BOULDER, CO – November 2, 2026 - Gaia, Inc. (NASDAQ: GAIA), a conscious media and community company, reported financial results for the third quarter ended September 30, 2026.
“Our third quarter results reflect the successful completion of the reset we announced at the beginning of March—a deliberate move to reduce our revenue reliance on third parties and lower ARPU regions,” said Kiersten Medvedich, Chief Executive Officer of Gaia. “As part of this shift to prioritize long-term value, we have largely eliminated discounting, with the sole exception of returning members acquired without meaningful marketing spend. We are already seeing traction from these disciplined choices, with member churn rate improving by more than 20% from the first to the third quarter. We remain confident that this focus on the quality of our direct member base is building a stronger, more sustainable foundation.”
Gaia CFO, Ned Preston, stated: “Over the last 60 days, our revenue has stabilized at a quarterly run rate around $21.0 million. We have compensated for this lower revenue by effectively reducing expenses, which has allowed our annualized gross profit per employee to continue growing to $827,000. As predicted, we expect to return to positive free cash flow during the fourth quarter, resuming the trend of nine consecutive quarters of positive free cash flow we delivered prior to our March reset.”
Third Quarter 2026 Financial Results
Revenue decreased 12% to $22.0 million, compared to $25.0 million in the third quarter of 2025. The decrease primarily reflected the decision to reduce acquisition of lower ARPU members and prioritize direct subscribers, which have historically demonstrated lower churn.
Gross margin was 85.2% compared to 86.4% a year ago, primarily attributable to lower revenue, while content-related amortization remained relatively consistent.
Net loss was $(3.0) million, or $(0.12) per share, versus $(1.2) million or $(0.05) per share, in the third quarter of 2025.
Gaia’s cash balance as of September 30, 2026, was $7.1 million.
Conference Call
Date: Monday, November 2, 2026
Time: 4:30 p.m. Eastern time (2:30 p.m. Mountain time)
Toll-free dial-in number: 1-877-269-7751
International dial-in number: 1-201-389-0908
Conference ID: 13763050
Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Gateway Group at (949) 574-3860.
The conference call will be broadcast live and available for replay here and via ir.gaia.com.
A telephonic replay of the conference call will be available after 7:30 p.m. Eastern time on the same day through November 16, 2026.
Toll-free replay number: 1-844-512-2921
International replay number: 1-412-317-6671
Replay ID: 13763050
About Gaia
Gaia is a member-supported global video streaming service and community that produces and curates conscious media through four primary channels—Seeking Truth, Transformation, Alternative Healing and Yoga—in four languages (English, Spanish, French and German) to its members in 185 countries. Gaia’s library includes over 10,000 titles, over 90% of which is exclusive to Gaia, and approximately 75% of viewership is generated by content produced or owned by Gaia. Gaia is available on Apple TV, iOS, Android, Roku, Chromecast, and sold through Amazon Prime Video and Comcast Xfinity. For more information about Gaia, visit www.gaia.com.
Forward-Looking Statements
This press release 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, 2025. 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 press release. We undertake no obligation to update any forward-looking information.
Company Contact:
Ned Preston
Chief Financial Officer
Gaia, Inc.
Investors@gaia.com
Investor Relations:
Gateway Group, Inc.
Cody Slach
(949) 574-3860
GAIA@gateway-grp.com
GAIA, INC.
Condensed Consolidated Balance Sheets (unaudited)
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September 30, |
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December 31, |
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(in thousands, except share and per share data) |
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2026 |
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2025 |
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
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$ |
7,104 |
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$ |
13,540 |
|
Accounts receivable |
|
|
6,364 |
|
|
|
5,437 |
|
Prepaid expenses and other current assets |
|
|
4,076 |
|
|
|
3,527 |
|
Total current assets |
|
|
17,544 |
|
|
|
22,504 |
|
Media library, net |
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|
39,165 |
|
|
|
39,133 |
|
Operating right-of-use asset, net |
|
|
8,297 |
|
|
|
8,836 |
|
Property and equipment, net |
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28,767 |
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|
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26,963 |
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Technology license, net |
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|
14,137 |
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|
|
14,743 |
|
Investments and other intangible assets, net |
|
|
8,329 |
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|
|
8,488 |
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Goodwill |
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33,982 |
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|
|
33,982 |
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Total assets |
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$ |
150,221 |
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$ |
154,649 |
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LIABILITIES AND EQUITY |
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Current liabilities: |
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Accounts payable |
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$ |
11,472 |
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$ |
15,224 |
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Accrued and other liabilities |
|
|
4,324 |
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|
|
3,396 |
|
Long-term debt, current portion |
|
|
227 |
|
|
|
227 |
|
Operating lease liability, current portion |
|
|
660 |
|
|
|
614 |
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Deferred revenue |
|
|
17,382 |
|
|
|
18,502 |
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Total current liabilities |
|
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34,065 |
|
|
|
37,963 |
|
Revolving line of credit, net of current portion |
|
|
7,000 |
|
|
|
— |
|
Long-term debt, net of current portion |
|
|
5,281 |
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|
|
5,452 |
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Operating lease liability, net of current portion |
|
|
8,003 |
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|
|
8,501 |
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Deferred taxes, net |
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|
647 |
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|
|
603 |
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Total liabilities |
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54,996 |
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|
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52,519 |
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Shareholder's equity: |
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|
|
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Class A common stock, $0.0001 par value, 150,000,000 shares authorized, 20,172,598 and 19,709,325 shares issued, 20,026,793 and 19,562,520 shares outstanding at September 30, 2026 and December 31, 2025, respectively |
|
|
2 |
|
|
|
2 |
|
Class B common stock, $0.0001 par value, 50,000,000 shares authorized, 5,400,000 shares issued and outstanding at September 30, 2026 and December 31, 2025, respectively |
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|
1 |
|
|
|
1 |
|
Additional paid-in capital |
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184,900 |
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|
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183,393 |
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Treasury stock at cost: 146,805 shares as of September 30, 2026 and December 31, 2025 |
|
|
(525 |
) |
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|
(525 |
) |
Accumulated deficit |
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(102,224 |
) |
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(94,922 |
) |
Total Gaia, Inc. shareholders’ equity |
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82,154 |
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|
|
87,949 |
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Noncontrolling interests |
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13,071 |
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|
14,181 |
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Total equity |
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95,225 |
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|
|
102,130 |
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Total liabilities and equity |
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$ |
150,221 |
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|
$ |
154,649 |
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Condensed Consolidated Statements of Operations (unaudited)
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For the Three Months Ended September 30, |
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For the Nine Months Ended September 30, |
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(in thousands, except per share data) |
|
2026 |
|
|
2025 |
|
|
2026 |
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|
2025 |
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|
|
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Revenues, net |
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$ |
22,031 |
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$ |
24,984 |
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$ |
69,674 |
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$ |
73,456 |
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Cost of revenues |
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3,263 |
|
|
|
3,410 |
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|
|
10,091 |
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|
|
9,629 |
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Gross profit |
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18,768 |
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|
21,574 |
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59,583 |
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|
63,827 |
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Operating Expenses: |
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Selling and operating |
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19,636 |
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20,578 |
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61,236 |
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61,233 |
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Corporate, general and administration |
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2,082 |
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|
|
2,237 |
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|
5,941 |
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|
|
7,043 |
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Total operating expenses |
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21,718 |
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22,815 |
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|
67,177 |
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|
|
68,276 |
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Loss from operations |
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|
(2,950 |
) |
|
|
(1,241 |
) |
|
|
(7,594 |
) |
|
|
(4,449 |
) |
Interest and other income, net |
|
|
(131 |
) |
|
|
22 |
|
|
|
(145 |
) |
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|
9 |
|
Loss before income taxes |
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|
(3,081 |
) |
|
|
(1,219 |
) |
|
|
(7,739 |
) |
|
|
(4,440 |
) |
Income tax expense |
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|
33 |
|
|
|
12 |
|
|
|
60 |
|
|
|
61 |
|
Loss from continuing operations |
|
$ |
(3,114 |
) |
|
$ |
(1,231 |
) |
|
$ |
(7,799 |
) |
|
$ |
(4,501 |
) |
Loss from discontinued operations |
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|
— |
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|
|
(63 |
) |
|
|
— |
|
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|
(59 |
) |
Net loss |
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$ |
(3,114 |
) |
|
$ |
(1,294 |
) |
|
$ |
(7,799 |
) |
|
$ |
(4,560 |
) |
Net loss attributable to noncontrolling interests |
|
$ |
(96 |
) |
|
$ |
(141 |
) |
|
$ |
(497 |
) |
|
$ |
(592 |
) |
Net loss attributable to common shareholders |
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$ |
(3,018 |
) |
|
$ |
(1,153 |
) |
|
$ |
(7,302 |
) |
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$ |
(3,968 |
) |
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Loss per share: |
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Basic (attributable to common shareholders) |
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$ |
(0.12 |
) |
|
$ |
(0.05 |
) |
|
$ |
(0.29 |
) |
|
$ |
(0.16 |
) |
Diluted (attributable to common shareholders) |
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$ |
(0.12 |
) |
|
$ |
(0.05 |
) |
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$ |
(0.29 |
) |
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$ |
(0.16 |
) |
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Weighted-average shares outstanding: |
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Basic |
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|
25,019 |
|
|
|
25,044 |
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|
|
25,011 |
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|
|
24,805 |
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Diluted |
|
|
25,019 |
|
|
|
25,044 |
|
|
|
25,011 |
|
|
|
24,805 |
|
Condensed Consolidated Statements of Cash Flows (unaudited)
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For the Three Months Ended September 30, |
|
|
For the Nine Months Ended September 30, |
|
(in thousands) |
|
2026 |
|
|
2025 |
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|
2026 |
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|
2025 |
|
|
|
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Net cash (used in) provided by: |
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Net cash (used in) provided by operating activities |
|
$ |
(4,062 |
) |
|
$ |
326 |
|
|
$ |
(7,948 |
) |
|
$ |
3,908 |
|
Net cash used in investing activities |
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|
(2,489 |
) |
|
|
(3,927 |
) |
|
|
(6,625 |
) |
|
|
(6,361 |
) |
Net cash provided by financing activities |
|
|
8,383 |
|
|
|
3,839 |
|
|
|
8,137 |
|
|
|
10,755 |
|
Net change in cash and cash equivalents |
|
$ |
1,832 |
|
|
$ |
238 |
|
|
$ |
(6,436 |
) |
|
$ |
8,302 |
|
