Business
CuriosityStream Announces Third Quarter 2020 Financial Results
Third quarter 2020 revenue of $8.7 million, up 83% year-over-year Gross margin increases to 61% year-over-year from 59% in Q3 2019 Strengthens executive team
About this update from Curiositystream Inc.
[{"type":"text","content":"\n\nThird quarter 2020 revenue of $8.7 million, up 83% year-over-year\n\n\nGross margin increases to 61% year-over-year from 59% in Q3 2019\n\n\nStrengthens executive team with key industry veterans \n\n\n SILVER SPRING, Md.--(BUSINESS WIRE)--\nCuriosityStream Inc. (NASDAQ: CURI), a global factual entertainment company, today announced its financial results for the third quarter ending September 30, 2020.\n\n“We had a strong third quarter, with an 83% year-over-year increase in revenue and growth across all lines of business. Our subscribers more than doubled year over year, with notable increases in annual plans and international subscriptions, as we continued to offer fresh and unique original content every week,” said Clint Stinchcomb, President & CEO. “We continue to be on a three-year trajectory of doubling annual revenue with large recurring revenues and high gross margins as we drive growth across the entire business.”\n\nThird Quarter 2020 Financial Results\n\n\nRevenue of $8.7 million, up from $4.8 million in the third quarter of 2019;\n\n\nTotal paying subscribers of approximately 13 million, up 108% year-over-year;\n\n\nGross margin increased 200 basis points year-over-year to 61%;\n\n\nOperating loss was $(6.8) million compared to operating loss of $(10.1) million in the third quarter of 2019;\n\n\nEBITDA was $(6.7) million compared to EBITDA of $(10.0) million in the third quarter of 2019;\n\n\nGAAP net loss was $(6.7) million and GAAP basic and diluted net loss per share was $(0.56);\n\n\nSources of cash totaled $23.3 million as of September 30, 2020.\n\n\nBusiness Highlights\n\n\nClosed business combination with Software Acquisition Group, Inc. (NASDAQ: SAQN) and began trading on the NASDAQ exchange under ticker symbol “CURI” on October 15, 2020, becoming the first streaming media company devoted to factual entertainment to go public;\n\n\nNamed international media executive Bakori Davis to the newly created position of Managing Director and Head of International Distribution;\n\n\nNamed industry veteran Nate Stamos VP of Brand Partnerships;\n\n\nAppointed entertainment and cable industry pioneer Matthew Blank, former Chairman and CEO of Showtime Networks, Inc., to CuriosityStream’s Board of Directors;\n\n\nAnnounced several brand-defining original series including MY WILD BACKYARD, the third season of 4th AND FOR...