Curiositystream (CURI) Q4 2025 earnings summary

Executive summary

• Revenue grew 40% year-over-year to $71.7 million for 2025, with Q4 revenue up 36% to $19.2 million.

• Adjusted free cash flow increased 46% to $13.9 million for the year, and Q4 adjusted free cash flow rose 33% to $4.3 million.

• Gross margins expanded to 60%–61% in Q4 from 52% a year ago, reflecting cost discipline.

• The company ended 2025 with $27.3 million in cash and no debt, maintaining a strong balance sheet.

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

Financial highlights

• Q4 revenue: $19.2 million (36% YoY growth); full year: $71.7 million (40% YoY growth).

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

• Q4 adjusted EBITDA: $1.1 million (improved by $3.1 million YoY); full year adjusted EBITDA: $8.2 million (up $14.3 million YoY).

• Net loss for 2025 was $6.4 million, improved from $12.9 million in 2024, mainly due to one-time charges and non-cash stock-based compensation.

• Cash, restricted cash, and held-to-maturity securities totaled $27.3 million at year-end, with no debt.

Outlook and guidance

• 2026 revenue expected in the range of $38–$42 million for H1, with adjusted free cash flow of $6–$9 million.

• Double-digit growth in both revenue and cash flow anticipated for full year 2026.

• Full year of positive GAAP earnings is considered achievable.

• Licensing revenue projected to exceed subscription revenue in 2026.

• Subscription revenue expected to grow low- to mid-single digits, supported by new pricing, partnerships, and organic growth.