Gaia NASDAQ: GAIA Chief Financial Officer Ned Preston told investors at the LD Micro Invitational that the company is leaning on its niche streaming model, expanding artificial intelligence tools and new community features to drive higher average revenue and retention while maintaining a focus on free cash flow.
Preston said Gaia has evolved significantly from its earlier association with yoga products and wellness content. The company, which he said has been listed on Nasdaq for 26 years, shifted toward a streaming subscription video-on-demand model in 2015. Its content now spans three primary categories: personal growth and transformation, ancient wisdom and unexplained mysteries, and wellness and yoga.
“We switched from a Gaia yoga mats brand to a streaming company back in 2015,” Preston said, adding that Gaia is now increasingly known for transformation-focused content as well as programming tied to ancient civilizations and UFOs.
Membership Metrics and Pricing
Preston said Gaia currently has just under 1 million members and believes its addressable market could support at least 5 million members over time. However, he said the company plans to stop emphasizing member count after the next quarter and instead focus on metrics such as average revenue per user, churn and retention.
“We really are trying to grow the business based on solid, recurring, high LTV members,” Preston said. “The members itself is not something that we’ll be reporting on quarter in and quarter out.”
The CFO said Gaia’s annual revenue has grown from the low $80 million range to just under $90 million in 2024 and approximately $99 million last year. He said membership rose from about 800,000 net members to roughly 850,000 and ended last year just above 900,000.
Preston also discussed recent price increases. Gaia raised monthly pricing from $11.99 to $13.99 in 2024, its first price increase in more than four years, and then raised pricing again to $15.99 per month on March 1, 2026. He said the resulting churn was below company expectations in both cases, with the most recent increase producing an even lower churn event than the prior one.
Margins, Content and International Expansion
Preston described Gaia as having “very strong unit economics,” citing gross margins of 86% and a 94% cash contribution margin. He said the business has generated positive free cash flow for the last nine quarters and compared Gaia’s model to a “lifestyle SaaS company” because of its recurring revenue and high margins.
He said Gaia has about 110 permanent employees and another 25 to 30 contractors, with the company generating more than $100 million in revenue. Preston said Gaia is targeting $1 million in gross profit per employee, up from more than $800,000 currently.
Preston also emphasized Gaia’s in-house content production model. He said the company operates from a 150,000-square-foot building in Boulder, Colorado, with three large studios, and that production is handled by Gaia employees. According to Preston, $2 million of content produced in 2024 has generated more than $27 million in gross profit.
Internationally, Preston said 40% of Gaia’s members are outside the United States and that the company has members in more than 185 countries. Gaia currently offers content in Spanish, German and French and would like to expand into Portuguese, with Preston identifying Brazil as a potential growth market. He said Gaia has international rights to 98% of its content library and is using AI tools to make language expansion faster and less expensive.
AI and Community Features
Preston said Gaia raised capital in February 2025 specifically to invest in artificial intelligence and community initiatives. The company launched a proprietary AI platform on Nov. 1, which Preston described as “like ChatGPT for spirituality.” He said Gaia members generated more than 2.5 million queries in the first two months.
In response to an audience question, Preston said Gaia built the AI tool after board member Keyur Patel encouraged the company to move quickly into AI. The system categorizes Gaia’s library of roughly 10,000 shows and responds to user questions by directing members to full programs or shorter clips related to their interests.
Preston said the tool is intended to help users explore Gaia’s library in different ways, particularly younger users who may prefer shorter, topic-driven content. He said the AI capabilities may have helped members absorb the latest price increase.
Gaia also plans to roll out a community platform later this year. Preston described it as a way for like-minded users to connect beyond attending on-campus Gaiasphere events in Boulder.
Igniton Investment and Financial Outlook
Preston also highlighted Igniton, a subsidiary in which Gaia owns 67%. He said Igniton is focused on technology-enhanced supplements, including products tied to cognition and longevity, with planned launches for a peptide skin product and a REM sleep supplement at the Dave Asprey Biohacking Conference.
Preston said Igniton’s first funding round was completed at a $40 million post-money valuation and its second at a $106 million post-money valuation. He said Gaia expects a third round to be valued above that level and may choose not to participate in order to maintain ownership above 50%, though he said the company would consider going below that threshold if the price were right.
Looking ahead, Preston reiterated a longer-term financial benchmark discussed on Gaia’s most recent earnings call. He said the company expects to reach $150 million in revenue by full-year 2029, with $39.3 million in adjusted EBITDA and free cash flow margin above 15%.
Preston said Gaia ended with more than $13 million in cash and has access to an additional $10 million to $15 million line of credit for growth, which he said the company has not needed to use in the past three years.
During the question-and-answer session, Preston said Gaia is not currently considering a linear cable channel. Asked about an ad-supported business model, he said the company has discussed the idea and would at least consider it, citing broader streaming industry trends.
About Gaia NASDAQ: GAIA
Gaia, Inc operates a subscription-based streaming platform specializing in conscious media, alternative health, spirituality and personal transformation. The company's digital library features a curated selection of original series, documentaries, yoga and meditation classes, and instructional content aimed at mindfulness, holistic wellness and metaphysical exploration. Gaia's service is accessible through its website, mobile applications and a variety of connected-TV devices, providing on-demand access to content across multiple channels and formats.
Since launching its streaming service in 2011, Gaia has focused on developing proprietary programming and forging content partnerships with thought leaders, teachers and filmmakers in the fields of yoga, Ayurveda, consciousness studies and alternative healing.
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