Business
CuriosityStream Reports Q2 2024 Earnings Results
Second Consecutive Quarter of Positive Net Cash from Operating Activities Achieved Our Highest Quarterly Adjusted Free Cash Flow of $2.5 Million Initiated
About this update from Curiositystream Inc.
[{"type":"text","content":"\n\nSecond Consecutive Quarter of Positive Net Cash from Operating Activities\n\n\n\nAchieved Our Highest Quarterly Adjusted Free Cash Flow of $2.5 Million\n\n\n\nInitiated Share Repurchase Program for up to $4 Million\n\n\n\nDeclared $0.025 Per Share Dividend\n\n\n\n SILVER SPRING, Md.--(BUSINESS WIRE)--\nCuriosityStream Inc. (NASDAQ: CURI), a global factual entertainment company, today announced its financial results for the quarter ended June 30, 2024. In addition, the Company’s Board of Directors declared a quarterly cash dividend of $0.025 per share, payable on October 31, 2024, to stockholders of record on October 12, 2024.\n\n\n\"Curiosity delivered excellent results in the second quarter. We generated $2.5 million in adjusted free cash flow, our seventh consecutive quarter of improvement and more than a 100% increase over Q1 2024, while growing sequential revenue,\" said Clint Stinchcomb, President & CEO. \"We increased our direct subscription revenue sequentially and year over year. We added several new traditional licensing partners as well as exciting and entirely new categories of licensing partners. In light of these accomplishments and our increased realization of operational efficiencies, we initiated our first ever share repurchase program. Looking forward, in addition to guiding to significant positive cash flow generation, we believe our dividend program which we are paying from surplus cash, our $40 million in cash and equivalents and no debt, and our extensive library underscore our positive trajectory for the remainder of 2024 and beyond.\"\n\n\nSecond Quarter 2024 Financial Results\n\n\n\nRevenue of $12.4 million, compared to $14.1 million in the second quarter of 2023;\n\n\n\nGross profit of $6.4 million, compared to $4.2 million in the second quarter of 2023;\n\n\n\nTotal advertising and marketing and general and administrative expenses of $8.9 million, compared to $12.2 million in the second quarter of 2023;\n\n\n\nNet loss of $2.0 million, compared to net loss of $9.6 million in the second quarter of 2023;\n\n\n\nAdjusted EBITDA loss of $1.0 million, compared to Adjusted EBITDA loss of $6.5 million in the second quarter of 2023;\n\n\n\nNet cash provided by operating activities of $2.9 million, compared to net cash used in operating activities of $10.6 million in the second quarter of 2023;\n\n\n\nAdjust...