CuriosityStream Inc

NASDAQ:CURIUnited States

Net loss per share Basic $ (0.06) $ (0.50) $ (0.19) $ (0.83) Diluted $ (0.06) $ (0.50) $ (0.19) $ (0.83) Weighted average number of common shares outstanding Basic 54,850 53,040 53,920 52,999 Diluted 54,850 53,040 53,920 52,999 CuriosityStream Inc. Consolidated Statements of Cash Flows Nine Months Ended September 30, --------------------------------------- (unaudited and in thousands) 2024 2023 --------------------- ---------------- Cash flows from operating activities Net loss $ (10,128) $ (44,237) Adjustments to reconcile net loss to net cash used in operating activities Change in fair value of warrant liability 66 (183) Additions to content assets (3,412) (14,074) Change in content liabilities 92 (2,734) Amortization of content assets 14,470 17,707 Depreciation and amortization expenses 285 370 Impairment of content assets -- 18,970 Amortization of premiums and accretion of discounts associated with investments in debt securities, net (166) 26 Stock-based compensation 4,734 3,586 Equity method investment loss 2,175 5,092 Other non-cash items 359 362 Changes in operating assets and liabilities Accounts receivable 260 4,022 Other assets 1,096 1,737 Accounts payable (728) 903 Accrued expenses and other liabilities (658) (3,947) Deferred revenue (3,329) (1,230) ------------- ------------ Net cash provided by (used in) operating activities 5,116 (13,630) ------------- ------------ Cash flows from investing activities Purchases of property and equipment -- (5) Investment in equity method investees -- (992) Maturities of investments in debt securities -- 15,000 Purchases of investments in debt securities (29,968) -- ------------- ------------ Net cash (used in) provided by investing activities (29,968) 14,003 ------------- ------------ Cash flows from financing activities Repurchases of common stock (218) -- Dividends paid (2,676) -- Payments related to tax withholding (756) (76) ------------- ------------ Net cash used in financing activities (3,650) (76) ------------- ------------ Net increase in cash, cash equivalents and restricted cash (28,502) 297 Cash, cash equivalents and restricted cash, beginning of period 38,215 40,507 ------------- ------------ Cash, cash equivalents and restricted cash, end of period $ 9,713 $ 40,804 ============= ============ Supplemental disclosure: Cash paid for taxes $ 71 $ 144 Cash paid for operating leases $ 416 $ 360 CuriosityStream Inc. Reconciliation from Net Loss to Adjusted EBITDA Three Months Ended Nine Months Ended September 30, September 30, ------------------- ---------------------- (unaudited and in thousands) 2024 2023 2024 2023 -------- --------- --------- ----------- Net loss $(3,062) $(26,565) $(10,128) $(44,237) Change in fair value of warrant liability 36 (74) 66 (184) Interest and other (income) expense (538) (31) (1,702) (856) Provision for Income taxes 45 133 134 479 Equity method investment loss 267 2,638 2,175 5,092 Depreciation and amortization(1) 75 121 285 370 Restructuring(2) 3 -- 218 -- Impairment of content assets -- 18,970 -- 18,970 Other nonrecurring 47 -- 113 -- Stock-based compensation 2,720 897 4,734 3,586 ------ ------- ------- ------- Adjusted EBITDA $ (407) $ (3,911) $ (4,105) $(16,780) ====== ======= ======= ======= (1) These amounts do not include amortization of content assets. (2) Consists primarily of severance and workforce optimization expenses resulting from a 2024 reduction in force. CuriosityStream Inc. Reconciliation from Net Cash Flow used in Operating Activities to Adjusted Free Cash Flow Three Months Ended Nine Months Ended September 30, September 30, --------------------- ----------------------- (unaudited and in thousands) 2024 2023 2024 2023 ----------- -------- ---------- ----------- Net cash flow provided by (used in) operating activities $ 2,260 $(3,022) $ 5,116 $(13,630) Purchases of property and equipment -- -- -- (5) Restructuring payments(1) 142 -- 823 -- Other nonrecurring payments(2) 171 -- 281 -- ------- ------ ------ ------- Adjusted Free Cash Flow $ 2,573 $(3,022) $ 6,220 $(13,635) ======= ====== ====== ======= (1) Consists primarily of severance and workforce optimization payments resulting from 2023 and 2024 reductions in force. (2) Consists primarily of payments related to license fees and risk mitigation efforts.