June 13, 2022, ST. PETERSBURG, FL – Water Tower Research (www.watertowerresearch.com) has published an Initiation of Coverage Report on Gaia, Inc. (NASDAQ: GAIA) titled, “Building a
Self-Sustaining and Growing Business in a Niche Streaming Market While Maintaining Financial Discipline and Steady Profitability”. The report can be accessed here.

Gaia, Inc. creates and markets original programs focused on the growth of human consciousness, which Gaia’s members typically access via monthly subscriptions.  Gaia has more than 820,000 members, with about 30% of its members outside of the US in 185 different countries. Among developers of video subscription services, Gaia has developed an attractive model in terms of a favorable relation between content creation costs and monthly average revenue per user (ARPU).

Since November 2018, the company has focused on reaching free cash flow generation to be able to
self-fund its growth.  This goal was reached in July 2020 and the company has continued to grow and be cash flow positive since. Further growth will come from international and language expansion, acquisition of new content or channels (such as the December 2021 acquisition of Yoga International), and continuous organic growth of the core business.

Gaia trades at modest Enterprise Value multiples of 2022 estimated revenue and EBITDA (1.2x and 5.8x) in relation to its growth, profitability, and solid balance sheet. We believe that continued execution in terms of both member growth and profitability should provide upside momentum to Gaia’s valuation multiples.

About Water Tower Research

Water Tower Research is an investor engagement and stakeholder communication platform powered by Wall Street veterans with significant experience and credibility. We create, deliver, and maintain the information flow required to build and preserve relationships between companies and all their stakeholders and investors. “Research for the other 99%^™” opens the door for every investor to stay informed and ensures transparency, better engagement, and equal communication.