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GAIA on Nasdaq

Gaia

Logo: Gaia, Inc., Public domain, via Wikimedia Commons6

Video streaming service

Gaia, Inc. is a publicly traded (NASDAQ:GAIA) American media company founded in 1988 by Jirka Rysavy in Louisville, Colorado. It owns and operates Gaia TV, a subscription video on-demand service consisting of original and licensed alternative media documentaries, including those on wellness, spirituality and conspiracy theories. The service has been criticized for promoting false and misleading claims, including anti-vaccine misinformation.3 Wikipedia text CC BY-SA 4.0

$1.31 up 0.00 (0.00%)Price as of Oct 15, 2026 at 17:33 UTC

Last updated Oct 21, 2026.

Overview

$99.0MRevenue, fiscal 20257
-$4.5MNet income, fiscal 20257
1988Founded1

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  • TickerGAIA on Nasdaq1
  • Industryvideo production1
  • HeadquartersLouisville1
  • Founded inBoulder1
  • Websitewww.gaia.com
  • Incorporated inCO8
  • Business address833 West Boulder Road, Bldg G, Louisville, Co 80027-24528
  • Filer categoryNon-accelerated filer, Smaller reporting company8
  • Legal formCorporation4
  • LEI529900QUX8SBA2D93M924
  • StatusActive4
  • LEI statusLapsed (not renewed)4
  • Registered address833 West Boulder Road, 80027 Louisville, United States4
  • Registered withBusiness Division of the Secretary of State’s office, 198810720204

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Gaia, Inc. is a publicly traded (NASDAQ:GAIA) American media company founded in 1988 by Jirka Rysavy in Louisville, Colorado. It owns and operates Gaia TV, a subscription video on-demand service consisting of original and licensed alternative media documentaries, including those on wellness, spirituality and conspiracy theories.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

87.1%Gross margin7
-5.2%Operating margin7
-4.5%Net margin7
10.8%Revenue growth, 20257
-5.1%Return on equity7
0.06×Debt to equity7
-$377.0KFree cash flow7

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Regions

United States brought in 60% of the revenue Gaia broke down this way in fiscal 2025.

  1. United States$59.5M760%up 18% from 2024
  2. Outside the United States$39.5M740%up 1% from 2024
Regions by year
Regions20242025
United States$50.3M$59.5M
Outside the United States$39.0M$39.5M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue13¢$12.8M
  • Other costs87¢$86.0M
  • Income tax0¢$192.0K

Out of $99.0M in revenue.7 The company lost money this year.

Where each dollar of operating cash went, fiscal 2025

  • Capital spending100¢$6.1M

Out of $5.7M of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.7

Financial statements

Revenue1112131415167$99.0M in 2025+136% since 2018
0$25.0M$50.0M$75.0M$100.0M2018: $42.0M$42.0M20182019: $54.0M$54.0M2019+29%2020: $66.8M$66.8M2020+24%2021: $79.6M$79.6M2021+19%2022: $82.0M$82.0M2022+3%2023: $80.4M$80.4M2023−2%2024: $89.3M$89.3M2024+11%2025: $99.0M$99.0M2025+11%
Gross profit1112131415167$86.2M in 2025+135% since 2018
0$25.0M$50.0M$75.0M$100.0M2018: $36.6M$36.6M20182019: $46.9M$46.9M2019+28%2020: $58.2M$58.2M2020+24%2021: $69.0M$69.0M2021+19%2022: $71.1M$71.1M2022+3%2023: $68.8M$68.8M2023−3%2024: $76.9M$76.9M2024+12%2025: $86.2M$86.2M2025+12%
Operating income1112131415167-$5.1M in 2025−86% since 2018
-$40.0M-$30.0M-$20.0M-$10.0M0$10.0M2018: -$36.4M-$36.4M20182019: -$17.2M-$17.2M2019−53%2020: -$4.6M-$4.6M2020−73%2021: $2.0M$2.0M20212022: -$265.0K-$265.0K20222023: -$4.6M-$4.6M2023+1623%2024: -$5.7M-$5.7M2024+25%2025: -$5.1M-$5.1M2025−11%
Net income1112131415167-$4.5M in 2025−87% since 2018
-$40.0M-$30.0M-$20.0M-$10.0M0$10.0M2018: -$33.8M-$33.8M20182019: -$18.1M-$18.1M2019−46%2020: $519.0K$519.0K20202021: $3.7M$3.7M2021+619%2022: -$3.6M-$3.6M20222023: -$5.6M-$5.6M2023+56%2024: -$5.2M-$5.2M2024−6%2025: -$4.5M-$4.5M2025−14%

Every line of the income statement as filed: the last 2 fiscal years, latest first.7

Period ending2025-12-312024-12-31
Revenues, net$99.0M$89.3M
Cost of revenues$12.8M$12.4M
Gross profit$86.2M$76.9M
Selling and operating$81.9M$74.8M
Corporate, general and administration$9.4M$7.8M
Total operating expenses$91.3M$82.6M
Loss from operations-$5.1M-$5.7M
Interest and other income, net$11.0K$501.0K
Loss before income taxes-$5.1M-$5.2M
Income tax expense (benefit)$192.0K-$34.0K
Loss from continuing operations-$5.3M-$5.2M
Loss from discontinued operations-$103.0K-$216.0K
Net loss-$5.4M-$5.4M
Net loss attributable to noncontrolling interests-$894.0K-$165.0K
Net loss attributable to common shareholders-$4.5M-$5.2M
Continuing operations (attributable to common shareholders)-$0-$0
Discontinued operations-$0
Basic loss per share-$0.18-$0.22
Continuing operations (attributable to common shareholders)-$0-$0
Discontinued operations-$0
Diluted loss per share-$0.18-$0.22
Basic24.9M shares23.3M shares
Diluted24.9M shares23.3M shares

Compare Gaia with another company

Corporate structure

Gaia sits at the top of its group. 4 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Gaia

  • Gaia Louisville, Colorado, United States
    • Boulder Road LLC Subsidiary · Louisville, Colorado, United States
    • Commonwealth of Subsidiary · Pennsylvania, United States
    • State of Subsidiary · Colorado, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Gaia reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$47.1M7 Dec 31, 2025$48.0M7 Dec 31, 2024−2.0%
Accumulated depreciation$20.1M7 Dec 31, 2025$21.1M7 Dec 31, 2024−4.9%
Property and equipment, net$27.0M7 Dec 31, 2025$26.9M7 Dec 31, 2024+0.3%
Operating-lease assets (leased space)$8.8M7 Dec 31, 2025$5.5M7 Dec 31, 2024+62.0%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$13.5M7 Dec 31, 2025$5.9M7 Dec 31, 2024+131.1%
Stakes in other companies (equity method)$016 Dec 31, 2024$6.4M16 Dec 31, 2023−100.0%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$34.0M7 Dec 31, 2025$31.9M7 Dec 31, 2024+6.4%
Finite-lived intangibles, net$14.7M7 Dec 31, 2025$15.6M7 Dec 31, 2024−5.2%

Properties, in its own words

Our principal physical properties are set forth below. We believe these facilities are adequate to meet our current needs.

Size · Use · Owned/Leased

The rest of Item 2

Louisville, CO · 138,502 sq. ft. · Headquarters · Partially Owned/Leased

Louisville, CO · 11,760 sq. ft. · Production Studio · Owned

On September 9, 2020, our wholly owned subsidiary Boulder Road LLC (“Boulder Road”) sold a 50% undivided interest in a portion of our Colorado campus to Westside Boulder, LLC (“Westside”). Boulder Road retained a 50% undivided interest in the property as well as full ownership of our studio and production facilities. In connection with the transaction, Boulder Road and Westside leased the property pursuant to a master lease, which was amended effective December 8, 2025 (together, the “Lease Amendment”). The Lease Amendment, among other things, extended the term through September 30, 2035, with two five-year extensions. Gaia guaranteed Boulder Road’s obligations under the master lease. Our Colorado facility is subject to a $11.4 million mortgage loan agreement with KeyBank as lender, with a remaining balance of $11.4 million as of December 31, 2025.

Item 2 of the 10-K filed Mar 6, 2026.21

The story

Gaia was founded in 1988 by Czechoslovak-born entrepreneur Jirka Ryšavý. Originally branding itself as a yoga equipment brand, Gaia sold mail-order exercise videos and alternative medicine products.

Gaia began several acquisition and merging endeavors in the early 2000s. In 2001, Gaia merged with the Californian company Real Goods Solar, a residential and commercial solar power integrator with a focus on off-the-grid living. Gaia continued expansion and in 2003 bought a 50.1% share in its UK distributor Leisure Systems International (LSI). In 2005, Gaia acquired the media assets of GoodTimes Entertainment and Jetlag Productions. The company additionally acquired both Lime TV and Zaadz.com in 2007 to start what was called the LOHAS network (LOHAS stands for Lifestyles of Health and Sustainability). In 2008, Rysavy stepped down as CEO.

In 2011, Gaia launched Gaia TV, a streaming service. The company acquired Vivendi Entertainment, a DVD distributor from Vivendi subsidiary Universal Music Group Distribution, merging it with its home entertainment division to form Gaiam Vivendi Entertainment.

In 2016, Sequential Brands Group purchased the Gaiam brand and yoga equipment unit for $167 million. Gaia subsequently rebranded itself, focusing solely on its alternative media streaming service. Over the next three years, the service would increase in popularity. In 2019, USA Today ranked Gaia, Inc as the world's fastest-growing retailer, spending up to 120% of its revenue on advertising. Gaia also sold its travel business for $12 million.

Gaia added live streaming events from a new event center at its Louisville, Colorado campus in 2019. Events are live-streamed in 185 countries with simultaneous translation.

In November 2021, American singer and actor Demi Lovato became the first celebrity ambassador for Gaia. Lovato announced via Instagram that they were partnering with Gaia, stating, "Thrilled to be a Gaia ambassador, understanding the world around us (the known and the unknown) is so exciting to me!"

Gaia acquired the digital video service Yoga International in December 2021.

In 2023, Gaia appointed James Colquhoun to the new position of Chief Operating Officer. During this time Gaia also announced an AI-powered search engine for their content library. In March 2024, Gaia launched Gaia+, a premium membership providing access to workshops, live events, and guided programs.

From Wikipedia’s article on Gaia, Inc., shared under CC BY-SA 4.0.9

Leadership

Who has led Gaia, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Jirka Rysavy2006–2008
  2. Lynn Powers2011–2016
  3. James Colquhoun2024
  4. Kiersten Medvedich2025–now

Chair

  1. Jirka Rysavy2006–2023

President

  1. Jane Pemberton2006
  2. Lynn Powers2006–2008
  3. William S. Sondheim2010
  4. Bart Foster2015
  5. Brad Warkins2016–2020
  6. Kiersten Medvedich2024

Chief financial officer

  1. Janet Mathews2006
  2. Vilia Valentine2006–2009
  3. Stephen J. Thomas2010–2015
  4. Paul C. Tarell Jr.2016–2022
  5. Ned Preston2023–now

Chief operating officer

  1. Brad Warkins2016–2020
  2. James Colquhoun2023
19901995200020052010201520202025
Board members and other officers (22)

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • Commonwealth of Pennsylvania10
  • State of Colorado10

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Former names

  • GAIAM, INCMay 23, 2008 to Jul 8, 20168
  • GAIAM INCOct 25, 1999 to May 12, 20088

Timeline

  1. Aug 10, 20268-K Results of operations59
  2. May 4, 20268-K Results of operations60
  3. Apr 29, 20268-K Shareholder vote61
  4. Mar 2, 20268-K Results of operations62
  5. Nov 3, 20258-K Results of operations; Executive or director change63
  6. Sep 10, 2025New chief executive Kiersten Medvedich becomes CEO22
  7. Aug 11, 20258-K Results of operations64
  8. Jul 30, 20258-K Entered a material agreement65
  9. Jun 30, 20258-K Executive or director change66
  10. May 13, 20258-K Executive or director change; Shareholder vote67
  11. May 12, 20258-K Results of operations; Executive or director change68
  12. Mar 10, 20258-K Results of operations69
  13. Feb 24, 20258-K Results of operations70
  14. Apr 23, 2024New chief executive James Colquhoun becomes CEO23
  15. Feb 14, 2011New chief executive Lynn Powers becomes CEO24
  16. Feb 14, 2006New chief executive Jirka Rysavy becomes CEO25
  17. Oct 29, 1999Went public Listed on NASDAQ1
  18. 1988Founded Founded in Boulder1

Calendar

Coming up

  1. Nov 2, 2026Reports results for the quarter ending Sep/2026 A year earlier it reported ($0.05) a share, on Nov 3, 2025.71

When it reported results

  1. Aug 10, 2026Reported quarterly or annual results59
  2. May 4, 2026Reported quarterly or annual results60
  3. Mar 2, 2026Reported quarterly or annual results62
  4. Nov 3, 2025Reported quarterly or annual results63
  5. Aug 11, 2025Reported quarterly or annual results64
  6. May 12, 2025Reported quarterly or annual results68
  7. Mar 10, 2025Reported quarterly or annual results69
  8. Feb 24, 2025Reported quarterly or annual results70

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

229 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 40 major events, 107 insider forms, 28 large holders, 34 other. The latest 20:

  1. Sep 29, 20264 EDGAR
  2. Sep 16, 20264 EDGAR
  3. Sep 15, 20264 EDGAR
  4. Sep 10, 20264 EDGAR
  5. Sep 4, 20264 EDGAR
  6. Aug 25, 20264 EDGAR
  7. Aug 21, 20264 EDGAR
  8. Aug 19, 20264 EDGAR
  9. Aug 18, 20264 EDGAR
  10. Aug 17, 20264/A EDGAR
  11. Aug 14, 2026SCHEDULE 13G/A EDGAR
  12. Aug 14, 20264 EDGAR
  13. Aug 10, 202610-Q EDGAR
  14. Aug 10, 20268-K EDGAR
  15. Jul 28, 2026SCHEDULE 13G/A EDGAR
  16. Jul 8, 2026SCHEDULE 13G/A EDGAR
  17. Jun 29, 20264 EDGAR
  18. Jun 17, 20264 EDGAR
  19. Jun 15, 20264 EDGAR
  20. Jun 11, 20264 EDGAR

The 229 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

47 open-market trades by officers, directors and large owners since October 2021: 45 buys and 2 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Sep 25, 2026Sutherland Paul HowardDirectorBuy2,000$1.31$2.6KForm 4
Sep 14, 2026Sutherland Paul HowardDirectorBuy11,100$1.23$13.7KForm 4
Sep 11, 2026Sutherland Paul HowardDirectorBuy3,500$1.37$4.8KForm 4
Sep 9, 2026Sutherland Paul HowardDirectorBuy500$1.55$775Form 4
Sep 2, 2026Sutherland Paul HowardDirectorBuy1,000$1.67$1.7KForm 4
Aug 21, 2026Sutherland Paul HowardDirectorBuy2,500$1.46$3.6KForm 4
Aug 20, 2026Sutherland Paul HowardDirectorBuy1,580$1.46$2.3KForm 4
Aug 17, 2026Sutherland Paul HowardDirectorBuy3,420$1.47$5.0KForm 4
Aug 14, 2026Sutherland Paul HowardDirectorBuy7,500$1.42$10.7KForm 4
Aug 13, 2026Sutherland Paul HowardDirectorBuy70,750$1.22$86.3KForm 4
Mar 18, 2026Sutherland Paul HowardDirectorBuy2,000$3.01$6.0KForm 4
Mar 17, 2026Sutherland Paul HowardDirectorBuy1,514$3.07$4.6KForm 4
Mar 16, 2026Sutherland Paul HowardDirectorBuy5,486$3.11$17.1KForm 4
Mar 13, 2026Sutherland Paul HowardDirectorBuy2,000$3.07$6.1KForm 4
Mar 10, 2026Sutherland Paul HowardDirectorBuy10,250$3.08$31.6KForm 4
Mar 6, 2026Sutherland Paul HowardDirectorBuy10,000$3.15$31.5KForm 4
Mar 5, 2026Medvedich KierstenCEOBuy1,525$3.22$4.9KForm 4
Mar 5, 2026Nuta Yonathan AbrahamCOOBuy1,541$3.24$5.0KForm 4
Dec 22, 2025Sutherland Paul HowardDirectorBuy2,000$3.70$7.4KForm 4
Dec 18, 2025Sutherland Paul HowardDirectorBuy1,500$3.81$5.7KForm 4

All 47 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Kiersten MedvedichChief Executive Officer and Former President53$436.4K$1.7M83
2025Jirka RysavyChairman71$467.3K$1.3M83
2025Ned PrestonChief Financial Officer54$405.0K$1.1M83
2025James ColquhounFormer Chief Executive Officer$356.9K$964.4K83
2024Jirka RysavyChairman71$450.0K$584.4K83
2024Kiersten MedvedichChief Executive Officer and Former President53$416.6K$515.2K83
2024James ColquhounFormer Chief Executive Officer$450.0K$513.7K83
2024Ned PrestonChief Financial Officer54$385.4K$435.0K83

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 62. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Nantahala Capital Management, LLC1,829,236$3.8M0.1%+914,618
Ameriprise Financial Inc1,037,433$2.2M0.0%+109,107
S Squared Technology, LLC723,305$1.5M0.5%No change
Peapod Lane Capital LLC640,797$1.3M0.9%+10,002
Vanguard Capital Management LLC632,820$1.3M0.0%+8,810
Dimensional Fund Advisors LP346,627$728.0K0.0%−75,990
BlackRock, Inc.335,258$704.0K0.0%−745,760
Millennium Management LLC250,243$525.5K0.0%New
RBF Capital, LLC223,961$470.3K0.0%New
Geode Capital Management, LLC200,752$421.7K0.0%−238,669
Jane Street Group, LLC150,727$316.5K0.0%New
P.a.w. Capital Corp150,000$315.0K0.2%No change
Arax Advisory Partners140,431$294.9K0.0%+140,429
Renaissance Technologies LLC113,361$238.1K0.0%−7,600
Vanguard Fiduciary Trust Co108,710$228.3K0.0%−5,789
Goldman Sachs Group Inc105,301$221.1K0.0%+38,602
Marquette Asset Management, LLC90,158$189.3K0.0%New
Susquehanna International Group, Llp77,243$162.2K0.0%+46,333
State Street Corp60,129$126.3K0.0%−122,419
Bridgeway Capital Management, LLC56,000$117.6K0.0%No change
Northern Trust Corp44,564$93.6K0.0%−85,754
Squarepoint Ops LLC43,772$91.9K0.0%+31,187
Marshall Wace, Llp33,106$69.5K0.0%−4,670
Sapient Capital LLC32,650$68.6K0.0%No change
XTX Topco Ltd30,867$64.8K0.0%+7,244

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How Gaia is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARGAIA, INC2
  • CIK0001089872
  • Employer ID (EIN)84-111352721
  • Filer statusNon-accelerated filer not an emerging growth company; a smaller reporting company; not a shell company21
  • Incorporated inColorado21
  • Fiscal year endsDecember 312
  • Industry code (SIC)7812 Services-Motion Picture & Video Tape Production2
  • SEC reviewing officeOffice of Trade & Services, Division of Corporation Finance2
  • Business address833 West Boulder Road, Bldg G, Louisville, CO 80027-24522
  • Phone30322233302
  • Shares outstanding19,577,872 Common Class A shares; 5,400,000 Common Class B shares as of Mar 5, 202621
  • Public float$78.4M as of Jun 30, 202521
  • AuditorFrank, Rimerman + Co. LLP, San Francisco, California PCAOB ID 1596; no auditor attestation of internal control over financial reporting21
  • On EDGAR sinceJul 20, 19992
  • Filings1,131 in all: 4 (423), 8-K (159), SC 13G/A (94), 10-Q (81), SC 13G (69), 3 (35), 4/A (29), DEF 14A (28)2
    All 47 form types

    10-K (27), UPLOAD (22), 5 (17), DEFA14A (17), CORRESP (14), ARS (10), SCHEDULE 13G/A (9), 8-K/A (8), EFFECT (8), S-1/A (8), S-3 (8), SC 13D/A (8), SC 13D (7), 424B5 (6), S-8 (5), 10-K/A (3), 10-Q/A (3), 424B2 (3), S-1 (3), S-3/A (3), 424B1 (2), 424B3 (2), PRE 14A (2), SC TO-C (2), SC TO-I/A (2), 3/A (1), 425 (1), 8-A12G (1), CT ORDER (1), DEFM14C (1), NT 10-K (1), PREM14C (1), PRER14C (1), REGDEX (1), S-3MEF (1), S-4 (1), S-4/A (1), SC TO-I (1), SCHEDULE 13G (1)

  • Latest filingsAnnual report (10-K) Mar 6, 2026
    Quarterly report (10-Q) Aug 10, 2026
    Proxy statement (DEF 14A) Mar 27, 2026
    Latest 8-K (8-K) Aug 10, 2026

Securities registered for trading

ClassSymbolExchange
Class A Common Stock, $0.0001 Par ValueGAIANASDAQ Global Market

From the cover page of the 10-K filed Mar 6, 2026 (Section 12(b) of the Exchange Act).21

Risk factors and legal proceedings

The risks Gaia names in Item 1A of its 10-K filed Mar 6, 2026: 32 risks under these headings, as written.21

  • Risks Related to our Business and Industry
  • If our efforts to attract and retain members are not successful, our business will be adversely affected.
  • If we are unable to compete effectively, our business will be adversely affected.
  • We have had operating losses, and we cannot assure future profitability.
  • If we are not able to manage change and growth, our business could be adversely affected.
  • If our efforts to build unique brand identity and improve member satisfaction and loyalty are not successful, we may not be able to attract or retain members, and our operating results may be adversely affected.
  • Changes in our member acquisition sources could adversely affect our marketing expenses and member levels may be adversely affected.
  • We face risks, such as unforeseen costs and potential liabilities, in connection with content we produce, license and/or distribute through our service.
  • Problematic content accessed through our service, including content that violates our content guidelines or the content guidelines of our partners, could damage our reputation and hurt our ability to retain and expand our base of members and partners.
  • If we fail to maintain a positive reputation concerning our service and the content we offer, we may not be able to attract or retain members, we may face regulatory scrutiny and our operating results may be adversely affected.
  • Artificial intelligence (“AI”) technology may negatively impact our ability to attract and retain members; protect and monetize our streaming content and intellectual property; maintain and grow our revenue streams; avoid reputational harm; and involve other risks.
  • We may use AI in our business and operations, and challenges with properly managing its use could harm our business and expose us to costly liability.
The other 21 risks
  • Increases in payment processing fees, changes to operating rules, the acceptance of new types of payment methods or payment fraud could increase our operating expenses and adversely affect our business and results of operations.
  • We rely upon a number of partners to offer instant streaming of content to various devices.
  • We may face quarterly and seasonal fluctuations that could harm our business.
  • Acquisitions and new initiatives may harm our financial results.
  • Risks Related to Information Technology and Privacy
  • We could be harmed by data loss or other security breaches.
  • Any significant disruption in our network or information systems or those of third parties that we utilize in our operations could result in a loss or degradation of service and could adversely impact our business.
  • Any significant disruption in or unauthorized access to our network or information systems, or those of third parties that we utilize in our operations arising from cyber-attacks, could result in a loss or degradation of service, unauthorized disclosure of data (including member and corporate information) or theft of intellectual property, including digital content assets, which could adversely impact our business.
  • Our reputation and relationships with members would be harmed if our member data, particularly payment data, were to be accessed by unauthorized persons.
  • We rely on proprietary technology to stream content and to manage other aspects of our operations, and the failure of this technology to operate effectively could adversely affect our business.
  • Changes in how network operators handle and charge for access to data that travel across their networks could adversely impact our business.
  • Our online activities are subject to a variety of laws and regulations relating to privacy which, if violated, could subject us to an increased risk of litigation and regulatory actions.
  • Risks Related to Intellectual Property
  • If our trademarks and other proprietary rights are not adequately protected to prevent unauthorized use or appropriation, the value of our brand and other intangible assets may be diminished, and our business may be adversely affected.
  • Intellectual property claims against us could be costly and result in the loss of significant rights related to, among other things, our website, title selection processes, content and marketing activities.
  • Piracy of video, including digital and internet piracy, could adversely affect our business.
  • Risks Related to Litigation, Regulatory Proceedings and Government Regulation
  • We may be subject to litigation or regulatory proceedings that could cause us to incur substantial losses.
  • If government regulations relating to the internet or other areas of our business change, we may need to alter the manner in which we conduct our business or incur greater operating expenses.
  • Risks Related to International Operations
  • We could be subject to economic, political, regulatory and other risks arising from international operations.
  • Risks Related to Liquidity
  • We may seek additional capital that may result in shareholder dilution or that may have rights senior to those of our common shareholders.
  • Risks Related to Human Resources
  • We may lose key employees or may be unable to hire qualified employees.
  • Risks Related to Ownership of Our Class A Common Stock
  • Our founder and chairman, Jirka Rysavy, has voting control over us.
  • Risks Related to our Ownership of Real Property
  • Liability relating to environmental matters may impact the value of our real property.

Legal proceedings

In the normal course of business, we are subject to various legal proceedings and claims, including employment disputes, disputes on agreements, other commercial disputes and tax matters, including non-income tax matters. We record accruals that can be reasonably estimated for losses related to matters against us that we consider to be probable. In the opinion of management, based on available information, settlements, arbitration awards and final judgments, if any, that are considered probable of being rendered against us in litigation or arbitration in existence at December 31, 2025 and that can be reasonably estimated are either reserved against or would not have a material adverse effect on our financial condition, results of operations or cash flows.

The opening of Item 3, Legal Proceedings.21

Sources

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