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CuriosityStream Announces Fourth Quarter and Full Year 2023 Financial Results and Initiation of Dividend Program
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, 2023. In addition, the Company’s Board of Directors declared a quarterly cash dividend of $0.025 per share, with the first dividend payable on April 30, 2024, to stockholders of record on April 12, 2024. With the initiation of a cash dividend program, CuriosityStream intends to pay regular quarterly dividends.\n\n\n“Our fourth quarter revenue results met our guidance range while adjusted free cash flow exceeded our guidance range, and we delivered sequential revenue growth in our Direct Business. We continued to decrease our cost base, as we achieved our fifth straight quarter of sequential adjusted free cash flow improvement,” said Clint Stinchcomb, President & CEO. “Looking forward, we will be guiding to positive adjusted free cash flow for the first quarter of 2024, and we believe the initiation of the dividend program, which will be paid from excess cash, underscores our positive outlook for cash flow in 2024.”\n\n\nFourth Quarter 2023 Financial Results\n\n\n\nRevenue of $14.8 million, compared to $14.5 million in the fourth quarter of 2022;\n\n\n\nGross profit of $6.7 million, compared to $1.4 million in the fourth quarter of 2022;\n\n\n\nTotal advertising and marketing and general and administrative expenses of $11.4 million, a 32% year-over-year reduction;\n\n\n\nNet loss of $4.7 million, compared to net loss of $14.5 million in the fourth quarter of 2022;\n\n\n\nNet cash used in operating activities of $2.5 million, compared to net cash used in operating activities of $8.8 million in the fourth quarter of 2022;\n\n\n\nAdjusted Free Cash Flow of $(2.4) million, compared to Adjusted Free Cash Flow of $(8.8) million in the fourth quarter of 2022;\n\n\n\nAdjusted EBITDA of $(3.4) million, compared to Adjusted EBITDA of $(13.6) million in the fourth quarter of 2022; and\n\n\n\nCash and restricted cash balance of $38.2 million and no debt as of December 31, 2023.\n\n\n\nFull Year 2023 Financial Results\n\n\n\nRevenue of $56.9 million, compared to $78.0 million in 2022;\n\n\n\nGross profit of $21.3 million, compared to $26.5 million in 2022;\n\n\n\nTotal advertising and marketing and general and administrative expenses...