CURI earnings analysis
What we found in CURI's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
CuriosityStream delivered a strong Q2 2026, with revenue of $23.245 million, gross margin of 72.8%, and diluted EPS of $0.15, all improving materially versus Q1 2026 and Q2 2025. Licensing revenue rose 48% to $14.1 million and Adjusted EBITDA reached $11.4 million, supporting the raised $77 million-$82 million full-year revenue outlook. The principal offset is negative first-half operating cash flow of $2.950 million and a new $10 million receivable concentration from a newly formed counterparty.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue accelerated and beat consensus
- Revenue was $23.245 million, up from $15 million in Q1 2026 and $19 million in Q2 2025. The quarter exceeded the $21.252536 million consensus estimate by approximately 9.4%.
- Licensing momentum accelerated
- Licensing revenue increased 48% year over year to $14.1 million, indicating strong demand for the company’s content licensing, including licensing to AI models.
- Gross margin expanded sharply
- Gross margin expanded to 72.8%, up from 56.1% in Q1 2026 and 53.4% in Q2 2025, a 16.7-point sequential improvement and 19.4-point year-over-year improvement.
- EPS materially exceeded expectations
- Diluted EPS was $0.15 versus $0.03 expected, compared with $0.01 in Q2 2025 and negative $0.02 in Q1 2026.
- Adjusted EBITDA outlook introduced
- Adjusted EBITDA reached $11.4 million in the quarter, while management introduced full-year 2026 Adjusted EBITDA guidance of $18 million-$22 million.
- Share repurchases continued
- The company repurchased 182,883 shares during Q2 2026, and $4.877879 million remained available under the repurchase authorization at June 30, 2026.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- $10 million receivable concentration risk
- The company recorded a licensing fee receivable from Curiosity Brands, LLC payable in four annual installments of $2.5 million beginning in June 2027, or $10 million in total scheduled installments. Curiosity Brands is newly formed with limited operating history and independent financial resources, creating credit and counterparty concentration risk.
- Operating cash flow remained negative
- First-half 2026 operating cash flow was negative $2.950 million despite Q2 revenue of $23.245 million and Adjusted EBITDA of $11.4 million. Continued negative operating cash flow could constrain liquidity and the ability to fund repurchases or other investments.
- Capital returns may pressure liquidity
- The Board increased the total share repurchase authorization to $6.0 million on March 10, 2026; $4.877879 million remained available at June 30, 2026. Repurchases are discretionary and depend on market conditions and liquidity needs, potentially competing with funding needs while cash generation remains negative in the first half.
- Insider trading arrangements add overhang
- Two insiders adopted trading arrangements covering up to 302,424 shares for the COO and up to 90,000 shares for a director. The planned sale periods begin August 21, 2026 and September 14, 2026, respectively, which may create incremental equity-market overhang.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.15
- Gross margin
- 72.8%
- Segment
- Licensing revenue: $14.1 million, up 48% year over year
What they said about what is next.
Management raised full-year 2026 revenue guidance to $77 million-$82 million from $75 million-$80 million previously and introduced Adjusted EBITDA guidance of $18 million-$22 million. Second-half 2026 revenue guidance is $38 million-$41 million, second-half Adjusted EBITDA guidance is $6 million-$10 million, and expected year-end 2026 cash and investments are $17 million-$22 million.
The filing reads better than the one before it.
What came before.
- 10-Q · May 14, 2026
- CuriosityStream reported Q1 2026 revenue of $15.2 million, below consensus estimates of $16.8 million. The company posted a GAAP EPS of -$0.02, outperforming the expected -$0.05, but faced a decline in net income…
- 10-K · March 12, 2026
- CuriosityStream positions itself as a factual-SVOD and content-licensing specialist with a ~14,000-title library and distribution via DTC, partner platforms and bundled MVPD deals. Financially the company showed a…
- 10-Q · November 13, 2025
- CuriosityStream reported Q3 revenue of $18,359 (in thousands), up 45.6% year-over-year from $12,604, with improved gross margin (58.7% vs 53.7% a year ago). GAAP operating loss widened to $4,491 (in thousands) and GAAP…
- 10-Q · November 7, 2024
- CuriosityStream reported Q3 revenue of $12.604M (three months ended September 30, 2024) vs $15.630M a year earlier, with GAAP net loss per share of $(0.06). Gross margin remained healthy at ~53.7% while operating margin…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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