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…
Earnings analysis · 10-Q
CURI earnings analysis
Filed August 13, 2026 · Our reading of the company's report
The latest report
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…
Read full summary
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.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.15
- Gross margin
- 72.8%
- Segment
- Licensing revenue: $14.1 million, up 48% year over year
What stood out
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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%.
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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.
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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.
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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.
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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.
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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.
What to watch
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$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.
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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.
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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.
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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.
Management's outlook
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.
Earlier filings 4
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 itself. Analysis can contain errors; check the source document for full context.