큐리오시티스트림(CURI) 2026년 2분기 실적 발표 컨퍼런스 콜: 라이선싱이 사상 최대 EBITDA 견인

핵심 요약

• 큐리어시티스트림은 2026년 2분기 매출이 라이선싱 매출이 48% 증가한 1,410만 달러를 기록한 데 힘입어 전년 동기 대비 22% 증가한 2,320만 달러를 기록했다고 발표했다.
• 조정 EBITDA는 약 300% 증가한 1,140만 달러로 사상 최고치를 기록했으며, 조정 EBITDA 마진은 16%에서 49%로 확대되었다.
• 신규 매출에 따른 추가 배급 비용이 최소화되면서 매출총이익률은 53%에서 73%로 상승했다. 총 영업비용은 24.1% 감소했다.
• 순이익은 사상 최대인 890만 달러(주당 0.15달러)를 기록했다. 2분기는 6분기 연속 흑자 조정 EBITDA를 달성한 분기다.
• 경영진은 2026 회계연도 전체 매출 가이던스 7,700만~8,200만 달러, 조정 EBITDA 가이던스 1,800만~2,200만 달러를 유지했다.
• 라이선싱 전략은 이제 전통적인 미디어 배급, AI 중심 비디오 및 오디오 데이터셋, 8,800억 개 이상의 토큰을 포함하는 프라이빗 코드 코퍼스로 확장된다.

주요 재무 데이터

큐리어시티스트림은 해당 분기 동안 500만 달러의 정기 배당금을 지급하고 60만 달러 규모의 자사주를 매입했다. 또한 독일 합작법인의 슈피겔 및 어센틱 지분을 매입하기 위해 200만 달러를 선지급했다. 해당 거래는 7월 1일에 완료되었으며 3분기 실적에 반영될 예정이다.

사업 및 영업 실적

라이선싱이 주된 성장 동력이었다. 큐리어시티스트림은 라이선싱의 세 가지 핵심 축으로 미디어 및 배급 파트너를 위한 프리미엄 팩추얼 비디오, AI 학습용 구조화된 비디오 및 오디오 데이터셋, 모델 학습·강화학습·평가·미세조정을 위한 프라이빗 코드 코퍼스를 제시했다.

회사는 라이브러리의 일부를 17개의 상용 비디오 데이터셋으로 상품화했다. 카테고리에는 대본 기반 엔터테인먼트, 프로 및 대학 스포츠, 애니메이션, 야생동물, 과학, 자동차 및 교육용 콘텐츠가 포함된다. 특화 데이터셋에는 HDR 비디오, 캐릭터 추적, 동기화된 멀티 카메라 영상, 신규 물체 및 원본 영상이 포함된다.

경영진은 큐리어시티스트림이 300만 시간 이상의 오디오 및 비디오 권리를 보유하고 있다고 밝혔다. 상품화는 소규모 데이터 패키지를 원하는 중소 AI 기업을 포함해 고객의 평가를 단순화하고 운영 마찰을 줄이며 판매 주기를 단축하기 위한 목적이다.

구독 매출은 890만 달러로 안정적인 수준을 유지했다. 경영진은 어떠한 대가를 치르더라도 성장을 추구하기보다는 지속 가능한 수익성을 우선시하고 있으며, 번들 상품 제공과 절제된 고객 유치 비용 집행을 통해 반복 매출을 뒷받침하고 있다고 밝혔다.

해외 부문에서 큐리어시티스트림은 독일 사업 법인의 지분을 인수하여 연결 종속회사로 편입했다. 해당 사업에는 2개의 24시간 유료 TV 채널 및 FAST 채널 배급이 포함된다. 경영진은 독일어권 유럽을 가장 큰 비영어권 시장으로 꼽았으며, 추가 통화, 청구 옵션 및 결제 시스템이 해외 확장을 지원할 것으로 기대하고 있다.

경영진 가이던스

경영진은 EBITDA 전망치 산정 시 라이선싱 활동 예측에 보수적인 접근 방식을 취했다고 밝혔다. 하반기 실적에 따라 변경이 필요하다고 판단되면 가이던스를 수정할 수 있지만, 현재 제시된 범위에 부합하거나 이를 상회하는 것을 선호한다고 강조했다.

하반기 비용은 상반기 대비 약 18%~20% 감소할 수 있다고 경영진은 밝혔다. 다만 수익 공유 계약이 늘어날 것으로 예상되며, 이는 조정 EBITDA 전망치에 반영되었다.

리스크 및 관전 포인트

• 라이선싱 매출은 계약 시점과 거래 규모가 일정하지 않아 불균일할 수 있다. 경영진은 라이선싱 매출을 정확하게 예측하기란 여전히 어렵다고 전했다.
• 경영진의 가이던스 산출 배경 설명에 따르면, 연간 매출 범위는 하반기 라이선싱 매출을 약 2,000만~2,400만 달러로 가정한 것이다.
• 하반기 수익 공유 계약 증가로 인해 추가적인 영업비용 절감에도 불구하고 EBITDA 전환율이 제한될 수 있다.
• 구독 매출은 전년 동기와 거의 변동이 없어 단기 주 성장은 라이선싱이 이끌게 되었다.

애널리스트 Q&A 하이라이트

애널리스트들은 AI 라이선싱 수요의 지속성, 17개 상품화 데이터셋의 영향, 하반기 EBITDA 가이던스에 반영된 둔화세에 주목했다.

경영진은 라이선싱 파이프라인이 역대 최대 규모라고 설명했다. 패키지형 데이터 상품을 통해 판매 및 운영 속도가 향상될 것으로 기대하고 있으나, 고객의 평가 및 계약 협상에는 여전히 시간이 필요하다고 전했다.

가이던스와 관련하여 경영진은 하반기 조정 EBITDA 범위가 낮아진 것은 고객 유치 비용이나 콘텐츠 투자 계획 증가 때문이 아니라 주로 보수적인 가정에 따른 것이라고 설명했다. 또한 하반기에는 수익 공유 계약의 비중이 높아질 것으로 예상된다고 덧붙였다.

스트리밍 전략과 관련하여 경영진은 번들링에 대한 강력한 지지 의사를 밝혔다. 큐리어시티스트림은 지난 6~8개월 동안 여러 번들 상품을 구축했으며, 이를 안정적인 구독 매출원이자 보다 효율적인 마케팅 비용 집행 수단으로서 지속 추진할 계획이다.

실적 발표 컨퍼런스 콜 전문

전체 실적 발표 컨퍼런스 콜 녹취록

경영진 발표

Operator

Greetings, and welcome to the CuriosityStream Second Quarter 2026 Financial Results. [Operator Instructions] As a reminder, this comment is being recorded. It is now my pleasure to introduce Vanessa Gillon, Senior Vice President of Operations. Please go ahead.

Vanessa Gillon

Thank you, and welcome to CuriosityStream's discussion of its second quarter 2026 financial results. Leading the discussion today are Clinton Stinchcomb, CuriosityStream's Chief Executive Officer; and Brady Hayden, CuriosityStream's Chief Financial Officer. Following management's prepared remarks, we will take questions from the analyst community. 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 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 June 30, 2026 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 website at investors.curiositystream.com. Unless otherwise stated, all comparisons will be against our results for the comparable 2025 period.

Now I'll turn the call over to Clint.

Clint Stinchcomb

Thank you, Vanessa. Second quarter was a defining quarter for curiosity stream. We delivered the strongest quarterly financial performance in our history, including record operating income, EBITDA, adjusted EBITDA, net income and earnings per share. The results demonstrate what Curiosity can produce when we combine the value of our differentiated content and data assets with our disciplined operating model.

In the quarter, high-value licensing revenue, reliable subscription revenue, efficient spending, lower year-over-year operating expenses and a focused cost structure came together to create substantial operating leverage.

Revenue was $23.2 million in the second quarter, up 22% year-over-year. Licensing revenue was $14.1 million, up 48% from the prior-year quarter. Licensing represented the largest component of our revenue growth in the quarter and highlights the strategic value of the Curiosity corpus and the multiple ways in which we can monetize it.

Today, we're able to engage with leading global media and technology companies through licensing supported by three distinct and durable pillars. First, we licensed premium factual video to broadcast, Paytv, streaming, cable, satellite, wireless and other distribution partners.

Second, we license highly structured custom and off-the-shelf video and audio data sets to technology companies for AI training.

Third, we offer private code corpus of more than 880 billion tokens for licensing to frontier model developers and coding agent providers for AI training and reinforcement learning as well as to enterprises seeking to fine-tune models after pre-training and general training on closed and open source large language models.

While we believe our private code database offering is the largest available in the world, simply put, the onshore volume, we offer unique software engineering environments, containing code, history, decisions, failures, and verifiable outcomes that can improve coding agents through trading, [ RL ] and evaluation.

We believe these three distinct sources of licensing intellectual property reduced medium-term licensing risk and create significant long-term upside. They allow us to participate in several large expanding markets while serving customers with different use cases, buying cycles and commercial objectives.

In response to partner demand, we have also now productized the significant portion of our video library, specifically for AI training. We believe this productization will reduce friction in the licensing process, make it easier for prospective customers to identify and evaluate the data sets they need and ultimately shorten sales cycles.

We currently offer 17 off-the-shelf video data set products. These include extensive premium collections covering scripted entertainment, professional and collegiate sports, animation, wildlife, science, automotive and instructional content as well as highly structured data sets and cliffs built around high dynamic range video, character tracking, synchronized multi-camera footage, emerging objects and raw foods.

Importantly, we're not simply offering large quantities of video. We're increasingly organizing, structuring and packaging our IP around the specific requirements of sophisticated AI developers. We believe this substantially increases both utility and the value of the underlying content.

Approximately $9 million, subscription revenue was roughly equivalent to the second quarter of 2025. We remain committed to our subscription business into building the long-term value of the Curiosity brand and customer relationships.

At the same time, we continue to manage that business for durable economics rather than pursuing growth at any cost. Our diversified monetization model gives us the ability to be disciplined in customer acquisition spending while we capitalize on high-value licensing and distribution opportunities.

We also made meaningful progress in improving the efficiency of the business. By leveraging AI productivity tools and better aligning our talent base with the highest value priorities, we reduced spending across our primary expense categories. Total operating expenses declined 24% year-over-year. We expect to make further progress in the second half of the year.

This is not simply a cost reduction story. This quarter showcases a more efficient business model in which Curiosity can convert high-value revenue into meaningful profitability while continuing to invest selectively in the content, technology, distribution and commercial capabilities that support long-term value creation.

The resulting profitability was exceptional. Net income was a record $8.9 million, up 1,133% compared with $0.9 million in the prior-year quarter. Second quarter EPS was $0.15. Adjusted EBITDA was a record $11.4 million, up approximately 300%. Margins reflected this operating leverage. Gross margin increased to 73% from 53% in the prior year quarter. Adjusted EBITDA margin was 49% compared with 16% in the prior-year quarter.

Our strategy remains clear. We continue to pursue high-value licensing opportunities that recognize the differentiated value of our extensive [ corporate ]. We'll maintain our focus on operating discipline, including thoughtful marketing investment and rigorous expense management. We will continue to build the long-term value of the Curiosity ecosystem across established and emerging platforms. while simultaneously exploiting existing and new grants of rights that we can monetize.

I want to thank the entire Curiosity team for delivering these results. The quarter was a powerful demonstration of the value of our brand, flexibility in our business and the earnings power of the company made possible by the breadth and depth of our IP.

We are pleased with the momentum, but our focus remains squarely on execution and on our longer-term objective, building Curiosity into a company that informs, inspires and entertains and in so doing generates $100 million or more reliable, recurring and increasingly predictable annualized revenue.

I'll now hand the call over to our CFO, Brady Hayden.

Phillip Hayden

Thank you, Clint, and good afternoon, everyone. Our full Q2 results will be in the 10-Q that we'll file in the next day or 2. Let me quickly hit some of our second quarter highlights.

As Clint said, in Q2, we reported revenue of $23.2 million compared to $19 million a year ago. Likewise, we reported record adjusted EBITDA of $11.4 million. This is also our sixth consecutive quarter of positive adjusted EBITDA. We generated second quarter subscription revenue of $8.9 million, a slight improvement from Q1. Licensing came at $14.1 million, a 48% increase from last year.

Second quarter gross margin was 73%, improving from 53% last year, as we were able to generate significant new revenue in the quarter with only minimal incremental distribution costs. Total operating expenses were down by 24.1% as we continue to see the benefits of our ongoing cost rationalization efforts.

We reported record net income in the second quarter of $8.9 million or $0.15 a share. This compares to $0.8 million of net income in the second quarter of 2021. We believe our balance sheet remains in good shape. In June, we paid our regular $5 million dividend, and we repurchased $600,000 of our shares in the quarter.

We also prepaid $2 million to fully consolidate the ownership of our German business and buyout or JV partners, Spiegel and Authentic of their stakes. This transaction officially closed on July 1 and will be reflected in our Q3 results.

We ended the quarter with total cash and securities of $10.9 million and no outstanding debt. Based on our quarterly dividend of $0.085 per share at yesterday's closing price, CuriosityStream shares provide a dividend yield of about 12%.

Looking at our liquidity outlook for the remainder of 2026, we expect to end the year with a cash and investments balance of $17 million to $22 million. We expect revenue for the second half of the year to be $38 million to $41 million and full year 2026 revenue in the range of $77 million to $82 million. Furthermore, we expect adjusted EBITDA for the second half of the year to be $6 million to $10 million and full year 2026 adjusted EBITDA in the range of $18 million to $22 million.

With that, I'll turn it back over to the operator to begin our Q&A.

Operator

[Operator Instructions] question, Frank Lorenzo with Singular Research.

질의응답

Frank DiLorenzo

It's Frank, but Frankie is fine. Very nice quarter momentum there for the quarter. You talked about the pipeline. Could you give us a little more detail on the pipeline and how that could potentially drive additional AI training and streaming growth related going forward?

Clint Stinchcomb

Yes. Thanks for the question, Frank. Yes. As it relates to our licensing pipeline, it's certainly as robust as it's ever been. And what gives us confidence there as I mentioned on the call, we have really three distinct and durable licensing pillars that kind of reduce risk and create significant long-term upside, that again, they allow us to participate in large and expanding markets, while serving customers with different use cases, buying cycles and commercial objectives.

And just to restate what those are, we licensed premium factual video to broadcast Paytv streaming, cable, satellite, wireless and other distribution partners. So that's an ongoing licensing business that we have forever and delivers every quarter.

Second, we licensed a highly structured custom and now off-the-shelf video and audio data sets to technology companies for AI training. What we like about these productized off-the-shelf offerings as we believe that will really accelerate sales cycles. We know it accelerates our operational work.

And then third, we offer a private code corpus of more than 880 billion tokens for licensing to AI developers and coding agent providers for a training, reinforcement learning, and evaluation as well as to enterprises seeking to fine-tune models after pre-training and general training on open and closed store LLMs.

So this scope of sets us up very well, it gives us sort of the largest pipeline that we've ever had. On the licensing side, it can be a little bit chunky from time to time. But the scope and scale of our offering today, I think we believe, will enable us to sort of minimize any dips and certainly optimize semi-transformational upside.

Frank DiLorenzo

Okay. Also, could you talk a little more about international. You did an acquisition there recently. Could you just talk about the international landscape, where are you going to have the potential? Maybe expound upon the expansion plans there and the overall potential for the business?

Clint Stinchcomb

Yes. Thanks for asking. So on the subscription side, we participated in a joint venture with Spiegel Corporation and with the German company called Authentic for the last few years, and we consolidated our ownership of that in the second quarter. So a meaningful component of our cash and some of our cash went to that.

What we operate within the German-speaking territories are 2 24/7 Paytv channels that have real distribution. We have several distribution with our fast channels as well over there. And if you look across the world, Germany and German-speaking Europe is our largest non-English-speaking market. And so we like the potential and the firmness of that market for us.

And then the nice thing about our content is it's evergreen, it travels well. And a significant portion of our subscribers are international today, and we believe we'll continue to be from outside the U.S. as we go forward. And we believe that as we continue to roll out new currencies, new billing and payment systems, we'll capitalize even more on the opportunity outside the U.S. for us.

Frank DiLorenzo

Okay. Just one other quick question. I think Disney and a few others have been talking about maybe expanding their streaming offerings, adding streaming from other services, et cetera. Could you kind of talk about that landscape, if there's potential there and if there's room for that regarding consumer streaming budgets?

Clint Stinchcomb

Well, I think what they're talking about, and we saw it recently with Peacock and YouTube is bundling. And we're big believers in bundling entertainment services, and that's something that you can expect us to continue to pursue aggressively.

And we've put some nice bundles in place over the last 6, 8 months. And we believe that over time, those will provide really sturdy, reliable subscription revenue that helps to maintain our subscription business and also enables us to spend efficiently there. So a big believer in bundles. We'll continue to pursue that aggressively.

Operator

Next question, Laura Martin with Needham & Company.

Daniel Medina

It's Dan stepping in for Laura here. My question is your second half adjusted EBITDA guidance of, what, $6 million to $10 million, does that represents a step down from the $11.4 million that you guys generated? Does the second half moderation reflect higher customer acquisition marketing, cost reinvestment, higher content costs? Or just are you guys just being conservative regarding assumptions for closing additional licensing transactions?

Clint Stinchcomb

Thank you for that question, Dan. And I would say the latter. We want to take a conservative approach as it relates to forecasting EBITDA. As you can see, we're sort of on a run rate for the year based on the first 2 quarters of $25 million.

We've been heavily focused this year on getting our EBITDA up and over $20 million. And I think that we'll monitor that as the second half of the year goes on. And if it warrants kind of making changes to that guidance, that's something that we will do. But what we'd like to do is meet and exceed our guidance.

Daniel Medina

Great. I had a follow-up question, if it's okay, on -- so you guys had almost 73% gross margin in the second quarter. And I'm wondering, how much of the 38 to 41 in second half revenue guidance, is contracted -- is already contracted for by [ HI ] training data? Or how much of that is can you say it's going to be like on new deal expectations in Q3, Q4?

Clint Stinchcomb

Yes, appreciate that question, Dan. We have a lot in the pipeline right now. It's hard to project with great precision where our licensing revenue will end up. But if you look at the first half numbers and say, okay, they're $38 million, $38.5 million for the first half of the year.

If you just took our sort of run rate subscription revenue and other revenue out, that's another $19 million to $20 million, which gets you kind of in that $58 million, $59 million range. The low end of our guidance of $77 million to $82 million would be kind of another $20 million in licensing revenue for the second half of the year. High end would be $24 million. We exceeded that this quarter. So we have confidence in getting to those levels.

And I talked a little bit about what we've done from a productization standpoint, have 17 distinct video data sets today. And that, we really believe, and we're already starting to see it; will help to kind of accelerate our sales cycle. It certainly has helped to accelerate our operational cycle. And as we to do that, we think that, that will make our range certainly a bit more predictable as we go forward.

Operator

Next question, Jason Kreyer with Craig-Hallum.

Jason Kreyer

Maybe I'll pick up where we left off, Clint. You were talking about those 17 new off-the-shelf data products. Can you just talk maybe a little bit more about the reception to those products and how that has influenced the pipeline for the second half of the year?

Clint Stinchcomb

Yes. Thank you for asking that, Jason. And it's not that we're introducing new content, but we productized a significant portion of our library. Again, we have -- we control rights to well over 3 million hours of audio and video across finished programming, raw footage and a host of other types of content.

And so when we mention these off-the-shelf productized data sets, what we're talking about is a distinct data set of scripted entertainment, as an example. There's a certain number of hours there. All of the metadata is baked into it. And when I say all of the metadata, like much more significant metadata than in any kind of video licensing agreement.

We have a video data set of professional and collegiate sports, as an example, that where you might find like well over 100,000 hours of content and some of which is heavily annotated, data sets around science and technology, around animation and anime, around automotive, around wildlife.

So we've got these really distinct sort of historical categories of premium broadcast video. While at the same time, we've built and organized data sets around collections like emerging subjects and objects. And so this is -- these are like clips built around camera reveals, subjects emerging from forests, water, doorways.

We have high dynamic range video, which is really interesting, particularly for video gen companies because today, the model needs to know -- these models need to know a lot more than like just what does an elephant look like, they need to know like what does an elephant look like at noon, at sunset, in the shadow, against bright sky, partially occluded, moving between light and darkness from different camera positions.

So we have these kind of unique categories as well, character tracking, raw footage. And I think if you look at the scope of IP that we licensed in the last quarter, I don't think you can find another company in history that has license sort of the scope of content that we have.

What I mean by that is traditional video to more than 25 platforms and channels. multi-camera synchronized video for AI training, HDR video for model training, millions of tokens of code for more than 10 sources and languages for training. So we have customized data sets. And we have off-the-shelf data sets.

And that doesn't mean that there's not still a lot of evaluation and back and forth as we do these deals. But as you develop -- as you productize more and more of your library end of your code, definitely helps to simplify and accelerate processes that can take some time.

Does that answer your question?

Jason Kreyer

It does. I mean maybe I'll ask a follow-up here. So last quarter, we had talked about how you're engaging more with maybe a new group of LLM and they want to consume content differently than the existing LLMs you're working with. These -- the productization of these off-the-shelf packages, is that meant for this new group of LLMs? Is this kind of the first step in trying to create a monetizable solution for these LLMs? I'm just looking for an update on how that strategy is progressing.

Clint Stinchcomb

Yes. And I don't mean to imply that there's a lot of big new frontier developers coming into the marketplace. I mean there's 7 or 8 of those guys, and there's a couple of more that kind of sit on the periphery. But beyond those companies, there are an increasing number of companies who need to license either code or video or specific -- some type of specific video or audio to train their models. So the overall number of companies who are licensing IP, that's expanding.

And yes, absolutely helps, especially for some of the -- it helps across the spectrum, but I think certainly for some smaller companies, who might want to take maybe a slightly smaller bite at the beginning than other large companies, it's really helpful.

Just as a company, we just are trying to simplify everything, trying to simplify everything and trying to just bring a level of velocity to everything. And so that's productization velocity or product velocity. That's prospecting velocity, operational velocity, sales velocity, acquisition velocity, deal velocity, marketing velocity.

If you can't bring the velocity, you'll have a hard time kind of lasting here. And I think that's just kind of true across the media landscape. And we just -- I mean, I personally am just kind of I'm amazed every day at the sort of world that we're living in today. I'm so grateful to be living and operating in this time when there is just extraordinary opportunity in front of us.

And in our case, we have the opportunity to engage with the world's largest companies and many of the most exciting emerging companies.

Jason Kreyer

I'm going to ask one more. Just going back to the numbers, really good gross margin improvement this quarter, really good cost management this quarter? And maybe reconcile that back to Dan's question, just in terms of if we look at the second half guide, if we continue gross margins where they're at and we continue the cost discipline on OpEx; it seems like that would produce a bigger EBITDA number. So just wondering, how we should think about both margins and OpEx as we get into the second half?

Phillip Hayden

Yes. Well, I think you can definitely think about OpEx as decreasing. So a lot of the work that we've done over the last year, you'll see in the second half of the year. So -- whereas this last quarter, I think our OpEx overall expenses were down about 24%. And I think if you look at the second half of the year as compared to the first half of the year, there will be an additional probably 18% to 20% reduction there in our costs.

So we think that there'll be obviously some EBITDA opportunity on the cost side. And then as it relates to the revenue side, there will probably be more rev share agreements in the second half of the year than they were in the first half of the year. And so we've just kind of tried to balance out the EBITDA based on those projections.

Operator

Thank you. This does conclude today's teleconference. You may disconnect your lines at this time, and we thank you for your participation.