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olivLaw · US equity research

CuriosityStream Inc. CURI

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

2.52USD−5.26% · 1 dayClose 05 Nov 2026

CuriosityStream is a factual entertainment company that sells streaming subscriptions and licenses its content library to media and artificial intelligence companies. In 2026 it moved from loss to profit in the second quarter, and licensing has become the main revenue engine, which makes its profile relevant for investors watching content monetization.

At the close of 05 Nov 2026, CuriosityStream Inc. (CURI) stock was 2.52 USD (−5.26% on the day), with market capitalisation 149.5 m USD, P/E 484.2 on diluted EPS of 0.01 USD over the last 12 months, dividend yield 12.86%, beta 1.39, 52-week range 2.35–4.91 USD. Latest reported quarter (Q2 2026): revenue of 23.2 m USD (+22.3% YoY), net income of 8.9 m USD (+1,032.9% YoY), diluted EPS 0.15 USD.

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

Market cap
149.5 m USD
shares as of 07 Aug 2026
P/E (TTM)
484.2
Diluted EPS TTM 0.01 · TTM to 30 Jun 2026
E/P (TTM)
0.21%
TTM to 30 Jun 2026
Dividend yield
12.86%
Beta (2y)
1.39
Volatility (1y) 77%
52-week range
2.354.91

Price history

Loading chart…

Technical reading

RSI (14)
39.7
weak (30–45)
Bollinger (20, 2)
2.46 – 2.93
in the lower half of the band · %B 0.13 · band width 17.2%
SMA 50 / 200
2.77 / 2.96
downtrend (price < SMA50 < SMA200)
MACD (12, 26, 9)
-0.07 / -0.05
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−14.3%−5.9%−8.3 pp—
3 months−6.0%−4.6%−1.3 pp—
6 months−19.7%+0.2%−20.0 pp—
Year to date−33.7%+7.4%−41.1 pp—
1 year−38.4%+8.2%−46.6 pp−34.3%
3 years+320.0%+68.4%+251.6 pp−70.3%
5 years−73.2%+56.5%−129.7 pp—
Max drawdown (1y)
−52.1%
09 Dec 2025 → 24 Jul 2026
Max drawdown (5y)
−95.3%
08 Nov 2021 → 26 Feb 2024
Compound annual growth (5y)
−23.1%
S&P 500 +9.4%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q2 2026 · 30 Jun 2026

Revenue
23.2 m USD
+22.3% YoY
Net income
8.9 m USD
+1,032.9% YoY
Diluted EPS
0.15
+1,400.0% YoY
net / operating
38.2% / 39.5%

Quarterly margins

Quarterly statements · USD

Fiscal yearQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Revenue12.6 m14.1 m15.1 m19.0 m18.4 m19.2 m15.2 m23.2 m
Operating income-3.3 m-3.9 m79.0 k480.0 k-4.5 m-3.4 m-1.5 m9.2 m
Depreciation & amortisation75.0 k ≈54.0 k41.0 k42.0 k ≈39.0 k ≈42.0 k41.0 k47.0 k ≈
Pre-tax income-3.0 m-2.8 m347.0 k669.0 k-4.0 m-3.5 m-1.3 m9.3 m
Income tax100.0 k32.0 k28.0 k-115.0 k-200.0 k314.0 k24.0 k434.0 k
Net income-3.1 m-2.8 m319.0 k784.0 k-3.7 m-3.8 m-1.3 m8.9 m
Diluted EPS-0.06-0.05 ≈0.010.01-0.06-0.06 ≈-0.020.15
Operating cash flow2.3 m ≈3.0 m1.9 m2.8 m ≈4.4 m ≈4.0 m1.2 m-4.2 m ≈
Capex0 ≈077.0 k0 ≈0 ≈25.0 k00 ≈
Dividends paid1.3 m ≈1.4 m2.3 m10.4 m ≈4.6 m ≈4.7 m4.9 m5.0 m ≈
Share repurchases192.0 k ≈33.0 k00 ≈0 ≈0311.0 k560.0 k ≈

≈ 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.

Today's P/E sits at the 0 percentile of its own 1-quarter history (min 511.1, median 511.1, max 511.1; quarters with earnings only).

Fiscal years

Fiscal year2019202020212022202320242025
Revenue18.0 m39.6 m71.3 m78.0 m56.9 m51.1 m71.7 m
Revenue YoYunavailable+119.8%+79.9%+9.5%−27.1%−10.1%+40.1%
Net income-42.7 m-48.6 m-37.6 m-50.9 m-48.9 m-12.9 m-6.4 m
Net income YoYunavailableunavailableunavailableunavailableunavailableunavailableunavailable
Diluted EPSunavailable-3.30-1.02-0.96-0.92-0.24-0.11
Diluted EPS YoYunavailableunavailableunavailableunavailableunavailableunavailableunavailable
net %-236.7%-122.7%-52.8%-65.2%-85.9%-25.3%-9.0%
Free cash flow-45.5 m-53.9 m-73.6 m-39.7 m-16.2 m8.2 m13.0 m

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
18.3 m USD
Financial debt
unavailable USD
Net debt
unavailable USD
Equity
41.5 m USD
Total assets
75.7 m USD
Debt / equity
unavailable
Current ratio
1.23x
ROE
-12.9%
ROA
-7.9%
FCF margin
18.1%

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
56.9 m
2024
51.1 m
2025
71.7 m

SEC (XBRL)· 12 Mar 2026verified

Cost of revenue
2023
—
2024
—
2025
—

SEC (XBRL)· 31 Mar 2022verified

Gross profit
2023
—
2024
—
2025
—

SEC (XBRL)· 31 Mar 2022derived

Operating income
2023
-44.5 m
2024
-13.3 m
2025
-7.3 m

SEC (XBRL)· 12 Mar 2026verified

Depreciation & amortisation
2023
496.0 k
2024
339.0 k
2025
164.0 k

SEC (XBRL)· 12 Mar 2026verified

EBITDA
2023
-44.0 m ≈
2024
-13.0 m ≈
2025
-7.1 m ≈

SEC (XBRL)· 12 Mar 2026derived

Pre-tax income
2023
-48.4 m
2024
-12.8 m
2025
-6.4 m

SEC (XBRL)· 12 Mar 2026verified

Income tax
2023
506.0 k
2024
132.0 k
2025
14.0 k

SEC (XBRL)· 12 Mar 2026verified

Net income
2023
-48.9 m
2024
-12.9 m
2025
-6.4 m

SEC (XBRL)· 12 Mar 2026verified

Diluted EPS
2023
-0.92
2024
-0.24
2025
-0.11

SEC (XBRL)· 12 Mar 2026verified

Weighted average diluted shares
2023
53.0 m
2024
54.5 m
2025
57.7 m

SEC (XBRL)· 12 Mar 2026verified

Balance sheet · USD

Cash
2023
37.7 m
2024
7.8 m
2025
18.3 m

SEC (XBRL)· 12 Mar 2026verified

Receivables
2023
4.8 m
2024
6.1 m
2025
8.9 m

SEC (XBRL)· 12 Mar 2026verified

Current assets
2023
45.3 m
2024
39.5 m
2025
37.4 m

SEC (XBRL)· 12 Mar 2026verified

Property, plant & equipment, net
2023
727.0 k
2024
520.0 k
2025
404.0 k

SEC (XBRL)· 12 Mar 2026verified

Goodwill
2023
—
2024
—
2025
—

SEC (XBRL)· 25 Mar 2024verified

Intangibles (excl. goodwill)
2023
—
2024
—
2025
—

SEC (XBRL)· 31 Mar 2023verified

Total assets
2023
101.0 m
2024
86.2 m
2025
75.7 m

SEC (XBRL)· 12 Mar 2026verified

Accounts payable
2023
4.8 m
2024
5.6 m
2025
9.4 m

SEC (XBRL)· 12 Mar 2026verified

Current liabilities
2023
23.4 m
2024
23.9 m
2025
30.3 m

SEC (XBRL)· 12 Mar 2026verified

Total liabilities
2023
28.4 m
2024
28.3 m
2025
34.2 m

SEC (XBRL)· 12 Mar 2026verified

Equity
2023
72.6 m †
2024
57.8 m †
2025
41.5 m †

SEC (XBRL)· 12 Mar 2026verified

Cash flow · USD

Operating cash flow
2023
-16.2 m
2024
8.2 m
2025
13.1 m

SEC (XBRL)· 12 Mar 2026verified

Capex
2023
5.0 k
2024
0
2025
102.0 k

SEC (XBRL)· 12 Mar 2026verified

Free cash flow
2023
-16.2 m ≈
2024
8.2 m ≈
2025
13.0 m ≈

SEC (XBRL)· 12 Mar 2026derived

Investing cash flow
2023
14.0 m
2024
-31.4 m
2025
23.1 m

SEC (XBRL)· 12 Mar 2026verified

Financing cash flow
2023
-123.0 k
2024
-7.0 m
2025
-25.8 m

SEC (XBRL)· 12 Mar 2026verified

Dividends paid
2023
0
2024
4.1 m
2025
22.0 m

SEC (XBRL)· 12 Mar 2026verified

Share repurchases
2023
0
2024
251.0 k
2025
0

SEC (XBRL)· 12 Mar 2026verified

Computed indicators

Growth

Revenue growth (YoY)
40.1%
computed by olivLawFY 2025
Revenue CAGR 3Y
-2.8%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
12.6%
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)
58.9%
computed by olivLawFY 2025

Profitability

Gross margin
unavailable
input data missing
EBITDA margin
-0.1%
computed by olivLawTTM to 30 Jun 2026
EBIT margin
-0.3%
computed by olivLawTTM to 30 Jun 2026
Net margin
0.0%
computed by olivLawTTM to 30 Jun 2026
FCF margin
7.1%
computed by olivLawTTM to 30 Jun 2026

Returns

ROE
0.1%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROA
0.0%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROIC
unavailable
input data missing
ROCE
-0.5%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
358.1%
computed by olivLawTTM to 30 Jun 2026

Balance sheet

Net debt
unavailable
input data missing
Net debt / EBITDA
unavailable
input data missing
Debt / equity
unavailable
input data missing
Interest coverage
unavailable
input data missing

Liquidity

Current ratio
0.8x
computed by olivLawbalance sheet at 30 Jun 2026
Quick ratio
unavailable
input data missing
Cash ratio
0.3x
computed by olivLawbalance sheet at 30 Jun 2026

Cash

Operating cash flow
5.4 m USD
computed by olivLawTTM to 30 Jun 2026
Capital expenditure
25.0 k USD
computed by olivLawTTM to 30 Jun 2026
Free cash flow
5.4 m USD
computed by olivLawTTM to 30 Jun 2026
FCF conversion
22,379.2%
computed by olivLawTTM to 30 Jun 2026
Cash conversion
unavailable
insufficient data

Efficiency

Days sales outstanding
43 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Days inventory outstanding
unavailable
input data missing
Days payables outstanding
unavailable
input data missing
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
149.5 m USD
computed by olivLawbalance sheet at 30 Jun 2026
Enterprise value
unavailable
input data missing
Market cap / net income TTM
6,230.5x
computed by olivLawTTM to 30 Jun 2026
P/E (TTM)
484.2x
computed by olivLawTTM to 30 Jun 2026
Earnings yield
0.2%
computed by olivLawTTM to 30 Jun 2026
P/B
3.6x
computed by olivLawbalance sheet at 30 Jun 2026
P/S
2.0x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
P/FCF
27.8x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
FCF yield
3.6%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Dividend yield
12.9%
computed by olivLawTTM to 30 Jun 2026
Shareholder yield (distributions)
13.4%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • score weight coverage: 54.2% of at least 60%
  • valuation methods computed: 0 of at least 1

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

Closing price

2.52 USD

05 Nov 2026Source: olivLaw, closing series

Market cap: 149.5 m USD

Key indicators

Market capitalisation
149.5 m USD
computed by olivLawbalance sheet at 30 Jun 2026
P/E (TTM)
484.2x
computed by olivLawTTM to 30 Jun 2026
P/B
3.6x
computed by olivLawbalance sheet at 30 Jun 2026
EV/EBITDA
unavailable
input data missing
ROE
0.1%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Net margin
0.0%
computed by olivLawTTM to 30 Jun 2026
Revenue growth (YoY)
40.1%
computed by olivLawFY 2025
Dividend yield
12.9%
computed by olivLawTTM to 30 Jun 2026

Coverage and freshness

29/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 30 Jun 2026
Latest balance sheet date: 30 Jun 2026
Share count (cover of the latest filing), as of: 07 Aug 2026
Source: SEC (XBRL)published 13 Aug 2026
verified 812derived 67

Score by group

54% · 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 · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
  • Peers: P/Eunavailable · not enough peers
  • 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: score weight coverage: 54.2% of at least 60%; valuation methods computed: 0 of at least 1

FactorValueScoreWeight used
ROIC · Qualityunavailableunavailable—
Net margin · Quality0.0%86 (vs peers)12%
FCF conversion · Quality22,379.2%100 (on a fixed band)12%
Revenue CAGR 3Y · Growth-2.8%0 (on a fixed band)15%
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheetunavailableunavailable—
Current ratio · Balance sheet0.8x0 (on a fixed band)8%
P/E (TTM) · Valuation484.2x0 (on a fixed band)19%
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuation3.6%45 (on a fixed band)15%
Shareholder yield (distributions) · Returns13.4%100 (on a fixed band)12%
Payout ratio (FCF) · Returns358.1%0 (on a fixed band)8%

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

Score groups

  • Balance sheet· partial0/100 · 1/3 factors with a value
  • Growth· partial0/100 · 1/2 factors with a value
  • Quality93/100 · 2/3 factors with a value
  • Returns60/100 · 2/2 factors with a value
  • Valuation20/100 · 2/3 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

CURIOSITYSTREAM INC. (CURI). Latest full fiscal year: 2025; data up to 2026-06-30.

Figures computed from the financial statements: revenue 71.7 m USD in 2025; YoY growth 40.1%; net margin 0.0%; ROE 0.1%.

Valuation cannot be computed from the available data.

Insufficient data for a verdict (score weight coverage: 54.2% 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

  • Net margin: 0.0%
  • FCF conversion: 22,379.2%
  • Shareholder yield (distributions): 13.4%

What contradicts it

  • Revenue CAGR 3Y: -2.8%
  • Current ratio: 0.8x
  • P/E (TTM): 484.2x
  • Payout ratio (FCF): 358.1%

Not assessed (insufficient data or a ratio without meaning): ROIC, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, EV/EBITDA.

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
484.2x
vertical median —
EV/EBITDA
—
vertical median —
P/S
2.0x
vertical median 1.1x
above median (+83.7%)
P/B
3.6x
vertical median 2.1x
above median (+75.0%)
ROE
0.1%
vertical median -9.3%
above median
Net margin
0.0%
vertical median -32.5%
above median
EBIT margin
-0.3%
vertical median -31.5%
above median
Revenue YoY
40.1%
vertical median 18.6%
above median (+115.7%)
Net debt/EBITDA
—
vertical median —
Dividend yield
12.9%
vertical median —

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
LIONLionsgate Studios Corp.3.7 bn——-0.7%+1.8%+68% / +19%
FUBOFuboTV Inc.2.6 bn—-5.8%-0.7%+18.6%−79% / −80%
ANGXAngel Studios, Inc.617.3 m——-37.5%+233.2%−32% / unavailable
STRZStarz Entertainment Corp.419.7 m—-87.9%-32.5%−1.6%+122% / unavailable
CURICuriositystream Inc.149.5 m484.20.1%0.0%+40.1%−38% / +320%
MPUMega Matrix Inc46.3 m—-213.2%-131.4%−27.9%−95% / −95%
TOONKartoon Studios, Inc.30.3 m9.921.7%26.9%+20.7%−34% / −70%
GAIAGaia, Inc——-9.3%-1,090.3%+55.2%−67% / −52%

1- and 3-year price returns: for CURI 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

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
0.11
Total return -96% · Per year -96%
0.19
Total return -92% · Per year -92%
0.29
Total return -89% · Per year -89%
3 years
0.09
Total return -96% · Per year -67%
0.18
Total return -93% · Per year -59%
0.30
Total return -88% · Per year -51%
5 years
0.07
Total return -97% · Per year -51%
0.17
Total return -93% · Per year -42%
0.31
Total return -88% · Per year -34%
What moves the 3-year price the most
  • Exit P/E± 0.04
  • Net margin± 0.03
  • Annual revenue growth± 0.03
  • Annual dilution± 0.00

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.

In brief

CuriosityStream is a factual entertainment company that sells streaming subscriptions and licenses its content library to media and artificial intelligence companies. In 2026 it moved from loss to profit in the second quarter, and licensing has become the main revenue engine, which makes its profile relevant for investors watching content monetization.3

SWOT

Strengths

  • The factual content library is large and varied, and the company holds rights to a substantial volume of programs and audio recordings. This archive supports licensing to third parties.
  • The company reported operating and net profit in the second quarter of 2026 with no debt, giving it financial flexibility.
  • The diversified model with several revenue sources reduces dependence on any single distribution channel.

Weaknesses

  • The number of direct subscribers has fallen in recent years, and revenue from this line has shrunk.
  • Licensing revenue is lumpy and depends on a few important contracts, which makes results hard to forecast.
  • The company has a small team and a history of accumulated losses, which limits its capacity to invest in in-house production.

Opportunities

  • If demand for training data for artificial intelligence models continues, licensing could become a stable source of revenue.
  • International expansion of services and new distribution partnerships could open additional markets.
  • Advertising and free ad-supported channel revenue could grow if sponsorship partners expand.

Threats

  • Intense competition from large streaming platforms may limit the ability to attract and keep subscribers.
  • The decline of linear television reduces revenue from distribution packages, which the company cannot fully offset with other sources.
  • Regulation on data privacy and on the use of content for model training could change the terms of licensing.

Risks

  • Dependence on AI licensinghigh

    A significant part of revenue growth comes from a few licensing agreements for model training. If these contracts are not renewed or demand falls, revenue could drop sharply.

  • Decline in direct subscribersmedium

    The number of subscribers on direct channels fell in 2024 and 2025. If this trend continues, revenue from this line could stay under pressure.

  • Hard-to-predict resultsmedium

    The company warns that quarterly results can fluctuate widely due to the nature of licensing contracts and the costs of producing and acquiring content.

  • Partner agreement risksmedium

    The company depends on distribution partners and television operators. Termination of an important agreement can quickly affect revenue, as happened in 2022.

  • Data regulationlow

    Laws on data security and privacy are changing and may affect how the company collects, uses and licenses data.

Investment thesis

What would need to be true (bull case)

  • If licensing for artificial intelligence remains strong, revenue and profitability could keep growing and the quarterly dividend could be supported.
  • The factual content library can be monetized in several forms, which could give the company an edge over providers with narrower archives.
  • Cost discipline and the disposal of non-core brands could improve margins over the longer term.

What would break the thesis

  • Recent growth depends heavily on a few licensing contracts, and if these do not recur, revenue could fall back to lower levels.
  • Direct subscriptions continue to decline, and competition from large platforms makes rebuilding the subscriber base difficult.
  • A history of net losses, with profitability only recent, means results could swing back into negative territory quickly.

What to watch

  • Delivery against the 2026 revenue and adjusted EBITDA guidancenext 10-K
  • Trend in licensing revenue and the number of new AI partnershipsQ3 2026
  • Direct subscriber trend and the effect of price increasesQ4 2026
  • Effect of the disposal of the Curiosity University and Catholic Stream brands on fee 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.

The business

CuriosityStream builds its business on premium factual content covering science, history, nature and technology, founded by John Hendricks, former chairman of Discovery Communications. Revenue comes from four sources: direct subscriptions (DTC and Partner Direct), licensing of content to media and AI companies, bundled packages through MVPD and vMVPD operators, and advertising or sponsorships.1

In 2025 revenue was 71.7 million dollars, and licensing contributed nearly as much as direct subscriptions, changing the structure of the model. In the second quarter of 2026 the company sold the Curiosity University, Catholic Stream and Curiosity Audio brands to a third party, keeping a long-term license to the content and a 10% fee on the buyer's net revenue.2

The company operates as a single segment with a small team of 42 full-time employees at the end of 2025, which points to a model based mainly on partnerships and existing content rather than large in-house production.1

Segments

Content licensing and data for AI

Licensing includes library sales to media companies, non-monetary barter exchanges and data licenses for training artificial intelligence models. In 2025 this line grew sharply, and in the second quarter of 2026 it became the company's largest revenue source.13

Direct subscriptions (DTC and Partner Direct)

This covers subscriptions sold directly on the website and apps, as well as those sold through partner platforms. In 2025 DTC revenue fell while Partner Direct grew, and in the second quarter of 2026 subscription revenue declined slightly year on year.12

Market context

The company operates in the streaming market for factual content, a narrower niche than general entertainment. The subscription market has matured and consumers can switch services easily, which makes attracting and keeping subscribers difficult. The market for licensing content to train artificial intelligence models is new and still loosely structured.1

Traditional cable and satellite television is in decline, which weighs on bundled distribution. If demand for video and data from AI companies holds, licensing revenue could remain an important part of the business.1

Trends

  • Demand for video data for artificial intelligencetailwind

    Companies developing AI models look for large sets of video, audio and code of good quality. CuriosityStream has begun delivering such datasets and reported new partnerships in 2026. If this demand continues, licensing could support revenue growth.

  • Decline of linear televisionheadwind

    Traditional cable operators are losing subscribers, which reduces revenue from bundled distribution packages. The company has already reported declines in this line in 2025.

  • Maturing streaming marketsheadwind

    The streaming subscription market has reached maturity and consumers are more sensitive to price. The company has raised prices and sought to reduce churn, but these steps can affect subscriber numbers.

  • Operating efficiencymixed

    The company cut operating expenses and reached operating profit in the second quarter of 2026. If cost discipline holds, margins could stay stronger, although some general costs have risen.

Competitive position

CuriosityStream competes for users' time and attention with cable and satellite television providers, other SVOD services, and music, radio and social media platforms. Larger competitors have greater brand recognition, bigger content budgets and more resources, which may limit the company's ability to attract new subscribers.1

In content and AI data licensing, the company faces other data providers and media studios that can license their own libraries. Its advantage lies in the volume and variety of its factual archive.13

  • Amazon Prime VideoAMZN

    SVOD service named in the source as a competitor for viewers' attention, with much larger content budgets.

  • NetflixNFLX

    SVOD service named in the source as an alternative for streaming consumers, with very high brand recognition.

  • Hulu

    SVOD service named in the source as a competitor, part of the American media ecosystem.

  • Cable and satellite television providers

    Traditional operators named in the source that compete for viewing time and are also distribution partners.

News & filings

In the press

SEC filings

Sources

  1. [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / CuriosityStream Inc. · 12 Mar 2026
  2. [2] Form 10-Q, quarter ended 2026-06-30 · SEC / CuriosityStream Inc. · 13 Aug 2026
  3. [3] Form 8-K, results release (exhibit 99.1) · SEC / CuriosityStream Inc. · 12 Aug 2026

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