CuriosityStream Inc.
- Open
- 2.63
- Day high
- 2.70
- Day low
- 2.56
- Prev close
- 2.61
- Volume
- 1.9M
- Mkt cap
- $159M
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 3.8
- P/S
- 2.1
- Yield
- 12.13%
- Per share
- $0.33
- ▼Insiders net selling -$86K over the last 3 months (1 open-market buy, 2 sales)
- 🏛Institutions reducing (13F)
CuriosityStream Inc. (CURI) is a Communication Services company listed on NASDAQ. The stock is down 41% over the past year. Over the trailing 3 months, insiders filed 1 open-market buy and 2 sales (SEC Form 4). Drillr has 1 published research article covering CURI.
CuriosityStream Inc. (CURI) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
CURI earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 12, 2026 | $0.04 | $0.15 | +300.0% | $23M | +9.0% |
| May 14, 2026 | $-0.02 | $-0.02 | +0.0% | $15M | -9.7% |
| Mar 11, 2026 | $-0.03 | $-0.06 | -100.0% | $19M | +17.0% |
| Nov 12, 2025 | $-0.02 | $-0.06 | -200.0% | $18M | -2.9% |
| Mar 11, 2025 | $-0.02 | $-0.05 | -150.0% | $14M | -2.5% |
| Aug 13, 2024 | $-0.05 | $-0.04 | +20.0% | $12M | -0.2% |
| Mar 20, 2024 | $-0.15 | $-0.09 | +40.0% | $15M | -6.5% |
| Nov 9, 2023 | $-0.15 | $-0.14 | +6.7% | $16M | -1.0% |
| Aug 14, 2023 | $-0.15 | $-0.19 | -26.7% | $14M | +3.2% |
| May 11, 2023 | $-0.13 | $-0.15 | -15.4% | $12M | +0.0% |
| Nov 9, 2022 | $-0.21 | $-0.09 | +57.1% | $24M | +6.6% |
| Aug 15, 2022 | $-0.28 | $-0.23 | +17.9% | $22M | +5.7% |
CURI insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 31, 2026 | Stinchcomb Clinton Larrydirector, officer: President and CEO | Buy | 30,000 | $2.55 |
| Jul 30, 2026 | Cudahy Theresa Ellenofficer: COO and Secretary | Option | 187,500 | $6.50 |
| Jul 30, 2026 | Cudahy Theresa Ellenofficer: COO and Secretary | Tax | 52,631 | $2.35 |
| Jul 28, 2026 | Reed Rebecca Rofficer: Gen Counsel | Tax | 13,105 | $2.35 |
| Jul 28, 2026 | Hayden Phillip Bradyofficer: Chief Financial Officer | Option | 17,500 | $6.50 |
| Jul 28, 2026 | Reed Rebecca Rofficer: Gen Counsel | Option | 37,500 | $6.50 |
| Jul 28, 2026 | Hayden Phillip Bradyofficer: Chief Financial Officer | Tax | 7,836 | $2.35 |
| Jun 16, 2026 | Hayden Phillip Bradyofficer: Chief Financial Officer | Sell | 30,400 | $2.56 |
| Jun 16, 2026 | Keeley Patrick J.director | Sell | 31,559 | $2.70 |
| Jun 1, 2026 | Stinchcomb Clinton Larrydirector, officer: President and CEO | Buy | 25,744 | $2.78 |
| May 29, 2026 | Stinchcomb Clinton Larrydirector, officer: President and CEO | Buy | 94,256 | $2.74 |
| May 28, 2026 | Stinchcomb Clinton Larrydirector, officer: President and CEO | Buy | 30,000 | $2.67 |
| Mar 13, 2026 | Stinchcomb Clinton Larrydirector, officer: President and CEO | Option | 600,000 | — |
| Mar 13, 2026 | Stinchcomb Clinton Larrydirector, officer: President and CEO | Tax | 196,738 | $3.27 |
| Feb 12, 2026 | Reed Rebecca Rofficer: Gen Counsel | Grant | 30,000 | — |
Source: CURI SEC Form 4 filings, latest Aug 31, 2026. For informational purposes only — not investment advice.
See the full CURI insider & 13F page →CuriosityStream Inc. company profile
Overview
CuriosityStream Inc. (NASDAQ:CURI) is a factual content streaming service and media company founded in 2015 by John Hendricks, the founder of Discovery Channel. Based in Silver Spring, Maryland, the company went public in January 2020 through a SPAC merger. CuriosityStream operates as a niche streaming platform focused exclusively on documentary and factual programming across science, history, nature, technology, and lifestyle content. The company has evolved from primarily a direct-to-consumer subscription service to a diversified content licensing and distribution business, achieving its first profitable quarter in Q1 2025 after years of losses during its growth phase.
Business
CuriosityStream operates in the streaming media and content distribution industry, specifically focusing on factual and documentary programming. The company's core offering is CuriosityStream, a subscription video-on-demand (SVoD) platform that provides premium documentary content across multiple categories including science, history, nature, technology, and lifestyle programming. The streaming industry has become increasingly competitive with major players like Netflix, Amazon Prime, Disney+, and HBO Max dominating the market. However, CuriosityStream has carved out a niche by focusing exclusively on high-quality factual content, differentiating itself from general entertainment platforms. The company's content library contains over 300,000 hours of programming, including both licensed content and original productions. CuriosityStream operates through multiple business segments: 1. Direct Subscription Business (~60% of revenue): This includes direct-to-consumer subscriptions where customers pay monthly or annual fees to access the streaming platform. The service is available across various devices including smart TVs, computers, mobile devices, and streaming media players. 2. Content Licensing (~25-30% of revenue): The company licenses its extensive content library to third-party platforms, media companies, and increasingly to artificial intelligence companies for training purposes. This has become a rapidly growing revenue stream. 3. Bundled Distribution (~10-15% of revenue): CuriosityStream partners with telecommunications companies, cable providers, and other distributors who include the service as part of their bundled offerings to customers. 4. Advertising and FAST Channels (~5% of revenue): The company operates Free Ad-Supported Television (FAST) channels on platforms like Samsung TV Plus, Roku, and Tubi, generating revenue through advertising partnerships.
Revenue model
CuriosityStream generates revenue through multiple business models, reflecting its evolution from a pure subscription service to a diversified content company. The primary revenue streams include subscription fees from direct customers who pay monthly or annual charges to access the platform, typically ranging from basic to premium tiers. The company also earns significant revenue through content licensing agreements, where it licenses its extensive documentary library to other streaming platforms, media companies, and increasingly to AI companies for machine learning training purposes. The bundled distribution model provides another revenue stream, where telecommunications companies and cable providers pay CuriosityStream to include the service in their customer packages. Additionally, the company generates advertising revenue through its FAST (Free Ad-Supported Television) channels on platforms like Samsung TV Plus and Roku, where viewers can watch content for free while CuriosityStream earns from advertising partnerships. Several factors influence CuriosityStream's margins and profitability. Content amortization represents the largest expense, as the company must write off its content investments over time, though this has been declining as older, expensive content fully amortizes. Marketing and customer acquisition costs significantly impact margins, particularly for the direct subscription business where the company must balance growth with profitability. The shift toward licensing revenue has improved margins substantially, as licensing generates higher gross margins (often 80-90%) compared to direct subscriptions which require ongoing platform maintenance and customer service costs. Competitive pressures from larger streaming platforms could compress pricing power, while the growing demand for factual content from AI companies presents margin expansion opportunities. Currency fluctuations affect international operations, and the company's ability to reduce operational costs through automation and offshore development impacts overall profitability. The seasonal nature of content consumption and subscriber behavior also influences quarterly margin variations.
Competitive moat
CuriosityStream's competitive moat is relatively narrow but defensible within its specific niche. The company's primary moat stems from its extensive and curated library of over 300,000 hours of high-quality factual content, which represents years of content acquisition and curation efforts that would be difficult and expensive for competitors to replicate quickly. This content library has particular value in the current AI boom, as technology companies seek diverse, high-quality video and audio content for training machine learning models. The company benefits from its founder's legacy and industry relationships, as John Hendricks' reputation from creating Discovery Channel provides credibility and access to content creators and distribution partners. CuriosityStream has also built specialized expertise in factual content curation and global distribution, understanding what educational and documentary content resonates with audiences worldwide. However, the moat faces significant challenges. Large streaming platforms like Netflix, Amazon Prime, and Apple TV+ have substantially greater financial resources and could easily expand their documentary offerings if they chose to compete directly. The content itself is not proprietary - much of it is licensed rather than owned exclusively - meaning competitors could potentially license similar content. The direct subscription business faces intense competition from both general entertainment platforms and other niche services. The company's strongest defensive position lies in its pivot toward content licensing, particularly to AI companies, where its curated library provides immediate value without requiring the same customer acquisition costs as direct subscriptions. This business model is less susceptible to direct competition from major streaming platforms and leverages the company's accumulated content assets more effectively. Overall, while CuriosityStream has carved out a defensible niche, its moat is relatively weak compared to platform businesses with strong network effects or companies with proprietary technology.
Risks & safety
CuriosityStream presents a moderate margin of safety profile with improving fundamentals but lingering concerns about scale and competitive positioning. • Liquidity and Solvency: Strong cash position with $9.2 million in cash and short-term investments, no debt, and positive free cash flow of $1.8 million in Q1 2025. Current ratio of 1.87 indicates adequate short-term liquidity. • Cash Generation: Achieved positive free cash flow for five consecutive quarters, with $8.2 million generated in FY 2024 compared to negative $16.2 million in FY 2023, demonstrating significant operational improvement. • Valuation Metrics: Trading at reasonable multiples with P/B ratio of 2.63 and EV/EBITDA of 544 (distorted by minimal EBITDA). Market cap of approximately $322 million appears reasonable given the content library value and licensing potential. • Financial Trajectory: Revenue growth of 26% year-over-year in Q1 2025, first quarter of positive net income ($0.3 million), and management guidance for continued double-digit growth provide positive momentum. • Risk Factors: Small scale relative to streaming industry giants, dependence on content licensing growth which may prove cyclical, and limited pricing power in direct subscription business due to competitive pressures.
Recent development
Over the past few years, CuriosityStream has undergone a significant strategic transformation from a growth-focused direct-to-consumer streaming service to a more diversified and profitable content licensing business. The most notable pivot has been the aggressive expansion into content licensing, particularly with AI and technology companies seeking high-quality video and audio content for machine learning training purposes. This shift has proven financially beneficial, with licensing revenue growing substantially and potentially exceeding direct subscription revenue in 2025. The company has implemented comprehensive cost rationalization measures, reducing operational expenses by over 30% annually while maintaining content quality and service levels. This included reducing general and administrative expenses by 28% and leveraging content amortization declines as older, expensive content fully depreciated. Management has also embraced operational efficiency through selective offshoring of engineering functions and exploring AI-driven cost reductions in content translation and editing processes. CuriosityStream has expanded its distribution strategy beyond direct subscriptions to include Free Ad-Supported Television (FAST) channels on major platforms like Samsung TV Plus, Roku, and Tubi. The company launched specialized channels including Hispanic-focused content and has established over 20 advertising partnerships. Additionally, the company has rolled out international expansion with new currency support across 20-30 markets and strengthened partnerships in Asia and Europe. The content strategy has evolved to balance original productions with strategic licensing, premiering series like "Science for Evil Geniuses," "Searching for Satoshi," and "4th & Forever" while maintaining its extensive library of factual programming. The company has also returned capital to shareholders through dividend payments, increasing the quarterly dividend from $0.04 to $0.08 per share, demonstrating confidence in its cash generation capabilities.
CURI company profile · for informational purposes only — not investment advice.
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