Cash flow remains volatile and disconnected from earnings, as evidenced by a $1.3 million net loss in 2026Q1 occurring alongside $1.2 million in operating cash flow.
| Cash from Operations | 12.35M | 13.06M | 8.15M | -16.17M | -39.52M | -73.24M | -53.51M | -44.71M | -31.93M |
| Operating CF Margin % | - | 18.22% | 15.94% | -28.43% | -50.64% | -102.78% | -135.06% | -248.04% | -341.73% |
| Operating CF Growth % | 114.75% | 60.19% | 150.4% | 59.08% | 46.04% | -36.87% | -19.69% | -40.01% | - |
| Net Income | -8.07M | -6.43M | -12.94M | -48.9M | -50.92M | -37.63M | -48.6M | -42.66M | -34.97M |
| Depreciation & Amortization | 11.18M | 14.51M | 19.47M | 23.4M | 39.99M | 28.49M | 10.09M | 3.96M | 13.03M |
| Stock-Based Compensation | 8.77M | 14.37M | 6.57M | 4M | 6.64M | 6.96M | 4.3M | 1.29M | 35K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -5.14M | -13.66M | -3.14M | 3.9M | -40.22M | -69.46M | -17.48M | -14.87M | -7.99M |
| Working Capital Changes | 5.62M | 4.26M | -1.81M | 1.43M | 4.98M | -1.6M | -1.82M | 7.57M | -2.04M |
| Change in Receivables | 1.91M | -2.79M | -1.34M | 6.14M | 11.86M | -16.24M | -5.45M | -502K | -677K |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 300K | 0 |
| Change in Payables | 1.47M | 3.79M | 843K | -1.29M | 2.65M | -127K | -1.53M | 2.36M | 0 |
| Cash from Investing | 23.62M | 23.15M | -31.41M | 14M | 62.7M | -74.94M | 25.45M | -8.99M | -42.63M |
| Capital Expenditures | -25K | -102K | 0 | -5K | -130K | -351K | -367K | -767K | -56K |
| CapEx % of Revenue | 0.03% | 0.14% | - | 0.01% | 0.17% | 0.49% | 0.93% | 4.25% | 0.6% |
| Acquisitions | 0 | 0 | 0 | -992K | -2.44M | -15M | 0 | 8.22M | 0 |
| Investments | - | - | - | - | - | - | - | - | - |
| Other Investing | 32K | 517K | 0 | 0 | 0 | 0 | 0 | -8.22M | -42.57M |
| Cash from Financing | -28.32M | -25.78M | -7.01M | -123K | -218K | 148.34M | 36.62M | 0 | 136.8M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | -311K | 0 | -251K | 0 | 0 | 94.1M | 0 | 0 | 0 |
| Dividends Paid | -24.59M | -22.01M | -4.06M | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -311K | 0 | -251K | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -3.41M | -3.77M | -2.7M | -123K | -218K | 54.24M | 36.62M | 0 | 136.8M |
| Net Change in Cash | 7.65M | 10.43M | -30.26M | -2.29M | 22.96M | 163K | 8.56M | -53.7M | 62.24M |
| Free Cash Flow | 12.32M | 12.96M | 8.15M | -16.18M | -39.65M | -73.59M | -53.88M | -45.48M | -31.99M |
| FCF Margin % | 17.18% | 18.08% | 15.94% | -28.44% | -50.81% | -103.27% | -135.99% | -252.29% | -342.33% |
| FCF Growth % | 32.05% | 58.94% | 150.39% | 59.2% | 46.12% | -36.59% | -18.47% | -42.16% | - |
| FCF per Share | 0.21 | 0.22 | 0.15 | -0.30 | -0.75 | -1.42 | -1.03 | -3.45 | -1.60 |
| FCF Conversion (FCF/Net Income) | -1.53x | -2.03x | -0.63x | 0.33x | 0.78x | 1.95x | 1.10x | 1.05x | 0.87x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 80K | 195K | 614K | 269K | 270K | 44K | 0 |
Liquidity and content monetization
According to the provided financial data, CuriosityStream exhibits a persistent divergence between net income and operating cash flow, with the company reporting a net loss of $1.3 million in 2026Q1 while simultaneously generating $1.2 million in operating cash flow, highlighting significant non-cash accounting adjustments.
The consistent gap between net losses and positive operating cash flow suggests that non-cash charges, particularly content amortization and stock-based compensation, are the primary drivers of the company's cash position. Investors should monitor whether this cash generation is sustainable or if it relies on aggressive accounting treatments that may not reflect true operational health.
As reported in recent financial statements, CuriosityStream's free cash flow trajectory has been erratic, swinging from a $2.5 million outflow in 2023Q4 to a $4.4 million inflow by 2025Q3, indicating that the company's cash flow stability remains highly sensitive to timing differences in working capital.
While the recent shift toward positive free cash flow appears encouraging, the lack of consistent growth suggests that the company is struggling to achieve a self-sustaining operational model. The reliance on fluctuating cash inflows warrants further investigation into whether these results are driven by core subscription growth or temporary shifts in payment cycles.
Based on reported figures, CuriosityStream's working capital changes have been a significant source of cash volatility, with a $6.1 million inflow in 2025Q4 contrasting sharply with the $2.0 million outflow observed in 2025Q2, suggesting that the company's cash position is heavily influenced by timing of collections.
The reliance on working capital fluctuations to bolster cash flow may indicate that the company is pulling forward revenue or delaying payables to manage its liquidity profile. This pattern appears to mask the underlying difficulty in generating organic cash flow from core streaming operations, which remains a critical concern for long-term viability.
As indicated by the financial statements, CuriosityStream has continued to prioritize dividend payments, totaling $4.9 million in 2026Q1, despite reporting a net loss and maintaining a precarious cash position, which may suggest a strategy aimed at supporting equity valuation at the expense of internal reinvestment.
The decision to return capital to shareholders while the company is still in a negative earnings phase appears counterintuitive and may limit the resources available for necessary content library expansion. Investors should monitor whether this capital allocation strategy is sustainable given the company's limited cash reserves and ongoing operational challenges.
Quick answers to the most common questions about buying CURI stock.
CuriosityStream Inc. (CURI) generated $13.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
CuriosityStream Inc. (CURI) generated $13.0M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
CuriosityStream Inc. (CURI) spent $0.1M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, CuriosityStream Inc. (CURI) returned $22.0M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.