Revenue growth has stalled significantly, falling from a 53.4% year-over-year expansion in 2025Q2 to just 0.5% in 2026Q1, while operating income swung to a $1.5 million loss.
| Sales/Revenue | 71.73M | 71.66M | 51.13M | 56.89M | 78.04M | 71.26M | 39.62M | 18.03M | 9.35M |
| Revenue Growth % | 32.29% | 40.14% | -10.12% | -27.11% | 9.52% | 79.86% | 119.8% | 92.89% | - |
| Cost of Goods Sold | 30.69M | 31.11M | 25.36M | 35.55M | 51.54M | 36.67M | 15.42M | 6.81M | 14.43M |
| COGS % of Revenue | - | 43.42% | 49.6% | 62.5% | 66.04% | 51.46% | 38.91% | 37.78% | 154.41% |
| Gross Profit | 41.04M | 40.55M | 25.77M | 21.34M | 26.51M | 34.59M | 24.2M | 11.22M | -5.08M |
| Gross Margin % | 57.21% | 56.58% | 50.4% | 37.5% | 33.96% | 48.54% | 61.09% | 62.22% | -54.41% |
| Gross Profit Growth % | - | 57.33% | 20.79% | -19.51% | -23.36% | 42.91% | 115.79% | 320.57% | - |
| Operating Expenses | 49.97M | 47.85M | 39.1M | 46.84M | 78.19M | 87.07M | 63M | 55.66M | 28.29M |
| OpEx % of Revenue | - | 66.77% | 76.47% | 82.33% | 100.19% | 122.18% | 159.01% | 308.79% | 302.73% |
| Selling, General & Admin | 49.97M | 47.85M | 39.1M | 46.84M | 78.19M | 87.07M | 63M | 55.13M | 28.29M |
| SG&A % of Revenue | - | 66.77% | 76.47% | 82.33% | 100.19% | 122.18% | 159.01% | 305.84% | 302.73% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 532K | 0 |
| Operating Income | -8.93M | -7.3M | -13.33M | -25.5M | -51.68M | -52.48M | -38.8M | -44.45M | -33.38M |
| Operating Margin % | -12.45% | -10.19% | -26.07% | -44.83% | -66.22% | -73.64% | -97.93% | -246.57% | -357.14% |
| Operating Income Growth % | - | 45.22% | 47.72% | 50.66% | 1.52% | -35.26% | 12.71% | -33.17% | - |
| EBITDA | 2.11M | 7.37M | 6.14M | -2.1M | -11.69M | -23.99M | -28.71M | -40.49M | -20.34M |
| EBITDA Margin % | 2.95% | 10.29% | 12% | -3.69% | -14.98% | -33.66% | -72.47% | -224.62% | -217.69% |
| EBITDA Growth % | -73.87% | 20.13% | 392.19% | 82.04% | 51.26% | 16.47% | 29.08% | -99.04% | - |
| D&A (Non-Cash Add-back) | 11.04M | 14.68M | 19.47M | 23.4M | 39.99M | 28.49M | 10.09M | 3.96M | 13.03M |
| EBIT | -8.12M | -7.3M | -13.33M | -25.5M | -51.68M | -52.48M | -38.8M | -44.45M | -33.38M |
| Net Interest Income | 426K | 0 | 3.07M | 1.27M | 176K | 486K | 500K | 2.07M | 0 |
| Interest Income | 426K | 0 | 3.07M | 1.27M | 176K | 486K | 500K | 2.07M | 1.55M |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 863K | 891K | 524K | -22.89M | 1.13M | 15.2M | -9.62M | 2.07M | -1.55M |
| Pretax Income | -8.06M | -6.41M | -12.81M | -48.39M | -50.55M | -37.27M | -48.42M | -42.38M | -34.93M |
| Pretax Margin % | -11.24% | -8.95% | -25.05% | -85.06% | -64.77% | -52.31% | -122.21% | -235.08% | -373.77% |
| Income Tax | 10K | 14K | 132K | 506K | 367K | 360K | 179K | 142K | 43K |
| Effective Tax Rate % | -0.12% | -0.22% | -1.03% | -1.05% | -0.73% | -0.97% | -0.37% | -0.34% | -0.12% |
| Net Income | -8.07M | -6.43M | -12.94M | -48.9M | -50.92M | -37.63M | -48.6M | -42.52M | -36.71M |
| Net Margin % | -11.26% | -8.97% | -25.31% | -85.95% | -65.24% | -52.81% | -122.66% | -235.86% | -392.79% |
| Net Income Growth % | -6.42% | 50.34% | 73.53% | 3.97% | -35.29% | 22.56% | -14.3% | -15.83% | - |
| Net Income (Continuing) | -8.07M | -6.43M | -12.94M | -48.9M | -50.92M | -37.63M | -48.6M | -42.52M | -36.71M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.14 | -0.11 | -0.24 | -0.92 | -0.96 | -0.73 | -0.92 | -3.24 | -1.84 |
| EPS Growth % | 2.08% | 54.17% | 73.91% | 4.17% | -31.51% | 20.65% | 71.6% | -76.09% | - |
| EPS (Basic) | - | -0.11 | -0.24 | -0.92 | -0.96 | -0.73 | -0.92 | -3.24 | -1.84 |
| Diluted Shares Outstanding | 58.95M | 57.66M | 54.48M | 53.04M | 52.79M | 51.79M | 52.55M | 13.16M | 20M |
| Basic Shares Outstanding | 58.95M | 57.66M | 54.48M | 53.04M | 52.79M | 51.48M | 52.55M | 13.16M | 19.95M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
Liquidity and content monetization
As reported in recent financial statements, CuriosityStream's revenue growth has decelerated sharply to 0.5% in 2026Q1, a significant departure from the 53.4% year-over-year expansion observed in 2025Q2, suggesting that the company's previous aggressive subscriber acquisition strategy has reached a point of diminishing returns in the current market.
The erratic revenue performance, characterized by alternating periods of double-digit growth and stagnation, implies a reliance on lumpy content licensing deals rather than a stable, compounding subscription base. Investors should monitor whether the recent deceleration reflects a structural saturation of the factual streaming niche or merely a strategic pivot toward higher-quality, lower-volume revenue streams.
Based on reported figures, CuriosityStream maintained a gross margin of 56.1% in 2026Q1, which, while improved from the 43.8% trough in 2024Q1, remains insufficient to cover the company's substantial operating expenses and suggests limited pricing power within the highly competitive and fragmented factual streaming landscape.
The fluctuation in gross margins indicates that the cost of content amortization is not scaling linearly with revenue, potentially due to the irregular timing of library investments. This volatility warrants further investigation into whether the company can sustain these margin levels without sacrificing the production quality necessary to retain its core subscriber base.
According to recent SEC filings, CuriosityStream's operating income swung to a $1.5 million loss in 2026Q1, demonstrating that the company has yet to achieve the necessary operating leverage to scale its business model profitably despite maintaining a relatively consistent gross profit margin of over 50 percent.
The persistent disconnect between gross profit and operating income suggests that corporate overhead and marketing expenditures remain disproportionately high relative to revenue generation. This lack of scalability implies that the current cost structure may be fundamentally misaligned with the company's ability to convert its niche content library into consistent, positive operating cash flow.
As indicated by the financial data, CuriosityStream's net income is frequently impacted by significant stock-based compensation, which reached $2.2 million in 2026Q1, effectively masking the true cash-based operational losses and complicating the assessment of the company's underlying profitability and long-term shareholder value creation potential.
The reliance on equity-based incentives during periods of negative operating income suggests a strategy to preserve cash at the expense of shareholder dilution. Analysts should scrutinize these non-cash charges to determine if the company's path to profitability is being artificially smoothed by accounting treatments rather than genuine operational improvements.
Based on the provided income statement data, the company's inability to maintain consistent profitability, coupled with a reliance on volatile licensing revenue, suggests that the current streaming model may be unsustainable without a fundamental shift in either content acquisition costs or the efficiency of subscriber monetization.
Short-sellers would likely focus on the company's recurring operating losses and the potential for future impairment charges if the factual library fails to generate expected returns. The risk remains that the company is trapped in a cycle of high marketing spend to offset churn, which may ultimately deplete remaining cash reserves before a self-sustaining scale is achieved.
Quick answers to the most common questions about buying CURI stock.
For fiscal year 2025, CuriosityStream Inc. (CURI) reported total revenue of $71.7M. This represents a 666.8% increase compared to $9.3M in 2018.
CuriosityStream Inc. (CURI) reported a net loss of $6.4M for the fiscal year ending 2025.
CuriosityStream Inc. (CURI) reported an operating income of $-7.3M, resulting in an operating profit margin of -10.2%. This margin reflects the operational efficiency of the business before interest and taxes.
CuriosityStream Inc. (CURI) generated $40.5M in gross profit for the year, representing a gross profit margin of 56.6%. This demonstrates the company's core pricing power and production efficiency.