Curiositystream (CURI) Q3 2025 earnings summary

Executive summary

• Q3 2025 revenue grew 46% year-over-year to $18.4 million, surpassing guidance and consensus estimates by $2 million, driven by a surge in content licensing, especially for AI training.

• Adjusted EBITDA turned positive at $3.0 million, a $3.4 million improvement year-over-year, exceeding estimates by $1.9 million.

• Operating cash flow rose 101% to $4.5 million, and adjusted free cash flow increased 88% to $4.8 million.

• Net loss for Q3 2025 was $3.7 million ($0.06/share), up from $3.1 million last year, mainly due to higher operating expenses and $7 million in non-cash stock-based compensation.

• Monetization diversified across subscriptions, licensing, and advertising, with licensing revenue up over 400% year-over-year.

Financial highlights

• Q3 2025 revenue: $18.4 million, up from $12.6 million in Q3 2024 (46% YoY growth).

• Content licensing revenue grew 425% YoY to $8.7 million, now 47% of total revenue, driven by AI training deals.

• Adjusted EBITDA: $3.0 million, a $3.4 million improvement year-over-year and flat sequentially.

• Adjusted free cash flow: $4.8 million, up $2.3 million year-over-year; seventh consecutive positive quarter.

• Gross margin improved to 59% from 54% last year.

• Net loss: $3.7 million ($0.06/share), compared to $3.1 million loss last year, due to non-cash and one-time charges.

• Cash, restricted cash, and held-to-maturity securities totaled $29.3 million at quarter-end, with no debt.

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 (27–37% growth).

• Licensing revenue anticipated to surpass subscription revenue by 2027 or earlier.

• Intends to pay 2026 dividends from operating cash; $0.08 per share dividend declared for Q4 2025.

• Current liquidity expected to be sufficient for at least the next twelve months, supporting operations, capital expenditures, and dividends.