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olivLaw · US equity research

Gaia, Inc. GAIA

Services-Motion Picture & Video Tape Production · SIC 7812 · Vertical: Services-Motion Picture & Video Tape Production (SIC 7812)

1.28USD−0.78% · 1 dayClose 04 Nov 2026

Gaia, Inc. runs a subscription video streaming service with exclusive content for a niche audience, centred on yoga, personal transformation, alternative healing and seeking truth. In the first half of 2026 the company faced pressure on revenue as its marketing strategy changed, which makes it relevant to watch whether it can return to revenue growth and positive cash flow.

The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).

At the close of 04 Nov 2026, Gaia, Inc. (GAIA) stock was 1.28 USD (−0.78% on the day), with beta 1.25, 52-week range 1.21–4.51 USD. Latest reported quarter (Q3 2026): revenue of 22.0 m USD (−11.8% YoY), net income of -3.0 m USD, diluted EPS -0.12 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
unavailable
P/E (TTM)
unavailable
Diluted EPS TTM -0.31 · TTM to 30 Sept 2026
E/P (TTM)
-24.30%
TTM to 30 Sept 2026
Dividend yield
unavailable
Beta (2y)
1.25
Volatility (1y) 77%
52-week range
1.214.51

Price history

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Technical reading

RSI (14)
42.3
weak (30–45)
Bollinger (20, 2)
1.23 – 1.50
in the lower half of the band · %B 0.20 · band width 20.0%
SMA 50 / 200
1.39 / 2.30
downtrend (price < SMA50 < SMA200)
MACD (12, 26, 9)
-0.01 / -0.00
MACD below signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month−8.6%−1.1%−7.5 pp—
3 months−32.6%−0.5%−32.2 pp—
6 months−48.8%+4.4%−53.2 pp—
Year to date−64.7%+12.3%−77.1 pp—
1 year−72.2%+13.5%−85.8 pp−29.7%
3 years−50.6%+76.4%−127.0 pp−68.3%
5 years−87.9%+63.7%−151.6 pp—
Max drawdown (1y)
−73.2%
05 Nov 2025 → 12 Aug 2026
Max drawdown (5y)
−88.3%
08 Nov 2021 → 12 Aug 2026
Compound annual growth (5y)
−34.5%
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q3 2026 · 30 Sept 2026

Revenue
22.0 m USD
−11.8% YoY
Net income
-3.0 m USD
unavailable YoY
Diluted EPS
-0.12
unavailable YoY
net / operating
-13.7% / -13.4%

Quarterly margins

Quarterly statements · USD

Fiscal yearQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26Q3 '26
Revenue-62.3 m23.8 m24.6 m25.0 m-69.0 m24.3 m23.3 m22.0 m
Cost of revenue2.8 m2.9 m3.3 m3.4 m3.2 m3.4 m3.4 m3.3 m
Gross profit21.3 m20.9 m21.3 m21.6 m22.3 m20.9 m19.9 m18.8 m
Operating income-1.7 m-1.0 m-2.2 m-1.2 m-655.0 k-1.4 m-3.2 m-3.0 m
Depreciation & amortisation2.3 m2.1 m2.1 m ≈1.9 m ≈1.9 m1.9 m1.9 m ≈2.0 m ≈
Pre-tax income-811.0 k-1.2 m-2.1 m-1.2 m-653.0 k-1.4 m-3.2 m-3.1 m
Income tax—48.0 k1.0 k12.0 k131.0 k34.0 k-7.0 k33.0 k
Net income-803.0 k-1.0 m-1.8 m-1.2 m-526.0 k-1.3 m-3.0 m-3.0 m
Diluted EPS-0.03 ≈-0.04-0.07-0.05-0.02 ≈-0.05-0.12-0.12
Operating cash flow2.7 m1.3 m2.3 m ≈326.0 k ≈1.8 m1.5 m-5.4 m ≈-4.1 m ≈
Capex1.1 m1.0 m1.4 m ≈1.9 m ≈1.7 m1.6 m2.5 m ≈2.0 m ≈

≈ derived quarter (cumulative difference / share-days average)

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Fiscal years

Fiscal year⚠ 2018201920202021⚠ 2022202320242025
Revenue42.0 m54.0 m66.8 m79.6 m1.6 m2.7 m2.9 m4.5 m
Revenue YoY—+28.5%+23.8%+19.1%—+68.8%+7.4%+55.2%
Net income-33.8 m-18.2 m519.0 k3.7 m-3.6 m-5.6 m-5.2 m-4.5 m
Net income YoY—unavailableunavailable+618.9%—unavailableunavailableunavailable
Diluted EPSunavailable-1.000.030.19-0.19-0.27-0.22-0.18
Diluted EPS YoY—unavailableunavailable+533.3%—unavailableunavailableunavailable
net %-80.5%-33.6%0.8%4.7%-224.7%-207.2%-180.4%-99.9%
Free cash flow-40.2 m-21.3 m-1.7 m3.5 m-6.7 m596.0 k1.9 m-377.0 k

The series breaks before 2018, 2022: earlier years come from the original reports of the issuer of that time, later years from a subsequent filing that restated the perimeter (a separation, discontinued operations). The year-on-year change across the break is not shown.

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
13.5 m USD
Financial debt
5.7 m USD
Net debt
-7.9 m USD
Equity
102.1 m USD
Total assets
154.6 m USD
Debt / equity
0.06x
Current ratio
0.59x
ROE
-4.6%
ROA
-3.0%
FCF margin
-8.4%

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
2.7 m
2024
2.9 m
2025
4.5 m

SEC (XBRL)· 06 Mar 2026verified

Cost of revenue
2023
11.6 m
2024
12.4 m
2025
12.8 m

SEC (XBRL)· 06 Mar 2026verified

Gross profit
2023
68.8 m
2024
76.9 m
2025
86.2 m

SEC (XBRL)· 06 Mar 2026verified

Operating income
2023
-4.6 m
2024
-5.7 m
2025
-5.1 m

SEC (XBRL)· 06 Mar 2026verified

Depreciation & amortisation
2023
7.8 m
2024
8.6 m
2025
8.1 m

SEC (XBRL)· 06 Mar 2026verified

EBITDA
2023
3.3 m ≈
2024
2.9 m ≈
2025
3.0 m ≈

SEC (XBRL)· 06 Mar 2026derived

Pre-tax income
2023
-5.5 m
2024
-5.2 m
2025
-5.1 m

SEC (XBRL)· 06 Mar 2026verified

Income tax
2023
60.0 k
2024
-34.0 k
2025
192.0 k

SEC (XBRL)· 06 Mar 2026verified

Net income
2023
-5.6 m
2024
-5.2 m
2025
-4.5 m

SEC (XBRL)· 06 Mar 2026verified

Diluted EPS
2023
-0.27
2024
-0.22
2025
-0.18

SEC (XBRL)· 06 Mar 2026verified

Weighted average diluted shares
2023
21.5 m
2024
23.3 m
2025
24.9 m

SEC (XBRL)· 06 Mar 2026verified

Balance sheet · USD

Cash
2023
7.8 m
2024
5.9 m
2025
13.5 m

SEC (XBRL)· 06 Mar 2026verified

Receivables
2023
4.1 m
2024
5.6 m
2025
5.4 m

SEC (XBRL)· 06 Mar 2026verified

Current assets
2023
16.1 m
2024
15.7 m
2025
22.5 m

SEC (XBRL)· 06 Mar 2026verified

Property, plant & equipment, net
2023
26.3 m
2024
26.9 m
2025
27.0 m

SEC (XBRL)· 06 Mar 2026verified

Goodwill
2023
31.9 m
2024
31.9 m
2025
34.0 m

SEC (XBRL)· 06 Mar 2026verified

Intangibles (excl. goodwill)
2023
1.1 m
2024
15.6 m
2025
14.7 m

SEC (XBRL)· 06 Mar 2026verified

Total assets
2023
130.3 m
2024
141.2 m
2025
154.6 m

SEC (XBRL)· 06 Mar 2026verified

Accounts payable
2023
12.0 m
2024
12.4 m
2025
15.2 m

SEC (XBRL)· 06 Mar 2026verified

Short-term debt
2023
155.0 k
2024
5.8 m
2025
227.0 k

SEC (XBRL)· 06 Mar 2026verified

Long-term debt
2023
5.8 m
2024
0
2025
5.5 m

SEC (XBRL)· 06 Mar 2026verified

Current liabilities
2023
31.4 m
2024
41.8 m
2025
38.0 m

SEC (XBRL)· 06 Mar 2026verified

Total liabilities
2023
43.5 m
2024
47.2 m
2025
52.5 m

SEC (XBRL)· 06 Mar 2026verified

Equity
2023
86.8 m
2024
94.0 m
2025
102.1 m

SEC (XBRL)· 06 Mar 2026verified

Cash flow · USD

Operating cash flow
2023
5.9 m
2024
6.9 m
2025
5.7 m

SEC (XBRL)· 06 Mar 2026verified

Capex
2023
5.3 m
2024
5.0 m
2025
6.1 m

SEC (XBRL)· 06 Mar 2026verified

Free cash flow
2023
596.0 k ≈
2024
1.9 m ≈
2025
-377.0 k ≈

SEC (XBRL)· 06 Mar 2026derived

Investing cash flow
2023
-5.3 m
2024
-15.0 m
2025
-10.0 m

SEC (XBRL)· 06 Mar 2026verified

Financing cash flow
2023
-4.4 m
2024
6.2 m
2025
12.1 m

SEC (XBRL)· 06 Mar 2026verified

Share repurchases
2023
169.0 k
2024
—
2025
—

SEC (XBRL)· 29 Mar 2024verified

Computed indicators

Growth

Revenue growth (YoY)
55.2%
computed by olivLawFY 2025
Revenue CAGR 3Y
41.2%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
-41.7%
computed by olivLawFY 2020 → FY 2025
EBIT growth (YoY)
unavailable
the base of the ratio is not positive
Net income growth (YoY)
unavailable
the base of the ratio is not positive
Net income CAGR 3Y
unavailable
the base of the ratio is not positive
Net income CAGR 5Y
unavailable
the base of the ratio is not positive
EPS growth (YoY)
unavailable
the base of the ratio is not positive
EPS CAGR 3Y
unavailable
the base of the ratio is not positive
EPS CAGR 5Y
unavailable
the base of the ratio is not positive
FCF growth (YoY)
-119.4%
computed by olivLawFY 2025

Profitability

Gross margin
11,408.8%
computed by olivLawTTM to 30 Sept 2026
EBITDA margin
-75.1%
computed by olivLawTTM to 30 Sept 2026
EBIT margin
-1,148.9%
computed by olivLawTTM to 30 Sept 2026
Net margin
-1,090.3%
computed by olivLawTTM to 30 Sept 2026
FCF margin
-1,949.4%
computed by olivLawTTM to 30 Sept 2026

Returns

ROE
-9.3%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
ROA
-5.2%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
ROIC
-7.4%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
ROCE
-7.1%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
-1.6 m USD
computed by olivLawbalance sheet at 30 Sept 2026
Net debt / EBITDA
unavailable
insufficient data
Debt / equity
0.1x
computed by olivLawbalance sheet at 30 Sept 2026
Interest coverage
unavailable
input data missing

Liquidity

Current ratio
0.5x
computed by olivLawbalance sheet at 30 Sept 2026
Quick ratio
unavailable
input data missing
Cash ratio
0.2x
computed by olivLawbalance sheet at 30 Sept 2026

Cash

Operating cash flow
-6.2 m USD
computed by olivLawTTM to 30 Sept 2026
Capital expenditure
7.8 m USD
computed by olivLawTTM to 30 Sept 2026
Free cash flow
-14.0 m USD
computed by olivLawTTM to 30 Sept 2026
FCF conversion
unavailable
insufficient data
Cash conversion
unavailable
insufficient data

Efficiency

Days sales outstanding
3,047 days
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Days inventory outstanding
unavailable
input data missing
Days payables outstanding
339 days
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
unavailable
input data missing
Enterprise value
unavailable
input data missing
Market cap / net income TTM
unavailable
input data missing
P/E (TTM)
unavailable
insufficient data
Earnings yield
-24.3%
computed by olivLawTTM to 30 Sept 2026
P/B
unavailable
input data missing
P/S
unavailable
input data missing
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
P/FCF
unavailable
input data missing
FCF yield
unavailable
input data missing
Dividend yield
unavailable
input data missing
Shareholder yield (distributions)
unavailable
input data missing

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • indicators available: 4 of at least 6
  • score weight coverage: 29.2% of at least 60%
  • valuation methods computed: 0 of at least 1

A scoring methodology on indicators and valuation, not investment advice.

Closing price

1.28 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: unavailable

Key indicators

Market capitalisation
unavailable
input data missing
P/E (TTM)
unavailable
insufficient data
P/B
unavailable
input data missing
EV/EBITDA
unavailable
input data missing
ROE
-9.3%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Net margin
-1,090.3%
computed by olivLawTTM to 30 Sept 2026
Revenue growth (YoY)
55.2%
computed by olivLawFY 2025
Dividend yield
unavailable
input data missing

Coverage and freshness

30/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 30 Sept 2026
Latest balance sheet date: 30 Sept 2026
Source: SEC (XBRL)published 02 Nov 2026
verified 2066derived 154

Score by group

29% · Insufficient data

Estimated value range

unavailable — no valuation method could be computed

Valuation assumptions are editorial choices, not measured; beta is not measured.

Valuation methods

  • DCF (discounted cash flow)unavailable · input data missing
  • Peers: EV/EBITDAunavailable · input data missing
  • Peers: P/Eunavailable · the base of the ratio is not positive
  • Dividend discount (DDM)unavailable · input data missing

no valuation method could be computed

Multiple comparisons use the SIC vertical: Services-Motion Picture & Video Tape Production (SIC 7812)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Insufficient data

Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 29.2% of at least 60%; valuation methods computed: 0 of at least 1

FactorValueScoreWeight used
ROIC · Quality-7.4%0 (on a fixed band)36%
Net margin · Quality-1,090.3%0 (vs peers)21%
FCF conversion · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growth41.2%100 (on a fixed band)29%
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheetunavailableunavailable—
Current ratio · Balance sheet0.5x0 (on a fixed band)14%
P/E (TTM) · Valuationunavailableunavailable—
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuationunavailableunavailable—
Shareholder yield (distributions) · Returnsunavailableunavailable—
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet· partial0/100 · 1/3 factors with a value
  • Growth· partial100/100 · 1/2 factors with a value
  • Quality0/100 · 2/3 factors with a value
  • Returns· partialunavailable · 0/2 factors with a value
  • Valuation· partialunavailable · 0/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

GAIA, INC (GAIA). Latest full fiscal year: 2025; data up to 2026-09-30.

Figures computed from the financial statements: revenue 4.5 m USD in 2025; YoY growth 55.2%; net margin -1,090.3%; ROE -9.3%.

Valuation cannot be computed from the available data.

Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 29.2% of at least 60%; valuation methods computed: 0 of at least 1).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • Revenue CAGR 3Y: 41.2%

What contradicts it

  • ROIC: -7.4%
  • Net margin: -1,090.3%
  • Current ratio: 0.5x

Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).

Versus the vertical median

Services-Motion Picture & Video Tape Production (SIC 7812) · same industry (4-digit SIC) · compared with 7 companies

Multiples and returns vs the median

P/E
—
vertical median —
EV/EBITDA
—
vertical median —
P/S
—
vertical median 1.3x
P/B
—
vertical median 2.8x
ROE
-9.3%
vertical median -5.8%
below median
Net margin
-1,090.3%
vertical median -4.1%
below median
EBIT margin
-1,148.9%
vertical median -28.1%
below median
Revenue YoY
55.2%
vertical median 18.6%
above median (+196.5%)
Net debt/EBITDA
—
vertical median —
Dividend yield
—
vertical median —

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
LIONLionsgate Studios Corp.3.8 bn——-4.1%+1.8%+71% / +20%
FUBOFuboTV Inc.2.8 bn—-5.8%-0.7%+18.6%−77% / −79%
ANGXAngel Studios, Inc.684.5 m——-37.5%+233.2%−25% / unavailable
STRZStarz Entertainment Corp.438.0 m—-87.9%-32.5%−1.6%+131% / unavailable
CURICuriositystream Inc.157.8 m511.10.1%0.0%+40.1%−45% / +286%
MPUMega Matrix Inc50.4 m—-213.2%-131.4%−27.9%−95% / −94%
TOONKartoon Studios, Inc.32.3 m10.521.7%26.9%+20.7%−30% / −68%
GAIAGaia, Inc——-9.3%-1,090.3%+55.2%−72% / −51%

1- and 3-year price returns: for GAIA from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Scenarios are not available. input data missing

AI analysis

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

Possibly outdated: the newest document it read is from 10 Aug 2026; since then the company filed 8-K (02 Nov 2026 · results), 10-Q (02 Nov 2026).

In brief

Gaia, Inc. runs a subscription video streaming service with exclusive content for a niche audience, centred on yoga, personal transformation, alternative healing and seeking truth. In the first half of 2026 the company faced pressure on revenue as its marketing strategy changed, which makes it relevant to watch whether it can return to revenue growth and positive cash flow 23.

SWOT

Strengths

  • The library of exclusive content and exclusive worldwide streaming rights creates a barrier to entry for competitors in the company's niches 1.
  • In-house production and exclusive relationships with speakers and experts support differentiated content 1.
  • Access on almost any internet-connected device extends the convenience of the service for members 13.

Weaknesses

  • The company has reported net losses in several years and again in the second quarter of 2026 12.
  • Cash reserves fell significantly in the first half of 2026 and operating cash flow was negative 3.
  • Dependence on a relatively small member base and on retaining it makes revenue sensitive to cancellations 12.

Opportunities

  • International growth and expansion into new languages could attract members with higher ARPU, which could support margins 3.
  • Live events and the premium membership could add revenue and deepen member engagement 1.
  • AI-based features could boost daily engagement among members 3.

Threats

  • Competition from large streaming providers and pirated content could reduce market share 1.
  • New cultural regulations in several countries could raise costs or restrict the content offering 1.
  • Unauthorised use of content through generative technologies could affect traffic and revenue 1.

Risks

  • Member acquisition and retentionhigh

    If members cancel in large numbers or new members are not attracted in sufficient volume, revenue and operating results could be affected 1.

  • Persistent operating losseshigh

    The company cannot assure future profitability, which could affect its ability to meet debt service and capital expenditure needs 1.

  • Reduced liquidityhigh

    The decline in cash and negative operating cash flow in 2026 could limit financial flexibility if the trend does not reverse 3.

  • Liability for contentmedium

    Content produced, licensed or distributed may lead to claims for defamation, copyright or other liabilities, with unforeseen costs 1.

  • Regulation and reputationmedium

    Content regarded as controversial by authorities could lead to restrictions, boycotts or heightened regulatory scrutiny 1.

Investment thesis

What would need to be true (bull case)

  • The exclusive library and loyal member base could support a revenue recovery if the marketing strategy stabilises 12.
  • International expansion and AI-based features could raise ARPU and member engagement 3.
  • If the cost reduction continues, the company could return to better cash flows, as management has indicated 3.

What would break the thesis

  • Revenue fell in the second quarter of 2026 and competitive pressure could continue to weigh on growth 2.
  • Repeated losses and shrinking cash could force the company to finance operations on more expensive terms 13.
  • If marketing costs stay high without a proportional rise in members, operating margins could remain under pressure 2.

What to watch

  • Revenue and member trends, including the effect of the new marketing strategyQ3 2026
  • Return to positive operating cash flow, which management has said it expectsQ4 2026
  • Level of cash and use of the credit linenext 10-Q
  • Effects of cultural regulation and AI technologies on costs and revenue2027

Products, market & competition

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

Possibly outdated: the newest document it read is from 10 Aug 2026; since then the company filed 8-K (02 Nov 2026 · results), 10-Q (02 Nov 2026).

The business

Gaia, Inc. operates a global digital video subscription service with a library of over 10,000 titles and live events, available on most internet-connected devices 1. Over 90% of the content is available exclusively on Gaia, and original and owned content makes up over 75% of members' viewing time 1. The company reports as a single segment, with revenue derived mainly from subscription fees 1.

Content is organised into four primary channels: Seeking Truth, Transformation, Alternative Healing and Yoga, largely produced at the lifestyle campus near Boulder, Colorado, or licensed under long-term agreements 1. The company has added Spanish, German and French offerings and launched the GaiaSphere live event studio with the Gaia+ premium membership 1.

As of 10 August 2026 Gaia described its service as available in 185 countries, on devices such as Apple TV, iOS, Android, Roku and Chromecast, and sold through Amazon Prime Video and Comcast Xfinity 3. Approximately 40% of members are outside the United States, and international expansion relies on exclusive worldwide streaming rights without major local operations 1.

Segments

Global subscription service

The company's single reportable segment covers subscription streaming, which generates essentially all revenue 1. Revenue grew in 2025, mainly due to more members and higher ARPU, while in the second quarter of 2026 it fell 5.29% 12.

Original and licensed content

Original and owned content is produced in-house and forms a large part of the media library, amortised over the licence period or estimated useful life of the titles 1. The company noted that gross margin fell in the second quarter of 2026, although content-related costs remained relatively consistent 2.

Market context

The streaming video market is expanding rapidly as more users supplement or replace broadcast television with digital services 1. Gaia believes its potential target market is about 15% of streaming users who already pay for a subscription video service 1. The market remains intensely competitive, and consumers can shift spending between providers easily 1.

Competition includes multichannel distributors, internet movie and TV services, streaming retailers, video game providers and user-generated content, including pirated streaming 1. The company positions itself as a complementary service to large entertainment providers, but competitive pressure can affect member retention 1.

Trends

  • Shift of audiences to internet-connected televisiontailwind

    Demand for digital content services accessible on multiple devices continues to grow while cable subscribers decline, which could support the service's growth 1.

  • International expansion of streamingtailwind

    If viewers abroad adopt the viewing habits of the US market, multilingual streaming services could find long-term growth opportunities 1.

  • Artificial intelligencemixed

    Generative technologies could reduce audience size and facilitate unauthorised use of content, but they may also improve the product and operational efficiency 13.

  • Regulatory and cultural pressureheadwind

    Some countries are updating cultural support legislation to cover services like Gaia, with content quotas, levies and investment obligations, which could raise costs 1.

Competitive position

Gaia operates in an intensely competitive market against larger providers with greater financial, marketing and technology resources and bigger customer bases 1. The risk is heightened because members can cancel quickly and move to another provider 1.

The company argues that the exclusivity of its content and its niche focus differentiate it, yet competitive dynamics have made marketing and retention an ongoing challenge 12.

  • Mainstream entertainment streaming services

    Larger streaming video services competing for consumers' viewing time and subscription budgets.

  • Multichannel video programming distributors

    Cable and other multichannel providers offering on-demand content through authenticated internet applications.

  • Internet movie and TV services, including piracy

    Legal and illegal platforms competing directly for members' entertainment time and budget.

  • Communities and user-generated content

    Professional creators and online communities competing for attention from audiences interested in similar topics.

News & filings

In the press

No news in our archive over the last 180 days.

SEC filings

Sources

  1. [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Gaia, Inc. · 06 Mar 2026
  2. [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Gaia, Inc. · 10 Aug 2026
  3. [3] Form 8-K, results release (exhibit 99.1) · SEC / Gaia, Inc. · 10 Aug 2026

Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.