Business
CuriosityStream Announces Fourth Quarter and Full Year 2022 Financial Results
SILVER SPRING, Md.--(BUSINESS WIRE)-- CuriosityStream Inc. (NASDAQ: CURI), a global factual entertainment company, today announced its financial results for
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 fourth quarter and fiscal year ended December 31, 2022.\n\n“We made excellent progress in our march toward positive free cash flow during the quarter, improving our Adjusted Free Cash Flow by more than $22 million year over year. Prioritizing business sustainability and profitability, we made some strategic decisions in our content licensing line of business that sacrificed significant quarterly revenue performance, but that enhance our long-term strength and optionality,” said Clint Stinchcomb, President & CEO. “In a time of rapid evolution in our industry that will determine who survives and thrives, we are confident in our strategy. We believe that our strong balance sheet, with more than $50 million of cash and investments and no debt, our new increased subscription pricing following extensive testing with millions of consumers, the run-off of considerable legacy spending obligations, our deep and globally appealing factual library, and several recent partner launches in Eastern Europe, India, Australia and Western Europe, put us in a powerful position in 2023.”\n\n“Separately, on March 27th, we increased our subscription pricing to $4.99 per month from $2.99 per month for new monthly subscribers and to $39.99 per year from $19.99 per year for new annual subscribers. We had long maintained our pricing despite the significant investments we have made to expand our content library and improve the user experience. We believe our new price points continue to represent exceptional value relative to other subscription services available in the market.”\n\nFourth Quarter 2022 Financial Results\n\n\nRevenue of $14.5 million, compared to $27.3 million in the fourth quarter of 2021;\n\n\nGross profit of $1.4 million, compared to $10.0 million in the fourth quarter of 2021;\n\n\nTotal advertising and marketing and general and administrative expenses of $16.7 million, a 40% year-over-year reduction;\n\n\nNet loss of $(14.5) million, compared to net loss of $(11.4) million in the fourth quarter of 2021;\n\n\nAdjusted EBITDA of $(13.6) million, compared to Adjusted EBITDA of $(16.3) million in the fourth quarter of 2021;\n\n\nAdjusted Free Cash Flow of $(8.8) million, compared t...