Software Acquisition Group Inc.

The operating turn is real: a $9.18 million quarterly operating profit against $0.48 million a year earlier, driven as much by cutting cost of revenues and marketing as by the 22% revenue rise. Against that, current liquid resources roughly quartered — cash plus short-term investments fell from $27.3 million to $6.9 million over six months, with $3.9 million moved into non-current debt securities. After the quarter, on July 1, 2026, the company completed the acquisition of the remaining ownership in the Spiegel venture.

Record net income coincides with negative operating cash flow for the half-year, and licensing — including AI-training data and a private code corpus the company states exceeds 880 billion tokens — supplied all of the revenue growth.

More than $10 million of expected revenue is meaningful against this company's scale, and content licensing deals of that size typically recognise revenue over multiple periods rather than at signing — so the timing matters as much as the amount. The absence of counterparty names or terms limits what can be verified until the figures appear in a periodic report. For former SAQN holders it supports the dividend-paying profile management has been describing, which is rare in this cohort.

The exchange ratio divides a fixed $302,098,500 base exchange value by a Reference Price that is the trust account, net of certain taxes, divided by the outstanding Class A shares — so redemptions raise the ratio and the share count. The filing says outright that holders will not know at the time of the vote how many shares will be issued, because consideration is fixed two business days before closing. On the stated assumptions about 30.1 million shares are expected, leaving CuriosityStream's holders with about 58.7% on no redemptions and about 75.6% on maximum redemptions.

The exchange ratio is not a number in this version — it is a formula divided by a Reference Price that is itself the trust account value per outstanding Class A share at closing, so redemptions feed directly into how many shares CuriosityStream's holders receive. The stated inputs are a base exchange value of $302,098,500 and estimated cash and working capital net of debt of $14,952,823, against a minimum of $60,000,000 of cash in trust and expected PIPE proceeds of $25 million. The illustrative ratio and the total share count are both left blank.

What changed: The filing reports the departure of Brady Hayden as Chief Financial Officer of CuriosityStream Inc., effective September 1, 2026, and the appointment of Sean Piche as his successor on the same date. The document states that Hayden's departure is not due to any disagreement with the Company, management, or the Board. It details Piche's compensatory arrangements under an employment offer letter: a base salary of $120,000 for the remainder of 2026 increasing to $180,000 on January 1, 2027; an annual performance bonus equal to 100% of base salary prorated for partial year service; and 150,000 restricted stock units under the Inducement Equity Incentive Plan, with 75,000 vesting on the one-year anniversary and the remainder in increments of 25,000 on each of the second, third, and fourth anniversaries. Why it matters: This filing discloses a change in key executive leadership at CuriosityStream, which may impact the company's financial strategy and capital allocation decisions. For investors tracking SPAC SAQN (Software Acquisition Group Inc.), this represents a material operational event regarding the post-merger operating company's governance and compensation structure, though it does not directly alter redemption deadlines or trust value as the SPAC status is closed.

What changed: CuriosityStream Inc. reported second-quarter revenues of $23,245 thousand against $19,012 thousand a year earlier and six-month revenues of $38,406 thousand against $34,102 thousand. Operating income rose to $9,180 thousand for the quarter from $480 thousand as total operating expenses fell to $14,065 thousand from $18,532 thousand. Cash and cash equivalents fell to $5,379 thousand from $18,318 thousand at December 31, 2025 and short-term investments to $1,496 thousand from $8,966 thousand. Total assets were $67,465 thousand against $75,731 thousand. Why it matters: The operating turn is real: a $9.18 million quarterly operating profit against $0.48 million a year earlier, driven as much by cutting cost of revenues and marketing as by the 22% revenue rise. Against that, current liquid resources roughly quartered — cash plus short-term investments fell from $27.3 million to $6.9 million over six months, with $3.9 million moved into non-current debt securities. After the quarter, on July 1, 2026, the company completed the acquisition of the remaining ownership in the Spiegel venture.

What changed: Exhibit 99.1 to an 8-K of CuriosityStream Inc. (Nasdaq: CURI): the August 12, 2026 press release reporting Q2 2026 results. Revenue was $23.2 million versus $19.0 million, up 22%, with licensing revenue of $14.1 million, up 48%. Gross profit was $16.9 million at a 72.8% margin versus $10.1 million at 53.4%; operating expenses fell $4.5 million or 24.1%; net income was $8.9 million versus $0.8 million and Adjusted EBITDA $11.4 million versus $3.0 million, the sixth consecutive quarter of positive adjusted EBITDA; EPS was $0.15. Why it matters: Record net income coincides with negative operating cash flow for the half-year, and licensing — including AI-training data and a private code corpus the company states exceeds 880 billion tokens — supplied all of the revenue growth.