LOUISVILLE — Gaia Inc. (Nasdaq: GAIA), a Louisville-based yoga-focused streaming video service, posted a net loss of $3.6 million for the quarter that ended March 31, but the firm sees opportunities in the coming months to boost its subscribers with users forced to stay home due to the COVID-19 outbreak.
“Paying members increased to 605,100 as of March 31, which includes the impact of finalizing and implementing price increases in the first quarter,” according to the company’s quarterly report. “As of April 27, Gaia has surpassed 625,000 paying members.”
Despite the losses posted in the first quarter of fiscal year 2020, that $3.6 million figure is down from $6.7 million in the same period last year.
“For the second quarter in a row, we generated positive adjusted EBITDA and cash flow from operations,” Gaia CFO Paul Tarell said in a prepared statement. “We remain on track to be free cash flow positive beginning in July, which has been further supported by an uptick in new member growth as a result of the stay-at-home orders that began in mid-March and have continued through April.”
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