Press Releases

Gaia Reports First Quarter 2022 Results

Revenues up 15% with 19% EBITDA Margin

BOULDER, Colo., May 02, 2022 (GLOBE NEWSWIRE) -- Gaia, Inc. (NASDAQ: GAIA), a conscious media and community company, reported financial results for the first quarter ended March 31, 2022.


  • 15% revenue growth compared to the first quarter of 2021, ending the quarter with 823,000 members
  • Seventh consecutive quarter of positive earnings and double-digit revenue growth

“We are off to a good start in 2022 with 15% revenue growth while generating positive earnings in the first quarter,” said Paul Tarell, Gaia’s CFO. “We held a sold-out event in the GaiaSphere in March which showcased several speakers and provided an opportunity to promote our $299 per year Events+ premium subscription. We also made meaningful progress on the integration of Yoga International and began implementing plans to reduce operating expenses to better align to revenues going forward.”

First Quarter 2022 Financial Results

Revenues increased 15% to $21.8 million from $18.9 million in the year-ago quarter. Member count increased to 823,000 as of March 31, 2022, with average monthly revenue per member up from the year ago quarter.

Gross profit in the first quarter increased to $18.9 million compared to $16.5 million in the year-ago quarter. Gross margin decreased slightly to 86.7% from 87.1% in the year ago quarter primarily as a result of increased content amortization.

Total operating expenses were $18.6 million or 85% of revenues compared to $16.0 million or 85% of revenues in the year-ago quarter. EBITDA improved to $4.1 million compared to $3.5 million in the year ago quarter.

Net income from continuing operations was $0.2 million or $0.01 per share compared to $0.4 million or $0.02 per share in the year ago quarter. The decline reflects the incremental intangible asset amortization and operating expenses from the Yoga International acquisition completed at the end of December 2021.

Cash flows from operations was $4.0 million for the first quarter. Gaia’s cash balance as of March 31, 2022, was $8.4 million reflecting the use of $1.4 million to reduce payables and accrued liabilities and the use of $0.8 million to pay the remaining deferred purchase consideration for the Yoga International acquisition.

Conference Call

Date: Monday, May 2, 2022
Time: 4:30 p.m. Eastern time (2:30 p.m. Mountain time)
Toll-free dial-in number: 1-888-204-4368
International dial-in number: 1-323-994-2093
Conference ID: 6820476

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

A telephonic replay of the conference call will be available after 7:30 p.m. Eastern time on the same day through May 16, 2022.

Toll-free replay number: 1-844-512-2921
International replay number: 1-412-317-6671
Replay ID: 6820476

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, 80% 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

Company Contact:
Paul Tarell
Chief Financial Officer
Gaia, Inc.

Investor Relations:
Gateway Group, Inc.
Cody Slach
(949) 574-3860

Condensed Consolidated Statements of Operations

    For the Year Ended March 31,  
(in thousands, except per share data)   2022     2021  
Revenues, net   $ 21,831     $ 18,896  
Cost of revenues     2,905       2,438  
Gross profit     18,926       16,458  
Gross profit margin     86.7 %     87.1 %
Selling and operating     16,785       14,538  
Corporate, general and administration     1,785       1,496  
Acquisition costs     49        
Total operating expenses     18,619       16,034  
Income from operations     307       424  
Interest and other expense, net     (60 )     (66 )
Income before income taxes     247       358  
Provision for (benefit from) income taxes            
Income from continuing operations     247       358  
Loss from discontinued operations     (161 )      
Net income   $ 86     $ 358  
Earnings per share:                
Continuing operations   $ 0.01     $ 0.02  
Discontinued operations     (0.01 )      
Basic earnings per share   $     $ 0.02  
Continuing operations   $ 0.01     $ 0.02  
Discontinued operations     (0.01 )      
Diluted earnings per share   $     $ 0.02  
Weighted-average shares outstanding:                
Basic     20,465       19,201  
Diluted     20,816       19,724  
EBITDA*   $ 4,053     $ 3,523  

* See definition and reconciliation below.

Summary of Cash Flows

    For the Year Ended March 31,  
(in thousands)   2022     2021  
Net cash provided by (used in):                
Operating activities - continuing operations   $ 4,164     $ 5,188  
Operating activities - discontinued operations     (161 )      
Investing activities     (5,828 )     (4,774 )
Financing activities     (46 )     26  
Net change in cash   $ (1,871 )   $ 440  

Reconciliation of Net Income to EBITDA and Adjusted EBITDA

    For the Year Ended March 31,  
(in thousands)   2022     2021  
Net income   $ 86     $ 358  
Interest expense, net     60       66  
Provision for (benefit from) income taxes            
Depreciation and amortization expense     3,907       3,099  
EBITDA     4,053       3,523  
Acquisition costs     49        
Share-based compensation expense     540       613  
Discontinued operations     161        
Adjusted EBITDA   $ 4,803     $ 4,136  

EBITDA represents net income before interest expense, provision for income taxes, other income, depreciation and amortization. Adjusted EBITDA is defined as EBITDA further adjusted to remove acquisition costs, share-based compensation expense, and the results of discontinued operations. EBITDA and Adjusted EBITDA do not represent net income, as that term is defined under GAAP, and should not be considered as an alternative to net income as an indicator of our operating performance.

Additionally, EBITDA and Adjusted EBITDA are not intended to be measures of free cash flow available for management or discretionary use as such measures do not consider certain cash requirements such as capital expenditures, tax payments and debt service requirements. EBITDA and Adjusted EBITDA as presented herein are not necessarily comparable to similarly titled measures.

Condensed Consolidated Balance Sheets

    March 31,     December 31,  
(in thousands, except share and per share data)   2022     2021  
Current assets:                
Cash   $ 8,398     $ 10,269  
Accounts receivable     2,900       2,728  
Prepaid expenses and other current assets     1,912       1,986  
Total current assets     13,210       14,983  
Media library, software and equipment, net     51,898       50,558  
Right-of-use lease asset, net     7,679       7,871  
Real estate, investment and other assets, net     31,128       31,394  
Goodwill     28,870       28,870  
Total assets   $ 132,785     $ 133,676  
Current liabilities:                
Accounts payable, accrued and other liabilities   $ 12,657     $ 14,962  
Deferred revenue     15,854       14,847  
Total current liabilities     28,511       29,809  
Long-term mortgage, net     6,074       6,109  
Long-term lease liability     7,050       7,234  
Deferred taxes     309       309  
Total liabilities     41,944       43,461  
Total shareholders' equity     90,841       90,215  
Total liabilities and shareholders' equity   $ 132,785     $ 133,676  

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Source: Gaia, Inc.