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Edge12 Dec 2025
Running on Clouds: The Story of On
The story of how a Swiss runner's pursuit of a new running sensation became On, aiming to be the most premium global sportswear brand worldwide.
Curiositystream (CURI) investor relations material
Curiositystream Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary12 Nov, 2025
Executive summary
Q3 2025 revenue grew 46% year-over-year to $18.4 million, surpassing guidance, driven by a surge in content licensing, while Direct Business revenue declined due to lower DTC subscriber count.
Adjusted free cash flow rose 88% to $4.8 million; adjusted EBITDA improved by $3.4 million year-over-year, turning positive at $3.0 million.
Net loss for Q3 2025 was $3.7 million ($0.06/share), up from $3.1 million last year, primarily due to a $7 million non-cash stock-based compensation charge.
Three growth pillars—subscriptions, licensing, and advertising—are driving momentum, with licensing revenue up over 400% year-over-year.
The company is expanding its AI training data library, enhancing data structuring, and growing partnerships in the U.S. and internationally.
Financial highlights
Q3 2025 revenue: $18.4 million, up from $12.6 million in Q3 2024; gross margin improved to 59% from 54% last year.
Adjusted EBITDA: $3 million, up $3.4 million year-over-year and flat sequentially; Adjusted Free Cash Flow: $4.8 million, up $2.3 million year-over-year.
Q3 net loss: $3.7 million ($0.06/share), compared to $3.1 million loss last year, driven by one-time and non-cash SBC charges.
Cash, restricted cash, and held-to-maturity securities totaled $29.3 million at quarter end, with no debt.
Operating cash flow for nine months: $9.1 million, up from $5.1 million in 2024.
Outlook and guidance
Q4 2025 revenue expected between $18–$20 million; full-year 2025 revenue projected at $70–$72 million (38–42% growth year-over-year).
Q4 adjusted free cash flow guidance: $2.5–$3.5 million; full-year 2025 adjusted free cash flow expected at $12–$13 million.
Management expects to maintain regular quarterly dividends, with $0.08 per share declared for Q4 2025.
Anticipates faster subscription revenue growth in 2026 and expects licensing to surpass subscription revenue by 2027 or earlier.
Current liquidity is expected to be sufficient for at least the next twelve months, supporting operations, capital expenditures, and dividends.
Value of 2M-hour AI training library
Future stock-based compensation expectations
International expansion via new payment options
Explain Content as a Service (CaaS) strategy
Detail 2026 subscription growth drivers
Why rapidly expand the AI content library?
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Next Curiositystream earnings date
Q4 202510 Mar, 2026
Next Curiositystream earnings date
Q4 202510 Mar, 2026
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Frequently asked questions
CuriosityStream, Inc. operates a factual streaming service and media company that curates, finances, develops, commissions, and acquires original documentaries from leading filmmakers from around the world. The company also licenses non-exclusive library content to third-party distributors and aggregators. It provides streaming access to over 2,400 titles in 4K resolution with HDR across various categories, such as science, technology, civilization, history, nature, humanity, society and lifestyle, space exploration and adventure. CuriosityStream Inc. was formerly known as Insuritas LLC. The company was founded in 2015 and is based in Silver Spring, Maryland.
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