# GAIA, INC (GAIA)

Informational only - not investment advice.

CIK: 0001089872
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: 2026-03-06
SEC page: https://www.sec.gov/edgar/browse/?CIK=1089872
Filing source: https://www.sec.gov/Archives/edgar/data/1089872/000119312526096522/gaia-20251231.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-03-06 · accession 0001193125-26-096522 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001089872.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 4,500,000 USD | 2025 | verified |
| Net income | -4,494,000 USD | 2025 | verified |
| Assets | 154,649,000 USD | 2025 | verified |
| Free cash flow | -377,000 USD | 2025 | computed |
| Net margin | -99.87% | 2025 | computed |
| Operating margin | -113.42% | 2025 | computed |
| Revenue YoY | +55.17% | 2025 | computed |
| ROE | -5.11% | 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 | GAIA | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | -99.9% | -9.0% | 0 | 9 |
| Operating margin | -113.4% | -5.3% | 0 | 8 |
| Revenue growth | 55.2% | 4.6% | 100 | 9 |
| FCF margin | -8.4% | -2.3% | 0 | 8 |
| ROA | -2.9% | -5.8% | 71 | 8 |
| Current ratio | 0.59 | 0.51 | 71 | 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 | 4500000 | USD | 2025 | 2026-03-06 |
| Net income | -4494000 | USD | 2025 | 2026-03-06 |
| Assets | 154649000 | USD | 2025 | 2026-03-06 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-03-06. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001089872.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue |  |  | 127,242,000 | 155,463,000 | 10,754,000 | 13,459,000 |  | 28,290,000 |  |  |  |  | 1,600,000 | 2,700,000 | 2,900,000 | 4,500,000 |
| Net income |  |  |  |  |  |  | 87,066,000 | -23,272,000 | -33,793,000 | -18,150,000 | 519,000 | 3,731,000 | -3,595,000 | -5,595,000 | -5,233,000 | -4,494,000 |
| Operating income |  |  |  |  |  |  | -16,575,000 | -25,141,000 | -36,412,000 | -17,204,000 | -4,628,000 | 1,985,000 | -265,000 | -4,567,000 | -5,717,000 | -5,104,000 |
| Gross profit |  |  |  |  |  |  | 14,405,000 | 24,363,000 | 36,645,000 | 46,868,000 | 58,176,000 | 69,047,000 | 71,120,000 | 68,794,000 | 76,862,000 | 86,159,000 |
| Diluted EPS |  | -1.08 | -0.57 | -0.98 |  |  |  |  |  | -1.00 | 0.03 | 0.19 | -0.19 | -0.27 | -0.22 | -0.18 |
| Operating cash flow |  |  |  |  |  |  | -15,382,000 | -20,792,000 | -21,385,000 | -2,574,000 | 11,650,000 | 20,867,000 | 1,680,000 | 5,870,000 | 6,923,000 | 5,674,000 |
| Capital expenditures |  |  |  |  | 4,413,000 | 6,380,000 | 6,594,000 | 12,511,000 | 18,859,000 | 18,700,000 |  |  | 8,417,000 | 5,274,000 | 4,982,000 | 6,051,000 |
| Assets |  |  |  |  |  |  | 107,196,000 | 96,979,000 | 107,151,000 | 106,172,000 | 110,017,000 | 133,676,000 | 135,178,000 | 130,273,000 | 141,217,000 | 154,649,000 |
| Liabilities |  |  |  |  |  |  |  | 20,827,000 | 25,686,000 | 37,258,000 | 35,782,000 | 43,461,000 | 49,319,000 | 43,493,000 | 47,204,000 | 52,519,000 |
| Stockholders' equity | 151,820,000 | 128,110,000 | 116,074,000 | 101,432,000 | 94,789,000 | 83,940,000 |  |  |  |  |  |  | 84,789,000 | 85,503,000 | 80,675,000 | 87,949,000 |
| Cash and cash equivalents |  |  |  |  |  |  | 54,027,000 | 32,778,000 | 29,964,000 | 11,494,000 | 12,605,000 | 10,269,000 | 11,562,000 | 7,766,000 | 5,860,000 | 13,540,000 |
| Free cash flow |  |  |  |  |  |  | -21,976,000 | -33,303,000 | -40,244,000 | -21,274,000 |  |  | -6,737,000 | 596,000 | 1,941,000 | -377,000 |

### 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 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin |  |  |  |  |  |  |  | -82.26% |  |  |  |  |  |  |  | -99.87% |
| Operating margin |  |  |  |  |  |  |  | -88.87% |  |  |  |  | -16.56% |  |  | -113.42% |
| Return on equity |  |  |  |  |  |  |  |  |  |  |  |  | -4.24% | -6.54% | -6.49% | -5.11% |
| Return on assets |  |  |  |  |  |  | 81.22% | -24.00% | -31.54% | -17.09% | 0.47% | 2.79% | -2.66% | -4.29% | -3.71% | -2.91% |
| Liabilities / equity |  |  |  |  |  |  |  |  |  |  |  |  | 0.58 | 0.51 | 0.59 | 0.60 |
| Current ratio |  |  |  |  |  |  | 6.14 | 4.82 | 2.65 | 0.87 | 0.77 | 0.50 | 0.63 | 0.51 | 0.38 | 0.59 |

## As-reported value updates

7 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/GAIA/revisions/


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-10. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001089872.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 |  |  | -0.11 | reported discrete quarter |
| 2023-Q1 | 2023-03-31 |  |  | -0.05 | reported discrete quarter |
| 2023-Q2 | 2023-06-30 |  |  | -0.08 | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 20,223,000 | -588,000 | -0.03 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 20,714,000 | -2,146,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 21,693,000 | -971,000 | -0.05 | reported discrete quarter |
| 2024-Q2 | 2024-03-31 |  | -971,000 |  | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 22,081,000 |  | -0.09 | reported discrete quarter |
| 2024-Q3 | 2024-06-30 |  | -2,163,000 |  | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 22,156,000 |  | -0.05 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 24,433,000 | -764,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 23,840,000 | -1,219,000 | -0.04 | reported discrete quarter |
| 2025-Q2 | 2025-03-31 |  | -1,219,000 |  | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 24,632,000 |  | -0.07 | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 24,984,000 | -1,153,000 | -0.05 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 25,498,000 | -526,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 24,313,000 | -1,255,000 | -0.05 | reported discrete quarter |
| 2026-Q2 | 2026-06-30 | 23,330,000 | -3,029,000 | -0.12 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from GAIA's latest 10-K: [/company/GAIA/business/](/company/GAIA/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from GAIA's latest 10-K: [/company/GAIA/risk-factors/](/company/GAIA/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1089872/000119312526342379/gaia-20260630.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary.
Confidence: high
Filing date: 2026-08-10
Report date: 2026-06-30

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Forward-Looking Statements

This report contains forward-looking statements within the meaning of the federal securities laws. All statements other than statements of historical fact are forward looking statements that involve risks and uncertainties. When used in this discussion, we intend the words

14

“anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “future,” “hope,” “intend,” “may,” “might,” “objective,” “ongoing,” “plan,” “potential,” “predict,” “project,” “should,” “strive,” “target,” “will,” “would” and similar expressions as they relate to us to identify such forward-looking statements. Our actual results could differ materially from the results anticipated in these forward-looking statements as a result of certain factors set forth under “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and elsewhere in this Form 10-Q and under “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025.

Risks and uncertainties that could cause actual results to differ include, without limitation: our ability to attract new members and retain existing members; our ability to compete effectively, including for customer engagement with different modes of entertainment; maintenance and expansion of device platforms for streaming; fluctuation in customer usage of our service; fluctuations in quarterly operating results; service disruptions; production risks; general economic conditions; future losses; loss of key personnel; price changes; brand reputation; acquisitions; new initiatives we undertake; security and information systems; legal liability for website content; failure of third parties to provide adequate service; future internet-related taxes; our founder’s control of us; litigation; consumer trends; the effect of government regulation and programs; the impact of public health threats; and other risks and uncertainties included in our filings with the SEC. We caution you that no forward-looking statement is a guarantee of future performance, and you should not place undue reliance on these forward-looking statements which reflect our views only as of the date of this report. We undertake no obligation to update any forward-looking information.

You should read the following discussion and analysis of our financial condition and results of operations in conjunction with the unaudited condensed consolidated financial statements and related notes included elsewhere in this report. This section is designed to provide information that will assist readers in understanding our unaudited consolidated financial statements, changes in certain items in those statements from year to year, the primary factors that caused those changes and how certain accounting principles, policies and estimates affect the consolidated financial statements.

Overview and Outlook

We operate a global digital video subscription service with a library of over 10,000 titles, with live communications and live events with a growing selection of titles available in Spanish, German and French that caters to a unique, underserved member base. Our digital content is available to our members on most internet-connected devices anytime, anywhere, commercial-free. Through our online Gaia subscription service our members have unlimited access to a library of inspiring films, cutting edge documentaries, interviews, yoga classes, transformation related content, live events, and more – 90% of which is exclusively available to our members for digital streaming on most internet-connected devices.

Gaia subscription service our members have unlimited access to a library of inspiring films, cutting edge documentaries, interviews, yoga classes, transformation related content, live events, and more – 90% of which is exclusively available to our members for digital streaming on most internet-connected devices. Gaia’s position in the streaming video landscape is firmly supported by its wide variety of exclusive and unique content, which provides a complementary offering to other entertainment-based streaming video services. Our original content is developed and produced in-house in our lifestyle campus near Boulder, Colorado. By offering exclusive and unique content through our streaming service, we believe we will be able to significantly expand our target member base.

Our available content is currently focused on yoga, transformation, alternative healing, seeking truth and conscious films. This content is specifically targeted to a unique member base that is interested in alternative content provided by mainstream media. We have grown these content options both organically through our own productions and through strategic acquisitions or licensing. In addition, through our investments in our streaming video technology and our user interface, we have expanded the many ways our subscription member base can access our unique library of media titles.

Our core strategy is to improve our subscription business by expanding our unique and exclusive content library, enhancing our user interface, extending our streaming service to new internet-connected devices as they are developed and creating a conscious community built around our content.

We are a Colorado corporation. Our principal and executive office is located at 833 West South Boulder Road, Louisville, Colorado 80027-2452. Our telephone number at that address is (303) 222-3600.

15

Results of Operations

The table below summarizes certain detail of our financial results for the periods indicated:

[[GREPCENT_TABLE]]
[["","","For the Three Months Ended June 30,","","","For the Six Months Ended June 30,"],["(in thousands, except per share data)","","2026","","","2025","","","2026","","","2025"],["Revenues, net","","$","23,330","","","$","24,632","","","$","47,643","","","$","48,472"],["Cost of revenues","","$","3,421","","","","3,285","","","$","6,828","","","","6,220"],["Gross profit","","","19,909","","","","21,347","","","","40,815","","","","42,252"],["Operating expenses:"],["Selling and operating","","$","21,599","","","","20,634","","","$","41,600","","","","40,656"],["Corporate, general and administration","","$","1,526","","","","2,909","","","$","3,859","","","","4,806"],["Total operating expenses","","","23,125","","","","23,543","","","","45,459","","","","45,462"],["Loss from operations","","","(3,216",")","","","(2,196",")","","","(4,644",")","","","(3,210",")"],["Interest and other expense, net","","$","(30",")","","","124","","","$","(14",")","","","(12",")"],["Loss before income taxes","","","(3,246",")","","","(2,072",")","","","(4,658",")","","","(3,222",")"],["Income tax (benefit) expense","","$","(7",")","","","1","","","$","27","","","","49"],["Loss from continuing operations","","","(3,239",")","","","(2,073",")","","","(4,685",")","","","(3,271",")"],["Loss from discontinued operations","","$","\u2014","","","","26","","","$","\u2014","","","","5"],["Net loss","","","(3,239",")","","","(2,047",")","","","(4,685",")","","","(3,266",")"],["Net (loss) income attributable to noncontrolling interests","","$","(210",")","","","(246",")","","$","(401",")","","","(451",")"],["Net loss attributable to common shareholders","","$","(3,029",")","","$","(1,801",")","","$","(4,284",")","","$","(2,815",")"]]
[[/GREPCENT_TABLE]]

The following table sets forth certain financial data as a percentage of revenues, net for the periods indicated:

[[GREPCENT_TABLE]]
[["","","For the Three Months Ended June 30,","","","For the Six Months Ended June 30,"],["","","2026","","","2025","","","2026","","","2025"],["Revenues, net","","","100.0","%","","","100.0","%","","","100.0","%","","","100.0","%"],["Cost of revenues","","","14.7","%","","","13.3","%","","","14.3","%","","","12.8","%"],["Gross profit margin","","","85.3","%","","","86.7","%","","","85.7","%","","","87.2","%"],["Operating expenses:"],["Selling and operating","","","92.6","%","","","83.8","%","","","87.3","%","","","83.9","%"],["Corporate, general and administration","","","6.5","%","","","11.8","%","","","8.1","%","","","9.9","%"],["Total operating expenses","","","99.1","%","","","95.6","%","","","95.4","%","","","93.8","%"],["Loss from operations","","","(13.8",")%","","","(8.9",")%","","","(9.7",")%","","","(6.6",")%"],["Other income, net","","","(0.1",")%","","","0.5","%","","","(0.0",")%","","","(0.0",")%"],["Loss before income taxes","","","(13.9",")%","","","(8.4",")%","","","(9.8",")%","","","(6.6",")%"],["Income tax expense (benefit)","","","(0.0",")%","","","0.0","%","","","0.1","%","","","0.1","%"],["Loss from continuing operations","","","(13.9",")%","","","(8.4",")%","","","(9.8",")%","","","(6.7",")%"],["Loss from discontinued operations","","","0.0","%","","","0.1","%","","","0.0","%","","","0.0","%"],["Net loss","","","(13.9",")%","","","(8.3",")%","","","(9.8",")%","","","(6.7",")%"],["Net loss attributable to noncontrolling interests","","","(0.9",")%","","","(1.0",")%","","","(0.8",")%","","","(0.9",")%"],["Net loss attributable to common shareholders","","","(13.0",")%","","","(7.3",")%","","","(9.0",")%","","","(5.8",")%"]]
[[/GREPCENT_TABLE]]

Three months ended June 30, 2026 compared to the three months ended June 30, 2025

Revenues, net. Revenues decreased $1.3 million, or 5.29%, to $23.3 million during the three months ended June 30, 2026, compared to $24.6 million during the three months ended June 30, 2025. Revenue in the United States increased $0.2 million and international revenue decreased $1.5 million during the three months ended June 30, 2026 compared to the three months ended June 30, 2025. The decrease primarily reflected the impact of changes in our marketing strategy, continued competition for consumer spending and engagement across the broader SVOD industry, and challenging macroeconomic conditions.

Cost of revenues. Cost of revenues increased $0.1 million or 4.1% to $3.4 million during the three months ended June 30, 2026, compared to $3.3 million during the three months ended June 30, 2025. Gross profit margin declined during the three months ended June 30, 2026 to 85.3% from 86.7% for the three months ended June 30, 2025. The decrease was primarily attributable to lower revenue while content-related costs remained relatively consistent.

16

Selling and operating expenses. Selling and operating expenses increased to $21.6 million during the three months ended June 30, 2026, compared to $20.6 million for the three months ended June 30, 2025, which is primarily due to change in marketing strategy. As a percentage of net revenues, selling and operating expenses increased to 92.6% for the three months ended June 30, 2026 compared to 83.8% for the three months ended June 30, 2025.

Corporate, general and administration expenses. Corporate, general and administration expenses decreased $1.4 million to $1.5 million for three months ended June 30, 2026 from $2.9 million for three months ended June 30, 2025. As a percentage of net revenues, these expenses decreased to 6.5% for the three months ended June 30, 2026 from 11.8% for the three months ended June 30, 2025. The decrease was primarily due to a decrease in incentive compensation during the three months ended June 30, 2025.

Six months ended June 30, 2026 compared to the six months ended June 30, 2025

Revenues, net. Revenues decreased $0.8 million, or 1.7%, to $47.6 million during the six months ended June 30, 2026, compared to $48.5 million during the six months ended June 30, 2025. The decrease primarily reflected the impact of changes in our marketing strategy, continued competition for consumer spending and engagement across the broader SVOD industry, and challenging macroeconomic conditions.

Cost of revenues. Cost of revenues increased $0.6 million or 9.8% to $6.8 million during the six months ended June 30,

[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/1089872/000119312526096522/gaia-20251231.htm
Complete FY 2025 MD&A: /company/GAIA/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2026-03-06
Report date: 2025-12-31

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Forward-Looking Statements

This report contains forward-looking statements within the meaning of the federal securities laws. All statements other than statements of historical fact are forward looking statements that involve risks and uncertainties. When used in this discussion, we intend the words “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “future,” “hope,” “intend” “may,” “might,” “objective,” “ongoing,” “plan,” “potential,” “predict,” “project,” “should,” “strive,” “target,” “will,” “would” and similar expressions as they relate to us to identify such forward-looking statements. Our actual results could differ materially from the results anticipated in these forward-looking statements as a result of certain factors set forth under “Risk Factors” and elsewhere in this Annual Report on Form 10-K. Risks and uncertainties that could cause actual results to differ include, without limitation: our ability to attract new members and retain existing members; our ability to compete effectively, including for customer engagement with different modes of entertainment; maintenance and expansion of device platforms for streaming; fluctuation in customer usage of our service; fluctuations in quarterly operating results; service disruptions; production risks, general economic conditions; future losses; loss of key personnel; price changes; brand reputation; acquisitions; new initiatives we undertake; security and information systems; legal liability for website content; failure of third parties to provide adequate service; future internet-related taxes; our founder’s control of us; litigation; consumer trends; the effect of government regulation and programs; the impact of public health threats; and other risks and uncertainties included in our filings with the SEC. We caution you that no forward-looking statement is a guarantee of future performance, and you should not place undue reliance on these forward-looking statements which reflect our views only as of the date of this report. We undertake no obligation to update any forward-looking information.

You should read the following discussion and analysis of our financial condition and results of operations in conjunction with the consolidated financial statements and related notes included elsewhere in this report. This section is designed to provide information that will assist readers in understanding our consolidated financial statements, changes in certain items in those statements from year to year, the primary factors that caused those changes and how certain accounting principles, policies and estimates affect the consolidated financial statements.

Overview and Outlook

We operate a global digital video subscription service with a library of over 10,000 titles, with live communications and live events with a growing selection of titles available in Spanish, German and French that caters to a unique, underserved member base. Our digital content is available to our members on most internet-connected devices anytime, anywhere, commercial-free. Through our online Gaia subscription service our members have unlimited access to a library of inspiring films, cutting edge documentaries, interviews, yoga classes, transformation related content, live events, and more – 90% of which is exclusively available to our members for digital streaming on most internet-connected devices.

Gaia’s position in the streaming video landscape is firmly supported by its wide variety of exclusive and unique content, which provides a complementary offering to other entertainment-based streaming video services. Our original content is developed and produced in-house in our lifestyle campus near Boulder, Colorado. By offering exclusive and unique content through our streaming service, we believe we will be able to significantly expand our target member base.

Our available content is currently focused on yoga, transformation, alternative healing, seeking truth and conscious films. This content is specifically targeted to a unique member base that is interested in alternative content provided by mainstream media. We have grown these content options both organically through our own productions and through strategic acquisitions or licensing. In addition, through our investments in our streaming video technology and our user interface, we have expanded the many ways our subscription member base can access our unique library of media titles.

Our core strategy is to grow our subscription business domestically and internationally by expanding our unique and exclusive content library, enhancing our user interface, extending our streaming service to new internet-connected devices as they are developed and creating a conscious community built around our content.

We are a Colorado corporation. Our principal and executive office is located at 833 West South Boulder Road, Louisville, Colorado 80027-2452. Our telephone number at that address is (303) 222-3600.

19

Results of Operations

The table below summarizes certain of our results for the periods indicated:

[[GREPCENT_TABLE]]
[["","","Years ended December 31,"],["(in thousands, except per share data)","","2025","","","2024"],["Revenues, net","","$","98,954","","","$","89,296"],["Cost of revenues","","","12,795","","","","12,434"],["Gross profit","","$","86,159","","","$","76,862"],["Selling and operating","","","81,870","","","","74,818"],["Corporate, general and administration","","","9,393","","","","7,761"],["Loss from operations","","","(5,104",")","","","(5,717",")"],["Interest and other income, net","","","11","","","","501"],["Loss before income taxes","","","(5,093",")","","","(5,216",")"],["Income tax expense (benefit)","","","192","","","","(34",")"],["Loss from continuing operations","","","(5,285",")","","","(5,182",")"],["Loss from discontinued operations","","","(103",")","","","(216",")"],["Net loss","","$","(5,388",")","","$","(5,398",")"],["Net loss attributable to noncontrolling interests","","","(894",")","","","(165",")"],["Net loss attributable to common shareholders","","","(4,494",")","","","(5,233",")"]]
[[/GREPCENT_TABLE]]

The following table sets forth certain financial data as a percentage of revenues, net for the periods indicated:

[[GREPCENT_TABLE]]
[["","","Years ended December 31,"],["","","2025","","","2024"],["Revenues, net","","","100.0","%","","","100.0","%"],["Cost of revenues","","","12.9","%","","","13.9","%"],["Gross profit margin","","","87.1","%","","","86.1","%"],["Operating expenses:"],["Selling and operating","","","82.7","%","","","83.8","%"],["Corporate, general and administration","","","9.5","%","","","8.7","%"],["Total operating expenses","","","92.2","%","","","92.5","%"],["Loss from operations","","","(5.2",")%","","","(6.4",")%"],["Other income, net","","","0.0","%","","","0.6","%"],["Loss before income taxes","","","(5.1",")%","","","(5.8",")%"],["Income tax expense (benefit)","","","0.2","%","","","(0.0",")%"],["Loss from continuing operations","","","(5.3",")%","","","(5.8",")%"],["Loss from discontinued operations","","","(0.1",")%","","","(0.2",")%"],["Net loss","","","(5.4",")%","","","(6.0",")%"],["Net loss attributable to noncontrolling interests","","","(0.9",")%","","","(0.2",")%"],["Net loss attributable to common shareholders","","","(4.5",")%","","","(5.9",")%"]]
[[/GREPCENT_TABLE]]

Year Ended December 31, 2025 Compared to Year Ended December 31, 2024

Revenues, net increased $9.7 million, or 10.9%, to $99.0 million during 2025, compared to $89.3 million during 2024. This was primarily driven by an increase in member count as well as an increase in Average Revenue Per User (“ARPU”).

Cost of revenues increased $0.4 million, or 3.2%, to $12.8 million during 2025 from $12.4 million during 2024, with gross profit margin of 87.1% in the current year compared to 86.1% in 2024. The increase in the cost of revenues is primarily related to timing of media library amortization. Gross profit margin increased during 2025 from 2024 primarily due to improvements in ARPU.

20

Selling and operating expenses increased $7.1 million, or 9.5%, to $81.9 million during 2025 from $74.8 million during 2024 and, as a percentage of revenues, decreased to 82.7% during 2025 from 83.8% during 2024. The increase was driven primarily by an increase in marketing expense.

Corporate, general and administration expenses increased by $1.6 million, or 20.5%, to $9.4 million during 2025 up from $7.8 million during 2024 and, as a percentage of net revenue, increased to 9.5% during 2025 from 8.7% during 2024. The increase was primarily driven by legal fees, customer acquisition costs and higher compensation costs during 2025.

Income tax expense (benefit) reflects a current year provision of $0.2 million compared to the prior year provision of $(0.0) million from income taxes due to an increase in the current and deferred tax liability.

Quarterly and Seasonal Fluctuations

The following tables set forth our unaudited results of operations for each of the quarters in 2025 and 2024. The unaudited financial information includes all adjustments, consisting solely of normal recurring accruals and adjustments, necessary for a fair presentation of the results of operations for the quarters presented. You should read this financial information in conjunction with our consolidated financial statements and related notes included elsewhere in this Annual Report on Form 10-K. The results of operations for any quarter are not necessarily indicative of future results of operations.

[[GREPCENT_TABLE]]
[["","","Year 2025 Quarters Ended (Unaudited)"],["(in thousands, except per share data)","","March 31","","","June 30","","","September 30","","","December 31"],["Revenues, net","","$","23,840","","","$","24,632","","","$","24,984","","","$","25,498"],["Gross profit","","","20,905","","","","21,347","","","","21,574","","","","22,333"],["Gross profit margin","","","87.7","%","","","86.7","%","","","86.4","%","","","87.6","%"],["Net loss","","","(1,219",")","","","(2,047",")","","","(1,294",")","","","(828",")"],["Net income attributable to noncontrolling interests","","","(205",")","","","(246",")","","","(141",")","","","(302",")"],["Net loss attributable to common shareholders","","","(1,014",")","","","(1,801",")","","","(1,153",")","","","(526",")"],["Loss per share"],["Basic"],["Basic (attributable to common shareholders)","","$","(0.04",")","","$","(0.07",")","","$","(0.05",")","","$","(0.02",")"],["Diluted (attributable to common shareholders)","","$","(0.04",")","","$","(0.07",")","","$","(0.05",")","","$","(0.02",")"],["Weighted average shares outstanding"],["Basic","","","24,349","","","","25,022","","","","25,044","","","","24,994"],["Diluted","","","24,349","","","","25,022","","","","25,044","","","","24,994"]]
[[/GREPCENT_TABLE]]

21

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/GAIA/mda/fy2025/
All MD&A years: /company/GAIA/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/GAIA/mda/fy2024/): filed 2025-03-10; accession 0000950170-25-036287 (https://www.sec.gov/Archives/edgar/data/1089872/000095017025036287/gaia-20241231.htm)
- [FY 2023 MD&A](/company/GAIA/mda/fy2023/): filed 2024-03-29; accession 0000950170-24-038768 (https://www.sec.gov/Archives/edgar/data/1089872/000095017024038768/gaia-20231231.htm)
- [FY 2022 MD&A](/company/GAIA/mda/fy2022/): filed 2023-03-06; accession 0000950170-23-006277 (https://www.sec.gov/Archives/edgar/data/1089872/000095017023006277/gaia-20221231.htm)
- [FY 2021 MD&A](/company/GAIA/mda/fy2021/): filed 2022-02-28; accession 0001564590-22-007683 (https://www.sec.gov/Archives/edgar/data/1089872/000156459022007683/gaia-10k_20211231.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/GAIA.md · JSON record: /company/GAIA.json · verified financials: /company/GAIA/financials.json / /company/GAIA/financials.csv · machine TOC for the whole site: /llms.txt