CuriosityStream Inc.CURI
CuriosityStream Inc. Revenue Disclosure
REVENUE
The following table sets forth the Company’s disaggregated revenues for the years ended December 31, 2025, and 2024, as well as the relative percentage to total revenue.
| Year Ended December 31, | ||||||||||||||||||||||||||
| (in thousands) | 2025 | 2024 | ||||||||||||||||||||||||
| Direct Business: | ||||||||||||||||||||||||||
| Direct-to-Consumer | $ | 23,763 | 33 | % | $ | 31,332 | 61 | % | ||||||||||||||||||
| Partner Direct | 9,850 | 14 | % | 7,260 | 14 | % | ||||||||||||||||||||
| Total Direct Business | 33,613 | 47 | % | 38,592 | 75 | % | ||||||||||||||||||||
| Content Licensing: | ||||||||||||||||||||||||||
Library sales* | 33,233 | 46 | % | 7,357 | 14 | % | ||||||||||||||||||||
| Presales | — | — | % | 441 | 1 | % | ||||||||||||||||||||
| Total Content Licensing | 33,233 | 46 | % | 7,798 | 15 | % | ||||||||||||||||||||
| Bundled Distribution | 3,379 | 5 | % | 3,937 | 8 | % | ||||||||||||||||||||
| Other | 1,433 | 2 | % | 807 | 2 | % | ||||||||||||||||||||
Total revenues | $ | 71,658 | $ | 51,134 | ||||||||||||||||||||||
* Amounts includes $12.6 million and $4.5 million from trade and barter transactions for the years ended December 31, 2025, and 2024, respectively. | ||||||||||||||||||||||||||
REMAINING PERFORMANCE OBLIGATIONS
As of December 31, 2025, the Company expects to recognize revenues in the future related to performance obligations that are unsatisfied as follows:
| Year Ended December 31, | |||||||||||||||||||||||||||||||||||
| (in thousands) | 2026 | 2027 | 2028 | 2029 | Thereafter | Total | |||||||||||||||||||||||||||||
| Remaining performance obligations | $ | 2,467 | $ | 506 | $ | 296 | $ | 94 | $ | 12 | $ | 3,375 | |||||||||||||||||||||||
These amounts include only fixed consideration or minimum guarantees and do not include amounts related to (i) contracts with an original expected term of one year or less or (ii) licenses of content that are solely based on sales or usage-based royalties.
DEFERRED REVENUE
Contract liabilities (i.e., deferred revenue) consists of subscriber and affiliate license fees billed that have not been recognized, amounts contractually billed or collected for content licensing sales in advance of the related content being made available to the customer, and unredeemed gift cards and other prepaid subscriptions that have not been redeemed. Approximately 90% of the contract liability balance relates to annual subscriptions.
As of December 31, 2025, and 2024, total deferred revenues were $8.7 million and $11.4 million, respectively, with non-current portions of $0.3 million and $0.4 million, respectively, which are recorded within other liabilities in the consolidated balance sheets.
The decrease of $2.6 million in the contract liability balance during the fiscal year ended December 31, 2025, was primarily driven by a $2.5 million decrease in deferred revenue from Direct-to-Consumer (DTC) subscriptions. This decline is consistent with an overall decrease in the Company's subscriber count during the year ended December 31, 2025.
The following table provides a roll-forward of the contract liability balances for the fiscal year ended December 31, 2025:
| (in thousands) | 2025 | 2024 | ||||||||||||
| Balance at beginning of period | $ | 11,350 | $ | 15,172 | ||||||||||
| Revenue recognized in the current period from beginning balance | (10,951) | (14,671) | ||||||||||||
| New deferrals, net of amounts recognized in current period | 8,334 | 10,849 | ||||||||||||
| Balance at end of period | $ | 8,733 | $ | 11,350 | ||||||||||
TRADE AND BARTER TRANSACTIONS
During 2025, the Company continued to enter into trade and barter transactions, primarily for the purpose of exchanging content assets through licensing agreements with media counterparties.
For content acquired through trade and barter transactions, the Company records the acquired assets in the consolidated balance sheet and amortizes those assets over the term of the content license, beginning at the time the asset is published, in accordance with the Company’s content and amortization policies. For other products and services received through trade and barter transactions, the Company records operating expenses upon receipt of such products and services, as applicable.
The transaction price for these contracts is measured at the estimated fair value of the non-cash consideration received unless this is not reasonably estimable, in which case, the consideration is measured based on the standalone selling price of the services provided. For an exchange of content, the performance obligation is satisfied at the time the content is made available for the counterparty to use, which represents the point in time that control is transferred. For advertising, the performance obligation is satisfied upon the Company’s delivery of the media campaign or other service to the counterparty.
For the years ended December 31, 2025, and 2024, trade and barter revenues were as follows:
| Year Ended December 31, | ||||||||||||||
(in thousands) | 2025 | 2024 | ||||||||||||
Trade and barter license fees: Content licensing | $ | 12,573 | $ | 4,530 | ||||||||||
For the years ended December 31, 2025, and 2024, trade and barter costs of revenue were as follows:
| Year Ended December 31, | ||||||||||||||
(in thousands) | 2025 | 2024 | ||||||||||||
| Trade and barter costs of revenue | $ | 18 | $ | — | ||||||||||
For the years ended December 31, 2025, and 2024, additions to content assets resulting from trade and barter transactions were as follows:
| Year Ended December 31, | ||||||||||||||
(in thousands) | 2025 | 2024 | ||||||||||||
Trade and barter additions to content assets | $ | 12,555 | $ | 4,530 | ||||||||||
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 12, 2026 | Showing above |
| 2024 | Mar 25, 2025 | |
| 2023 | Mar 25, 2024 | |
| 2022 | Mar 31, 2023 | |
| 2021 | Mar 31, 2022 | |
About Revenue Disclosures
Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.
Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.