# CuriosityStream Inc. (CURI) Informational only - not investment advice. CIK: 0001776909 SIC: 7812 Services-Motion Picture & Video Tape Production SIC breadcrumb: [Services](/division/I/) > [Motion Pictures](/major-group/78/) > [SIC 7812 Services-Motion Picture & Video Tape Production](/industry/7812/) Latest 10-K filed: 2026-03-12 SEC page: https://www.sec.gov/edgar/browse/?CIK=1776909 Filing source: https://www.sec.gov/Archives/edgar/data/1776909/000162828026017346/curi-20251231.htm ## At a glance FY2025 · period end 2025-12-31 · filed 2026-03-12 · accession 0001628280-26-017346 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001776909.json | Metric | Value | FY | Provenance | | --- | ---: | ---: | --- | | Revenue | 71,658,000 USD | 2025 | verified | | Net income | -6,427,000 USD | 2025 | verified | | Assets | 75,731,000 USD | 2025 | verified | | Free cash flow | 12,955,000 USD | 2025 | computed | | Net margin | -8.97% | 2025 | computed | | Operating margin | -10.19% | 2025 | computed | | Revenue YoY | +40.14% | 2025 | computed | | ROE | -15.49% | 2025 | computed | Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity. No market price, no rating, no forecast on this site. Not investment advice. ### Peer percentile fingerprint | Ratio | CURI | Peer median | Percentile | N | | --- | ---: | ---: | ---: | ---: | | Net margin | -9.0% | -9.0% | 50 | 9 | | Operating margin | -10.2% | -5.3% | 43 | 8 | | Revenue growth | 40.1% | 4.6% | 88 | 9 | | FCF margin | 18.1% | -2.3% | 86 | 8 | | ROA | -8.5% | -5.8% | 29 | 8 | | Current ratio | 1.23 | 0.51 | 100 | 8 | Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC major-group 78 Motion Pictures, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking. ## Selected Fundamentals | Metric | Value | Unit | FY | Filed | | --- | ---: | --- | ---: | --- | | Revenue | 71658000 | USD | 2025 | 2026-03-12 | | Net income | -6427000 | USD | 2025 | 2026-03-12 | | Assets | 75731000 | USD | 2025 | 2026-03-12 | ## Financials Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-03-12. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001776909.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts. | Metric | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Revenue | | | | | 78,043,000 | 56,889,000 | 51,134,000 | 71,658,000 | | Net income | | -42,665,000 | -48,599,000 | -37,635,000 | -50,917,000 | -48,896,000 | -12,941,000 | -6,427,000 | | Operating income | | -44,595,000 | -38,800,000 | -52,479,000 | -55,284,000 | -44,471,000 | -13,333,000 | -7,304,000 | | Diluted EPS | | | -3.30 | -1.02 | -0.96 | -0.92 | -0.24 | -0.11 | | Operating cash flow | | -44,711,000 | -53,513,000 | -73,242,000 | -39,523,000 | -16,172,000 | 8,151,000 | 13,057,000 | | Capital expenditures | | 767,000 | 367,000 | 351,000 | 130,000 | 5,000 | 0.00 | 102,000 | | Dividends paid | | | | | | 0.00 | 4,063,000 | 22,010,000 | | Share buybacks | | | | | | 0.00 | 251,000 | 0.00 | | Assets | | 82,514,000 | 88,595,000 | 217,578,000 | 154,113,000 | 101,022,000 | 86,182,000 | 75,731,000 | | Liabilities | | 18,656,000 | 43,621,000 | 55,643,000 | 36,487,000 | 28,376,000 | 28,334,000 | 34,244,000 | | Stockholders' equity | -34,230,000 | -91,316,000 | 44,974,000 | 161,935,000 | 117,626,000 | 72,646,000 | 57,848,000 | 41,487,000 | | Cash and cash equivalents | | 1,093,408 | 11,203,000 | 15,216,000 | 40,007,000 | 37,715,000 | 7,826,000 | 18,318,000 | | Free cash flow | | -45,478,000 | -53,880,000 | -73,593,000 | -39,653,000 | -16,177,000 | 8,151,000 | 12,955,000 | ### Ratios ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported. | Metric | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Net margin | | | | | -65.24% | -85.95% | -25.31% | -8.97% | | Operating margin | | | | | -70.84% | -78.17% | -26.07% | -10.19% | | Return on equity | | | -108.06% | -23.24% | -43.29% | -67.31% | -22.37% | -15.49% | | Return on assets | | -51.71% | -54.86% | -17.30% | -33.04% | -48.40% | -15.02% | -8.49% | | Liabilities / equity | | | 0.97 | 0.34 | 0.31 | 0.39 | 0.49 | 0.83 | | Current ratio | | 2.73 | 2.36 | 2.36 | 2.25 | 1.94 | 1.66 | 1.23 | ## As-reported value updates 6 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period. Ledger: /company/CURI/revisions/ ## Quarterly Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-13. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001776909.json. Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived. | Quarter | End date | Revenue | Net income | Diluted EPS | Method | | --- | --- | ---: | ---: | ---: | --- | | 2022-Q3 | 2022-09-30 | | -4,502,000 | -0.09 | reported discrete quarter | | 2022-Q4 | 2022-12-31 | | -14,546,000 | | derived Q4 = FY annual - nine-month YTD | | 2023-Q1 | 2023-03-31 | | -7,751,000 | -0.15 | reported discrete quarter | | 2023-Q2 | 2023-06-30 | | -9,921,000 | -0.19 | reported discrete quarter | | 2023-Q3 | 2023-09-30 | 15,630,000 | -26,565,000 | -0.50 | reported discrete quarter | | 2023-Q4 | 2023-12-31 | 14,775,000 | -4,659,000 | | derived Q4 = FY annual - nine-month YTD | | 2024-Q1 | 2024-03-31 | 12,001,000 | | -0.09 | reported discrete quarter | | 2024-Q2 | 2024-06-30 | 12,395,000 | | -0.04 | reported discrete quarter | | 2024-Q3 | 2024-09-30 | 12,604,000 | | -0.06 | reported discrete quarter | | 2024-Q4 | 2024-12-31 | 14,134,000 | | | derived Q4 = FY annual - nine-month YTD | | 2025-Q1 | 2025-03-31 | 15,090,000 | 319,000 | 0.01 | reported discrete quarter | | 2025-Q2 | 2025-06-30 | 19,012,000 | 784,000 | 0.01 | reported discrete quarter | | 2025-Q3 | 2025-09-30 | 18,359,000 | -3,744,000 | -0.06 | reported discrete quarter | | 2025-Q4 | 2025-12-31 | 19,197,000 | -3,786,000 | | derived Q4 = FY annual - nine-month YTD | | 2026-Q1 | 2026-03-31 | 15,161,000 | -1,328,000 | -0.02 | reported discrete quarter | | 2026-Q2 | 2026-06-30 | 23,245,000 | 8,882,000 | 0.15 | reported discrete quarter | ## Filed narrative (10-K & 10-Q) ## Business Verbatim Item 1 Business section from CURI's latest 10-K: [/company/CURI/business/](/company/CURI/business/). ## Risk Factors Verbatim Item 1A Risk Factors from CURI's latest 10-K: [/company/CURI/risk-factors/](/company/CURI/risk-factors/). ## Latest quarter (10-Q) Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1776909/000162828026056713/curi-20260630.htm Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Confidence: high Filing date: 2026-08-13 Report date: 2026-06-30 ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis provides information that management believes is relevant to an assessment and understanding of our results of operations and financial condition. The following discussion should be read in conjunction with the Company’s unaudited condensed consolidated financial statements and notes thereto included elsewhere in this Quarterly Report on Form 10-Q (“Quarterly Report”). Unless the context otherwise requires, references in this “Management’s Discussion and Analysis of Financial Condition and Results of Operations” to “we,” “us,” “our,” and “the Company” are intended to mean the business and operations of CuriosityStream Inc. CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report contains certain statements that are, or may be deemed to be, “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, regarding the Company’s plans, expectations, thoughts, beliefs, estimates, goals and outlook for the future that are intended to be covered by the protections provided under the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact included in this Quarterly Report including, without limitation, statements under this “Management’s Discussion and Analysis of Financial Condition and Results of Operations” regarding the Company’s financial position, business strategy and the plans and objectives of management for future operations, such as subscription plan price increases, the development of integrated digital brand partnerships with advertisers and our dividend plans, are forward-looking statements. When used in this Quarterly Report, words such as “anticipate,” “attribute,” “believe,” “continue,” “hope,” “estimate,” “expect,” “intend,” “may,” “might,” “potential,” “seek,” “should,” “will” and “would,” and similar expressions, as they relate to us or the Company’s management, identify forward-looking statements. Such forward-looking statements are based on the beliefs of management, as well as assumptions made by, and information currently available to, the Company’s management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors detailed in our filings with the SEC. All subsequent written or oral forward-looking statements attributable to us or persons acting on the Company’s behalf are qualified in their entirety by this paragraph. These forward-looking statements are subject to risks and uncertainties that could cause actual results and events to differ materially from those included in forward-looking statements. Factors that might cause or contribute to such differences include, but are not limited to, those discussed in our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on March 12, 2026 (the “Annual Report”) and any other subsequent periodic reports and future periodic reports. We assume no obligation to revise or publicly release any revision to any forward-looking statements contained in this Quarterly Report, unless required by law. OVERVIEW Founded by John Hendricks, former Chairman of Discovery Communications and founder of the Discovery Channel, CuriosityStream is a media and entertainment company that offers premium video and audio programming across the principal categories of factual entertainment, including science, history, society, nature, lifestyle and technology. Our mission is to provide premium factual entertainment that informs, enchants and inspires. We seek to meet the demand for high-quality factual entertainment via subscription video on-demand (“SVOD”) platforms, content licensing, bundled content licenses for SVOD and linear offerings, talks and courses and partner bulk sales. The main sources of our revenue are: 1.Subscription Revenue, which includes fees earned from our direct subscriber business and wholesale distribution agreements; 2.Licensing Revenue, which reflects fees from content licensing including trade and barter transactions, and AI data licensing; and 3.Other Revenue, which primarily consists of advertising, sponsorships, and integrated brand partnerships. 27 Table of Contents We operate our business as a single operating segment that provides premium content through multiple channels, including the use of various applications, partnerships and affiliate relationships. CuriosityStream’s award-winning content library features 15,000 programs that explore topics ranging from space engineering to ancient history to the rise of Wall Street, and includes shows and series from leading nonfiction producers. Each week we launch new video titles, which are available on demand in high- or ultra-high definition. Through new and long-standing international partnerships, substantial portions of our video library have been localized from English into eleven different languages. The Company also aggregates rights to millions of video and audio programs, course materials and other assets to utilize on our own services as well as license to other media and technology companies. During the second quarter of 2026, the Company disposed of its educational lifelong-learning, faith-based, and audio-format content brands (Curiosity University, Catholic Stream and Curiosity Audio, respectively) to an unrelated third party, concurrently entering into a long-term content license agreement with the buyer to continue monetizing the underlying content library, alongside a Distribution and Services Agreement under which the Company receives a fee equal to 10% of the buyer's net revenue for providing ongoing operational and distribution services. This transaction reflects the Company's ongoing strategy to concentrate its resources on its core streaming and technology platform, including the continued expansion of its AI content and technology licensing initiatives, while divesting non-core brand assets that are not central to this strategic focus. See Note 16 — Disposition of Curiosity Brands, LLC and Related Agreements to the Unaudited Condensed Consolidated Financial Statements for further discussion. 28 Table of Contents RESULTS OF OPERATIONS The financial data in the following table sets forth selected financial information derived from our Unaudited Condensed Consolidated Financial Statements for the three and six months ended June 30, 2026, and 2025, and includes our results of operations as a percentage of revenue or as a percentage of costs, as applicable, for the periods indicated: [[GREPCENT_TABLE]] [["","Three Months Ended June 30,","","Change","","Six Months Ended June 30,","","Change"],["(unaudited and in thousands)","2026","","2025","","Total","","%","","2026","","2025","","Total","","%"],["Revenues"],["Subscription","$","8,869","","","$","9,303","","","$","(434)","","","(5","%)","","$","17,696","","","$","18,585","","","$","(889)","","","(5","%)"],["Licensing","14,059","","","9,491","","","4,568","","","48","%","","20,076","","","14,903","","","5,173","","","35","%"],["Other","317","","","218","","","99","","","45","%","","634","","","614","","","20","","","3","%"],["Total revenue","23,245","","","19,012","","","4,233","","","22","%","","38,406","","","34,102","","","4,304","","","13","%"],["Operating expenses"],["Cost of revenues","6,313","","","8,864","","","(2,551)","","","(29","%)","","12,970","","","15,944","","","(2,974)","","","(19","%)"],["Advertising and marketing","1,900","","","3,275","","","(1,375)","","","(42","%)","","5,415","","","6,209","","","(794)","","","(13","%)"],["General and administrative","5,852","","","6,393","","","(541)","","","(8","%)","","12,385","","","11,390","","","995","","","9","%"],["Total operating expenses","14,065","","","18,532","","","(4,467)","","","(24","%)","","30,770","","","33,543","","","(2,773)","","","(8","%)"],["Operating income","9,180","","","480","","","8,700","","","n/m","","7,636","","","559","","","7,077","","","n/m"],["Other income (expense)"],["Change in fair value of warrant liability","\u2014","","","(79)","","","79","","","n/m","","\u2014","","","(86)","","","86","","","n/m"],["Interest and other income","101","","","424","","","(323)","","","(76","%)","","311","","","850","","","(539)","","","(63","%)"],["Equity method investment income (loss)","35","","","(156)","","","191","","","(122","%)","","65","","","(307)","","","372","","","(121","%)"],["Income before income taxes","$","9,316","","","$","669","","","$","8,647","","","n/m","","$","8,012","","","$","1,016","","","6,996","","","n/m"],["Provision for (benefit from) income taxes","434","","","(115)","","","549","","","n/m","","458","","","(87)","","","545","","","n/m"],["Net income","$","8,882","","","$","784","","","$","8,098","","","n/m","","$","7,554","","","$","1,103","","","6,451","","","n/m"],["* n/m = percentage not meaningful"]] [[/GREPCENT_TABLE]] For the three months ended June 30, 2026, the Company reported operating income and net income of $9.2 million and $8.9 million, respectively, compared to operating income and net income of $0.5 million and $0.8 million, respectively, for the three months ended June 30, 2025. This improvement in results was attributable to a $4.2 million, or 22%, increase in total revenue, driven by higher licensing revenue and a $4.5 million, or 24%, decrease in total operating expenses, driven by a reduction in costs across all operating expense categories. For the six months ended June 30, 2026, the Company reported operating income and net income of $7.6 million each, compared to operating income and net income of $0.6 million and $1.1 million, respectively, for the same period in 2025. This improvement in results was attributable to a $4.3 million, or 13%, increase in total revenue, driven by higher licensing revenue, and a $2.8 million, or 8%, decrease in total operating expenses, reflecting lower cost of revenues and advertising and marketing, partially offset by higher general and administrative expenses. Our future operating results and cash flows are dependent upon a number of opportunities, such as our AI licensing initiatives and other factors, including our ability to efficiently grow our subscription business. 29 Table of Contents Revenue Subscription The Company’s streaming content is provided to subscribers directly, via the Company’s website, applications, and channel stores offerings, as well as through wholesale distribution agreements. Individual customers can purchase subscriptions directly via the Company’s SVOD platform accessible by internet connected devices and applications for such devices as well as through distributor channel stores offering subscriptions to Company products on an a la carte basis. Individual subscriptions may be monthly or annual and pricing may vary based on the customer’s location worldwide. Customers may also subscribe to Company services indirectly via distribution partners who deliver CuriosityStream content via the distributor’s platform or system. Such wholesale distribution agreements typically convey a broad scope of rights, such as access to a 24/7 linear channel and an on-demand content library, with pricing and packaging flexibility, in exchange for an annual fixed fee or per-subscriber fee as part of a multi-year deal. The streaming library is composed of thousands of accessible on-demand and ad-free productions and includes shows and series from leading nonfiction producers. The Company continually evaluates pricing structures to align with market conditions, including price adjustments for legacy subscribers initiated in March 2026. Alongside standard subscriptions, the Company offers the “Smart Bundle” service, which includes access to Tastemade, Kidstream, SOMM TV, and Curiosity Unive [Excerpt truncated for page length; source filing is linked above.] ## Latest 10-K MD&A (excerpt) Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1776909/000162828026017346/curi-20251231.htm Complete FY 2025 MD&A: /company/CURI/mda/fy2025/ Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Confidence: high Filing date: 2026-03-12 Report date: 2025-12-31 ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis provides information that management believes is relevant to an assessment and understanding of our results of operations and financial condition. The following discussion should be read in conjunction with the Company’s consolidated financial statements and notes thereto included elsewhere in this Annual Report on Form 10-K. This discussion contains forward-looking statements which involve risks and uncertainties. Our actual results could differ materially from those anticipated in these forward-looking statements for many reasons, including the risks faced by us described in Risk Factors and elsewhere in this Annual Report on Form 10-K. Unless the context otherwise requires, references in this “Management’s Discussion and Analysis of Financial Condition and Results of Operations” to “we,” “us,” “our,” and “the Company” are intended to mean the business and operations of CuriosityStream Inc. OVERVIEW Founded by John Hendricks, former Chairman of Discovery Communications and founder of the Discovery Channel, CuriosityStream is a media and entertainment company that offers premium video and audio programming across the principal categories of factual entertainment, including science, history, society, nature, lifestyle and technology. Our mission is to provide premium factual entertainment that informs, enchants and inspires. We seek to meet demand for high-quality factual entertainment via subscription video on-demand (“SVOD”) platforms, content licensing, bundled content licenses for SVOD and linear offerings, talks and courses and partner bulk sales. The main sources of our revenue are: 1.Subscription and license fees earned from our Direct-to-Consumer business and Partner Direct subscribers ("Direct Business"), 2.License fees from content licensing arrangements ("Content Licensing"), 3.Bundled license fees from distribution affiliates (“Bundled Distribution”), and 4.Other revenue, including advertising and sponsorships ("Other"). We operate our business as a single operating segment that provides premium content through multiple channels, including the use of various applications, partnerships and affiliate relationships. CuriosityStream’s award-winning content library features approximately 6,000 programs that explore topics ranging from space engineering to ancient history to the rise of Wall Street, and includes shows and series from leading nonfiction producers. Each week we launch new video titles, which are available on demand in high- or ultra-high definition. Through new and long-standing international partnerships, substantial portions of our video library have been localized from English into eleven different languages. The Company also aggregates rights to millions of video and audio programs, course materials and other assets to utilize on our own services as well as license to other media and technology companies. 36 RESULTS OF OPERATIONS The following table represents a summary of our Consolidated Statements of Operations for the years ended December 31, 2025, and 2024, and the discussion that follows compares the financial results for year ended December 31, 2025, to the year ended December 31, 2024: [[GREPCENT_TABLE]] [["","Year Ended December 31,","","$ Change","","%Change"],["(in thousands)","2025","","2024"],["Revenues"],["Direct Business","$","33,613","","","47","%","","$","38,592","","","75","%","","$","(4,979)","","","(13","%)"],["Content Licensing","33,233","","","46","%","","7,798","","","15","%","","25,435","","","326","%"],["Bundled Distribution","3,379","","","5","%","","3,937","","","8","%","","(558)","","","(14","%)"],["Other","1,433","","","2","%","","807","","","2","%","","626","","","78","%"],["Total revenues","$","71,658","","","100","%","","$","51,134","","","100","%","","$","20,524","","","40","%"],["Operating expenses"],["Cost of revenues","$","31,113","","","39","%","","$","25,363","","","39","%","","5,750","","","23","%"],["Advertising and marketing","14,028","","","18","%","","14,434","","","23","%","","(406)","","","(3","%)"],["General and administrative","33,821","","","43","%","","24,670","","","38","%","","9,151","","","37","%"],["Total operating expenses","$","78,962","","","100","%","","$","64,467","","","100","%","","$","14,495","","","22","%"],["Operating loss","(7,304)","","","","","(13,333)","","","","","6,029","","","(45","%)"],["Other income (expense)"],["Change in fair value of warrant liability","88","","","","","(44)","","","","","132","","","*n/m"],["Interest and other income","983","","","","","3,074","","","","","(2,091)","","","(68","%)"],["Equity method investment loss","(180)","","","","","(2,506)","","","","","2,326","","","(93","%)"],["Loss before income taxes","$","(6,413)","","","","","$","(12,809)","","","","","$","6,396","","","(50","%)"],["(Benefit from) provision for income taxes","14","","","","","132","","","","","(118)","","","*n/m"],["Net loss","$","(6,427)","","","","","$","(12,941)","","","","","$","6,514","","","(50","%)"],["* Percentage not meaningful"]] [[/GREPCENT_TABLE]] Operating loss for the years ended December 31, 2025, and 2024, was $7.3 million and $13.3 million, respectively. The reduction in operating loss of $6.0 million, or 45%, was primarily driven by an increase of $20.5 million, or 40% in total revenue. This revenue growth was partially offset by an increase of $14.5 million, or 22% in our operating expenses, which was primarily attributable to higher revenue share and an increase in stock-based compensation charges during the period. Net loss for the years ended December 31, 2025, and 2024, was $6.4 million and $12.9 million, respectively, representing a decrease of $6.5 million, or 50% in net loss. This improvement was primarily driven by a $6.0 million reduction in operating loss for 2025. Additional contributing factors included a decrease in losses from equity method investments, partially offset by lower interest income. The change in the fair value of warrant liabilities had a minimal offsetting effect on the overall results. Our future operating results and cash flows are dependent upon a number of opportunities, challenges, and other factors, including our ability to efficiently grow our subscriber base, increase our prices and expand our service offerings to maximize subscriber lifetime value. Revenue Since the Company was founded in 2015, we have generated a significant portion of our revenues from consumers directly accessing our content in the form of monthly or annual subscription plans. More recently, we have expanded our revenue streams through strategic content licensing arrangements. As a result of this expansion, Content Licensing has become a core component of our diversified revenue model, now contributing nearly as much to our total revenue as our Direct Business. 37 For the years ended December 31, 2025, and 2024, revenues totaled $71.7 million and $51.1 million, respectively, representing an increase of $20.5 million, or 40%. This growth was primarily driven by an increase of $25.4 million in Content Licensing revenue, which was partially offset by a $5.0 million, or approximately 13%, decrease in our Direct Business revenue and a $0.6 million, or 14%, decrease in Bundled Distribution revenue. Other revenue contributed an additional $0.6 million in the growth over the prior year. We engage in non-monetary trade and barter transactions with media counterparties as a strategic means of expanding our content library while preserving liquidity. These arrangements, which are common within the media industry, involve the exchange of content assets or advertising services. In accordance with our revenue recognition policy, revenue recorded from such transactions represents the fair value of the content assets or services received from the counterparties at the time the performance obligation is satisfied. And such revenue recorded from such transactions represents the fair value of content received from the counter parties. Content-for-content exchanges are classified within Content Licensing revenue, while exchanges involving promotional services or media campaigns are recognized as Other revenue. For more information, see Note 5 - Revenue in the Notes to Consolidated Financial Statements. Direct Business The Company's streaming content is provided to consumers through two primary distribution channels: (i) direct-to-consumer (“DTC”) and (ii) third-party platforms, referred to as Partner Direct. The DTC offering includes access through the Company’s website and applications developed for electronic devices. Collectively, DTC and Partner Direct comprise the Company’s Direct Business. DTC offering includes subscriptions to consumers as well as bulk subscriptions through enterprises, and provides monthly or annual subscription terms. Pricing varies based on the subscriber’s location, the selected subscription tier and term. To ensure wide accessibility, the Company has developed applications for major customer devices, including streaming media players such as Roku, Apple TV, and Amazon Fire TV, and smart TVs from brands including LG, Vizio, Sony, and Samsung. Following the global implementation of price adjustments for legacy subscribers—a process initiated in March 2023, we continue to evaluate our pricing structures to align with market conditions. Alongside our standard subscription, we offer the “Smart Bundle” service, which includes access to Tastemade, Kidstream, SommTV, and Curiosity University. Future adjustments to these subscription plans may be considered to further enhance revenue from our legacy subscribers. The multichannel video programming distributors (“MVPDs”), virtual MVPDs (“vMVPDs”) and digital distributor partners making up Partner Direct pay us a license fee for subscribers to CuriosityStream via the partners’ respective platforms. We have affiliate relationships with, and our service is available directly from, major MVPDs that include Comcast, Cox, and Dish, and vMVPDs and digital distributors that include Amazon Prime Video Channels, Apple Channel, The Roku Channel, Sling TV and YouTube TV. The following table details our Direct Business for the years ended December 31, 2025, and 2024: [[GREPCENT_TABLE]] [["","Year Ended December 31,","","$ Change","","%Change"],["(in thousands)","2025","","2024"],["Direct-to-Consumer","$","23,763","","","71%","","$","31,332","","","81%","","$","(7,569)","","","(24","%)"],["Partner Direct","9,850","","","29","%","","7,260","","","19","%","","2,590","","","36","%"],["Total Direct Business","$","33,613","","","100","%","","$","38,592","","","100","%","","$","(4,979)","","","(13","%)"]] [[/GREPCENT_TABLE]] For the year ended December 31, 2025, our Direct-to-Consumer revenue decreased by $7.6 million, or 24%, compared to 2024, due to a decrease in DTC subscriber base. This decrease was partially offset by a $2.6 million, or 36%, increase in Partner Direct revenue, which was driven by continued subscriber growth as well as the price increase that only fully deployed to all partners since 2024. 38 Content Licensing Through our Content Licensing business, we license collections of existing titles from our content library to various media companies. These transactions, which include traditional cash licenses as well as non-cash barter arrangements (whereby we license out our content in exchange for new programming to expand our library while preserving liquidity), are reported as Library sales. Additionally, we license and sublicense high volumes of content and data assets to organizations developing large language models (LLMs) and other artificial intelligence (AI) products; these AI-related licensing activities are also categorized and reported within Library sales. Historically, we have pre-sold selected rights to content prior to production [Excerpt truncated for page length; the complete text is on the linked full-MD&A page.] Read the full FY 2025 MD&A: /company/CURI/mda/fy2025/ All MD&A years: /company/CURI/mda/ ## MD&A history Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page. - [FY 2024 MD&A](/company/CURI/mda/fy2024/): filed 2025-03-25; accession 0001628280-25-014738 (https://www.sec.gov/Archives/edgar/data/1776909/000162828025014738/curi-20241231.htm) - [FY 2023 MD&A](/company/CURI/mda/fy2023/): filed 2024-03-25; accession 0001628280-24-012902 (https://www.sec.gov/Archives/edgar/data/1776909/000162828024012902/curi-20231231.htm) - [FY 2022 MD&A](/company/CURI/mda/fy2022/): filed 2023-03-31; accession 0001193125-23-086553 (https://www.sec.gov/Archives/edgar/data/1776909/000119312523086553/d384925d10k.htm) - [FY 2021 MD&A](/company/CURI/mda/fy2021/): filed 2022-03-31; accession 0001213900-22-016637 (https://www.sec.gov/Archives/edgar/data/1776909/000121390022016637/f10k2021_curiositystream.htm) ## Macro cross-references Indicators mapped to this company's SIC classification (industry 7812 Services-Motion Picture & Video Tape Production) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim. - [PCE](/indicator/PCE/): Personal Consumption Expenditures - [DSPIC96](/indicator/DSPIC96/): Real Disposable Personal Income - [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm Macro-to-micro threads including this sector: [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/). All macro indicators: /indicators/ ## For LLMs & downloads Markdown twin: /company/CURI.md · JSON record: /company/CURI.json · verified financials: /company/CURI/financials.json / /company/CURI/financials.csv · machine TOC for the whole site: /llms.txt