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. Creating a transformational network to empower a global conscious community August 2025
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Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the federal securities laws. All statements other than statements of historical fact are forward looking statements that involve risks and uncertainties. When used in this discussion, we intend the words “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “future,” “hope,” “intend,” “may,” “might,” “objective,” “ongoing,” “plan,” “potential,” “predict,” “project,” “should,” “strive,” “target,” “will,” “would” and similar expressions as they relate to us to identify such forward-looking statements. Our actual results could differ materially from the results anticipated in these forward-looking statements as a result of certain factors set forth under “Risk Factors” and elsewhere in our filings with the U.S. Securities and Exchange Commission, including in our Annual Report on Form 10-K for the year ended December 31, 2024. Risks and uncertainties that could cause actual results to differ include, without limitation: our ability to attract new members and retain existing members; our ability to compete effectively, including for customer engagement with different modes of entertainment; maintenance and expansion of device platforms for streaming; fluctuation in customer usage of our service; fluctuations in quarterly operating results; service disruptions; production risks; general economic conditions; future losses; loss of key personnel; price changes; brand reputation; acquisitions; new initiatives we undertake; security and information systems; legal liability for website content; failure of third parties to provide adequate service; future internet-related taxes; our founder’s control of us; litigation; consumer trends; the effect of government regulation and programs; the impact of public health threats; and other risks and uncertainties included in our filings with the Securities and Exchange Commission. We caution you that no forward-looking statement is a guarantee of future performance, and you should not place undue reliance on these forward-looking statements which reflect our views only as of the date of this presentation. We undertake no obligation to update any forward-looking information. Page 1
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Premium SVOD channel with exclusive, high-engagement niche content in three core categories. • $13.99/month or $119/year (Ad Free) • Gaia+ $299/year (Premium live broadcasts) Content categories: • Personal Growth & Transformation • Ancient Wisdom & Unexplained Mysteries • Wellness, Yoga & Meditation Core Demographic: Business Model – What is Gaia? • 65% Female • 45-65 years old • Highly educated • $75k+ Household income Page 2
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Finance Highlights Strong unit economics with negative working capital: • Positive Free Cash Flow for last six quarters1 • 86% Gross Margin & 93% Cash Contribution • Accelerating CAC–to-LTV growth efficiency 1) Definition of Free Cash Flow and reconciliation to the closest GAAP-based financial measure appear in the appendix LTV-CAC Efficiency Ratio Page 3 2.8X 3.5X 5.6X 6.2X 2018 2020 2022 2024
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Addressable Market 1) Digital TV Research November 2023 2) Gaia Internal Segmentation and Market Size study 2023 1.79 B Global SVOD households by 20291 660M Willing to pay a subscription & interested in at least one Gaia topic = 69%2 26M Gaia Total Addressable Market 5M Gaia Subscriber Target Page 4
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($ in millions) $42.0 $66.8 $82.0 $90.4 2018 2020 2022 2024 (# of members at the end of the period) 510,300 727,600 759,000 856,000 2018 2020 2022 2024 Members and Revenue Annual Revenue Members Page 5 2Q’25 = 878,000
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(Weighted quarterly average for the period) $93.3 $99.8 $103 $107.4 2018 2020 2022 2024 (Average for the period, $ in thousands) $311 $464 $580 $730 2018 2020 2022 2024 Sustainable Growth Transition Annualized Average Revenue Per Member Gross Profit Per Employee Page 6 2Q’25 = $814K
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• 90% exclusive content with in-house production capabilities and no dependence on outside studios. • $2M of content produced in 2014 returned $23M in Gross Profit Exceptional Gross Profit to Content Efficiency Multiple1 Gaia $78.8M $39.0M 2.0x Netflix $18.0B $32.5B 0.6x Page 7 Original Content 1) Gross profit to content multiple comparison based on FY 2024 SEC filings GP CONTENT MULTIPLE
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• International rights for 98% of content library. • Efficient expansion by adding languages without the need for foreign operations. • Currently live in Spanish, German and French, including native language titles. • Gaia international members at 40% and estimated 50% within 3 years • Members in 185 countries. Page 8 International Expansion
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Cross-Platform Distribution Page 9
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Future Growth, ARPU & Retention Drivers • Gaia Marketplace (Q3 2024)– High-margin revenue from retreats, courses, & curated products. • Price Increase (March 2026)– with AI & Community rollout. • AI Expansion (March 2026) - Proprietary generative AI enhances personalization & language translation. • Gaia Community (June 2026) - Digital member hub with global events and meet-ups Page 10
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(in 000’s) Revenues 90,363 Gross Profit 78,810 Gross Margin 86% Cash Contribution Margin % 93% Marketing Expenses 38,222 Operating Expenses 41,896 Pre-tax Income (Loss) (5,398) Depreciation, Amortization, & Stock Compensation 19,806 Adjusted EBITDA 15,223 Adjusted EBITDA Margin 17% Content & Other Capex 14,019 Free Cash Flow $ 2,737 Free Cash Flow Margin 3% Full Year 2024 Performance (1) Earnings before interest, taxes, depreciation, amortization, acquisition costs, share -based compensation expense and the results of discontinued operations. Reconciliation to the closest GAAP -based financial measure appears in the appendix. (2) Definition of Free Cash Flow and reconciliation to the closest GAAP -based financial measure appear in the appendix. Page 11 1 2
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Revenue Benchmark Scenarios – Pro Forma (1) Earnings before interest, taxes, depreciation, amortization, acquisition costs, share -based compensation expense and the results of discontinued operations. Reconciliation to the closest GAAP -based financial measure appears in the appendix. (2) Definition of Free Cash Flow and reconciliation to the closest GAAP -based financial measure appear in the appendix Page 12 (in 000’s) Revenues 100,000 150,000 200,000 Gross Profit 87,300 132,600 176,800 Gross Margin 87% 88% 88% Cash Contribution Margin % 93% 93% 94% Marketing Expenses 42,800 60,000 80,500 Operating Expenses 45,700 50,200 54,100 Pre-tax Income (loss) (3,800) 15,400 33,500 Depreciation, Amortization, & Stock Compensation 20,800 23,600 26,000 Adjusted EBITDA 16,700 39,300 59,700 Adjusted EBITDA Margin 17% 26% 30% Content & Other Capex 16,800 25,600 31,900 Free Cash Flow $ 5,500 $ 21,800 $ 43,800 Free Cash Flow Margin 6% 15% 22% 2 1
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Balance Sheet 1) Estimated fair value based on replacement cost of $18,300 per hour of content 2) Estimated member -based replacement cost of $346 average per member 3) Campus Mortgage (USD $ in 000's) 30-Jun-25 Estimated Cash and cash equivalents $13,924 Other current assets $9,568 Media Library, net1 $39,142 $180,000 Member Base - 878,000 members2 - $304,000 Net Operating Losses (Full VA) - $18,710 Right-of-use lease asset, net $5,026 Property, equipment, license, investments, and other $47,378 Goodwill $31,943 Total Assets $146,981 Accounts payable and accrued liabilities $15,780 Current portion of long-term debt and lease liability3 $6,588 Deferred Revenue $21,069 Long-term lease liability $4,427 Deferred taxes $526 Equity $98,591 Total Liabilities and Equity $146,981 Shares Outstanding (basic) 25,008 Page 13
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Non-GAAP Measures In addition to disclosing financial results calculated in accordance with United States generally accepted accounting princip les (GAAP), the financial information includes Free Cash Flow, EBITDA, and Adjusted EBITDA, all non -GAAP financial measures. These non -GAAP measures should not be considered a substitute for, or superior to, financial measures and results calculated in accordance with GAAP, including net loss attributed to common shareholders and o perating cash flow, and reconciliations to GAAP financial statements should be carefully evaluated. EBITDA represents net loss attributed to common shareholders before interest expense, income tax expense, and depreciation an d amortization. Adjusted EBITDA is defined as EBITDA further adjusted to remove share -based compensation expense. EBITDA and Adjusted EBITDA do not represent measu res of net loss attributed to common shareholders, as that term is defined under GAAP, and should not be considered as an alternative to net loss attribute d to common shareholders or as an indicator of our operating performance. Additionally, EBITDA and Adjusted EBITDA are not intended to be measures of free cash flow available for management or discre tionary use as such measures do not consider certain cash requirements such as capital expenditures, tax payments and debt service requirements. EBITDA and Adjus ted EBITDA as presented herein are not necessarily comparable to similarly titled measures. Free Cash Flow represents net cash provided by operating activities plus cash paid for interest payments, less cash used in i nvesting activities, plus cash from non -core business activities. We believe Free Cash Flow is also useful as one of the bases for comparing the Gaia’s performance with i ts competitors. Although Free Cash Flow and similar measures are frequently used as measures of cash flows generated from operations by other companies, Gaia’s calcu lation of Free Cash Flow might not necessarily be comparable to such other similarly titled captions of other companies. We believe that both management and investors benefit from referring to these non -GAAP financial measures in assessing our perfo rmance and when planning, forecasting and analyzing future periods. EBITDA, Adjusted EBITDA, and Free Cash Flow are key performance measures management uses to assess Gaia’s operating performance and to facilitate internal comparisons to our historical performance. We believe EBITDA, Adjusted EBITDA, and Fre e Cash Flow is a useful metric to investors, enabling them to better assess Gaia’s operating performance in the context of current period results and provide f or better comparability with Gaia’s historically disclosed Free Cash Flow, as well as allowing greater transparency with respect to the key metrics used by manag ement in its financial and operational decision-making. Additionally, investors and the analyst community use these non -GAAP financial measures to help them analyze th e health of our business. Appendix Page 15
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Appendix A (USD $ in 000's) (Unaudited) Reconciliation of Net loss attributable to common shareholders to EBITDA and Adjusted EBITDA For the Three Months Ended June 30, 2025 2024 Net loss attributable to common shareholders $(1,801) $(2,193) Interest income (expense), net (81) (154) Income tax (benefit) expense 1 - Depreciation and amortization expense 4,674 4,651 EBITDA 2,953 2,612 Share-based compensation expense 513 327 Adjusted EBITDA $3,466 $2,939 Page 16 (USD $ in 000's) (Unaudited) Reconciliation of Cash Flow from Operating Activities to Free Cash Flow For the Three Months Ended June 30, 2025 2024 Net cash (used in) provided by operating activities $2,284 $(2,081) Cash paid for interest 81 154 Net cash used in investing activities (1,404) (11,447) Change in cash from non-core business activities 683 14,096 Free Cash Flow $1,644 $722
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Appendix B (USD $ in 000's) (Unaudited) (Unaudited) Reconciliation of Cash Flow from Operating Activities to Free Cash Flow For the Three Months Ended Dec. 31, For the Twelve Months Ended Dec. 31, 2024 2023 2024 2023 Net cash (used in) provided by operating activities $2,642 $4,450 $6,906 $5,870 Cash paid for interest 183 141 586 394 Net cash used in investing activities (1,100) (3,373) (14,981) (5,282) Change in cash from non-core business activities (1,123) (2,589) 10,225 (2,376) Free Cash Flow $602 $(1,281) $2,736 $(1,394) Page 17 (USD $ in 000's) (Unaudited) (Unaudited) Reconciliation of Net loss attributable to common shareholders to EBITDA and Adjusted EBITDA For the Three Months Ended Dec. 31, For the Twelve Months Ended Dec. 31, 2024 2023 2024 2023 Net loss attributable to common shareholders $(803) $(1,836) $(5,223) $(5,802) Interest income (expense), net (183) (87) (586) (481) Income tax (benefit) expense - - (34) 60 Depreciation and amortization expense 4,829 4,339 18,621 17,041 EBITDA 4,209 2,590 13,940 11,780 Share-based compensation expense 280 460 1,283 1,059 Adjusted EBITDA $4,489 $3,050 $15,223 $12,839