CuriosityStream revenue jumps 35% to $11.7 million as it raises 2026 outlook
Key Facts
CuriosityStream reported on November 11 results for the quarter ended September 30, 2026, posting licensing revenue of $11.7 million, up 35% year over year. Total revenue rose 13% to $20.7 million, compared with $18.4 million in the same period of 2025. The company said net income was $4.8 million, versus a net loss of $3.7 million a year earlier. Net income included a $0.9 million non-cash gain from remeasuring its previously held stake in Spiegel Venture. The results highlight the expanding contribution of licensing to revenue, alongside the company's move to quarterly profitability.
Licensing revenue accounted for 57% of total quarterly revenue, with more than $7.0 million coming from cash licensing agreements led by new deals with artificial intelligence companies. Management said cash licensing revenue in the quarter came “almost entirely directly from AI developers.” That puts AI-related deals at the center of growth in the business during the period. But the company recorded a decline in gross profit to $10.1 million from $10.8 million a year earlier. Gross margin fell to 48.8% from 58.7%, which the company attributed to a higher share of revenue paid out on AI licensing revenue.
Management explained that AI deals involving partner content may require sharing half or more of a deal's value with those partners, affecting the margin mix. It said: “When an agreement includes partner content, we share a portion of the revenue with them, and that share may represent 50% or more of the value of a particular deal.” In the second quarter of 2026, licensing revenue was $14.1 million, up 48% year over year, while total revenue was $23.2 million, an increase of 22%. On a quarter-over-quarter basis, third-quarter licensing and total revenue were below their levels in the second quarter. This coincided with an annual decline in gross margin, despite year-over-year growth in total revenue.
CuriosityStream raised its fiscal 2026 revenue outlook to $79–82 million, from a previous range of $77–82 million. It also raised its forecast for adjusted earnings before interest, taxes, depreciation and amortization to $20–22 million, compared with a previous forecast of $18–22 million. Management said the changes lift the low end of both annual ranges. The company also declared a fourth-quarter cash dividend of $0.085 per share. The dividend is payable on December 15, 2026, to shareholders of record on December 3, 2026.
As of September 30, 2026, cash, restricted cash and held-to-maturity securities totaled $10.0 million, and the company had no debt. Its $10.0 million revolving credit facility also remained undrawn. Management said a $10.0 million licensing agreement was signed in the second quarter, of which the company recognized $8.5 million in revenue. The agreement is payable in four annual installments of $2.5 million each, beginning in mid-2027. These dates provide context for the timing of cash flows related to the agreement.
In another operational development, the company announced on November 11 that it had acquired the remaining 68% stake in Spiegel Venture, its German documentary-channel business, for $1.9 million in cash, bringing its ownership to 100%. It also launched Curiosity Stream on Prime Video in Canada, bringing the service to five English-speaking markets on the platform: the United States, the United Kingdom, Canada, Australia and New Zealand. CURI shares closed at $2.86 on November 12. In after-hours trading on November 11, the stock rose to $2.66 from a regular-session close of $2.37, a gain of 12.24% from that close. That move came after the results announcement, while the November 12 close was in a subsequent session.