Curiosity(US:CURI)2025-11-13 21:52Financial Performance - For the three months ended September 30, 2025, total revenues were $18.4 million, compared to $12.6 million for the same period in 2024, representing a year-over-year increase of 46%[57]. - Revenues for the three months ended September 30, 2025, were $18,359,000, a 46.0% increase from $12,604,000 in 2024; for the nine months ended September 30, 2025, revenues were $52,461,000, up 41.7% from $37,000,000 in 2024[92]. - The Company recognized $10.1 million in revenues for the nine months ended September 30, 2025, related to amounts deferred as of December 31, 2024[60]. - Direct-to-Consumer revenue for the three months ended September 30, 2025, was $5.7 million, accounting for 31% of total revenue, down from 62% in the same period of 2024[57]. - Revenue from the United States accounted for 84% of total revenue in Q3 2025, up from 60% in Q3 2024; for the nine months ended September 30, 2025, it was 78%, compared to 61% in 2024[92]. Cash and Investments - The company's cash and cash equivalents increased to $14,108,000 as of September 30, 2025, compared to $7,826,000 as of December 31, 2024, representing an increase of 80.5%[49]. - The total investments in debt securities amounted to $28,490,000 as of September 30, 2025, with Level 1 securities valued at $12,086,000 and Level 2 securities at $16,404,000[49]. - The company recorded restricted cash of $60,000 as of September 30, 2025, down from $125,000 as of December 31, 2024[49]. - The fair value of Private Placement Warrants was reported as $0 as of September 30, 2025, down from $88,000 as of December 31, 2024[56]. - The stock price of the Company was $5.30 as of September 30, 2025, compared to $1.53 as of December 31, 2024, reflecting a significant increase[74]. Losses and Expenses - The Company reported a net loss of $3.744 million for the three months ended September 30, 2025, compared to a net loss of $3.062 million for the same period in 2024[76]. - Operating loss for the three months ended September 30, 2025, was $(4,491,000), compared to $(3,252,000) in 2024; for the nine months ended September 30, 2025, the operating loss was $(3,932,000), an improvement from $(9,455,000) in 2024[92]. - The Company recognized $6.977 million in stock-based compensation expense related to RSUs for the three months ended September 30, 2025, compared to $2.720 million in 2024[89]. - Accrued expenses and other liabilities increased to $12.3 million as of September 30, 2025, from $7.0 million as of December 31, 2024[55]. Content and Assets - As of September 30, 2025, total content assets amounted to $28.1 million, a decrease from $31.5 million as of December 31, 2024[52]. - Content amortization for the three months ended September 30, 2025, was $3.6 million, compared to $4.6 million for the same period in 2024[54]. - Content obligations amounted to $0.4 million as of September 30, 2025, with $0.1 million recorded within content liabilities[100]. Future Expectations and Commitments - The Company expects to recognize $3.1 million in future revenues related to unsatisfied performance obligations as of September 30, 2025[58]. - Future advertising commitments totaled $1.8 million as of September 30, 2025, expected to be paid in Q1 2026[103]. - The Company expects to no longer qualify as an emerging growth company after December 31, 2025, which will affect its accounting pronouncements adoption timeline[36]. - The company anticipates that the adoption of ASU 2023-09 will not have a material impact on its consolidated financial statement disclosures[37]. - The company is currently evaluating the impact of adopting ASU 2024-03, which requires additional disclosures about specific expense categories[38]. Shareholder Actions - The Board declared a quarterly cash dividend of $0.08 per share, totaling approximately $4.7 million, to be paid on December 19, 2025[107]. - The Company had repurchased 216,000 shares of its common stock at an average price of $1.16 per share, totaling $0.3 million[68]. - The total number of outstanding warrants as of September 30, 2025, was 6,730,000, with no exercises during the three and nine months ended[72]. - The Company had 4,410,000 RSUs outstanding as of September 30, 2025, compared to 2,864,000 in 2024[78]. - The Company had an unrecognized compensation cost of $9.0 million expected to be recognized over approximately five to six months as of September 30, 2025[81].