Group 1 - CuriosityStream, Inc. will participate in the 38th Annual ROTH Conference, with President and CEO Clint Stinchcomb attending 1x1 meetings [1] - The conference will take place from March 22-24, 2026, at The Ritz-Carlton Laguna Niguel, Dana Point, CA, featuring various growth sectors including Business Services, Consumer, Healthcare, and Media & Entertainment [1] - The event will include small group meetings, analyst-selected fireside chats, industry keynotes, and panels with executive management from numerous private and public companies [1] Group 2 - ROTH is a relationship-driven investment bank that focuses on serving growth companies and their investors, providing services such as capital raising, equity research, and M&A advisory [2] - ROTH is headquartered in Newport Beach, California, and is a privately-held, employee-owned organization with offices throughout the U.S. [2] Group 3 - CuriosityStream Inc. is a global media company that offers award-winning original and curated factual films, shows, and series across various topics including science, nature, and technology [4] - The company operates the Curiosity Stream SVOD service available in over 175 countries and has millions of subscribers worldwide [4] - CuriosityStream also features multiple channels and platforms, including Curiosity University, Curiosity Audio Network, and Curiosity Studios, which oversees original programming [4]

Financial Performance - For the year ended December 31, 2025, CuriosityStream reported revenue of $71.7 million and a net loss of $6.4 million[46]. - As of December 31, 2025, the company had an accumulated deficit of $335.8 million and incurred net losses of $12.9 million and $6.4 million for the years ended December 31, 2024 and 2025, respectively[69]. - The company anticipates continuing to incur net losses for the foreseeable future due to significant operating expenditures associated with its business plan[69]. - The company has historically experienced negative operating cash flows, but achieved positive net cash flow from operating activities in 2024 and 2025[145]. - The company may face difficulties in generating sufficient cash to service its obligations and any future debt, which could adversely affect its financial position[145]. - The company expects to incur significant operating and capital expenditures while pursuing growth strategies, which may lead to continued net losses in the future[83]. Subscriber and Market Dynamics - The company experienced a decline in total Direct-to-Consumer (DTC) subscriptions during 2024 and 2025, reflecting a broader maturing of the streaming market[50]. - The company experienced significant user growth over the past several years, but faces challenges in attracting and retaining users due to competition and macroeconomic conditions[63]. - User churn rates significantly impact revenues, and the company must minimize user loss while adding new subscribers to grow its business[84]. - The company plans to increase revenues by expanding its subscriber base through international markets, mobile video, corporate social responsibility, branded partnerships, content licensing, and in-house production[79]. Content and Licensing - CuriosityStream's content library features approximately 14,000 programs, localized into eleven different languages, enhancing its global reach[29]. - The company acquired One Day University in 2021, adding over 500 lectures and expanding its educational content offerings[31]. - CuriosityStream's content licensing business includes providing assets for training AI models, which represents a significant portion of its licensing activity[40]. - Approximately 75% of the titles on the company's CuriosityStream SVOD service are subject to licenses, with 18% expiring in 2026 and 17% in 2027[136]. - The company is in the early stages of licensing content for training generative AI models, with no assurance of sustaining revenues from these efforts[130]. - The company may face challenges in securing content licenses if providers withdraw or demand higher rates, impacting content availability[137]. Operational Efficiency and Cost Management - The company focuses on high-margin revenue opportunities and cost optimization over aggressive subscriber acquisition[50]. - The company has undertaken cost-savings initiatives, including workforce reductions, to control expenditures and improve operational efficiency[68]. - The company has implemented a 401(k) retirement plan with a 100% match of contributions for the first 3% of the employee's base salary and a 50% match for contributions between 3% and 5%[60]. - The company is exploring AI solutions for subtitling and dubbing to improve operational efficiency and reduce localization costs, although quality standards and audience acceptance remain concerns[80]. Competition and Market Risks - The company faces intense competition from established players like Netflix and Amazon, which may result in pricing pressures and reduced profit margins[88]. - The company is subject to various foreign and domestic laws regarding data protection and privacy, which could impact its operations if not complied with[54]. - The military invasion of Ukraine and subsequent economic sanctions may lead to greater regulatory burdens and impact the company's operations[111]. - Changes in laws affecting internet usage, such as net neutrality, could decrease demand for the company's services and increase operational costs[112]. Technology and Cybersecurity - The company relies heavily on Amazon Web Services (AWS) for its computing infrastructure, with the majority of operations running on AWS, making it vulnerable to disruptions that could adversely affect business operations[160]. - The company has established a comprehensive cybersecurity program to manage risks and protect sensitive information, integrated into its overall risk management[210]. - Regular risk assessments are conducted to manage cybersecurity threats, with advanced security measures in place to protect customer and employee data[211]. - The company has not experienced any material cybersecurity incidents that could affect its business strategy or financial condition[214]. Regulatory and Compliance Issues - The company is subject to taxation-related risks in multiple jurisdictions, with potential changes in tax laws that could materially impact financial condition and cash flow[170]. - The evolving data protection regulatory landscape may impose high compliance costs and operational burdens, affecting the company's business model[200]. - The company is subject to various privacy laws, including the GDPR, which imposes strict requirements for processing personal data and could lead to significant liabilities for noncompliance[194]. - The CCPA, amended by the CPRA, has introduced new compliance obligations and civil penalties for violations, increasing the likelihood of data breach litigation[197]. Corporate Governance and Shareholder Matters - The company announced the initiation of its first-ever quarterly cash dividend on March 13, 2024, but future dividends are subject to financial conditions and other factors[177]. - The introduction of new shareholder votes on executive compensation may impact investor perception and the attractiveness of the company's Common Stock[184]. - Anti-takeover provisions in the company's Charter may delay or prevent a change of control, limiting stockholders' ability to obtain a premium for their shares[187]. - The company may face challenges in maintaining an active trading market for its Common Stock, which could adversely affect its ability to raise capital and acquire other companies[186]. Human Resources and Management - The company relies on key personnel, including its Chairman and CEO, and faces challenges in retaining and recruiting qualified employees due to industry competition[204]. - Legal proceedings may lead to unforeseen expenses and management distraction, with an increase in litigation matters observed as the company has grown[205]. - Operating as a public company incurs significant legal, accounting, and compliance costs, which are expected to rise, potentially affecting profitability[206]. - Compliance with the Sarbanes-Oxley Act requires substantial financial and management resources, with potential obligations increasing if the company exceeds certain revenue and public float thresholds[207].

Core Insights - CuriosityStream Inc. reported a quarterly loss of $0.06 per share, which was worse than the Zacks Consensus Estimate of a loss of $0.04, marking an earnings surprise of -71.43% [1] - The company generated revenues of $19.2 million for the quarter ended December 2025, exceeding the Zacks Consensus Estimate by 4.33% and showing an increase from $14.13 million year-over-year [2] - CuriosityStream shares have declined approximately 17.1% since the beginning of the year, contrasting with the S&P 500's decline of 0.9% [3] Earnings Outlook - The earnings outlook for CuriosityStream is mixed, with the current consensus EPS estimate for the upcoming quarter at -$0.02 on revenues of $16.47 million, and for the current fiscal year at -$0.02 on revenues of $76.45 million [7] - The company's Zacks Rank is currently 3 (Hold), indicating that shares are expected to perform in line with the market in the near future [6] Industry Context - The Film and Television Production and Distribution industry, to which CuriosityStream belongs, is currently ranked in the bottom 24% of over 250 Zacks industries, suggesting potential challenges ahead [8]

Core Insights - The company anticipates that annual licensing revenue will surpass overall subscription revenue by 2026, with significant growth driven by AI training fulfillments [1][7][10] Financial Performance - In Q4 2025, revenue increased by 36% to $19.2 million from $14.1 million year-over-year, while adjusted free cash flow rose by 33% to $4.3 million [3] - For the full year, CuriosityStream reported revenue of $71.7 million, a 40% increase from $51.1 million in 2024, and adjusted free cash flow increased by 46% to $13.9 million [3][7] - Adjusted EBITDA for Q4 was $1.1 million, marking a $3.1 million improvement from the previous year, and for the full year, adjusted EBITDA totaled $8.2 million, a $14.3 million improvement from 2024 [2] Revenue Breakdown - Licensing revenue surged to $33.2 million in 2025, driven by structured video fulfillments for AI training, while subscription revenue was $9.1 million in Q4 [7][8] - The company expects licensing revenue to exceed subscription revenue in 2026 as demand from partners broadens [1][10] Operational Highlights - The company ended 2025 with $27.3 million in cash and no debt, having paid $22 million in dividends and raised buyback authorization to $6 million [6][19][20] - Management reported a gross margin of 60% in Q4, up from 52% a year earlier, and a full-year gross margin of 57% [15][16] Future Outlook - For H1 2026, the company projects revenue between $38 million and $42 million, with expectations of double-digit growth in both revenue and cash flow for the full year [6][21] - Subscription revenue is expected to grow in the low- to mid-single-digit percentage range in 2026, supported by new pricing and partnerships [24]

Financial Data and Key Metrics Changes - For the full year 2025, revenue increased by 40% to $71.7 million from $51.1 million in 2024, while adjusted free cash flow rose by 46% to $13.9 million from $9.5 million [4][18] - Q4 revenue grew by 36% year-over-year to $19.2 million from $14.1 million, and adjusted free cash flow climbed 33% to $4.3 million [5][17] - Gross margins improved to 60% in Q4 from 52% a year ago, and for the full year, gross margins were 57% [5][19] Business Line Data and Key Metrics Changes - Licensing revenue for Q4 was $9.8 million, an increase of $6.1 million from the previous year, while subscription revenue was $9.1 million [18] - For the full year, subscription revenue was $37 million, and licensing revenue was $33.2 million, driven by growth in AI training fulfillments [19] Market Data and Key Metrics Changes - The company anticipates that annual licensing revenue will exceed overall subscription revenue in 2026, with expected growth in subscription revenue by low to mid-single digits [5][24] - The company expects its overall roster of partners to more than double in 2026 and potentially increase 5-6 times in 2027 [9] Company Strategy and Development Direction - CuriosityStream's strategy focuses on leveraging its large differentiated content library, which includes nearly 3 million hours of premium factual content, to drive licensing revenue [8][14] - The company aims to maintain a disciplined approach to pricing and avoid treating its library as a commodity, emphasizing the value of rights-cleared, structured content [12][13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving double-digit growth in both revenue and cash flow in 2026, with a focus on executing partnerships and expanding licensing opportunities [15][48] - The company highlighted the importance of maintaining quality and managing legal developments as part of its execution challenges [13][14] Other Important Information - The company ended the year with total cash and securities of $27.3 million and no outstanding debt, providing substantial flexibility [22] - CuriosityStream plans to resume share repurchase activity and has increased its share repurchase authorization to $6 million [23] Q&A Session Summary Question: Update on LLM licensors renewing their deals - Management confirmed that virtually all licensors have renewed or will renew their agreements, with repeat business being observed [28] Question: Change in pace of adding other companies' libraries - Management stated they are constantly in acquisition mode and have built an extraordinary library, receiving positive feedback from major companies [29] Question: Use cases of LLMs utilizing licensed information - Management discussed the evolution of AI applications, including video summarization and physical AI, highlighting the diverse use cases for their content [31][33] Question: Goals for the base streaming business and licensing opportunity - Management expressed confidence in low- to mid-single-digit growth for the subscription business and anticipated licensing revenue to eclipse subscription revenue [34][35] Question: Expected number of new platforms and countries in FY 2026 - Management expects to launch 12-20 new platforms in FY 2026, with confidence in subscriber growth through partnerships [39] Question: M&A opportunities - Management indicated they will consider M&A opportunities that are in the best interest of shareholders, especially in a ripe market environment [42] Question: Commentary on the market for content to license for AI training - Management highlighted their partnership with Veritone and the unique advantages of their diverse content library for AI training [43][45] Question: Timing of price increase implementation and churn expectations - Management noted that the price increase will take a year to fully implement, with expectations of a gradual rollout [46]

Financial Data and Key Metrics Changes - For the full year 2025, revenue grew by 40% to $71.7 million from $51.1 million in 2024, while adjusted free cash flow increased by 46% to $13.9 million from $9.5 million [4][18] - Q4 revenue rose by 36% year-over-year to $19.2 million from $14.1 million, and adjusted free cash flow climbed by 33% to $4.3 million [5][17] - Gross margins improved to 60% in Q4 from 52% a year ago, and for the full year, gross margins were 57% [5][19] Business Line Data and Key Metrics Changes - Licensing revenue for Q4 was $9.8 million, an increase of $6.1 million from the previous year, while subscription revenue was $9.1 million [18] - For the full year, subscription revenue was $37 million, and licensing revenue was $33.2 million, reflecting a significant increase driven by AI training fulfillments [19] Market Data and Key Metrics Changes - The company anticipates that annual licensing revenue will exceed overall subscription revenue in 2026, driven by new pricing, partnerships, and organic growth [5][6] - The company expects its overall roster of partners to more than double in 2026 and potentially increase 5x-6x in 2027 due to the demand from AI developers and traditional media companies [9] Company Strategy and Development Direction - CuriosityStream's strategy focuses on leveraging its differentiated content library, which includes nearly 3 million hours of premium factual content, to drive licensing revenue [8][14] - The company aims to maintain a disciplined approach to pricing and avoid treating its library as an undifferentiated commodity supply [13][14] - The management believes that the licensing model will remain a critical growth engine due to the increasing demand for high-quality, rights-aware content [15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving double-digit growth in both revenue and cash flow in 2026, with a full year of positive GAAP earnings being achievable [24][48] - The company highlighted the importance of executing its strategy effectively to capitalize on the growing demand for premium licensed content [12][14] Other Important Information - The company ended the year with total cash and securities of $27.3 million and no outstanding debt, providing substantial financial flexibility [22] - CuriosityStream plans to resume share repurchase activity and has increased its share repurchase authorization to $6 million [23] Q&A Session Summary Question: Update on LLM licensors renewing their deals - Management confirmed that virtually all licensors have renewed or will renew their agreements, with repeat business being observed [28] Question: Change in pace of adding other companies' libraries - Management stated they are in constant acquisition mode and have built an extraordinary library, receiving positive feedback from major companies [29] Question: Use cases of LLMs utilizing licensed information - Management discussed the evolution of AI applications, including video summarization and physical AI, highlighting the diverse use cases for their content [31][33] Question: Goals for the base streaming business and licensing opportunity - Management expressed confidence in low- to mid-single-digit growth for the subscription business and anticipates licensing revenue to eclipse subscription revenue [34][35] Question: Expected number of new platforms and countries in FY 2026 - Management expects to launch 12-20 new platforms in FY 2026, leveraging partnerships that are effective in growing subscribers [39] Question: SG&A expectations for FY 2026 - Management indicated that G&A expenses, excluding stock-based compensation, could be below $20 million, with a fair expectation of mid-$20 million as a run rate [40][41] Question: M&A opportunities - Management stated they will consider M&A opportunities that are in the best interest of shareholders, given the ripe environment for such activities [42] Question: Market for content to license for AI training - Management highlighted their partnership with Veritone and the diverse content available for licensing, which gives them a unique advantage [43][44] Question: Timing of price increase implementation and churn expectations - Management indicated that the price increase will take a year to fully implement, with an initial churn expectation of 3%-5% [46] Question: Guidance cadence and full-year expectations - Management expressed confidence in achieving double-digit increases in cash flow and revenue, with plans to narrow guidance in Q2 [48][49]

Financial Data and Key Metrics Changes - For the full year 2025, revenue increased by 40% to $71.7 million from $51.1 million in 2024, while adjusted free cash flow rose by 46% to $13.9 million from $9.5 million [4][16] - Q4 revenue grew by 36% year-over-year to $19.2 million from $14.1 million, and adjusted free cash flow climbed 33% to $4.3 million [5][15] - Gross margins improved to 60% in Q4 from 52% a year ago, and for the full year, gross margins were 57% [5][17] - The net loss for the full year was $6.4 million, an improvement of over 50% from a net loss of $12.9 million in 2024 [18] Business Line Data and Key Metrics Changes - Licensing revenue for Q4 was $9.8 million, an increase of $6.1 million from the previous year, while subscription revenue was $9.1 million [16][17] - For the full year, subscription revenue was $37 million, and licensing revenue was $33.2 million, driven by growth in AI training fulfillments [17] Market Data and Key Metrics Changes - The company anticipates that licensing revenue will exceed subscription revenue in 2026, driven by new pricing, partnerships, and organic growth [5][6] - The overall roster of partners is expected to more than double in 2026, with potential increases of 5-6 times in 2027 due to AI model development [8] Company Strategy and Development Direction - The company aims to continue double-digit growth in both revenue and cash flow, driven by subscriptions and licensing expansion [13][44] - CuriosityStream's licensing model is seen as durable due to its reliance on scarce assets and diversified demand, particularly in the AI space [12][13] - The company plans to pay dividends from cash generated by operations, maintaining a strong balance sheet with over $27 million in liquidity and no debt [13][20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth of both subscription and licensing revenues, citing strong operational execution and new partnerships [5][30] - The company is optimistic about the future, with expectations of a full year of positive GAAP earnings achievable in 2026 [21][44] - Management highlighted the importance of executing on their strategy to capitalize on the growing demand for high-quality, rights-aware content [12][44] Other Important Information - The company has increased its share repurchase authorization to $6 million and plans to resume repurchase activity [20] - Adjusted EBITDA for Q4 was $1.1 million, marking the fourth consecutive quarter of positive adjusted EBITDA [16] Q&A Session Summary Question: Are LLM licensors renewing their deals? - Management confirmed that virtually all licensors are renewing their agreements, with repeat business being observed [24] Question: Any change in the pace of adding other companies' libraries? - Management stated they are in constant acquisition mode and have built an extraordinary library, receiving positive feedback from major companies [25] Question: How are LLMs using the licensed information? - Management explained that the content is being used for various applications, including video summarization and physical AI integration [28][29] Question: What are the goals for the base streaming business and licensing opportunity in 2026? - Management expects low- to mid-single-digit growth in subscription revenue and anticipates licensing revenue to eclipse subscription revenue [30][31] Question: How many new platforms are expected to launch in FY 2026? - Management anticipates launching 12-20 new platforms throughout the year, leveraging partnerships that are effective in growing subscribers [34] Question: Any M&A opportunities being considered? - Management indicated that they will consider M&A opportunities that are in the best interest of shareholders, especially in a ripe market environment [38]

Core Insights - CuriosityStream reported a 40% revenue growth for the full year 2025, reaching $71.7 million, with a record operating cash flow of $13.1 million, up 60% from the previous year [1] - The company achieved a record gross profit of $40.5 million for 2025, representing a gross margin of 57%, compared to 50% in 2024 [1] - The Board of Directors authorized a total of $6 million in share repurchases, reflecting confidence in the company's financial health [1] Financial Performance - Fourth quarter 2025 revenue was $19.2 million, a 36% increase from $14.1 million in Q4 2024, with a gross profit of $11.6 million, achieving a gross margin of 61% [1] - The net loss for Q4 2025 was $3.8 million, which included $4.3 million in non-cash stock-based compensation, compared to a net loss of $2.8 million in Q4 2024 [1] - Adjusted EBITDA for Q4 2025 was $1.1 million, a significant improvement from an Adjusted EBITDA loss of $1.9 million in Q4 2024 [1] Business Highlights - CuriosityStream secured rights to approximately 2 million hours of video and audio data across various genres, enhancing its content library [1] - The company completed 18 distinct AI training fulfillments and licensed several million short-form clips for AI training and traditional media distribution [1] - New service launches included Curiosity University on The Roku Channel and expanded partnerships with Samsung TV Plus, increasing its reach in multiple regions [1] Financial Outlook - For the first half of 2026, CuriosityStream expects revenue to be in the range of $38 million to $42 million and Adjusted Free Cash Flow to be between $6 million and $9 million [1]

Core Insights - Curiosity Stream is celebrating its 10th anniversary as a global factual streaming service with the premiere of the 100th episode of its original series Breakthrough [1] - The new episode titled "Breakthrough: Telescopes - The Truth is Out There" will be available for streaming starting March 5 [1] Company Milestones - The premiere of the 100th episode marks a significant achievement for Curiosity Stream, highlighting its growth and commitment to providing factual content [1] - This event is part of a yearlong celebration, indicating the company's focus on expanding its content offerings and engaging its audience [1]

Core Insights - Versos AI has launched a Video Library Intelligence Platform aimed at helping film studios and content creators monetize their video libraries for AI training [2] - The platform indexes videos at the frame level, transforming full video libraries into searchable, AI-ready datasets, marking it as the first end-to-end solution of its kind [2] - Versos is also developing a Video Training Data Marketplace to connect studios with AI model developers seeking rights-cleared video for training [2] Company Developments - Versos AI was founded in 2023 and currently collaborates with over 20 film studios and content creators across multiple countries including Canada, the US, the UK, France, Germany, India, and China [2] - In late 2025, Versos closed a $1.85 million seed round led by Innovobot Resonance Ventures, with participation from other investors including the New Brunswick Innovation Foundation and Island Capital Partners [4] Industry Context - The launch of the platform comes at a time when companies like Cohere and OpenAI are facing lawsuits regarding AI training methods that may violate copyright laws, positioning Versos to provide a compliant solution for video training data [3] - Curiosity Stream has formed a multi-year commercial partnership with Versos, utilizing its technology to generate scene-level video intelligence, which is in high demand from major AI innovators [5][6]