CuriosityStream Announces First Quarter 2023 Financial Results

About this update from Curiositystream Inc.

[{"type":"text","content":" SILVER SPRING, Md.--(BUSINESS WIRE)--\nCuriosityStream Inc. (NASDAQ: CURI), a global factual entertainment company, today announced its financial results for the first quarter ended March 31, 2023.\n\n\n“Our first quarter results reflect an improving financial trajectory and a solid foundation for future revenue growth. Due to our continued focus on operating efficiency and prudent expense management, we delivered Adjusted Free Cash Flow at the high end of our guidance range and a 53% improvement in Adjusted EBITDA from the fourth quarter,” said Clint Stinchcomb, President & CEO. “We are encouraged by the positive momentum we are seeing in the business, including our recently announced partnerships with global distribution partners, which bring CuriosityStream and One Day University to millions of additional paying subscribers on five continents across the globe. We believe that our direct subscriber base, content library, multi-year distribution agreements, strong cash position and lack of debt are favorable business and strategic attributes that provide us with exceptional flexibility. As such, we will continue to consider opportunities that we believe are in the best interests of our shareholders, including share repurchases, potential business combinations, and scale partnerships.”\n\n\nFirst Quarter 2023 Financial Results\n\n\n\nRevenue of $12.4 million, compared to $17.6 million in the first quarter of 2022;\n\n\n\nGross profit of $3.4 million, compared to $5.8 million in the first quarter of 2022;\n\n\n\nTotal advertising and marketing and general and administrative expenses of $11.2 million, a 56% year-over-year reduction;\n\n\n\nNet loss of $(7.8) million, compared to net loss of $(15.9) million in the first quarter of 2022;\n\n\n\nAdjusted EBITDA of $(6.4) million, compared to Adjusted EBITDA of $(17.5) million in the first quarter of 2022;\n\n\n\nAdjusted Free Cash Flow of $(6.3) million, compared to Adjusted Free Cash Flow of $(12.3) million in the first quarter of 2022; and\n\n\n\nCash and restricted cash balance of $49.2 million and no debt as of March 31, 2023.\n\n\n\nFirst Quarter 2023 Business Highlights\n\n\n\nAnnounced accelerated global subscriber expansion with recent launch partners including Amazon’s Prime Video Channels in India; Telstra- and Astro Malaysia-backed Fetch TV in Australia; the Netherlands’ ...

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