CuriosityStream Reports First-Ever Positive Net Income for Q1 2025

• Revenue of $15.1 Million, Increased 26% YoY

• $5.4 million Improvement in Net Income YoY

• Dividend Program Increased 100% to $0.32 Annually

• Guiding Q2 Revenue to 30-37% Growth YoY

SILVER SPRING, Md.--(BUSINESS WIRE)-- CuriosityStream Inc. (NASDAQ: CURI), a global factual entertainment company, today announced its financial results for the quarter ended March 31, 2025. In addition, the Company’s Board of Directors raised its second quarter cash dividend to $0.08 per share, payable on June 20, 2025, to stockholders of record on June 6, 2025.

"We’re thrilled to begin 2025 with a quarter of historic milestones, achieving positive net income and EBITDA for the first time, 26% top-line revenue growth and a continued trajectory of positive adjusted free cash flow, which came in at the top end of our guidance,” said Clint Stinchcomb, President & CEO of CuriosityStream. "In light of our confidence in the future and our growth path, and in a continuing effort to reward our shareholders, we are doubling our quarterly dividend to $0.08 per share. We believe our substantial quantity and quality of premium factual video and data represents a corpus of content that is uniquely attractive to a notably broad set of licensors and consumers."

First Quarter 2025 Financial Results

• Revenue of $15.1 million, compared to $12.0 million in the first quarter of 2024;
• Gross profit of $8.0 million or 53.1%, compared to $5.3 million or 43.8% in the first quarter of 2024;
• Net income of $0.3 million, compared to net loss of $5.0 million in the first quarter of 2024;
• Adjusted EBITDA of $1.1 million, compared to Adjusted EBITDA loss of $2.8 million in the first quarter of 2024;
• Net cash provided by operating activities of $1.9 million, compared to net cash provided by operating activities of $0.7 million in the first quarter of 2024;
• Adjusted Free Cash Flow of $2.0 million, an improvement of $0.8 million compared to $1.2 million in the first quarter of 2024;
• Total advertising and marketing and general and administrative expenses of $7.9 million, an 11% year-over-year reduction; and
• Cash, restricted cash and held-to-maturity securities balance of $39.1 million and no debt as of March 31, 2025.

First Quarter 2025 Business Highlights

• Licensed several million short-form and long-form programs for both AI training and traditional media distribution;
• New Curiosity service launches across North and Latin America including Curiosity University as premium subscription on The Roku Channel;
• Secured rights to an additional 210,000+ hours of video and audio data across a wide range of genres, including feature film, scripted narrative, documentary, science, history, nature, technology, food, culture, economics, biography, lifestyle, reality, automotive, travel, fitness, dance, fashion and a wide range of sports and gaming content including adventure, extreme, team, mind and combat sports;
• Premiered multiple brand-definitional originals including season two of Deadly Science, and one-hour specials Economics Explained: The Rise and Fall of the USA? and Breakthrough: Asteroid Impact;
• Strengthened core offerings in science, history, nature and tech with additional premiers including Cleopatra: The Mystery of the Mummified Hand; FAST: The Celestial Eye; and Mysteries of the Bayeux Tapestry.

Financial Outlook

CuriosityStream expects the following for the second quarter of 2025:

• Revenue within the range of $16.0 million - $17.0 million
• Adjusted Free Cash Flow¹ within the range of $2.0 million - $3.0 million

¹ See Non-GAAP Financial Measures below.

Conference Call Information

CuriosityStream will host a Q&A conference call today to discuss the Company’s first quarter and full year 2025 results at 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time). A live audio webcast of the call will be available on the CuriosityStream Investor Relations website at https://investors.curiositystream.com. Participants may also dial-in toll free at (888) 510-2008 or International at (646) 960-0306 and reference conference ID# 3957505. An audio replay of the conference call will be available for two weeks following the call on the CuriosityStream Investor Relations website at https://investors.curiositystream.com.

Forward-Looking Statements

Certain statements in this press release may be considered “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 including, but not limited to, CuriosityStream’s expectations or predictions of future financial or business performance or conditions, consumers’ valuation of factual content, and the Company’s continued success. Forward-looking statements are inherently subject to risks, uncertainties and assumptions. Generally, statements that are not historical facts, including statements concerning possible or assumed future actions, business strategies, events or results of operations, are forward-looking statements. These statements may be preceded by, followed by or include the words “believes,” “estimates,” “expects,” “projects,” “forecasts,” “may,” “will,” “should,” “seeks,” “plans,” “scheduled,” “anticipates,” “predicts” or “intends” or similar expressions. Such forward-looking statements involve risks and uncertainties that may cause actual events, results or performance to differ materially from those indicated by such statements. Certain of these risks are identified and discussed under “Risk Factors” in CuriosityStream’s Annual Report on Form 10-K for the year ended December 31, 2024, that CuriosityStream filed with the Securities and Exchange Commission (the “SEC”) on March 25, 2025, and in CuriosityStream’s other SEC filings. These risk factors are important to consider in determining future results and should be reviewed in their entirety.

Forward-looking statements are based on the current belief of the management of CuriosityStream, based on currently available information, as to the outcome and timing of future events, and involve factors, risks, and uncertainties that may cause actual results in future periods to differ materially from such statements. However, there can be no assurance that the events, results or trends identified in these forward-looking statements will occur or be achieved. Forward-looking statements speak only as of the date they are made, and CuriosityStream is not under any obligation, and expressly disclaims any obligation to update, alter or otherwise revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law. Readers should carefully review the statements set forth in the reports that CuriosityStream has filed or will file from time to time with the SEC.

In addition to factors previously disclosed in CuriosityStream’s reports filed with the SEC and those identified elsewhere in this communication, the following factors, among others, could cause actual results to differ materially from forward-looking statements or historical performance: (i) risks related to CuriosityStream’s ability to maintain and develop new and existing revenue-generating relationships and partnerships or to significantly increase CuriosityStream's subscriber base and retain customers; (ii) the effects of pending and future legislation; (iii) risks of the internet, online commerce and media industry; (iv) the highly competitive nature of the internet, online commerce and media industry and CuriosityStream’s ability to compete therein; (v) litigation, complaints, and/or adverse publicity; and (vi) privacy and data protection laws, privacy or data breaches, or the loss of data.

Non-GAAP Financial Measures

To supplement our unaudited consolidated statement of operations, which is prepared in accordance with GAAP, we present Adjusted EBITDA and Adjusted Free Cash Flow in this press release. Our use of non-GAAP financial measures, such as Adjusted EBITDA and Adjusted Free Cash Flow, has limitations as an analytical tool, and these measures should not be considered in isolation or as a substitute for analysis of financial results as reported under GAAP.

The Company is not able to provide expectations of net cash generated from operating activities, the closest comparable GAAP measure to Adjusted Free Cash Flow (a non-GAAP measure), on a forward-looking basis. The Company is unable to predict without unreasonable costs and efforts the ultimate amounts of certain cash receipts and outlays because, in part, such items may have not yet occurred, are out of the Company’s control and/or cannot be reasonably predicted. These items are further described in the reconciliation tables and related descriptions below. Further, these items are uncertain, depend on various factors and could be material to the Company’s results computed in accordance with U.S. GAAP.

We use these non-GAAP financial measures in conjunction with financial measures prepared in accordance with GAAP for planning purposes, including in the preparation of our annual operating budget, as a measure of our core operating results and the effectiveness of our business strategy, and in evaluating our financial performance. These measures provide consistency and comparability with past financial performance, facilitate period-to-period comparisons of core operating results, and also facilitate comparisons with other peer companies, many of which use similar non-GAAP financial measures to supplement their GAAP results. In addition, Adjusted EBITDA and Adjusted Free Cash Flow are widely used by investors and securities analysts to measure a company’s operating performance. We exclude the following items from net income to calculate Adjusted EBITDA: interest and other income (expense), provision for income taxes, depreciation and non-content amortization, loss/(gain) on the change in fair value of our warrants, equity interests loss (gain), impairment of goodwill, intangible assets and content assets, restructuring charges and stock-based compensation. Adjusted Free Cash Flow is calculated as net cash flow used in operating activities less purchases of property and equipment, restructuring charges and nonrecurring license fees.

Investors are cautioned that there are material limitations associated with the use of non-GAAP financial measures as an analytical tool. In particular, (1) although depreciation and amortization expense are non-cash charges, the assets subject to depreciation and amortization may have to be replaced in the future, and Adjusted EBITDA does not reflect cash capital expenditure requirements for such replacements or for new capital expenditure requirements; (2) Adjusted EBITDA does not reflect: (a) changes in, or cash requirements for, our working capital needs; or (b) tax payments that may represent a reduction in cash available to us; and (3) Adjusted Free Cash Flow does not reflect: (a) our cash flow available for discretionary payments; (b) our future contractual commitments (such as any debt service requirements or dividend payments); (c) funds available for investment or other discretionary uses; (d) certain capital expenditure requirements; or (e) the total increase or decrease in our cash balances for the stated period. The non-GAAP financial measures we use may be different from non-GAAP financial measures used by other companies, limiting their usefulness for comparison purposes. We compensate for these limitations by providing specific information regarding the GAAP items excluded from these non-GAAP financial measures. A reconciliation of these non-GAAP financial measures has been provided in the financial statements tables included in this press release and investors are encouraged to review the reconciliation.

About CuriosityStream Inc.

CuriosityStream Inc. is the entertainment brand for people who want to know more. The global media company is home to award-winning original and curated factual films, shows, and series covering science, nature, history, technology, society, and lifestyle. With millions of subscribers worldwide and thousands of titles, the company operates the flagship Curiosity Stream SVOD service, available in more than 175 countries worldwide; Curiosity Channel, the linear television channel available via global distribution partners; Curiosity University, featuring talks from the best professors at the world's most renowned universities as well as courses, short and long-form videos, and podcasts; Curiosity Now, Curiosity Español, and other free, ad-supported channels; Curiosity Audio Network, with original content and podcasts; and Curiosity Studios, which oversees original programming. For more information, visit CuriosityStream.com.

CuriosityStream Inc. Condensed Consolidated Balance Sheets
(unaudited and in thousands)	March 31, 2025				December 31, 2024
Assets
Current assets
Cash and cash equivalents	$	9,183			$	7,826
Restricted cash		125				125
Short-term investments in debt and other securities		24,262				24,236
Accounts receivable, net		7,722				6,103
Other current assets		1,233				1,228
Total current assets		42,525				39,518
Investments in debt securities		5,485				7,463
Investments in equity method investees		3,697				3,848
Property and equipment, net		485				520
Content assets, net		29,826				31,511
Operating lease right-of-use assets		2,990				3,065
Other assets		244				257
Total assets	$	85,252			$	86,182
Liabilities and stockholders’ equity
Current liabilities
Content liabilities	$	6			$	282
Accounts payable		4,775				5,608
Accrued expenses and other liabilities		7,484				7,003
Deferred revenue		10,509				10,970
Total current liabilities		22,774				23,863
Warrant liability		96				88
Non-current operating lease liabilities		3,783				3,887
Other liabilities		483				496
Total liabilities		27,136				28,334
Commitments and contingencies (Note 12)
Stockholders’ equity
Common stock, $0.0001 par value – 125,000 shares authorized as of March 31, 2025, and December 31, 2024; 57,146 shares issued as of March 31, 2025 and 56,814 issued as of December 31, 2024, including 216 treasury shares; 56,598 shares outstanding as of December 31, 2024; 56,930 shares outstanding as of March 31, 2025.		5				5
Treasury stock		(251	)			(251	)
Additional paid-in capital		367,319				366,508
Accumulated deficit		(308,957	)			(308,414	)
Total stockholders’ equity		58,116				57,848
Total liabilities and stockholders’ equity	$	85,252			$	86,182

CuriosityStream Inc. Condensed Consolidated Statements of Operations
	Three Months Ended March 31,
(unaudited and in thousands except per share amounts)	2025				2024
Revenues	$	15,090			$	12,001
Operating expenses
Cost of revenues		7,080				6,748
Advertising and marketing		2,934				3,105
General and administrative		4,997				5,802
		15,011				15,655
Operating income (loss)		79				(3,654	)
Change in fair value of warrant liability		(7	)			(30	)
Interest and other income		426				439
Equity method investment loss		(151	)			(1,756	)
Income (loss) before income taxes		347				(5,001	)
Provision for income taxes		28				34
Net income (loss)	$	319			$	(5,035	)
Net income (loss) per share
Basic	$	0.01			$	(0.09	)
Diluted	$	0.01			$	(0.09	)
Weighted average number of common shares outstanding
Basic		57,132				53,301
Diluted		57,132				53,301

CuriosityStream Inc. Condensed Consolidated Statements of Cash Flows
	Three Months Ended March 31,
(unaudited and in thousands)	2025				2024
Cash flows from operating activities
Net income (loss)	$	319			$	(5,035	)
Adjustments to reconcile net income (loss) to net cash provided by operating activities
Change in fair value of warrant liability		8				30
Additions to content assets		(1,828	)			(426	)
Change in content liabilities		(276	)			(333	)
Amortization of content assets		3,513				5,215
Depreciation and amortization expenses		41				117
Amortization of premiums and accretion of discounts associated with investments in debt securities, net		(195	)			—
Stock-based compensation		863				689
Equity method investment loss		151				1,756
Other non-cash items		120				122
Changes in operating assets and liabilities
Accounts receivable		(1,619	)			(116	)
Other assets		3				502
Accounts payable		(757	)			(1,477	)
Accrued expenses and other liabilities		2,058				(419	)
Deferred revenue		(479	)			41
Net cash provided by operating activities		1,922				666
Cash flows from investing activities
Purchases of property and equipment		(77	)			—
Sales of investments in debt securities		1,000				—
Maturities of investments in debt securities		7,400				—
Purchases of investments in debt securities		(6,253	)			—
Net cash provided by investing activities		2,070				—
Cash flows from financing activities
Dividends paid		(2,277	)			—
Payments related to tax withholding		(358	)			(6	)
Net cash used in financing activities		(2,635	)			(6	)
Net increase in cash, cash equivalents and restricted cash		1,357				660
Cash, cash equivalents and restricted cash, beginning of period		7,951				38,215
Cash, cash equivalents and restricted cash, end of period	$	9,308			$	38,875
Supplemental disclosure:
Cash paid for taxes	$	2			$	(2	)
Cash paid for operating leases	$	141			$	138

CuriosityStream Inc. Reconciliation from Net Loss to Adjusted EBITDA
	Three Months Ended March 31,
(unaudited and in thousands)	2025				2024
Net Income (loss)	$	319			$	(5,035	)
Change in fair value of warrant liability		7				30
Interest and other (income) expense		(426	)			(439	)
Provision for Income taxes		28				34
Equity method investment loss		151				1,756
Depreciation and amortization1		41				117
Restructuring2		25				—
Other nonrecurring		93				—
Stock-based compensation		863				689
Adjusted EBITDA	$	1,102			$	(2,848	)
1 These amounts do not include amortization of content assets.
2 Consists primarily of severance and workforce optimization expenses resulting from a 2025 reduction in force.

CuriosityStream Inc. Reconciliation from Net Cash Flow used in Operating Activities to Adjusted Free Cash Flow
	Three Months Ended March 31,
(In thousands)	2025			2024
Net cash flow used in operating activities	$	1,922		$	666
Restructuring payments1		45			435
Other nonrecurring payments2		38			85
Adjusted Free Cash Flow	$	2,005		$	1,186
1 Consists primarily of severance and workforce optimization payments resulting from 2024 and 2025 reductions in force.
2 Consists primarily of payments related to risk mitigation efforts.

 

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CuriosityStream Investor Relations

Brett Maas

IR@CuriosityStream.com

Source: CuriosityStream