May. 20 at 4:24 PM
$CURI .........................CURI — Q1 Call Takeaways
Q1 played out exactly as management telegraphed: they traded some near‑term revenue for larger, more durable AI licensing structures. The partner roster widened, the asset mix expanded, and the long‑term recurring profile strengthened. Subscription held steady with minimal churn, and the price increase is sticking.
Licensing remains lumpy by design, but the breadth now includes temporal ground‑truth tokens, HDR, raw/finished, multi‑camera, and egocentric video — all categories partners are renewing into. Some are already on their 10th delivery. Management reiterated the path toward
$75–80M FY26 revenue and
$16–20M EBITDA, with licensing surpassing subscriptions for the year.
Balance sheet stays clean:
$23M+ cash, no debt, dividend raised again and funded from operations. Q1 was a setup quarter for bigger, broader deals through the rest of 2026.
Until the next catalyst.
