CuriosityStream Inc. (CURI): Business Model Canvas [Dec-2025 Updated]

You're looking at a company that's rapidly transforming its core business, and honestly, the numbers from late 2025 tell a compelling story about that pivot. CuriosityStream Inc. is leaning hard into licensing its nearly 2 million hour library for AI training, which drove Content Licensing Revenue up a massive 425% year-over-year to $8.7 million in Q3 2025. Still, the traditional SVOD business provides a steady base, and with $29.3 million in cash and a dividend yield over 8% as of Q3 2025, they've got the balance sheet to back this new strategy. Dive into the full Business Model Canvas below to see exactly how they are structuring this dual-pronged approach, from their key activities to their customer segments.

CuriosityStream Inc. (CURI) - Canvas Business Model: Key Partnerships

You're looking at the partnerships that are making CuriosityStream Inc. a dual-engine growth story, blending traditional media distribution with high-margin AI data licensing. Honestly, the numbers coming out of their Q3 2025 report really highlight this shift.

Eight leading AI developers and hyperscalers for data licensing

CuriosityStream Inc. has established partnerships with eight leading AI developers and top-tier hyperscalers to drive its video licensing for AI training data. This effort leverages a massive content library, which management detailed as exceeding 1.8 million hours of ethically sourced cinematic video and audio content. Specifically, they are licensing 300,000 hours of their own original programming alongside 1.7 million hours of third-party content under their existing agreements. The company has completed 18 distinct content fulfillments across video, audio, and code assets to date in 2025. They currently work with nine large language models (LLMs), including Google Gemini, and are in discussions with more than a half a dozen others to expand this base. This segment is showing explosive financial growth; Q3 2025 licensing revenue hit $8.7 million, representing a 425% year-over-year increase. Year-to-date AI licensing through September 2025 reached $23.4 million.

Here's a quick look at the scale of the AI licensing operation as of late 2025:

Global distribution partners like DIRECTV, Amazon, and Roku

The distribution side remains crucial, supporting the core subscription business and the newer advertising efforts. CuriosityStream Inc. continues to broaden its footprint through major global distribution partners. They have new and expanded multiyear wholesale distribution agreements in Asia and Latin America. The company expanded its advertising business with recent launches across platforms like Amazon and Roku. Furthermore, CuriosityStream Inc. expanded its footprint through a multi-tier distribution deal with DIRECTV.

Content licensing deals with streamers like Netflix and Foxtel Australia

Beyond AI data, traditional media licensing is a steady complement to the subscription revenue stream. CuriosityStream Inc. licensed content to several key streamers and broadcasters. For example, Netflix took licenses for two Curiosity original series: Titans: The Rise of Hollywood and Titans: The Rise of Wall Street. Foxtel Australia secured science and history documentaries curated specifically for Australian audiences. The company projects that overall licensing revenue will exceed subscription revenue in 2027, possibly earlier.

Key traditional media and streamer licensing partners include:

• Netflix - For two original series.
• Foxtel Australia - For curated science and history documentaries.
• PTS Taiwan and Sangsaeng Television Broadcasting - For science, history, and technology titles in Asian markets.

Linear TV and AVOD partners like AMC Southern Europe and Canela Media

The push into linear and AVOD (Advertising Video On Demand) channels is expanding reach across different consumer segments. AMC Southern Europe secured science and natural history titles for its Odisea and Odisseia channels. Canela Media is handling FAST (Free Ad-supported Streaming TV) and AVOD distribution across the U.S. Hispanic and Latin American markets. The company also launched Curiosity Now on Prime Video in the UK, the Netherlands, Finland, and Sweden during Q2 2025. The overall full-year 2025 revenue guidance is set between $70 million and $72 million, up 38% to 42% from 2024.

Educational platforms for Curiosity University content

Curiosity University, which features talks from top university professors, courses, and videos, is also being distributed through strategic platform partnerships. As noted, Curiosity University launched on Amazon Prime in the UK, the Netherlands, Finland, and Sweden in Q2 2025. The company also acquired One Day University, an adult education platform, back in May 2021, which feeds into this educational content pillar. Finance: review the Q4 2025 cash flow forecast by next Tuesday.

CuriosityStream Inc. (CURI) - Canvas Business Model: Key Activities

You're looking at the core engine room of CuriosityStream Inc. (CURI) as of late 2025. The key activities here are all about creating, managing, and monetizing that deep library of factual content across multiple platforms, especially with that new AI data licensing stream really taking off.

Producing original factual content via Curiosity Studios

This activity is about feeding the beast with proprietary, high-quality factual programming. While we don't have a specific production spend number for Curiosity Studios in Q3 2025, we know this content is a key asset, not just for subscribers but also for the lucrative AI licensing deals. The company is actively licensing its original series, like Titans: The Rise of Hollywood and Titans: The Rise of Wall Street, to major global entertainment partners like Netflix. This shows the studio output is being validated by top-tier buyers.

Licensing the nearly 2 million hour content library for AI training

This is the high-growth activity that's fundamentally changed the financial profile. You've got a portfolio exceeding 1.8 million hours of original and acquired, ethically sourced cinematic video and audio content ready for AI training. The focus here is on high-volume fulfillment; as of late 2025, CuriosityStream Inc. has completed eighteen distinct content fulfillments across video, audio, and code assets with partners. They are working with eight leading AI developers. The financial impact is clear:

• Content licensing brought in $8.7 million in the third quarter of 2025.
• This represented an increase of over $7 million or 425% year-over-year for the quarter.
• Year-to-date through September 2025, licensing generated $23.4 million.
• Management signaled that overall licensing revenue is expected to be more than half of direct subscription revenue for the full year 2025.

Managing and operating global SVOD, FAST, and linear channels

This is the bread-and-butter business, and it's showing sequential improvement despite the industry headwinds. You're managing the core direct-to-consumer (SVOD) service alongside distribution across Free Ad-Supported Streaming Television (FAST) and linear channels globally. The discipline here is evident in the sequential growth of the core business, not just price hikes. It's a complex juggling act, defintely.

Here's the quick math on the Q3 2025 revenue split, which shows how the licensing pillar is catching up to the core subscription base:

The overall gross margin on this operation was a record 58.7% in Q3 2025.

Expanding international distribution and content fulfillment

CuriosityStream Inc. is actively pushing its content out through various global deals, which is a critical distribution activity. These aren't just small deals; they involve major territories and platforms. For instance, recent agreements include:

• Distribution with Canela Media for FAST and AVOD in U.S. Hispanic and Latin American markets.
• Deals with AMC Southern Europe for science and natural history titles on their Odisea and Odisseia channels.
• Agreements with Foxtel Australia for curated science and history documentaries.
• Deals brokered by Harbour Rights with PTS Taiwan and Sangsaeng Television Broadcasting for Asian markets.

Furthermore, the advertising business is expanding its reach with recent launches on platforms like Amazon, Roku, LG, and Truth+, plus a branded block on Australia TV's free-to-air broadcast channel.

Maintaining and enriching the video/audio content corpus with metadata

The value of the content for AI training hinges on its structure and metadata. This activity involves significant technical upkeep. To support the accelerating demand for structured video datasets, CuriosityStream Inc. has upgraded its technical infrastructure to deliver at capacities up to 300 Gbps. This capacity supports large-scale indexing, transcoding, tagging, clipping, annotation, and delivery. They specifically highlight having Advanced large-scale data-structuring and metadata capabilities.

Finance: draft 13-week cash view by Friday.

CuriosityStream Inc. (CURI) - Canvas Business Model: Key Resources

You're looking at the core assets that make CuriosityStream Inc. tick as we head toward the end of 2025. These aren't just line items on a balance sheet; these are the actual engines driving the business right now, especially with that big pivot into AI data licensing.

The foundation is definitely the content itself. You have a nearly 2 million hour library of ethically sourced video and audio content. Honestly, for AI training, that high-integrity, fact-based corpus is what the hyperscalers are paying a premium for. In Q3 2025 alone, licensing revenue hit $8.7 million, driven by 18 distinct content fulfillments across 9 partners, which really shows you how that library is being monetized beyond just subscriptions.

Financially, the balance sheet looks rock solid for an operation of this scale. As of September 30, 2025, CuriosityStream Inc. reported total cash, restricted cash, and held-to-maturity securities of $29.3 million, and critically, they carried no debt. That clean balance sheet gives them the flexibility to keep paying that dividend and invest in growth without the pressure of servicing debt. Finance: draft 13-week cash view by Friday.

The distribution reach is impressive for a niche player. The flagship SVOD service, Curiosity Stream, is available in more than 175 countries worldwide. This global footprint supports both subscription revenue and the licensing deals, which are increasingly global in nature.

Then there's the internal capability that turns raw content into a high-value asset: the data structuring. Curiosity Studios handles the in-house content production, which feeds this pipeline. But the real differentiator is the advanced data-structuring and metadata capabilities. They've upgraded infrastructure to deliver at capacities up to 300 Gbps, allowing for large-scale indexing, tagging, and annotation-think traditional metadata on steroids, as their CFO put it. This capability is what positions them as a market leader for AI model training data.

Here's a quick snapshot of those key operational and financial metrics as of Q3 2025:

You can see the strategy clearly: the content library is the base, and the data structuring is the high-margin multiplier. Still, managing that content pipeline effectively is key.

• Nearly 2 million hour library of ethically sourced video and audio content.
• Strong balance sheet with $29.3 million in cash and no debt as of September 30, 2025.
• Curiosity Studios overseeing original programming production.
• Global distribution network spanning over 175 countries for the SVOD service.
• Advanced data-structuring and metadata capabilities, including infrastructure upgrades to 300 Gbps delivery.

CuriosityStream Inc. (CURI) - Canvas Business Model: Value Propositions

You're looking at the core reasons customers choose CuriosityStream Inc. (CURI) right now, late in 2025. It's not just one thing; it's a blend of premium factual content, shareholder returns, and new high-margin licensing deals. Honestly, the shift toward AI data licensing is a major part of the current value story.

Here's a breakdown of the key value propositions driving the business, grounded in the latest figures from the third quarter of 2025.

High-quality, non-scraped factual content for AI model training

CuriosityStream Inc. is positioning its extensive library as a premium, non-scrapable asset for artificial intelligence development. This is a significant revenue driver now.

• Assembled nearly 2-million hour library of video and audio.
• Content is largely designed to be non-scrapable from the open web.
• Content licensing revenue hit $8.7 million in Q3 2025.
• This licensing revenue represented a massive 425% increase year-over-year for the quarter.

The math here is clear: licensing generated $23.4 million year-to-date through September 2025. That's more than half of what the entire subscription business generated in all of 2024. That's a powerful value proposition for enterprise clients.

Deep-dive, ad-free SVOD access to science, history, and nature

The foundational value remains the direct-to-consumer subscription video on demand (SVOD) offering. This is the core audience that values ad-free, deep-dive factual entertainment.

The subscription business brought in $9.3 million in revenue for the third quarter of 2025. While this was sequentially higher than prior quarters in 2025, it was lower year-over-year, showing the current focus on licensing growth. Still, the total Q3 2025 revenue reached $18.4 million, showing the combined strength of its pillars.

Multiple viewing options: SVOD, linear TV, and free ad-supported channels (FAST)

CuriosityStream Inc. ensures its content reaches viewers across the modern media landscape, not just through its own app. This multi-platform approach widens the top of the funnel.

The advertising business is an active growth engine, with recent launches expanding reach:

• New advertising presence on Amazon.
• New advertising presence on Roku.
• New advertising presence on LG.
• New advertising presence on Truth+.
• Introduction of a branded block on Australia TV's free-to-air broadcast channel.

Shareholder return via a high dividend yield (over 8% as of Q3 2025)

For investors, the commitment to returning capital is a distinct value proposition, signaling financial discipline and confidence in operational cash flow.

The company declared a quarterly cash dividend of $0.08 per share, payable on December 19, 2025. Management noted that based on the share price at the time of the Q3 2025 report, the company was generating a current dividend yield of well over 8%. This was supported by $4.8 million in adjusted free cash flow for the quarter, marking the seventh consecutive quarter of positive adjusted free cash flow.

Here are the key financial metrics supporting this value proposition:

Educational content via Curiosity University and Audio Network

Beyond the core video service, the offering includes specialized educational formats. While specific financial breakouts for these segments aren't detailed, they fall under the broader content licensing and subscription umbrella, leveraging the factual library.

The value here is the depth and breadth of the factual library, which supports both the premium SVOD experience and the high-value licensing deals. The company expects overall subscription revenue, retail and wholesale, to grow faster in 2026 than in 2025. The goal is for licensing revenue to exceed subscription revenue by 2027, possibly earlier.

Finance: draft 13-week cash view by Friday.

CuriosityStream Inc. (CURI) - Canvas Business Model: Customer Relationships

You're looking at how CuriosityStream Inc. manages its connections with its diverse customer base as of late 2025. It's a hybrid model, balancing direct consumer relationships with heavy reliance on large-scale B2B and AI licensing partners. Honestly, the AI licensing side is what's really moving the needle on their financials right now.

Automated self-service for direct SVOD subscribers

The core direct-to-consumer (DTC) offering, the flagship Curiosity Stream SVOD service, maintains an automated self-service relationship across its global footprint. This service is available in more than 175 countries worldwide. However, the DTC segment faced headwinds, showing a 12% decline in the first half of 2025. For context on the scale, as of June 2024, the estimated subscriber base was 25,000,000. In the second quarter of 2025, subscription revenue, which includes DTC, Partner Direct, and Bundled Distribution, totaled $9.3 million.

Dedicated relationship management for hyperscalers and AI developers

This is the high-growth relationship segment. CuriosityStream Inc. has established dedicated management for top-tier hyperscalers and frontier AI developers. They have executed agreements with eight leading AI developers. These relationships are focused on providing high-integrity, richly annotated video and audio data to train next-generation AI models. The company has a portfolio exceeding 1.8 million hours of content dedicated to this purpose, with some reports suggesting a nearly 2-million-hour library assembled for AI training. This focus is driving significant financial results; for Q3 2025, content licensing revenue, powered by AI training fulfillments, was $8.7 million, an increase of over 425% from the prior year.

Co-creation and custom fulfillment for large-scale AI data licensing deals

The relationship here moves beyond simple licensing to custom fulfillment, involving co-creation of structured datasets. CuriosityStream Inc. has completed eighteen distinct content fulfillments across video, audio, and code assets for these AI partners. The company upgraded its technical infrastructure to support delivery capacities up to 300 Gbps to handle these large-scale data needs. The success of this strategy is clear: management signaled that overall licensing revenue for 2025 is expected to be more than half of the direct subscription revenue.

Community engagement through podcasts and educational offerings

Engagement is fostered through educational extensions like Curiosity University and the Curiosity Audio Network. Curiosity University features talks from renowned university professors, courses, and videos. The Curiosity Audio Network provides original content and podcasts, serving as another touchpoint for the knowledge-seeking audience. While specific engagement metrics aren't public, these offerings support the overall brand ecosystem.

Wholesale/B2B account management for global pay-TV and streaming partners

Account management for wholesale and B2B partners is crucial for global reach and is managed through dedicated business development efforts. These relationships span traditional media, global streaming services, and FAST (Free Ad-Supported Streaming Television) channels. The company launched payment options in sixteen new currencies, including the Chinese Yuan and Russian Ruble, to support global B2B transactions. Here's a snapshot of the key distribution partners and their reach as of late 2025:

The company continues to broaden its footprint through these wholesale channels, which complement the direct subscriber base. For instance, in Q2 2025, they highlighted new and expanded multiyear wholesale distribution agreements in Asia and Latin America.

• Service availability in over 175 countries worldwide.
• Q2 2025 Subscription Revenue (DTC, Partner Direct, Bundled): $9.3 million.
• Q3 2025 Licensing Revenue (AI & Traditional): $8.7 million.
• AI licensing revenue growth in Q3 2025: 495% year-over-year.
• Total cash and securities as of June 30, 2025: $30.7 million with no debt.

Finance: draft Q4 2025 cash flow projection by next Tuesday.

CuriosityStream Inc. (CURI) - Canvas Business Model: Channels

You're mapping out CuriosityStream Inc.'s distribution strategy as of late 2025, and it's clear the company is aggressively diversifying beyond its core subscription base. The channels are now a complex mix of direct access, wholesale partnerships, and high-growth B2B licensing.

Direct-to-Consumer (DTC) via CuriosityStream SVOD app/website

The DTC channel remains foundational, though its standalone growth is being outpaced by other segments. Subscription revenue, which bundles DTC with wholesale and partner direct, was reported at $9.3 million in the third quarter of 2025, the same figure reported for the second quarter of 2025. This indicates that while the direct subscriber base is under pressure year-over-year, sequential growth has been achieved through daily operating focus rather than just price increases. The standard annual subscription price was $39.99 as of May 2023, which you should check against any late 2025 price adjustments.

Wholesale distribution through pay-TV operators and telcos

Wholesale is a significant component of the overall subscription bucket. In the second quarter of 2025, subscription revenue was $9.3 million, supported by new multiyear wholesale agreements in Asia and Latin America. This channel helps maintain subscriber volume even as the pure DTC segment faces competitive headwinds. The company's linear television channel, Curiosity Channel, is distributed via global partners, continuing this wholesale approach.

Third-party streaming platforms (Amazon Prime Video, Roku Channel)

Distribution through major third-party platforms is a key lever for subscriber acquisition and discovery. In Q2 2025, launches on Prime Video Channels across Europe and Australia/New Zealand (AU/NZ) in August helped drive sequential subscription revenue growth. Furthermore, a multi-tier deal with DIRECTV in the U.S. included both SVOD and FAST components. The Roku Channel also carries the Curiosity Channel linear offering, ensuring presence where audiences aggregate.

Here's a look at the revenue split based on the latest reported figures:

Free Ad-Supported Streaming TV (FAST) channels (Curiosity Now, Curiosity Español)

The FAST segment is a growing area for advertising revenue and audience reach. The flagship FAST channel, Curiosity Now, launched on Prime Video in the U.S. in September 2025, exposing it to millions of households via carousels and live TV-style guides. CuriosityStream's FAST distribution is strategic, with multiple channels on platforms including Samsung, Vizio, Fubo, DirecTV, Xfinity, Xumo Play, and Truth+ in the U.S. This focus aligns with the broader market trend, where U.S. FAST channels represented nearly 74% of the global total tracked as of February 2025.

• Curiosity Now is available on Prime Video (U.S.) as of September 2025.
• FAST distribution includes partnerships with Samsung, Vizio, Fubo, and DirecTV.
• The company committed to investing in this growing market throughout 2025.

Direct B2B licensing for AI training data and traditional media

This is the fastest-growing channel, significantly boosting overall financials. Content licensing revenue hit $8.7 million in Q3 2025, a 425% year-over-year increase, driven by AI training fulfillments. Management projected that licensing revenue could exceed subscription revenue in 2027, possibly earlier. The company has assembled a library exceeding 1.8 million hours of ethically sourced video and audio content for this purpose, with CEO Clint Stinchcomb noting nearly a 2-million hour library overall. As of late October 2025, CuriosityStream had partnerships with eight leading AI developers, completing eighteen distinct content fulfillments across video, audio, and code assets. Traditional media licensing also continues, with recent deals including Netflix and distribution agreements in Latin America and Asia.

Finance: draft 13-week cash view by Friday.

CuriosityStream Inc. (CURI) - Canvas Business Model: Customer Segments

Global, intellectually curious consumers seeking factual SVOD content are served by the flagship Curiosity Stream SVOD service, available in more than 175 countries worldwide.

Hyperscalers and frontier AI developers needing video training data utilize the nearly 2-million hour library of video and audio content across multiple genres. Licensing revenue, which reflects demand from this segment and traditional media, increased over 40% year-over-year in Q3 2025.

Traditional media companies and broadcasters requiring licensed content engage with CuriosityStream Inc. (CURI) as part of its growth engine. The company engages with nine key partners across video, audio, script, and code for licensing fulfillment.

Educational institutions and lifelong learners are targeted through offerings like Curiosity University, which saw a service launch on Prime Video in the UK, the Netherlands, Finland, and Sweden during Q2 2025.

Wholesale partners, including telcos and cable providers, bundle the service as part of the subscription business pillar. Subscription revenue, which includes both retail and wholesale, was $9.3 million in the third quarter of 2025.

Here's the quick math on the revenue streams supporting these segments for the third quarter of 2025:

The AI licensing segment gross margins are reported in the range of 40-50%. The company projected full year 2025 revenue between $70 million to $72 million.

You can see the distribution of the core revenue drivers:

• Global, intellectually curious consumers: SVOD service in over 175 countries.
• Hyperscalers and frontier AI developers: Library size of nearly 2-million hours of content.
• Traditional media companies and broadcasters: Licensing revenue was $8.7 million in Q3 2025.
• Educational institutions and lifelong learners: Curiosity University launched on Prime Video in 4 European countries in Q2 2025.
• Wholesale partners: Subscription revenue was $9.3 million in Q3 2025.

CuriosityStream Inc. (CURI) - Canvas Business Model: Cost Structure

When you look at the cost side of CuriosityStream Inc.'s (CURI) business, you see a clear tension between managing a large, valuable content asset and scaling revenue through new channels like AI licensing. Honestly, the structure reflects a company actively trying to drive down legacy costs while investing in growth.

Content amortization and production costs (Curiosity Studios)

The non-cash content amortization expense is a key area where you see cost discipline working. Management noted continued reductions in non-cash content amortization through Q3 2025. This efficiency directly helped boost the gross margin, which hit a record of 58.7% in the third quarter of 2025, up from 53.7% in Q3 2024. This suggests that the cost of acquiring and holding content, relative to revenue, is becoming more favorable. Curiosity Studios' production output is now being leveraged heavily through licensing deals, which helps offset the initial investment.

Storage and delivery expenses for the large content library

Even with content amortization falling, other content-related costs are ticking up. You should note that distribution and storage costs have increased slightly. This rise is tied to the growth in licensing content acquired through revenue share arrangements, plus the general need to maintain and deliver the nearly 2 million hours of content library assets to partners. It's a necessary cost to support the high-growth AI licensing pillar.

Advertising, marketing, and G&A expenses (SG&A)

The combined costs for advertising and marketing plus general and administrative (G&A) expenses in Q3 2025 were reported at $15.3 million. This figure was higher by 52% compared to the prior year. To be fair, this increase is largely explained by two specific items that aren't part of the core, recurring operating expense base. If you strip out the non-cash stock-based compensation and one-time offering costs, G&A would have actually declined for the quarter. Here's a quick look at the major components driving that Q3 2025 expense line:

• Content amortization reduction is a key efficiency driver.
• Distribution and storage costs are slightly up due to revenue share content.
• Advertising and marketing are tied to subscriber acquisition efforts.
• G&A includes one-time expenses from the August secondary stock offering.

Non-cash stock-based compensation

A significant component inflating the reported G&A was the non-cash charge for stock-based compensation (SBC), which totaled $7.0 million in Q3 2025. This amount translated to about 12 cents per share on an earnings-per-share basis. This is a non-cash item, meaning it doesn't impact immediate cash flow, but it does affect reported GAAP net loss, which was $3.7 million for the quarter.

Dividend payments

CuriosityStream Inc. continues its shareholder return policy. The Board declared a fourth-quarter cash dividend of $0.08 per share, payable on December 19, 2025. This commitment is supported by the company's cash generation; they paid an ordinary dividend of $4.6 million in September, and management intends to fully cover the 2026 dividends from operating cash flow, just as they did in 2024.

You can see the key Q3 2025 cost and expense metrics laid out here. Remember, the GAAP net loss is heavily influenced by the non-cash SBC.

Finance: draft 13-week cash view by Friday.

CuriosityStream Inc. (CURI) - Canvas Business Model: Revenue Streams

You're looking at how CuriosityStream Inc. actually brings in the money, which is key for any financial model you're building. The business model relies on three distinct, complementary pillars: subscriptions, licensing, and advertising.

The most dynamic part of the revenue mix right now is the Content Licensing Revenue, largely driven by data training deals. For the third quarter of 2025, this stream hit $8.7 million. That is a massive jump, representing a 425% year-over-year increase, which management attributes to the volume of AI training fulfillments. To put that growth in perspective, for the first nine months of 2025, licensing generated $23.4 million, already more than half of what the entire subscription business brought in for all of 2024.

Subscription Revenue, covering both retail and wholesale channels, remains a foundational element. In Q3 2025, this segment contributed $9.3 million. While this was sequentially higher than prior quarters in 2025, it was down year-over-year. Management has signaled confidence that overall subscription revenue, retail and wholesale combined, will grow faster in 2026 than it did in 2025.

The third pillar is Advertising Revenue, which comes from CuriosityStream Inc.'s presence on FAST (Free Ad-supported Streaming Television) and linear channels. The company has been actively expanding this footprint, with recent launches on platforms like Amazon, Roku, and LG, plus a branded block on Australia TV's free-to-air broadcast channel. They plan to install a proven leader to run this business in early 2026.

Here is a snapshot of the key Q3 2025 revenue components:

Looking at the full-year outlook, the company has raised its expectations based on the strong Q3 performance. The guidance for the full year 2025 revenue is set between $70 million to $72 million. This implies a revenue increase of 38% to 42% over the 2024 fiscal year.

The focus on cost discipline is clearly translating into better cash generation, which supports the dividend policy. The guidance for the full year 2025 Adjusted Free Cash Flow is set at $12 million to $13 million. For context, the Q3 2025 Adjusted Free Cash Flow was $4.8 million, marking the seventh consecutive quarter of positive adjusted free cash flow.

You should track the following forward-looking financial targets:

• Full Year 2025 Revenue Guidance: $70 million to $72 million.
• Full Year 2025 Adjusted Free Cash Flow Guidance: $12 million to $13 million.
• Anticipated Q4 2025 Revenue: $18 million to $20 million.
• Anticipated Q4 2025 Adjusted Free Cash Flow: $2.5 million to $3.5 million.

The company's overall revenue generation strategy is clearly shifting, with licensing expected to potentially exceed subscription revenue in 2027, or possibly sooner. Finance: draft 13-week cash view by Friday.