Curiositystream (CURI) Q1 2025 earnings summary

Executive summary

• Achieved first-ever positive net income and adjusted EBITDA in Q1 2025, with net income of $0.3 million versus a $5.0 million loss year-over-year, marking a significant financial milestone.

• Revenue grew 26% year-over-year to $15.1 million, driven by strong content licensing growth, offsetting declines in direct subscriptions and bundled distribution.

• Quarterly dividend doubled to $0.08 per share ($0.32 annualized), reflecting confidence in future performance and growth.

• Focused on five growth pillars: licensing to media/tech, expense rationalization, global expansion via translation and new currencies, and talent enhancement.

• Expanded content library, launched Curiosity University, and entered new third-party agreements domestically and internationally.

Financial highlights

• Gross profit increased to $8.0 million (53.1% margin) from $5.3 million (43.8%) year-over-year, driven by higher-margin content licensing and reduced content amortization.

• Adjusted EBITDA positive at $1.1 million, up $3.9 million from prior year.

• Adjusted free cash flow reached $2.0 million, the fifth consecutive positive quarter.

• Operating expenses (advertising, marketing, G&A) declined 11% year-over-year; G&A down 19% excluding stock-based compensation.

• Net cash from operating activities rose to $1.9 million from $0.7 million year-over-year.

Outlook and guidance

• Q2 2025 revenue expected between $16.0 million and $17.0 million, representing 30–37% year-over-year growth.

• Adjusted free cash flow for Q2 forecasted at $2.0–$3.0 million.

• Confident in achieving double-digit top- and bottom-line growth for 2025, with continued investment in content and technology.

• Liquidity and cash flow are sufficient to support operations, capital expenditures, and dividends for at least the next twelve months.

• Regular quarterly cash dividends are planned, with a $0.08 per share dividend declared for Q2 2025.