CuriosityStream Inc. (CURI) came out with a quarterly loss of $0.04 per share versus the Zacks Consensus Estimate of a loss of $0.05. This compares to loss of $0.19 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 20%. A quarter ago, it was expected that this company would post a loss of $0.05 per share when it actually produced a loss of $0.09, delivering a surprise of -80%. Over the last four quarters, the company has surpas ...

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarter ended March 31, 2024 o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________ to _________ Commission file number: 001-39139 Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q _____________________ (MARK ONE) CURIOSITYSTREAM INC. (Exact Name of Registrant as Specified in Its Charte ...

CuriosityStream Inc. (NASDAQ:CURI) Q1 2024 Earnings Conference Call May 7, 2024 5:00 PM ET Company Participants Andrew Lata - FP&A and Investor Relations Clint Stinchcomb - President and Chief Executive Officer Peter Westley - Chief Financial Officer Conference Call Participants James Goss - Barrington Research Associates, Inc. Operator Thank you for standing by. My name is Krista, and I will be your conference operator today. At this time, I would like to welcome everyone to the CuriosityStream’s First Qua ...

Instability spiked across the stock market in April, with Wall Street’s fear gauge lately climbing to its highest level since Halloween. The Cboe Volatility Index has been trading near its long-term average this week. Dashing hopes of an interest rate cut soon, thanks to sticky inflation, and geopolitical tensions in the Middle East dampened investors’ sentiment.However, market participants shouldn’t be disheartened! This is because the U.S. economy’s recent standout performance squashed fears about an impe ...

After reaching an important support level, CuriosityStream Inc. (CURI) could be a good stock pick from a technical perspective. CURI recently experienced a "golden cross" event, which saw its 50-day simple moving average breaking out above its 200-day simple moving average.There's a reason traders love a golden cross -- it's a technical chart pattern that can indicate a bullish breakout is on the horizon. This kind of crossover is formed when a stock's short-term moving average breaks above a longer-term mo ...

For those looking to find strong Consumer Discretionary stocks, it is prudent to search for companies in the group that are outperforming their peers. CuriosityStream Inc. (CURI) is a stock that can certainly grab the attention of many investors, but do its recent returns compare favorably to the sector as a whole? By taking a look at the stock's year-to-date performance in comparison to its Consumer Discretionary peers, we might be able to answer that question.CuriosityStream Inc. is one of 286 companies i ...

Part I [Item 1. Business](index=10&type=section&id=Item%201.%20Business) CuriosityStream is a media and entertainment company specializing in premium factual content, monetizing its library through various distribution channels - The company's core business is offering premium factual video and audio programming through various distribution channels, including SVOD, content licensing, and bundled offerings[131](index=131&type=chunk)[132](index=132&type=chunk) - The content library features over **17,000 programs**, including a mix of originally produced, owned, and licensed content[134](index=134&type=chunk)[135](index=135&type=chunk)[136](index=136&type=chunk) FY 2023 Financial Summary | Metric | Value (in millions) | | :--- | :--- | | Revenue | $56.9 | | Net Loss | $48.9 | - In 2023, the company reduced its workforce by **20 positions**, representing about **30%** of its employee count at the end of 2022, primarily in technology, operations, and programming[176](index=176&type=chunk) - The company increased its standard pricing for new direct subscribers from **$2.99/month to $4.99/month** and from **$19.99/year to $39.99/year** as of March 27, 2023[143](index=143&type=chunk) [Item 1A. Risk Factors](index=15&type=section&id=Item%201A.%20Risk%20Factors) The company faces substantial risks including significant net losses, intense competition, user churn, content impairment, and potential NASDAQ delisting - The company has a history of significant net losses, with an accumulated deficit of **$290.0 million** as of December 31, 2023, and anticipates continued net losses for the foreseeable future[520](index=520&type=chunk) - A significant risk is user churn, which was exacerbated by the termination of the Nebula SVOD service partnership at the end of 2023, potentially leading to a decline in subscribers[218](index=218&type=chunk) - The company recorded a **$19.0 million** impairment charge on its content assets in the third quarter of 2023 due to revised subscriber growth forecasts and adverse market conditions[291](index=291&type=chunk)[45](index=45&type=chunk) - The company received a notice from NASDAQ on September 19, 2023, for non-compliance with the **$1.00 minimum bid price requirement**, posing a risk of delisting, with an extension granted until September 16, 2024[379](index=379&type=chunk)[396](index=396&type=chunk) - Competition is intense from larger, well-resourced companies like Netflix, Amazon, and Disney, which could harm business and prospects[222](index=222&type=chunk)[224](index=224&type=chunk)[246](index=246&type=chunk) [Item 1B. Unresolved Staff Comments](index=42&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports no unresolved staff comments from the SEC - There are no unresolved staff comments[465](index=465&type=chunk) [Item 1C. Cybersecurity](index=42&type=section&id=Item%201C.%20Cybersecurity) The company has implemented a comprehensive, enterprise-wide information security program to manage cybersecurity risks - The company has established an enterprise-wide information security program to identify and manage cybersecurity risks, which is overseen by senior management and the Board's Audit Committee[466](index=466&type=chunk)[471](index=471&type=chunk) - To date, the company has not experienced any cybersecurity incidents that have had a material effect on its business strategy, operational results, or financial condition[470](index=470&type=chunk) [Item 2. Properties](index=42&type=section&id=Item%202.%20Properties) The company's principal operational offices are located in a leased 15,500 square foot facility in Silver Spring, Maryland, with computing infrastructure primarily hosted on Amazon Web Services - The main office is a leased space of approximately **15,500 square feet** in Silver Spring, Maryland, under a lease expiring in February 2033[473](index=473&type=chunk) - The company's computing needs are primarily serviced by Amazon Web Services (AWS)[475](index=475&type=chunk) [Item 3. Legal Proceedings](index=43&type=section&id=Item%203.%20Legal%20Proceedings) The company is not currently a party to any legal proceedings that are expected to have a material adverse effect on its business or financial condition - The company is not presently a party to any material legal proceedings[476](index=476&type=chunk) [Item 4. Mine Safety Disclosures](index=43&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[477](index=477&type=chunk) Part II [Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=44&type=section&id=Item%205.%20Market%20for%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) The company's common stock and warrants trade on NASDAQ, and the Board of Directors initiated the company's first quarterly cash dividend in March 2024 - The company's common stock and warrants are traded on NASDAQ under the symbols "**CURI**" and "**CURIW**"[479](index=479&type=chunk) - On March 13, 2024, the Board declared the company's first quarterly cash dividend of **$0.025 per share**, payable on April 30, 2024[490](index=490&type=chunk) [Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=45&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Fiscal year 2023 saw a 27% revenue decrease to $56.9 million, an improved operating loss, and stable net loss, with strategic shifts in content acquisition and liquidity management [Results of Operations](index=46&type=section&id=Results%20of%20Operations) - The company began using trade and barter transactions in Q2 2023 to exchange content assets, which contributed **$9.9 million** to Content Licensing revenue and **$1.1 million** to Other revenue[508](index=508&type=chunk)[530](index=530&type=chunk)[555](index=555&type=chunk) - Equity interests loss increased significantly to **$5.4 million** in 2023 from **$0.8 million** in 2022, primarily due to impairment charges of **$2.0 million** for the Spiegel Venture and **$2.3 million** for Nebula[201](index=201&type=chunk) Revenue by Segment (2023 vs. 2022) | Revenue Segment | 2023 (in thousands) | 2022 (in thousands) | % Change | | :--- | :--- | :--- | :--- | | Direct Business | $34,592 | $34,120 | +1.4% | | Content Licensing | $14,047 | $24,691 | -43% | | Bundled Distribution | $6,316 | $11,726 | -46% | | Enterprise | $141 | $5,520 | -97% | | **Total Revenues** | **$56,889** | **$78,043** | **-27%** | Operating Expenses (2023 vs. 2022) | Expense Category | 2023 (in thousands) | 2022 (in thousands) | % Change | | :--- | :--- | :--- | :--- | | Cost of revenues | $35,553 | $51,536 | -31% | | Advertising and marketing | $17,390 | $40,709 | -57% | | General and administrative | $29,447 | $37,479 | -21% | | Impairment of content assets | $18,970 | $0 | N/A | | Impairment of goodwill | $0 | $3,603 | N/A | | **Total Operating Expenses** | **$101,360** | **$133,327** | **-24%** | [Liquidity and Capital Resources](index=52&type=section&id=Liquidity%20and%20Capital%20Resources) - As of December 31, 2023, the company held **$38.2 million** in cash, cash equivalents, and restricted cash[19](index=19&type=chunk) Cash Flow Summary (2023 vs. 2022) | Cash Flow Activity | 2023 (in thousands) | 2022 (in thousands) | | :--- | :--- | :--- | | Net cash used in operating activities | $(16,172) | $(39,523) | | Net cash provided by investing activities | $14,003 | $62,701 | | Net cash used in financing activities | $(123) | $(218) | - Net cash used in operating activities decreased by **$23.4 million (59%)** in 2023 compared to 2022, driven by lower net loss and reduced additions to content assets[25](index=25&type=chunk) - Management believes that current cash levels are adequate to support operations, capital expenditures, and working capital for at least the next twelve months[20](index=20&type=chunk) [Critical Accounting Policies and Estimates](index=54&type=section&id=Critical%20Accounting%20Policies%20and%20Estimates) - Content Assets: The company capitalizes costs for licensed and produced content, amortizing on an accelerated basis due to expected upfront viewership, and reviews assets for impairment when indicators are present[36](index=36&type=chunk)[38](index=38&type=chunk)[39](index=39&type=chunk) - Goodwill and Intangible Assets: Goodwill is tested for impairment at least annually, with a **$2.8 million** goodwill impairment charge and an **$0.8 million** intangible asset impairment recorded in 2022[46](index=46&type=chunk)[50](index=50&type=chunk)[52](index=52&type=chunk) - Revenue Recognition: Revenue is recognized as performance obligations are satisfied, including ratable recognition for subscriptions and point-in-time recognition for content licenses upon availability[53](index=53&type=chunk)[54](index=54&type=chunk)[89](index=89&type=chunk) [Item 7A. Quantitative and Qualitative Disclosures About Market Risk](index=58&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This item is not applicable to the company - Not applicable[100](index=100&type=chunk) [Item 8. Financial Statements and Supplementary Data](index=59&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section presents the company's audited consolidated financial statements for fiscal years 2023 and 2022, detailing financial position, operational results, and cash flows with extensive notes Consolidated Statement of Operations Highlights | (in thousands) | Year Ended 2023 | Year Ended 2022 | | :--- | :--- | :--- | | Revenues | $56,889 | $78,043 | | Operating loss | $(44,471) | $(55,284) | | Net loss | $(48,896) | $(50,917) | | Net loss per share | $(0.92) | $(0.96) | Consolidated Balance Sheet Highlights | (in thousands) | Dec 31, 2023 | Dec 31, 2022 | | :--- | :--- | :--- | | Cash and cash equivalents | $37,715 | $40,007 | | Content assets, net | $44,943 | $68,502 | | Total assets | $101,022 | $154,113 | | Total liabilities | $28,376 | $36,487 | | Total stockholders' equity | $72,646 | $117,626 | - Note 3 (Equity Investments): The company recorded impairment charges of **$2.0 million** on its Spiegel Venture investment and **$2.3 million** on its Nebula investment during 2023[433](index=433&type=chunk)[434](index=434&type=chunk) - Note 4 (Balance Sheet Components): Net content assets decreased from **$68.5 million** in 2022 to **$44.9 million** in 2023, reflecting amortization and a **$19.0 million** impairment charge[513](index=513&type=chunk)[683](index=683&type=chunk) - Note 14 (Commitments): As of Dec 31, 2023, total content obligations were **$1.1 million**, a significant decrease from **$11.5 million** at the end of 2022[590](index=590&type=chunk)[591](index=591&type=chunk) [Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure](index=93&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20With%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) The company reports no changes in or disagreements with its accountants on accounting and financial disclosure - None reported[621](index=621&type=chunk) [Item 9A. Controls and Procedures](index=93&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures and internal control over financial reporting were effective as of December 31, 2023 - Management concluded that the company's disclosure controls and procedures were effective as of December 31, 2023[623](index=623&type=chunk) - Management concluded that the company's internal control over financial reporting was effective as of December 31, 2023[630](index=630&type=chunk) [Item 9B. Other Information](index=94&type=section&id=Item%209B.%20Other%20Information) The company reports no other information under this item - None[632](index=632&type=chunk) Part III [Item 10. Directors, Executive Officers and Corporate Governance](index=95&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) Information regarding directors, executive officers, and corporate governance is incorporated by reference from the company's 2024 Proxy Statement - Information is incorporated by reference from the definitive proxy statement for the 2024 Annual Meeting[641](index=641&type=chunk) [Item 11. Executive Compensation](index=95&type=section&id=Item%2011.%20Executive%20Compensation) Information regarding executive compensation is incorporated by reference from the company's 2024 Proxy Statement - Information is incorporated by reference from the definitive proxy statement for the 2024 Annual Meeting[634](index=634&type=chunk) [Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=95&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) Information regarding security ownership is incorporated by reference from the company's 2024 Proxy Statement - Information is incorporated by reference from the definitive proxy statement for the 2024 Annual Meeting[642](index=642&type=chunk) [Item 13. Certain Relationships and Related Transactions, and Director Independence](index=95&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence) Information regarding related party transactions and director independence is incorporated by reference from the company's 2024 Proxy Statement - Information is incorporated by reference from the definitive proxy statement for the 2024 Annual Meeting[643](index=643&type=chunk) [Item 14. Principal Accountant Fees and Services](index=95&type=section&id=Item%2014.%20Principal%20Accountant%20Fees%20and%20Services) Information regarding principal accountant fees and services is incorporated by reference from the company's 2024 Proxy Statement - Information is incorporated by reference from the definitive proxy statement for the 2024 Annual Meeting[647](index=647&type=chunk) Part IV [Item 15. Exhibits, Financial Statement Schedules](index=96&type=section&id=Item%2015.%20Exhibits%2C%20Financial%20Statement%20Schedules) This section lists all documents filed as part of the Form 10-K, including consolidated financial statements and various exhibits - This section lists all exhibits filed with or incorporated by reference into the Form 10-K[644](index=644&type=chunk)[649](index=649&type=chunk) [Item 16. Form 10-K Summary](index=99&type=section&id=Item%2016.%20Form%2010-K%20Summary) The company has not provided a summary under this item - None[597](index=597&type=chunk)

[Financial Highlights and Dividend Announcement](index=1&type=section&id=Financial%20Highlights%20and%20Dividend%20Announcement) CuriosityStream announced Q4 and full-year 2023 results, with Q4 revenue meeting guidance and adjusted free cash flow exceeding it, initiating a $0.025 per share quarterly cash dividend - The Board of Directors has initiated a quarterly cash dividend program, declaring a dividend of **$0.025 per share**, payable on April 30, 2024[3](index=3&type=chunk) - Management reported that Q4 2023 revenue met guidance, while adjusted free cash flow exceeded expectations, marking the fifth consecutive quarter of sequential improvement in adjusted free cash flow[4](index=4&type=chunk) [Fourth Quarter 2023 Financial Results](index=1&type=section&id=Fourth%20Quarter%202023%20Financial%20Results) Q4 2023 revenue slightly increased to $14.8 million, with gross profit rising to $6.7 million and net loss narrowing to $4.7 million, driven by a 32% reduction in operating expenses Q4 2023 Key Financial Metrics (vs. Q4 2022) | Metric | Q4 2023 (in millions) | Q4 2022 (in millions) | Change | | :--- | :--- | :--- | :--- | | Revenue | $14.8 | $14.5 | +2.1% | | Gross Profit | $6.7 | $1.4 | +378.6% | | Net Loss | $(4.7) | $(14.5) | Improved by 67.4% | | Adjusted Free Cash Flow | $(2.4) | $(8.8) | Improved by 72.7% | | Adjusted EBITDA | $(3.4) | $(13.6) | Improved by 75.0% | - Total advertising, marketing, general, and administrative expenses were reduced by **32%** year-over-year to **$11.4 million**[5](index=5&type=chunk) - The company ended the quarter with a cash and restricted cash balance of **$38.2 million** and no debt[5](index=5&type=chunk) [Full Year 2023 Financial Results](index=1&type=section&id=Full%20Year%202023%20Financial%20Results) Full year 2023 revenue decreased to $56.9 million, but net loss reduced to $48.9 million (including a $19.0 million content impairment), with Adjusted Free Cash Flow significantly improving Full Year 2023 Key Financial Metrics (vs. 2022) | Metric | FY 2023 (in millions) | FY 2022 (in millions) | Change | | :--- | :--- | :--- | :--- | | Revenue | $56.9 | $78.0 | -27.1% | | Gross Profit | $21.3 | $26.5 | -19.6% | | Net Loss | $(48.9) | $(50.9) | Improved by 3.9% | | Adjusted Free Cash Flow | $(16.2) | $(39.7) | Improved by 59.2% | | Adjusted EBITDA | $(20.2) | $(44.3) | Improved by 54.4% | - Total advertising, marketing, general, and administrative expenses were reduced by **40%** year-over-year to **$46.8 million**[6](index=6&type=chunk) - The full-year net loss included a significant non-cash charge of **$19.0 million** related to the impairment of content assets[6](index=6&type=chunk) [Full Year 2023 Business Highlights](index=2&type=section&id=Full%20Year%202023%20Business%20Highlights) Throughout 2023, CuriosityStream focused on content enrichment and distribution, premiering original series, expanding its content library, and securing new licensing agreements - Premiered multiple original series and specials, including 'The Real Wild West', 'Connections with James Burke', and 'AI Tipping Point'[7](index=7&type=chunk) - Signed new licensing, Pay TV, and AVOD agreements with various partners[7](index=7&type=chunk) - Expanded content library by adding hundreds of titles in underserved and core genres like crime, aviation, history, and science[7](index=7&type=chunk) [Q1 2024 Financial Outlook](index=2&type=section&id=Q1%202024%20Financial%20Outlook) CuriosityStream provided guidance for the first quarter of 2024, projecting positive Adjusted Free Cash Flow and revenue between $11.5 million and $12.5 million Q1 2024 Guidance | Metric | Guidance Range (in millions) | | :--- | :--- | | Revenue | $11.5 - $12.5 | | Adjusted Free Cash Flow | $0.25 - $1.00 | [Financial Statements](index=5&type=section&id=Financial%20Statements) The consolidated financial statements detail the company's financial position and performance, reflecting decreased total assets and liabilities, lower revenue but a smaller net loss, and significantly reduced cash burn from operations [Consolidated Balance Sheets](index=5&type=section&id=Consolidated%20Balance%20Sheets) Selected Balance Sheet Data (as of Dec 31) | Account (in thousands) | 2023 | 2022 | | :--- | :--- | :--- | | Cash and cash equivalents | $37,715 | $40,007 | | Content assets, net | $44,943 | $68,502 | | **Total assets** | **$101,022** | **$154,113** | | Total current liabilities | $23,398 | $30,960 | | **Total liabilities** | **$28,376** | **$36,487** | | **Total stockholders' equity** | **$72,646** | **$117,626** | [Consolidated Statements of Operations](index=6&type=section&id=Consolidated%20Statements%20of%20Operations) Full Year Statement of Operations Highlights (Year ended Dec 31) | Account (in thousands) | 2023 | 2022 | | :--- | :--- | :--- | | Revenues | $56,889 | $78,043 | | Cost of revenues | $35,553 | $51,536 | | Impairment of content assets | $18,970 | $0 | | Operating loss | $(44,471) | $(55,284) | | **Net loss** | **$(48,896)** | **$(50,917)** | | **Net loss per share (Basic)** | **$(0.92)** | **$(0.96)** | [Consolidated Statements of Cash Flows](index=7&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Full Year Cash Flow Summary (Year ended Dec 31) | Activity (in thousands) | 2023 | 2022 | | :--- | :--- | :--- | | Net cash used in operating activities | $(16,172) | $(39,523) | | Net cash provided by investing activities | $14,003 | $62,701 | | Net cash used in financing activities | $(123) | $(218) | | **Net (decrease) increase in cash** | **$(2,292)** | **$22,960** | [Non-GAAP Financial Measures Reconciliation](index=8&type=section&id=Non-GAAP%20Financial%20Measures%20Reconciliation) The company provides reconciliations for Adjusted EBITDA and Adjusted Free Cash Flow, showing a reduced Adjusted EBITDA loss of $(20.2) million and improved Adjusted Free Cash Flow of $(16.2) million for full year 2023 [Reconciliation to Adjusted EBITDA](index=8&type=section&id=Reconciliation%20to%20Adjusted%20EBITDA) Reconciliation from Net Loss to Adjusted EBITDA (Year ended Dec 31) | Account (in thousands) | 2023 | 2022 | | :--- | :--- | :--- | | Net loss | $(48,896) | $(50,917) | | Adjustments (incl. impairments, stock comp, etc.) | $28,709 | $6,579 | | **Adjusted EBITDA** | **$(20,187)** | **$(44,338)** | [Reconciliation to Adjusted Free Cash Flow](index=9&type=section&id=Reconciliation%20to%20Adjusted%20Free%20Cash%20Flow) Reconciliation to Adjusted Free Cash Flow (Year ended Dec 31) | Account (in thousands) | 2023 | 2022 | | :--- | :--- | :--- | | Net cash flow used in operating activities | $(16,172) | $(39,523) | | Purchases of property and equipment | $(5) | $(130) | | **Adjusted Free Cash Flow** | **$(16,177)** | **$(39,653)** |

CuriosityStream Inc. (CURI) came out with a quarterly loss of $0.09 per share versus the Zacks Consensus Estimate of a loss of $0.17. This compares to loss of $0.28 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 47.06%. A quarter ago, it was expected that this company would post a loss of $0.15 per share when it actually produced a loss of $0.14, delivering a surprise of 6.67%.Over the last four quarters, the company has surp ...

SILVER SPRING, Md.--(BUSINESS WIRE)--Kidstream, with its unique and carefully curated selection of high-profile children’s shows, is the newest service to join Curiosity’s Smart Bundle. With a commitment to programming that’s safe, educational, and ad-free, Kidstream provides Smart Bundle families with thousands of hours of beloved shows to dive into as summer vacation approaches. Anchored by Curiosity Stream’s award-winning documentary films, series, and specials, the Smart Bundle offers seven streaming ...