Weekly #18: Most Interesting D-Sheets from the Past Week (Aug 18 – Aug 24, 2026) - CURI — CuriosityStream Inc. - Strong Signal

CURI (earnings): Q2'26 profitability inflection: rev +22% to $23.2M, licensing +48% to $14.1M, GM ~73% (from 53%); record adj EBITDA $11.4M (~49% margin), net income $8.9M, GAAP dil EPS $0.15 vs $0.01. Thesis: AI data-licensing pivot (17 productized datasets, 880B-token code corpus) re-rating margins as high-margin licensing displaces flat ~$9M/qtr subs; opex guided -18-20%. Sandbagged 2H guide: mgmt adj EBITDA $6-10M, but FY target needs only $20-24M 2H licensing vs $14.1M in Q2 alone. Self-funding, no dilution. Mkt cap ~$166M. Risks: lumpy/timing-dependent licensing; cash conversion lagged — OCF -$4.2M, adj FCF ~-$4.1M despite $8.9M NI.

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