CuriosityStream Announces Fourth Quarter and Full Year 2023 Financial Results and Initiation of Dividend Program
- CuriosityStream reported revenue of $14.8 million in Q4 2023, a slight increase from $14.5 million in Q4 2022.
- The company's gross profit for Q4 2023 was $6.7 million, significantly higher than $1.4 million in Q4 2022.
- CuriosityStream achieved a 32% year-over-year reduction in total advertising and marketing expenses in Q4 2023.
- The net loss for Q4 2023 was $4.7 million, a substantial improvement from the net loss of $14.5 million in Q4 2022.
- Adjusted Free Cash Flow for Q4 2023 was $(2.4) million, better than $(8.8) million in Q4 2022.
- CuriosityStream's full-year revenue for 2023 was $56.9 million, lower than $78.0 million in 2022.
- The company's net loss for the full year 2023 was $48.9 million, compared to a net loss of $50.9 million in 2022.
- CuriosityStream added multiple original series and specials in 2023 and signed new licensing agreements with partners.
- The company aims for positive adjusted free cash flow in Q1 2024, with revenue expected to be within the range of $11.5 - $12.5 million.
- CuriosityStream's full-year revenue for 2023 decreased compared to 2022, from $78.0 million to $56.9 million.
- The net loss for the full year 2023 was $48.9 million, indicating a significant financial loss for the company.
- Adjusted EBITDA for Q4 2023 was $(3.4) million, showing a decline from $(13.6) million in Q4 2022.
- The company's net cash used in operating activities increased in Q4 2023 to $2.5 million, up from $8.8 million in Q4 2022.
Insights
The announcement by CuriosityStream Inc. regarding their financial results for the fourth quarter and fiscal year ended December 31, 2023, is significant for stakeholders and potential investors. The introduction of a quarterly cash dividend of $0.025 per share is a key strategic move, often seen as a signal of a company's financial health and a commitment to returning value to shareholders. The ability to pay dividends generally indicates a stable cash flow position, which in this case, is further supported by the company's statement of having excess cash to cover the dividend payments.
While the reported net loss of $48.9 million for the full year may raise concerns, it is important to note the year-over-year reduction in net loss and the substantial decrease in net cash used in operating activities from $39.5 million in 2022 to $16.2 million in 2023. This improvement in cash flow management, coupled with a 40% reduction in total advertising, marketing and general and administrative expenses, reflects a strategic shift towards cost optimization and operational efficiency.
However, the decline in annual revenue from $78.0 million in 2022 to $56.9 million in 2023 warrants attention, as it may indicate challenges in revenue generation or market competition. Investors should closely monitor the company's future revenue guidance and strategies for growth, particularly in light of the evolving digital entertainment landscape.
The factual entertainment sector, where CuriosityStream operates, is increasingly competitive, with numerous players vying for market share. The company's focus on premiering multiple original series and specials is an attempt to differentiate its content offering and drive subscriber growth. The strategy to expand into underserved areas such as crime, aviation, automotive and core genres like history, science and tech is indicative of CuriosityStream's commitment to diversifying its content library to cater to niche audiences.
Moreover, the launch of annual promotional stunts is a marketing tactic aimed at increasing subscriber engagement and retention. These initiatives could potentially lead to an increase in subscriber base and, consequently, revenue. However, the effectiveness of these strategies should be evaluated against the backdrop of the company's reduced marketing and advertising expenses. It is important to assess whether these cost reductions will impact the company's ability to attract and retain subscribers in a highly saturated market.
CuriosityStream's decision to initiate a dividend program coincides with a period where many digital streaming services are reassessing their growth strategies in favor of profitability and cash flow. The positive outlook for cash flow in 2024, as indicated by the company, suggests confidence in their business model and future revenue streams. This is particularly noteworthy given the impairment charge of $19.0 million related to content assets, which could be seen as a move to align the company's content valuation with market realities.
The company's focus on adjusting its cost base and achieving sequential adjusted free cash flow improvement for five straight quarters demonstrates a disciplined approach to financial management. However, the industry is marked by rapid changes in consumer preferences and technology, which requires continuous investment in content and platform innovation. Balancing cost control with the need for investment will be critical for CuriosityStream's sustained growth and market competitiveness.
“Our fourth quarter revenue results met our guidance range while adjusted free cash flow exceeded our guidance range, and we delivered sequential revenue growth in our Direct Business. We continued to decrease our cost base, as we achieved our fifth straight quarter of sequential adjusted free cash flow improvement,” said Clint Stinchcomb, President & CEO. “Looking forward, we will be guiding to positive adjusted free cash flow for the first quarter of 2024, and we believe the initiation of the dividend program, which will be paid from excess cash, underscores our positive outlook for cash flow in 2024.”
Fourth Quarter 2023 Financial Results
-
Revenue of
$14.8 million $14.5 million -
Gross profit of
$6.7 million $1.4 million -
Total advertising and marketing and general and administrative expenses of
$11.4 million 32% year-over-year reduction; -
Net loss of
$4.7 million $14.5 million -
Net cash used in operating activities of
$2.5 million $8.8 million -
Adjusted Free Cash Flow of
$(2.4) million $(8.8) million -
Adjusted EBITDA of
$(3.4) million $(13.6) million -
Cash and restricted cash balance of
$38.2 million
Full Year 2023 Financial Results
-
Revenue of
$56.9 million $78.0 million -
Gross profit of
$21.3 million $26.5 million -
Total advertising and marketing and general and administrative expenses of
$46.8 million 40% year-over-year reduction; -
Net loss of
$48.9 million $50.9 million -
Net loss included a
$19.0 million -
Net cash used in operating activities of
$16.2 million $39.5 million -
Adjusted Free Cash Flow of
$(16.2) million $(39.7) million -
Adjusted EBITDA of
$(20.2) million $(44.3) million
Full Year 2023 Business Highlights
-
Premiered multiple groundbreaking original series and specials, including The Real Wild West, Deadly Science, The True Story of Pirates, Lift the Ice, Vikings: The Lost Kingdom, GIANTS, 2023:A Space Odyssey, History: The Interesting Bits, CSI On Trial, Nature's Hidden Miracles, Queens of Ancient Egypt, Rescued Chimpanzees of the Congo with Jane Goodall, Search for Earth’s Lost Moon, Scary Tales of
New York , Connections with James Burke, AI Tipping Point, Amazing DinoWorld 2 and Top Science Stories of 2023. - Signed new licensing, Pay TV and AVOD agreements with several partners during the year;
- Added hundreds of titles to underserved areas like hosted series, crime, aviation and automotive, and to core genres like history, science and tech;
-
Launched a series of annual promotional stunts showcasing our most engaging titles for subscribers across SPACE WEEK, DINO WEEK, ANCIENT
EGYPT WEEK, JAWS & CLAWS WEEK, and EARTH MONTH.
Financial Outlook
CuriosityStream expects the following for the first quarter of 2024:
-
Revenue within the range of
$11.5 $12.5 million -
Adjusted Free Cash Flow within the range of
$0.25 $1.00 million
Conference Call Information
CuriosityStream will host a Q&A conference call today to discuss the Company’s fourth quarter and full year 2023 results at 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time). A live audio webcast of the call will be available on the CuriosityStream Investor Relations website at https://investors.curiositystream.com. Participants may also dial-in toll free at (888) 510-2008 or International at (646) 960-0306 and reference conference ID# 3957505. An audio replay of the conference call will be available for two weeks following the call on the CuriosityStream Investor Relations website at https://investors.curiositystream.com.
Forward-Looking Statements
Certain statements in this press release may be considered “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 including, but not limited to, CuriosityStream’s expectations or predictions of future financial or business performance or conditions, plans to pay regular dividends, consumers’ valuation of factual content, and the Company’s continued success. Forward-looking statements are inherently subject to risks, uncertainties and assumptions. Generally, statements that are not historical facts, including statements concerning possible or assumed future actions, business strategies, events or results of operations, are forward-looking statements. These statements may be preceded by, followed by or include the words “believes,” “estimates,” “expects,” “projects,” “forecasts,” “may,” “will,” “should,” “seeks,” “plans,” “scheduled,” “anticipates,” “predicts” or “intends” or similar expressions. Such forward-looking statements involve risks and uncertainties that may cause actual events, results or performance to differ materially from those indicated by such statements. Certain of these risks are identified and discussed under “Risk Factors” in CuriosityStream’s Annual Report on Form 10-K for the year ended December 31, 2023, that we expect to file with the Securities and Exchange Commission (the “SEC”) on or about March 22, 2024, and in CuriosityStream’s other SEC filings. These risk factors are important to consider in determining future results and should be reviewed in their entirety.
Forward-looking statements are based on the current belief of the management of CuriosityStream, based on currently available information, as to the outcome and timing of future events, and involve factors, risks, and uncertainties that may cause actual results in future periods to differ materially from such statements. However, there can be no assurance that the events, results or trends identified in these forward-looking statements will occur or be achieved. Forward-looking statements speak only as of the date they are made, and CuriosityStream is not under any obligation, and expressly disclaims any obligation to update, alter or otherwise revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law. Readers should carefully review the statements set forth in the reports that CuriosityStream has filed or will file from time to time with the SEC.
In addition to factors previously disclosed in CuriosityStream’s reports filed with the SEC and those identified elsewhere in this communication, the following factors, among others, could cause actual results to differ materially from forward-looking statements or historical performance: (i) risks related to CuriosityStream’s ability to maintain and develop new and existing revenue-generating relationships and partnerships or to significantly increase CuriosityStream's subscriber base and retain customers; (ii) the effects of pending and future legislation; (iii) risks of the internet, online commerce and media industry; (iv) the highly competitive nature of the internet, online commerce and media industry and CuriosityStream’s ability to compete therein; (v) litigation, complaints, and/or adverse publicity; (vi) the ability to meet Nasdaq’s listing standards; and (vii) privacy and data protection laws, privacy or data breaches, or the loss of data.
Non-GAAP Financial Measures
To supplement our unaudited consolidated statement of operations, which is prepared in accordance with GAAP, we present Adjusted EBITDA and Adjusted Free Cash Flow in this press release. Our use of non-GAAP financial measures, such as Adjusted EBITDA and Adjusted Free Cash Flow, has limitations as an analytical tool, and these measures should not be considered in isolation or as a substitute for analysis of financial results as reported under GAAP.
We use these non-GAAP financial measures in conjunction with financial measures prepared in accordance with GAAP for planning purposes, including in the preparation of our annual operating budget, as a measure of our core operating results and the effectiveness of our business strategy, and in evaluating our financial performance. These measures provide consistency and comparability with past financial performance, facilitate period-to-period comparisons of core operating results, and also facilitate comparisons with other peer companies, many of which use similar non-GAAP financial measures to supplement their GAAP results. In addition, Adjusted EBITDA and Adjusted Free Cash Flow are widely used by investors and securities analysts to measure a company’s operating performance. We exclude the following items from net income to calculate Adjusted EBITDA: interest and other income (expense), provision for income taxes, depreciation and non-content amortization, loss/(gain) on the change in fair value of our warrants, equity interests loss (gain), impairment of goodwill, intangible assets and content assets, restructuring charges and stock-based compensation. Adjusted Free Cash Flow is calculated as net cash flow used in operating activities less purchases of property and equipment and restructuring charges.
Investors are cautioned that there are material limitations associated with the use of non-GAAP financial measures as an analytical tool. In particular, (1) although depreciation and amortization expense are non-cash charges, the assets subject to depreciation and amortization may have to be replaced in the future, and Adjusted EBITDA does not reflect cash capital expenditure requirements for such replacements or for new capital expenditure requirements; (2) Adjusted EBITDA does not reflect: (a) changes in, or cash requirements for, our working capital needs; or (b) tax payments that may represent a reduction in cash available to us; and (3) Adjusted Free Cash Flow does not reflect: (a) our cash flow available for discretionary payments; (b) our future contractual commitments (such as any debt service requirements or dividend payments); (c) funds available for investment or other discretionary uses; (d) certain capital expenditure requirements; or (e) the total increase or decrease in our cash balances for the stated period. The non-GAAP financial measures we use may be different from non-GAAP financial measures used by other companies, limiting their usefulness for comparison purposes. We compensate for these limitations by providing specific information regarding the GAAP items excluded from these non-GAAP financial measures. A reconciliation of these non-GAAP financial measures has been provided in the financial statements tables included in this press release and investors are encouraged to review the reconciliation.
About Curiosity Inc.
Curiosity Inc. is the entertainment brand for people who want to know more. The global media company is home to award-winning original and curated factual films, shows, and series covering science, nature, history, technology, society, and lifestyle. With millions of subscribers worldwide and thousands of titles, the company operates the flagship Curiosity Stream SVOD service, available in more than 175 countries worldwide; Curiosity Channel, the linear television channel available via global distribution partners; Curiosity University, featuring talks from the best professors at the world's most renowned universities as well as courses, short and long-form videos, and podcasts; Curiosity Now, a free, ad-supported channel; Curiosity Audio Network, with original content and podcasts; and Curiosity Studios, which oversees original programming. Curiosity Inc. is a wholly owned subsidiary of CuriosityStream Inc. (Nasdaq: CURI). For more information, visit CuriosityStream.com.
CuriosityStream Inc. |
|||||||
Consolidated Balance Sheets |
|||||||
(In thousands, except par value) |
December 31,
|
|
December 31,
|
||||
|
|
|
|
||||
Assets |
|
|
|
||||
|
|
|
|
||||
Current assets |
|
|
|
||||
Cash and cash equivalents |
$ |
37,715 |
|
|
$ |
40,007 |
|
Restricted cash |
|
500 |
|
|
|
500 |
|
Short-term investments in debt securities |
|
— |
|
|
|
14,986 |
|
Accounts receivable, net |
|
4,760 |
|
|
|
10,899 |
|
Other current assets |
|
2,315 |
|
|
|
3,118 |
|
Total current assets |
|
45,290 |
|
|
|
69,510 |
|
Investments in equity method investees |
|
6,354 |
|
|
|
10,766 |
|
Property and equipment, net |
|
727 |
|
|
|
1,094 |
|
Content assets, net |
|
44,943 |
|
|
|
68,502 |
|
Operating lease right-of-use assets |
|
3,350 |
|
|
|
3,702 |
|
Other assets |
|
358 |
|
|
|
539 |
|
Total assets |
$ |
101,022 |
|
|
$ |
154,113 |
|
Liabilities and stockholders’ equity |
|
|
|
||||
|
|
|
|
||||
Current liabilities |
|
|
|
||||
Content liabilities |
$ |
407 |
|
|
$ |
2,862 |
|
Accounts payable |
|
4,765 |
|
|
|
6,065 |
|
Accrued expenses and other liabilities |
|
3,705 |
|
|
|
7,752 |
|
Deferred revenue |
|
14,521 |
|
|
|
14,281 |
|
Total current liabilities |
|
23,398 |
|
|
|
30,960 |
|
Warrant liability |
|
44 |
|
|
|
257 |
|
Non-current operating lease liabilities |
|
4,283 |
|
|
|
4,648 |
|
Other liabilities |
|
651 |
|
|
|
622 |
|
Total liabilities |
|
28,376 |
|
|
|
36,487 |
|
|
|
|
|
||||
Stockholders’ equity |
|
|
|
||||
Common stock, |
|
5 |
|
|
|
5 |
|
Additional paid-in capital |
|
362,636 |
|
|
|
358,760 |
|
Accumulated other comprehensive loss |
|
— |
|
|
|
(40 |
) |
Accumulated deficit |
|
(289,995 |
) |
|
|
(241,099 |
) |
Total stockholders’ equity |
|
72,646 |
|
|
|
117,626 |
|
Total liabilities and stockholders’ equity |
$ |
101,022 |
|
|
$ |
154,113 |
|
CuriosityStream Inc. |
|||||||||||||||
Consolidated Statements of Operations |
|||||||||||||||
|
Three Months Ended
|
|
Year Ended
|
||||||||||||
(In thousands except per share amounts) |
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
|
|
|
|
||||||||
Revenues |
$ |
14,775 |
|
|
$ |
14,499 |
|
|
$ |
56,889 |
|
|
$ |
78,043 |
|
|
|
|
|
|
|
|
|
||||||||
Operating expenses |
|
|
|
|
|
|
|
||||||||
Cost of revenues |
|
8,125 |
|
|
|
13,132 |
|
|
|
35,553 |
|
|
|
51,536 |
|
Advertising and marketing |
|
4,966 |
|
|
|
9,107 |
|
|
|
17,390 |
|
|
|
40,709 |
|
General and administrative |
|
6,449 |
|
|
|
7,616 |
|
|
|
29,447 |
|
|
|
37,479 |
|
Impairment of content assets |
|
— |
|
|
|
— |
|
|
|
18,970 |
|
|
|
— |
|
Impairment of goodwill and intangible assets |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3,603 |
|
Total operating expenses |
|
19,540 |
|
|
|
29,855 |
|
|
|
101,360 |
|
|
|
133,327 |
|
Operating loss |
|
(4,765 |
) |
|
|
(15,356 |
) |
|
|
(44,471 |
) |
|
|
(55,284 |
) |
|
|
|
|
|
|
|
|
||||||||
Change in fair value of warrant liability |
|
29 |
|
|
|
552 |
|
|
|
213 |
|
|
|
5,404 |
|
Interest and other income (expense) |
|
416 |
|
|
|
740 |
|
|
|
1,272 |
|
|
|
176 |
|
Equity method investment loss |
|
(312 |
) |
|
|
(280 |
) |
|
|
(5,404 |
) |
|
|
(846 |
) |
Loss before income taxes |
|
(4,632 |
) |
|
|
(14,344 |
) |
|
|
(48,390 |
) |
|
|
(50,550 |
) |
Provision for income taxes |
|
27 |
|
|
|
202 |
|
|
|
506 |
|
|
|
367 |
|
Net loss |
$ |
(4,659 |
) |
|
$ |
(14,546 |
) |
|
$ |
(48,896 |
) |
|
$ |
(50,917 |
) |
|
|
|
|
|
|
|
|
||||||||
Net loss per share |
|
|
|
|
|
|
|
||||||||
Basic |
$ |
(0.09 |
) |
|
$ |
(0.28 |
) |
|
$ |
(0.92 |
) |
|
|
(0.96 |
) |
Diluted |
$ |
(0.09 |
) |
|
$ |
(0.28 |
) |
|
$ |
(0.92 |
) |
|
|
(0.96 |
) |
|
|
|
|
|
|
|
|
||||||||
Weighted average number of common shares outstanding |
|
|
|
|
|
|
|
||||||||
Basic |
|
53,071 |
|
|
|
52,811 |
|
|
|
53,044 |
|
|
|
52,787 |
|
Diluted |
|
53,071 |
|
|
|
52,811 |
|
|
|
53,044 |
|
|
|
52,787 |
|
CuriosityStream Inc. |
|||||||
Consolidated Statements of Cash Flows |
|||||||
|
Year Ended
|
||||||
(In thousands) |
|
2023 |
|
|
|
2022 |
|
|
|
|
|
||||
Cash flows from operating activities |
|
|
|
||||
Net loss |
$ |
(48,896 |
) |
|
$ |
(50,917 |
) |
Adjustments to reconcile net loss to net cash used in operating activities |
|
|
|
||||
Change in fair value of warrant liability |
|
(213 |
) |
|
|
(5,404 |
) |
Additions to content assets |
|
(18,316 |
) |
|
|
(34,771 |
) |
Change in content liabilities |
|
(2,455 |
) |
|
|
(6,822 |
) |
Amortization of content assets |
|
22,905 |
|
|
|
39,291 |
|
Depreciation and amortization expenses |
|
496 |
|
|
|
699 |
|
Impairment of content assets |
|
18,970 |
|
|
|
— |
|
Impairment of goodwill and intangible assets |
|
— |
|
|
|
3,603 |
|
Amortization of premiums and accretion of discounts associated with investments in debt securities, net |
|
26 |
|
|
|
1,191 |
|
Stock-based compensation |
|
3,999 |
|
|
|
6,644 |
|
Equity method investment loss |
|
5,404 |
|
|
|
846 |
|
Other non-cash items |
|
481 |
|
|
|
1,141 |
|
Changes in operating assets and liabilities |
|
|
|
||||
Accounts receivable |
|
6,139 |
|
|
|
11,862 |
|
Other assets |
|
855 |
|
|
|
3,355 |
|
Accounts payable |
|
(1,295 |
) |
|
|
2,654 |
|
Accrued expenses and other liabilities |
|
(4,542 |
) |
|
|
(4,645 |
) |
Deferred revenue |
|
270 |
|
|
|
(8,250 |
) |
Net cash used in operating activities |
|
(16,172 |
) |
|
|
(39,523 |
) |
Cash flows from investing activities |
|
|
|
||||
Purchases of property and equipment |
|
(5 |
) |
|
|
(130 |
) |
Investment in equity method investees |
|
(992 |
) |
|
|
(2,438 |
) |
Sales of investments in debt securities |
|
— |
|
|
|
22,893 |
|
Maturities of investments in debt securities |
|
15,000 |
|
|
|
43,873 |
|
Purchases of investments in debt securities |
|
— |
|
|
|
(1,497 |
) |
Net cash provided by investing activities |
|
14,003 |
|
|
|
62,701 |
|
Cash flows from financing activities |
|
|
|
||||
Payments related to tax withholding |
|
(123 |
) |
|
|
(218 |
) |
Net cash used in financing activities |
|
(123 |
) |
|
|
(218 |
) |
Net (decrease) increase in cash, cash equivalents and restricted cash |
|
(2,292 |
) |
|
|
22,960 |
|
Cash, cash equivalents and restricted cash, beginning of period |
|
40,507 |
|
|
|
17,547 |
|
Cash, cash equivalents and restricted cash, end of period |
$ |
38,215 |
|
|
$ |
40,507 |
|
Supplemental disclosure: |
|
|
|
||||
Cash paid for taxes |
$ |
195 |
|
|
$ |
614 |
|
Cash paid for operating leases |
$ |
466 |
|
|
$ |
486 |
|
Right-of-use assets obtained in exchange for new operating lease liabilities |
$ |
— |
|
|
$ |
3,965 |
|
CuriosityStream Inc. |
|||||||||||||||
Reconciliation from Net Loss to Adjusted EBITDA |
|||||||||||||||
|
Three Months Ended
|
|
Year Ended
|
||||||||||||
(In thousands) |
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
|
|
|
|
||||||||
Net loss |
$ |
(4,659 |
) |
|
$ |
(14,546 |
) |
|
$ |
(48,896 |
) |
|
$ |
(50,917 |
) |
Change in fair value of warrant liability |
|
(29 |
) |
|
|
(552 |
) |
|
|
(213 |
) |
|
|
(5,404 |
) |
Interest and other (income) expense |
|
(416 |
) |
|
|
(740 |
) |
|
|
(1,272 |
) |
|
|
(176 |
) |
Provision for Income taxes |
|
27 |
|
|
|
202 |
|
|
|
506 |
|
|
|
367 |
|
Equity method investment loss1 |
|
312 |
|
|
|
280 |
|
|
|
5,404 |
|
|
|
846 |
|
Depreciation and amortization2 |
|
126 |
|
|
|
126 |
|
|
|
496 |
|
|
|
699 |
|
Restructuring3 |
|
819 |
|
|
|
— |
|
|
|
819 |
|
|
|
— |
|
Impairment of content assets |
|
— |
|
|
|
— |
|
|
|
18,970 |
|
|
|
— |
|
Impairment of goodwill and intangible assets |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3,603 |
|
Stock-based compensation |
|
413 |
|
|
|
1,589 |
|
|
|
3,999 |
|
|
|
6,644 |
|
Adjusted EBITDA |
$ |
(3,407 |
) |
|
$ |
(13,641 |
) |
|
$ |
(20,187 |
) |
|
$ |
(44,338 |
) |
1 For the year ended December 31, 2023, the equity method investment losses included impairment charges of |
|||||||||||||||
2 These amounts do not include amortization of content assets. |
|||||||||||||||
3 Comprised primarily of severance and workforce optimization costs resulting from a December 2023 reduction in workforce. |
|||||||||||||||
CuriosityStream Inc. |
|||||||||||||||
Reconciliation from Net Cash Flow used in Operating Activities to Adjusted Free Cash Flow |
|||||||||||||||
|
Three Months Ended
|
|
Year Ended
|
||||||||||||
(In thousands) |
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
|
|
|
|
||||||||
Net cash flow used in operating activities |
$ |
(2,542 |
) |
|
$ |
(8,779 |
) |
|
$ |
(16,172 |
) |
|
$ |
(39,523 |
) |
|
|
|
|
|
|
|
|
||||||||
Purchases of property and equipment |
|
— |
|
|
|
— |
|
|
|
(5 |
) |
|
|
(130 |
) |
Restructuring payments1 |
|
144 |
|
|
|
— |
|
|
|
144 |
|
|
|
||
Adjusted Free Cash Flow |
$ |
(2,398 |
) |
|
$ |
(8,779 |
) |
|
$ |
(16,177 |
) |
|
$ |
(39,653 |
) |
1 Consists primarily of severance and workforce optimization payments resulting from a December 2023 reduction in workforce. |
|||||||||||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20240320702497/en/
CuriosityStream Investor Relations
Andrew Lata
IR@CuriosityStream.com
Source: CuriosityStream
FAQ
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