x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 84-1797523 | |||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||||
Common Stock, par value $0.0001 | CURI | NASDAQ | ||||||||||||||
Warrants, each exercisable for one share of Common Stock at an exercise price of $11.50 per share | CURIW | NASDAQ |
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||||||||||||
Non-accelerated filer | ☒ | Smaller reporting company | ☒ | |||||||||||||
Emerging growth company | ☒ |
CURIOSITYSTREAM INC.
TABLE OF CONTENTS
Page | ||||||||
Item 1. Financial Statements (unaudited) | ||||||||
i
June 30, 2023 | December 31, 2022 | |||||||
(unaudited) | ||||||||
Assets | ||||||||
Current assets | ||||||||
Cash and cash equivalents | $ | 44,337 | $ | 40,007 | ||||
Restricted cash | 500 | 500 | ||||||
Short-term investments in debt securities | — | 14,986 | ||||||
Accounts receivable | 9,087 | 10,899 | ||||||
Other current assets | 1,679 | 3,118 | ||||||
Total current assets | 55,603 | 69,510 | ||||||
Investments in equity method investees | 9,303 | 10,766 | ||||||
Property and equipment, net | 911 | 1,094 | ||||||
Content assets, net | 63,288 | 68,502 | ||||||
Operating lease right-of-use | 3,564 | 3,702 | ||||||
Other assets | 448 | 539 | ||||||
Total assets | $ | 133,117 | $ | 154,113 | ||||
Liabilities and stockholders’ equity (deficit) | ||||||||
Current liabilities | ||||||||
Content liabilities | $ | 1,750 | $ | 2,862 | ||||
Accounts payable | 6,407 | 6,065 | ||||||
Accrued expenses and other liabilities | 4,173 | 7,752 | ||||||
Deferred revenue | 12,876 | 14,281 | ||||||
Total current liabilities | 25,206 | 30,960 | ||||||
Warrant liability | 147 | 257 | ||||||
Non-current operating lease liabilities | 4,470 | 4,648 | ||||||
Other liabilities | 668 | 622 | ||||||
Total liabilities | 30,491 | 36,487 | ||||||
Stockholders’ equity (deficit) | ||||||||
Common stock, $0.0001 par value – 125,000 shares authorized as of June 30, 2023 and December 31, 2022; 53,026 shares issued and outstanding as of June 30, 2023; 52,853 issued and outstanding as of December 31, 2022 | 5 | 5 | ||||||
Additional paid-in capital | 361,392 | 358,760 | ||||||
Accumulated other comprehensive loss | — | (40 | ) | |||||
Accumulated deficit | (258,771 | ) | (241,099 | ) | ||||
Total stockholders’ equity (deficit) | 102,626 | 117,626 | ||||||
Total liabilities and stockholders’ equity (deficit) | $ | 133,117 | $ | 154,113 | ||||
For the three months ended June 30, | For the six months ended June 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Revenues | $ | 14,097 | $ | 22,348 | $ | 26,484 | $ | 39,975 | ||||||||
Operating expenses | ||||||||||||||||
Cost of revenues | 9,933 | 12,988 | 18,934 | 24,838 | ||||||||||||
Advertising and marketing | 4,203 | 11,208 | 7,318 | 25,976 | ||||||||||||
General and administrative | 7,980 | 10,603 | 16,039 | 21,106 | ||||||||||||
Impairment of goodwill and intangible assets | — | 3,603 | — | 3,603 | ||||||||||||
22,116 | 38,402 | 42,291 | 75,523 | |||||||||||||
Operating loss | (8,019 | ) | (16,054 | ) | (15,807 | ) | (35,548 | ) | ||||||||
Change in fair value of warrant liability | 184 | 478 | 110 | 4,338 | ||||||||||||
Interest and other income (expense) | 437 | (29 | ) | 825 | (86 | ) | ||||||||||
Equity method investment loss | (2,235 | ) | (316 | ) | (2,454 | ) | (472 | ) | ||||||||
Loss before income taxes | (9,633 | ) | (15,921 | ) | (17,326 | ) | (31,768 | ) | ||||||||
Provision for income taxes | 288 | 56 | 346 | 101 | ||||||||||||
Net loss | $ | (9,921 | ) | $ | (15,977 | ) | $ | (17,672 | ) | $ | (31,869 | ) | ||||
Net loss per share | ||||||||||||||||
Basic | $ | (0.19 | ) | $ | (0.30 | ) | $ | (0.33 | ) | $ | (0.60 | ) | ||||
Diluted | $ | (0.19 | ) | $ | (0.30 | ) | $ | (0.33 | ) | $ | (0.60 | ) | ||||
Weighted average number of common shares outstanding | ||||||||||||||||
Basic | 53,006 | 52,775 | 52,978 | 52,762 | ||||||||||||
Diluted | 53,006 | 52,775 | 52,978 | 52,762 |
(In thousands, except par value) | March 31, 2024 | December 31, 2023 | |||||||||
(Unaudited) | |||||||||||
Assets | |||||||||||
Current assets | |||||||||||
Cash and cash equivalents | $ | 38,750 | $ | 37,715 | |||||||
Restricted cash | 125 | 500 | |||||||||
Accounts receivable | 4,876 | 4,760 | |||||||||
Other current assets | 1,831 | 2,315 | |||||||||
Total current assets | 45,582 | 45,290 | |||||||||
Investments in equity method investees | 4,598 | 6,354 | |||||||||
Property and equipment, net | 639 | 727 | |||||||||
Content assets, net | 40,154 | 44,943 | |||||||||
Operating lease right-of-use assets | 3,279 | 3,350 | |||||||||
Other assets | 311 | 358 | |||||||||
Total assets | $ | 94,563 | $ | 101,022 | |||||||
Liabilities and stockholders’ equity | |||||||||||
Current liabilities | |||||||||||
Content liabilities | $ | 74 | $ | 407 | |||||||
Accounts payable | 3,288 | 4,765 | |||||||||
Accrued expenses and other liabilities | 4,766 | 3,705 | |||||||||
Deferred revenue | 14,651 | 14,521 | |||||||||
Total current liabilities | 22,779 | 23,398 | |||||||||
Warrant liability | 74 | 44 | |||||||||
Non-current operating lease liabilities | 4,187 | 4,283 | |||||||||
Other liabilities | 562 | 651 | |||||||||
Total liabilities | 27,602 | 28,376 | |||||||||
Stockholders’ equity | |||||||||||
Common stock, $0.0001 par value – 125,000 shares authorized as of March 31, 2024, and December 31, 2023; 53,306 shares issued and outstanding as of March 31, 2024; 53,286 issued and outstanding as of December 31, 2023 | 5 | 5 | |||||||||
Additional paid-in capital | 363,319 | 362,636 | |||||||||
Accumulated other comprehensive loss | — | — | |||||||||
Accumulated deficit | (296,363) | (289,995) | |||||||||
Total stockholders’ equity | 66,961 | 72,646 | |||||||||
Total liabilities and stockholders’ equity | $ | 94,563 | $ | 101,022 |
Three Months Ended March 31, | |||||||||||||||||||||||
(Unaudited and in thousands except per share amounts) | 2024 | 2023 | |||||||||||||||||||||
Revenues | $ | 12,001 | $ | 12,387 | |||||||||||||||||||
Operating expenses | |||||||||||||||||||||||
Cost of revenues | 6,748 | 9,001 | |||||||||||||||||||||
Advertising and marketing | 3,105 | 3,115 | |||||||||||||||||||||
General and administrative | 5,802 | 8,059 | |||||||||||||||||||||
15,655 | 20,175 | ||||||||||||||||||||||
Operating loss | (3,654) | (7,788) | |||||||||||||||||||||
Change in fair value of warrant liability | (30) | (74) | |||||||||||||||||||||
Interest and other income (expense) | 439 | 388 | |||||||||||||||||||||
Equity method investment loss | (1,756) | (219) | |||||||||||||||||||||
Loss before income taxes | (5,001) | (7,693) | |||||||||||||||||||||
Provision for income taxes | 34 | 58 | |||||||||||||||||||||
Net loss | $ | (5,035) | $ | (7,751) | |||||||||||||||||||
Net loss per share | |||||||||||||||||||||||
Basic | $ | (0.09) | $ | (0.15) | |||||||||||||||||||
Diluted | $ | (0.09) | $ | (0.15) | |||||||||||||||||||
Weighted average number of common shares outstanding | |||||||||||||||||||||||
Basic | 53,301 | 52,950 | |||||||||||||||||||||
Diluted | 53,301 | 52,950 |
For the three months ended June 30, | For the six months ended June 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Net loss | $ | (9,921 | ) | $ | (15,977 | ) | $ | (17,672 | ) | $ | (31,869 | ) | ||||
Other comprehensive income (loss) | ||||||||||||||||
Unrealized gain (loss) on available for sale securities | — | 3 | 40 | (230 | ) | |||||||||||
Total comprehensive loss | $ | (9,921 | ) | $ | (15,974 | ) | $ | (17,632 | ) | $ | (32,099 | ) | ||||
Three Months Ended March 31, | |||||||||||||||||||||||
(Unaudited and in thousands) | 2024 | 2023 | |||||||||||||||||||||
Net loss | $ | (5,035) | $ | (7,751) | |||||||||||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||
Unrealized gain on available for sale securities | — | 40 | |||||||||||||||||||||
Total comprehensive loss | $ | (5,035) | $ | (7,711) |
(Unaudited and in thousands) | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficit | Total Stockholders’ Equity | ||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2022 | 52,853 | $ | 5 | $ | 358,760 | $ | (40) | $ | (241,099) | $ | 117,626 | ||||||||||||||||||||||||||||||||||||
Net loss | — | — | (7,751) | (7,751) | |||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation, net | 108 | — | 1,242 | — | — | 1,242 | |||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | 40 | — | 40 | |||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2023 | 52,961 | $ | 5 | $ | 360,002 | $ | — | $ | (248,850) | $ | 111,157 | ||||||||||||||||||||||||||||||||||||
Balance at December 31, 2023 | 53,287 | $ | 5 | $ | 362,636 | $ | — | $ | (289,995) | $ | 72,646 | ||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | (5,035) | (5,035) | |||||||||||||||||||||||||||||||||||||||||
Dividends declared | — | — | — | — | (1,333) | (1,333) | |||||||||||||||||||||||||||||||||||||||||
Stock-based compensation, net | 19 | — | 683 | — | — | 683 | |||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2024 | 53,306 | $ | 5 | $ | 363,319 | $ | — | $ | (296,363) | $ | 66,961 | ||||||||||||||||||||||||||||||||||||
Common Stock | Preferred Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficit | Total Stockholders’ Equity (Deficit) | |||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||
Balance at March 31, 2023 | 52,961 | $ | 5 | — | $ | — | $ | 360,002 | $ | — | $ | (248,850 | ) | $ | 111,157 | |||||||||||||||||
Net loss | — | — | — | — | — | — | (9,921 | ) | (9,921 | ) | ||||||||||||||||||||||
Stock-based compensation, net | 66 | — | — | — | 1,390 | — | — | 1,390 | ||||||||||||||||||||||||
Balance at June 30, 2023 | 53,026 | $ | 5 | — | $ | — | $ | 361,392 | $ | — | $ | (258,771 | ) | $ | 102,626 | |||||||||||||||||
Balance at December 31, 2022 | 52,853 | $ | 5 | — | $ | — | $ | 358,760 | $ | (40 | ) | $ | (241,099 | ) | $ | 117,626 | ||||||||||||||||
Net loss | — | — | — | — | — | — | (17,672 | ) | (17,672 | ) | ||||||||||||||||||||||
Stock-based compensation, net | 173 | — | — | — | 2,632 | — | — | 2,632 | ||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | 40 | — | 40 | ||||||||||||||||||||||||
Balance at June 30, 2023 | 53,026 | $ | 5 | — | $ | — | $ | 361,392 | $ | — | $ | (258,771 | ) | $ | 102,626 | |||||||||||||||||
Balance at March 31, 2022 | 52,767 | $ | 5 | — | $ | — | $ | 353,985 | $ | (455 | ) | $ | (206,074 | ) | $ | 147,461 | ||||||||||||||||
Net loss | — | — | — | — | — | — | (15,977 | ) | (15,977 | ) | ||||||||||||||||||||||
Stock-based compensation, net | 19 | — | — | — | 1,570 | — | — | 1,570 | ||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | 3 | — | 3 | ||||||||||||||||||||||||
Balance at June 30, 2022 | 52,786 | $ | 5 | — | $ | — | $ | 355,555 | $ | (452 | ) | $ | (222,051 | ) | $ | 133,057 | ||||||||||||||||
Balance at December 31, 2021 | 52,677 | $ | 5 | — | $ | — | $ | 352,334 | $ | (222 | ) | $ | (190,182 | ) | $ | 161,935 | ||||||||||||||||
Net loss | — | — | — | — | — | — | (31,869 | ) | (31,869 | ) | ||||||||||||||||||||||
Stock-based compensation, net | 109 | — | — | — | 3,221 | — | — | 3,221 | ||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | (230 | ) | — | (230 | ) | ||||||||||||||||||||||
Balance at June 30, 2022 | 52,786 | $ | 5 | — | $ | — | $ | 355,555 | $ | (452 | ) | $ | (222,051 | ) | $ | 133,057 | ||||||||||||||||
Three Months Ended March 31, | |||||||||||
(Unaudited and in thousands) | 2024 | 2023 | |||||||||
Cash flows from operating activities | |||||||||||
Net loss | $ | (5,035) | $ | (7,751) | |||||||
Adjustments to reconcile net loss to net cash provided by (used in) operating activities | |||||||||||
Change in fair value of warrant liability | 30 | 74 | |||||||||
Additions to content assets | (426) | (3,723) | |||||||||
Change in content liabilities | (333) | (1,206) | |||||||||
Amortization of content assets | 5,215 | 5,852 | |||||||||
Depreciation and amortization expenses | 117 | 127 | |||||||||
Amortization of premiums and accretion of discounts associated with investments in debt securities, net | — | 26 | |||||||||
Stock-based compensation | 689 | 1,267 | |||||||||
Equity method investment loss | 1,756 | 219 | |||||||||
Other non-cash items | 122 | 121 | |||||||||
Changes in operating assets and liabilities | |||||||||||
Accounts receivable | (116) | 1,200 | |||||||||
Other assets | 502 | 944 | |||||||||
Accounts payable | (1,477) | 1,440 | |||||||||
Accrued expenses and other liabilities | (419) | (4,514) | |||||||||
Deferred revenue | 41 | (384) | |||||||||
Net cash provided by (used in) operating activities | 666 | (6,308) | |||||||||
Cash flows from investing activities | |||||||||||
Purchases of property and equipment | — | (5) | |||||||||
Maturities of investments in debt securities | — | 15,000 | |||||||||
Net cash provided by investing activities | — | 14,995 | |||||||||
Cash flows from financing activities | |||||||||||
Payments related to tax withholding | (6) | (26) | |||||||||
Net cash used in financing activities | (6) | (26) | |||||||||
Net increase in cash, cash equivalents and restricted cash | 660 | 8,661 | |||||||||
Cash, cash equivalents and restricted cash, beginning of period | 38,215 | 40,507 | |||||||||
Cash, cash equivalents and restricted cash, end of period | $ | 38,875 | $ | 49,168 | |||||||
Supplemental disclosure: | |||||||||||
Cash refund for taxes | $ | (2) | $ | — | |||||||
Cash paid for operating leases | $ | 138 | $ | 134 | |||||||
For the six months ended June 30, | ||||||||
2023 | 2022 | |||||||
Cash flows from operating activities | ||||||||
Net loss | $ | (17,672 | ) | $ | (31,869 | ) | ||
Adjustments to reconcile net loss to net cash used in operating activities | ||||||||
Change in fair value of warrant liability | (110 | ) | (4,338 | ) | ||||
Additions to content assets | (7,103 | ) | (25,303 | ) | ||||
Change in content liabilities | (1,112 | ) | (3,708 | ) | ||||
Amortization of content assets | 12,317 | 19,130 | ||||||
Depreciation and amortization expenses | 249 | 441 | ||||||
Impairment of goodwill and intangible assets | — | 3,603 | ||||||
Amortization of premiums and accretion of discounts associated with investments in debt securities, net | 26 | 758 | ||||||
Stock-based compensation | 2,689 | 3,382 | ||||||
Equity method investment loss | 2,454 | 472 | ||||||
Other non-cash items | 243 | 211 | ||||||
Changes in operating assets and liabilities | ||||||||
Accounts receivable | 1,812 | 11,893 | ||||||
Other assets | 1,464 | 4,040 | ||||||
Accounts payable | (645 | ) | 6,146 | |||||
Accrued expenses and other liabilities | (3,862 | ) | (2,850 | ) | ||||
Deferred revenue | (1,358 | ) | (157 | ) | ||||
Net cash used in operating activities | (10,608 | ) | (18,149 | ) | ||||
Cash flows from investing activities | ||||||||
Purchases of property and equipment | (5 | ) | (120 | ) | ||||
Investment in equity method investees | — | (1,625 | ) | |||||
Sales of investments in debt securities | — | 2,893 | ||||||
Maturities of investments in debt securities | 15,000 | 24,373 | ||||||
Purchases of investments in debt securities | — | (1,497 | ) | |||||
Net cash provided by investing activities | 14,995 | 24,024 | ||||||
Cash flows from financing activities | ||||||||
Payments related to tax withholding | (57 | ) | (161 | ) | ||||
Net cash used in financing activities | (57 | ) | (161 | ) | ||||
Net increase in cash, cash equivalents and restricted cash | 4,330 | 5,714 | ||||||
Cash, cash equivalents and restricted cash, beginning of period | 40,507 | 17,547 | ||||||
Cash, cash equivalents and restricted cash, end of period | $ | 44,837 | $ | 23,261 | ||||
Supplemental disclosure: | ||||||||
Cash paid for taxes | $ | 25 | $ | 398 | ||||
Cash paid for operating leases | $ | 269 | $ | 219 | ||||
Right-of-use | $ | — | $ | 3,965 |
(In thousands) | Spiegel Venture | Nebula | Total | ||||||||||||||
Balance at December 31, 2023 | $ | 1,736 | $ | 4,618 | $ | 6,354 | |||||||||||
Equity method investment loss | (1,519) | (237) | (1,756) | ||||||||||||||
Balance at March 31, 2024 | $ | 217 | $ | 4,381 | $ | 4,598 |
Spiegel Venture | Nebula | Total | ||||||||||
(in thousands) | ||||||||||||
Balance at December 31, 2022 | $ | 2,899 | $ | 7,867 | $ | 10,766 | ||||||
Investments in equity method investees | 992 | — | 992 | |||||||||
Equity method investment loss | (1,939 | ) | (516 | ) | (2,455 | ) | ||||||
Balance at June 30, 2023 | $ | 1,952 | $ | 7,351 | $ | 9,303 | ||||||
(In thousands) | March 31, 2024 | December 31, 2023 | |||||||||
Cash and cash equivalents | $ | 38,750 | $ | 37,715 | |||||||
Restricted cash1 | 125 | 500 | |||||||||
Cash and cash equivalents and restricted cash | $ | 38,875 | $ | 38,215 | |||||||
1 Restricted cash included cash deposits required by a bank as collateral related to corporate credit card agreements. |
June 30, 2023 | December 31, 2022 | |||||||
(in thousands) | ||||||||
Cash and cash equivalents | $ | 44,337 | $ | 40,007 | ||||
Restricted cash | 500 | 500 | ||||||
Cash and cash equivalents and restricted cash | $ | 44,837 | $ | 40,507 | ||||
As of June 30, 2023 | As of December 31, 2022 | |||||||||||||||||||||||
Cash and cash equivalents | Short-term investments | Total | Cash and cash equivalents | Short-term investments | Total | |||||||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||||||||||
Level 1 Securities | ||||||||||||||||||||||||
Money market funds | $ | 43,333 | $ | — | $ | 43,333 | $ | 17,724 | $ | — | $ | 17,724 | ||||||||||||
Total Level 1 Securities | $ | 43,333 | — | $ | 43,333 | $ | 17,724 | — | $ | 17,724 | ||||||||||||||
Level 2 Securities | ||||||||||||||||||||||||
Corporate debt securities | — | — | — | — | $ | 14,986 | $ | 14,986 | ||||||||||||||||
Total Level 2 Securities | — | — | — | — | $ | 14,986 | $ | 14,986 | ||||||||||||||||
Total | $ | 43,333 | — | $ | 43,333 | $ | 17,724 | $ | 14,986 | $ | 32,710 | |||||||||||||
(In thousands) | Cash and Cash Equivalents | ||||||||||||||||||||||||||||||||||
March 31, 2024 | December 31, 2023 | ||||||||||||||||||||||||||||||||||
Level 1 securities: | |||||||||||||||||||||||||||||||||||
Money market funds | $ | 36,544 | $ | 36,072 | |||||||||||||||||||||||||||||||
Total Level 1 securities | $ | 36,544 | $ | 36,072 | |||||||||||||||||||||||||||||||
As of December 31, 2022 | ||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | |||||||||||||
(in thousands) | ||||||||||||||||
Debt Securities: | ||||||||||||||||
Corporate | $ | 15,026 | — | $ | (40 | ) | $ | 14,986 | ||||||||
Total | $ | 15,026 | — | $ | (40 | ) | $ | 14,986 | ||||||||
As of | ||||||||
June 30, 2023 | December 31, 2022 | |||||||
(in thousands) | ||||||||
Licensed content, net | ||||||||
Released, less amortization | $ | 11,056 | $ | 11,154 | ||||
Prepaid and unreleased | 3,746 | 4,014 | ||||||
14,802 | 15,168 | |||||||
Produced content, net | ||||||||
Released, less amortization | 36,213 | 33,094 | ||||||
In production | 12,273 | 20,240 | ||||||
48,486 | 53,334 | |||||||
Total | $ | 63,288 | $ | 68,502 | ||||
(in thousands) | March 31, 2024 | December 31, 2023 | |||||||||
Licensed content, net: | |||||||||||
Released, less amortization and impairment1 | $ | 10,221 | $ | 8,271 | |||||||
Prepaid and unreleased | 4,966 | 8,357 | |||||||||
Total Licensed content, net | 15,187 | 16,628 | |||||||||
Produced content, net: | |||||||||||
Released, less amortization and impairment2 | 23,425 | 22,880 | |||||||||
In production | 1,542 | 5,435 | |||||||||
Total produced content, net | 24,967 | 28,315 | |||||||||
Total content assets | $ | 40,154 | $ | 44,943 | |||||||
Three Months Ended March 31, | |||||||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||
Licensed content | |||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||
(in thousands) | (in thousands) | ||||||||||||||||||||||||||
Licensed content | |||||||||||||||||||||||||||
Licensed content | $1804 | $1,798 | $3,749 | $4,797 | |||||||||||||||||||||||
Produced content | 4,662 | 8,293 | 8,569 | 14,333 | |||||||||||||||||||||||
Produced content | |||||||||||||||||||||||||||
Produced content | |||||||||||||||||||||||||||
Total | $6,466 | $10,091 | $12,318 | $19,130 | |||||||||||||||||||||||
Total | |||||||||||||||||||||||||||
Total |
(in thousands) | March 31, 2024 | December 31, 2023 | |||||||||
Private Placement Warrants | $ | 74 | $ | 44 | |||||||
As of June 30, 2023 | As of December 31, 2022 | |||||||
(in thousands) | ||||||||
Level 3 | ||||||||
Private Placement Warrants | $ | 147 | $ | 257 | ||||
Total Level 3 | $ | 147 | $ | 257 | ||||
Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | 2024 | 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Direct Business: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Direct-to-Consumer | 8,068 | 67 | % | 7,480 | 60 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Partner Direct Business | 1,462 | 12 | % | 1,102 | 9 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Direct Business | 9,530 | 79 | % | 8,582 | 69 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Content Licensing: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Library sales | 868 | 7 | % | 817 | 7 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Presales | 296 | 2 | % | 1,201 | 10 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Content Licensing | 1,164 | 10 | % | 2,018 | 16 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bundled Distribution | 1,142 | 10 | % | 1,416 | 11 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Enterprise | 68 | 1 | % | 97 | 1 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | 97 | 1 | % | 274 | 2 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total revenues | $ | 12,001 | $ | 12,387 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||||||||||||||||||
Subscriptions — O&O Service | $ | 6,421 | 45 | % | $ | 7,912 | 35 | % | $ | 13,064 | 49 | % | $ | 15,218 | 38 | % | ||||||||||||||||
Subscriptions — App Services | 849 | 6 | % | 1,010 | 5 | % | 1,726 | 7 | % | 2,058 | 5 | % | ||||||||||||||||||||
Subscriptions — Total | 7,270 | 52 | % | 8,922 | 40 | % | 14,790 | 56 | % | 17,276 | 43 | % | ||||||||||||||||||||
License Fees — Partner Direct Business | 1,081 | 8 | % | 1,191 | 5 | % | 2,184 | 8 | % | 2,334 | 6 | % | ||||||||||||||||||||
License Fees — Bundled Distribution | 1,509 | 11 | % | 3,888 | 17 | % | 2,983 | 12 | % | 7,655 | 19 | % | ||||||||||||||||||||
License Fees — Content Licensing | 3,615 | 26 | % | 6,655 | 30 | % | 5,633 | 21 | % | 10,904 | 27 | % | ||||||||||||||||||||
License Fees — Total | 6,205 | 44 | % | 11,734 | 52 | % | 10,800 | 41 | % | 20,893 | 52 | % | ||||||||||||||||||||
Other — Total (1) | 622 | 4 | % | 1,692 | 8 | % | 894 | 3 | % | 1,806 | 5 | % | ||||||||||||||||||||
Total Revenues | $ | 14,097 | $ | 22,348 | $ | 26,484 | $ | 39,975 | ||||||||||||||||||||||||
Remainder of Year Ending December 31, 2024 | Year Ended December 31, | ||||||||||||||||||||||||||||||||||
(in thousands) | 2025 | 2026 | 2027 | Thereafter | Total | ||||||||||||||||||||||||||||||
Remaining performance obligations | $ | 1,192 | $ | 613 | $ | 92 | $ | 46 | $ | 20 | $ | 1,963 |
Remainder of year ending December 31, 2023 | For the years ending December 31, | |||||||||||||||||||||||||||
2024 | 2025 | 2026 | 2027 | Thereafter | Total | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
Remaining Performance Obligations | $ | 3,591 | $ | 4,132 | $ | 2,121 | $ | 292 | $ | 32 | $ | 208 | $ | 10,376 |
March 31, 2024 | December 31, 2023 | ||||||||||
Exercise price | $ | 11.50 | $ | 11.50 | |||||||
Stock price (CURI) | $ | 1.07 | $ | 0.54 | |||||||
Expected volatility | 90.00 | % | 100.00 | % | |||||||
Expected warrant term (years) | 1.5 | 1.8 | |||||||||
Risk-free interest rate | 4.81 | % | 4.23 | % | |||||||
Dividend yield | 2.3 | % | 0 | % | |||||||
Fair Value per Private Placement Warrant | $ | 0.02 | $ | 0.01 |
As of June 30, 2023 | As of December 31, 2022 | |||||||
Exercise price | $ | 11.50 | $ | 11.50 | ||||
Stock price (CURI) | $ | 0.93 | $ | 1.14 | ||||
Expected volatility | 84.00 | % | 77.00 | % | ||||
Expected warrant term (years) | 2.3 | 2.8 | ||||||
Risk-free interest rate | 4.68 | % | 4.22 | % | ||||
Dividend yield | 0 | % | 0 | % | ||||
Fair Value per Private Placement Warrant | $ | 0.04 | $ | 0.07 |
Three months ended June 30, | Six months ended June 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
(in thousands) | (in thousands) | |||||||||||||||
Numerator — Basic and Diluted EPS: | ||||||||||||||||
Net loss | $ | (9,921 | ) | $ | (15,977 | ) | $ | (17,672 | ) | $ | (31,869 | ) | ||||
Denominator — Basic and Diluted EPS: | ||||||||||||||||
Weighted–average shares | 53,006 | 52,775 | 52,978 | 52,762 | ||||||||||||
Net loss per share — Basic and Diluted | $ | (0.19 | ) | $ | (0.30 | ) | $ | (0.33 | ) | $ | (0.60 | ) | ||||
(In thousands except per share amounts) | Three Months Ended March 31, | ||||||||||||||||||||||
2024 | 2023 | ||||||||||||||||||||||
Numerator — Basic and Diluted EPS: | |||||||||||||||||||||||
Net loss | $ | (5,035) | $ | (7,751) | |||||||||||||||||||
Denominator — Basic and Diluted EPS: | |||||||||||||||||||||||
Weighted–average shares | 53,301 | 52,950 | |||||||||||||||||||||
Net loss per share — Basic and Diluted | $ | (0.09) | $ | (0.15) |
Three months ended June 30, | Six months ended June 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
(in thousands) | (in thousands) | |||||||||||||||
Antidilutive shares excluded: | ||||||||||||||||
Options | 4,630 | 5,244 | 4,630 | 5,244 | ||||||||||||
Restricted stock units | 932 | 1,114 | 932 | 1,114 | ||||||||||||
Warrants | 6,730 | 6,730 | 6,730 | 6,730 | ||||||||||||
12,292 | 13,088 | 12,292 | 13,088 | |||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||
(in thousands) | 2024 | 2023 | |||||||||||||||||||||
Options | 31 | 4,630 | |||||||||||||||||||||
Restricted stock units | 2,478 | 1,030 | |||||||||||||||||||||
Warrants | 6,730 | 6,730 | |||||||||||||||||||||
Total | 9,239 | 12,390 |
Number of Shares Available for Issuance Under the Plan | Stock Options | Restricted Stock Units | |||||||||||||||||||||||||||
(in thousands except share price and fair value amounts) | Number of Shares | Weighted- Average Exercise Price | Number of Shares | Weighted- Average Grant Date Fair Value | |||||||||||||||||||||||||
Balance at December 31, 2023 | 4,762 | 32 | $ | 5.79 | 2,058 | $ | 2.57 | ||||||||||||||||||||||
Granted | (469) | — | — | 469 | 0.54 | ||||||||||||||||||||||||
RSUs vested | 12 | — | — | (31) | 12.98 | ||||||||||||||||||||||||
Forfeited or expired | 20 | (2) | 5.88 | (18) | 10.61 | ||||||||||||||||||||||||
Balance at March 31, 2024 | 4,325 | 31 | $ | 5.30 | 2,478 | $ | 1.95 |
Stock Options | Restricted Stock Units | |||||||||||||||||||
Number of Shares Available for Issuance Under the Plan | Number of Shares | Weighted- Average Exercise Price | Number of Shares | Weighted- Average Grant Date Fair Value | ||||||||||||||||
(in thousands, except per share data) | ||||||||||||||||||||
Balance at December 31, 2022 | 1,815 | 4,632 | $ | 7.13 | 759 | $ | 7.14 | |||||||||||||
Granted | (342 | ) | — | — | 342 | 1.41 | ||||||||||||||
Options exercised and RSUs vested | 52 | — | — | (144 | ) | 9.23 | ||||||||||||||
Forfeited or expired | 27 | (2 | ) | 5.88 | (25 | ) | 10.94 | |||||||||||||
Balance at June 30, 2023 | 1,552 | 4,630 | $ | 7.13 | 932 | $ | 4.86 | |||||||||||||
(stock-based compensation in thousands) | Three Months Ended March 31, | ||||||||||||||||||||||
2024 | 2023 | ||||||||||||||||||||||
Stock-based compensation — Options | $ | 5 | $ | 777 | |||||||||||||||||||
Stock-based compensation — RSUs | $ | 684 | $ | 490 | |||||||||||||||||||
Total stock-based compensation | $ | 689 | $ | 1,267 |
Three months ended June 30, | Six months ended June 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Dividend yield | N/A | 0 | % | N/A | 0 | % | ||||||||||
Expected volatility | N/A | 65% - 70 | % | N/A | 60% - 70 | % | ||||||||||
Expected term (years) | N/A | 6.25 | N/A | 6.00 - 6.50 | ||||||||||||
Risk-free interest rate | N/A | 2.81% - 2.95 | % | N/A | 1.40% - 2.95 | % | ||||||||||
Weighted average grant date fair value | N/A | 1.12 | N/A | $ | 1.91 | |||||||||||
(in thousands) | (in thousands) | |||||||||||||||
Stock-based compensation — Options | $ | 771 | $ | 946 | $ | 1,548 | $ | 1,914 | ||||||||
Stock-based compensation — RSUs | $ | 651 | $ | 648 | $ | 1,141 | $ | 1,468 |
Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||||||||||||||
2024 | 2023 | ||||||||||||||||||||||||||||||||||||||||||||||
United States | $ | 7,425 | 62 | % | $ | 6,686 | 54 | % | |||||||||||||||||||||||||||||||||||||||
International: | |||||||||||||||||||||||||||||||||||||||||||||||
Netherlands | 208 | 2 | % | 1,246 | 10 | % | |||||||||||||||||||||||||||||||||||||||||
Other | 4,368 | 36 | % | 4,455 | 36 | % | |||||||||||||||||||||||||||||||||||||||||
Total International | 4,576 | 38 | % | 5,701 | 46 | % | |||||||||||||||||||||||||||||||||||||||||
Total revenue | $ | 12,001 | 100 | % | $ | 12,387 | 100 | % |
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||
United States | $ | 7,936 | 56 | % | $ | 14,704 | 66 | % | $ | 14,622 | 55 | % | $ | 26,503 | 66 | % | ||||||||||||||||
International: | ||||||||||||||||||||||||||||||||
United Kingdom | 1,800 | 13 | % | 2,533 | 11 | % | 2,362 | 9 | % | 4,434 | 11 | % | ||||||||||||||||||||
Other | 4,361 | 31 | % | 5,111 | 23 | % | 9,500 | 36 | % | 9,038 | 23 | % | ||||||||||||||||||||
Total International | 6,161 | 44 | % | 7,644 | 34 | % | 11,862 | 45 | % | 13,472 | 34 | % | ||||||||||||||||||||
$ | 14,097 | 100 | % | $ | 22,348 | 100 | % | $ | 26,484 | 100 | % | $ | 39,975 | 100 | % | |||||||||||||||||
(In thousands) | March 31, 2024 | December 31, 2023 | |||||||||
Accounts receivable | $ | 479 | $ | 811 | |||||||
Accounts payable | $ | 3 | $ | 374 |
June 30, 2023 | December 31, 2022 | |||||||
(in thousands) | ||||||||
Balance Sheet: | ||||||||
Accounts receivable | $ | 2,679 | $ | 3,358 | ||||
Accounts payable | $ | 386 | $ | 404 |
Three Months Ended March 31, | |||||||||||||||||||||||
(In thousands) | 2024 | 2023 | |||||||||||||||||||||
Revenues | $ | 111 | $ | 794 | |||||||||||||||||||
Cost of revenues | $ | 15 | $ | 1,202 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Statement of Operations: | ||||||||||||||||
Revenues | $ | 371 | $ | 2,111 | $ | 1,084 | $ | 2,041 | ||||||||
Cost of revenues | $ | 1,164 | $ | 1,050 | $ | 2,366 | $ | 2,040 |
Three Months Ended March 31, | |||||||||||||||||||||||
(In thousands) | 2024 | 2023 | |||||||||||||||||||||
Operating lease cost | $ | 119 | $ | 121 | |||||||||||||||||||
Variable lease cost | 12 | 13 | |||||||||||||||||||||
Total lease cost | $ | 131 | $ | 134 | |||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Operating lease cost | $ | 121 | $ | 121 | $ | 242 | $ | 242 | ||||||||
Short-term lease cost (1) | (16 | ) | 18 | (16 | ) | 36 | ||||||||||
Variable lease cost | 12 | 13 | 25 | 24 | ||||||||||||
Total lease cost | $ | 117 | $ | 152 | $ | 251 | $ | 302 | ||||||||
Remaining six months of 2023 | $ | 274 | ||
202 4 | 557 | |||
202 5 | 571 | |||
202 6 | 585 | |||
202 7 | 600 | |||
Thereafter | 3,346 | |||
Total lease payments | $ | 5,933 | ||
Less: imputed interest | (1,112 | ) | ||
Present value of total lease liabilities | $ | 4,821 | ||
(In thousands) | |||||
Nine remaining months of 2024 | $ | 419 | |||
2025 | 571 | ||||
2026 | 585 | ||||
2027 | 600 | ||||
2028 | 615 | ||||
Thereafter | 2,731 | ||||
Total lease payments | $ | 5,521 | |||
Less: imputed interest | (961) | ||||
Present value of total lease liabilities | $ | 4,560 |
Item
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Cautionary Note Regarding Forward-looking Statements
Overview
Created
Currently, the main sources of our revenue are (i) subscriber and license fees earned from our Direct Business (“Direct Business”), (ii) bundled license fees from distribution affiliates (“Bundled Distribution”), (iii) license fees from content licensing arrangements (“Content Licensing”), (iv) subscriber fees from our Enterprise business (“Enterprise”), and (v) Other revenue, including advertising and sponsorships (“Other”).
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||||||||||||||||||
Direct Business | $ | 8,310 | 59 | % | $ | 8,554 | 38 | % | $ | 16,894 | 64 | % | $ | 16,888 | 42 | % | ||||||||||||||||
Bundled Distribution | 1,509 | 11 | % | 3,888 | 17 | % | 2,983 | 12 | % | 7,655 | 19 | % | ||||||||||||||||||||
Content Licensing | 3,615 | 26 | % | 6,655 | 30 | % | 5,633 | 21 | % | 10,904 | 27 | % | ||||||||||||||||||||
Enterprise | 41 | 0 | % | 1,559 | 7 | % | 80 | 0 | % | 2,722 | 7 | % | ||||||||||||||||||||
Other | 622 | 4 | % | 1,692 | 8 | % | 894 | 3 | % | 1,806 | 5 | % | ||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||||
Revenues | $ | 14,097 | $ | 22,348 | $ | 26,484 | $ | 39,975 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
Three Months Ended March 31, | Change | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Unaudited and in thousands) | 2024 | 2023 | Total | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Direct Business | $ | 9,530 | $ | 8,582 | $ | 948 | 11 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
Content Licensing | 1,164 | 2,018 | (854) | (42 | %) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bundled Distribution | 1,142 | 1,416 | (274) | (19 | %) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Enterprise | 68 | 97 | (29) | n/m | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | 97 | 274 | (177) | (65 | %) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total revenue | 12,001 | 12,387 | (386) | (3 | %) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating expenses | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cost of revenues | 6,748 | 9,001 | (2,253) | (25 | %) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Advertising and marketing | 3,105 | 3,115 | (10) | — | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
General and administrative | 5,802 | 8,059 | (2,257) | (28 | %) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total operating expenses | 15,655 | 20,175 | (4,520) | (22 | %) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating loss | (3,654) | (7,788) | 4,134 | (53 | %) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other income (expense) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in fair value of warrant liability | (30) | (74) | 44 | n/m | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest and other income (expense) | 439 | 388 | 51 | n/m | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity method investment loss | (1,756) | (219) | (1,537) | 702 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loss before income taxes | $ | (5,001) | $ | (7,693) | $ | 2,692 | (35 | %) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for income taxes | 34 | 58 | (24) | n/m | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | $ | (5,035) | $ | (7,751) | $ | 2,716 | (35 | %) | |||||||||||||||||||||||||||||||||||||||||||||||||||
* n/m = percentage not meaningful |
18
Our App Services enable access to CuriosityStreamSmart Bundle pricing remains unchanged. However, we may in the future increase the price of these existing subscription plans, which may have a positive effect on almost every major consumer device, including streaming media players like Roku, Apple TV and Amazon Fire TV, major smart TV brands (e.g., LG, Vizio, Samsung) and gaming consoles. our revenue from this line of our business.
In addition to
Three Months Ended March 31, | Change | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | 2024 | 2023 | Total | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Direct-to-Consumer | 8,068 | 7,480 | 588 | 8 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Partner Direct Business | $ | 1,462 | $ | 1,102 | 360 | 33 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Direct Business | $ | 9,530 | $ | 8,582 | $ | 948 | 41 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, | Change | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | 2024 | 2023 | Total | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Library sales1 | $ | 868 | $ | 817 | $ | 51 | 6 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
Presales | 296 | 1,201 | (905) | (75 | %) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Content Licensing | 1,164 | 2,018 | (854) | (42 | %) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
1 The 2024 amount included $0.2 million from trade and barter transactions. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
In
worldwide.
Our
ads while delivering our content through advertising-based video-on-demand (AVOD), transactional video-on-demand (TVOD), free advertising-supported streaming television (FAST), YouTube and other similar distribution channels.
Key Factors Affecting Results
$0.2 million, or 65%, from the same period in 2023. This decline was largely due to certain short-term marketing partnerships that we entered into during the early part of 2023, including a $0.2 million campaign that we provided through a trade and barter arrangement, which were not renewed in 2024.
Revenues
Since the Company was founded in 2015, we have generated the majoritystreaming delivery costs, payment processing costs, commission costs, and subtitling and broadcast costs. Producing and co-producing content and commissioned content is generally more costly than content acquired through licenses.
German SVOD service. We pay a fixed percentage distribution fee to our partners for subscribers accessing our platform via App Services to compensate these partners for access to their customer and subscriber bases. The MVPD, vMVPD and digital distributor partners making up our Partner Direct Businessbusiness pay us a license fee, and host and stream our content to their customers via their own platforms, such as set top boxes in the case of most MVPDs. We do not incur billing, streaming or backend costs associated with content distribution through our MVPD, vMVPD and digital distributor partners.
Operating Costs
Our primary operating costs relate to the
Three Months Ended March 31, | Change | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | 2024 | 2023 | Total | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Content amortization | $ | 5,215 | $ | 5,852 | $ | (637) | (11 | %) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Other1 | 1,533 | 3,149 | (1,616) | (51 | %) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total cost of revenues | $ | 6,748 | $ | 9,001 | $ | (2,253) | (62 | %) | |||||||||||||||||||||||||||||||||||||||||||||||||||
1 Includes commissions, distribution fees, production and broadcast, promotions and sponsorships, and other expenses. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Company’s primary business model is subscription based as opposed2023. Other cost of revenues also declined due to a model generating revenues at a specific title level. Content assets (licensed and produced) are predominantly monetized as a group and therefore are reviewedreduction in aggregate at a group level when an event or change in circumstances indicates a change in the expected usefulness of the content orrevenue share arrangements, including specifically our arrangement with Nebula that the fair value may be less than unamortized cost. If such changes are identified, the aggregated content library will be statedexpired at the lowerend of unamortized cost or fair value. In addition, unamortized costs for assets that have been, or are expected to be, abandoned are written off. For a discussion of the accounting policies for content impairment write-down2023.
Further, ourMarketing
19
Results of Operations
The Company operates as one reporting segment. The financial data in the following table sets forth selected financial information derived from our unaudited consolidated financial statementsdetails general and administrative costs for the three months ended June 30, 2023March 31, 2024, and June 30, 2022 and shows our results2023:
Three Months Ended March 31, | Change | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | 2024 | 2023 | Total | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payroll and related | $ | 2,652 | $ | 3,589 | $ | (937) | (26 | %) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Professional services | 1,051 | $ | 1,927 | (876) | (45 | %) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | 689 | 1,267 | (578) | (46 | %) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Technology and subscriptions | 374 | 423 | (49) | (12 | %) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other1 | 1,036 | 853 | 183 | 21 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total general and administrative | $ | 5,802 | $ | 8,059 | $ | (2,257) | (28 | %) | |||||||||||||||||||||||||||||||||||||||||||||||||||
1 Includes facilities costs, depreciation and amortization, insurance, technology and subscriptions, travel and other expenses. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended June 30, | ||||||||||||||||||||||||
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Revenues | ||||||||||||||||||||||||
Subscriptions | $ | 7,270 | 52 | % | $ | 8,922 | 40 | % | $ | (1,652 | ) | (19 | %) | |||||||||||
License fee | 6,205 | 44 | % | 11,734 | 52 | % | (5,529 | ) | (47 | %) | ||||||||||||||
Other | 622 | 4 | % | 1,692 | 8 | % | (1,070 | ) | (63 | %) | ||||||||||||||
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Total Revenues | $ | 14,097 | 100 | % | $ | 22,348 | 100 | % | $ | (8,251 | ) | (37 | %) | |||||||||||
Operating expenses | ||||||||||||||||||||||||
Cost of revenues | 9,933 | 45 | % | 12,988 | 34 | % | (3,055 | ) | (24 | %) | ||||||||||||||
Advertising and marketing | 4,203 | 19 | % | 11,208 | 29 | % | (7,005 | ) | (63 | %) | ||||||||||||||
General and administrative | 7,980 | 36 | % | 10,603 | 28 | % | (2,623 | ) | (25 | %) | ||||||||||||||
Impairment of goodwill and intangible assets | — | — | 3,603 | 9 | % | (3,603 | ) | (100 | %) | |||||||||||||||
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Total operating expenses | $ | 22,116 | 100 | % | $ | 38,402 | 100 | % | $ | (16,286 | ) | (42 | %) | |||||||||||
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Operating loss | (8,019 | ) | (16,054 | ) | 8,035 | (50 | %) | |||||||||||||||||
Other income (expense) | ||||||||||||||||||||||||
Change in fair value of warrant liability | 184 | 478 | (294 | ) | n/m | |||||||||||||||||||
Interest and other income (expense) | 437 | (29 | ) | 466 | n/m | |||||||||||||||||||
Equity method investment loss | (2,235 | ) | (316 | ) | (1,919 | ) | 607 | % | ||||||||||||||||
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Loss before income taxes | $ | (9,633 | ) | $ | (15,921 | ) | $ | 6,288 | (39 | %) | ||||||||||||||
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Provision for income taxes | 288 | 56 | 232 | n/m | ||||||||||||||||||||
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Net loss | $ | (9,921 | ) | $ | (15,977 | ) | $ | 6,056 | (38 | %) | ||||||||||||||
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n/m - percentage not meaningful
Revenue
Revenue for the three months ended June 30, 2023 and 2022 was $14.1 million and $22.3 million, respectively. This decrease of $8.2 million, or 37%, is primarily attributableadministrative expenses decreased to reductions in both License fees revenue and Subscriptions revenue.
The decrease in License fees revenue of $5.5 million was primarily driven by the non-renewal of certain content licensing arrangements of $5.6 million, partially offset by an increase of $2.6$5.8 million from new content licensing arrangements, and a decrease from the non-renewal of certain bundled distribution agreements of $2.9 million, partially offset by an increase of $0.5 million from new bundled distribution agreements. The decrease in Subscriptions revenue of $1.7 million was primarily due to the termination of certain corporate subscriptions related to bulk agreements, which occurred in the third quarter of 2022.
Operating Expenses
Operating expenses for the three months ended June 30, 2023 were $22.1 million, compared to $38.4$8.1 million for the same period in 2022, marking a reduction2023. This decrease of $16.3$2.3 million, or 42%.
Cost28%, was primarily the result of Revenues: Costlower payroll and related costs and stock-based compensation of revenues for$0.9 million and 0.6 million, respectively, primarily driven by our smaller average workforce size as well as reduced incentive compensation. Professional services costs also declined by 45% as we streamlined various outside services during the year and brought certain finance and operations functions internal.
Advertising and Marketing: Advertising and marketing expenses for the three months ended June 30, 2023 decreased to $4.2 million from $11.2 million for the three months ended June 30, 2022. This decrease of $7.0 million, or 63%, was primarily due to strategic changes in our marketing approach and cost-saving measures implemented in our advertising campaigns.
General and Administrative: General and administrative expenses for the three months ended June 30, 2023 decreased by $2.6 million, or 25%, from $10.6$0.2 million for the same period in 20222023, related to $8.0 million. The decrease was primarily due to cost controls and efficiency measures implemented across our administrative functions.
Impairment of Goodwill and Intangible Assets: We incurred no impairment charges for goodwill and intangible assets for the three months ended June 30, 2023, in contrast to the $3.6 million expense incurredits investments in the corresponding period of 2022.
Operating Loss
The Company experienced an operating loss of $8.0 million for the three months ended June 30, 2023, which is a decrease of $8.0 million, or 50%, compared to the operating loss of $16.1 million for the three months ended June 30, 2022. The decreaseSpiegel Venture and Nebula. This increase in our operating losslosses is primarily drivenattributable to write-downs recorded by the reduction in our operating expenses of $16.3 million, or 42%, partially offset by the reduction in revenue of $8.3 million, or 37%.
Change in Fair Value of Warrant Liability
Spiegel Venture.
Interest and Other Income (Expense)
Interest and other income (expense) for the three months ended June 30, 2023 was $0.4 million income compared to $0.1 million expense for the three months ended June 30, 2022. The increase is primarily related to an increase in interest income during the current period.
20
Equity Method Investment Loss
For the three months ended June 30, 2023, the Company recorded a loss of $2.2 million compared to a loss of $0.3 million for the three months ended June 30, 2022, related to its investments in Spiegel Venture and Nebula. The increase is primarily due to the $2.0 million impairment charge recorded by the Company to its investment in Spiegel Venture.
Provision for Income Taxes
We had a provision for income taxes of $0.3 million for the three months ended June 30, 2023 compared towas $0.1 million, for the three months ended June 30, 2022. The Company’sprimarily due to losses generated before income taxes. Our provision for income taxes is primarily related to foreign withholding income taxes and differs from the federal statutory rate primarily due to the Company being in a full valuation allowance position and not recognizing a tax benefit attributable to generated losses for either federal or state income tax purposes.
21
Net Loss
The net loss for the three months ended June 30, 2023, was $9.9 million, compared to $16.0 million for the same period in 2022. The decrease in our net loss of $6.1 million, or 38%, primarily resulted from the decrease in operating expenses of $16.3 million, or 42%, partially offset by the reduction in revenue of $8.3 million or 37%, and an impairment charge to one of our equity method investments of $2.0 million.
Comparison of the six months ended June 30, 2023 and 2022
Six months ended June 30, | ||||||||||||||||||||||||
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Revenues | ||||||||||||||||||||||||
Subscriptions | $ | 14,790 | 56 | % | $ | 17,276 | 43 | % | $ | (2,486 | ) | (14 | %) | |||||||||||
License fee | 10,800 | 41 | % | 20,893 | 52 | % | (10,094 | ) | (48 | %) | ||||||||||||||
Other | 894 | 3 | % | 1,806 | 5 | % | (911 | ) | (50 | %) | ||||||||||||||
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Total Revenues | $ | 26,484 | 100 | % | $ | 39,975 | 100 | % | $ | (13,491 | ) | (34 | %) | |||||||||||
Operating expenses | ||||||||||||||||||||||||
Cost of revenues | 18,934 | 45 | % | 24,838 | 33 | % | (5,904 | ) | (24 | %) | ||||||||||||||
Advertising and marketing | 7,318 | 17 | % | 25,976 | 34 | % | (18,658 | ) | (72 | %) | ||||||||||||||
General and administrative | 16,039 | 38 | % | 21,106 | 28 | % | (5,067 | ) | (24 | %) | ||||||||||||||
Impairment of goodwill and intangible assets | — | — | 3,603 | 5 | % | (3,603 | ) | (100 | %) | |||||||||||||||
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Total operating expenses | $ | 42,291 | 100 | % | $ | 75,523 | 100 | % | $ | (33,232 | ) | (44 | %) | |||||||||||
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Operating loss | (15,807 | ) | (35,548 | ) | 19,741 | (56 | %) | |||||||||||||||||
Other income (expense) | ||||||||||||||||||||||||
Change in fair value of warrant liability | 110 | 4,338 | (4,228 | ) | (97 | %) | ||||||||||||||||||
Interest and other income (expense) | 825 | (86 | ) | 911 | n/m | |||||||||||||||||||
Equity method investment loss | (2,454 | ) | (472 | ) | (1,982 | ) | (420 | %) | ||||||||||||||||
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Loss before income taxes | $ | (17,326 | ) | $ | (31,768 | ) | $ | 14,442 | (45 | %) | ||||||||||||||
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Provision for income taxes | 346 | 101 | 245 | n/m | ||||||||||||||||||||
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Net loss | $ | (17,672 | ) | $ | (31,869 | ) | $ | 14,197 | (45 | %) | ||||||||||||||
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Revenue
Revenue for the six months ended June 30, 2023, and 2022 was $26.5 million and $40.0 million, respectively. This decrease of $13.5 million, or 34%, is primarily attributable to reductions in both License fees revenue and Subscriptions revenue.
The decrease in License fees revenue of $10.1 million was primarily driven by the non-renewal of certain content licensing arrangements of $8.4 million, partially offset by an increase of $2.6 million from new content licensing arrangements, and a decrease from the non-renewal of certain bundled distribution agreements of $5.8 million, partially offset by an increase of $1.1 million from new bundled distribution agreements. The decrease in Subscriptions revenue of $2.5 million was primarily due to the termination of certain corporate subscriptions related to bulk agreements, which occurred in the third quarter of 2022.
Operating Expenses
Operating expenses for the six months ended June 30, 2023, were $42.3 million, compared to $75.5 million for the same period in 2022, marking a reduction of $33.2 million or 44%.
Cost of Revenues: Cost of revenues for the six months ended June 30, 2023 decreased to $18.9 million from $24.8 million in the same period of 2022. Cost of revenues encompasses content amortization, hosting and streaming delivery costs, payment processing costs, commission costs, and subtitling and broadcast costs. This reduction of $5.9 million, or 24%, primarily resulted from the decrease in content amortization and a decrease in revenue share expense related to bundled and premier tier arrangements with other streaming services.
22
Advertising and Marketing: Advertising and marketing expenses for the six months ended June 30, 2023, decreased to $7.3 million from $26.0 million for the six months ended June 30, 2022. This decrease of $18.7 million, or 72%, was primarily due to strategic changes in our marketing approach and cost-saving measures implemented in our advertising campaigns.
General and Administrative: General and administrative expenses for the six months ended June 30, 2023, decreased to $16.0 million, from $21.1 million for six months ended June 30, 2022. The decrease of $5.1 million, or 24%, was primarily due to cost controls and efficiency measures implemented across our administrative functions.
Impairment of Goodwill and Intangible Assets: We incurred no impairment charges for goodwill and intangible assets for the six months ended June 30, 2023, in contrast to the $3.6 million expense incurred in the corresponding period of 2022.
Operating Loss
The Company experienced an operating loss of $15.8 million for the six months ended June 30, 2023, which is a decrease of $19.7 million, or 56%, compared to the operating loss of $35.5 million for the six months ended June 30, 2022. The decrease in our operating loss is primarily driven by the reduction in our operating expenses of $33.2 million, or 44%, partially offset by the reduction in revenue of $13.5 million, or 34%.
Change in Fair Value of Warrant Liability
For the six months ended June 30, 2023, the Company recognized a gain of $0.1 million, compared to a gain of $4.3 million for the six months ended June 30, 2022. This reduction in gain of $4.2 million, or 97%, primarily stemmed from fluctuations in the market price of our common stock and the corresponding changes to the underlying assumptions used in the valuation model used for our Private Placement Warrants during the six months ended June 30, 2022.
Interest and Other Income (Expense)
For the six months ended June 30, 2023, Interest and other income (expense) amounted to $0.8 million, an increase of $0.9 million compared to an expense of $0.1 million for the six months ended June 30, 2022. The change was primarily due to increased interest income.
Equity Method Investment Loss
For the six months ended June 30, 2023, the Company recorded a loss of $2.5 million compared to a loss of $0.5 million for the six months ended June 30, 2022, related to its investments in Spiegel Venture and Nebula. The increase is primarily due to the $2.0 million impairment charge recorded by the Company to its investment in Spiegel Venture during the six months ended June 30, 2023.
Provision for Income Taxes
We had a provision for income taxes of $0.3 and $0.1 million in the six months ended June 30, 2023 and 2022, respectively. The Company’s provision for income taxes is primarily related to foreign withholding income taxes and differs from the federal statutory rate primarily due to the Company being in a full valuation allowance position and not recognizing a benefit for either federal or state income tax purposes.
Net Loss
Net loss for the six months ended June 30, 2023 was $17.7 million, compared to a net loss of $31.9 million for the same period in 2022. The decrease in our net loss of $14.2 million, or 45%, is primarily due to a decrease in operating expenses and an increase in interest and other income, partially offset by a decrease in revenue, a reduction in gain from the change in the fair value of warrant liability and an impairment charge to one of our equity method investments.
Liquidity and Capital Resources
As of June 30, 2023,March 31, 2024, the Company’s cash and cash equivalents, including restricted cash, totaled $44.8$38.9 million. For the sixthree months ended June 30, 2023,March 31, 2024, the Company incurred a net loss of $15.7$5.0 million and used $10.6generated $0.7 million of net cash in operating activities and $0.1 million of netactivities. There were no significant cash inflows from financing activities whileor investing activities provided $15.0 millionduring the three months ended March 31,.
investments in institutional money market funds and short-term deposits held at major global financial institutions. We regularly monitor the creditworthiness of the financial institutions and money market fund asset managers with whom we invest our funds, and we maintain a level of liquidity sufficient to allow us to meet our cash needs in both the short term and long term.
23
Our principal uses ofWe use cash areprincipally to acquire content, promote our service through advertising and marketing, and provide for working capital to operate our business. We have experienced significant net losses since our inception, and, given the significant operating and capital expenditures associated with our business plan, we anticipate that we will continue to incur net losses.
Flow Analysis
For the six months ended June 30, | ||||||||
2023 | 2022 | |||||||
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Net cash used in operating activities | $ | (10,608 | ) | $ | (18,149 | ) | ||
Net cash provided by investing activities | 14,995 | 24,024 | ||||||
Net cash used in financing activities | (57 | ) | (161 | ) | ||||
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Net increase in cash, cash equivalents and restricted cash | $ | 4,330 | $ | 5,714 | ||||
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Cash Flows from 2023:
Three Months Ended March 31, | |||||||||||
(Unaudited and in thousands) | 2024 | 2023 | |||||||||
Net cash used in operating activities | $ | 666 | $ | (6,308) | |||||||
Net cash provided by investing activities | — | 14,995 | |||||||||
Net cash used in financing activities | (6) | (26) | |||||||||
Net increase in cash, cash equivalents and restricted cash | $ | 660 | $ | 8,661 |
During
Three Months Ended March 31, | |||||||||||
(in thousands) | 2024 | 2023 | |||||||||
Net loss | $ | (5,035) | $ | (7,751) | |||||||
Adjustments to reconcile net loss to net cash provided by (used in) operating activities | |||||||||||
Change in fair value of warrant liability | 30 | 74 | |||||||||
Additions to content assets | (426) | (3,723) | |||||||||
Change in content liabilities | (333) | (1,206) | |||||||||
Amortization of content assets | 5,215 | 5,852 | |||||||||
Stock-based compensation | 689 | 1,267 | |||||||||
Equity interests loss | 1,756 | 219 | |||||||||
Other depreciation, amortization and non-cash items | 239 | 274 | |||||||||
Changes in operating assets and liabilities | (1,469) | (1,314) | |||||||||
Net cash provided by (used in) operating activities | $ | 666 | $ | (6,308) |
Thecompared to net cash outflow used in operating activities of $6.3 million for the sixthree months ended June 30,March 31, 2023, was primarily due to our $17.7 millionan increase in operating cash outflow of $7.0 million.
The net cash outflow used in operating activities for the six months ended June 30, 2022, was primarily due to our $31.9 million net loss, and $5.4 million of non-cash expenses net of content additions, partially offset by $19.1 million in cash provided by changes in operating assets and liabilities. The most significant components of non-cash expenses include content additions of $25.3 million, changes in content liabilities of $3.7 million and changes in the fair value of the warrant liability of $4.3$1.2 million, partially offset by amortization of content assets of $19.1 millionrespectively, and stock-based compensation expense of $3.4 million. The components of changes in operating assets and liabilities were primarily attributed to a decrease in accounts receivable of $11.9 million, a decrease in other assets of $4.0 million, an increase in accounts payable of $6.1 million, which were partially offset by a decrease in accrued expenses and other liabilities of $2.9$1.3 million.
Cash Flows from
During
The net cash inflow provided by investing activitiesoutflows. In contrast, for the six months ended June 30,same period in 2023, wasour cash inflows were primarily due to maturities of investments in debt securities of $15.0 million.
The net cash inflow provided by investing activities for the six months ended June 30, 2022, was primarily due to the sale and maturities of investments in debt securities of $27.3 million, partially offset by purchases of investments in debt securities of $1.6 million and investments in Nebula of $1.6 million.
securities.
During the six months ended June 30, 2023 and 2022, we recorded net cash outflow from financing activities of $0.1 and $0.2 million, respectively, which is attributable to payments of withholding taxes during the respective periods.
Capital Expenditures
24
Off Balance Sheet Arrangements
As of June 30, 2023,March 31, 2024, we had no off-balance sheet arrangements.
Critical Accounting Policies and Estimates
Content Assets
The Company acquires, licenses and produces content,
The Company recognizes its content assets (licensedSecurities and produced) as “Content assets, net”Exchange Commission on the unaudited consolidated balance sheets. For licenses, the Company capitalizes the fee per title and recordsMarch 25, 2024. This comprehensive discussion helps to ensure that stakeholders have a corresponding liability at the gross amountcomplete understanding of the liability whenaccounting methodologies and principles that influence the license period begins, the cost of the title is known, and the title is accepted and available for streaming. For productions, the Company capitalizes costs associated with the production, including development costs, direct costs, and production overhead.
25
Based on factors including historical and estimated viewing patterns, the Company previously amortized the content assets (licensed and produced) in “Cost of revenues” on the unaudited consolidatedfinancial statements of operations on a straight-line basis over the shorter of each title’s contractual window of availability or estimated period of use, beginning with the month of first availability. Starting July 1, 2021, the Company amortizes content assets on an accelerated basis in the initial two months after a title is published on the Company’s platform, as the Company has observed and expects more upfront viewing of content, generally as a result of additional marketing efforts. Furthermore, the amortization of original content is more accelerated than that of licensed content. We review factors that impact the amortization of the content assets on a regular basis and the estimates related to these factors require considerable management judgment. The Company continues to review factors impacting the amortization of content assets on an ongoing basis and will also record amortization on an accelerated basis when there is more upfront use of a title, for instance due to significant content licensing.
The Company’s business model is generally subscription based as opposed to a model generating revenues at a specific title level. Content assets (licensed and produced) are predominantly monetized as a group and therefore are reviewed in aggregate at a group level when an event or change in circumstances indicates a change in the expected usefulness of the content or that the fair value may be less than unamortized cost. If such changes are identified, the aggregated content assets will be stated at the lower of unamortized cost or fair value. In addition, unamortized costs for assets that have been, or are expected to be, abandoned are written off.
Revenue recognition
Subscriptions — O&O Service
The Company generates revenue from monthly subscription fees from its O&O Service. CuriosityStream subscribers enter into month-to-month or annual subscriptions with the Company. The Company bills the monthly subscriber on each subscriber’s monthly anniversary date and recognizes the revenue ratably over each monthly membership period. The annual subscription fees are collected by the Company at the start of the annual subscription period and are recognized ratably over the subsequent twelve-month period. Revenues are presented net of the taxes that are collected from subscribers and remitted to governmental authorities.
herein.
The Company also earns subscription revenues through its App Services. These subscriptions are similar to the O&O Service subscriptions, but are generated based on agreements with certain streaming media players as well as with Smart TV brands and gaming consoles. Under these agreements, the streaming media player typically bills the subscriber directly and then remits the collected subscriptions to the Company, net of a distribution fee. The Company recognizes the gross subscription revenues when earned and simultaneously recognizes the corresponding distribution fees as an expense. The Company is the principal in these relationships as the Company retains control over service delivery to its subscribers.
License Fees — Partner Direct and Bundled Distribution
The Company generates license fee revenues from MVPDs such as Comcast and Cox as well as from vMVPDs such as Amazon and Sling TV (MVPDs and vMVPDs are also referred to as affiliates). Under the terms of the agreements with these affiliates, the Company receives license fees based upon contracted programming rates and subscriber levels reported by the affiliates. In exchange, the Company licenses its content to the affiliates for distribution to their subscribers. The Company earns revenue under these agreements either based on the total number of subscribers multiplied by rates specified in the agreements or based on fixed fee arrangements. These revenues are recognized over the term of each agreement when earned.
License Fees — Content Licensing
The Company has distribution agreements which grant a licensee limited distribution rights to the Company’s programs for varying terms, generally in exchange for a fixed license fee. Revenue is recognized once the content is made available for the licensee to use.
The Company’s performance obligations include (1) access to its SVOD platform via the Company’s O&O Service and App Services, (2) access to the Company’s content assets, and (3) licenses of specific program titles. In contracts containing the right to access the Company SVOD platform, the performance obligation is satisfied as access to the SVOD platform is provided post any free trial period. In contracts which contain access to the Company’s content assets, the performance obligation is satisfied as access to the content is provided. For contracts with licenses of specific program titles, the performance obligation is satisfied as that content is made available for the customer to use.
Recently Adopted Financial Accounting Standards
The information set forth under in Note 2 - Basis of Presentation and Summary of Significant Accounting Policies in the Unaudited Notes to the unaudited consolidated financial statements under the caption “Basis of presentation and summary of significant accounting policies”Interim Consolidated Financial Statements is incorporated herein by reference.
26
Item
QUANTITATIVE AND QUALITATIVE DISCLOSURES REGARDING MARKET RISK
Item
Disclosure Controls and Procedures
CONTROLS AND PROCEDURES
Changes in Internal Control Over Financial Reporting
March 31, 2024.
27
Item
LEGAL PROCEEDINGS
Item
RISK FACTORS
Item
UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
Item
DEFAULTS UPON SENIOR SECURITIES
Item
MINE SAFETY DISCLOSURES
28
None.
Item
EXHIBITS
Incorporated By Reference | |||||||||||||||||||||||||||||||||||||||
Exhibit No. | Description | Form | File No. | Exhibit | Filing Date | Filed/Furnished Herewith | |||||||||||||||||||||||||||||||||
3.2 |
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31.1 | |||||||||||||||||||||||||||||||||||||||
X | |||||||||||||||||||||||||||||||||||||||
31.2 | X | ||||||||||||||||||||||||||||||||||||||
32.1* | X | ||||||||||||||||||||||||||||||||||||||
101. INS** | Inline XBRL Instance Document | X | |||||||||||||||||||||||||||||||||||||
101. SCH | Inline XBRL Taxonomy Extension Schema Document | X | |||||||||||||||||||||||||||||||||||||
101. CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | X | |||||||||||||||||||||||||||||||||||||
101. LAB | Inline XBRL Taxonomy Extension Label Linkbase Document | X | |||||||||||||||||||||||||||||||||||||
101. PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | X | |||||||||||||||||||||||||||||||||||||
101. DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | X | |||||||||||||||||||||||||||||||||||||
104 | Cover Page Interactive Data File (as formatted as Inline XBRL and contained in Exhibit 101) | X |
|
|
29
CURIOSITYSTREAM INC. | |||||||||||
Date: | By: | /s/ Clint Stinchcomb | |||||||||
Name: |
| Clint Stinchcomb | |||||||||
Title: | President and Chief Executive Officer
| ||||||||||
Date: | By: | /s/ Peter Westley | |||||||||
Name: |
| Peter Westley | |||||||||
Title: | Chief Financial Officer and Treasurer
|
30