Curiositystream (CURI) Q4 2025 earnings summary

Executive summary

• Achieved 40% year-over-year revenue growth to $71.7 million for 2025, with Q4 revenue up 36% to $19.2 million and gross margin expanding to 61%.

• Adjusted free cash flow increased 46% to $13.9 million for the year, with record operating cash flow of $13.1 million, up 60%.

• Licensing revenue, driven by AI model training, is expected to surpass subscription revenue in 2026.

• Maintained a strong balance sheet with $27.3 million in cash and no debt at year-end.

• Board authorized an additional $2 million in share repurchases, totaling $6 million.

Financial highlights

• Full-year gross profit reached $40.5 million (57% margin), up from $25.8 million (50% margin) in 2024.

• Q4 adjusted EBITDA was $1.1 million, a $3.1 million improvement year-over-year; full-year adjusted EBITDA was $8.2 million, up $14.3 million from 2024.

• Licensing revenue in Q4 was $9.8 million, up $6.1 million year-over-year; subscription revenue was $9.1 million.

• Net loss for 2025 was $6.4 million, improved from $12.9 million in 2024, including $14.4 million in non-cash stock-based compensation.

• Paid $22 million in dividends during 2025, including a special dividend.

Outlook and guidance

• Expects 2026 revenue of $38–$42 million for H1 and adjusted free cash flow of $6–$9 million.

• Anticipates double-digit growth in both revenue and cash flow for full-year 2026.

• Intends to pay 2026 dividends from operational cash flow.

• Full-year positive GAAP earnings are considered achievable for 2026.