CURI · CuriosityStream Inc.

CuriosityStream's Q1 2026 results reflect steady revenue growth and margin expansion, driven by subscription and licensing gains. Revenue of $15.2M was slightly above the prior year's $15.1M, while gross margin improved to 56.1% from 53.1%, indicating better content cost management and mix shift. Net loss of $1.3M included $2.2M in non-cash stock-based compensation, compared to net income of $0.3M in Q1 2025 which had only $0.9M stock-based compensation. Adjusted EBITDA remained positive at $0.9M, marking the fifth consecutive quarter of positive Adjusted EBITDA, though down from $1.1M a year ago. Operating cash flow was $1.2M and adjusted free cash flow $1.3M. The company raised its quarterly dividend to $0.085 per share, payable June 19, 2026, reflecting confidence in cash generation. Management highlighted that licensing revenue is expected to surpass subscription revenue for full year 2026, driving double-digit growth. Full-year guidance calls for revenue of $75-80M and Adjusted EBITDA of $16-20M, implying significant acceleration in the second half. The balance sheet remains strong with $23.4M in cash and securities and no debt. Key business highlights include expanded AI training licensing partnerships and new FAST channel launches. The dividend increase and guidance suggest management's optimism about future cash flows, though the sequential revenue decline in Q1 warrants monitoring.