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CURI

CuriosityStream Inc.

CURI

CuriosityStream Inc. • NASDAQ
$4.81 ▲ 2.34% (+0.11)
Market Cap $280.13 M
52w High $7.15
52w Low $1.47
Dividend Yield 0.30%
P/E -48.1
Volume 416.57K
Outstanding Shares 58.24M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $18.359M ▼ $15.262M ▲ $-3.744M ▼ -20.393% ▼ $-0.065 ▼ $-409K ▼
Q2-2025 $19.012M ▲ $9.668M ▲ $784K ▲ 4.124% ▲ $0.014 ▲ $4.39M ▲
Q1-2025 $15.09M ▲ $7.931M ▼ $319K ▲ 2.114% ▲ $0.006 ▲ $3.633M ▲
Q4-2024 $14.134M ▲ $11.241M ▲ $-2.813M ▲ -19.902% ▲ $-0.052 ▲ $1.043M ▼
Q3-2024 $12.604M $10.016M $-3.062M -24.294% $-0.057 $1.392M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $27.78M ▼ $74.705M ▼ $27.511M ▼ $47.194M ▼
Q2-2025 $28.133M ▼ $78.652M ▼ $28.811M ▲ $49.841M ▼
Q1-2025 $33.445M ▲ $85.252M ▼ $27.136M ▼ $58.116M ▲
Q4-2024 $32.062M ▼ $86.182M ▼ $28.334M ▲ $57.848M ▼
Q3-2024 $33.209M $87.567M $25.352M $62.215M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-3.744M ▼ $4.377M ▲ $8.613M ▲ $-5.825M ▲ $7.165M ▲ $4.377M ▲
Q2-2025 $784K ▲ $2.789M ▲ $6.233M ▲ $-11.327M ▼ $-2.305M ▼ $2.789M ▲
Q1-2025 $319K ▲ $1.922M ▼ $2.07M ▲ $-2.635M ▲ $1.357M ▲ $1.845M ▼
Q4-2024 $-2.813M ▲ $3.035M ▲ $-1.437M ▲ $-3.36M ▼ $-1.762M ▲ $3.035M ▲
Q3-2024 $-3.062M $2.26M $-29.968M $-2.223M $-29.931M $2.26M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Product and Service Other
Product and Service Other
 $0 ▲$0 ▲$0 ▲$0 ▲
Trade And Barter Transactions
Trade And Barter Transactions
 $0 ▲$0 ▲$0 ▲$0 ▲
Enterprise
Enterprise
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement CuriosityStream’s revenue grew in its early years after listing, but has slipped back somewhat in the last couple of years, suggesting growth has been uneven as it reshapes the business. The company has consistently generated a positive gross profit, which means its content and distribution economics are fundamentally sound, but not yet large enough to cover all operating costs. Operating losses have been persistent, yet they have narrowed over time, and a move from negative to roughly breakeven EBITDA signals that the underlying business model is becoming more efficient. Net losses and per‑share losses remain, but the direction is improving, pointing to a company still in transition rather than one stuck in structural decline.

Balance Sheet

Balance Sheet The balance sheet shows a lean, asset‑light company that once built up a larger asset base and has since slimmed down. Total assets and equity have both declined from their peak, which reflects cumulative losses and a more focused footprint. A key positive is the absence of financial debt, which reduces solvency risk and gives management more flexibility in a volatile industry. Cash levels are modest rather than abundant, so the company does not appear distressed but also does not have unlimited room for missteps or heavy new spending without fresh capital or stronger cash generation.

Cash Flow

Cash Flow Historically, CuriosityStream burned cash in its operations as it invested in content and growth, but operating cash flow has gradually improved and flipped to positive in the most recent year. Free cash flow mirrors this pattern because capital spending has been minimal, underscoring an asset‑light, software‑and‑content‑driven model. The recent stretch of positive (even if modest) free cash flow suggests the core business has become more self‑funding, especially as higher‑margin licensing grows. The main risk is that this progress could reverse if large deals are lumpy or if content and marketing costs rise faster than expected.

Competitive Edge

Competitive Edge CuriosityStream occupies a clearly defined niche in factual and documentary content rather than competing head‑on with general‑purpose giants like Netflix or Disney+. Its deep library in science, history, nature, and technology, along with a reputation shaped by its founder’s Discovery Channel legacy, gives it a recognizable brand among documentary and lifelong‑learning audiences. The company has diversified well beyond consumer subscriptions: it sells into bundles with distributors, operates free ad‑supported channels, and now licenses content to AI developers, which can be high‑margin and less churn‑prone. The main competitive risks are the small scale of the business, reliance on a niche audience, and the possibility that larger platforms or rival libraries may target the same AI‑licensing opportunity over time.

Innovation and R&D

Innovation and R&D The company’s most important recent innovation is its shift toward serving AI developers with large, structured video and audio datasets. It has invested in infrastructure and metadata systems that can organize, tag, and deliver massive volumes of factual content in a way that is particularly valuable for training AI models. This is a natural extension of its core strength—owning and aggregating high‑quality factual footage—into a higher‑value technical service. Beyond AI, initiatives like Curiosity University, dedicated kids’ content, and an audio network show a willingness to experiment with new formats and audiences. The opportunity is that these innovations could turn a relatively small streaming platform into a broader, data‑and‑content supplier, though success depends on sustaining partnerships with leading AI players and keeping its content uniquely useful versus other sources.

Summary

CuriosityStream is evolving from a niche documentary streaming service into a broader factual‑content and data company, with financials that show early‑stage growing pains but also tangible progress. The income statement still reflects losses, yet trends in profitability and cash flow are moving in the right direction as higher‑margin licensing grows. Its balance sheet is clean, with no debt but only a modest cash cushion, which makes ongoing positive cash generation important. Strategically, its specialized factual library, cost‑effective content model, and emerging role as an AI training data provider create a differentiated position that is not directly comparable to mainstream entertainment streamers. The key questions going forward are whether AI content licensing can scale steadily, whether the company can maintain positive free cash flow, and whether its niche brand remains strong enough to support both streaming and data‑licensing ambitions over time.

NEWS

November 12, 2025 · 4:05 PM UTC

CuriosityStream Reports 46% Year-over-Year Revenue Increase

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November 6, 2025 · 1:00 PM UTC

CuriosityStream Names John Higgins Vice President, Content Partnerships, to Accelerate Growth in AI Licensing and Strategic Alliances

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November 4, 2025 · 9:00 AM UTC

CuriosityStream to Participate at Upcoming Conferences in November

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October 29, 2025 · 9:00 AM UTC

CuriosityStream Unveils New Licensing Partnerships Across Global Media and Next-Generation AI Platforms

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October 23, 2025 · 4:05 PM UTC

CuriosityStream to Report Third Quarter 2025 Financial Results on November 12

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