CuriosityStream (CURI) opened 2026 with Q1 revenue of US$15.2 million and a basic EPS loss of US$0.02, while trailing 12 month revenue stood at US$71.7 million and basic EPS over that period was a loss of US$0.14. The company has seen quarterly revenue move from US$14.1 million in Q4 2024 to a range between US$15.1 million and US$19.2 million across 2025, with basic EPS shifting between a profit of US$0.01 and losses of up to US$0.06. This sets up a results season where the focus is squarely on how quickly margins can tighten and cash generation can catch up to the top line.

See our full analysis for CuriosityStream.

With the headline numbers on the table, the next step is to see how this earnings profile compares with the widely shared narratives around CuriosityStream's growth potential, risk profile, and path toward more efficient margins.

Losses Narrow Compared With Late 2025

• Net loss in Q1 2026 was US$1.3 million with basic EPS of a US$0.02 loss, compared with losses of around US$3.8 million and US$0.06 per share in both Q3 and Q4 2025.
• Consensus narrative talks about AI licensing helping margins over time, and these smaller recent losses sit alongside:
  • Trailing 12 month net loss of US$8.1 million and a basic EPS loss of US$0.14, which shows the business is still loss making overall.
  • Analysts expecting profit margins to move from a loss of 7.8% today to a 10.7% profit in about three years, which is a much faster shift than the quarter to quarter moves shown so far.

On these numbers, bulls are pointing to a business that is already trimming quarterly losses while betting that AI driven licensing will do the heavy lifting on margins over the next few years. It is therefore worth seeing how that full bull case stacks up against the data you have seen here 🐂 CuriosityStream Bull Case.

Premium P/S Multiple Despite Ongoing Losses

• At a share price of US$2.52 and trailing 12 month revenue of US$71.7 million, CuriosityStream trades on a P/S of about 2.1x, compared with 0.6x for listed peers and 1.4x for the wider entertainment industry.
• Bears highlight that paying a premium P/S multiple for a loss making company is risky, and the current setup underlines their concern:
  • Trailing 12 month net loss is US$8.1 million and analysts still expect the company to take around three years to reach profitability, so current earnings do not support that higher P/S on their own.
  • The dividend yield cited at 12.72% is not covered by earnings or free cash flow according to the analysis, so cash returns to shareholders depend heavily on those future earnings forecasts playing out.

With a higher P/S than peers and no current profits, skeptics see plenty of room for disappointment if growth or margins fall short of expectations. That cautious view is laid out in more detail in the full bear case 🐻 CuriosityStream Bear Case.

Valuation Gap Versus Estimates

• The stock trades at about US$2.52 compared with a DCF fair value estimate of roughly US$5.50 and an analyst price target of US$5.33, which are both more than double the current share price.
• Supporters argue this discount lines up with strong growth forecasts, and the numbers in the analysis frame that argument clearly:
  • Earnings are forecast to grow very quickly from the current loss of US$8.1 million over the trailing 12 months, with analysts modeling a move to US$9.6 million of profit and EPS of US$0.09 by around 2028.
  • To reach the US$5.33 target on those 2028 earnings, the stock would need to trade on a P/E of about 54x, which is higher than the current 38.2x P/E cited for the US entertainment industry and leaves a lot of the upside tied to those growth assumptions holding up.

Next Steps

To see how these results tie into long-term growth, risks, and valuation, check out the full range of community narratives for CuriosityStream on Simply Wall St. Add the company to your watchlist or portfolio so you'll be alerted when the story evolves.

Seeing both optimism and concern around CuriosityStream in this analysis, it makes sense to review the numbers yourself and decide where you stand. If you want a quick way to balance the upside against the downside, take a look at the 3 key rewards and 1 important warning sign.

See What Else Is Out There

CuriosityStream is still loss making with an uncovered 12.72% dividend yield and a premium P/S multiple that depends heavily on optimistic forecasts playing out.

If you want income ideas backed by stronger coverage and potentially more robust cash support, start comparing payout strength using the 12 dividend fortresses today.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.