Gaia’s net income, user growth slows

LOUISVILLE — As the world has regained some sense of normalcy with the rollback of COVID-19 restrictions, streaming video provider Gaia Inc. (Nasdaq: GAIA) has seen its growth of total users slow, resulting in a year-over-year decrease in net income for the second quarter of 2022.

Net income was $100,000, or one cent per share compared to $600,000 or three cents per share in the second quarter of 2021. 

On the positive side, revenues increased 7% year over year to $20.7 million from $19.4 million.

Gaia’s member count was 792,000 as of June 30, 2022, compared to 770,200 on that date in 2021.

“The spring marked a return to the seasonal patterns we have historically seen in our new member acquisition trends,” Gaia CEO Paul Tarell said in a prepared statement. “This resulted in fewer quarterly member additions since the pandemic began in March of 2020. Despite this shift we continued our financial discipline by delivering strong EBITDA margins while maintaining profitability. With the completion of our 18-month project to enable technology independence and ongoing financial discipline we remain well-positioned to achieve the long-term vision of our company.”

Gaia’s earnings report was released Monday afternoon. The company’s stock dropped from $4 to open trading Monday to $3.35 on Tuesday morning’s open. 

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