Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2024 | May 03, 2024 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2024 | |
Document Transition Report | false | |
Entity File Number | 001-39139 | |
Entity Registrant Name | CURIOSITYSTREAM INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 84-1797523 | |
Entity Address, Address Line One | 8484 Georgia Ave | |
Entity Address, Address Line Two | Suite 700 | |
Entity Address, City or Town | Silver Spring | |
Entity Address, State or Province | MD | |
Entity Address, Postal Zip Code | 20910 | |
City Area Code | 301 | |
Local Phone Number | 755-2050 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 53,598,489 | |
Entity Central Index Key | 0001776909 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Common Stock | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Common Stock, par value $0.0001 | |
Trading Symbol | CURI | |
Security Exchange Name | NASDAQ | |
Warrants | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Warrants, each exercisable for one share of Common Stock at an exercise price of $11.50 per share | |
Trading Symbol | CURIW | |
Security Exchange Name | NASDAQ |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
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 |
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 | 0 | 0 |
Accumulated deficit | (296,363) | (289,995) |
Total stockholders’ equity | 66,961 | 72,646 |
Total liabilities and stockholders’ equity | $ 94,563 | $ 101,022 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Mar. 31, 2024 | Dec. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 125,000,000 | 125,000,000 |
Common stock, shares issued (in shares) | 53,306,000 | 53,286,000 |
Common stock, shares outstanding (in shares) | 53,306,000 | 53,286,000 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Income Statement [Abstract] | ||
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 |
Total operating expenses | 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 (in dollars per share) | $ (0.09) | $ (0.15) |
Diluted (in dollars per share) | $ (0.09) | $ (0.15) |
Weighted average number of common shares outstanding | ||
Basic (in shares) | 53,301,000 | 52,950,000 |
Diluted (in Shares) | 53,301,000 | 52,950,000 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Comprehensive Income [Abstract] | ||
Net loss | $ (5,035) | $ (7,751) |
Other comprehensive income (loss): | ||
Unrealized gain on available for sale securities | 0 | 40 |
Total comprehensive loss | $ (5,035) | $ (7,711) |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficit |
Beginning balance (in shares) at Dec. 31, 2022 | 52,853,000 | ||||
Beginning balance at Dec. 31, 2022 | $ 117,626 | $ 5 | $ 358,760 | $ (40) | $ (241,099) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net loss | (7,751) | (7,751) | |||
Stock-based compensation, net (in shares) | 108,000 | ||||
Stock-based compensation, net | 1,242 | 1,242 | |||
Other comprehensive income | 40 | 40 | |||
Ending balance (in shares) at Mar. 31, 2023 | 52,961,000 | ||||
Ending balance at Mar. 31, 2023 | 111,157 | $ 5 | 360,002 | $ 0 | (248,850) |
Beginning balance (in shares) at Dec. 31, 2023 | 53,287,000 | ||||
Beginning balance at Dec. 31, 2023 | 72,646 | $ 5 | 362,636 | (289,995) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net loss | (5,035) | (5,035) | |||
Dividends declared | (1,333) | (1,333) | |||
Stock-based compensation, net (in shares) | 19,000 | ||||
Stock-based compensation, net | 683 | 683 | |||
Ending balance (in shares) at Mar. 31, 2024 | 53,306,000 | ||||
Ending balance at Mar. 31, 2024 | $ 66,961 | $ 5 | $ 363,319 | $ (296,363) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 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 | 0 | 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 | 0 | (5) |
Maturities of investments in debt securities | 0 | 15,000 |
Net cash provided by investing activities | 0 | 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) | 0 |
Cash paid for operating leases | $ 138 | $ 134 |
ORGANIZATION AND BUSINESS
ORGANIZATION AND BUSINESS | 3 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION AND BUSINESS | ORGANIZATION AND BUSINESS On October 14, 2020, Software Acquisition Group Inc., a special purpose acquisition company and a Delaware corporation (“SAQN”), consummated a reverse merger pursuant to that certain Agreement and Plan of Merger, dated August 10, 2020 (the “Business Combination”). Upon the consummation of the Business Combination, CuriosityStream Operating Inc., a Delaware corporation (“Legacy CuriosityStream”) became a wholly owned subsidiary of SAQN, and the registrant changed its name from “Software Acquisition Group Inc.” to “CuriosityStream Inc.” Following the consummation of the Business Combination, Legacy CuriosityStream changed its name from “CuriosityStream Operating Inc.” to “Curiosity Inc.” The principal business of CuriosityStream Inc. (the "Company" or "CuriosityStream") is providing customers with access to high quality factual content via a direct subscription video on-demand (SVOD) platform accessible by internet connected devices, or indirectly via distribution partners who deliver CuriosityStream content via the distributor’s platform or system. The Company's online library available for streaming spans the entire category of factual entertainment including science, history, society, nature, lifestyle, and technology. The library is composed of thousands of accessible on-demand and ad-free productions and includes shows and series from leading nonfiction producers. The Company’s content assets are available for consuming directly through its owned and operated website (“O&O Consumer Service”), mobile applications developed for iOS and Android operating systems (“App Services”), and via the platforms and systems of third-party partners in exchange for license fees. The Company offers subscribers a monthly or annual subscription. The price for a subscription varies depending on the location of the subscriber, the content included (e.g., Direct Service or Smart Bundle service) and the length of the subscription (e.g., monthly or annual) selected by the customer. As an additional part of the Company’s App Services, it has built applications to make its service accessible on almost every major customer 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. In addition, CuriosityStream has affiliate agreement relationships with, and its content assets are available through, certain multichannel video programming distributors (“MVPDs”) and virtual MVPDs (“vMVPDs”). The Company also has distribution agreements which grant other media companies certain distribution rights to the Company’s programs, referred to as content licensing arrangements. The Company also sells selected rights to content created before production begins. |
BASIS OF PRESENTATION AND SUMMA
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES BASIS OF PRESENTATION The accompanying unaudited consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and are consistent in all material respects with those applied in the Company’s consolidated financial statements as of and for the year ended December 31, 2023. In the opinion of management, the unaudited consolidated financial statements include all adjustments of a normal recurring nature necessary for the fair presentation of the Company’s financial position, results of operations, and cash flows. The unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes and Management’s Discussion and Analysis of Financial Condition, and Results of Operations included in the Annual Report on Form 10-K for the year ended December 31, 2023. The results of operations for the three months ended March 31, 2024, are not necessarily indicative of the results to be expected for the year ending December 31, 2024. USE OF ESTIMATES The preparation of consolidated financial statements in conformity with U.S. GAAP and the rules and regulations of the U.S Securities and Exchange Commission (the “SEC”) requires management to make estimates and assumptions that affect amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Significant items subject to such estimates include the content asset amortization, the assessment of the recoverability of content assets and equity method investments, and the determination of fair value estimates related to non-monetary transactions, share-based awards and liability classified warrants. Concentration of Risk Financial instruments that potentially subject the Company to concentration of credit risk consist principally of cash, cash equivalents, investments, and accounts receivable. The Company maintains its cash, cash equivalents, and investments with high credit quality financial institutions; at times, such balances with the financial institutions may exceed the applicable FDIC-insured limits. Accounts receivable, net are typically unsecured and are derived from revenues earned from customers primarily located in the United States. Fair Value Measurement of Financial Instruments Fair value is defined as the exit price, or the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date. The applicable accounting guidance establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are those that market participants would use in valuing the asset or liability and are developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the factors market participants would use in valuing the asset or liability. The accounting guidance establishes three levels of inputs that may be used to measure fair value: • Level 1 : Quoted prices in active markets for identical assets or liabilities. • Level 2 : Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. • Level 3 : Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurements. The Company reviews the fair value hierarchy classification at each reporting period. Changes in the observability of valuation inputs may result in a reclassification of levels for certain securities within the fair value hierarchy. The Company’s assets measured at fair value on a recurring basis have included its investments in money market funds and corporate debt securities (at December 31, 2022). Level 1 inputs were derived by using unadjusted quoted prices for identical assets in active markets and were used to value the Company’s investments in money market funds and U.S. government debt securities. Level 2 inputs were derived using prices for similar investments and were used to value the Company’s investments in corporate and municipal debt securities. The Company’s liabilities measured at fair value on a recurring basis include its private placement warrants issued to Software Acquisition Holdings LLC, the Company’s former Sponsor, in a private placement offering (the “Private Placement Warrants”). The fair value of the Private Placement Warrants is considered a Level 3 valuation and is determined using the Black-Scholes valuation model. Refer to Note 6 - Stockholders' Equity for significant assumptions which the Company used in the fair value model for the Private Placement Warrants. Ce rtain assets are measured at fair value on a nonrecurring basis and are subject to fair value adjustments only in certain circumstances, e.g., when there is evidence of impairment indicators. The Company’s remaining financial instruments, including cash and cash equivalents, accounts receivable, accounts payable, and accrued expenses and other liabilities are carried at cost, which approximates fair value because of the short-term maturity of these instruments. RECENT ACCOUNTING PRONOUNCEMENTS The Jumpstart Our Business Startups Act (“JOBS Act”) allows the Company, as an emerging growth company (“EGC”), to delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are applicable to private companies. The Company has elected to use this extended transition period under the JOBS Act until such time as the Company is no longer considered to be an EGC. In November 2023, the FASB issued ASU No. 2023-07 ("ASU 2023-07"), Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires public entities to disclose information about their reportable segments’ significant expenses and other segment items on an interim and annual basis. Public entities with a single reportable segment are required to apply the disclosure requirements in ASU 2023-07, as well as all existing segment disclosures and reconciliation requirements in ASC 280 on an interim and annual basis. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2023-07. In December 2023, the FASB issued ASU No. 2023-09 ("ASU 2023-09"), Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2023-09. |
EQUITY INVESTMENTS
EQUITY INVESTMENTS | 3 Months Ended |
Mar. 31, 2024 | |
Equity Method Investments and Joint Ventures [Abstract] | |
EQUITY INVESTMENTS | EQUITY INVESTMENTS The Company holds equity investments in Spiegel TV Geschichte und Wissen GmbH & Co. KG (the “Spiegel Venture”) and Watch Nebula LLC (“Nebula”). The Company accounts for these investments under the equity method of accounting. The Company’s carrying values for its equity method investments as of March 31, 2024, and December 31, 2023, were as follows: (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 In July 2021, the Company acquired a 32% ownership in the Spiegel Venture for an initial investment of $3.3 million. The Spiegel Venture, which prior to the Company’s equity purchase, was jointly owned and operated by Spiegel TV GmbH (“Spiegel TV”) and Autentic GmbH (“Autentic”), operates two documentary channels, together with an SVOD service as well as a free advertising-supported streaming television (FAST) channel, which provide factual content to pay television audiences in Germany and certain German-speaking regions of other countries. The Company has not received any dividends from the Spiegel Venture as of March 31, 2024. Per the Share Purchase Agreement (as amended in early 2023, the “SPA”), in the event the Spiegel Venture achieved certain financial targets during its 2022 fiscal period, the Company is required to make an additional payment related to its 32% equity ownership to both Spiegel TV and Autentic (the “Holdback Payment”). During the three months ended June 30, 2023, the Company determined the Spiegel Venture had achieved such financial targets, resulting in the Company paying a Holdback Payment in the amount of $0.9 million to the Spiegel Venture during July 2023. The Company has a call option that permits it to require Spiegel TV and Autentic to sell their respective ownership interests in the Spiegel Venture (“Call Option”) to the Company. The Call Option, exercisable at a value based on a determinable calculation in the SPA, is initially exercisable only during the period that is the later of (i) 30 business days Together with the Call Option, each of Spiegel TV and Autentic has a put option that permits it to require the Company to purchase their interest (“Put Option”) at a value based on a determinable calculation outlined in the SPA. The Put Option is only exercisable upon the achievement of certain defined conditions, as outlined in the SPA, and is initially exercisable only during the period that is the later of (i) 60 business days In the event the Call Option or Put Option is not exercised, both options will continue to be available to each respective party in the following year through perpetuity, with its exercise limited to the same date range as outlined above. The Put Option is not currently considered to be probable of becoming exercisable based on the defined conditions in the SPA. NEBULA Nebula is an SVOD technology platform built for and by a group of independent content creators. Prior to the Company’s investment, Nebula was a 100% wholly owned subsidiary of Standard Broadcast LLC (“Standard”). On August 23, 2021, the Company purchased a 12% ownership interest in Nebula for $6.0 million. Upon its initial investment, the Company obtained 25% representation on Nebula’s Board of Directors, providing the Company with significant influence, but not a controlling interest. Since the time of its original investment, the Company has been obligated to purchase additional incremental ownership interests, each for a payment of $0.8 million and representing 1.625% of equity ownership, if Nebula meets certain quarterly targets. The Company has made three subsequent incremental purchases, bringing its total ownership interest in Nebula to 16.875% as of March 31, 2024. The Company did not make further investments in Nebula during the three months ended March 31, 2024, and the obligation to make additional purchases ended as of September 30, 2023. The Company has not received dividends from Nebula as of March 31, 2024. Since August 2021, the Company has included access to Nebula’s SVOD service as a part of a combined CuriosityStream / Watch Nebula subscription offer and as part of the Company’s Smart Bundle subscription package. As part of this arrangement, the Company has shared revenue with Nebula, based on certain metrics, and paid monthly. On September 26, 2023, Nebula provided the Company with a notice of non-renewal (the “Nebula Non-Renewal”), which resulted in the expiration of the revenue share at the end of 2023. Nebula is still required to make its service available to subscribers to either of these offerings through the end of the term of any such subscription that exists as of December 31, 2023. |
BALANCE SHEET COMPONENTS
BALANCE SHEET COMPONENTS | 3 Months Ended |
Mar. 31, 2024 | |
Balance Sheet Related Disclosures [Abstract] | |
BALANCE SHEET COMPONENTS | BALANCE SHEET COMPONENTS CASH, CASH EQUIVALENTS, RESTRICTED CASH AND SHORT-TERM INVESTMENTS A reconciliation of the Company’s cash and cash equivalents in the consolidated balance sheets to cash, cash equivalents and restricted cash in the consolidated statements of cash flows is as follows: (In thousands) March 31, December 31, Cash and cash equivalents $ 38,750 $ 37,715 Restricted cash 1 125 500 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. To determine the fair value of its investments in money market funds securities, the Company uses unadjusted quoted market prices (Level 1 inputs). As of March 31, 2024, and December 31, 2023, the fair values of the Company’s securities investments was as follows: (In thousands) Cash and Cash Equivalents March 31, December 31, 2023 Level 1 securities: Money market funds $ 36,544 $ 36,072 Total Level 1 securities $ 36,544 $ 36,072 The Company recorded no material realized gains or losses during the three months ended March 31, 2024, and 2023. CONTENT ASSETS Content assets consisted of the following as of the dates indicated: (in thousands) March 31, December 31, Licensed content, net: Released, less amortization and impairment 1 $ 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 impairment 2 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 Of the $10.2 million unamortized cost of licensed content that had been released as of March 31, 2024, the Company expects that $4.7 million, $3.1 million and $1.4 million will be amortized in each of the next three years. Of the $23.4 million unamortized cost of produced content that had been released as of March 31, 2024, the Company expects that $8.6 million, $6.4 million and $5.1 million will be amortized in each of the next three years. Impairment Assessment The Company’s primary business model is subscription-based as opposed to a model based on generating revenues at a specific title level. Content assets 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 library will be stated at the lower of unamortized cost or fair value. In addition, unamortized costs are written off for content assets that have been, or are expected to be abandoned. Amortization In accordance with its accounting policy for content assets, the Company amortizes licensed content costs and produced content costs, which is included within cost of revenues in the Company’s unaudited consolidated statements of operations. For the three months ended March 31, 2024, and 2023, content amortization was as follows: Three Months Ended (in thousands) 2024 2023 Licensed content $ 1,698 $ 1,945 Produced content 3,517 3,907 Total $ 5,215 $ 5,852 WARRANT LIABILITY As described in Note 6 - Stockholders' Equity , the Private Placement Warrants are classified as a non-current liability and reported at fair value at each reporting period. As of March 31, 2024, and December 31, 2023, t he fair value of the Private Placement Warrants, as determined using Level 3 inputs, was as follows: (in thousands) March 31, December 31, Private Placement Warrants $ 74 $ 44 |
REVENUE
REVENUE | 3 Months Ended |
Mar. 31, 2024 | |
Revenue from Contract with Customer [Abstract] | |
REVENUE | REVENUE The following table sets forth the Company’s disaggregated revenues for the three months ended March 31, 2024, and 2023, as well as the relative percentage to total revenue: Three Months Ended (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 REMAINING PERFORMANCE OBLIGATIONS As of March 31, 2024, the Company expects to recognize revenues in the future related to performance obligations that were unsatisfied as follows: Remainder of Year Ended December 31, (in thousands) 2025 2026 2027 Thereafter Total Remaining performance obligations $ 1,192 $ 613 $ 92 $ 46 $ 20 $ 1,963 These amounts include only fixed consideration or minimum guarantees and do not include amounts related to (a) contracts with an original expected term of one year or less or (b) licenses of content that are solely based on sales or usage-based royalties. DEFERRED REVENUE Contract liabilities (i.e., deferred revenue) consist of subscriber and affiliate license fees billed that have not been recognized, amounts contractually billed or collected for content licensing sales in advance of the related content being made available to the customer, and unredeemed gift cards and other prepaid subscriptions that have not been redeemed. Total deferred revenues were $15.2 million as of March 31, 2024, and December 31, 2023, with the non-current portions of $0.6 million as of March 31, 2024, and December 31, 2023, included in other liabilities on the consolidated balance sheets. |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 3 Months Ended |
Mar. 31, 2024 | |
Stockholders' Equity Note [Abstract] | |
STOCKHOLDERS' EQUITY | STOCKHOLDERS’ EQUITY COMMON STOCK As of March 31, 2024, and December 31, 2023, the Company had authorized the issuance of 126,000,000 shares of capital stock, par value of $0.0001 per share, consisting of (a) 125,000,000 shares of common stock, and (b) 1,000,000 shares of preferred stock. WARRANTS As of March 31, 2024, the Company had 3,054,203 publicly traded warrants outstanding that were sold as part of the units of Software Acquisition Group Inc. in its initial public offering on November 22, 2019, and that were issued to the PIPE Investors in connection with the Business Combination on October 14, 2020 (the “Public Warrants” and, together with the Private Placement Warrants, the "Warrants") and 3,676,000 Private Placement Warrants outstanding. The Private Placement Warrants are liability-classified, and the Public Warrants are equity-classified. Each whole warrant entitles the registered holder to purchase one share of the Company’s Common Stock at an exercise price of $11.50 per share. All Warrants expire on October 14, 2025. The Company has the right to redeem the outstanding Public Warrants in whole and not in part at a price of $0.01 per warrant upon a minimum of 30 days’ prior written notice of redemption, if and only if the last sale price of the Company’s Common Stock matched or exceeded $18.00 per share for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date on which the Company sent the notice of redemption to the warrant holders. The Private Placement Warrants are identical to the Public Warrants except that, so long as they are held by Software Acquisition Holdings LLC or its permitted transferees: (i) they will not be redeemable by the Company; (ii) they may be exercised by the holders on a cashless basis; and (iii) they are subject to registration rights. There were no exercises of warrants during the three months ended March 31, 2024. The warrant liability related to the Private Placement Warrants is recorded at fair value as of each reporting date with the change in fair value reported within other income (expense) in the accompanying unaudited consolidated statements of operations as “Change in fair value of warrant liability” until the warrants are exercised, expired or other facts and circumstances lead the warrant liability to be reclassified to stockholders’ equity (deficit). The fair value of the warrant liability for the Private Placement Warrants was estimated using a Black-Scholes pricing model using Level 3 inputs. The significant assumptions used in preparing the Black-Scholes option pricing model to determine fair value a s of March 31, 2024, and December 31, 2023, we re as follows: March 31, December 31, 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 The change in fair value of the private placement warrant liability was negligible for the three months ended March 31, 2024 and $0.1 million for the three months ended March 31, 2023. |
EARNINGS (LOSS) PER SHARE
EARNINGS (LOSS) PER SHARE | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
EARNINGS (LOSS) PER SHARE | EARNINGS (LOSS) PER SHARE Basic and diluted earnings (loss) per share are calculated on the basis of the weighted average number of shares of the Company’s Common Stock outstanding during the respective periods. Diluted earnings (loss) per share give effect to all dilutive potential common shares outstanding during the period using the treasury stock method for stock options and other potentially dilutive securities. In computing diluted earnings (loss) per share, the average fair value of the Company’s Common Stock for the period is used to determine the number of shares assumed to be purchased from the exercise price of the options. Purchases of treasury stock reduce the outstanding shares commencing on the date that the stock is purchased. Common stock equivalents are excluded from the calculation when a loss is incurred as their effect would be anti-dilutive. For the three months ended March 31, 2024, and 2023, the components of basic and diluted net loss per share were as follows: (In thousands except per share amounts) Three Months Ended 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) Common shares issuable for warrants, options, and restricted stock units (“RSU”) represent the total amount of outstanding warrants, stock options, and restricted stock units at March 31, 2024, and 2023. For the three months ended March 31, 2024, and 2023, the following share equivalents were excluded from the calculation of diluted net loss per share as the inclusion of such shares would have been anti-dilutive. Three Months Ended (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 |
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION | 3 Months Ended |
Mar. 31, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
STOCK-BASED COMPENSATION | STOCK-BASED COMPENSATION The Company measures the cost of employee services received in exchange for an award of equity instruments based on the grant date fair value of the award. The fair value is recognized in earnings over the period during which an employee is required to provide the service. The Company accounts for forfeitures as they occur. In October 2020, the Company’s Board of Directors adopted the CuriosityStream 2020 Omnibus Plan (the “2020 Plan”). The 2020 Plan became effective upon consummation of the Business Combination and succeeds the Legacy CuriosityStream Stock Option Plan. Upon adoption of the 2020 Plan, a total of 7,725,000 shares were approved to be issued as stock options, share appreciation rights, restricted stock units and restricted stock. The following table summarizes stock option and RSU activity, prices, and values for the three months ended March 31, 2024: 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- Number of Shares Weighted- 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 There were no options exercised during the three months ended March 31 2024, and 2023. Stock options and RSU awards generally vest on a monthly, quarterly, or annual basis over a period of one four years from the grant date. When options are exercised, the Company issues previously unissued shares of Common Stock to satisfy share option exercises. Upon vesting and distribution of RSUs, the Company issues previously unissued shares of Common Stock to satisfy restricted stock units vested, net of shares withheld for taxes if elected by the RSU holder. The fair value of stock option awards is estimated using the Black-Scholes option pricing model, which includes a number of assumptions including Company’s estimates of stock price volatility, employee stock option exercise behaviors, future dividend payments, and risk-free interest rates. The expected term of options granted is the estimated period of time from the beginning of the vesting period to the date of expected exercise or other settlement, based on historical exercises and post-vesting terminations. The Company generally estimates expected term based on the midpoint between the vesting date and the end of the contractual term, also known as the simplified method, given the lack of historical exercise behavior. On April 28, 2023, the Company’s Board of Directors authorized, and on June 14, 2023, the Company’s shareholders approved, a stock option exchange program (the “Exchange”) that permitted certain current employees and executive officers to exchange certain outstanding stock options with exercise prices substantially above the current market price of the Company’s Common Stock for RSUs of an equivalent fair value. The Exchange was completed in July 2023. For options that had already vested at the time of the Exchange, the resulting RSUs will vest in July 2024. Otherwise, the vesting schedules for unvested options at the time of the Exchange will remain the same for the resulting RSUs. As a result of the Exchange, 4.6 million of outstanding eligible stock options were exchanged for 1.6 million new RSUs, with a fair value of $0.99 per share on the date of the Exchange. There was no incremental compensation expense recorded by the Company as a result of the Exchange. The Company uses its own historical volatility as well as the historical volatility of similar public companies for estimating volatility. The risk-free interest rate is estimated using the rate of return on U.S. Treasury securities with maturities that approximate to the expected term of the option.. For the three months ended March 31, 2024, and 2023, stock-based compensation expense was as follows: (stock-based compensation in thousands) Three Months Ended 2024 2023 Stock-based compensation — Options $ 5 $ 777 Stock-based compensation — RSUs $ 684 $ 490 Total stock-based compensation $ 689 $ 1,267 |
SEGMENT AND GEOGRAPHIC INFORMAT
SEGMENT AND GEOGRAPHIC INFORMATION | 3 Months Ended |
Mar. 31, 2024 | |
Segment Reporting [Abstract] | |
SEGMENT AND GEOGRAPHIC INFORMATION | SEGMENT AND GEOGRAPHIC INFORMATION The Company operates as one reporting segment. The Company’s chief operating decision maker is its chief executive officer, who reviews financial information presented on an entity-wide basis for purposes of making operating decisions, assessing financial performance and allocating resources. All long-lived tangible assets are located in the United States. For the three months ended March 31, 2024, and 2023, revenue by geographic location based on customer location was as follows: Three Months Ended 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 % Revenue from one foreign country, Netherlands, comprised 10% or greater of total revenue for one or more of the periods presented. |
RELATED-PARTY TRANSACTIONS
RELATED-PARTY TRANSACTIONS | 3 Months Ended |
Mar. 31, 2024 | |
Related Party Transactions [Abstract] | |
RELATED-PARTY TRANSACTIONS | RELATED-PARTY TRANSACTIONS EQUITY INVESTMENTS For the three months ended March 31, 2024, the Company recognized $0.1 million of revenue related to license fees from the Spiegel Venture, while no revenue was recognized for Nebula. As of March 31, 2024, and December 31, 2023, the impacts of the arrangement s with the Spiegel Venture and Nebula on the Company’s consolidated balance sheets were as follows: (In thousands) March 31, December 31, Accounts receivable $ 479 $ 811 Accounts payable $ 3 $ 374 For the three months ended March 31, 2024, and 2023, the impacts of arrangements with the Spiegel Venture and Nebula on the Company’s consolidated statements of operations were as follows: Three Months Ended (In thousands) 2024 2023 Revenues $ 111 $ 794 Cost of revenues $ 15 $ 1,202 OPERATING LEASE The Company sublets a portion of its office space to Hendricks Investment Holdings, LLC, which is considered a related party as it is managed by various members of the Company’s Board of Directors. The Company accounts for the arrangement as an operating lease. Refer to Note 11 - Leases |
LEASES
LEASES | 3 Months Ended |
Mar. 31, 2024 | |
Leases [Abstract] | |
LEASES | LEASES COMPANY AS LESSEE The Company is a party to a non-cancellable operating lease agreement for office space, which expires in 2033. The Company’s operating lease for this office space includes fixed rent payments and variable lease payments, which are primarily related to common area maintenance and utility charges. The Company elected not to separate lease and non-lease components, and as such, all amounts paid under the lease are classified as either fixed or variable lease payments. The Company has determined that no renewal clauses are reasonably certain of being exercised and therefore has not included any renewal periods within the lease term for this lease. As of March 31, 2024, the Company held operating lease ROU assets of $3.3 million, current lease liabilities of $0.4 million, included within accr ued expenses and other liabilities on the consolidated balance sheets , and non-current lease liabilities of $4.2 million. In measuring operating lease liabilities, the Company used a weighted average discount rate of 4.4% in existence as of the January 1, 2022, ASU 2016-02 adoption date. The weighted average remaining lease term as of March 31, 2024, was 8.92 years. Components of Lease Cost For the three months ended March 31, 2024, the Company’s total operating lease cost was comprised of the following: Three Months Ended (In thousands) 2024 2023 Operating lease cost $ 119 $ 121 Variable lease cost 12 13 Total lease cost $ 131 $ 134 Maturity of Lease Liabilities As of March 31, 2024, maturities of the Company’s operating lease liabilities, which do not include short-term leases and variable lease payments, were as follows: (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 COMPANY AS LESSOR The Company subleases a portion of its office space to a related party and accounts for the arrangement as an operating lease. Related party sublease rental income is recognized on a straight-line basis and is included in Interest and other incom |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES CONTENT COMMITMENTS As of March 31, 2024, the Company’s content obligations amounted to $0.6 million, including $0.1 million recorded within in content liabilities in the accompanying unaudited consolidated balance sheets, and $0.5 million of obligations not yet recorded as they did not yet meet the asset recognition criteria for content assets. These obligations are expected to be paid by December 31, 2024. As of December 31, 2023, the Company’s content obligations amounted to $1.1 million, including $0.4 million recorded within current content liabilities in the accompanying unaudited consolidated balance sheets and $0.7 million of obligations not yet recorded as they did not yet meet the asset recognition criteria for content assets. Content obligations include amounts related to licensed, commissioned and internally produced streaming content. An obligation for the production of content includes non-cancelable commitments under creative talent and employment agreements. An obligation for the licensed and commissioned content is incurred at the time the Company enters into an agreement to obtain future titles. Once a title becomes available, a content liability is generally recorded. Certain agreements include the obligation to license rights for unknown future titles, the ultimate quantity and/or fees for which are not yet determinable as of the reporting date. ADVERTISING COMMITMENTS |
INCOME TAXES
INCOME TAXES | 3 Months Ended |
Mar. 31, 2024 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES For the three months ended March 31, 2024, Income tax expense was immaterial. For the comparative period in 2023 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Mar. 31, 2024 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS On May 6, 2024, the Board declared a regular quarterly cash dividend of $0.025 per share of Common Stock, equivalent to $0.10 per share of Common Stock on an annual basis. The cash dividend will be paid on July 31, 2024, to all holders of record of Common Stock at the close of business on July 12, 2024. This cash dividend of approximately $1.3 million is expected to be paid from available cash on hand. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Pay vs Performance Disclosure | ||
Net loss | $ (5,035) | $ (7,751) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
BASIS OF PRESENTATION AND SUM_2
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Basis of Presentation | BASIS OF PRESENTATION The accompanying unaudited consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and are consistent in all material respects with those applied in the Company’s consolidated financial statements as of and for the year ended December 31, 2023. |
Use of Estimates | USE OF ESTIMATES |
Concentration of Risk | Concentration of Risk Financial instruments that potentially subject the Company to concentration of credit risk consist principally of cash, cash equivalents, investments, and accounts receivable. The Company maintains its cash, cash equivalents, and investments with high credit quality financial institutions; at times, such balances with the financial institutions may exceed the applicable FDIC-insured limits. |
Fair Value Measurement of Financial Instruments | Fair Value Measurement of Financial Instruments Fair value is defined as the exit price, or the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date. The applicable accounting guidance establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are those that market participants would use in valuing the asset or liability and are developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the factors market participants would use in valuing the asset or liability. The accounting guidance establishes three levels of inputs that may be used to measure fair value: • Level 1 : Quoted prices in active markets for identical assets or liabilities. • Level 2 : Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. • Level 3 : Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurements. The Company reviews the fair value hierarchy classification at each reporting period. Changes in the observability of valuation inputs may result in a reclassification of levels for certain securities within the fair value hierarchy. The Company’s assets measured at fair value on a recurring basis have included its investments in money market funds and corporate debt securities (at December 31, 2022). Level 1 inputs were derived by using unadjusted quoted prices for identical assets in active markets and were used to value the Company’s investments in money market funds and U.S. government debt securities. Level 2 inputs were derived using prices for similar investments and were used to value the Company’s investments in corporate and municipal debt securities. The Company’s liabilities measured at fair value on a recurring basis include its private placement warrants issued to Software Acquisition Holdings LLC, the Company’s former Sponsor, in a private placement offering (the “Private Placement Warrants”). The fair value of the Private Placement Warrants is considered a Level 3 valuation and is determined using the Black-Scholes valuation model. Refer to Note 6 - Stockholders' Equity for significant assumptions which the Company used in the fair value model for the Private Placement Warrants. Ce rtain assets are measured at fair value on a nonrecurring basis and are subject to fair value adjustments only in certain circumstances, e.g., when there is evidence of impairment indicators. |
Recent Accounting Pronouncements | RECENT ACCOUNTING PRONOUNCEMENTS The Jumpstart Our Business Startups Act (“JOBS Act”) allows the Company, as an emerging growth company (“EGC”), to delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are applicable to private companies. The Company has elected to use this extended transition period under the JOBS Act until such time as the Company is no longer considered to be an EGC. In November 2023, the FASB issued ASU No. 2023-07 ("ASU 2023-07"), Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires public entities to disclose information about their reportable segments’ significant expenses and other segment items on an interim and annual basis. Public entities with a single reportable segment are required to apply the disclosure requirements in ASU 2023-07, as well as all existing segment disclosures and reconciliation requirements in ASC 280 on an interim and annual basis. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2023-07. In December 2023, the FASB issued ASU No. 2023-09 ("ASU 2023-09"), Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2023-09. |
EQUITY INVESTMENTS (Tables)
EQUITY INVESTMENTS (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedule of Equity Method Investments | The Company’s carrying values for its equity method investments as of March 31, 2024, and December 31, 2023, were as follows: (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 |
BALANCE SHEET COMPONENTS (Table
BALANCE SHEET COMPONENTS (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Balance Sheet Related Disclosures [Abstract] | |
Schedule of Reconciliation of Cash and Cash Equivalents | A reconciliation of the Company’s cash and cash equivalents in the consolidated balance sheets to cash, cash equivalents and restricted cash in the consolidated statements of cash flows is as follows: (In thousands) March 31, December 31, Cash and cash equivalents $ 38,750 $ 37,715 Restricted cash 1 125 500 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. |
Restrictions on Cash and Cash Equivalents | A reconciliation of the Company’s cash and cash equivalents in the consolidated balance sheets to cash, cash equivalents and restricted cash in the consolidated statements of cash flows is as follows: (In thousands) March 31, December 31, Cash and cash equivalents $ 38,750 $ 37,715 Restricted cash 1 125 500 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. |
Schedule of Fair Values of Securities Investments | As of March 31, 2024, and December 31, 2023, the fair values of the Company’s securities investments was as follows: (In thousands) Cash and Cash Equivalents March 31, December 31, 2023 Level 1 securities: Money market funds $ 36,544 $ 36,072 Total Level 1 securities $ 36,544 $ 36,072 |
Schedule of Content Assets | Content assets consisted of the following as of the dates indicated: (in thousands) March 31, December 31, Licensed content, net: Released, less amortization and impairment 1 $ 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 impairment 2 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 |
Schedule of Amortized Licensed Content Costs and Produced Content Costs | For the three months ended March 31, 2024, and 2023, content amortization was as follows: Three Months Ended (in thousands) 2024 2023 Licensed content $ 1,698 $ 1,945 Produced content 3,517 3,907 Total $ 5,215 $ 5,852 |
Schedule of Private Placement Warrants | As of March 31, 2024, and December 31, 2023, t he fair value of the Private Placement Warrants, as determined using Level 3 inputs, was as follows: (in thousands) March 31, December 31, Private Placement Warrants $ 74 $ 44 |
REVENUE (Tables)
REVENUE (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Revenues Disaggregated by Type | The following table sets forth the Company’s disaggregated revenues for the three months ended March 31, 2024, and 2023, as well as the relative percentage to total revenue: Three Months Ended (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 |
Schedule of Revenues Expected to be Recognized in the Future Related to Performance Obligations | As of March 31, 2024, the Company expects to recognize revenues in the future related to performance obligations that were unsatisfied as follows: Remainder of Year Ended December 31, (in thousands) 2025 2026 2027 Thereafter Total Remaining performance obligations $ 1,192 $ 613 $ 92 $ 46 $ 20 $ 1,963 |
STOCKHOLDERS' EQUITY (Tables)
STOCKHOLDERS' EQUITY (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Fair Value Black-Scholes Option | The significant assumptions used in preparing the Black-Scholes option pricing model to determine fair value a s of March 31, 2024, and December 31, 2023, we re as follows: March 31, December 31, 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 |
EARNINGS (LOSS) PER SHARE (Tabl
EARNINGS (LOSS) PER SHARE (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Schedule of Basic and Diluted Earnings (Loss) Per Share | For the three months ended March 31, 2024, and 2023, the components of basic and diluted net loss per share were as follows: (In thousands except per share amounts) Three Months Ended 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) |
Schedule of Antidilutive Shares Excluded | For the three months ended March 31, 2024, and 2023, the following share equivalents were excluded from the calculation of diluted net loss per share as the inclusion of such shares would have been anti-dilutive. Three Months Ended (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 |
STOCK-BASED COMPENSATION (Table
STOCK-BASED COMPENSATION (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Stock Option and RSU Activity | The following table summarizes stock option and RSU activity, prices, and values for the three months ended March 31, 2024: 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- Number of Shares Weighted- 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 |
Schedule of Assumptions Used to Value Options Granted | For the three months ended March 31, 2024, and 2023, stock-based compensation expense was as follows: (stock-based compensation in thousands) Three Months Ended 2024 2023 Stock-based compensation — Options $ 5 $ 777 Stock-based compensation — RSUs $ 684 $ 490 Total stock-based compensation $ 689 $ 1,267 |
SEGMENT AND GEOGRAPHIC INFORM_2
SEGMENT AND GEOGRAPHIC INFORMATION (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Segment Reporting [Abstract] | |
Schedule of Revenue by Geographic Location | For the three months ended March 31, 2024, and 2023, revenue by geographic location based on customer location was as follows: Three Months Ended 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 % |
RELATED-PARTY TRANSACTIONS (Tab
RELATED-PARTY TRANSACTIONS (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Related Party Transactions [Abstract] | |
Schedule of Balance Sheet Impact of Arrangements with Related Parties | As of March 31, 2024, and December 31, 2023, the impacts of the arrangement s with the Spiegel Venture and Nebula on the Company’s consolidated balance sheets were as follows: (In thousands) March 31, December 31, Accounts receivable $ 479 $ 811 Accounts payable $ 3 $ 374 |
Schedule of Statement of Operations Impact of Arrangements with Related Parties | For the three months ended March 31, 2024, and 2023, the impacts of arrangements with the Spiegel Venture and Nebula on the Company’s consolidated statements of operations were as follows: Three Months Ended (In thousands) 2024 2023 Revenues $ 111 $ 794 Cost of revenues $ 15 $ 1,202 |
LEASES (Tables)
LEASES (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Leases [Abstract] | |
Schedule of Total Operating Lease Cost | For the three months ended March 31, 2024, the Company’s total operating lease cost was comprised of the following: Three Months Ended (In thousands) 2024 2023 Operating lease cost $ 119 $ 121 Variable lease cost 12 13 Total lease cost $ 131 $ 134 |
Schedule of Maturities of Operating Lease Liabilities | As of March 31, 2024, maturities of the Company’s operating lease liabilities, which do not include short-term leases and variable lease payments, were as follows: (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 |
EQUITY INVESTMENTS - Schedule o
EQUITY INVESTMENTS - Schedule of Equity Method Investments (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Increase (Decrease) In Equity Method Investments [Roll Forward] | |
Beginning balance | $ 6,354 |
Equity method investment loss | (1,756) |
Ending balance | 4,598 |
Spiegel Venture | |
Increase (Decrease) In Equity Method Investments [Roll Forward] | |
Beginning balance | 1,736 |
Equity method investment loss | (1,519) |
Ending balance | 217 |
Nebula | |
Increase (Decrease) In Equity Method Investments [Roll Forward] | |
Beginning balance | 4,618 |
Equity method investment loss | (237) |
Ending balance | $ 4,381 |
EQUITY INVESTMENTS - Narrative
EQUITY INVESTMENTS - Narrative (Details) - USD ($) | 3 Months Ended | ||||
Mar. 31, 2024 | Jul. 31, 2023 | Aug. 23, 2021 | Aug. 22, 2021 | Jul. 31, 2021 | |
Nebula | |||||
Equity Investments [Line Items] | |||||
Subsidiary, ownership percentage, parent | 100% | ||||
Spiegel Venture | |||||
Equity Investments [Line Items] | |||||
Ownership percentage | 32% | 32% | |||
Ownership amount | $ 3,300,000 | ||||
Call option, exercise period | 30 days | ||||
Put option, exercise period | 60 days | ||||
Spiegel Venture | Accounts Payable | |||||
Equity Investments [Line Items] | |||||
Equity method investments holdback payment liability | $ 900,000 | ||||
Nebula | |||||
Equity Investments [Line Items] | |||||
Ownership percentage | 16.875% | 12% | |||
Ownership amount | $ 6,000,000 | ||||
Board representation, percentage | 25% | ||||
Payment for additional ownership interest | $ 800,000 | ||||
Additional ownership interest, percentage | 1.625% | ||||
Investments in equity method investees | $ 0 |
BALANCE SHEET COMPONENTS - Sche
BALANCE SHEET COMPONENTS - Schedule of Reconciliation of Cash and Cash Equivalents (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Balance Sheet Related Disclosures [Abstract] | ||
Cash and cash equivalents | $ 38,750 | $ 37,715 |
Restricted cash | 125 | 500 |
Cash and cash equivalents and restricted cash | $ 38,875 | $ 38,215 |
BALANCE SHEET COMPONENTS - Sc_2
BALANCE SHEET COMPONENTS - Schedule of Fair Values of Securities Investments (Details) - Level 1 Securities - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Balance Sheet ComponentS,Schedule of Investments in Debt Securities at Fair Value [Line Items] | ||
Cash and Cash Equivalents | $ 36,544 | $ 36,072 |
Money market funds | ||
Balance Sheet ComponentS,Schedule of Investments in Debt Securities at Fair Value [Line Items] | ||
Cash and Cash Equivalents | $ 36,544 | $ 36,072 |
BALANCE SHEET COMPONENTS - Narr
BALANCE SHEET COMPONENTS - Narrative (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Balance Sheet Related Disclosures [Abstract] | ||
Realized gains (losses) | $ 0 | $ 0 |
Unamortized cost of content assets, total | 10,200,000 | |
Unamortized cost of content assets, current | 4,700,000 | |
Unamortized cost of content assets to be released in two years | 3,100,000 | |
Unamortized cost of the content assets to be released in three years | 1,400,000 | |
Unamortized cost of produced content, total | 23,400,000 | |
Unamortized cost of produced content, current | 8,600,000 | |
Unamortized cost of produced content to be amortized in two years | 6,400,000 | |
Unamortized cost of produced content to be amortized in three years | $ 5,100,000 |
BALANCE SHEET COMPONENTS - Sc_3
BALANCE SHEET COMPONENTS - Schedule of Content Assets (Details) - Related Party - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Licensed content, net: | ||
Total Licensed content, net | $ 15,187 | $ 16,628 |
Produced content, net: | ||
Total produced content, net | 24,967 | 28,315 |
Total content assets | 40,154 | 44,943 |
Released, less amortization and impairment | ||
Licensed content, net: | ||
Total Licensed content, net | 10,221 | 8,271 |
Produced content, net: | ||
Total produced content, net | 23,425 | 22,880 |
Prepaid and unreleased | ||
Licensed content, net: | ||
Total Licensed content, net | 4,966 | 8,357 |
In production | ||
Produced content, net: | ||
Total produced content, net | $ 1,542 | $ 5,435 |
BALANCE SHEET COMPONENTS - Sc_4
BALANCE SHEET COMPONENTS - Schedule of Amortized Licensed Content Costs and Produced Content Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Balance Sheet Components, Schedule of Company Amortized Licensed Content Costs [Line Items] | ||
Amortization of content assets | $ 5,215 | $ 5,852 |
Licensed content | ||
Balance Sheet Components, Schedule of Company Amortized Licensed Content Costs [Line Items] | ||
Amortization of content assets | 1,698 | 1,945 |
Produced content | ||
Balance Sheet Components, Schedule of Company Amortized Licensed Content Costs [Line Items] | ||
Amortization of content assets | $ 3,517 | $ 3,907 |
BALANCE SHEET COMPONENTS - Sc_5
BALANCE SHEET COMPONENTS - Schedule of Private Placement Warrants (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Level 3 | ||
Warrant liability | $ 74 | $ 44 |
Level 3 | Private Placement Warrants | ||
Level 3 | ||
Warrant liability | $ 74 | $ 44 |
REVENUE - Schedule of revenues
REVENUE - Schedule of revenues disaggregated (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Disaggregation of Revenue [Line Items] | ||
Total revenues | $ 12,001 | $ 12,387 |
Concentration risk, percentage | 100% | 100% |
Total Direct Business | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | $ 9,530 | $ 8,582 |
Total Direct Business | Revenue Benchmark | Product Concentration Risk | ||
Disaggregation of Revenue [Line Items] | ||
Concentration risk, percentage | 79% | 69% |
Direct-to-Consumer | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | $ 8,068 | $ 7,480 |
Direct-to-Consumer | Revenue Benchmark | Product Concentration Risk | ||
Disaggregation of Revenue [Line Items] | ||
Concentration risk, percentage | 67% | 60% |
Partner Direct Business | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | $ 1,462 | $ 1,102 |
Partner Direct Business | Revenue Benchmark | Product Concentration Risk | ||
Disaggregation of Revenue [Line Items] | ||
Concentration risk, percentage | 12% | 9% |
Total Content Licensing | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | $ 1,164 | $ 2,018 |
Total Content Licensing | Revenue Benchmark | Product Concentration Risk | ||
Disaggregation of Revenue [Line Items] | ||
Concentration risk, percentage | 10% | 16% |
Library sales | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | $ 868 | $ 817 |
Library sales | Revenue Benchmark | Product Concentration Risk | ||
Disaggregation of Revenue [Line Items] | ||
Concentration risk, percentage | 7% | 7% |
Presales | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | $ 296 | $ 1,201 |
Presales | Revenue Benchmark | Product Concentration Risk | ||
Disaggregation of Revenue [Line Items] | ||
Concentration risk, percentage | 2% | 10% |
Bundled Distribution | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | $ 1,142 | $ 1,416 |
Bundled Distribution | Revenue Benchmark | Product Concentration Risk | ||
Disaggregation of Revenue [Line Items] | ||
Concentration risk, percentage | 10% | 11% |
Enterprise | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | $ 68 | $ 97 |
Enterprise | Revenue Benchmark | Product Concentration Risk | ||
Disaggregation of Revenue [Line Items] | ||
Concentration risk, percentage | 1% | 1% |
OTHER | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | $ 97 | $ 274 |
OTHER | Revenue Benchmark | Product Concentration Risk | ||
Disaggregation of Revenue [Line Items] | ||
Concentration risk, percentage | 1% | 2% |
REVENUE - Schedule of Revenue_2
REVENUE - Schedule of Revenues Expected to be Recognized in the Future Related to Performance Obligations (Details) $ in Thousands | Mar. 31, 2024 USD ($) |
Revenue from Contract with Customer [Abstract] | |
Remainder of Year Ending December 31, 2024 | $ 1,192 |
2025 | 613 |
2026 | 92 |
2027 | 46 |
Thereafter | 20 |
Total | $ 1,963 |
REVENUE - Narrative (Details)
REVENUE - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | ||
Total deferred revenues | $ 15.2 | $ 15.2 |
Non-current portions | 0.6 | $ 0.6 |
Revenues recognized | $ 6.3 |
STOCKHOLDERS' EQUITY - Narrativ
STOCKHOLDERS' EQUITY - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Class of Stock [Line Items] | |||
Shares authorized (shares) | 126,000,000 | 126,000,000 | |
Par value, price per share (in dollars per share) | $ 0.0001 | $ 0.0001 | |
Common stock, shares authorized (in shares) | 125,000,000 | 125,000,000 | |
Preferred Stock, Shares Authorized | 1,000,000 | 1,000,000 | |
Shares available for purchase per warrant (shares) | 1 | ||
Exercise price of warrants (dollars per share) | $ 11.50 | ||
Redemption price (dollars per share) | 0.01 | ||
Warrant redemption threshold price (dollars per share) | $ 18 | ||
Warrant redemption threshold trading days | 20 days | ||
Warrant redemption threshold consecutive trading days | 30 days | ||
Warrants exercised (in shares) | 0 | ||
Change in gain (loss) of warrant liability | $ 0.1 | ||
Publicly Traded Warrants | |||
Class of Stock [Line Items] | |||
Warrants outstanding (shares) | 3,054,203 | ||
Private Placement Warrants | |||
Class of Stock [Line Items] | |||
Warrants outstanding (shares) | 3,676,000 |
STOCKHOLDERS' EQUITY - Schedule
STOCKHOLDERS' EQUITY - Schedule of Fair Value Black-Scholes Option (Details) - $ / shares | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Stockholders' Equity Note [Abstract] | ||
Exercise price (in dollars per share) | $ 11.50 | $ 11.50 |
Stock price (CURI) (in dollars per share) | $ 1.07 | $ 0.54 |
Expected volatility | 90% | 100% |
Expected warrant term (years) | 1 year 6 months | 1 year 9 months 18 days |
Risk-free interest rate | 4.81% | 4.23% |
Dividend yield | 2.30% | 0% |
Fair value per private placement warrant (in dollars per share) | $ 0.02 | $ 0.01 |
EARNINGS (LOSS) PER SHARE - Sch
EARNINGS (LOSS) PER SHARE - Schedule of Basic and Diluted Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Numerator — Basic and Diluted EPS: | ||
Net loss | $ (5,035) | $ (7,751) |
Denominator — Basic and Diluted EPS: | ||
Weighted-average shares, basic (in shares) | 53,301,000 | 52,950,000 |
Weighted–average shares, diluted (in shares) | 53,301,000 | 52,950,000 |
Net loss per share — basic (in dollars per share) | $ (0.09) | $ (0.15) |
Net loss per share — diluted (in dollars per share) | $ (0.09) | $ (0.15) |
EARNINGS (LOSS) PER SHARE - S_2
EARNINGS (LOSS) PER SHARE - Schedule of Antidilutive Shares Excluded (Details) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive shares excluded from computation of earnings per share (in shares) | 9,239 | 12,390 |
Options | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive shares excluded from computation of earnings per share (in shares) | 31 | 4,630 |
Restricted stock units | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive shares excluded from computation of earnings per share (in shares) | 2,478 | 1,030 |
Warrants | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive shares excluded from computation of earnings per share (in shares) | 6,730 | 6,730 |
STOCK-BASED COMPENSATION - Narr
STOCK-BASED COMPENSATION - Narrative (Details) - USD ($) | 1 Months Ended | 3 Months Ended | ||
Jul. 31, 2023 | Mar. 31, 2024 | Mar. 31, 2023 | Oct. 31, 2020 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Shares approved to be issued (in Shares) | 7,725,000 | |||
Options exercised (in shares) | 0 | 0 | ||
Share price (in dollars per share) | $ 0.99 | |||
Compensation expense due to modification | $ 0 | |||
Minimum | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Vesting period | 1 year | |||
Maximum | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Vesting period | 4 years | |||
Options | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Shares sold in period (in shares) | 4,600,000 | |||
Restricted Stock Units | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Shares issued for exchange (in shares) | 1,600,000 |
STOCK-BASED COMPENSATION - Sche
STOCK-BASED COMPENSATION - Schedule of Stock Option and RSU Activity (Details) - $ / shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Number of Shares Available for Issuance Under the Plan | ||
Beginning balance (in shares) | 4,762,000 | |
Granted (in shares) | (469,000) | |
RSUs vested (in shares) | 12,000 | |
Forfeited or expired (in shares) | 20,000 | |
Ending balance (in shares) | 4,325,000 | |
Stock Options, Number of Shares | ||
Beginning balance (in shares) | 32,000 | |
Granted (in shares) | 0 | |
Options exercised (in shares) | 0 | 0 |
Forfeited or expired (in shares) | (2,000) | |
Ending balance (in shares) | 31,000 | |
Stock Options, Weighted-Average Exercise Price | ||
Beginning balance (in dollars per share) | $ 5.79 | |
Granted (in dollars per share) | 0 | |
Options exercised (in dollars per share) | 0 | |
Forfeited or expired (in dollars per share) | 5.88 | |
Ending balance (in dollars per share) | $ 5.30 | |
Restricted Stock Units | ||
Restricted Stock Units, Number of Shares | ||
Beginning balance (in shares) | 2,058,000 | |
Granted (in shares) | 469,000 | |
RSUs vested (in shares) | (31,000) | |
Forfeited or expired (in shares) | (18,000) | |
Ending balance (in shares) | 2,478,000 | |
Restricted Stock Units, Weighted-Average Grant Date Fair Value | ||
Beginning balance (in dollars per share) | $ 2.57 | |
Granted (in dollars per share) | 0.54 | |
RSUs vested (in dollars per share) | 12.98 | |
Forfeited or expired (in dollars per share) | 10.61 | |
Ending balance (in dollars per share) | $ 1.95 |
STOCK-BASED COMPENSATION - Sc_2
STOCK-BASED COMPENSATION - Schedule of Assumptions Used to Value Options Granted (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Total stock-based compensation | $ 689 | $ 1,267 |
Options | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Total stock-based compensation | 5 | 777 |
Restricted Stock Units | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Total stock-based compensation | $ 684 | $ 490 |
SEGMENT AND GEOGRAPHIC INFORM_3
SEGMENT AND GEOGRAPHIC INFORMATION - Narrative (Details) - reporting_unit | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Segment Reporting Information [Line Items] | ||
Number of reporting segments | 1 | |
Concentration risk, percentage | 100% | 100% |
Netherlands | Geographic Concentration Risk | Revenue Benchmark | ||
Segment Reporting Information [Line Items] | ||
Concentration risk, percentage | 2% | 10% |
Netherlands | Geographic Concentration Risk | Revenue Benchmark | Minimum | ||
Segment Reporting Information [Line Items] | ||
Concentration risk, percentage | 10% |
SEGMENT AND GEOGRAPHIC INFORM_4
SEGMENT AND GEOGRAPHIC INFORMATION - Schedule of Revenues by Geographic Location (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total revenues | $ 12,001 | $ 12,387 |
Concentration risk, percentage | 100% | 100% |
United States | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total revenues | $ 7,425 | $ 6,686 |
United States | Revenue Benchmark | Geographic Concentration Risk | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Concentration risk, percentage | 62% | 54% |
Total International | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total revenues | $ 4,576 | $ 5,701 |
Total International | Revenue Benchmark | Geographic Concentration Risk | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Concentration risk, percentage | 38% | 46% |
Netherlands | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total revenues | $ 208 | $ 1,246 |
Netherlands | Revenue Benchmark | Geographic Concentration Risk | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Concentration risk, percentage | 2% | 10% |
Other | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total revenues | $ 4,368 | $ 4,455 |
Other | Revenue Benchmark | Geographic Concentration Risk | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Concentration risk, percentage | 36% | 36% |
RELATED-PARTY TRANSACTIONS - Na
RELATED-PARTY TRANSACTIONS - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Related Party Transactions [Line Items] | ||
Total revenues | $ 12,001 | $ 12,387 |
Related Party | License Fees | Spiegel Venture | ||
Related Party Transactions [Line Items] | ||
Total revenues | $ 100 |
RELATED-PARTY TRANSACTIONS - Sc
RELATED-PARTY TRANSACTIONS - Schedule of Balance Sheet Impact of Arrangements with Related Parties (Details) - Related Party - Spiegel Venture and Nebula - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Related Party Transactions [Line Items] | ||
Accounts receivable | $ 479 | $ 811 |
Accounts payable | $ 3 | $ 374 |
RELATED-PARTY TRANSACTIONS - _2
RELATED-PARTY TRANSACTIONS - Schedule of Statement of Operations Impact of Arrangements with Related Parties (Details) - Related Party - Spiegel Venture and Nebula - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Related Party Transactions [Line Items] | ||
Revenues | $ 111 | $ 794 |
Cost of revenues | $ 15 | $ 1,202 |
LEASES - Narrative (Details)
LEASES - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | |
Leases [Abstract] | ||
Operating lease right-of-use assets | $ 3,279 | $ 3,350 |
Current lease liabilities | 400 | |
Non-current lease liabilities | $ 4,187 | $ 4,283 |
Weighted average discount rate, percentage | 4.40% | |
Weighted average remaining lease term (in years) | 8 years 11 months 1 day | |
Operating lease income | $ 100 | |
Operating lease future minimum payments receivable | $ 200 |
LEASES - Schedule of Total Oper
LEASES - Schedule of Total Operating Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Leases [Abstract] | ||
Operating lease cost | $ 119 | $ 121 |
Variable lease cost | 12 | 13 |
Total lease cost | $ 131 | $ 134 |
LEASES - Schedule of Maturities
LEASES - Schedule of Maturities of Operating Lease Liabilities (Details) $ in Thousands | Mar. 31, 2024 USD ($) |
Leases [Abstract] | |
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 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2024 | Dec. 31, 2023 | |
Commitments and Contingencies (Details) [Line Items] | |||
Content obligations | $ 0.6 | $ 1.1 | |
Current content liabilities | 0.1 | 0.4 | |
Content assets obligations | 0.5 | $ 0.7 | |
Advertising commitments | $ 1.4 | ||
Forecast | |||
Commitments and Contingencies (Details) [Line Items] | |||
Advertising obligations | $ 0.8 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | ||
Provision for income taxes | $ 0 | $ 0.1 |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) - Subsequent Event $ / shares in Units, $ in Millions | May 06, 2024 USD ($) $ / shares |
Subsequent Event [Line Items] | |
Dividends declared (in dollars per share) | $ 0.025 |
Dividends declared, annual basis (in dollars per share) | $ 0.10 |
Dividends payable | $ | $ 1.3 |