Earnings call transcript: CuriosityStream Q3 2025 sees revenue surge, stock rises

CuriosityStream Inc. reported its third-quarter earnings for 2025, highlighting a significant revenue increase and improvements in key financial metrics. Despite posting a loss per share, the company exceeded revenue expectations, leading to a positive market reaction. After the earnings announcement, CuriosityStream’s stock rose by 6.93% in aftermarket trading. According to InvestingPro data, the company has delivered an impressive 156.2% return over the past year, though it remains unprofitable over the last twelve months.

Key Takeaways

• CuriosityStream’s Q3 2025 revenue grew by 46% year-over-year.
• The company posted a net loss of $0.06 per share, missing the EPS forecast.
• Stock price increased by 6.93% in aftermarket trading.
• Adjusted EBITDA improved significantly, reaching $3 million.
• The company maintains a strong cash position with no outstanding debt.

Company Performance

CuriosityStream demonstrated robust performance in Q3 2025, with revenue climbing to $18.4 million, a 46% increase from the previous year. This growth underscores the company’s successful expansion and operational strategies, particularly in the realm of AI licensing and content distribution. The company’s focus on cost discipline and operational efficiency contributed to a notable improvement in adjusted EBITDA and free cash flow.

Financial Highlights

• Revenue: $18.4 million, up 46% year-over-year
• Earnings per share: -$0.06, compared to a forecast of -$0.03
• Adjusted EBITDA: $3 million, an improvement of $3.4 million year-over-year
• Adjusted Free Cash Flow: $4.8 million, an 88% increase year-over-year
• Gross Margin: 59%, up from 54% last year

Earnings vs. Forecast

CuriosityStream’s Q3 2025 revenue surpassed the forecast of $16.19 million, achieving an actual revenue of $18.4 million, a surprise of 13.65%. However, the company reported an EPS of -$0.06, missing the forecasted -$0.03, representing a 100% negative surprise. This discrepancy highlights the challenges the company faces in balancing revenue growth with profitability.

Market Reaction

Following the earnings release, CuriosityStream’s stock experienced a 6.93% increase in aftermarket trading, reaching $4.01. This positive reaction reflects investor confidence in the company’s revenue growth and strategic initiatives, despite the EPS miss. The stock’s movement contrasts with its 52-week high of $7.15 and low of $1.47, indicating a recovery trend.

Outlook & Guidance

CuriosityStream provided optimistic guidance for the remainder of 2025, forecasting Q4 revenue between $18 million and $20 million. For the full year, the company expects revenue to range from $70 million to $72 million, marking a 38-42% increase. The company also anticipates licensing revenue to exceed subscription revenue by 2027, with plans to double its content library in 2026.

Executive Commentary

CEO Clint Stinchcomb expressed confidence in the company’s growth trajectory, stating, "We believe that we will continue double digit growth in both revenue and cash flow." He emphasized the importance of building long-term relationships, saying, "We are building long term relationships and we’re committed to making sure that as we enter into all of these agreements, it’s not one and done."

Risks and Challenges

• Market competition in AI licensing could pressure margins.
• The company’s ability to maintain operational efficiency amidst expansion.
• Dependence on existing partners for a significant portion of future revenue.
• The need to hire additional sales leadership to support growth.
• Potential volatility in subscription revenue streams.

Q&A

During the earnings call, analysts inquired about the evolution of AI licensing and the company’s partner relationships. Executives clarified stock-based compensation details and reaffirmed their commitment to the AI licensing strategy. Additionally, the discussion included strategies for subscription growth and the anticipated impact of new sales leadership.

Full transcript - Curiositystream Inc. (CURI) Q3 2025:

Conference Operator: Greetings, and welcome to the Curiosity Stream Third Quarter twenty twenty five Financial Results Conference Call. At this time, all participants are in a listen only mode. A question and answer session will follow the formal presentation. Please note this conference is being recorded. I will now turn the conference over to your host, Tia Cudahy, Curiosity Stream’s Chief Operating Officer.

Please go ahead.

Tia Cudahy, Chief Operating Officer, CuriosityStream: Thank you, and welcome to CuriosityStream’s discussion of its third quarter twenty twenty five financial results. Leading the discussion today are Clint Stinchcomb, CuriosityStream’s Chief Executive Officer and Brady Hayden, CuriosityStream’s Chief Financial Officer. Following management’s prepared remarks, we will be happy to take your questions. But first, I’ll review the Safe Harbor statement. During this call, we may make statements related to our business that are forward looking statements under the federal securities laws.

These statements are not guarantees of future performance, but rather are subject to a variety of risks, uncertainties and assumptions. Our actual results could differ materially from expectations reflected in any forward looking statements. Please be aware that any forward looking statements reflect management’s current views only, and the company undertakes no obligation to revise or update these statements nor to make additional forward looking statements in the future. For a discussion of the material risks and other important factors that could affect our actual results, please refer to our SEC filings available on the SEC website and on our Investor Relations website as well as the risks and other important factors discussed in today’s press release. Additional information will also be set forth in our quarterly report on Form 10 Q for the quarter ended 09/30/2025, when filed.

In addition, reference will be made to non GAAP financial measures. A reconciliation of these non GAAP measures to comparable GAAP measures can be found on our site at investors.curiositystream.com. Unless otherwise stated, all comparisons will be against our results for the comparable 2024 period. Now, I’ll turn the call over to Clint.

Clint Stinchcomb, Chief Executive Officer, CuriosityStream: Thank you, Tia. We delivered strong Q3 results. Revenue grew 46% year over year to $18,400,000 exceeding guidance. Adjusted free cash flow rose 88% to $4,800,000 and adjusted EBITDA improved by $3,400,000 year over year. Our three complementary growth pillars subscriptions, licensing and advertising are driving momentum and strengthening CuriosityStream’s position at the intersection of knowledge, media and AI.

I’ll briefly recap the underpinnings of Q3 and then look ahead to 2026 and beyond. Licensing revenue increased over 400% year over year, reflecting the strength of our team, demand for our corpus and the trusted relationships we’ve built with both traditional media partners and hyperscalers. We engaged with nine key partners across video, audio, script and code and delivered over 1,500,000 distinct assets. To achieve dominance as a provider of AI training data, we’ve assembled a nearly two million hour library of video and audio across multiple genres, content that largely cannot be scraped from the open web. We’ve also expanded our large scale data structuring and metadata capabilities, so we can meet partners’ volume requirements and bespoke specifications for high integrity, enriched datasets.

In parallel, we broadened traditional content partnerships with leading global broadcasters, streamers and pay TV networks, including AMC, Netflix, Foxtel and a range of licensees across Asia. Overall subscription revenue, retail and wholesale combined was down year over year, but increased sequentially every quarter in 2025. Importantly, our sequential growth in subscription revenue has been driven by daily operating focus, not simply by implementing price increases like many subscription services. In Q3, all three of our subscription services launched with partners in key English speaking markets, U. S, Australia and New Zealand, as well as in our top non English market, Germany.

Extensions with partners like Amazon and new multifaceted agreements with partners like TMTG further support this growth trajectory. While not yet a separate revenue pillar at scale, we continue to build on the solid foundation of our advertising business. Our U. S. Hispanic and flagship fast channels recently launched on Amazon, Roku, LG and Truth plus We also launched a two hour branded block on Astrea TV’s free to air broadcast channel, an initiative we plan to replicate with additional partners.

Given the quality and volume of content we control, we see meaningful advertising and sponsorship opportunities across Fast, AVOD, Social, Pay TV and Free to Air. To thoughtfully capture this opportunity, we plan to install a proven leader to run the business in early twenty twenty six. We are particularly proud that adjusted free cash flow increased 88% to $4,800,000 this quarter. This reflects a focused growth strategy and the sustained commitment to rationalizing our cost base, especially hard, largely non discretionary costs. Cost discipline is a strategic advantage, one that supports pricing power, resilience and durable growth.

Despite higher storage and delivery expenses for managing a large content library, we more than offset those increases through disciplined expense management. Looking ahead, while we are not yet providing guidance for 2026, we expect overall subscription revenue, retail and wholesale, to grow faster in 2026 than in 2025, supported by a strong launch pipeline and new pricing and packaging across our own services, including our premium tier. We anticipate high growth licensing to continue and believe licensing will exceed subscription revenue in 2027, possibly earlier. We expect significant year over year growth with existing partners and believe our roster of AI licensing partners could double or even triple in 2026. Beyond training, we see additional monetizable grants of rights becoming part of our agreements.

Given the quality and scale of our corpus, which we expect to more than double in 2026 and our ability to structure and deliver data at scale, we believe we will solidify our position as the leader or among the top two or three video licensors for AI development. In summary, we believe that we will continue double digit growth in both revenue and cash flow driven by our three complementary pillars subscriptions, licensing and advertising, while continuing to improve efficiency. We intend to pay 2026 dividends from cash generated by operations as we did in 2024. Our balance sheet remains strong with over $29,000,000 in liquidity and no debt giving us substantial flexibility. At today’s share price, we’re a growth company that also offers a dividend yield of well over 8%.

It’s an exciting time to be in the media business, opportunities abound and we intend to swarm them with discipline. Over to you, Brady.

Brady Hayden, Chief Financial Officer, CuriosityStream: Thanks, Clint and good afternoon everyone. Our full financial results will be in the 10 Q that we’ll file in the next day or two. But let me hit some of our third quarter highlights. As Clint said, in the third quarter, we reported revenue of $18,400,000 exceeding our guidance and a 46% increase compared to 12,600,000 a year ago. Likewise, we reported another quarter of positive adjusted EBITDA, which came in at $3,000,000 This was an improvement of $3,400,000 from a year ago and essentially flat from last quarter, which was a record quarter for us.

This was also our third sequential quarter of positive adjusted EBITDA. Adjusted free cash flow came in at $4,800,000 an increase of $2,300,000 compared to last year. This also represented our seventh quarter in a row of positive adjusted free cash flow. Third quarter revenue was led by our subscription business, which came in at $9,300,000 a sequential increase. Content licensing came in at $8,700,000 in the quarter, an increase of over $7,000,000 or 425% from last year, driven by continued growth in AI training fulfillments.

Looking at our year to date numbers, licensing generated $23,400,000 through September, which in perspective is already over half of what our subscription business generated for all of 2024. Third quarter gross margin was 59 percent improving from 54% last year. We continue to see reductions in non cash content amortization, although our distribution and storage costs have increased slightly due to licensing and acquisition of content through revenue share arrangements. Combined costs for advertising and marketing plus G and A were higher by 52% compared to last year. This increase was the result of a non cash charge for stock based compensation of $7,000,000 or about $0.12 on a per share basis.

G and A also included a number of one time expenses associated with our August secondary stock offering. Were it not for the non cash SBC and the common stock sale, G and A would have declined in the quarter. We reported a third quarter net loss of $3,700,000 or $06 a share. This compares to a $3,100,000 net loss in the 2024. While our revenue was up materially from last year, the net loss was driven by the one time charges and non cash SBC.

Were it not for these specific non recurring or non cash charges, we would have posted our third quarterly net income this year. And as we said earlier, adjusted EBITDA was $3,000,000 in the third quarter compared to a loss of $400,000 a year ago. Adjusted free cash flow was $4,800,000 in the quarter compared with $2,600,000 a year ago. And through the first ’9 months of twenty twenty five, adjusted free cash flow was $9,600,000 which is more than the company generated for all of last year. In September, paid our regular $4,600,000 dividend and we ended the quarter with total cash and securities of $29,300,000 and no outstanding debt.

We believe our balance sheet remains in great shape. Based on yesterday’s share price, Curiosity Stream is generating an adjusted free cash flow yield of over 7% and a current dividend yield of over 8%. Also just after quarter end on October 14, 6,700,000.0 of our warrants expired unexercised. While these warrants have been trading well out of the money for some time, this expiration of all of the company’s outstanding warrants reduces potential dilution and should eliminate any lingering share overhang associated with these instruments. Looking ahead for the fourth quarter, we expect revenue in the range of 18,000,000 to $20,000,000 which would imply full year 2025 revenue in the range of 70,000,000 to $72,000,000 or 38 to 42% revenue increase from 2024.

We expect fourth quarter adjusted free cash flow of $2,500,000 to $3,500,000 which would imply full year 2025 adjusted free cash flow of 12,000,000 to $13,000,000 or 27% to 37% free cash flow increase from 2024. We’re not yet providing guidance for 2026, but we believe that our top line and bottom line growth will continue into next year. And although we’re obviously using some of our cash and investment reserves to pay our dividends in 2025, we intend to fully cover our 2026 dividends from operating cash as we did in 2024. With that, we can hand it back to the operator and open the call to questions.

Conference Operator: Thank you. We will now be conducting a question and answer session. And our first question will come from Laura Martin with Needham and Company.

Laura Martin, Analyst, Needham and Company: Hi there. So, Clint, a strategy one for you first and that is, so I know you’ve been a media CEO for a long time, but the returns on capital in this new revenue stream of licensing are, like, 10 times higher. So what I don’t understand is why are we taking these fabulous revenue and investing in hiring a guy to do media in Australia, which is offshore, lower margin, lower returns on capital? Why don’t we just stick with the, you know, stick with focusing on becoming sort of the go to, de facto AI guys that are independent and put all say no to media stuff, which is our path. Why are we adding stuff that’s lower return on capital just because that’s where we came from?

Let’s start with that one.

Clint Stinchcomb, Chief Executive Officer, CuriosityStream: I appreciate the question, Laura. You cut out a little bit that Australia reference was I just I didn’t hear what you’re referring to in Australia. I think I got the Well, basic

Laura Martin, Analyst, Needham and Company: you’re hiring, right? What’s the new guy going to do when you hire him?

Clint Stinchcomb, Chief Executive Officer, CuriosityStream: We haven’t hired anybody new. We just we announced a promotion of one of our guys who has been focused on helping to craft our AI relationships. We announced that last week, if that’s what you’re referring to.

Laura Martin, Analyst, Needham and Company: No, I thought you said on the call that you were

Clint Stinchcomb, Chief Executive Officer, CuriosityStream: going Okay. Did say say on the call that we’re going to hire a sales leader, yes. And I think your question is a good one. And so, I think we’ve done a great job certainly on cost side here and we’ve done a really good job across the company getting this business rolling. But we do need some additional sales leaders, even some who are really seasoned.

And so there’s an opportunity for us to do that. And sometimes if you get a chance to bring somebody into the mix, it’s a little bit like the NFL draft. You’re not necessarily drafting for pure position, but if you can bring on an A plus player with real talent, you take the opportunity to do that. And so I didn’t mean to imply that he would be or she would be working in only one area, but really helping on the revenue generation side. Is a key for us is we do need some help there and we’ve done as I said feel like we’ve done a nice job on the cost side and we’ve laid some good groundwork so that if we bring in a couple of really strong players that can have an accelerating impact on what we’re doing.

I mean to dodge, hopefully I got hopefully I addressed that. If I didn’t, Laura asked me to clarify.

Laura Martin, Analyst, Needham and Company: Well, I just want to be sure we’re staying in the AI business.

Clint Stinchcomb, Chief Executive Officer, CuriosityStream: 100%. Yes, yes. Absolutely, Laura. Absolutely. And yes, and I know that you’ve expressed some concern in the past about smoothing out the revenue.

And I’d love to address that if that’s still a question on your end.

Laura Martin, Analyst, Needham and Company: That was my second question, which is you’re

Clint Stinchcomb, Chief Executive Officer, CuriosityStream: not the only one asking. So look, there will always be some lumpiness in licensing, but we’re going to smooth it out over time and we’re going to accomplish this and we are accomplishing this by both operational and contractual means. So operationally, as we increase our roster of partners, we reduce lumpiness. We believe that we’ll double or triple our number of partners in the AI licensing area by the 2026. And in 2027, possibly earlier, as more open source models become accessible, there will potentially be hundreds and even thousands of companies who will need video to fine tune specific models for consumer and enterprise purposes.

Some refer to this as the open source and tune evolution. Contractually, structurally SaaS, something you’re familiar with of course, software as a service, we know that’s beloved by the software industry, we know that is beloved by investors. So with the type of volume we control, we’ve had discussions around structuring certain agreements as CAS or CAS or Content as a Service, where we grant access over a term, so as a subscription with access to clouds of content content with lots and lots of hours. Now in these deals, need to make sure we have proper minimums in place and a few other safeguards, but this is a proven model that I think a lot of people love and that will enable smoother quarters and tighter predictability over time.

Conference Operator: And our next question comes from Jason Kreyer with Craig Hallum.

Jason Kreyer, Analyst, Craig Hallum: Thanks. Great job, guys. So maybe kind of building on just the library and the AI opportunity. Clint, just curious if you could talk about how AI licensing has evolved over the last year. You had mentioned nine partners this quarter.

Just maybe talk about how broad is the demand for your corpus and how frequently are those platforms coming back to get more and more of your content?

Clint Stinchcomb, Chief Executive Officer, CuriosityStream: Yes. So, we’ve done about 18 fulfillments to date and we’ve done that across nine partners. And so, without naming names based on the math, I think we can represent that we’ve done two or three more renewals with some key existing partners. And as we look out into 2026, we suspect really the revenue from our existing partners, they’ll probably comprise 60% to 80% of the AI licensing revenue and 20% to 40% will come from new partners. So, we do see the roster increasing significantly and we also see real opportunity for licensing beyond simply a training right.

Additional grants of rights like display rights or transformative rights or adaptation rights or even certain derivative rights or possibly even some that are as of yet unnamed. I mean we’re building long term relationships and we’re committed to making sure that as we enter into all of these agreements, it’s not one and done. And so I think from an and then to answer your question about the evolution and the changes, I think if you look at the first deals that we did, it was just get people finished content, let them use that for training the models. Today, obviously people are still looking for finished content, looking for raw video, but there’s a real advantage to being able to structure the data in a way that many of your competitors can’t. And what I mean by that is just the ability to clip content, to index content, to annotate and to then deliver it in seven to twenty second clips with really detailed enriched metadata.

So one thing I didn’t mention on the call is in Q3 we entered into some of the highest cost per hour or cost per minute agreements by far that we had heretofore not entered into. So that’s a function of being able to create things that are a little bit more bespoke and a much enhanced ability on our end to structure our data.

Jason Kreyer, Analyst, Craig Hallum: Clint, when you talk about having nearly two million hours in the library, how does that split between what’s available for AI licensing, what’s available for streaming by consumers? Or is that the same number for both?

Clint Stinchcomb, Chief Executive Officer, CuriosityStream: Yes. No, it’s not the same number. It’s a good question. The overwhelming majority of that is for AI licensing. So we have a lot of content partners, probably over 150 different content partners for our subscription services and for our ad supported services.

Obviously, as we’re building our AI library, those are some of the first people that we went to. But the overwhelming majority of that is for AI licensing. We are increasing our volume of rights in our traditional platforms, but the overwhelming majority is for AI licensing.

Jason Kreyer, Analyst, Craig Hallum: And you nearly doubled that in like the last quarter or two or doubled the library. I’m going to assume that’s a proxy for effectively doubling the AI library over the last quarter or two. Curious, is that an indication of, hey, you guys are getting better at figuring out what these AI platforms need and you’re going out and sourcing a lot more of that? Or is there a different reason that we’re not thinking about it, why you’re adding so much more content to the library?

Clint Stinchcomb, Chief Executive Officer, CuriosityStream: Well, you’re 100% right on the first part. We are sourcing specific content. So that’s part of it. At the same time, we feel like one of our advantages is the fact that we have existing relationships with so many production companies, so many distribution companies, so many creators, so many people who own and control large libraries of content that wherever it makes sense, we want to put our foot on the gas. We’re not going to be the number one subscription service in the world.

I mean Netflix and Amazon, they’ve got escape velocity. They have that covered. However, we believe that we can be if not number one, one of the top two or three licensers of video for AI training and other purposes. And part of the way that you do that is you try to generate some escape velocity on your own. So as we build out the volume of our library, it makes us more appealing as because even more so as a one stop shop for any of our partners.

Brady Hayden, Chief Financial Officer, CuriosityStream: Got it.

Jason Kreyer, Analyst, Craig Hallum: Thank you, Clint. Appreciate it.

Clint Stinchcomb, Chief Executive Officer, CuriosityStream: Thank you.

Conference Operator: And moving on to David Marsh with Singular Research.

David Marsh, Analyst, Singular Research: Hey, guys. Congrats on the quarter and thanks for taking the questions.

Brady Hayden, Chief Financial Officer, CuriosityStream: Thank you, Dave.

David Marsh, Analyst, Singular Research: Wanted to start, Brady, if I could. Could you give us a little bit more explanation of the stock based comp here in the quarter? Yes, I know you had some comments about it in your prepared remarks, but I’m still a little bit confused by it. So I was just hoping you could maybe just give us a little bit more color.

Brady Hayden, Chief Financial Officer, CuriosityStream: Yes, sure. So and the 10 Q will be out either tomorrow or the next day, possibly Friday. But a lot of the details from that will be for the stock based comp will be in that document. But a number of employees received market based SBC warrants and awards during the quarter, during actually in July. You’ll see some of those in the Form 4s that the executives filed and a number of other employees received those as well.

The market based components of those were something new this quarter. And because that, we had to take a much higher grant date fair value than we would have if the awards had just been purely time based or purely internal performance based. Because of the stock market component of those awards, the market based component, we have to value those differently. So I think the total value, this will be in the Q, but it’s well into the 8 figures, the total value of all of those awards and that has to be expensed over an aggressive period of time, more aggressive than if they were purely time based over four years. So that’s why we that’s why we had the unusually high SBC in this quarter.

And you’ll see we have another we disclosed an amount that will need to be expensed over the next several quarters. So hopefully that will be easier for you guys to factor into your models.

David Marsh, Analyst, Singular Research: Was that helpful, Dave? Yes, that’s really helpful. I appreciate it. Yes, it looks like almost $7,000,000 a quarter. A couple of follow-up questions on that.

How is that reflected in the current diluted share count, if it is at all? And how will it impact the share count going forward? And then just again around SG and A, I mean, would you expect it to retreat pretty substantially in Q4? Is this an annual like accrual type thing? Or is this recurring quarterly?

Brady Hayden, Chief Financial Officer, CuriosityStream: Yes. So if you do the math and you look at all of our public filings, we I’d say it was a majority of what we will do in a year were granted in the quarter. I wouldn’t expect there to be anything to that level in the next several quarters. I don’t know exactly what our SBC will be for Q4, but I think the majority of what we will do for this year’s grants, had to expense in Q3.

David Marsh, Analyst, Singular Research: That’s really helpful. Turning kind of more strategically, Clint, thanks for the color around the licenses. It’s helpful. Could you talk about content or subscriptions a bit, though? You guys have launched a number of new of new markets over the last several quarters.

And just give us an update on reception and what kind of momentum you’re seeing in some of those new markets and new platforms, please?

Clint Stinchcomb, Chief Executive Officer, CuriosityStream: I appreciate that question. And if I may, if I could just add a little color to what Brady shared, I want everybody to know that all of our employee equity grants at this point, including or especially mine are linked to financial performance of the company, all quantitative goals. So as a company, we’re very tightly aligned around business and performance compensation. It’s a key pillar of culture and it’s a key pillar of our compensation structure. We are not a bloated media company where people cling to fat based salaries and guaranteed bonuses really strive to be the farthest thing from that as a performance based company.

So equity is a critical component of this pursuit and it’s also a way to help maintain a competitively advantageous operating budget. But getting back to your question around subscriptions, we have had a number of new launches with partners like Amazon in Australia, in New Zealand and as they roll out subscription based services around the world, we want to roll out with them. It’s a building a subscription business is something where there are huge barriers to entry. And so for us like beyond just the reliable recurring revenue of our subscription services, it’s a moat and it’s competitive advantage in our licensing acquisition efforts. And as a result of these deals, David, as a result of our pipeline visibility, We’re supremely confident that our overall subscription revenue, retail and wholesale will grow at a higher rate in 2026 than in 2025.

And again, we’re confident because the visibility in the third party pipeline, meaning new and meaningful wholesale distribution agreements, which will kick in, as well as channel store launches inside and outside The U. S. For our SVOD services and also because we’re diligently planning and taking the requisite steps to execute new pricing and packaging in 2026. I mean, if you look at a lot of public and private companies in the subscription space, the way that they’ve grown is through simply or I might add often just lazily raising price. That’s something we have the capacity to do, but we’re trying to get to the core of what we really need to do based on our marketing spend to grow subscribers.

David Marsh, Analyst, Singular Research: And Dave,

Brady Hayden, Chief Financial Officer, CuriosityStream: let me jump back in. I think I forgot to answer your question on dilution. A portion of the RSUs for Q3 already vested in those were those did factor into our share count for dilution purposes. Obviously, we reported a net loss for the quarter. It was overall anti dilutive.

But going forward, we’re for net positive quarters, we’ll certainly have to include those all of those for fully diluted.

David Marsh, Analyst, Singular Research: Got it. Got it. Hey, thanks, guys. Appreciate taking the questions.

Clint Stinchcomb, Chief Executive Officer, CuriosityStream: Thanks, Dave. Thanks.

Conference Operator: And Patrick Scholl with Barrington Research has our next question.

Patrick Scholl, Analyst, Barrington Research: Hi, thanks for taking the question. Just the first one on the guidance in the quarter. Could you maybe just talk about the free cash flow guidance? Seems like relative to the increase in revenue, there’s kind of limited free cash flow growth in the quarter. Is that mostly just a timing issue or is there anything to keep in mind there?

Clint Stinchcomb, Chief Executive Officer, CuriosityStream: Timing issue. Yes. Okay. And

Tia Cudahy, Chief Operating Officer, CuriosityStream: then

Patrick Scholl, Analyst, Barrington Research: on the content library for AI licensing, just maybe talk about like the different markets between the content that you have that is from maybe your partners that also work with you on the streaming side versus other partners? And just maybe the different dynamics on margins and maybe use cases and partners for licensing there?

Clint Stinchcomb, Chief Executive Officer, CuriosityStream: Yes, that’s a good question, Pat, and thank you. So, we were first building our library for AI licensing, we went to people with whom we had great existing relationships. And most of those companies are in the factual space, non fiction entertainment, science, technology, history, travel, lifestyle, etcetera. In an effort to try to generate again escape velocity or dominate in the space, we then at the same time or shortly thereafter started reaching out to people that we knew, distributors who controlled content in other genres, general entertainment, sports as an example. And so with that type of corpus and with the way that we’re able to structure some of that data, that’s made a real difference as it relates to our overall proposition.

I mean people love our content and love working with us because we have diversity of content, we have high quality and we’re able to just enrich the data in a way that’s unique. But we do have some content whereas a lot of the content that we have in our AI corpus, we could put on our services. There are some content that it goes well beyond the factual content that you would see on any of our subscription services or ad support services.

Patrick Scholl, Analyst, Barrington Research: Okay. Thank you.

Clint Stinchcomb, Chief Executive Officer, CuriosityStream: Thank you, Pat.

Conference Operator: And ladies and gentlemen, thank you for your participation. This does conclude today’s teleconference. You may disconnect your lines and have a wonderful day.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.