Aug. 18 at 6:25 AM
$CURI Read the Q, that 48% licensing growth was bullshit and buried in the 10-Q is the critical fact:
$8.5M of Q2 licensing revenue came from a single 30-year licensing agreement related to the sale of Curiosity University, Curiosity Audio and Catholic Stream assets.
The purchaser is paying
$10M in four
$2.5M annual installments beginning June 2027. CURI discounted those future payments to present value and booked
$8.5M of licensing revenue immediately in Q2.
There is a reason the H2 ebitda is so weak. Reported Q2 revenue:
$23.25M
Remove the unusual
$8.5M transaction:
~
$14.75M
That's actually below Q1's
$15.2M revenue.
H2 guidance suddenly makes much more sense
Management's H2 guidance is:
H2 2026:
Revenue
$38–41M
Adjusted EBITDA
$6–10M
Full year FY 26:
Revenue
$77–82M
Adjusted EBITDA
$18–22M
That H2 is weak weak weak
