(0.12	)		$	(0.05	)		$	(0.29	)		$	(0.16	)
Weighted-average shares outstanding:
Basic			25,019				25,044				25,011				24,805
Diluted			25,019				25,044				25,011				24,805

Condensed Consolidated Statements of Cash Flows (unaudited)

		For the Three Months Ended September 30,								For the Nine Months Ended September 30,
(in thousands)		2026				2025				2026				2025
Net cash (used in) provided by:
Net cash (used in) provided by operating activities		$	(4,062	)		$	326			$	(7,948	)		$	3,908
Net cash used in investing activities			(2,489	)			(3,927	)			(6,625	)			(6,361	)
Net cash provided by financing activities			8,383				3,839				8,137				10,755
Net change in cash and cash equivalents		$	1,832			$	238			$	(6,436	)		$	8,302

4

Filing Exhibits & Attachments

2 documents

Press Releases

• EX-99.1 EX-99.1 358.6 KB

Other Documents

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