Gaia, Inc.

Good afternoon. Welcome to GAIA's third quarter 2025 earnings conference call. At this time, all participants are in a listen-only mode. Joining us today from GAIA are Jirka Rizavi, Executive Chairman, Kirsten Medvedic, CEO, and Ned Preston, CFO. After the speaker's presentation, there will be a question and answer session. Before we begin, GAIA's management team would like to remind everyone that management's prepared remarks contain forward-looking statements, and management may make additional forward-looking statements in response to your questions, including, but not limited to, statements of expectations, future events, or future financial performance. These statements do not guarantee future performance, and therefore, undue reliance should not be placed upon them. Although we believe these expectations are reasonable, GAIA management undertakes no obligation to revise any statements to reflect changes that occur after this call. Actual events or results could differ materially. These statements are based on current expectations of the company's management and involve inherent risks and uncertainties, including those identified in the risk factors section of GAIA's latest annual report on Form 10-K filed with the SEC. All non-GAAP financial measures referenced in today's call are reconciled in the company's earnings press release to the most directly comparable GAAP measure. This call also contains time-sensitive information that is accurate only as of the time and date of this broadcast, November 3rd, 2025. Finally, I would like to remind everyone that this conference call is being webcast and a recording will be made available for replay on Gaia's Investor Relations website at ir.gaia.com. At this time, I'd like to turn the call over to Gaia's Chairman, Yerka Arisavi. Please go ahead.

Good afternoon, everyone. During the third quarter, we grew our revenue 14%, and our gross margin improved an additional 30 basis points to 86.4 from 86.1 a year ago quarter. The member count at the same period grew to 883,000. A year ago, we raised our subscription prices for most of our members by $2. So while the losses from the price increase result in lower member growth, our revenue grew to 100 million run rate, or 25 million during the quarter, up from 22 million in the last year quarter. Our annualized gross profit for employee increased to 814,000, up from 703,000 in the year-ago quarter, which was obviously driving further improvement in our free cash flow. The value of our subsidiary, Igniton, using pricing from its recent fundraising, it's about $106 million. Valuing Gaia's two-thirds ownership interest in Igniton, it's about $70 million. Igniton products are now available on Gaia Marketplace. You can get more information on igniton.com. The Gaia cash position improved significantly to $14.2 million from $4.4 million a year ago. Now, Kirsten will speak more about business. Kirsten.

Thank you, Jirka. So last week marked an important step in Gaia's evolution as we continue moving from a traditional SVOD model to an AI-forward company, one that brings together conscious media, community, and technology. We launched our new AI guide in beta to our direct members, and the early results have been very encouraging. Session depth and repeat usage are both trending upward, confirming what we believed from the start, that Gaia's curated content library paired with our customized AI creates a truly distinctive and engaging experience. Now, as we move toward full rollout, this experience will expand to include personalized guidance, contextual recommendations, and integrated chats across both app and web. Beyond helping members discover content that fits their evolving interests, our AI acts as a research companion, helping members find what's relevant to them faster while keeping the experience fresh and evolving. This direction reflects our commitment to grow in step with our members and the world around us. integrating intelligent technology in service of human potential and positioning Gaia at the leading edge of how people connect, how they learn and transform in an increasingly digital world. AI will also play a central role in how we express our brand. It will become an integral part of our marketing, helping people discover Gaia, understand our mission, and meet them where they are on their spiritual path. In addition to AI, we're actively developing Gaia's community platform. While we're not ready to share specifics yet, we plan to launch next year. Our vision is for members to explore, learn, transform, and then naturally find their community of like-minded individuals to learn and share together. We expect 2026 to be a key transition year for us. focused on advancing the technology and infrastructure that will deliver outstanding value to our direct Gaia.com members. This work will position Gaia for the next stage of growth as we fully integrate content, community, and AI into a seamless, cohesive experience. As part of this evolution, we're also reframing how we define success. traditional viewership metrics no longer capture the actual depth of connection we're building. With the intersection of AI, content, and community, engagement actually becomes a true measure of value. This shift better reflects our mission, our technology, and the growing resonance within our direct member base. That being said, our third-party members don't have access to these new AI or community features as they're not supported on external platforms. And with churn nearly double on the larger platforms and revenue per subscriber roughly half compared to our direct members, we believe our focus is better spent on deepening those direct member relationships. So going forward, we'll prioritize revenue and members with higher ARPU. Today, about two-thirds of our direct members have been with Gaia for more than a year, and that number continues to grow. This ongoing loyalty strengthens our foundation and positions Gaia for a greater long-term profitability. Now, over to Ned to talk about the financials.