CuriosityStream Inc (CURI) 2025 Q4 法說會逐字稿

Greetings, and welcome to the CuriosityStream fourth-quarter and Year-end 2025 raesults conference call. (Operator Instructions)

各位好，歡迎參加 CuriosityStream 2025 年第四季及全年業績電話會議。（操作說明）

It is now my pleasure to introduce your host, Tia Cudahy, Chief Operating Officer. Thank you. You may begin.

現在我榮幸地向大家介紹主持人，營運長蒂亞·庫達希。謝謝。你可以開始了。

Thank you, and welcome to CuriosityStream's discussion of its fourth-quarter and full year 2025 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.

謝謝，歡迎收聽 CuriosityStream 對 2025 年第四季和全年財務表現的討論。今天主持討論的是 CuriosityStream 的執行長 Clint Stinchcomb 和 CuriosityStream 的財務長 Brady Hayden。在管理階層發言結束後，我們將樂意回答各位的問題。但首先，我將回顧安全港聲明。在本次電話會議中，我們可能會發表一些與我們業務相關的聲明，這些聲明屬於聯邦證券法意義上的前瞻性聲明。

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.

這些聲明並非對未來績效的保證，而是受到各種風險、不確定性和假設的影響。我們的實際結果可能與任何前瞻性聲明中反映的預期有重大差異。請注意，任何前瞻性陳述僅反映管理階層目前的觀點，本公司不承擔任何義務修改或更新這些陳述，也不承擔未來做出其他前瞻性陳述的義務。

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 factors discussed in today's press release. Additional information will also be set forth in our annual report on Form 10-K for the fiscal year ended December 31, 2025, when filed.

有關可能影響我們實際業績的重大風險和其他重要因素的討論，請參閱我們在美國證券交易委員會網站和投資者關係網站上提供的美國證券交易委員會文件，以及今天新聞稿中討論的風險和因素。更多資訊將在我們截至 2025 年 12 月 31 日的財政年度的 10-K 表格年度報告中公佈（屆時將提交）。

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 2024 period. Now I'll turn the call over to Clint.

此外，也將參考非公認會計準則財務指標。這些非GAAP指標與可比較GAAP指標的調節表可在我們的網站investors.curiositystream.com上查閱。除非另有說明，否則所有比較均與我們2024年同期業績進行比較。現在我把電話交給克林特。

Thank you, Tia, and good evening, everyone, CuriosityStream was built on one timeless idea. Curiosity changes the world, that every breakthrough begins with a question. 1,000 years ago, Leif Ericsson sailed West into the unknown and discovered a new world. Nearly a millennium later, Neil Armstrong stepped on to the lunar surface, carrying the same enduring message across time.

謝謝你，Tia，大家晚上好，CuriosityStream 的創立是基於永恆的理念。好奇心改變世界，每一次突破都始於一個問題。一千年前，萊夫·埃里克森向西航行，駛入未知領域，發現了一個新世界。近千年後，尼爾·阿姆斯壯踏上月球表面，將同樣的永恆訊息傳遞到了世界各地。

Discovery belongs to the bold and curiosity is our compass. Promotion waves to moon dust, that spirit propels us forward today. In that same spirit of bold exploration, we delivered strong full year 2025 results. Revenue grew 40% to $71.7 million from $51.1 million in '24, while adjusted free cash flow increased 46%, $13.9 million from $9.5 million in '24. Q4 revenue rose 36% year-over-year to $19.2 million from $14.1 million and adjusted free cash flow climbed 33% to $4.3 million.

探索屬於勇者，好奇心是我們的指南針。從揚帆起航到月塵化，這種精神激勵我們今天不斷前進。秉持著這種大膽探索的精神，我們取得了強勁的 2025 年全年業績。2024 年營收成長 40% 至 7,170 萬美元，而 2024 年為 5,110 萬美元；調整後自由現金流成長 46% 至 1,390 萬美元，而 2024 年為 950 萬美元。第四季營收年增 36%，從 1,410 萬美元增至 1,920 萬美元；調整後自由現金流量成長 33%，達到 430 萬美元。

These gains reflect the strength of our complementary revenue pillars, licensing, driven by high-volume and heavily structured video fulfillments for AI model training, subscription sturdiness through operational execution and new partnerships, amplified by cost discipline that expanded gross margins to 60% in Q4 from 52% a year ago and reduced nondiscretionary G&A expenses by 33% year-over-year.

這些成長反映了我們互補的收入支柱的強勁勢頭：授權業務，這得益於人工智能模型訓練所需的大量且結構化的視頻交付；訂閱業務，這得益於運營執行和新的合作夥伴關係；成本控制也起到了推波助瀾的作用，使毛利率從去年同期的 52% 提高到第四季度的 60%，並將非酌情降低了一般 3%。

In 2026, we believe our annual licensing revenue will exceed our overall subscription revenue. We believe we will grow our subscription revenue by low to mid-single-digit percentages because of three key drivers: new pricing, which we began rolling out March 1, new wholesale and retail partnerships, and organic growth from existing partnerships. The recurring, reliable and predictable revenue from our subscription services cements our foundation. Why do we believe we will see licensing revenue eclipse subscription revenue in 2026?

我們相信，到 2026 年，我們的年度授權收入將超過我們的整體訂閱收入。我們相信，由於三個關鍵驅動因素，我們的訂閱收入將以個位數百分比的低到中等水平增長：新的定價（我們從 3 月 1 日開始推出）、新的批發和零售合作夥伴關係，以及現有合作夥伴關係帶來的自然增長。訂閱服務帶來的持續、可靠和可預測的收入鞏固了我們的基礎。為什麼我們認為到 2026 年授權收入將超過訂閱收入？

Why do we believe licensing will be robust and durable for the foreseeable future? What is the impact to top line, bottom line and margin expansion? Well, we've covered some of this before, many investors, analysts and commercial partners tell us it bears repeating. CuriosityStream's licensing business is durable because it's built on assets that are durable, that are scarce, rights aware, difficult to replicate and increasingly valuable across multiple end markets. We're not talking about a single opportunistic window.

為什麼我們認為許可製度在可預見的未來將保持穩健和持久？對營收、利潤和利潤率擴張有何影響？嗯，我們之前已經討論過其中一些內容，許多投資者、分析師和商業夥伴告訴我們，值得再次強調。CuriosityStream 的授權業務之所以能夠持續發展，是因為它建立在持久、稀缺、注重版權、難以複製且在多個終端市場中越來越有價值的資產之上。我們說的不是單一的投機機會。

We're talking about a monetization model anchored in premium unscripted and scripted media, enriched structured metadata, flexible rights and growing demand from AI developers and traditional media companies. CuriosityStream has built a large differentiated content library of rights to nearly 3 million hours of premium factual content plus sports, plus news, plus general entertainment, animation and film, finished and raw supported by more than 200 content and data partners and flexible licensing rights.

我們談論的是一種以優質非劇本和劇本媒體、豐富的結構化元數據、靈活的版權以及人工智慧開發者和傳統媒體公司不斷增長的需求為基礎的盈利模式。CuriosityStream 建立了一個龐大的差異化內容庫，擁有近 300 萬小時的優質紀實內容以及體育、新聞、一般娛樂、動畫和電影的版權，包括成品和原始素材，並得到了 200 多個內容和數據合作夥伴的支持以及靈活的許可權。

This is not commodity inventory. It is scaled, unscrapable, curated, a corpus that took years of capital relationships, editorial focus and dense work to assemble. Enduring revenue streams are almost always rooted in assets that are hard to replace and expensive to rebuild.

這不是商品庫存。它規模龐大、不可抓取、經過精心策劃，是一個耗費多年資本關係、編輯重點和密集工作才得以建立的語料庫。持久的收入來源幾乎總是建立在難以取代且重建成本高昂的資產之上。

Demand is broadening, not narrowing. Beyond repeat business from existing customers, we expect our overall roster of partners to more than double in 2026 and potentially increase five to six times in 2027 as the fine-tuning of open source and certain proprietary models opens opportunities for thousands of companies.

需求範圍正在擴大，而不是縮小。除了現有客戶的重複業務外，我們預計到 2026 年，我們的合作夥伴總數將增加一倍以上，到 2027 年，隨著開源和某些專有模式的微調，合作夥伴總數可能會增加五到六倍，這將為成千上萬家公司帶來機會。

Historically, licensing meant selling finished programs or package rights to broadcasters, streamers and PayTV partners. That business remains alive and healthy. And in 2025, we announced new licensing agreements with linear broadcasters, educational platforms, digital-first outlets, global streaming services and, of course, next-generation AI training developers.

從歷史上看，授權是指將成品節目或節目包版權出售給廣播公司、串流平台和付費電視合作夥伴。那家企業依然運作良好。2025 年，我們宣布與線性廣播公司、教育平台、數位優先媒體、全球串流媒體服務以及下一代人工智慧培訓開發人員達成新的授權協議。

This diversification makes licensing more durable and cycle resilient. Traditional media licensing is healthy and not going away, but AI licensing is accelerating much faster and driving the bulk of our growth here. Over the next five years, AI model development, model refresh cycles, geographic expansion, enterprise fine-tuning, education applications, agentic systems and multimodal search should all support continued appetite for premium licensed corporate. For AI license partners as their model sophistication grows, so does the need for more video inputs. Developers require large volumes of high-integrity rights aware training inputs.

這種多元化使授權許可更具持久性和抗週期性。傳統媒體授權業務發展良好，不會消失，但人工智慧授權業務發展速度更快，是我們這方面成長的主要驅動力。未來五年，人工智慧模型開發、模型更新周期、地理擴張、企業微調、教育應用、代理系統和多模態搜尋都將推動市場對高階授權企業版軟體的持續需求。對於 AI 授權合作夥伴而言，隨著模型複雜性的提高，對更多視訊輸入的需求也會增加。開發人員需要大量高品質、具有權限意識的培訓輸入。

Premium broadcast video, clean audio, scripts, captions, study guides, metadata and derivative assets have utility well beyond entertainment viewing. They help train, tune, evaluate, ground and improve multimodal systems. The more advanced models become the more they need high-quality structured, legally licensable data rather than undifferentiated scraped material.

優質廣播影片、清晰音訊、劇本、字幕、學習指南、元數據和衍生資產的用途遠遠超出了娛樂觀看。它們有助於訓練、調整、評估、驗證和改進多模態系統。模型越先進，就越需要高品質的結構化、可合法授權的數據，而不是未經區分的抓取材料。

So key to note that rights cleared, structured content will become more valuable over time, not less. There's plenty of media on the open web, but much of it is noisy, duplicative, poorly labeled, low-quality or legally ambiguous. By contrast, CuriosityStream's corpus is assembled, curated and increasingly productized for commercial use cases.

因此需要注意的是，獲得版權許可的結構化內容會隨著時間的推移而變得更有價值，而不是更沒價值。開放網路上有大量的媒體內容，但其中許多內容吵雜、重複、標籤不清、品質低劣或法律上含糊不清。相較之下，CuriosityStream 的語料庫是為商業用途而收集、整理和日益產品化的。

The premium quality of our video also helps us stand out as we have video captured with top-tier equipment like red cameras, HDR formats and Blackmagic workflows, delivering cinematic excellence with real-world visual depth. This means sharp, high-resolution footage that captures subtle details from the textures of ancient ruins in history to the fluid motions and wildlife sequences.

我們影片的優質品質也幫助我們脫穎而出，因為我們使用頂級設備（如 Red 攝影機、HDR 格式和 Blackmagic 工作流程）拍攝視頻，從而呈現出具有真實世界視覺深度的電影級卓越品質。這意味著清晰、高解析度的畫面，能夠捕捉到從古代遺蹟的紋理到流暢的動作和野生動物的精彩時刻等細微細節。

For AI training, this translates to superior data for tasks like object recognition, scene understanding and generative video. Said plainly, we generate competitive escape velocity through our expanded data structuring and metadata capabilities that are designed to meet partner volume requirements and bespoke specifications.

對於人工智慧訓練而言，這意味著可以獲得更優質的數據，用於物件辨識、場景理解和視訊生成等任務。簡而言之，我們透過擴展資料結構和元資料功能來產生競爭優勢，這些功能旨在滿足合作夥伴的容量要求和客製化規格。

We're not merely selling files, we're not merely selling clips, we are selling usable data sets. That distinction is critical. In AI, a rights cleared file has value. Our rights cleared file with strong metadata, taxonomy, providence, segmentation and packaging has much more value. That creates pricing power and maintenance.

我們出售的不僅僅是文件，不僅僅是影片片段，我們出售的是可用的資料集。這種區別至關重要。在人工智慧領域，已清除版權限制的文件具有價值。我們擁有完整版權的文件，包含強大的元資料、分類、來源、分段和打包，具有更高的價值。這賦予了他們定價權和維護能力。

Further, our licensing model benefits from operating leverage and the fact that the standard industry licensing practice in the AI space is one of non-exclusivity. I cannot emphasize enough the value of this dynamic. As our critical mass corpus is now assembled and the infrastructure is largely in place, each new partnership carries attractive incremental economics as our hard cost to create a license in content are largely de minimis. We have, and we will continue to increase our volume through a rev share construct that minimizes cost and risk. We can now monetize the same video multiple times in multiple forms across multiple geographies and buyer classes.

此外，我們的授權模式受益於營運槓桿作用，以及人工智慧領域的標準產業授權做法是非排他性的這一事實。這種動態的價值怎麼強調都不為過。由於我們現在已經累積了足夠的資源，基礎設施也基本到位，因此每項新的合作關係都會帶來可觀的增量經濟效益，因為我們創建內容許可的硬性成本微乎其微。我們已經並將繼續透過降低成本和風險的收入分成模式來提高銷售量。現在，我們可以將同一影片以多種形式在多個地區和不同類型的買家群體中多次變現。

Of course, durability does not mean inevitability. We have to execute. We have to move the ball forward every day. We need to continue acquiring, negotiating sufficient scopes of rights enriching made the data segmenting our corpus intelligently, protecting quality and packaging assets in ways that map directly to buyer workflows. We need to stay disciplined on pricing and avoid treating a library like an undifferentiated commodity supply.

當然，耐用性並不意味著必然性。我們必須執行。我們必須每天都取得進展。我們需要繼續獲取、談判足夠範圍的權利，豐富數據，聰明地分割我們的語料庫，保護質量，並以直接與買家工作流程相匹配的方式包裝資產。我們需要在定價方面保持自律，避免將圖書館視為無差別的商品供應。

We also need to manage legal and policy development thoughtfully. But all of these are execution challenges. These are not reasons to doubt the model. In fact, a market that increasingly values providence, trust and rights discipline should favor CuriosityStream, not hurt it.

我們也需要深思熟慮地管理法律和政策的發展。但所有這些都是執行上的挑戰。這些都不是質疑該模型的理由。事實上，一個越來越重視天意、信任和權利約束的市場應該會利好 CuriosityStream，而不是損害它。

Our view is informed.Our view is straightforward. CuriosityStream's licensing of video, audio, images, scripts and related data products is durable because it rests on scarce assets, diversified demand, strong reuse economics and a market shift toward high-quality licensable content. It can continue to grow significantly because we are still early in the monetization curve. It will be lumpy over three and six -month tranches. But as Warren Buffett often said, we'd rather have a lumpy 15% than a smooth 12%.

我們的觀點是有依據的。我們的觀點直截了當。CuriosityStream 的視訊、音訊、影像、腳本及相關資料產品的授權模式之所以能夠持續發展，是因為它建立在稀缺資產、多元化需求、強大的再利用經濟效益以及市場向高品質可授權內容的轉變之上。因為它仍處於商業化進程的早期階段，所以它還有很大的成長空間。將會分三期和六期不等地發放。但正如巴菲特常說的那樣，我們寧願要波動較大的 15% 收益率，也不要平穩的 12% 收益率。

Traditional licensing is meaningful. AI licensing is scaling rapidly. And the strategic value of curated rights to aware, metadata-rich premium media compounds over time. This is why we believe licensing will remain a critical and durable growth engine for the long-term foreseeable future. In summary, we believe that we will continue double-digit growth in both revenue and cash flow driven by subscriptions and licensing expansion.

傳統許可證制度仍然很有意義。人工智慧許可規模正在迅速擴大。隨著時間的推移，精心策劃的、富含元資料的優質媒體版權的策略價值會不斷增長。因此，我們認為授權許可將在可預見的未來長期內繼續成為至關重要且持久的成長引擎。總而言之，我們相信在訂閱和授權擴張的推動下，我們的收入和現金流將繼續保持兩位數成長。

We intend to pay 2026 dividends from cash generated by operations as we did in 2024. Our balance sheet remains strong with over $27 million in liquidity and no debt, which we believe gives us substantial flexibility. I'll now hand the call over to our CFO, Brady Hayden, who I'm sure will emphasize that among other attributes, at today's share price, we're a growth company that also offers a dividend yield of 10%.

我們計劃像 2024 年一樣，用經營活動產生的現金支付 2026 年的股利。我們的資產負債表依然穩健，擁有超過 2,700 萬美元的流動資金且無債務，我們認為這給了我們很大的靈活性。現在我將把電話交給我們的財務長布雷迪海登，我相信他會強調，除其他優勢外，以今天的股價來看，我們是一家成長型公司，同時還提供 10% 的股息殖利率。

Thank you, Clint, and good evening, everyone. Our full financial results are presented in the back of the press release that we just issued a few minutes ago as well as the 10-K that we'll file in the next few days. But let me quickly go through some of the results that we want to highlight for the fourth-quarter as well as full year 2025. In the fourth-quarter, we reported revenue of $19.2 million at the high end of our guidance and a 36% increase compared to $14.1 million a year ago. For the full year, revenue was $71.7 million, a 40% increase from last year.

謝謝你，克林特，大家晚上好。我們的完整財務表現已在幾分鐘前發布的新聞稿背面以及我們將在未來幾天提交的 10-K 文件中列出。但讓我快速介紹一下我們想重點介紹的2025年第四季和全年的一些成果。第四季度，我們公佈的營收為 1,920 萬美元，達到我們預期的上限，比去年同期的 1,410 萬美元成長了 36%。全年營收為7,170萬美元，較上年成長40%。

Likewise, we reported another quarter of positive adjusted EBITDA, which came in at $1.1 million. This was an improvement of $3.1 million from a year ago, and also our fourth sequential quarter of positive adjusted EBITDA. For the full year, adjusted EBITDA was $8.2 million, a $14.3 million improvement from 2024. Adjusted free cash flow exceeded our guidance in the fourth-quarter at $4.3 million, which is also our eighth consecutive quarter of positive operating cash. For the full year, adjusted free cash flow was $13.9 million, a 46% increase from $9.5 million in 2024.

同樣，我們報告了又一個季度的調整後 EBITDA 為正，達到 110 萬美元。這比去年同期成長了 310 萬美元，也是我們連續第四個季度實現調整後 EBITDA 為正。全年調整後 EBITDA 為 820 萬美元，比 2024 年成長了 1,430 萬美元。第四季調整後自由現金流超過預期，達到 430 萬美元，這也是我們連續第八個季度實現正經營現金流。全年調整後自由現金流為 1,390 萬美元，比 2024 年的 950 萬美元增加了 46%。

Licensing revenue was $9.8 million in the fourth-quarter, an increase of $6.1 million from last year, while subscription revenue came in at $9.1 million. For the full year, subscriptions were $37 million, while licensing came in at $33.2 million.

第四季授權收入為 980 萬美元，比去年同期成長 610 萬美元，而訂閱收入為 910 萬美元。全年訂閱收入為 3,700 萬美元，授權收入為 3,320 萬美元。

This was an increase of over $25 million in 2024 and driven by continued growth in AI training fulfillments. fourth-quarter and full year gross margins were 60% and 57%, respectively, each of these improving from last year. Within cost of revenue, storage and delivery costs increased during the year in light of the high volume of video we put into AI licensing agreements.

2024年，這一數字將增加超過2,500萬美元，主要得益於人工智慧訓練業務的持續成長。第四季和全年毛利率分別為60%和57%，均較去年增加。在收入成本方面，由於我們向 AI 許可協議中投入了大量的視頻，存儲和交付成本在年內有所增加。

For the full year, combined costs for advertising and marketing plus G&A were higher by 24% compared to last year. Although this increase was the result of noncash charges for stock-based compensation of $14.4 million or about $0.24 on a per share basis. G&A also included an adjustment to payroll costs for incentive compensation as well as a number of onetime expenses associated with our August secondary stock offering.

全年廣告行銷和一般管理費用合計比上年增長了 24%。儘管這一增長是由於股票期權激勵的非現金支出 1,440 萬美元（約每股 0.24 美元）造成的。一般及行政費用還包括對工資成本的調整，用於激勵性薪酬，以及與我們 8 月份二次股票發行相關的若干一次性費用。

Were it not for the noncash SBC, the incentive comp adjustment and the common stock sale, G&A would have declined by over $1 million in 2025. For the full year, net loss was $6.4 million compared to a net loss of $12.9 million in 2024, representing an improvement of over 50% in net loss.

如果不是因為非現金 SBC、激勵性薪酬調整和普通股出售，到 2025 年，一般及行政費用將減少超過 100 萬美元。全年淨虧損為 640 萬美元，而 2024 年淨虧損為 1,290 萬美元，淨虧損減少了 50% 以上。

While our revenue was up materially from last year, the 2025 net loss was driven by the onetime charges, incentive comp adjustment and noncash SBC. Were it not for these specific charges, we would have posted positive earnings for the year. And as we said earlier, adjusted EBITDA was $1.1 million in the fourth-quarter compared to a loss of $1.9 million a year ago.

雖然我們的收入比去年大幅成長，但 2025 年的淨虧損是由一次性費用、激勵性薪資調整和非現金 SBC 造成的。如果不是因為這些特定費用，我們今年的獲利本應是正的。正如我們之前所說，第四季度調整後的 EBITDA 為 110 萬美元，而去年同期虧損 190 萬美元。

And for the full year, adjusted EBITDA was $8.2 million compared to an adjusted EBITDA loss of $6 million in 2024. For the full year, adjusted free cash flow was $13.9 million, a 46% increase from $9.5 million in 2024.

全年調整後 EBITDA 為 820 萬美元，而 2024 年調整後 EBITDA 虧損為 600 萬美元。全年調整後自由現金流為 1,390 萬美元，比 2024 年的 950 萬美元增加了 46%。

This totals well over $20 million in operating cash that we've generated over the last two years. On October 14, $6.7 million of our warrants expired unexercised. All 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.

這意味著我們在過去兩年中產生的營運現金總額超過 2000 萬美元。10 月 14 日，我們有價值 670 萬美元的認股權證到期未行使。這些認股權證已經虧損交易一段時間了，公司所有未行使認股權證的到期將減少潛在的股權稀釋，並應消除與這些工具相關的任何殘留的股票過剩。

In December, we paid $4.7 million for our fourth-quarter dividend, including our $0.10 special dividend paid in June, this brings our total dividends paid to $22 million for all of 2025. We ended the year with total cash and securities of $27.3 million and no outstanding debt, and we believe our balance sheet remains in great shape.

12 月，我們支付了 470 萬美元的第四季度股息，其中包括 6 月份支付的 0.10 美元特別股息，這使得我們 2025 年全年支付的股息總額達到 2,200 萬美元。截至年底，我們持有現金及證券總額為 2,730 萬美元，沒有未償債務，我們相信我們的資產負債表狀況仍然良好。

Based on yesterday's share price, CuriosityStream is generating an adjusted free cash flow yield of over 8% and a current dividend yield of over 10%. Given where our shares have recently been trading, we just announced that our Board has increased our share repurchase authorization to $6 million we plan to selectively resume our repurchase activity in the coming weeks and months.

根據昨天的股價，CuriosityStream 的調整後自由現金流收益率超過 8%，目前的股息殖利率超過 10%。鑑於我們股票最近的交易情況，我們剛剛宣布，董事會已將股票回購授權額度提高至 600 萬美元，我們計劃在未來幾週和幾個月內有選擇地恢復回購活動。

Moving to guidance. For the first half of 2026, we expect revenue in the range of $38 million to $42 million and adjusted free cash flow in the range of $6 million to $9 million. For the full year, we continue to believe we'll achieve double-digit growth in both revenue and cash flow in 2026 and that a full year of positive GAAP earnings is achievable.

進入指導環節。我們預計 2026 年上半年營收將在 3,800 萬美元至 4,200 萬美元之間，調整後的自由現金流將在 600 萬美元至 900 萬美元之間。對於全年而言，我們仍然相信 2026 年收入和現金流將實現兩位數成長，並且全年實現 GAAP 正收益是可以實現的。

With that, we can hand it back to the operator and open the call to questions.

這樣，我們就可以把電話交還給接線員，開始接受提問。

(Operator Instructions)

（操作說明）

We're ready to take questions. Patrick Sholl from Barrington, you're up first. Go ahead. (technical difficulty) This is the CuriosityStream year-end 2025 conference call, experiencing some technical difficulties. Thank you for continuing to hold.

我們準備好回答問題了。來自巴靈頓的派崔克·肖爾，你第一個上場。前進。（技術故障）這是 CuriosityStream 2025 年終電話會議，遇到了一些技術故障。感謝您的耐心等待。

(Operator instructions) Thank you for holding. This is the CuriosityStream 2025 year-end earnings report.

（操作員指示）感謝您的耐心等待。這是 CuriosityStream 2025 年終收益報告。

Dan Medina, Needham. The first question is, could you please update us on whether LLM licensors are renewing their deals with you and how the nature of second contracts is different from the earliest LLM contracts you licensed.

丹·梅迪納，尼德姆。第一個問題是，能否請您告知我們LLM授權人是否正在與您續約協議，以及第二份合約的性質與您最早的LLM授權合約有何不同？

Thank you, Dan, for that question. Really appreciate it. The answer is yes. Virtually everyone has renewed or will renew. And the beauty of the second agreement is it's always easier because you have the paper in place.

謝謝你的提問，丹。非常感謝。答案是肯定的。幾乎所有人都已經續訂或即將續訂。第二份協議的好處在於，它總是更容易執行，因為已經有了書面文件。

Same thing with the third agreement, same thing with the fourth fulfillment. So without a doubt, we're seeing repeat business. At the same time, we're seeing a lot of new potential partners express interest and express very high volume and specific requirements that were working aggressively to fulfill right now.

第三份協議也是如此，第四次履行也是如此。毫無疑問，我們看到了回頭客。同時，我們看到許多新的潛在合作夥伴表達了興趣，並提出了非常大且具體的要求，我們正在積極努力滿足這些要求。

A second question from Dan. Any change in the pace of adding other companies' libraries to your ability to license ours to the LLM.

丹提出了第二個問題。任何將其他公司庫添加到您向LLM授權我們庫的能力方面的變化。

Yes. We like the Golden Gate Bridge there, Dan. We are constantly in acquisition mode. We've built in the mass, I think, an extraordinary library. We we've been told, just told this week by the most valuable by market cap companies in the world that we have the best video corpus for AI training.

是的。丹，我們很喜歡那裡的金門大橋。我們一直處於收購模式。我認為，我們已經建造了一座非凡的圖書館。我們本週從全球市值最高的公司得知，我們擁有用於人工智慧訓練的最佳視訊語料庫。

So we have video in place. We have paper in place with the world's biggest companies. We've enhanced our human talent. We've done the necessary things to ensure the steadiness of our subscription services and feel really, really good about the year, Dan.

我們已經部署了視訊監控設備。我們與全球最大的幾家公司都有書面協議。我們提升了人才素質。丹，我們已經採取了必要的措施來確保訂閱服務的穩定，並對今年的進展感到非常非常滿意。

And one final from Dan. Can you give us some cases of how LLMs are using the information you license to them in the market to make money, tools and apps.

最後，丹還有一句話。您能否舉例說明LLM公司是如何利用您授權給他們的資訊在市場上賺錢、開發工具和應用程式的？

I think that's a great question, Dan. And I think that if you look at sort of the evolution of -- what our technology partners are looking for and are working toward, I think, if you start sort of 2020 with large language models. There was a lot of text that started there and that was designed to help teach the models to read, to help create document summarizers, knowledge, Q&A, support bots, active coating copilots.

丹，我覺得你問得好。我認為，如果你看看我們的技術合作夥伴正在尋找和努力的方向的發展歷程，你會發現，從 2020 年開始，大型語言模型正在興起。那裡有很多文本，旨在幫助教模型閱讀，幫助創建文件摘要、知識庫、問答、支援機器人、主動塗層副駕駛。

I think we to transition up to scale to kind of multimodal AI, which is text, which is images, which is audio, which is video and that led to sort of video summarization, camera assistance, text image, text to video sort of in the agentic AI. Obviously, it's part of the spectrum now.

我認為我們應該逐步過渡到多模態人工智慧，包括文字、圖像、音訊和視頻，這將催生出視頻摘要、相機輔助、文字影像、文字轉視頻等智慧人工智慧技術。顯然，它現在是光譜的一部分了。

And that's where systems that plan use tools and act autonomously. And the sort of use cases there are research agents, travel booking assistants, code agents, data ops agents, CRM bots, there's almost an infinite number of use cases.

這就是規劃系統使用工具並自主行動的地方。而它的應用場景包括研究代理、旅行預訂助手、代碼代理、資料維運代理、CRM機器人等等，應用場景幾乎無窮無盡。

And then I think, certainly, an exciting stage that we're early stages of right now, it's physical AI, where the content is being used to kind of embed AI into robots into cars, into drones, into devices. And similarly, I think, an infinite number of use cases here, warehouse robots, self-driving cars, home robots, delivery drones, factory arms, all kinds of things. So extraordinarily exciting, difficult to stay up with all of the use cases.

然後我認為，我們現在正處於一個令人興奮的早期階段，那就是物理人工智慧，在這個階段，內容被用來將人工智慧嵌入機器人、汽車、無人機和各種設備中。同樣地，我認為，這裡存在著無數的應用場景，例如倉庫機器人、自動駕駛汽車、家用機器人、送貨無人機、工廠機械手臂等等。真是太令人興奮了，各種應用案例層出不窮，讓人應接不暇。

But the good news is we have such a variety such a strong scope of video and data that we're able to fill a large scope and scale of requirements.

但好消息是，我們擁有種類繁多、規模龐大的影片和數據，能夠滿足各種規模的需求。

Thank you, Clint. Our next question is from Jason Kreyer from Craig-Hallum. He says, Clint, you called out 2026 as the greatest year in company history. Can you unpack that from a metrics standpoint, perhaps with some more clarity on your goals for the base streaming business and then the licensing opportunity.

謝謝你，克林特。下一個問題來自 Craig-Hallum 公司的 Jason Kreyer。他說：“克林特，你曾預言 2026 年將是公司歷史上最偉大的一年。”您能否從指標的角度來分析一下，或許可以更清楚地說明一下您對基礎串流媒體業務和授權機會的目標。

Yes, thank you for that question. Jason, so we made a lot of progress in 2025. We talked about the increases in cash flow and top line revenue in the size of our library and the quality of our library. And so as it relates -- as our subscription business is concerned, and that includes wholesale and retail subscriptions. We're confident that we're going to grow that at low to mid-single digits, and we're really confident in that because we have new partnerships coming on every month.

是的，謝謝你的提問。傑森，所以我們在 2025 年取得了很大進展。我們討論了圖書館規模和品質的提升如何帶來現金流和總收入的成長。因此，就我們的訂閱業務而言，包括批發和零售訂閱，情況也是如此。我們有信心實現個位數低至中等程度的成長，我們對此非常有信心，因為我們每個月都有新的合作夥伴關係建立。

And with channel stores around the world for Curiosity, for Curiosity, and even for Catholic stream. We have new wholesale relationships that are that are rolling out over the next several months and even now. And we took a price increase March 1, and that's going to take a while to roll through our financials. But with those three things and with the marketing money that we're spending, like we're very confident that we'll grow our subscription business in the low to mid-single digits. And so based on, I think, what Brady shared, that's off a base of $36 million, $37 million a year.

而且在全球各地都有 Curiosity 頻道、Curiosity 頻道，甚至還有天主教頻道。我們有一些新的批發合作關係，這些合作關係將在未來幾個月內陸續推出，甚至現在就開始了。我們在 3 月 1 日提價，這需要一段時間才能反映在我們的財務狀況中。但有了這三件事以及我們正在投入的行銷資金，我們非常有信心我們的訂閱業務將實現個位數低到中段的成長。所以，根據布雷迪透露的訊息，我認為他的基本年薪是 3600 萬到 3700 萬美元。

On the subscription side, we're confident -- I'm sorry, on the licensing side, we're confident that we're going to eclipse our subscription revenue because of the work that we've done to date. We are experiencing and anticipating a lot of repeat business or business from existing partners and customers.

在訂閱方面，我們有信心——抱歉，是在授權方面，我們有信心，由於我們迄今為止所做的工作，我們將超過我們的訂閱收入。我們正在經歷並預計會有很多回頭客，或來自現有合作夥伴和客戶的業務。

And at the same time, I think that our new Chief Commercial Officer, John Vilade, has brought extraordinary amount of kind of velocity to our efforts right now. And so in working with our key people here, our ops team, we're going sort of way beyond the obvious top six, eight companies that are in the space and anticipate expanding our roster really significantly this year. Now again, that's going to be -- that will be choppy, but the opportunities are big.

同時，我認為我們新任首席商務官約翰·維拉德(John Vilade)為我們目前的努力帶來了非凡的速度。因此，在與我們這裡的關鍵人員，也就是我們的營運團隊合作的過程中，我們正在遠遠超出目前該領域顯而易見的六家、八家頂尖公司，並預計今年將大幅擴大我們的名單。現在，情況又會變得——會很動盪，但機會也很大。

I think one of the most exciting -- I'm glad that I lived or to kind of work through this period of time because we've got the goods. We have really unique advantages. We need to execute, but I've never in my career have been so close to so many big opportunities at the same time.

我認為最令人興奮的是——我很高興我能夠經歷或參與這段時期來，因為我們擁有了寶貴的資源。我們擁有真正獨特的優勢。我們需要執行，但我職業生涯中從未同時面臨過這麼多重大機會。

And thank you, Clint. Some questions now from Dave Marsh from Singular Research. On the subscription front, how many new platforms are you expecting to launch during FY26? And how many new countries do you think you could launch with existing partners?

謝謝你，克林特。現在來自 Singular Research 的 Dave Marsh 提出幾個問題。在訂閱方面，您預計在 2026 財年推出多少個新平台？您認為與現有合作夥伴一起，可以開拓多少個新國家？

Yes. Great question, Dave. Thank you. Well, I think just this -- in just this year alone, we've already launched with Apple in Canada as one of many examples. And we anticipate that over the course of this year, probably 12 to 20 new platforms.

是的。問得好，戴夫。謝謝。嗯，我認為僅今年一年，我們就已經與蘋果公司在加拿大開展了合作，這只是眾多例子之一。我們預計今年可能會有 12 到 20 個新平台。

Some of these are -- they're not all created equal. Some are larger than others, some delivered more opportunity than others, but certainly 12 to 20 over the course of this year. And the beauty of all of that is the partners that we're working with are good at growing subscribers. So we feel really confident about our ability to grow that side of the business, and it's dirty.

有些是──它們並非生而平等。有些規模更大，有些機會更多，但今年肯定有 12 到 20 個。而這一切的妙處在於，我們合作的夥伴們都擅長增加使用者數量。因此，我們對發展這部分業務的能力非常有信心，而且這部分業務很髒。

And the second question from Dave Marsh from Singular Research. If I heard you correctly, it sounded like SG&A would have been down $1 million year-over-year without the nonrecurring charges. So with mid-$20 million be a good expected run rate for fiscal year '26.

第二個問題來自 Singular Research 的 Dave Marsh。如果我沒聽錯的話，如果不計入非經常性費用，銷售、一般及行政費用（SG&A）年比將減少 100 萬美元。因此，2026 財年約 2,000 萬美元的預期運轉率應該比較理想。

Can you take that?

你能接過來嗎？

Yes, I can take that. And good question, Dave. We Yes. We don't provide guidance on the expense side. But I think those are fair numbers obviously, with stock-based comp.

是的，我可以接受。問得好，戴夫。是的。我們不提供費用方面的指導。但我認為這些數字顯然是合理的，因為其中包含了股票選擇權補償。

That's a little bit of a wildcard because of the way we and we got -- I got into this in the last call. But the way we award our grants and the way the accounting treatment is applied to those, it can be somewhat difficult to predict. But I think if you take out stock-based comp, we're actually looking at G&A other than SBC below 20%. So I think your range is certainly fair.

這有點難以預料，因為我們和我們之間的關係——我是在上一次通話中介入的。但是，由於我們授予撥款的方式以及對這些撥款進行會計處理的方式，結果可能難以預測。但我認為，如果剔除股票選擇權激勵，除股票選擇權激勵外，一般及行政費用實際上低於 20%。所以我認為你的範圍確實很合理。

And one final question from Dave March. Any M&A opportunities you might consider?

戴夫·馬奇還有一個問題。有哪些併購機會值得考慮？

Thanks for that question, Dave. We'll always do what's in the best interest of our shareholders. I think that the M&A world environment will be exciting this year. We'll be right. I think if you look at some of the deals that have been done most recently with the big companies, those are a lot more around synergies.

謝謝你的提問，戴夫。我們將始終做對股東最有利的事。我認為今年的併購市場環境將會非常精彩。我們會沒事的。我認為，如果你看看最近一些大公司達成的交易，你會發現這些交易更多的是圍繞著綜效展開的。

But we believe that if we continue to execute, continue to post good increases continue to show the value of our subscription business of our licensing business that we'll have the opportunity to consider whatever combinations are in the best interest of our shareholders.

但我們相信，如果我們繼續執行，繼續取得良好的成長，繼續展現我們訂閱業務和授權業務的價值，我們將有機會考慮任何最符合我們股東利益的組合。

Clint, our next questions are from Pat Sholl, Barrington Research. Could you provide any additional color on the market for content to license for AI training and how your partnership with Versos video training linear (technical difficulty)

克林特，接下來的問題來自巴林頓研究公司的派特‧肖爾。您能否提供更多關於人工智慧訓練內容授權市場的信息，以及您與Versos視訊訓練線性培訓的合作情況？（技術難題）

Yes. So Versos is it's a really good company. They are a technology partner of ours. We've worked with them for a long time. I mean they help us to organize our content for the most part, help to clip our content and just -- they help us manage an increasingly sort of large volume of content as we are organizing fulfillments there.

是的。所以Versos是一家非常優秀的公司。他們是我們的技術合作夥伴。我們與他們合作已久。我的意思是，它們在很大程度上幫助我們組織內容，幫助我們剪輯內容，而且——它們幫助我們管理日益龐大的內容量，因為我們需要在那裡組織交付工作。

Now we did a lot of licensing agreements before we started working with Versos, but I think they're helping us to -- help with by handling some of the work on the organization side, helping us to do even more. As far as the content that we offer today. I think a lot of people rightly think of CuriosityStream as a company focused in the factual media space. And certainly, we are. And certainly, we have a variety of content there.

在與 Versos 合作之前，我們已經簽訂了許多授權協議，但我認為他們正在幫助我們——透過處理組織方面的一些工作，幫助我們做得更多。就我們目前提供的內容而言。我認為很多人都正確地認為 CuriosityStream 是一家專注於紀實媒體領域的公司。當然，我們確實是。當然，我們那裡有各種各樣的內容。

I mean we have a corpus today that is a collection of content from not just ourselves but from over 200 partners. And so in addition to the full range of factual content, prime high -- historical prime, SBNs, travel food culture home. We also have a good corpus of scripted content, which is really hard to acquire for a variety of reasons. Dramas, comedies Western's action films, adventure films, mystery, family faith film, et cetera. And we also have a broad collection of sports, American football, soccer, surfing, tennis, basketball, billiards, boxing, drifting, a lots of combat sports.

我的意思是，我們現在擁有的語料庫不僅包含我們自己的內容，還包含來自 200 多個合作夥伴的內容。因此，除了各種事實內容之外，還有優質的高端內容——歷史優質內容、SBN、旅遊美食文化家居。我們也擁有豐富的腳本內容，由於各種原因，這些內容很難取得。劇情片、喜劇片、西部片、動作片​​、冒險片、懸疑片、家庭信仰片等等。我們還有各式各樣的運動，包括美式足球、足球、衝浪、網球、籃球、桌球、拳擊、漂移以及許多格鬥運動。

So we have a full corpus there. So that's something that gives us a unique advantage and enables us to just engage with virtually everybody on the planet who has video licensing needs for training and other purposes.

所以我們那裡有一個完整的語料庫。因此，這賦予了我們獨特的優勢，使我們能夠與地球上幾乎所有有視訊授權需求（用於培訓或其他用途）的人進行互動。

And the second question from Pat Sholl, Barrington Research. With the price increase implemented March 1, what is the timing of it being fully implemented and expectations on churn?

第二個問題來自巴林頓研究公司的帕特‧肖爾。價格上漲已於 3 月 1 日實施，全面實施的時間是多久？預計客戶流失率會如何改變？

Yes, it will take a year to fully implement just because we have so many people on annual subscriptions. I think what you'll see in the first month is probably 3% to 4% of all of our customers, 5% maybe who are -- who become part of that. And so that will roll out over time with our pure direct customers, obviously, won't roll out fully until everyone has renewed their agreement. On the partner side, most of those subscribers are monthly. And there -- it takes some of them a little bit longer to roll out the pricing increase.

是的，全面實施需要一年時間，因為我們有許多用戶都是按年訂閱的。我認為第一個月你可能會看到我們所有客戶中的 3% 到 4%，甚至 5% 的人——成為其中的一部分。因此，這項服務將逐步推廣到我們的純直接客戶，顯然，只有在所有客戶續約協議後，這項服務才會全面推出。合作夥伴方面，大多數訂閱用戶都是按月付費。而且，有些公司需要更長的時間才能逐步推出價格上漲方案。

But we anticipate that over the next handful of months, everybody will. So we'll get significant benefit this year, and we'll continue to get benefit through February of next year.

但我們預計在接下來的幾個月裡，每個人都會這樣做。因此，我們今年將獲得顯著的收益，並且這種收益將持續到明年二月。

And the final question from Pat Sholl. Any additional commentary on the cadence of guidance and expectations on the full year?

帕特·肖爾提出了最後一個問題。關於全年業績指引和預期，還有其他補充說明嗎？

Yes. I'll speak to that for a minute, and then I'll hand over to Brady for his point of view as well. We guided to the half year because the many of the partnerships that we're working on are just -- are large and have the potential to be very large. And in the a little bit lumpy. I mean the benefit to working with the biggest companies in the world is you know you're going to get paid.

是的。我先簡單談談這個問題，然後我會把麥克風交給布雷迪，聽聽他的看法。我們之所以將預期時間控制在半年以內，是因為我們正在進行的許多合作項目規模都很大，而且有可能發展得非常龐大。而且有點凹凸不平。我的意思是，與世界最大的公司合作的好處是，你知道你會得到報酬。

You're not chasing people to get paid. However, sometimes the payment schedules can be a little different than certain other companies. So the cash revenue can be a little bit lumpy as it relates to this in light of these big licensing opportunities. And so we're extremely confident in the year that we're going to have this year without giving specific year-end guidance, like we said, our intent is to is to pay our dividend from cash from operations. And our belief is that our licensing revenue will exceed our subscription revenue.

你不用追著別人要錢。但是，有時付款時間表可能與其他一些公司略有不同。因此，考慮到這些巨大的授權機會，現金收入可能會有些波動。因此，我們對今年的業績非常有信心，雖然沒有給出具體的年終業績指引，但正如我們所說，我們的目標是用經營活動產生的現金支付股息。我們相信，授權收入將超過訂閱收入。

So feel good about where we're going to end up. We've said double-digit increases in both cash flow and top line revenue, and that's what we're working toward every day and confident that we'll achieve.

所以，對我們最終的歸宿感到樂觀吧。我們已經說過，現金流和營收都將實現兩位數的成長，這也是我們每天努力的目標，我們有信心實現這個目標。

Yes. The only thing I'll add is the revenue cycle for these deals, and we've talked about this before, but it's generally between four and six months, we're delivering content, we're then recognizing the revenue. We go through an acceptance process. We will -- we're not issuing our POs until we're actually getting paid under most of the contracts that we're doing. So the entire cycle can last as long as six months, and it's just become very difficult for us to predict with much precision exactly when the numbers are going to hit.

是的。我唯一要補充的是這些交易的收入週期，我們之前也討論過這個問題，但通常是四到六個月，我們交付內容，然後確認收入。我們需要經歷一個接納過程。我們會的－在我們實際收到大部分合約款項之前，我們不會發出採購訂單。因此，整個週期可能持續長達六個月，我們很難非常精確地預測這些數字何時會達到高峰。

I will say, as we get closer to into Q2, I think we'll probably -- I think there's a good chance we'll narrow our guidance and revise it. It's a little bit broad, having [ 38 to 42 ] and 6% to 9% on the cash flow side. But our plan would be to narrow that to the extent that we can during the second-quarter.

我想說，隨著第二季度臨近，我認為我們很可能會——我認為很有可能我們會縮小業績預期範圍並進行修改。範圍有點廣，有 [ 38 到 42 ]，現金流方面有 6% 到 9%。但我們的計劃是在第二季盡可能縮小這個範圍。

Yes. And I know that it is March 11, and people are probably wondering like, what are you going to do first- quarter. And what I will say is the good news about much of what we're doing today is it's not seasonal. Our intent is to do the best deals that we can and obviously, for the company, but for our partners because we believe that those will lead to additional. We said double-digit increases in cash flow and top line revenue for the year that may seem a little conservative to people or a little lukewarm in light of the fact that we did 40% and 46%.

是的。我知道今天是 3 月 11 日，人們可能都在想，你們第一季打算做什麼。我要說的好消息是，我們今天所做的很多事情都不受季節限制。我們的目標是達成我們所能達成的最佳交易，這不僅對公司有利，也對我們的合作夥伴有利，因為我們相信這些交易將帶來更多收益。我們曾預測今年的現金流和營收將實現兩位數成長，但考慮到我們實際實現了 40% 和 46% 的成長，這個數字對某些人來說可能顯得有些保守或不夠理想。

But our intention as we give guidance is to beat that guidance. And that's the approach that we're taking, and we believe that over the year, that will that will yield the best results for us. Thank you for that question, Chris.

但我們給予指導的目的，是為了超越這些指導。這就是我們採取的方法，我們相信，在這一年中，這將為我們帶來最好的結果。謝謝你的提問，克里斯。

Clint, Brady, thank you. This is the end of the CuriosityStream Q4 anding year-end 2025 earnings call. Thank you again to all of the participants on the line for staying with us through the technical difficulties. Have a nice evening.

克林特，布雷迪，謝謝你們。CuriosityStream 2025 年第四季及全年業績電話會議到此結束。再次感謝所有線上參與者，感謝你們在遇到技術困難時仍然與我們保持聯繫。祝你今晚愉快。