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Edge28 Nov 2025
Keeping the Streak Alive: The Story of Duolingo
How Duolingo made language learning addictive, scaled to millions of users, and built a powerful subscription business around everyday practice.
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 and sequential subscription growth, despite a decline in Direct Business revenue.
Adjusted free cash flow rose 88% to $4.8 million; adjusted EBITDA improved by $3.4 million year-over-year, marking the third consecutive quarter of positive adjusted EBITDA.
Net loss for Q3 2025 was $3.7 million ($0.06/share), up from $3.1 million last year, primarily due to higher operating expenses and $7.0 million in non-cash stock-based compensation.
Licensing revenue increased over 400% year-over-year, driven by demand for AI training data and partnerships with nine key partners.
Declared a $0.08 per share dividend for Q4 2025, with regular dividends maintained and strong balance sheet.
Financial highlights
Q3 2025 revenue: $18.4 million (up 46% YoY from $12.6 million); licensing revenue: $8.7 million (up 425% YoY); subscription revenue: $9.3 million (sequential increase).
Adjusted EBITDA: $3.0 million (up $3.4 million YoY, flat sequentially); adjusted free cash flow: $4.8 million (up $2.3 million YoY), seventh consecutive positive quarter.
Gross margin improved to 59% from 54% last year; gross profit reached $10.8 million.
Net loss of $3.7 million ($0.06/share), compared to $3.1 million loss last year, driven by one-time charges and non-cash SBC.
Ended Q3 with $29.3 million in cash, restricted cash, and held-to-maturity securities, and no debt.
Outlook and guidance
Q4 2025 revenue expected between $18–$20 million; full-year 2025 revenue projected at $70–$72 million (38–42% YoY growth).
Q4 adjusted free cash flow guidance: $2.5–$3.5 million; full-year 2025 adjusted free cash flow: $12–$13 million (27–37% YoY growth).
Management expects to maintain regular quarterly dividends, with $0.08 per share declared for Q4 2025.
Licensing revenue expected to surpass subscription revenue by 2027, possibly earlier.
2026 guidance not yet provided, but management expects continued top and bottom line growth, with dividends to be fully covered by operating cash.
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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