Core Insights - The company anticipates a 40% revenue growth in 2025, primarily driven by the rapid scaling of its licensing pillar, particularly in high-volume video fulfillments for AI model training [1] - A transition is underway from a traditional media licensing model to a data-centric approach, focusing on providing 'rights-aware' structured datasets instead of just raw video files [1] - The strategic positioning is based on a unique corpus of 3 million hours of premium content, which is increasingly valuable for multimodal AI fine-tuning [1] Financial Performance - Operational efficiency has improved, with gross margins expanding to 60% in Q4, attributed to the high operating leverage of non-exclusive licensing deals that incur minimal incremental costs [1] Market Strategy - Subscription stability is being upheld through a robust foundation of new wholesale and retail partnerships, along with a new pricing structure that began implementation on March 1 [1] - Management highlights a 'competitive escape velocity' created by proprietary metadata and taxonomy, enhancing the usability of their library for developers compared to noisy open-web content [1]

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]

Q4 2025 Earnings February 23, 2026 1 Safe Harbor This presentation contains "forward-looking statements" within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on information available to the Company as of the date hereof, as well as the Company's current expectations, assumptions, estimates and projections that involve risks and uncertai ...