Slides
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Investor Presentation November 2025
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2 Legal Disclaimer / Forward-Looking Statement 2 Except for statements of historical fact, information contained in this presentation may constitute "forward-looking statements“ within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect the current views of CuriosityStream Inc. (the "Company," "we," "our," "us") about future events and are subject to risks, uncertainties, assumptions and changes in circumstances that may cause events or the Company’s actual activities or results to differ significantly from those expressed in any forward-looking statement. In some cases, you can identify forward- looking statements by terminology such as “may,” “will,” “plan,” “expect,” “estimate,” “anticipate,” “intend,” “goal,” “strategy,” “believe” and similar expressions and variations thereof. Forward-looking statements include statements regarding the Company’s future operating results, market position, strategy and plans, and expectations for future operations. These factors and others are discussed in more detail in the Company’s filings with the Securities and Exchange Commission, all of which are available on the Investor Relations page of our website at investors.curiositystream.com, including the Company’s most recently filed reports on Form 10-K and Form 10-Q and subsequent filings under the headings “Risk Factors,” “Forward-Looking Statements” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” The information contained on or accessible through our corporate website or any other website that we may maintain is not incorporated by reference herein and is not part of this presentation. These forward-looking statements are subject to a number of risks, uncertainties and assumptions. These forward-looking statements speak only as of the date of this presentation, and the Company undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date hereof. This document includes certain financial measures not presented in accordance with generally accepted accounting principles ("GAAP") including, Adjusted EBITDA and Adjusted EBITDA Margin. These non-GAAP financial measures are not measures of financial performance in accordance with GAAP and may exclude items that are significant in understanding and assessing the Company's financial results. Therefore, these measures should not be considered in isolation or as an alternative to net income or other measures of profitability or performance under GAAP. You should be aware that our presentation of these measures may not be comparable to similarly-titled measures used by other companies. The Company believes these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to our financial condition and results of operations. The Company believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends in and in comparing our financial measures with other similar companies, many of which present similar non-GAAP financial measures to investors. These non-GAAP financial measures are subject to inherent limitations as they reflect the exercise of judgments by management about which expense and income are excluded or included in determining these non-GAAP financial measures. Certain information contained in this presentation may be derived from information provided by industry sources. The Company believes such information is accurate and that the sources from which it has been obtained are reliable. However, the Company cannot guarantee the accuracy of, and has not independently verified, such information.
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3 CuriosityStream Introduction Executive Leadership Team Board of Directors Clint Stinchcomb President & CEO Tia Cudahy COO Brady Hayden CFO Becky Reed SVP & General Counsel Rob Burk Head of Content Jay Sodha VP, Bus. Dev. and Partnerships Ludo Dufour VP of Licensing John Hendricks Founder & Chairman Patrick J. Keeley Stifel Matthew Blank Showtime Networks Andrew Hendricks Experius VR Clint Stinchcomb President & CEO Jonathan Huberman Software Acquisition Group Elizabeth Saravia Hendricks Factual Media Mike Nikzad Software Acquisition Group Company Highlights 2015 Founded Silver Spring, MD Company Headquarters Snapshot 20M+ Paid Subscribers 176 Countries 1M+ Hours of Audio and Video Operational Highlights $18.4M Q3 2025 Revenue $3M1 Adj. EBITDA 46% Q3 2025 YoY Revenue Growth Q3 2025 Financial Highlights 3 Notes: (1) Non-GAAP measure. See slide 18 for reconciliation of this non -GAAP measure to the most directly comparable GAAP measure.
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4 1.7M 8.7M Q3'2024 Q3'2025 $12.6 M $18.4 M Q3'2024 Q3'2025 Recent Developments 4 • The Company reported Q3 earnings on Wednesday (November 12th) • The Company reported Q3 2025 Revenue: ~$18.4M • The Company reported Q3 2025 Adjusted EBITDA1: ~$3.0M • This exceeded consensus estimates by $2M in revenue and approximately $1.9M in Adj. EBITDA1 CuriosityStream’s Latest Earnings Highlights Adj. EBITDA Growth1 Revenue Growth 46%+ Revenue Growth YoY • Actively licensing hundreds of thousands of hours of video and audio content to top-tier technology companies for generative AI training • Strategic focus on unlocking the full value of its deep content library • Leveraging content licensing as a dynamic engine to drive diversified revenue growth • Using licensing growth to complement and balance the subscriber-based revenue stream Content Licensing Driving Sustainable Revenue Growth Content Licensing Growth 425%+ Revenue Growth YoY Notes: (1) Non-GAAP measure. See slide 18 for reconciliation of this non -GAAP measure to the most directly comparable GAAP measure. (0.4M) 3.0M Q3'2024 Q3'2025
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6 CuriosityStream Monetizes its Content in Three Ways Subscription Licensing Advertising Key Partners Key Partners Key Partners Direct to Consumer Wholesale FAST Channels / AVOD PayTV Social FTA 6 Traditional Media Players AI Model Training
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7 CuriosityStream Investment Highlights Diversified Revenue Model Results in High Visibility, Growth and Cashflow Notes: (1) Source: Grand View Research. Figures are based on $95.5B SVOD market in 2024 and anticipated CAGR of 9.6% from 2025 -2030 and $49.0B AVOD market in 2024 and anticipated CAGR of 29.2% from 2025 -2030. (2) Source: Data IntelO. Differentiated, Scaled Content Library with Flexible Rights Content Library Productized to Serve Massive Addressable Markets Flexible Content Licensing Rights Early, High-Growth Advertising Business ~$285B+ Global Market For Content Licensing and Growing Rapidly2 Steady Growth, Profitable Core Subscription Business 1M+ Hours of Premium, Factual Content +Sports & General Entertainment ~$100B+ Global Market Subscription Video on Demand (SVOD)1 High-Growth AI Licensing Revenue Stream Driving Significant Growth and Profitability 250+ Content and Data Partners ~$60B Global Market Advertising Video on Demand (AVOD) 1 7
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8 Leading Library with Full Category of Fact-Based Content 8 Award-Winning Content 8 Category-defining content backed by $150M+ of investment
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Secondary Categories Library Defined by Breadth, Depth and Quality with Flexible Rights Primary Categories 1M+ Hours of Premium, Factual Content, Entertainment & Sports Original & Licensed Content Flexible Content Licensing Rights with Long-Term Partners 13 Languages Full Category of Factual Content, Supplemented by Sports and General Entertainment 79% 65% 61% 52% 51% 47% 43% 42% 37% 36% 3% 8% 7% 12% 16% 18% 15% 16% 23% 25% CuriosityStream Discovery+ Netflix Amazon Prime Video HBO Max Disney+ Hulu Apple TV+ Paramount+ Peacock Very Good I Don't Know We Believe Our Quality Outpaces the Rest1 Science History Lifestyle Crime Technology Nature Religion Education Courses Kids Biography Outdoor Combat Sports 9Notes: (1) Source: Park Associates Research on behalf of Curiosity Stream.
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10 Core Monetization Strategy is Subscription Video on Demand (SVOD) 10 Subscription Pricing Tiers $4.99/month | $39.99/year $8.95/month | $89.00/year $10.99/month Smart Bundle $9.99/month | $69.99/year Distribution Direct to Consumer Wholesale Key Partners Category & Specialized Services – 1M+ Subs
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11 44.8% 24.1% 20.1% 10.9% Cable Broadcast Other SVOD Market is Massive and Continuing to Grow Consumers are Rapidly Adopting Multiple Streaming Platforms to Curate their Experience $100B+ SVOD Market Size in 20253 4.9 Average Streaming Platforms Per US Household in Q4 20242 9.6% CAGR SVOD Global Market Size 2025 - 20303 91% of subscribers held multiple subscriptions2 SVOD is Underpinned by Massive Industry Tailwinds Streaming has Overtaken Broadcast and Cable1 Notes: (1) Source: Nielsen. (2) Source: University of Florida College of journalism and Communications (UFCJC). (3) Source: Grandview Research. Streaming 11
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12 Ethically Sourced: no scraping, no union or talent restrictions, no creator content, experienced IP attorneys Premium Quality: cinematic, high-definition video and 4K video, audio tracks and metadata included Factual Advantage: documentary-style content naturally depicts a wide range of people, wildlife, machines, countries, cities, activities, sports, general entertainment etc. Diversity of Imagery: Object Detection/Recognition: videos with diverse objects, backgrounds, lighting conditions, and angles (e.g., street footage, home videos, or product showcases) Action Recognition: videos showing different human activities, like sports, cooking, or daily routines, with varied camera angles and environments Scalable: 180k+ hours of video currently and actively stored in the cloud, ultrafast transfer rates, experienced operations team, audio- only & code available Structured Data: CuriosityStream can clip, tag, index and annotate content at scale using the latest computer vision tools A Generational Paradigm Shift in the Industry Has Created a Long-Term Revenue Opportunity in Content Licensing for GenAI Model Training Microsoft, Amazon, Alphabet and Google spending $344B+ this year – much of it on AI infrastructure Why Curi Corpus is Elite for AI Training Publicly Announced Licensing Deals Major Players Announce Date Tech Player Licensee Deal Value Jul-25 $20M-$25M / yr May-24 $250M Feb-24 $60M 12
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13 CuriosityStream is Serving as the Honest Broker Between Content Producers and Tech Companies 13 Aggregate CuriosityStream and Content Partners 960k+ Hours of Raw Video Footage 470k+ Produced Hours 7,000+ Audio Titles 9M+ Proprietary Coding Data Tokens • Hundreds of thousands of hours of video data delivered to date • Ultra-fast content delivery; up to 300Gbps transfer rates • Visually diverse, with dynamic sequences from around the world • AI-training safe: non-union productions created for paywalled environments AI Companies Making Significant Capital Investments
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14 29% 38% 42% 48% 51% 58% 71% 62% 58% 52% 49% 42% 2020 2021 2022 2023 2024 2025 Digital Video Linear TV 49% Of Consumers Globally Are Willing To Accept Ads For A Cheaper Service3 12.9% AVOD Global Market Size CAGR 2025 - 20292 20% Of Total OTT Market Revenue Share In 2024 and Growing2 $33.8B AVOD Market Size in 20242 Advertising Video on Demand (AVOD) has Emerged as Another High Growth Monetization Strategy Notes: (1) Source: 2025 Digital Video Ad Spend & Strategy Report: Part One; IAB, Advertiser Perceptions, and Guideline. (2) Source: PwC Global Entertainment & Media Outlook 2025-29. (3) Source: Kantar Entertainment on Demand ( EoD). Sources: 1. https://www.pwc.com/gx/en/issues/business-model-reinvention/outlook/insights-and-perspectives.html 2. https://www.jou.ufl.edu/insights/beyond-the-binge-making-sense-of-how-consumers-choose-subscription-streaming- services/?utm_source=chatgpt.com Global TAM Expanding Rapidly as AVOD Scales Across Devices and Markets US Total Annual TV/Video Spend Share1 Historically Subscription Only Businesses Now Adopting Advertising Tiered Pricing, Paving the Way for CuriosityStream 14 Ad Spend on Digital TV has now surpassed linear TV
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Premium Pay TV and free ad-supported streaming television (FAST) linear channel offerings are available globally with major distributors around the world. Featuring factual content across the full genre category, Curiosity’s linear channels provide accessible family-friending viewing experiences. HISTORY NATURE & WILDLIFE SCIENCE TECHNOLOGY TRAVEL & ADVENTURE FOOD BIOGRAPHY CRIME & MYSTERY GENRES SAMPLE PROGRAMMING CuriosityStream is Initially Leveraging FAST and PayTV Channel Distribution to Capitalize on the Growing AVOD Opportunity 15
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16 Q3 Financial Highlights Notes: (1) Non-GAAP measure. See slide 19 for reconciliation of this non -GAAP measure to the most directly comparable GAAP measure. 16 Revenue Growth Driven by Licensing Momentum Accelerating Profitability Key Q3 Financial Metrics Total Revenue, Last Five Quarters ($M) Adjusted EBITDA, Last Five Quarters ($M)1 $18.4M Total Revenue 46% YoY Revenue Growth $8.7M Content Licensing Revenue 47% % of Q3 2025 Revenue $3.0M Adj. EBITDA1 16% Adj. EBITDA1 Margin Q3 Commentary • CuriosityStream has experienced an inflection point in growth and profitability, driven by both legacy and new product development • Stable subscription revenue supported by significant industry tailwinds – key distribution agreements expected to support long-term growth • High growth licensing business benefitting from arms race among world’s leading technology companies (600%+ YoY growth) $12.6 M $14.1 M $15.1 M $19.0 M $18.4 M Q3'2024 Q4'2024 Q1'2025 Q2'2025 Q3'2025 46%+ Revenue Growth YoY (0.4M) (1.9M) 1.1M 3.0M 3.0M Q3'2024 Q4'2024 Q1'2025 Q2'2025 Q3'2025 3.4M YoY Adj. EBITDA Growth
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17 Balance Sheet Data 17 • CuriosityStream has zero debt • Holds ~$29.3M in cash, restricted cash and held-to-maturity securities1, providing strong liquidity position for additional investments • Current assets exceed current liabilities, providing strong solvency • Warrants associated with 2020 de-SPAC transaction set to expire in October of this year Debt-Free Balance Sheet Reduces Financial Risk Commentary Notes: (1) Applicable reconciliation included in appendix on slide 19
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18 Reconciliation from Net Income to Adjusted EBITDA 18
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19 Reconciliation from Cash to Cash, Restricted Cash and Held-to-Maturity Securities 19