Business
CuriosityStream Announces Third Quarter 2022 Financial Results
Third quarter 2022 revenue of $23.6 million, up 26% year over year and above the high end of our guidance range Reduced combined advertising, marketing and
About this update from Curiositystream Inc.
[{"type":"text","content":"\n\nThird quarter 2022 revenue of $23.6 million, up 26% year over year and above the high end of our guidance range\n\n\nReduced combined advertising, marketing and G&A expenses by 34%, or $7.4 million, compared to the second quarter of 2022\n\n\nOperating loss of $4.4 million, compared to an operating loss of $8.2 million in the third quarter of 2021\n\n\nNet loss of $4.5 million compared to net income of $0.8 million in the third quarter of 2021\n\n\nEBITDA loss of $4.2 million, exceeding the high end of our guidance range by nearly $5 million\n\n\nRamps iHeartMedia partnership with One Day University podcasts now available from the #1 podcast publisher globally\n\n\nMaintains industry-leading direct subscriber retention\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 ended September 30, 2022.\n\n“We delivered another strong quarter, with revenue and EBITDA above our guidance ranges and the best quarterly EBITDA performance since becoming a public company, as we made clear progress towards our goal of becoming sustainably profitable,” said Clint Stinchcomb, President & CEO. “CuriosityStream remains the largest pure-play factual streaming service with a multifaceted revenue stack underpinned by a library of over 15,000 video and audio titles and industry-leading subscriber retention. We continue to maintain a solid balance sheet which positions us well for ongoing success.”\n\nThird Quarter 2022 Financial Results\n\n\nRevenue of $23.6 million, up from $18.7 million in the third quarter of 2021;\n\n\nGross profit of $10.0 million compared to $9.2 million in the third quarter of 2021;\n\n\nTotal advertising and marketing and general and administrative expenses of $14.4 million, a reduction of $7.4 million sequentially;\n\n\nNet loss of $(4.5) million compared to net income of $0.8 million in the third quarter of 2021;\n\n\nEBITDA of $(4.2) million compared to EBITDA of $(8.0) million in the third quarter of 2021; and\n\n\nCash, restricted cash and available-for-sale investments balance of $64.3 million and no debt as of September 30, 2022.\n\n\nThird Quarter 2022 Business Highlights\n\n\nLaunched 100 Days of Curiosity, a campaign to celebrate and revisit some of the best award-winning films, series...