GAIA earnings analysis
What we found in GAIA'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
Gaia’s Q2 revenue of $23.3 million declined from both the prior quarter’s $24.0 million and the prior year’s $25.0 million, while gross margin fell to 85.3%. Diluted EPS was $(0.12), and operating cash flow was $(5.4) million, creating meaningful cash-generation pressure. Management provided no numeric revenue or EPS guidance but reiterated its focus on returning to positive free cash flow in Q4; the filing contains no newly disclosed risk-factor changes.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Q2 revenue was $23.3 million
- Second-quarter revenue was $23.3 million, while diluted EPS was $(0.12). Revenue declined from $24.0 million in Q1 2026 and $25.0 million in Q2 2025.
- Gross margin declined to 85.3%
- Gross margin was 85.3%, down from 86.0% in Q1 2026 and 86.7% in Q2 2025, a sequential decline of 70 basis points and year-over-year decline of 140 basis points.
- Q4 positive FCF remains the objective
- Management remains focused on returning to positive free cash flow in Q4, providing a stated cash-generation objective despite no numeric revenue or EPS outlook.
- Liquidity includes a $10 million credit line
- The company reported a $10 million credit line as part of its liquidity resources, providing additional financing capacity.
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.
- Negative operating cash flow
- Operating cash flow was $(5.4) million in Q2 2026, indicating substantial cash consumption during the quarter and increasing reliance on liquidity resources.
- Revenue and margin compression
- Revenue was $23.3 million, down approximately 6.8% from $25.0 million in Q2 2025, while gross margin fell to 85.3% from 86.7%, signaling combined top-line and margin pressure.
- No new risk-factor disclosures
- The filing does not identify new or amended risk factors; it incorporates by reference Item 1A of the December 31, 2025 Form 10-K filed on March 5, 2026. Accordingly, material risks remain subject to the prior annual disclosure rather than a new quarterly update.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.12
- Gross margin
- 85.3%
What they said about what is next.
No numeric revenue or EPS guidance was provided. Management remains focused on returning to positive free cash flow in Q4; no quantitative FCF target was disclosed.
The filing reads about the same as the one before it.
What came before.
- 10-Q · May 4, 2026
- Gaia, Inc. reported a revenue of $24.3 million for Q1 2026, reflecting a slight increase of 2% from $23.8 million in Q1 2025. The company incurred a net loss of $1.4 million, compared to a loss of $1.2 million in the…
- 10-K · March 6, 2026
- Gaia positions itself as a niche, conscious-media streaming service focused on exclusive original content (over 10,000 titles, ~90% exclusive and >98% available worldwide) delivered via a single subscription segment.…
- 10-Q · July 31, 2023
- Gaia, Inc. reported Q2 2023 revenues of $19.8 million, slightly down from $20.7 million in Q2 2022, reflecting a challenging operating environment and continued losses. The company reported a diluted EPS of -$0.08,…
- 10-Q · May 1, 2023
- Gaia reported Q1 revenue of $19,647,000, down from $21,831,000 in the year-ago quarter, producing a gross margin of 85.9% and an operating loss of $1,022,000. The company generated positive operating cash flow of…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
Read the next one first.
We read every filing GAIA makes the day it lands, and put it next to what the options market did about it. Members get both, and an alert when a filing arrives.
Cancel anytime · Month to month · Switch tiers whenever