蓋亞 (GAIA) 2026 年第三季法說會：營收下滑 12%，重申第四季現金流目標

Gaia (NASDAQ: GAIA) 公布 2026 年第三季營收為 2200 萬美元，年減 12%，主因公司持續減少對第三方、折扣及低 ARPU 會員的依賴。管理層表示，留存率提升、ARPU 增加以及超過 600 萬美元的年化成本節省，將支持其在第四季恢復正向自由現金流的目標。

重點提要

• 2026 年第三季營收年減 12% 至 2200 萬美元，反映出第三方會員減少、低 ARPU 地區業務比重降低，以及取消廣泛折扣。
• 淨虧損自去年同期的 120 萬美元（或每股虧損 0.05 美元）擴大至 300 萬美元（或每股虧損 0.12 美元）。虧損金額與 2026 年第二季持平。
• 據管理層表示，從第一季到第三季，會員流失率改善超過 20%，ARPU 增加 8%。
• 直客會員的生命週期價值超過 500 美元，相對獲客成本約為 85 美元，比例約為 6:1。
• Gaia 已執行或確認了超過 600 萬美元的年化成本節省，涵蓋人力、行銷、技術、供應商與營運費用。
• 管理層預計能在 2026 年第四季實現正向自由現金流，並在 Marketplace 旅程業務的支援下，預期單季營收將接近 2200 萬美元。

核心財務數據

業務與營運表現

Gaia 的業務重整優先關注付費更高、留存時間更長且使用第三方管道無法獲取之產品功能的直客訂戶。除了無需重大行銷支出即可獲取的回流會員外，廣泛的折扣活動已基本消除。

管理層表示，在第二季增加後，客戶獲取成本已恢復正常。直客會員的生命週期價值超過 500 美元，相比之下獲客成本約為 85 美元。

人工智慧 (AI) 正被用於降低技術成本、簡化工作流程並擴展內容形式。Gaia 推出了互動式塔羅牌、神諭卡與星座體驗，其 Moments 功能則提升了低頻率觀看者的參與度。該公司還在規模化地將長影音節目轉換為短影音內容。

Gaia Shorts 是該公司成長最快的內容形式，目前占觀看量的 25% 以上。在 AI 審核與翻譯的支援下，社群討論正推廣至非電視裝置。

Igniton 的毛利率由一年前的 72% 及兩年前的 46% 提升至 85%。重複訂購占銷售額的 67%，而 IgniREM Sleep 與 IgniPeptide Eye Serum 則持續成長。

管理層指引

管理層表示，單季營收年化率已穩定在約 2100 萬美元。預計 2026 年第四季營收將略高，接近 2200 萬美元，主要反映 Marketplace 旅程業務的貢獻。

在業務重整前曾連續九個季度實現正向自由現金流，Gaia 目前仍按計畫朝第四季恢復正向自由現金流邁進。

隨著第三季執行的削減措施在第四季及後續期間完全反映，營運費用預計將進一步下降。管理層表示，增加的內容投資將透過重新分配技術成本節省金額來支應，不應對公司的財務結構產生重大改變。

風險與觀察重點

隨著 Gaia 降低對第三方通路、低 ARPU 地區及折扣獲客的依賴，業務重整持續對財報營收造成壓力。管理層明確表示，願意接受短期營收下降，以換取具備更強留存率與參與度的直客會員群體。

獲利能力尚未恢復。Gaia 單季錄得 300 萬美元淨虧損，而正向自由現金流目標仍為第四季的管理目標，而非已完成的成果。

分析師問答亮點

• 營收展望：管理層澄清核心單季營收年化率已穩定在 2100 萬美元左右，由於 Marketplace 旅程業務的推動，預計第四季將接近 2200 萬美元。
• 成本削減：年化成本節省超過一半與人力相關，其餘則來自技術、供應商及其他營運費用。
• 費用走勢：第三季銷售與營運費用尚未完全反映成本措施的好處。管理層預期費用將從第四季開始進一步下降。
• 內容投資：計畫增加的內容支出將透過轉移技術成本節省金額來支應，資本化週期相似，且預期財務結構不會有重大改變。

完整電話會議記錄

完整財報電話會議逐字稿

管理層陳述

Operator

Good afternoon. Welcome to Gaia's Third Quarter 2026 Earnings Conference Call. [Operator Instructions] Joining us today from Gaia are Kiersten Medvedich, CEO; Yon Nuta, COO; and Ned Preston, CFO. [Operator Instructions]

Before we begin, Gaia's management team would like to remind everyone that management's prepared remarks contain forward-looking statements, and management may make additional forward-looking statements in response to your questions, including, but not limited to, statements of expectations, future events or future financial performance. These statements do not guarantee future performance, and therefore, undue reliance should not be placed upon them.

Although we believe these expectations are reasonable, Gaia management undertakes no obligation to revise any statements to reflect changes that occur after this call. Actual events or results could differ materially. These statements are based on current expectations of the company's management and involve inherent risks and uncertainties, including those identified in the Risk Factors section of Gaia's latest annual report on Form 10-K filed with the SEC.

All non-GAAP financial measures referenced in today's call are reconciled in the company's earnings press release to the most directly comparable GAAP measure. This call also contains time-sensitive information that is accurate only as of the time and date of this broadcast, November 2, 2026. Finally, I'd like to remind everyone that this conference call is being webcast, and a recording will be made available for replay on Gaia's Investor Relations website at ir.gaia.com.

At this time, I'd like to turn the call over to Gaia's CEO, Kiersten Medvedich. Please go ahead.

Kiersten Medvedich

Hello. Good afternoon, everyone, and thanks for joining. On our last call, we outlined 3 key points. First, we expected the third quarter, much like the second, to reflect the ongoing reset of our business. Second, we were focused on returning to positive free cash flow in the fourth quarter. And third, we expected our efforts to improve the quality of our member base to begin showing up in our results.

Today, I want to show you where we stand against each of those. Third quarter results are in line with these expectations. Revenue was $22 million, net loss was $3 million, the same as the second quarter, and gross margin held at about 85%. Ned will take you through the numbers in detail, and I'd like to spend my time on what is behind them. The third quarter marks the continued progress on the reset we announced at the beginning of March, a deliberate move to reduce our reliance on third parties and lower ARPU regions.

As part of that shift, we have largely eliminated broad discounting with the sole exception of returning members who come back to us without meaningful marketing spend. That is a significant change in how we grow, and it comes with a cost. Revenue was down 12% from the third quarter of last year, and we, therefore, reduced our operating costs to reflect our current revenue base. Together, these results reflect the reset we outlined on our last call. What matters is what we are getting in exchange.

From the first quarter to the third, member churn improved over 20% and our ARPU has improved by 8%. When we prioritize members who come to Gaia directly, they stay longer, they pay more and they engage with the full Gaia experience. On marketing, customer acquisition cost remains in line with our expectations since the spike we described in Q2. A direct member carries a lifetime value of over $500 against an acquisition cost of approximately $85.

That roughly 6:1 ratio is why we manage acquisitions so closely and why we're willing to give up lower quality revenue to protect it. We continue to diversify our acquisition channels as we build out our direct marketing capabilities. We've also kept our expenses in step with our revenue base through a systematic review of spending and greater use of AI to decrease technology costs, streamline workflows and improve productivity across the organization.

Annualized gross profit per employee increased to $827,000, up from $819,000 last quarter and $816,000 in the first quarter. These are not onetime cuts. We believe they reflect a more disciplined, sustainable cost structure going forward.

Now turning to content. Our content is at the heart of what makes Gaia special, and I am proud of the creativity our team brings to it every day. For people seeking more meaning, understanding and possibility in their lives, our content can be absolutely life-changing. That connection is why I'm committed to increasing our investment in content. We want to give members more programming that speaks to their heart, supports their growth and explores ideas with a depth they can only get on Gaia. Our team is embracing AI across content production to elevate the quality of our animations and graphics while significantly streamlining the editing process.

Our production costs are already well below those of other production companies, and we expect AI to drive further efficiencies. Together, these efforts will help bring members more content that sparks their curiosity and makes a meaningful difference in their lives. This past quarter, we launched our new hit series Disclosure Drop, timed to follow the release of Steven Spielberg's Disclosure Day. The series brings AI-created reenactments to the latest UFO disclosure news. It also explores the questions these experiences raise about consciousness, perception and our place in the universe. Each episode invites viewers to continue that exploration through related programming across Gaia.

Now building on that momentum, we have a strong fourth quarter programming lineup, combining new talent with returning flagship series. Beyond the Program with Jim Curtis features candid conversations with guests, including Amy Schumer, Jack Osbourne and Judd Apatow, exploring the subconscious patterns that influence our lives and how to break cycles of limiting beliefs and learn behaviors.

Hearing familiar faces share their own struggles can help viewers recognize these patterns in themselves and feel less alone in working through them. The reach of these guests provides an opportunity to introduce Gaia to a wider audience. Season 3 of Divine Science, one of Gaia's flagship series and one of my favorites, explores ghosts, telepathy, synchronicity and manifestation through the lens of modern science and ancient wisdom. At the heart of the season is an exploration of consciousness and the idea that our personality creates our personal reality.

Ancient Civilizations, another flagship series, returns for its eighth season to investigate extraordinary ancient sites and enduring mysteries of our past. One episode examines ancient scrolls discovered in Egypt that offered clues to how people thousands of years ago transported massive limestone blocks, a remarkable feat that continues to fascinate us today. Alongside these series, Gaia Shorts continued to gain momentum. As I shared on our last call, Shorts is now our fastest-growing content format and accounts for more than 25% of viewership. These shorter videos give members a way to connect to Gaia when time is limited and discover topics and longer programs to return to later.

Now turning from our content offer to Igniton. We saw another solid quarter of performance. Gross margins improved to 85%, up from 72% last year and 46% 2 years ago. Repeat orders accounted for 67% of sales. Sales of our newest product, IgniREM Sleep and IgniPeptide Eye Serum, also continued to grow. Now with that, I will turn the call over to our COO, Yon Nuta, to share how members are engaging with our product features, including our latest AI releases. Yon?

Yonathan Nuta

Thank you, Kiersten. On our last call, I described how our direct members have access to experiences that third-party members never see and why that is the mechanism behind the churn improvements we are targeting. Today, I want to show you that mechanism working. Retention for us is a question of frequency, and that is why everything I am about to describe points at one thing, giving members more reason to come back more often. We are very happy with the progress and feedback from our users using AI.

This year, we have launched rich interactive experiences of tarot, oracle, and horoscope. Using AI drives incremental return visits and incremental content viewership. That is how a daily habit leads to retention. On discovery, Moments is doing what we built it for. It has been most effective at driving incremental engagement with our lowest frequency viewers. And we are using AI to turn our long-form library into short-form and Moments at scale. So one content investment now serves 3 different ways members want to watch.

On Community, discussion launches across all non-TV devices this month. We are leveraging AI moderation and AI translations to give our global community the ability to connect in their native language. Paired with profiles and playlists, members get identity, connection and conversation around the shows and subjects they already care about. And it simplifies their ability to share their Gaia experience with members and nonmembers in a single click.

Every one of these experiences available only to direct members. That is why the reset matters. We are not only building a larger library, we are building a community. A community competes on whether a member belongs somewhere and members who come back more often stay for longer. That is why we're willing to trade near-term revenue for a base that stays longer and engages more. With that, over to Ned.

Ned Preston

Thank you, Yon. Revenues for the third quarter of 2026 were $22 million, a decrease of 12% from $25 million in the year ago quarter. The decrease reflects lower revenue from third-party members and lower ARPU regions, along with the shift in our marketing strategy away from discounting and toward direct higher ARPU member acquisition. Gross margin was 85.2% compared to 86.4% a year ago, primarily attributable to lower revenue, while content-related amortization remained relatively consistent.

Net loss for the quarter was $3 million or negative $0.12 per share compared to net loss of $1.2 million or negative $0.05 per share in the third quarter of 2025. Net loss was flat with the second quarter, consistent with the outlook we gave you. Our cash balance was $7.1 million as of September 30, 2026, compared to $5.3 million at the end of the second quarter, with $3 million available on the line of credit. As we enter the fourth quarter, our revenue has stabilized at a quarterly run rate around $21 million.

We have matched this lower revenue base with lower expenses, which has allowed our annualized gross profit per employee to grow -- to continue growing to $827,000. Since the start of our cost review, we have executed or identified over $6 million in annualized savings. As we outlined last quarter, we remain on track to positive free cash flow during the fourth quarter, resuming the trend of 9 consecutive quarters of positive free cash flow we delivered before the reset. That completes my summary and concludes our prepared remarks. We would now like to open the call for questions. Operator?

Operator

[Operator Instructions] Our first question is from Ryan Meyers with Lake Street Capital.

分析師問答

Ryan Meyers

So just thinking about the prepared remarks, you mentioned that revenue has stabilized at that $21 million run rate. So how you view that now that the reset is complete? And how should we think about revenue from here? Do you expect it to continue to grow sequentially? And maybe what you are seeing so far in the fourth quarter? Are we exceeding that run rate? Or how should we think about things going forward?

Ned Preston

Ryan, good to hear from you. Yes, so revenue has stabilized, as you said, and we've matched the lower revenue base with our lower expenses. Since the start of our cost review, we have executed over $6 million in annualized savings, as I just said, double what we shared last quarter. These cost savings, along with those other actions we discussed around reducing acquisition of lower ARPU members and prioritizing direct subscribers and with longer retention and lower churn leads to the positive free cash flow in Q4. And that revenue stabilized around $20 million will be slightly higher, closer to $22 million as we expect Q4 to be a bit higher due to Marketplace trips.

Ryan Meyers

Okay. Got it. And then the $6 million in annualized cost savings, just remind us some of the areas that you guys were able to take that cost out of.

Ned Preston

Yes. So that came across marketing, technology, vendor and overhead costs. They're not onetime cuts, as Kiersten mentioned in her prepared remarks. We really believe it reflects a more disciplined, sustainable cost structure. So think of that over half of that from a headcount standpoint and the other half from these technology vendor savings and other overhead costs.

Operator

Our next question is from James Sidoti with Sidoti & Co.

James Sidoti

So you say revenue stabilized at the $21 million, but you reported the $22 million. So is the delta the Marketplace and Igniton revenue?

Ned Preston

For Q4, that's correct, Jim.

James Sidoti

How about for Q3?

Ned Preston

For Q3, we did have a slightly higher from Marketplace, again, good point from trips in Q3 as well as a little bit of upside on Igniton front. Nothing to really talk about. It was really more of the trips, Jim.

James Sidoti

Okay. All right. And then selling and operating SG&A in Q3 around $22 million. Do you think that the numbers continue to decline from there? Or do you think your SG&A costs are around that $22 million point per quarter?

Ned Preston

They'll decline from there, Jim, due to these reductions that we talked about. A lot of those went into effect during Q3 time frame, and so it will be fully realized in Q4 and beyond.

James Sidoti

Okay. All right. And then the last one for me. Kiersten made a comment about increased investments in content. Will there be an impact on the income statement because of that?

Ned Preston

No. Really, what we're going to be doing there, Jim, is taking some savings from our technical costs where we're already doing some capitalization and moving those to content with similar capitalization time frames. So I would not consider that to be a major change in the makeup of our financials.

Operator

At this time, this concludes our question-and-answer session. I'd now like to turn the call back over to Ms. Medvedich for her closing remarks.

Kiersten Medvedich

Thank you, everyone, for joining, and we look forward to speaking with you when we report our fourth quarter and full year results in March. Thank you.

Operator

Thank you for joining us today for Gaia's Third Quarter 2026 Earnings Conference Call. You may disconnect now.