SILVER SPRING, Md. - CuriosityStream Inc. (NASDAQ: CURI), a global factual entertainment company, has announced its financial results for the fourth quarter and the fiscal year that ended on December 31, 2023.
The company's board of directors has also declared a quarterly cash dividend of $0.025 per share, marking the initiation of a regular dividend program. This dividend is payable on April 30, 2024, to shareholders of record as of April 12, 2024.
The company reported fourth-quarter revenue of $14.8 million, a slight increase from $14.5 million in the same period of the previous year. Gross profit for the quarter stood at $6.7 million, a significant improvement from $1.4 million in the fourth quarter of 2022. CuriosityStream also reduced its total advertising, marketing, and general and administrative expenses by 32% year-over-year to $11.4 million.
Despite these gains, the company experienced a net loss of $4.7 million, which is an improvement when compared to the net loss of $14.5 million reported in the fourth quarter of 2022. The net cash used in operating activities was $2.5 million, compared to $8.8 million in the previous year's fourth quarter.
Adjusted Free Cash Flow improved to $(2.4) million from $(8.8) million in the fourth quarter of 2022, while Adjusted EBITDA was $(3.4) million, improving from $(13.6) million in the same quarter of the prior year.
For the full year 2023, CuriosityStream posted revenues of $56.9 million, down from $78.0 million in 2022. The company's gross profit also declined to $21.3 million from $26.5 million. The total advertising, marketing, and general and administrative expenses saw a 40% reduction to $46.8 million.
The net loss for the year was $48.9 million, which included a $19.0 million charge related to the impairment of content assets. This net loss is slightly lower than the $50.9 million net loss in 2022. The company also reduced its net cash used in operating activities to $16.2 million from $39.5 million in 2022.
CuriosityStream expects revenue in the range of $11.5 - $12.5 million and Adjusted Free Cash Flow in the range of $0.25 - $1.00 million for the first quarter of 2024.
These financial results are based on a press release statement from CuriosityStream. The company will host a Q&A conference call to discuss the fourth quarter and full year 2023 results. The live audio webcast of the call will be available on the CuriosityStream Investor Relations website.
This article is based on a press release statement and contains only factual information presented without any subjective assessment or promotional language.
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