CuriosityStream Inc.

and welcome to the CuriosityStream fourth quarter and year-end 2025 results conference call. At this time, all participants are on a listen-only mode. A question-and-answer session will follow the formal presentation. If anyone should require operator assistance during the call, please press star zero on your telephone keypad. It is now my pleasure to introduce your host, Tia Cudahy, Chief Operating Officer. Thank you. You may begin.

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 Brie 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. 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. 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. 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.

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. A thousand years ago, Leif Erikson sailed west into the unknown and discovered a new world. Nearly a millennium later, Neil Armstrong stepped onto the lunar surface, carrying the same enduring message across time. Discovery belongs to the bold, and curiosity is our compass. From ocean 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%, 71.7 million from 51.1 million in 24, while adjusted free cash flow increased 46%, 13.9 million from 9.5 million, 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. 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 non-discretionary G&A expenses by 33 percent year-over-year. 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? 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. We're talking about a modernization 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. This is not commodity inventory. It is scaled, unscrapable, curated content. 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. 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 5 to 6x in 2027, as the fine-tuning of open source and certain proprietary models opens opportunities for thousands of companies. Historically, licensing meant selling finished programs or package rights to broadcasters, streamers, and pay TV 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. 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 corpora. 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. 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. 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. 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 and history to the fluid motions and wildlife sequences. 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. We're not merely selling files. We're not merely selling clips. We're 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. 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 costs to create our license in content are largely de minimis. We have, and we will continue to increase our volume through a rev share construct that minimizes costs and risk. We can now monetize the same video multiple times in multiple forms across multiple geographies and buyer classes. 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 metadata, 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 the library like an undifferentiated commodity supply. We also need to manage legal and policy developments thoughtfully. But all of these are execution challenges. These are not reasons to doubt the model. In fact, a market that increasingly values provenance, trust, and rights discipline should favor CuriosityStream, not hurt it. 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 modernization 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%. Traditional licensing is meaningful. AI licensing is scaling rapidly. And the strategic value of curated, rights-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. 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%.