curi-20260331

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_____________________

FORM 10-Q

_____________________

(MARK ONE)


x			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026


o			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _________ to _________

Commission file number: 001-39139

CuriosityStream_Wordmark_Stack_Pos (003).jpg

_____________________

CURIOSITYSTREAM INC.

(Exact Name of Registrant as Specified in Its Charter)

_____________________


Delaware			84-1797523
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)

8484 Georgia Ave., Suite 700

Silver Spring, Maryland 20910

(Address of principal executive offices)

(301) 755-2050

(Issuer’s telephone number)

_____________________

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading

Symbol(s)

Name of each exchange

on which registered

Common Stock, par value $0.0001

CURI

NASDAQ

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☐

Accelerated filer

☐

Non-accelerated filer

☒

Smaller reporting company

☒

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of May 8, 2026, 59,287,600 shares of common stock of the registrant were issued and outstanding.

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CURIOSITYSTREAM INC.

QUARTERLY REPORT ON FORM 10-Q

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			Page
Part I. Condensed Consolidated Financial Information
Item 1. Financial Statements (unaudited)
Condensed Consolidated Balance Sheets			1
Condensed Consolidated Statements of Operations			2

Condensed Consolidated Statements of Stockholders’ Equity			3
Condensed Consolidated Statements of Cash Flows			4
Notes to Unaudited Consolidated Financial Statements			5
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations			24
Item 3. Quantitative and Qualitative Disclosures Regarding Market Risk			31
Item 4. Controls and Procedures			31
Part II. Other Information
Item 1. Legal Proceedings			33
Item 1A. Risk Factors			33




Item 6. Exhibits			34
Part III. Signatures			36

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PART I. FINANCIAL INFORMATION

ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

CURIOSITYSTREAM INC.

CONDENSED CONSOLIDATED BALANCE SHEETS


(in thousands, except par value)	March 31, 2026		December 31, 2025
	(Unaudited)

Assets
Current assets
Cash and cash equivalents	$	16,900	$	18,318
Restricted cash	60		60
Short-term investments in debt and other securities	3,493		8,966
Accounts receivable, net	5,809		8,893
Other current assets	1,207		1,198
Total current assets	27,469		37,435
Investments in debt securities	2,959		—
Investments in equity method investees	3,698		3,668
Property and equipment, net	371		404
Content assets, net	31,311		31,000
Operating lease right-of-use assets	2,684		2,763
Other assets	664		461
Total assets	$	69,156	$	75,731
Liabilities and stockholders’ equity
Current liabilities
Content liabilities	$	306	$	362
Accounts payable	6,415		9,449
Accrued expenses and other liabilities	13,455		12,094
Deferred revenue	8,618		8,409
Total current liabilities	28,794		30,314

Non-current operating lease liabilities	3,347		3,460
Other liabilities	554		470
Total liabilities	32,695		34,244
Commitments and contingencies (Note 13)
Stockholders’ equity
Common stock, $0.0001 par value – 125,000 shares authorized as of March 31, 2026, and December 31, 2025; 59,593 and 58,950 issued, including 306 and 216 treasury shares; 59,288 and 58,734 shares outstanding as of March 31, 2026, and December 31, 2025, respectively.	5		5
Treasury stock	(562)		(251)
Additional paid-in capital	379,136		377,577

Accumulated deficit	(342,118)		(335,844)
Total stockholders’ equity	36,461		41,487
Total liabilities and stockholders’ equity	$	69,156	$	75,731

The accompanying notes are an integral part of these condensed consolidated financial statements.

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CURIOSITYSTREAM INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS


	Three Months Ended March 31,
(unaudited and in thousands except per share amounts)		2026		2025

Revenues		$	15,161	$	15,090
Operating expenses
Cost of revenues		6,657		7,080
Advertising and marketing		3,515		2,934
General and administrative		6,533		4,997


		16,705		15,011
Operating loss		(1,544)		79
Change in fair value of warrant liability		—		(7)
Interest and other income		210		426
Equity method investment income (loss)		30		(151)
(Loss) income before income taxes		(1,304)		347
Provision for income taxes		24		28
Net (loss) income		$	(1,328)	$	319
Net (loss) income per share
Basic		$	(0.02)	$	0.01
Diluted		$	(0.02)	$	0.01
Weighted average number of common shares outstanding
Basic		58,949		57,132
Diluted		58,949		57,132

The accompanying notes are an integral part of these condensed consolidated financial statements.

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CURIOSITYSTREAM INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY


(unaudited and in thousands)	Common Stock			Treasury Stock		Additional Paid-in Capital					Accumulated Deficit	Total Stockholders’ Equity
	Shares	Amount			Shares			Amount

Balance at December 31, 2025	58,734	$	5		216	$	(251)		$	377,577		$	(335,844)	$	41,487
Net Loss	—	—			—	—			—			(1,328)		(1,328)
Dividends declared	—	—			—	—			—			(4,946)		(4,946)
Stock-based compensation, net	554	—			—	—			1,559			—		1,559
Buyback of shares	—	—			90	(311)			—			—		(311)
Balance at March 31, 2026	59,288	$	5		306	$	(562)		$	379,136		$	(342,118)	$	36,461
Balance at December 31, 2024	56,598	$	5		216	$	(251)		$	366,508		$	(308,414)	$	57,848
Net Income	—	—			—	—			—			319		319
Dividends declared	—	—			—	—			—			(862)		(862)
Stock-based compensation, net	332	—			—	—			811			—		811

Balance at March 31, 2025	56,930	$	5		216	$	(251)		$	367,319		$	(308,957)	$	58,116

The accompanying notes are an integral part of these condensed consolidated financial statements.

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CURIOSITYSTREAM INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS


	Three Months Ended March 31,
(unaudited and in thousands)	2026		2025

Cash flows from operating activities
Net (loss) income	$	(1,328)	$	319
Adjustments to reconcile net (loss) income to net cash provided by operating activities
Change in fair value of warrant liability	—		8
Additions to content assets	(4,026)		(1,828)
Change in content liabilities	(56)		(276)
Amortization of content assets	3,678		3,513
Depreciation and amortization expenses	41		41


Amortization of premiums and accretion of discounts associated with investments in debt securities, net	(32)		(195)
Stock-based compensation	2,241		863
Equity method investment (income) loss	(30)		151
Other non-cash items	161		120
Changes in operating assets and liabilities
Accounts receivable	3,084		(1,619)
Other assets	(227)		3
Accounts payable	(3,081)		(757)
Accrued expenses and other liabilities	583		2,058
Deferred revenue	202		(479)
Net cash provided by operating activities	1,210		1,922

Cash flows from investing activities
Purchases of property and equipment	—		(77)

Sales of investments in debt securities	1,000		1,000
Maturities of investments in debt securities	4,500		7,400
Purchases of investments in debt securities	(2,954)		(6,253)
Net cash provided by investing activities	2,546		2,070

Cash flows from financing activities
Repurchases of common stock	(311)		—
Dividends paid	(4,862)		(2,277)
Payments related to tax withholding	(1)		(358)
Net cash used in financing activities	(5,174)		(2,635)

Net (decrease) increase in cash, cash equivalents and restricted cash	(1,418)		1,357
Cash, cash equivalents and restricted cash, beginning of period	18,378		7,951
Cash, cash equivalents and restricted cash, end of period	$	16,960	$	9,308

Supplemental disclosure:
Cash paid for taxes, net	$	61	$	34
Cash paid for operating leases	$	97	$	141

The accompanying notes are an integral part of these condensed consolidated financial statements.

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CURIOSITYSTREAM INC.

UNAUDITED NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1 - ORGANIZATION AND BUSINESS

On October 14, 2020, Software Acquisition Group Inc., a special purpose acquisition company and a Delaware corporation (“SAQN”), consummated a reverse merger pursuant to that certain Agreement and Plan of Merger, dated August 10, 2020 (the “Business Combination”). Upon the consummation of the Business Combination, CuriosityStream Operating Inc., a Delaware corporation (“Legacy CuriosityStream”) became a wholly owned subsidiary of SAQN, and the registrant changed its name from “Software Acquisition Group Inc.” to “CuriosityStream Inc.” Following the consummation of the Business Combination, Legacy CuriosityStream changed its name from “CuriosityStream Operating Inc.” to “Curiosity Inc.”

The principal business of CuriosityStream Inc. (the "Company" or "CuriosityStream") is providing customers with access to high quality factual content via subscription or license.

The Company's online library available for streaming spans the entire category of factual entertainment including science, history, society, nature, lifestyle, and technology packaged as three distinct subscription video-on-demand (“SVOD”) services: the flagship Curiosity Stream, Curiosity University and Catholic Stream. Individual customers can purchase subscriptions directly via the Company’s SVOD platform accessible by internet connected devices and applications for such devices as well as through distributor channel stores offering subscriptions to Company products on an a la carte basis. Individual subscriptions may be monthly or annual and pricing may vary based on the customer’s location worldwide. Customers may also subscribe to Company services indirectly via distribution partners who deliver CuriosityStream content via the distributor’s platform or system. Such wholesale distribution agreements typically convey a broad scope of rights, such as access to a 24/7 linear channel and an on-demand content library, with pricing and packaging flexibility, in exchange for an annual fixed fee or per-subscriber fee as part of a multi-year deal. The streaming library is composed of thousands of accessible on-demand and ad-free productions and includes shows and series from leading nonfiction producers.

The Company also has a substantial licensing business. Traditionally this business focused on content licensing of CuriosityStream’s library of 15,000 hours of factual entertainment content to other media companies and distributors worldwide, typically for a fee per hour of content. CuriosityStream’s traditional content licensing business is global, and licensed rights vary by platform or outlet, such as SVOD, FAST and Pay TV. The Company also owns, licenses or has access to millions of hours of content, both finished and raw, across the landscape of content genres and languages, as well as hundreds of millions of tokens of code and other datasets for sublicensing to technology companies to train artificial intelligence (AI) models and products that utilize AI.

CuriosityStream’s other businesses include advertising, such as FAST and AVOD channels and advertising on its Pay TV channels.

NOTE 2 - BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

BASIS OF PRESENTATION

The accompanying Unaudited Condensed Consolidated Financial Statements are prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and are consistent in all material respects with those applied in the Company’s Condensed Consolidated Financial Statements as of and for the year ended December 31, 2025.

In the opinion of management, the Unaudited Condensed Consolidated Financial Statements include all adjustments of a normal recurring nature necessary for the fair presentation of the Company’s financial position, results of operations, and cash flows. The Unaudited Condensed Consolidated Financial Statements should be read in conjunction with the Audited Condensed Consolidated Financial Statements and related notes and Management’s Discussion and Analysis of Financial Condition and Results of Operations included in the Annual Report on Form 10-K for the year ended December 31, 2025. The results of operations for the three months ended March 31, 2026, are not necessarily indicative of the results to be expected for the year ending December 31, 2026.

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USE OF ESTIMATES

The preparation of consolidated financial statements in conformity with U.S. GAAP and the rules and regulations of the U.S Securities and Exchange Commission (the “SEC”) requires management to make estimates and assumptions that affect amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Significant items subject to such estimates include the content asset amortization, the assessment of the recoverability of content assets and equity method investments, and the determination of fair value estimates related to non-monetary transactions, share-based awards and liability-classified warrants (prior to their expiration in October 2025).

Revenue Recognition

The Company recognizes revenue as performance obligations are satisfied by transferring control of promised goods or services to customers in an amount that reflects the consideration the Company expects to receive. The Company’s revenue is classified into three primary categories: Subscription, Licensing, and Other.

Subscription revenue is derived from arrangements providing ongoing access to the Company’s streaming content library. This includes subscriptions sold through our direct business and via wholesale distribution agreements. Revenue is recognized on a straight-line basis over the contractual term as the customer simultaneously receives and consumes the benefit of the service. For arrangements via wholesale distribution agreements, the Company recognizes revenue straight-line over the term of the applicable distribution agreement or based on reported subscriber counts.

Licensing revenue is generated through the monetization of the Company’s content library and proprietary data assets, including traditional library sales to media companies, AI data licensing for model training, and non-monetary barter transactions. These arrangements represent the transfer of functional intellectual property. Revenue is generally recognized at the point in time when the license period begins and the content or data is made available for the customer’s use. For barter exchanges, revenue is recognized upon delivery and acceptance of the assets and at the fair value of services received.

Other revenue primarily consists of advertising, sponsorship services, and brand partnerships across the Company's digital platforms. Revenue is recognized when the performance obligation is satisfied, which occurs when the advertisement is aired, displayed, or impressions are delivered.

Concentration of Risk

Financial instruments that potentially subject the Company to concentration of credit risk consist principally of cash, cash equivalents, investments, and accounts receivable. The Company maintains its cash and cash equivalents with high credit quality financial institutions. At times, cash balances with the financial institutions may exceed the applicable Federal Deposit Insurance Corporation (FDIC)-insured limits.

Investments in debt securities are held with reputable institutions and are monitored to manage credit risk exposure.

Accounts receivable, net are typically unsecured and are derived from revenues earned from customers, the majority of which are located in the United States.

Investments in Debt Securities

The Company classifies its investments in debt securities as held-to-maturity ("HTM") under ASC “Accounting Standards Codification” 320, "Investments—Debt and Equity Securities." HTM investments represent securities

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for which the Company has the positive intent and ability to hold to maturity, and they are reported at amortized cost.

Investments with original maturities of three months or less from the date of purchase are classified as cash equivalents. Investments with longer maturities are classified as short-term or long-term investments based on the remaining maturity at each balance sheet date and the Company’s intent to hold the security. Interest income earned from HTM investments is recognized in the Unaudited Condensed Consolidated Statement of Operations as “Interest and other Income” under non-operating income.

Fair Value Measurement of Financial Instruments

Fair value is defined as the exit price, or the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date. The applicable accounting guidance establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are those that market participants would use in valuing the asset or liability and are developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the factors market participants would use in valuing the asset or liability. The accounting guidance establishes three levels of inputs that may be used to measure fair value:

•Level 1: Quoted prices in active markets for identical assets or liabilities.

•Level 2: Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

•Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurements. The Company reviews the fair value hierarchy classification at each reporting period. Changes in the observability of valuation inputs may result in a reclassification of levels for certain securities within the fair value hierarchy.

The Company’s assets measured at fair value on a recurring basis have included its investments in money market funds, U.S. government securities, corporate debt securities, as well as assets held in a rabbi trust related to the Company’s non-qualified deferred compensation (“NQDC”) plan. Level 1 inputs were derived by using unadjusted quoted prices for identical assets in active markets and were used to value the Company’s investments in money market funds, U.S. government debt securities, and the NQDC plan assets. Level 2 inputs were derived using prices for similar investments and were used to value the Company’s investments in corporate and municipal debt securities.

The Company’s liabilities previously measured at fair value on a recurring basis included its Private Placement Warrants issued to Software Acquisition Holdings LLC, the Company’s former Sponsor. All such Private Placement Warrants expired on October 14, 2025, at which time the associated liability was reduced to zero. Prior to their expiration, the fair value of the Private Placement Warrants was considered a Level 3 valuation and was determined using the Black-Scholes valuation model. Refer to Note 6 - Stockholders' Equity for significant assumptions which the Company used in the fair value model for the Private Placement Warrants during the periods the warrants were outstanding.

Certain assets are measured at fair value on a nonrecurring basis and are subject to fair value adjustments only in certain circumstances, e.g., when there is evidence of impairment indicators. The Company’s remaining financial instruments, including cash and cash equivalents, accounts receivable, accounts payable, and accrued expenses and other liabilities, are carried at cost, which approximates fair value because of the short-term maturity of these instruments.

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RECENT ACCOUNTING PRONOUNCEMENTS

As of December 31, 2025, the Company ceased to be an "emerging growth company," as defined in the Jumpstart Our Business Startups Act (JOBS Act), because that date marked the last day of the fiscal year following the fifth anniversary of the Company’s initial public offering. While the Company previously elected to use the extended transition period provided by the JOBS Act to delay the adoption of new or revised accounting pronouncements until such time as those pronouncements were applicable to private companies, the sunset of its emerging growth company status means the Company is now generally required to comply with new or revised accounting standards on the timelines applicable to public business entities.

The Company continues to qualify as a “smaller reporting company” and a “non-accelerated filer” under the rules of the Securities and Exchange Commission. Although the Company has transitioned to the adoption timelines for public business entities, as a smaller reporting company, it may still be eligible to take advantage of certain accommodations and alternative effective dates for specific accounting standards where the Financial Accounting Standards Board (FASB) allows for a staggered adoption for smaller registrants. The Company will evaluate the impact of any such standards on its consolidated financial statements as they are issued.

Accounting Pronouncements Issued but not Adopted

In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, requiring public entities to disclose additional information about specific expense categories in the notes to the financial statements on an interim and annual basis. In January 2025, the FASB issued ASU 2025-01, Clarifying the Effective Date, which amended the effective date of ASU 2024-03 to clarify that all public business entities are required to adopt the guidance for annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. The standard allows for adoption using either a prospective or a retrospective method of transition. The Company is currently evaluating the impact of adopting ASU 2024-03, including the clarification provided by ASU 2025-01.

In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements. The amendments in this update are intended to improve the navigability of interim reporting guidance and clarify when Topic 270 is applicable. The ASU provides a comprehensive list of interim disclosure requirements and introduces a disclosure principle requiring an entity to disclose any events or significant changes since the most recent annual reporting period that have a material effect on the entity. The new guidance is effective for the Company’s interim reporting periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted for all entities, and the amendments may be applied either prospectively or retrospectively. The amendments in this update may be applied either prospectively or retrospectively to all periods presented. The Company is currently evaluating the impact of the adoption of this standard on its consolidated financial statements and related disclosures.

NOTE 3 - EQUITY INVESTMENTS

EQUITY INVESTMENTS

On November 14, 2025, the Company executed a Series Seed Preferred Share Purchase Agreement to acquire a minority equity interest in a private AI technology company. As of December 31, 2025, the Company holds 1,217,730 Series 2 Seed Preferred Shares, representing approximately a 2.60% ownership interest on a fully diluted basis. These shares are convertible into common stock at the Company's option and carry a liquidation preference of $0.20530 per share. The shares are non-redeemable and represent a permanent equity interest in the investee. The shares entitle the Company to dividend and voting rights on an as-converted basis and provide certain protective rights over major corporate actions of the investee. The total cash consideration for this investment was $0.2 million, which was recorded as an accrued investment payable at December 31, 2025, and subsequently settled in cash on January 2, 2026.

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The Company holds equity investments in Spiegel TV Geschichte und Wissen GmbH & Co. KG (the “Spiegel Venture”) and Watch Nebula LLC (“Nebula”). The Company accounts for these investments under the equity method of accounting. The carrying value of the Company’s equity method investment in the Spiegel Venture was reduced to zero as of December 31, 2024, and remains unchanged as of December 31, 2025. The carrying values for the investment in Nebula as of March 31, 2026, and December 31, 2025, were as follows:


(in thousands)	Total


Balance at December 31, 2025	$	3,668

Equity method investment income	30
Balance at March 31, 2026	$	3,698

SPIEGEL VENTURE

In July 2021, the Company acquired a 32% ownership in the Spiegel Venture for an initial investment of $3.3 million. The Spiegel Venture, which prior to the Company’s equity purchase, was jointly owned and operated by Spiegel TV GmbH (“Spiegel TV”) and Autentic GmbH (“Autentic”), operates two documentary channels, and a free advertising-supported streaming television (FAST) channel, and receives a share of revenue from the Company's German-language SVOD service. The Spiegel Venture provides factual content to audiences in Germany and certain German-speaking regions of other countries. As of December 31, 2024, the Company’s carrying value in the Spiegel Venture was written down to zero as the Company’s share of cumulative losses exceeded its initial investment. The Company has not received any dividends from the Spiegel Venture as of March 31, 2026.

The Company has a call option that permits it to require Spiegel TV and Autentic to sell their respective ownership interests in the Spiegel Venture (the “Call Option”) to the Company. The Call Option, exercisable at a value based on a determinable calculation in the Share Purchase Agreement (“SPA”), is initially exercisable only during the period that is the later of (i) 30 business days following the adoption of the Spiegel Venture’s audited financial statements for the fiscal year 2025, and (ii) the period between March 1, 2026, and March 31, 2026.

Together with the Call Option, each of Spiegel TV and Autentic has a put option that permits it to require the Company to purchase their interest (“Put Option”) at a value based on a determinable calculation outlined in the SPA. The Put Option is initially exercisable only during the period that is the later of i) the 60-day period following the adoption of Spiegel Venture’s audited financial statements for the fiscal year 2025, and (ii) the period between April 1, 2026, and April 30, 2026.

In April 2026, Spiegel TV and Autentic exercised their respective Put Options. The aggregate purchase price payable by the Company is calculated to be $1.9 million based on the formula set forth in the SPA and the Spiegel Venture’s audited 2025 results. The Company expects to finalize the acquisition in mid-2026, at which point it will own 100% of the Spiegel Venture and begin consolidating its financial results. For additional information regarding our pending acquisition of Spiegel Venture, please see Note 16 — Subsequent Events.

NEBULA

Nebula is an SVOD technology platform built for and by a group of independent content creators. Prior to the Company’s investment, Nebula was a wholly owned subsidiary of Standard Broadcast LLC (“Standard”). On August 23, 2021, the Company purchased a 12% ownership interest in Nebula for $6.0 million. Upon its initial investment, the Company obtained 25% representation on Nebula’s board of directors.

Since the time of its original investment, the Company purchased additional incremental ownership interests, each for a payment of $0.8 million and representing 1.625% of equity ownership, if Nebula met certain quarterly targets. The Company made three subsequent incremental purchases, bringing its total ownership interest in Nebula to 16.875% as of March 31, 2026. The opportunity or obligation to make additional purchases ended as of September 30, 2023. Because the Company did not purchase at least two consecutive ownership interests in Nebula, effective December 15, 2023, Standard removed the Company’s seat on the Nebula board of directors. The Company has not received dividends from Nebula as of March 31, 2026.

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Beginning August 2021, the Company included access to Nebula’s SVOD service as a part of a combined CuriosityStream / Watch Nebula subscription offer and as part of the Company’s Smart Bundle subscription package. As part of this arrangement, the Company shared revenue with Nebula based on certain metrics and paid monthly. On September 26, 2023, Nebula provided the Company with a notice of non-renewal, resulting in the expiration of the revenue share agreement at the end of 2023. Nebula was required to make its service available to subscribers of these offerings through the end of the term of any such subscription that existed as of December 31, 2023.

NOTE 4 - BALANCE SHEET COMPONENTS

CASH, CASH EQUIVALENTS, RESTRICTED CASH AND INVESTMENTS

A reconciliation of the Company’s cash and cash equivalents in the Unaudited Condensed Consolidated Balance Sheets to cash, cash equivalents and restricted cash in the Unaudited Condensed Consolidated Statements of Cash Flows is as follows:


(in thousands)	March 31, 2026		December 31, 2025


Cash and cash equivalents	$	16,900	$	18,318
Restricted cash1	60		60
Cash and cash equivalents and restricted cash	$	16,960	$	18,378

1 Restricted cash included cash deposits required by a bank as collateral related to corporate credit card agreements.

The Company’s investments in debt securities at fair value based on unadjusted quoted market prices (Level 1) and quoted prices for comparable assets (Level 2) were as follows as of March 31, 2026, and December 31, 2025:


	As of March 31, 2026
(in thousands)	Cash and Cash Equivalents		Short-Term Investments		Investments (Non-Current)		Total

Level 1 securities:
Money market funds	$	11,356	$	—	$	—	$	11,356
Mutual funds	—		1		162		163

Total Level 1 securities	$	11,356	$	1	$	162	$	11,519
Level 2 securities:
Corporate debt securities	498		3,492		2,959		6,949
Total Level 2 securities	498		3,492		2,959		6,949
Total	$	11,854	$	3,493	$	3,121	$	18,468

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	As of December 31, 2025
(in thousands)	Cash and Cash Equivalents		Short-Term Investments		Investments (Non-Current)		Total

Level 1 securities:
Money market funds	$	10,842	$	—	$	—	$	10,842
Mutual funds	—		—		76		76
U.S. government securities	250		—		—		250
Total Level 1 securities	$	11,092	$	—	$	76	$	11,168
Level 2 securities:
Corporate debt securities	4,234		8,964		—		13,198
Total Level 2 securities	4,234		8,964		—		13,198
Total	$	15,326	$	8,964	$	76	$	24,366

The following table provides the amortized cost and estimated fair value of investments with fixed maturities as of March 31, 2026:

As of March 31, 2026

(in thousands)

Amortized Cost

Gross Unrealized Gains

Gross Unrealized Losses

Estimated Fair Value

Corporate debt securities

6,950

—

(1)

6,949

The Company recorded no material realized gains or losses during the three months ended March 31, 2026, and 2025.

For the three months ended March 31, 2026, the Company recorded a nominal amount of net investment income and an unrealized loss related to th

SEC Form 10-Q filed by CuriosityStream Inc.