CuriosityStream Inc. reported its financial results for the three and nine months ended September 30, 2024, revealing a decline in revenue but significant improvements in profitability metrics compared to the previous fiscal period. The company generated total revenues of $12.6 million for the third quarter, a decrease of 19% from $15.6 million in the same quarter of 2023. For the nine months ended September 30, 2024, revenues totaled $37.0 million, down 12% from $42.1 million in the prior year. The revenue decline was primarily attributed to decreases in Content Licensing and Bundled Distribution, offset by a 13% increase in Direct Business revenue, which reached $9.8 million in Q3 2024.
Despite the revenue drop, CuriosityStream significantly reduced its operating loss to $3.3 million in Q3 2024, an 86% improvement from a loss of $23.9 million in Q3 2023. For the nine-month period, the operating loss was $9.5 million, down 76% from $39.7 million in the same period last year. The net loss for Q3 2024 was $3.1 million, compared to $26.6 million in Q3 2023, while the nine-month net loss decreased to $10.1 million from $44.2 million in the previous year.
Total operating expenses for Q3 2024 were $15.9 million, a significant reduction of 60% from $39.5 million in Q3 2023. This decrease was driven by lower costs associated with content amortization and a streamlined operational structure, including reduced advertising and marketing expenses. The company reported a net cash inflow from operating activities of $5.1 million for the nine months ended September 30, 2024, a substantial improvement from a cash outflow of $13.6 million in the same period of 2023.
As of September 30, 2024, CuriosityStream's cash and cash equivalents stood at $9.6 million, down from $37.7 million at the end of 2023. The company also reported total assets of $87.6 million, a decrease from $101.0 million at the end of the previous year. Stockholders' equity was reported at $62.2 million, down from $72.6 million.
Strategically, CuriosityStream has been focusing on its Direct-to-Consumer model, which accounted for 61% of total revenue in Q3 2024. The company has also implemented a share repurchase program, repurchasing 195,190 shares for $0.2 million as of September 30, 2024. The company continues to evaluate its investments, including its equity stakes in Spiegel TV and Nebula, while managing its content obligations and future capital expenditures.
About CuriosityStream Inc.
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