CuriosityStream Inc (NAS:CURI)

Q2 2026 CuriosityStream Inc Earnings Call Transcript

Aug 12, 2026 / 09:00 PM GMT

Release Date Price: $2.79 (-0.54%)

Transcript 8-K

Key Points

Positve

CuriosityStream Inc (CURI) delivered its strongest quarterly financial performance in history, with record operating income, EBITDA, adjusted EBITDA, net income, and earnings per share.
Licensing revenue surged 48% year-over-year to $14.1 million, driven by three distinct pillars: premium factual video, structured video/audio data sets for AI training, and a private code corpus of over 880 billion tokens.
The company productized its video library into 17 off-the-shelf data set products, which is expected to reduce friction in licensing, shorten sales cycles, and accelerate deal velocity.
Total operating expenses declined 24% year-over-year, and gross margin expanded to 73% from 53%, showcasing significant operating leverage and a more efficient business model.
Adjusted EBITDA reached a record $11.4 million, up approximately 300%, with adjusted EBITDA margin improving to 49% from 16%, and the company expects further cost reductions in the second half of the year.
The company maintains a strong balance sheet with no outstanding debt, paid a regular $5 million dividend, repurchased shares, and fully consolidated its German business to strengthen its international presence.

Negative

Second-half 2026 adjusted EBITDA guidance of $6 million to $10 million represents a step down from the $11.4 million achieved in Q2, reflecting a conservative approach to forecasting licensing deal closures.
Subscription revenue remained roughly flat year-over-year at approximately $9 million, indicating limited growth in the core subscription business as the company prioritizes durable economics over growth.
The company expects more revenue share agreements in the second half of the year, which could pressure margins and offset some of the benefits from cost reductions.
Licensing revenue is described as 'chunky' and difficult to project with precision, creating uncertainty around quarterly revenue predictability despite a robust pipeline.
The company's cash and securities balance of $10.9 million is relatively modest, and the high dividend yield of about 12% may strain liquidity if cash generation does not meet expectations.
While the licensing pipeline is robust, the company acknowledges that the number of large frontier model developers is limited (seven or eight), and growth depends on expanding the broader market of companies needing AI training data.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

CURI.OQ - CuriosityStream Inc
Q2 2026 CuriosityStream Inc Earnings Call
Aug 12, 2026 / 09:00PM GMT

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Presentation
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Unidentified_1 [1]
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Greetings and welcome to the Curiosity Stream second quarter 2026 financial results. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. If anyone should require operator assistance, please press *0 on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce Vanessa Gillon, Senior Vice President of Operations. Please go ahead.

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Unidentified_2 [2]
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Thank you and welcome to Curiosity. Of its second quarter 2026 financial results. Leading

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