NASDAQ: GAIA
GAIA, INCCIK 0001089872 · SIC 7812 · Motion Picture Production
Gaia, Inc. (“Gaia,” “we,” “us,” “our” or the “Company”) operates a global digital video subscription service and community that strives to connect a unique and underserved member base. Our digital content library includes over 10,000 titles and live events, with a growing selection of titles… About this business →
Every 8-K is open in full. Other 10-Ks and 10-Qs show a 3-bullet preview. A free account reads 3 more full reports a month. Generating a report requires a verified account.
Sign up freeWant to see a complete report first? Today's free report (MAN 10-Q) is open in full — no account needed.
Summary not yet generated.
Summary not yet generated.
Partner
Trade GAIA commission-free
Open an account, get a free stock.
Investing involves risk. Free stock terms apply.
Summary not yet generated.
Summary not yet generated.
Summary not yet generated.
Summary not yet generated.
Summary not yet generated.
Summary not yet generated.
Summary not yet generated.
Summary not yet generated.
Summary not yet generated.
Summary not yet generated.
Summary not yet generated.
Summary not yet generated.
Summary not yet generated.
Summary not yet generated.
Latest financial statements
From 10-Q filed Nov 2, 2026 (period ending Sep 30, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Condensed Consolidated Statements of Operations (Unaudited)
(in thousands, except per share data)
| Description | Three months ended September 30, 2026 | Three months ended September 30, 2025 | Nine months ended September 30, 2026 | Nine months ended September 30, 2025 |
|---|---|---|---|---|
| Revenues, net | 22,031 | 24,984 | 69,674 | 73,456 |
| Cost of revenues | 3,263 | 3,410 | 10,091 | 9,629 |
| Gross profit | 18,768 | 21,574 | 59,583 | 63,827 |
| Operating Expenses: | ||||
| Selling and operating | 19,636 | 20,578 | 61,236 | 61,233 |
| Corporate, general and administration | 2,082 | 2,237 | 5,941 | 7,043 |
| Total operating expenses | 21,718 | 22,815 | 67,177 | 68,276 |
| Loss from operations | (2,950) | (1,241) | (7,594) | (4,449) |
| Interest and other income, net | (131) | 22 | (145) | 9 |
| Loss before income taxes | (3,081) | (1,219) | (7,739) | (4,440) |
| Income tax expense | 33 | 12 | 60 | 61 |
| Loss from continuing operations | (3,114) | (1,231) | (7,799) | (4,501) |
| Loss from discontinued operations | — | (63) | — | (59) |
| Net loss | (3,114) | (1,294) | (7,799) | (4,560) |
| Net loss attributable to noncontrolling interests | (96) | (141) | (497) | (592) |
| Net loss attributable to common shareholders | (3,018) | (1,153) | (7,302) | (3,968) |
| Loss per share: | ||||
| Basic | ||||
| Continuing operations (attributable to common shareholders) | (0.12) | (0.05) | (0.29) | (0.16) |
| Discontinued operations | — | — | — | — |
| Basic loss per share | (0.12) | (0.05) | (0.29) | (0.16) |
| Diluted | ||||
| Continuing operations (attributable to common shareholders) | (0.12) | (0.05) | (0.29) | (0.16) |
| Discontinued operations | — | — | — | — |
| Diluted loss per share | (0.12) | (0.05) | (0.29) | (0.16) |
| Weighted-average shares outstanding: | ||||
| Basic | 25,019 | 25,044 | 25,011 | 24,805 |
| Diluted | 25,019 | 25,044 | 25,011 | 24,805 |
Condensed Consolidated Balance Sheets (Unaudited)
(in thousands, except share and per share data)
| Description | September 30, 2026 | December 31, 2025 |
|---|---|---|
| ASSETS | ||
| Current assets: | ||
| Cash and cash equivalents | 7,104 | 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 | 39,165 | 39,133 |
| Operating right-of-use asset, net | 8,297 | 8,836 |
| Property and equipment, net | 28,767 | 26,963 |
| Technology license, net | 14,137 | 14,743 |
| Investments and other intangible assets, net | 8,329 | 8,488 |
| Goodwill | 33,982 | 33,982 |
| Total assets | 150,221 | 154,649 |
| LIABILITIES AND EQUITY | ||
| Current liabilities: | ||
| Accounts payable | 11,472 | 15,224 |
| Accrued and other liabilities | 4,324 | 3,396 |
| Long-term debt, current portion | 227 | 227 |
| Operating lease liability, current portion | 660 | 614 |
| Deferred revenue | 17,382 | 18,502 |
| Total current liabilities | 34,065 | 37,963 |
| Revolving line of credit, net of current portion | 7,000 | — |
| Long-term debt, net of current portion | 5,281 | 5,452 |
| Operating lease liability, net of current portion | 8,003 | 8,501 |
| Deferred taxes, net | 647 | 603 |
| Total liabilities | 54,996 | 52,519 |
| Commitments and contingencies (Note 8) | ||
| Equity: | ||
| Gaia, Inc. shareholders’ equity: | ||
| 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 | 1 | 1 |
| Additional paid-in capital | 184,900 | 183,393 |
| Treasury stock at cost: 146,805 shares as of September 30, 2026 and December 31, 2025 | (525) | (525) |
| Accumulated deficit | (102,224) | (94,922) |
| Total Gaia, Inc. shareholders' equity | 82,154 | 87,949 |
| Noncontrolling interests | 13,071 | 14,181 |
| Total equity | 95,225 | 102,130 |
| Total liabilities and equity | 150,221 | 154,649 |
Condensed Consolidated Statements of Cash Flows (Unaudited)
(in thousands)
| Description | Nine months ended September 30, 2026 | Nine months ended September 30, 2025 |
|---|---|---|
| Cash flows from operating activities: | ||
| Net loss | (7,799) | (4,560) |
| Adjustments to reconcile net loss to net cash (used in) provided by operating activities: | ||
| Media library amortization | 8,194 | 7,823 |
| Depreciation and amortization | 5,792 | 6,136 |
| Non-cash operating lease expense | 553 | 651 |
| Share-based compensation expense | 1,086 | 1,196 |
| Equity method investment income | (7) | — |
| Additions to media library | (7,999) | (8,350) |
| Changes in operating assets and liabilities: | ||
| Accounts receivable | (927) | (46) |
| Other receivables | — | 1,809 |
| Prepaid expenses and other current assets | (682) | (461) |
| Accounts payable | (4,045) | 750 |
| Accrued and other liabilities | (994) | (764) |
| Deferred revenue | (1,120) | (276) |
| Net cash (used in) provided by operating activities | (7,948) | 3,908 |
| Cash flows from investing activities: | ||
| Issuance of short-term note | (730) | — |
| Repayment of short-term note | 230 | — |
| Additions to property and equipment | (6,125) | (4,361) |
| Purchase of investment | — | (2,000) |
| Net cash used in investing activities | (6,625) | (6,361) |
| Cash flows from financing activities: | ||
| Repayment of short-term debt | (171) | (139) |
| Proceeds from long-term borrowings | 17,000 | 5,000 |
| Repayment of long-term borrowings | (10,000) | (5,000) |
| Proceeds from sale of subsidiary common stock, net of transaction costs | — | 3,867 |
| (Costs) proceeds from the issuance of common stock | (10) | 7,027 |
| Share repurchase related to Section 16 Officer tax coverage exchange | (182) | — |
| Other financing activities | 1,500 | — |
| Net cash provided by financing activities | 8,137 | 10,755 |
| Net change in cash and cash equivalents | (6,436) | 8,302 |
| Cash and cash equivalents, beginning of period | 13,540 | 5,860 |
| Cash and cash equivalents, end of period | 7,104 | 14,162 |
| Supplemental disclosure of cash flow information | ||
| Cash paid for interest | 469 | 290 |
| Cash paid for income taxes | 238 | — |
| Supplemental schedule of non-cash investing and financing activities | ||
| Additions to property and equipment in Accounts payable | 293 | — |
Amounts as printed on the EDGAR/iXBRL face — (in thousands, except per share data); (in thousands, except share and per share data); (in thousands). Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗
About GAIA, INC
Source: Item 1 (Business) from the 10-K filed March 6, 2026. Description as filed by the company with the SEC.
Item 1. Business
Our Business
Gaia, Inc. (“Gaia,” “we,” “us,” “our” or the “Company”) operates a global digital video subscription service and community that strives to connect a unique and underserved member base. Our digital content library includes over 10,000 titles and live events, with a growing selection of titles available in Spanish, German and French. Our members have unlimited access to this vast library of inspiring films, cutting edge documentaries, interviews, yoga classes, live events, transformation-related content and more – 90% of which is exclusively available to our members for digital streaming on most internet-connected devices anytime, anywhere, commercial free.
Our mission is to create a transformational network that empowers a global conscious community. Content on our network is currently organized into four primary channels— Yoga, Transformation, Alternative Healing, and Seeking Truth— and delivered directly to our members through our streaming platform. We curate programming for these channels by producing original content on our lifestyle campus with a staff of media professionals. This original and owned content currently comprises over 75% of our members' viewing time. We complement our original and owned content through long-term licensing agreements. Over 98% of our titles are available worldwide.
Our Content Channels
From the beginning, we have focused on establishing exclusive rights to unique content through in-house productions, licensing and strategic content acquisitions. Today, our network includes the following channels:
Read full description ↓
Seeking Truth – As an alternative to mainstream media, our Seeking Truth channel provides new and enlightening perspectives for today’s changing world. Through thought-provoking questions like “who are we”, and topics that include ancient wisdom and metaphysics, we go beyond the boundaries of mainstream media, and encourage our viewers to find empowerment through knowledge and awareness. Through this channel, our members have access to top names in the genre who conduct exclusive interviews and presentations not found anywhere else.
Transformation – Through our Transformation channel, we feature a wealth of content in the niche areas of spiritual growth, personal development and expanded consciousness. Our original and licensed content empowers members to live stronger, healthier, more productive and enlightened lives.
Alternative Healing – Our Alternative Healing channel features content focused on food and nutrition, holistic healing, meditation, alternative and integrative medicines, and longevity. Blending modern science with cutting edge research around neuroplasticity, energy healing, aging, and wellness, this channel fuels our members’ pursuit of optimal health.
Yoga – Through our Yoga channel, our members enjoy unlimited access to streaming yoga, Eastern arts, and other movement-based classes. Currently, we are one of the world’s largest providers of streaming yoga classes. Blending ancient philosophy with anytime, anywhere access through modern technology, our classes on Eastern arts like T’ai Chi, Qigong, Ayurveda and more encourage the holistic integration of body, mind and spirit.
The Streaming Video Market and Gaia
Consumption of streaming video is expanding rapidly as more and more people augment their use of, or replace broadcast television with, streaming video to watch their favorite content on a growing array of digital streaming services. The streaming video market includes various free, ad-supported and subscription service offerings focused on various genres, including films, broadcast and original series, fitness and educational content.
Gaia’s position in the streaming video landscape is firmly supported by its wide variety of exclusive and unique content and lifestyle events, which provides a complementary offering to other, mostly entertainment-based, streaming video services. Our original content is developed and produced in-house on our lifestyle campus near Boulder, Colorado. Over 90% of our content is available for streaming exclusively on Gaia to most internet-connected devices.
1
By offering exclusive and unique content over a streaming service, we believe we will be able to significantly expand our target member base. Gaia believes the current size of our potential target market can be defined as approximately 15% of streaming users that currently pay for a subscription streaming video service.
Competitive Strengths
We believe that we differentiate ourselves from our competition and have been able to grow our business through the following demonstrated competitive strengths:
Exclusive Content and Ubiquitous Access – We have amassed a library of unique content for which we hold exclusive worldwide streaming distribution rights and have established exclusive relationships with certain key talent in our areas of focus. Over 90% of our titles are available to our members for streaming on most internet-connected devices exclusively on Gaia.
Proprietary and Curated Content – Proprietary and curated content lies at the core of our business model. Our media offerings introduce members to us and help establish Gaia as an authority in the conscious media market. Our original and owned content comprises approximately 80% of our members’ viewing time. Our licensed content has initial terms ranging predominately from 3 to 7.5 years. With the growth in demand for digital rights, we expect that our large library of produced and acquired content combined with our internal production capabilities, live events and community will be a key driver in our ability to grow efficiently and act as a hedge against the rising costs of digital rights.
International Rights – The strength of our proprietary content library created by our original content production strategy and our unique approach to content licensing have provided us with a library of niche content to which we hold exclusive worldwide distribution rights that we believe would be difficult to acquire in today’s market. By obtaining these rights, we have created a meaningful barrier to entry for competitors in our content niches and have given ourselves the potential to reach a worldwide member base with no additional licensing costs. Over 98% of our titles are available worldwide.
Unique Member Base – We believe that our unique and exclusive content allows us to cater to a member base that traditional media companies have mostly ignored. We believe this member base can be significantly expanded as more and more people enter our niche categories and begin accessing streaming content over the internet.
Unique Content Strength – We believe that our unique focus, combined with our content exclusivity, positions us as a complementary service to larger streaming video providers who are primarily entertainment driven. In addition, this focus has allowed an opportunity for significant advantages:
•
Seeking Truth – We offer category-leading talent that enables us to draw the most popular and authentic speakers, authors and experts in the alternative media world.
•
Transformation – We bring a unique focus to an otherwise crowded field. This channel empowers members through programs about meditation to expand consciousness, develop and understand spirituality in a modern world, and includes other shows on conscious topics that puts Gaia in the center of a rapidly growing market.
•
Alternative Healing – We offer depth and breadth of content on emerging topics including neuroplasticity, alternative and integrative medicines, holistic healing and longevity. Included in this channel are hundreds of recipes to help our members put their new knowledge into practice in the kitchen.
•
Yoga – We continue to build on our yoga heritage by expanding the teachers and styles in our vast content library. We understand yoga is more than just a physical practice and have a variety of content focused on the lifestyle and philosophy of yoga, which helps set us apart from other yoga streaming providers.
2
Growth Drivers
Our core strategy is to grow our subscription business domestically and internationally using the following drivers:
Investment in Streaming Content – We believe that our investment in streaming content leads to more awareness and viewership of our unique content. This leads to member acquisition and revenue growth, allowing us to invest more into our content library and enabling the growth cycle to continue. By investing in our in-house studios, digital asset management system and digital delivery platforms, we can produce and distribute new digital content at low incremental costs. With our end-to-end production capabilities and unique, exclusive relationships with thought leaders in our areas of focus, we believe we can develop content much more efficiently than our competitors.
Continuous Service Improvements – We have found that incremental improvements in our service and quality enhance our member satisfaction and retention. We have built our platform to optimize the speed and performance of streaming video playback, provide a unique and customized site experience for every member and provide the foundation for our expansion into foreign languages. We continue to refine our technology, user interfaces, recommendation algorithms and delivery infrastructure to improve the member experience as the underlying technology continues to evolve. We use AI to refine our technology, user interfaces, recommendation algorithms and delivery infrastructure to improve the member experience. Furthermore, we use AI to drive efficiency and productivity improvement for our corporate business processes.
Overall Adoption and Growth of Internet TV on Every Screen – Domestically, cable TV members have been declining, while the demand for digital content services accessible on various devices has continued to grow. Gaia is accessible on a broad array of devices, including, but not limited to: Apple TV, iPad, iPhone, Android devices, Roku, Amazon Fire, select smart TVs, and Chromecast. Through this accessibility, we believe that we enhance the value of our service to members as well as position ourselves for continued growth as internet and mobile delivery of content continues to become the preferred method for more consumers globally.
International Market Expansion – We believe the international streaming segment represents a significant long-term growth opportunity as people around the world begin to adopt the viewing behaviors of the U.S. market. Our exclusive worldwide streaming rights have allowed us to expand internationally by adding foreign language support to our service without having to invest in local foreign operations. Today, approximately 40% of our members are outside of the United States.
Gaia+ Premium Membership and GaiaSphere – The GaiaSphere is a 300-person live event studio located on our campus in Colorado. With the opening of the GaiaSphere, we also launched the Gaia+ premium annual membership to allow for digital access to these exclusive events via live streaming and on demand. Through GaiaSphere and the Gaia+ premium offering, we have expanded our reach to a larger audience of talent that will contribute to our content library, as well as drive incremental revenue growth. Our Gaia+ offering consists of on-demand access to past events and the ability to participate via live streaming while events are happening.
3
Member Driven Growth Enablement – We believe the empowerment of our existing members to drive awareness of and interest in Gaia will be a key driver of future growth and engagement of the Gaia global community. To support this awareness, we allow existing members the ability to share Gaia content with their connections free of charge over a limited time window. This product feature allows us to leverage our existing members’ desire to share our content to ultimately drive more interest and awareness, which will lead to member growth that is not wholly dependent on marketing expenditures.
Complement our Existing Business with Selective Strategic Acquisitions – Our growth strategy is not dependent on acquisitions. However, we will consider strategic acquisitions that complement our existing business, increase our content library, expand our geographical reach and add to our member base. When evaluating potential acquisitions, we focus on companies with unique media content, a strong brand identity and members that augment our existing member base.
AI Offerings - We continue to enhance and add to our offerings through new technological developments including the use of generative AI which is a rapidly evolving technology.
Marketing
We build awareness and demand for the Gaia brand through various channels focusing on mobile and video. Organic search, paid search, digital and social media, email marketing, influencer marketing, ambassador marketing, as well as various strategic partnerships make up our continually optimized portfolio of member acquisition and retention tools. Rejoining members are an important source of member additions, many of which come back to Gaia after receiving special communications via email or seeing our digital advertising for new content.
History
In 2013, we launched our streaming video service and focused our efforts on growing domestically and internationally by expanding our streaming content, enhancing our user interface and extending our streaming content to even more internet-connected devices.
In 2016, we divested all of our product businesses and focused on scaling our streaming video service and community. Since then we have launched Spanish, German and French language offerings. We have continued to invest in our international offerings, including original programming in these languages.
These investments in our subscription business have been instrumental in our ability to grow by expanding our streaming video on demand capabilities and increasing our library of unique content of transformational media, intended to awaken and inspire viewers around the world.
4
Business Segments
We operate in a single reporting segment. Our revenues are primarily derived from subscription fees for services related to streaming content to our members. See Note 2, Summary of Significant Accounting Policies – Segment Information, and Note 14, Segment Information and Geographic Information, in the accompanying notes to our consolidated financial statements for further detail.
Regulatory Matters
The media landscape and the internet delivery of content have seen growing regulatory action. Historically, media has been highly regulated in many countries. We are seeing some of these legacy regulatory frameworks updated and expanded to address services like ours. In particular, we are seeing some countries update their cultural support legislation to include services like Gaia. This includes content quotas, levies and investment obligations. In certain countries, regulators are also looking at restrictions that could require formal reviews of and/or adjustments to content that appears on our service in their country. In general these regulations impact all services and may make operating in certain jurisdictions more expensive or restrictive as to the content offering we may provide.
Competition
While our content offering is unique, the market for subscription-based content delivered over the internet is intensely competitive and subject to rapid change. Many consumers maintain simultaneous relationships with multiple providers and can easily shift spending from one provider to another. We are a focused provider within the streaming video market that is able to compete by providing exclusive content available on almost any device. Our principal competitors vary by world geographic region and include multichannel video programming distributors and internet-based movie and TV content providers, including those that provide legal and illegal (pirated) streaming video content and various communities. We believe that due to the exclusivity of our content, we are positioning ourselves as a complementary service to large general content providers such as television broadcasters, cable television channels, and an array of other entertainment based streaming services, including those that have recently launched.
Human Capital
We view our employees and our culture as keys to our success. As of December 31, 2025, Gaia had 112 full time employees, all of which are located in the United States. None of our employees are covered by a collective bargaining agreement. We supplement our full-time employees with services provided by staffing organizations in other countries to support our customer service, content production and software engineering needs. We believe a critical component of our success is our company culture, which begins with hiring focused on our current member base. The majority of our current employees came to work at Gaia after discovering our content offering and have become passionate team members that continue to help expand the impact of our mission globally.
Intellectual Property and Other Proprietary Rights
We regard our trademarks, service marks, copyrights, domain names, trade secrets, proprietary technologies and similar intellectual property as important to our success. We use a combination of trademark, copyright and trade secret laws and confidentiality agreements to protect our proprietary intellectual property. Our ability to protect and enforce our intellectual property rights is subject to certain risks, and from time to time we encounter disputes over rights and obligations concerning intellectual property. We cannot provide assurance that we will prevail in any intellectual property disputes.
Website and Available Information
Our corporate website, www.gaia.com, provides information about us, our history, goals and philosophy, as well as certain financial reports and corporate press releases. Our website also features a library of information and articles on personal development and healthy lifestyles, along with an extensive offering of video content. We believe our website provides us with an opportunity to deepen our relationships with our members and investors, educate them on a variety of issues and improve our service. As part of this commitment, we have a link on our corporate website to our Securities and Exchange Commission filings, including our reports on Forms 10-K, 10-Q, and 8-K, and amendments thereto. We make those reports available through our website, free of charge, as soon as reasonably practicable after these reports are filed or furnished with the Securities and Exchange Commission.
5
We have included our website address only as inactive textual reference, the information contained on our website is not incorporated by reference into this Annual Report on Form 10-K.