CuriosityStream Delivers 46% Revenue Growth and Third Straight Quarter of Positive EBITDA—Strong Cash Flow and New Partnerships Lead the Way
Financial Results Outperform: Revenue and Margins Show Marked Improvement
CuriosityStream (NASDAQ:CURI) delivered a striking performance in its third quarter of 2025, reporting a 46% year-over-year revenue increase to $18.36 million. This beat the company’s previous guidance and highlights steady demand for its factual content and growing digital footprint. The gross margin climbed to 59%, up from 54% last year, translating into a record $10.8 million in gross profit. Importantly, the company achieved its third consecutive quarter of positive Adjusted EBITDA, reaching $3 million versus a loss of $0.4 million in Q3 2024.
| Key Metrics (Q3 2025) | Q3 2025 | Q3 2024 |
|---|---|---|
| Revenue ($M) | 18.36 | 12.60 |
| Gross Margin (%) | 59 | 54 |
| Adjusted EBITDA ($M) | 3.00 | (0.40) |
| Operating Cash Flow ($M) | 4.54 | 2.26 |
| Adjusted Free Cash Flow ($M) | 4.85 | 2.57 |
| Net Loss ($M) | (3.74) | (3.06) |
Cash Flow and Capital Discipline Fuel Resilience—No Debt on Balance Sheet
In a challenging media environment, CuriosityStream posted record cash from operations of $4.54 million, and free cash flow reached $4.85 million for the quarter. This growth in liquidity provides the company with ample runway to reinvest in original programming, technology, and global partnerships. Notably, CuriosityStream closed the quarter with $29.3 million in cash and marketable securities, and zero debt, demonstrating prudent balance sheet management.
| Cash and Equivalents | Q3 2025 | Q4 2024 |
|---|---|---|
| Cash & Equivalents ($M) | 14.11 | 7.83 |
| Short-Term Investments ($M) | 13.67 | 24.24 |
| Total Liquidity ($M) | 29.30 | 32.19 |
| Debt ($M) | 0 | 0 |
Subscription, AI Partnerships, and Global Distribution Drive Momentum
Beyond the headline financials, CuriosityStream’s operational achievements stand out. The company expanded its subscription services in new international markets, launched new payment options in 16 currencies, and grew its AI and data licensing relationships—underscoring the value of its vast, nearly 2-million-hour factual content library. High-profile launches on platforms such as Amazon, Roku, and LG, plus the introduction of four new original series, demonstrate CuriosityStream’s expanding influence across multiple channels and demographics.
Dividend and Outlook: Shareholder Returns Paired with Ongoing Growth Ambitions
Management declared a fourth quarter cash dividend of $0.08 per share, highlighting confidence in future cash flows. For the coming quarter, the company expects revenue between $18–$20 million—representing an additional 27–42% growth year-over-year—and anticipates free cash flow of $2.5–$3.5 million. This ongoing improvement provides both operational flexibility and direct shareholder returns, a rare combination in the evolving streaming space.
Key Takeaway: Financial Turnaround Backed by Growth, Cash Generation, and No Debt
CuriosityStream’s Q3 2025 performance spotlights its operational momentum: robust top-line growth, significant improvements in profitability metrics, and careful balance sheet management with no debt. As the company expands AI data partnerships and global reach, it is solidifying its place at the intersection of media, knowledge, and technology. While net losses remain, the recurring revenue and free cash flow trends, combined with new content and distribution strategies, position CuriosityStream as a player to watch as the industry evolves. For investors and industry watchers, continued margin and cash flow gains—alongside new market expansions—will be critical signals heading into the next fiscal year.
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