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CuriosityStream Reports Q3 2024 Earnings Results

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CuriosityStream (NASDAQ: CURI) reported Q3 2024 financial results with revenue of $12.6 million, down from $15.6 million in Q3 2023. The company achieved its highest quarterly Adjusted Free Cash Flow of $2.6 million and third consecutive quarter of positive net cash from operating activities at $5.1 million. Net loss narrowed to $3.1 million from $26.6 million year-over-year. The company expanded globally through new partnerships with Amazon, Samsung, Vodafone, and others, while launching four FAST channels and Curiosity University on Prime Video. The Board declared a quarterly dividend of $0.025 per share and repurchased 173,000 shares.

CuriosityStream (NASDAQ: CURI) ha riportato i risultati finanziari del terzo trimestre 2024, con un fatturato di 12,6 milioni di dollari, in calo rispetto ai 15,6 milioni di dollari del terzo trimestre 2023. L'azienda ha raggiunto il suo massimo trimestrale di Flusso di Cassa Libero Rettificato di 2,6 milioni di dollari e il terzo trimestre consecutivo con un flusso di cassa netto positivo dalle attività operative di 5,1 milioni di dollari. La perdita netta si è ridotta a 3,1 milioni di dollari rispetto ai 26,6 milioni di dollari dell'anno precedente. L'azienda si è espansa a livello globale attraverso nuovi partenariati con Amazon, Samsung, Vodafone e altri, lanciando quattro canali FAST e Curiosity University su Prime Video. Il Consiglio ha dichiarato un dividendo trimestrale di 0,025 dollari per azione e ha riacquistato 173.000 azioni.

CuriosityStream (NASDAQ: CURI) reportó los resultados financieros del tercer trimestre de 2024, con ingresos de 12,6 millones de dólares, disminuyendo desde los 15,6 millones de dólares en el tercer trimestre de 2023. La compañía logró su mayor flujo de caja libre ajustado trimestral de 2,6 millones de dólares y el tercer trimestre consecutivo con un flujo de caja neto positivo de las actividades operativas de 5,1 millones de dólares. La pérdida neta se redujo a 3,1 millones de dólares desde los 26,6 millones de dólares del año anterior. La empresa se expandió globalmente a través de nuevas alianzas con Amazon, Samsung, Vodafone y otros, mientras lanzaba cuatro canales FAST y Curiosity University en Prime Video. La Junta declaró un dividendo trimestral de 0,025 dólares por acción y recompró 173.000 acciones.

CuriosityStream (NASDAQ: CURI)는 2024년 3분기 재무 결과를 발표했으며, 매출은 1,260만 달러로, 2023년 3분기의 1,560만 달러에서 감소했습니다. 이 회사는 260만 달러의 조정된 자유 현금 흐름 최고치를 기록하였으며, 운영 활동에서의 긍정적인 순 현금 흐름이 510만 달러로 3분기 연속 발생했습니다. 순손실은 전년 대비 2,660만 달러에서 310만 달러로 축소되었습니다. 이 회사는 Amazon, Samsung, Vodafone 등과의 새로운 파트너십을 통해 글로벌로 확장했으며, Prime Video에서 네 개의 FAST 채널과 Curiosity University를 론칭했습니다. 이사회는 주당 0.025달러의 분기 배당금을 선언하고 173,000주를 재매입했습니다.

CuriosityStream (NASDAQ: CURI) a annoncé les résultats financiers du troisième trimestre 2024, avec un chiffre d'affaires de 12,6 millions de dollars, en baisse par rapport à 15,6 millions de dollars au troisième trimestre 2023. L'entreprise a réalisé son plus haut flux de trésorerie libre ajusté trimestriel de 2,6 millions de dollars et un troisième trimestre consécutif de flux de trésorerie net positif provenant des activités opérationnelles de 5,1 millions de dollars. La perte nette a diminué à 3,1 millions de dollars par rapport à 26,6 millions de dollars l'année précédente. L'entreprise s'est développée à l'international par de nouveaux partenariats avec Amazon, Samsung, Vodafone et d'autres, tout en lançant quatre chaînes FAST et Curiosity University sur Prime Video. Le Conseil a déclaré un dividende trimestriel de 0,025 dollar par action et a racheté 173 000 actions.

CuriosityStream (NASDAQ: CURI) hat die Finanzzahlen für das 3. Quartal 2024 veröffentlicht, mit einem Umsatz von 12,6 Millionen Dollar, ein Rückgang von 15,6 Millionen Dollar im 3. Quartal 2023. Das Unternehmen erzielte den höchsten vierteljährlichen bereinigten freien Cashflow von 2,6 Millionen Dollar und den dritten aufeinanderfolgenden positiven Netto-Cashflow aus operativen Tätigkeiten von 5,1 Millionen Dollar. Der Nettoverlust verringerte sich auf 3,1 Millionen Dollar im Vergleich zu 26,6 Millionen Dollar im Jahr davor. Das Unternehmen erweiterte seine internationalen Aktivitäten durch neue Partnerschaften mit Amazon, Samsung, Vodafone und anderen und startete vier FAST-Kanäle sowie Curiosity University auf Prime Video. Der Vorstand erklärte eine vierteljährliche Dividende von 0,025 Dollar pro Aktie und kaufte 173.000 Aktien zurück.

Positive
  • Highest quarterly Adjusted Free Cash Flow of $2.6 million
  • Net loss significantly reduced to $3.1 million from $26.6 million YoY
  • Operating expenses decreased to $10.0 million from $12.1 million YoY
  • Strong cash position of $39.8 million with no debt
  • Positive net cash from operations of $5.1 million vs -$13.6 million YoY
Negative
  • Revenue declined 19.2% to $12.6 million from $15.6 million YoY
  • Gross profit decreased to $6.8 million from $7.1 million YoY
  • Adjusted EBITDA remains negative at -$0.4 million

Insights

CuriosityStream's Q3 results show mixed signals. While revenue declined 19.2% year-over-year to $12.6 million, operational efficiency improvements are evident with reduced expenses and narrowed losses. The company achieved its highest quarterly Adjusted Free Cash Flow of $2.6 million and maintained a healthy balance sheet with $39.8 million in cash and no debt.

The strategic expansion through partnerships with major platforms like Amazon, Samsung and Vodafone, combined with international licensing deals, positions the company for potential growth. However, the Q4 guidance of $12-14 million in revenue suggests continued year-over-year decline. The company's focus on shareholder returns through dividends and share repurchases, while maintaining positive cash flow, indicates disciplined capital management despite growth challenges.

The launch of Curiosity University on Prime Video at $8.95 per month and expansion of FAST channels represent strategic moves in the evolving streaming landscape. The partnership with Off The Fence for Asian market distribution and content licensing deals across multiple regions demonstrate efforts to monetize content libraries more effectively.

However, the declining revenue trend amid streaming market saturation raises concerns. The shift toward diversified distribution channels through FAST, AVOD and partnerships with companies like Shell shows adaptation to market realities, but may not fully offset subscription revenue challenges. The focus on premium factual content and educational programming provides differentiation in a crowded market.

  • Third Consecutive Quarter of Positive Net Cash from Operating Activities
  • Achieved Highest Quarterly Adjusted Free Cash Flow of $2.6 Million
  • Repurchased over 173 Thousand Shares
  • Declared $0.025 Per Share Dividend

SILVER SPRING, Md.--(BUSINESS WIRE)-- CuriosityStream Inc. (NASDAQ: CURI), a global factual entertainment company, today announced its financial results for the quarter ended September 30, 2024. In addition, the Company’s Board of Directors declared a quarterly cash dividend of $0.025 per share, payable on March 28, 2025, to stockholders of record on March 14, 2025.

"Curiosity delivered excellent results in Q3, our eighth consecutive quarter of increased adjusted free cash flow and our third consecutive positive quarter. We entered into new and additional U.S. and international distribution relationships with Amazon, Samsung, Vizio, Vodafone and several others," said Clint Stinchcomb, President & CEO of CuriosityStream. "Continuing our commitment to return capital to shareholders, we repurchased 173 thousand shares as part of the share repurchase program we announced in Q2, and we issued a dividend of $0.025 per share. We continue to improve our operating efficiencies, as reflected in our expanded gross and adjusted EBITDA margins during the quarter. Looking forward, we anticipate continued sequential growth in overall top-line revenue driven by subscriptions, licensing and advertising with free cash flow consistent with our most recent quarters."

Third Quarter 2024 Financial Results

  • Revenue of $12.6 million, compared to $15.6 million in the third quarter of 2023;
  • Gross profit of $6.8 million, compared to $7.1 million in the third quarter of 2023;
  • Total advertising and marketing and general and administrative expenses of $10.0 million, compared to $12.1 million in the third quarter of 2023;
  • Net loss of $3.1 million, compared to net loss of $26.6 million in the third quarter of 2023;
  • Adjusted EBITDA loss of $0.4 million, compared to Adjusted EBITDA loss of $3.9 million in the third quarter of 2023;
  • Net cash provided by operating activities of $5.1 million, compared to net cash used in operating activities of $13.6 million in the third quarter of 2023;
  • Adjusted Free Cash Flow of $2.6 million, an improvement of $5.6 million from the third quarter of 2023;
  • Cash, restricted cash and held-to-maturity securities balance of $39.8 million and no debt as of September 30, 2024.

Third Quarter 2024 Business Highlights

  • Launched four FAST Channels with Samsung TV+ in the U.S. and Internationally.
  • Global AVOD expansion with Pluto U.S., Tubi UK, Tubi Canada and Roku Latin America.
  • Launched Curiosity PAY TV Channel with several MVPD partners in Europe and Latin America.
  • Launched Curiosity University on Prime Video in the U.S. as an add-on subscription for $8.95 per month. With a roster of luminaries including Pulitzer Prize-winning authors and department chairs at many of the world’s most prestigious universities, Curiosity University offers a deep library of lectures, documentaries, and courses that combine academic rigor with compelling storytelling.
  • Executed nine content licensing agreements across the U.S., Europe, Middle East and Latin America.
  • Partnered with Shell to offer Shell Recharge app users in the Netherlands free access to Curiosity Stream. Shell Recharge app users now have immediate access to Curiosity Stream’s extensive library of films and series exploring science, nature, history, technology, and more.
  • Announced a strategic distribution partnership with Off The Fence, the nonfiction production and distribution powerhouse with a catalog of over 6,000 hours of quality programming. The collaboration supports the licensing of part of Curiosity’s content portfolio in China, Hong Kong, and Macau, bringing 56 unique titles, amounting to 148 hours of premium factual content, to audiences across these territories through various platforms.
  • Expanded Summer Doc-Busters programming and promotion campaigns to drive viewership of Curiosity’s biggest original series, including The Real Wild West, Asteroid Rush, Planet Insect, GIANTS, and Connections with James Burke.
  • Released three new specials from the acclaimed original series Ancient Engineering highlighting landmark achievements throughout Egypt, China and the Middle East.
  • Premiered groundbreaking new science, history and nature specials including Spider Vision: Decoding Color, The Science of Movement, Cute Little Killers, Mystery of the Celtic Tomb and Little Penguin Love Island.

Financial Outlook

CuriosityStream expects the following for the fourth quarter of 2024:

  • Revenue within the range of $12.0 - $14.0 million
  • Adjusted Free Cash Flow1 within the range of $2.0 - $3.0 million

1 See Non-GAAP Financial Measures below.

Conference Call Information

CuriosityStream will host a Q&A conference call today to discuss the Company’s third quarter 2024 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, 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 CuriosityStream filed with the Securities and Exchange Commission (the “SEC”) on March 25, 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; and (vi) 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.

The Company is not able to provide expectations of net cash generated from operating activities, the closest comparable GAAP measure to Adjusted Free Cash Flow (a non-GAAP measure), on a forward-looking basis. The Company is unable to predict without unreasonable costs and efforts the ultimate amounts of certain cash receipts and outlays because, in part, such items may have not yet occurred, are out of the Company’s control and/or cannot be reasonably predicted. These items are further described in the reconciliation tables and related descriptions below. Further, these items are uncertain, depend on various factors and could be material to the Company’s results computed in accordance with U.S. 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, restructuring charges and nonrecurring license fees.

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, Curiosity Español, and other free, ad-supported channels; 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)

September 30,
2024

 

December 31,
2023

(Unaudited)

 

 

 

 

 

 

Assets

 

 

 

Current assets

 

 

 

Cash and cash equivalents

$

9,588

 

 

$

37,715

 

Restricted cash

 

125

 

 

 

500

 

Short-term investments in debt securities

 

23,621

 

 

 

 

Accounts receivable

 

4,500

 

 

 

4,760

 

Other current assets

 

1,260

 

 

 

2,315

 

Total current assets

 

39,094

 

 

 

45,290

 

Investments in debt securities

 

6,513

 

 

 

 

Investments in equity method investees

 

4,179

 

 

 

6,354

 

Property and equipment, net

 

492

 

 

 

727

 

Content assets, net

 

33,885

 

 

 

44,943

 

Operating lease right-of-use assets

 

3,137

 

 

 

3,350

 

Other assets

 

267

 

 

 

358

 

Total assets

$

87,567

 

 

$

101,022

 

 

 

 

 

Liabilities and stockholders’ equity

 

 

 

Current liabilities

 

 

 

Content liabilities

$

499

 

 

$

407

 

Accounts payable

 

3,842

 

 

 

4,765

 

Accrued expenses and other liabilities

 

4,873

 

 

 

3,705

 

Deferred revenue

 

11,347

 

 

 

14,521

 

Total current liabilities

 

20,561

 

 

 

23,398

 

Warrant liability

 

110

 

 

 

44

 

Non-current operating lease liabilities

 

3,990

 

 

 

4,283

 

Other liabilities

 

691

 

 

 

651

 

Total liabilities

 

25,352

 

 

 

28,376

 

Stockholders’ equity

 

 

 

Common stock, $0.0001 par value – 125,000 shares authorized as of September 30, 2024, and December 31, 2023; 55,670 shares issued as of September 30, 2024, including 195 treasury shares; 53,287 issued and outstanding as of December 31, 2023; 55,475 shares outstanding as of September 30, 2024.

 

5

 

 

 

5

 

Treasury stock

 

(218

)

 

 

 

Additional paid-in capital

 

366,614

 

 

 

362,636

 

Accumulated deficit

 

(304,186

)

 

 

(289,995

)

Total stockholders’ equity

 

62,215

 

 

 

72,646

 

Total liabilities and stockholders’ equity

$

87,567

 

 

$

101,022

 

CuriosityStream Inc.

Consolidated Statements of Operations

 

 

Three Months Ended
September 30, 2024

 

Nine Months Ended
September 30,

(unaudited and in thousands except per share amounts)

2024

 

2023

 

2023

 

2022

 

 

 

 

 

 

 

 

Revenues

$

12,604

 

 

$

15,630

 

 

$

37,000

 

 

$

42,114

 

 

 

 

 

 

 

 

 

Operating expenses

 

 

 

 

 

 

 

Cost of revenues

 

5,840

 

 

 

8,494

 

 

 

18,592

 

 

 

27,428

 

Advertising and marketing

 

3,590

 

 

 

5,106

 

 

 

9,676

 

 

 

12,424

 

General and administrative

 

6,426

 

 

 

6,959

 

 

 

18,187

 

 

 

22,998

 

Impairment of content assets

 

 

 

 

18,970

 

 

 

 

 

 

18,970

 

 

 

15,856

 

 

 

39,529

 

 

 

46,455

 

 

 

81,820

 

Operating loss

 

(3,252

)

 

 

(23,899

)

 

 

(9,455

)

 

 

(39,706

)

 

 

 

 

 

 

 

 

Change in fair value of warrant liability

 

(36

)

 

 

74

 

 

 

(66

)

 

 

184

 

Interest and other income

 

538

 

 

 

31

 

 

 

1,702

 

 

 

856

 

Equity method investment loss

 

(267

)

 

 

(2,638

)

 

 

(2,175

)

 

 

(5,092

)

Loss before income taxes

 

(3,017

)

 

 

(26,432

)

 

 

(9,994

)

 

 

(43,758

)

Provision for income taxes

 

45

 

 

 

133

 

 

 

134

 

 

 

479

 

Net loss

$

(3,062

)

 

$

(26,565

)

 

$

(10,128

)

 

$

(44,237

)

 

 

 

 

 

 

 

 

Net loss per share

 

 

 

 

 

 

 

Basic

$

(0.06

)

 

$

(0.50

)

 

$

(0.19

)

 

$

(0.83

)

Diluted

$

(0.06

)

 

$

(0.50

)

 

$

(0.19

)

 

$

(0.83

)

 

 

 

 

 

 

 

 

Weighted average number of common shares outstanding

 

 

 

 

 

 

 

Basic

 

54,850

 

 

 

53,040

 

 

 

53,920

 

 

 

52,999

 

Diluted

 

54,850

 

 

 

53,040

 

 

 

53,920

 

 

 

52,999

 

CuriosityStream Inc.

Consolidated Statements of Cash Flows

 

 

Nine Months Ended September 30,

(unaudited and in thousands)

2024

 

2023

 

 

 

 

Cash flows from operating activities

 

 

 

Net loss

$

(10,128

)

 

$

(44,237

)

Adjustments to reconcile net loss to net cash used in operating activities

 

 

 

Change in fair value of warrant liability

 

66

 

 

 

(183

)

Additions to content assets

 

(3,412

)

 

 

(14,074

)

Change in content liabilities

 

92

 

 

 

(2,734

)

Amortization of content assets

 

14,470

 

 

 

17,707

 

Depreciation and amortization expenses

 

285

 

 

 

370

 

Impairment of content assets

 

 

 

 

18,970

 

Amortization of premiums and accretion of discounts associated with investments in debt securities, net

 

(166

)

 

 

26

 

Stock-based compensation

 

4,734

 

 

 

3,586

 

Equity method investment loss

 

2,175

 

 

 

5,092

 

Other non-cash items

 

359

 

 

 

362

 

Changes in operating assets and liabilities

 

 

 

Accounts receivable

 

260

 

 

 

4,022

 

Other assets

 

1,096

 

 

 

1,737

 

Accounts payable

 

(728

)

 

 

903

 

Accrued expenses and other liabilities

 

(658

)

 

 

(3,947

)

Deferred revenue

 

(3,329

)

 

 

(1,230

)

Net cash provided by (used in) operating activities

 

5,116

 

 

 

(13,630

)

Cash flows from investing activities

 

 

 

Purchases of property and equipment

 

 

 

 

(5

)

Investment in equity method investees

 

 

 

 

(992

)

Maturities of investments in debt securities

 

 

 

 

15,000

 

Purchases of investments in debt securities

 

(29,968

)

 

 

 

Net cash (used in) provided by investing activities

 

(29,968

)

 

 

14,003

 

Cash flows from financing activities

 

 

 

Repurchases of common stock

 

(218

)

 

 

 

Dividends paid

 

(2,676

)

 

 

 

Payments related to tax withholding

 

(756

)

 

 

(76

)

Net cash used in financing activities

 

(3,650

)

 

 

(76

)

Net increase in cash, cash equivalents and restricted cash

 

(28,502

)

 

 

297

 

Cash, cash equivalents and restricted cash, beginning of period

 

38,215

 

 

 

40,507

 

Cash, cash equivalents and restricted cash, end of period

$

9,713

 

 

$

40,804

 

Supplemental disclosure:

 

 

 

Cash paid for taxes

$

71

 

 

$

144

 

Cash paid for operating leases

$

416

 

 

$

360

 

CuriosityStream Inc.

Reconciliation from Net Loss to Adjusted EBITDA

 

 

Three Months Ended
September 30,

 

Nine Months Ended
September 30,

(unaudited and in thousands)

2024

 

2023

 

2024

 

2023

 

 

 

 

 

 

 

 

Net loss

$

(3,062

)

 

$

(26,565

)

 

$

(10,128

)

 

$

(44,237

)

Change in fair value of warrant liability

 

36

 

 

 

(74

)

 

 

66

 

 

 

(184

)

Interest and other (income) expense

 

(538

)

 

 

(31

)

 

 

(1,702

)

 

 

(856

)

Provision for Income taxes

 

45

 

 

 

133

 

 

 

134

 

 

 

479

 

Equity method investment loss

 

267

 

 

 

2,638

 

 

 

2,175

 

 

 

5,092

 

Depreciation and amortization1

 

75

 

 

 

121

 

 

 

285

 

 

 

370

 

Restructuring2

 

3

 

 

 

 

 

 

218

 

 

 

 

Impairment of content assets

 

 

 

 

18,970

 

 

 

 

 

 

18,970

 

Other nonrecurring

 

47

 

 

 

 

 

 

113

 

 

 

 

Stock-based compensation

 

2,720

 

 

 

897

 

 

 

4,734

 

 

 

3,586

 

Adjusted EBITDA

$

(407

)

 

$

(3,911

)

 

$

(4,105

)

 

$

(16,780

)

 

 

 

 

 

 

 

 

1 These amounts do not include amortization of content assets.

2 Consists primarily of severance and workforce optimization expenses resulting from a 2024 reduction in force.

CuriosityStream Inc.

Reconciliation from Net Cash Flow used in Operating Activities to Adjusted Free Cash Flow

 

 

Three Months Ended
September 30,

 

Nine Months Ended
September 30,

(unaudited and in thousands)

2024

 

2023

 

2024

 

2023

 

 

 

 

 

 

 

 

Net cash flow provided by (used in) operating activities

$

2,260

 

$

(3,022

)

 

$

5,116

 

$

(13,630

)

 

 

 

 

 

 

 

 

Purchases of property and equipment

 

 

 

 

 

 

 

 

(5

)

Restructuring payments1

 

142

 

 

 

 

 

823

 

 

 

Other nonrecurring payments2

 

171

 

 

 

 

 

281

 

 

 

Adjusted Free Cash Flow

$

2,573

 

$

(3,022

)

 

$

6,220

 

$

(13,635

)

 

1 Consists primarily of severance and workforce optimization payments resulting from 2023 and 2024 reductions in force.

2 Consists primarily of payments related to license fees and risk mitigation efforts.

 

CuriosityStream Investor Relations

Vanessa Gillon

IR@CuriosityStream.com

Source: CuriosityStream

FAQ

What was CuriosityStream's (CURI) revenue in Q3 2024?

CuriosityStream reported revenue of $12.6 million in Q3 2024, compared to $15.6 million in Q3 2023.

What is CuriosityStream's (CURI) Q4 2024 revenue guidance?

CuriosityStream expects Q4 2024 revenue to be within the range of $12.0 - $14.0 million.

How much was CuriosityStream's (CURI) dividend payment for Q3 2024?

CuriosityStream declared a quarterly cash dividend of $0.025 per share, payable on March 28, 2025.

What was CuriosityStream's (CURI) Adjusted Free Cash Flow in Q3 2024?

CuriosityStream achieved its highest quarterly Adjusted Free Cash Flow of $2.6 million in Q3 2024.

CuriosityStream Inc.

NASDAQ:CURI

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