Financial Position - As of September 30, 2023, the Company reported cash and cash equivalents of $40.304 million, an increase from $40.007 million as of December 31, 2022[55]. - The Company’s cash and cash equivalents and restricted cash totaled $40.804 million as of September 30, 2023, compared to $40.507 million as of December 31, 2022[55]. - As of September 30, 2023, the fair value of the Company's total securities investments was $38,375,000, an increase from $17,724,000 as of December 31, 2022[56]. - The fair value of Private Placement Warrants decreased to $74,000 as of September 30, 2023, from $257,000 as of December 31, 2022[64]. - As of September 30, 2023, the Company had 3,054,203 publicly traded warrants and 3,676,000 private placement warrants outstanding[73]. - The fair value of the private placement warrant liability was estimated at $0.02 per warrant as of September 30, 2023, down from $0.07 per warrant at the end of 2022[77]. - As of September 30, 2023, the company had operating lease ROU assets of $3.4 million and total lease liabilities of $4.7 million[95]. Impairment and Investments - The Company recorded a $2.3 million impairment related to its investment in Nebula for the three months ended September 30, 2023, primarily due to the expected decrease in revenue share following the Nebula Non-Renewal[54]. - The carrying values for the Company's equity method investments as of September 30, 2023, totaled $6.666 million, down from $10.766 million as of December 31, 2022[43]. - The Company performed an impairment analysis on its content assets and determined that no impairment charges were required for its long-lived asset group as of September 30, 2023[31]. - The Company identified indicators of impairment related to its content assets during the three months ended September 30, 2023, prompting further analysis[29]. - The Company recorded a $19,000,000 impairment charge for content assets during the three months ended September 30, 2023, due to declining market conditions and subscriber growth forecasts[61]. - Total content assets decreased to $45,900,000 as of September 30, 2023, down from $68,502,000 as of December 31, 2022[58]. - The Company has not made further investments in Nebula during the three and nine months ended September 30, 2023, and the obligation to make additional purchases ended as of that date[50]. Revenue and Performance - Total revenues for the three months ended September 30, 2023, were $15,630,000, a decrease of 33.8% compared to $23,569,000 for the same period in 2022[65]. - Subscription revenues accounted for 47% of total revenues in Q3 2023, down from 38% in Q3 2022[65]. - Deferred revenues decreased to $13,700,000 as of September 30, 2023, from $14,900,000 as of December 31, 2022[67]. - The Company expects to recognize $9,492,000 in future revenues related to unsatisfied performance obligations as of September 30, 2023[66]. - For the three months ended September 30, 2023, total trade and barter revenues were $5,199,000, a decrease from $8,190,000 in the same period of 2022, representing a decline of approximately 36.3%[71]. - For the nine months ended September 30, 2023, total trade and barter revenues were $8,190,000, compared to $7,416,000 in 2022, indicating an increase of approximately 10.4%[71]. - The net loss for the three months ended September 30, 2023, was $26,565,000, compared to a net loss of $4,502,000 in the same period of 2022, reflecting a significant increase in losses[79]. - The net loss per share for the three months ended September 30, 2023, was $0.50, compared to $0.09 for the same period in 2022, indicating a deterioration in earnings performance[79]. - For the nine months ended September 30, 2023, total revenue was $42.11 million, down from $63.54 million in the same period of 2022, marking a decline of 33.7%[90]. - Revenue from the United States accounted for 57% of total revenue, amounting to $8.97 million, while international revenue totaled $6.66 million, representing 43% of total revenue[90]. - The company recognized $1.1 million in revenue related to license fees from the Spiegel Venture for the nine months ended September 30, 2023[91]. Costs and Expenses - The amortization of licensed content costs for Q3 2023 was $1,728,000, compared to $1,793,000 in Q3 2022[63]. - Operating lease costs for the three months ended September 30, 2023, were $133,000, slightly down from $139,000 in the same period of 2022[96]. - The company's content obligations as of September 30, 2023, amounted to $1.6 million, with $0.8 million expected to be paid by December 31, 2023[99]. - Future advertising commitments totaled $1.3 million, with expected payments of $0.5 million and $0.8 million during the three months ending December 31, 2023, and the year ending December 31, 2024, respectively[102]. - The company incurred $1.1 million and $3.4 million in cost of revenues related to revenue share from subscription sales for the three and nine months ended September 30, 2023, respectively[91]. Stock and Compensation - Stock-based compensation for the three months ended September 30, 2023, totaled $897,000, a decrease from $1,673,000 in the same period of 2022[88]. - The Company had 4,605,000 shares available for issuance under the 2020 Omnibus Plan as of September 30, 2023[82]. - The expected volatility for options granted was 92.00% as of September 30, 2023, compared to 77.00% at the end of 2022[77]. Operational Overview - The Company operates as one reporting segment, with financial information reviewed on an entity-wide basis for decision-making purposes[89]. - The Company began entering into trade and barter transactions in Q2 2023 to exchange content assets through licensing agreements[68].

Financial Position - As of June 30, 2023, the Company reported cash and cash equivalents of $44.337 million, an increase from $40.007 million as of December 31, 2022[51]. - The total carrying value of the Company's equity method investments decreased from $10.766 million as of December 31, 2022, to $9.303 million as of June 30, 2023[50]. - The Company has not received any dividends from its investments in Spiegel Venture and Nebula as of June 30, 2023[43][48]. - The Company’s investments in money market funds were valued at $43.333 million as of June 30, 2023, with no Level 2 securities reported[52]. - The Company recorded a Holdback Payment liability of $0.9 million related to its equity ownership in Spiegel Venture, which was paid in July 2023[44]. - The Company had $5.8 million in content obligations as of June 30, 2023, with $1.8 million included in current liabilities[93]. Impairment and Investments - The Company recorded a $2.0 million impairment related to its investment in Spiegel Venture during the three months ended June 30, 2023, reflecting a decline in fair value[49]. - The Company performed an impairment analysis on its equity method investments and determined that the fair value of its investment in Nebula exceeded its carrying value as of June 30, 2023, thus no impairment charge was required[49]. - The Company has a call option to acquire additional ownership in Spiegel Venture, which is exercisable based on specific conditions outlined in the Share Purchase Agreement[45]. - The fair value of Private Placement Warrants decreased to $0.04 per warrant as of June 30, 2023, down from $0.07 as of December 31, 2022[69]. - The company recognized a gain of $0.2 million related to the change in fair value of the Private Placement Warrants for the three months ended June 30, 2023[69]. Revenue and Performance - For the three months ended June 30, 2023, total revenues were $14.1 million, down 37% from $22.3 million in the same period of 2022[59]. - Subscription revenues from O&O Service for the three months ended June 30, 2023, were $6.4 million, representing 45% of total revenues, compared to $7.9 million and 35% in the prior year[59]. - The net loss for the three months ended June 30, 2023, was $9.9 million, an improvement from a net loss of $16.0 million in the same period of 2022[71]. - The company expects to recognize $3.6 million in revenue for the remainder of 2023 related to unsatisfied performance obligations as of June 30, 2023[60]. - Total deferred revenues were $13.6 million as of June 30, 2023, compared to $14.9 million at December 31, 2022[62]. - For the six months ended June 30, 2023, total revenue was $26.5 million, down from $40.0 million in 2022, indicating a decrease of 34%[82]. - The United States accounted for 56% of total revenue in Q2 2023, while international revenue was 44%, with the United Kingdom contributing 13%[82]. Costs and Expenses - Stock-based compensation for options was $771,000 for the three months ended June 30, 2023, compared to $946,000 in 2022, reflecting a decrease of 18.5%[80]. - The total operating lease cost for the three months ended June 30, 2023, was $117,000, compared to $152,000 in the same period of 2022, a decrease of 23%[89]. - The Company incurred $1.2 million in costs related to revenue share from subscription sales to Nebula for the three months ended June 30, 2023[83]. Shareholder Information - The weighted average shares outstanding for the three months ended June 30, 2023, were 53,006,000, compared to 52,775,000 in the same period of 2022[71]. - The Company exchanged 4.6 million outstanding stock options for 1.6 million new RSUs in July 2023, with a fair value of $0.99 per share at the time of the exchange[98].

Table of Contents 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 March 31, 2023 ☐ 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) Delaware 84-1797523 (State or other jur ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K For the transition period from to Commission File Number: 001-39139 CURIOSITYSTREAM INC. (Exact name of registrant as specified in its charter) Delaware 84-1797523 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification Number) 8484 Georgia Ave., Suite 700 Silver Spring, Maryland 20910 (Address of principal executive offices) (Zip Code) (301) 755-2050 (Registrant's telephone number, inclu ...