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%.

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

• 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, restricted cash, and securities, and no debt.

Financial highlights

• Full-year revenue rose to $71.7 million from $51.1 million in 2024.

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

• Adjusted EBITDA for 2025 was $8.2 million, a $14.3 million improvement year-over-year.

• Net loss narrowed to $6.4 million from $12.9 million in 2024, mainly due to non-cash and one-time charges.

• Paid $22 million in dividends during 2025, with a current dividend yield over 10%.

Outlook and guidance

• Projecting double-digit growth in both revenue and cash flow for 2026.

• First half 2026 revenue expected between $38 million and $42 million; adjusted free cash flow between $6 million and $9 million.

• Anticipates full-year positive GAAP earnings in 2026.

• Licensing revenue expected to exceed subscription revenue in 2026.