Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION FORM 10-Q _____________________ (MARK ONE) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarter ended September 30, 2023 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 CURIOSITYSTREAM INC. (Exact Name of Registrant as Specified in Its Charter) ________________ ...

CuriosityStream Inc. (NASDAQ:CURI) Q3 2023 Earnings Conference Call November 9, 2023 5:00 PM ET Company Participants Denise Garcia - Investor Relations Clint Stinchcomb - Chief Executive Officer Peter Westley - Chief Financial Officer Conference Call Participants Tom Forte - D.A. Davidson Operator Hello, and welcome to the CuriosityStream Q3 2023 Earnings Call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session. [Opera ...

CuriosityStream Inc. (NASDAQ:CURI) Q2 2023 Earnings Conference Call August 14, 2023 5:00 PM ET Company Participants Denise Garcia - IR Clint Stinchcomb - CEO Peter Westley - CFO Conference Call Participants Laura Martin - Needham Peter Henderson - Bank of America Jim Goss - Barrington Research Sharanjit Cheema - D.A. Davidson Operator Good afternoon, and welcome to the CuriosityStream Second Quarter 2023 Earnings Call. My name is Briana, and I will be your conference operator today. Please note that this ca ...

Table of Contents Common Stock, par value $0.0001 CURI NASDAQ CURIW NASDAQ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 The accompanying notes are an integral part of these consolidated financial statements. CuriosityStream Inc. Consolidated Balance sheets (in thousands, except par value) | --- | --- | --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

CuriosityStream Inc. (NASDAQ:CURI) Q1 2023 Earnings Conference Call May 11, 2023 5:00 PM ET Company Participants Denise Garcia - Investor Relations Clint Stinchcomb - Chief Executive Officer Peter Westley - Chief Financial Officer Conference Call Participants Tom Forte - D.A. Davidson Laura Martin - Needham Peter Henderson - Bank of America Jim Goss - Barrington Operator Good afternoon, ladies and gentlemen. Welcome to the CuriosityStream First Quarter 2023 Earnings Conference Call. At this time, all partic ...

In accordance with the requirements of the Exchange Act, the registrant caused this Quarterly Report on Form 10-Q to be signed on its behalf by the undersigned, thereunto duly authorized. Date:May11,2023 | --- | --- | --- | |----------------|-----------------------------------------------------------------------------------------------------------------------|-------| | By: | CURIOSITYSTREAM INC. \n/s/ Clint Stinchcomb | | | Name: Title: | Clint Stinchcomb President and Chief Executive Officer (Principal Ex ...

Financial Data and Key Metrics Changes - The company reported fourth quarter revenue of $14.5 million, down from $27.3 million in the prior year quarter, primarily due to a $9.5 million reduction in content licensing revenues and a $2.2 million reduction in bundled distribution revenues [73][74][112] - Adjusted EBITDA loss improved year-over-year from a loss of $16.3 million to a loss of $13.6 million [111] - Adjusted free cash flow improved by $22.7 million year-over-year, from negative $31.5 million to negative $8.8 million [80][71] Business Line Data and Key Metrics Changes - Direct-to-consumer SVOD revenues grew 12% in the fourth quarter and 25% for the full year year-over-year [42] - The Smart Bundle achieved 32% subscriber growth this year, with expectations for higher percentages of new subscribers opting for the Smart Bundle in 2023 due to increased standard pricing [75][66] - Content licensing revenue was $3 million in the fourth quarter, down from $12.5 million in the prior year quarter, negatively impacted by Spiegel TV-related charges [107] Market Data and Key Metrics Changes - The company ended the year with over $55 million in cash and short-term investments and zero debt, exceeding its year-end target cash balance of $50 million [61] - The enterprise category grew 18% year-over-year to $1.4 million in the fourth quarter [77] - The company expects content amortization expense to decrease from approximately $39 million in 2022 to $25 million to $30 million in 2023 [113] Company Strategy and Development Direction - The company is focused on improving the economics of partnerships and vendor agreements, aiming for long-term value creation over short-term revenue opportunities [40][62] - A new pricing structure was implemented, increasing the standard service price to $39.99 per year and $4.99 per month for new subscribers, with expectations of a blended price increase of about 83% for new customers [63][134] - The company is transitioning to a performance-based customer acquisition marketing model, significantly reducing marketing commitments for 2023 [74][82] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the ability to drive accelerated subscription revenue growth and profitability through the new pricing structure and performance-based marketing [42] - The macro environment, while challenging, has presented new opportunities for partnerships and strategic growth, particularly in international markets [68][98] - The company is confident in its ability to achieve positive adjusted free cash flow in the near term and sustain long-term growth [60][71] Other Important Information - The company has made strategic decisions to exit certain low-margin licensing opportunities to focus on higher-value partnerships [117][121] - The company is actively engaged in discussions with distributors worldwide to sign new contracts for growth [108] - The company has a critical mass content library of over 15,000 programs, which is leveraged for subscriber retention and engagement [95] Q&A Session All Questions and Answers Question: Can you help us understand the impact of the parts of the business that you strategically decided to exit? - Management indicated that they passed on meaningful licensing opportunities to retain certain rights and pursue broader licensing rights, balancing immediate revenue against long-term potential [117] Question: How will the pricing increases play out for consumers? - New customers will see the new pricing immediately, while current monthly customers will transition over the next few months, and annual customers will transition over the next 11 to 12 months [134] Question: What is the outlook for content licensing revenue? - Management noted that content licensing revenue is expected to decline significantly as the company shifts focus to higher-margin opportunities and pulls back on zero-margin presales revenue [147]

Financial Performance - Revenue for the year ended December 31, 2022, was $78.0 million, with a net loss of $50.9 million[187]. - The company anticipates continuing net losses for the foreseeable future due to a limited operating history and various operational challenges[204]. - The company's revenue for the year ended December 31, 2022, was $78.0 million, with a net loss of $50.9 million[187]. Content and Acquisitions - The company has localized a large portion of its video library in ten different languages, featuring over 15,000 programs[180]. - Through acquisitions, the company expanded its content offerings, including over 500 lectures from One Day University and approximately 5,000 audio episodes from Learn25[181]. - CuriosityStream's content library features over 15,000 programs, including more than 9,500 original video and audio titles[180]. - The company acquired One Day University in 2021, adding over 500 lectures and approximately 5,000 audio episodes to its offerings[181]. Partnerships and Business Model - The company partnered with SPIEGEL TV to accelerate international expansion, taking a one-third stake in a German venture[182]. - The Partner Direct Business includes relationships with MVPDs and digital distributors, generating revenue through license fees for subscriptions[183]. - The Bundled MVPD Business offers long-cycle and recurring revenue potential, targeting hundreds of millions of paying subscribers globally[184]. - CuriosityStream's business model includes partnerships with MVPDs and vMVPDs, providing access to a broad scope of rights and potential recurring revenue[184]. - The company has 25 companies that purchased annual subscriptions at volume discounts as part of its Enterprise Business[185]. Employee and Operational Insights - The company had approximately 65 full-time employees as of December 31, 2022, down from an average of 78 in 2022 and 83 in 2021[192]. - The average number of full-time employees was approximately 78 in 2022, down from 83 in 2021[192]. - The company is focused on attracting and retaining effective employees as a critical factor for executing its growth strategy[192]. Risks and Challenges - The company faces risks related to competition, content licensing, and the accuracy of user metrics, which could adversely affect its operations[175]. - The company faces competition from larger competitors with greater resources, which may impact its market position[188]. - The company faces competition from established players with greater brand recognition and larger marketing budgets[188]. - The company has a risk of user churn, which could adversely affect revenues and overall business performance[204]. - User churn rates are a significant concern, as excessive churn could harm revenues and overall business performance[204]. - Competitive pressures from current and future competitors pose risks to the company's business and prospects[204]. - The company is subject to various privacy laws and regulations, which, if not complied with, could result in loss of customer confidence and ultimately loss of customers and advertisers[190]. - The company relies on various partners for service availability, and any failure in promotion by distributors could adversely affect revenue[204]. - The company may face unforeseen costs and liabilities associated with content acquisition and distribution[204]. - Changes in government regulations related to the internet may necessitate operational adjustments and could increase expenses[204]. - The company is subject to payment processing risks that could impact financial results[204]. - The COVID-19 pandemic has disrupted the business, increased costs, and may continue to impact operations and capital raising efforts[204]. Strategic Focus - The company emphasizes rapid innovation and long-term user engagement over short-term financial results, which may impact its business[175]. - The company aims to increase its subscriber base and hours while effectively marketing for online sponsorship[202]. - The company is exploring international and education market expansion plans, adjusting its business to address varying international markets[203]. - Certain growth strategies remain untested and unproven, adding uncertainty to future performance[204].

CuriosityStream, Inc. (NASDAQ:CURI) Q3 2022 Earnings Conference Call November 9, 2022 5:00 PM ET Company Participants Denise Garcia - Investor Relations Clint Stinchcomb - President & Chief Executive Officer Peter Westley - Chief Financial Officer Conference Call Participants Thomas Forte - D.A. Davidson & Co. Peter Henderson - Bank of America Operator Good afternoon, good evening. My name is Devin and I will be your conference operator for today. At this time, I would like to welcome everyone to the Curios ...

Table of Contents Title of each classTrading Symbol(s)Name of each exchange on which registered Common Stock, par value $0.0001 CURI NASDAQ Warrants, each exercisable for one share of Common Stock at an exercise price of $11.50 per share CURIW NASDAQ Emerging growth company ☒ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (MARK ONE) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarter ended September 30, 2022 ☐ TRANSITIO ...