Curiositystream (CURI) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue was $15.2 million, up slightly year-over-year, with a strategic focus on building recurring, predictable revenue streams exceeding $100 million annually.

• Net loss was $1.3 million, compared to net income of $0.3 million in Q1 2025, primarily due to higher non-cash stock-based compensation and increased general and administrative expenses.

• Adjusted EBITDA was $0.9 million, marking the fifth consecutive positive quarter.

• Q1 was a transition quarter, positioning for larger, more durable licensing opportunities and double-digit growth in revenue and cash flow for 2026.

• Licensing agreements expanded to a broader roster of partners, indicating strong market validation and demand.

Financial highlights

• Subscription revenue was $8.8 million, flat sequentially but down 5% year-over-year; licensing revenue was $6 million, up 11% year-over-year.

• Gross margin improved to 56% from 53% last year.

• Adjusted Free Cash Flow was $1.3 million, the ninth consecutive positive quarter.

• Net cash from operating activities was $1.2 million; cash, restricted cash, and securities totaled $23.4 million with no debt as of March 31, 2026.

• General and administrative expenses rose 31% to $6.5 million, mainly from higher stock-based compensation.

Outlook and guidance

• Full-year 2026 revenue guidance is $75–$80 million; first half revenue expected between $35–$41 million.

• Adjusted EBITDA guidance for 2026 is $16–$20 million; first half expected at $5–$7 million.

• Management anticipates double-digit growth in both revenue and cash flow for 2026, with licensing revenue projected to surpass subscriptions.

• Management expects current cash, investments, operating cash flows, and new credit facility to be adequate for ongoing operations, capital expenditures, dividends, and working capital for at least the next twelve months.