Business
CuriosityStream Announces Second Quarter 2023 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 second quarter ended June 30, 2023.\n\n\n“Our second quarter results exceeded the midpoints of our guidance ranges as we returned the business to sequential revenue growth and delivered a third straight quarter of sequential Adjusted Free Cash Flow improvement,” said Clint Stinchcomb, President & CEO. “Looking ahead, we expect to continue our path toward positive Adjusted Free Cash Flow as we expand our content partnerships globally and as we continue to roll out our pricing increase to new direct subscribers and existing subscribers as they come up for renewal over the next year. Specifically, we entered into several new licensing relationships in the UK, Europe and the Middle East in the second quarter, demonstrating the global interest in Curiosity’s premium factual content. Further, we believe that our direct subscriber base, content library, multi-year partner agreements, strong cash position, public equity currency and lack of debt are uniquely favorable attributes that provide us with a firm foundation and exceptional flexibility.”\n\n\nSecond Quarter 2023 Financial Results\n\n\n\nRevenue of $14.1 million, compared to $22.3 million in the second quarter of 2022;\n\n\n\nGross profit of $4.2 million, compared to $9.4 million in the second quarter of 2022;\n\n\n\nTotal advertising and marketing and general and administrative expenses of $12.2 million, a 44% year-over-year reduction;\n\n\n\nNet loss of $(9.9) million, compared to net loss of $(16.0) million in the second quarter of 2022;\n\n\n\nNet cash used in operating activities of $(4.3) million, compared to net cash used in operating activities of $(5.9) million in the second quarter of 2022;\n\n\n\nAdjusted Free Cash Flow of $(4.3) million, compared to Adjusted Free Cash Flow of $(6.0) million in the second quarter of 2022;\n\n\n\nAdjusted EBITDA of $(6.5) million, compared to Adjusted EBITDA of $(10.6) million in the second quarter of 2022; and\n\n\n\nCash and restricted cash balance of $44.8 million and no debt as of June 30, 2023.\n\n\n\nSecond Quarter 2023 Business Highlights\n\n\n\nSigned new content licensing agreements with several partners during the quarter;\n\n\n\nEntered into new advertising and spo...