CuriosityStream Inc.
For the period ended Jun 30, 2025. Filed Aug 6, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Aug 6, 2025
CURI$2.51-0.4%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-05-06.
0001628280-25-022770
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-08-06.
0001628280-25-038426
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 96 previous paragraphs and 95 current paragraphs.
62 unchanged; 31 reworded; 2 added; 3 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 8 previous and 8 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (2)
Current report
For thethree and six months ended June 30, 2025, cost of revenues increased by 48% and 25%, respectively. These increases were primarily driven by increases in distribution costs, the result of higher revenue we have generated from licensing content that we have acquired the rights to through revenue share arrangements compared to the same period in 2024. These increases were partly offset by 23% and 28% declines in content amortization for thethree and six months ended June 30, 2025, primarily due to fewer new productions and a reduction in content acquisitions.
Current report
For the three months ended June 30, 2025, general and administrative expenses increased to $6.4 million from $6.0 million for the same period in 2024. This increase of $0.4 million, or 7%, was driven by higher stock-based compensation expense, although this was partially offset by lower costs in the Other category, reflecting the company's broader initiatives to manage costs and drive operational efficiencies.
Removed paragraphs (3)
Previous report
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Previous report
For the three months ended March 31, 2025, cost of revenues increased to $7.1 million from $6.7 million, a 5% increase. This increase was primarily driven by a $2.1 million, or 288%, rise in distribution costs, mainly due to a significant increase in revenue share arrangements compared to the same period in 2024. This was partly offset by a 33% percent decline in content amortization for the three months ended March 31, 2025, primarily due to fewer new productions and a reduction in content acquisitions.
Previous report
For the three months ended March 31, 2025, general and administrative expenses decreased to $5.0 million from $5.8 million compared to the same period in 2024. This decrease of $0.8 million, or 14%, was primarily the result of lower professional services, which declined by $0.5 million or 44% as we streamlined various external services and brought certain finance and operations functions in-house. Additionally, technology and subscription costs and other administrative expenses decreased, reflecting the company's broader initiatives to manage costs and drive operational efficiencies.
Reworded paragraphs (31)
Previous wording
We seek to meet demand for high-quality factual entertainment via subscription video on-demand (“SVOD”)
Current wording
We seek to meet the demand for high-quality factual entertainment via subscription video on-demand (“SVOD”)
Previous wording
The financial data in the following table sets forth selected financial information derived from our unaudited condensed consolidated financial statements for the three months ended March 31, 2025, and 2024, and includes our results of operations as a percentage of revenue or as a percentage of costs, as applicable, for the periods indicated:
Current wording
The financial data in the following table sets forth selected financial information derived from our unaudited condensed consolidated financial statements for the three and six months ended June 30, 2025, and 2024, and includes our results of operations as a percentage of revenue or as a percentage of costs, as applicable, for the periods indicated:
Previous wording
For the three months ended March 31, 2025, and 2024, the Company reported operating income of $0.1 million and an operating loss of $3.7 million, respectively. The improvement of $3.7 million, or 102%, was primarily due to a $3.1 million, or 26%, increase in total revenues, driven by higher content licensing, along with a $0.6 million or 4% decrease in total operating expenses. The reduction in operating expenses reflected lower general and administrative costs and reduced advertising and marketing spend.
Current wording
For the three months ended June 30, 2025, and 2024, the Company reported operating income of $0.5 million and an operating loss of $2.5 million, respectively. The improvement of $3.0 million, or 119%, was primarily due to a $6.6 million, or 53%, increase in total revenues, driven by higher content licensing, partially offset by a a $3.6 million or 24% increase in total operating expenses.
Previous wording
For the three months ended March 31, 2025, the Company recorded a net income of $0.3 million, compared to a net loss of $5.0 million for the same period in 2024, representing an improvement of $5.4 million, or 106%. This change reflects both the improvement in operating income and a $1.6 million reduction in equity method investment loss.
Current wording
For the six months ended June 30, 2025, the Company recorded a net income of $1.1 million, compared to a net loss of $7.1 million for the same period in 2024, representing an improvement of $8.2 million, or 116%.
Previous wording
For the three months ended March 31, 2025, and 2024, revenues totaled $15.1 million and $12.0 million, respectively, an increase of $3.1 million, or 26%. This increase was primarily driven by increases in Content Licensing and Other of $4.2 million and $0.3 million, respectively, while our Direct Business and Bundled distribution revenue decreased by $0.9 million and $0.6 million, respectively.
Current wording
For the three months ended June 30, 2025, and 2024, revenues totaled $19.0 million and $12.4 million, respectively, an increase of $6.6 million, or 53%. This increase was primarily driven by increases in Content Licensing and Other of $8.0 million and $0.2 million, respectively, while our Direct Business and Bundled distribution revenue decreased by $1.5 million and $0.2 million, respectively.
Previous wording
The following table details our Direct Business for the three months ended March 31, 2025, and 2024:
Current wording
The following table details our Direct Business for the three and six months ended June 30, 2025, and 2024:
Previous wording
For the three months ended March 31, 2025, our Direct-to-Consumer (“DTC”) revenue decreased by $1.6 million, or 20%, compared to 2024. The decline was primarily due to a decrease in DTC subscriber count. The positive impact of the pricing changes introduced in 2023 was already fully reflected in the prior year and did not offset the impact of the subscriber decline in the current period. Partner Direct revenue increased by $0.7 million, or 48%, compared to 2024, driven by continued subscriber growth and the ongoing benefit from the price increase.
Current wording
For the three months ended June 30, 2025, our DTC revenue decreased by $2.0 million, or 25%, compared to 2024, due to a decrease in DTC subscriber count. Partner Direct revenue increased by $0.6 million, or 34%, compared to 2024, driven by continued subscriber growth.
Previous wording
Through our Content Licensing business, we license tocertain media companies a collection of existing titles from our content library. These transactions are reported as library sales. In addition, we license and sublicense hundreds of thousands of content and data assets to companies developing large-language learning models for artificial intelligence (AI) products. We also pre-sell selected rights (such as in territories or on platforms that are lower priority for us) to content we create before we even begin production. This latter model reduces risk in our content development decisions and creates content licensing revenue.
Current wording
Through our Content Licensing business, we license tocertain media companies a collection of existing titles from our content library. These transactions are reported as library sales. In addition, we license and sublicense hundreds of thousands of content and data assets to companies developing large-language learning models for artificial intelligence (AI) products. We also pre-sell selected rights to content we create before we begin production, such as in territories or on platforms that are lower priority for us. This model reduces risk in our content development decisions while generating content licensing revenue.
Previous wording
The following table details our Content Licensing results for the three months ended March 31, 2025, and 2024:
Current wording
The following table details our Content Licensing results for the three and six months ended June 30, 2025, and 2024:
Previous wording
For the three months ended March 31, 2025, compared to 2024, Library sales increased by 523%, while presales declined by 100%.
Current wording
For the three months ended June 30, 2025, compared to 2024, Library sales increased by 697%, while presales declined by 100%.
Previous wording
The increase in Library sales was primarily driven by new licensing agreements related to AI model training, involving both our existing library content and content from our partners under revenue-sharing arrangements. Content licensing revenue, including barter activity, may fluctuate from period to period based on our content needs and those of our partners. Within our content licensing business, we remain focused on transactions that yield a positive gross margin, particularly those involving our library assets. We may continue to pursue presale arrangements with select partners for strategic purposes.
Current wording
The increase in Library sales was primarily driven by new licensing agreements related to AI model training, involving both our existing library content and content from our partners under revenue-sharing arrangements. Content licensing revenue, including barter activity, may fluctuate from period to period based on our content needs and those of our partners. Within our content licensing business, we remain focused on transactions that yield a positive gross margin, particularly those involving our library assets. Revenue from barter transactions is included within library sales and represented$1.9 million forthe three months ended June 30, 2025. We may also continue to pursue presale arrangements with select partners for strategic purposes.
Previous wording
For the three months ended March 31, 2025, and 2024, our Bundled Distribution revenue was $0.6 million and $1.1 million, respectively, reflecting a 50% decline. The decrease was primarily the result of revised affiliate agreements and the non-renewal of certain partnerships. Bundled Distribution remains a challenging business given the ongoing disruption in the linear pay television business worldwide.
Current wording
For the three months ended June 30, 2025, and 2024, our Bundled Distribution revenue was $0.9 million and $1.1 million, respectively, reflecting a 15% decline. The decrease was primarily the result of revised affiliate agreements and the non-renewal of certain partnerships. Bundled Distribution remains a challenging business given the ongoing disruption in the linear pay television business worldwide.
Previous wording
For the three months ended March 31, 2025, Other revenue was $0.4 million, an increase of $0.3 million, or 363%, from the same period in 2024. This increase was due to new FAST and AVOD revenue share arrangements that we entered into during the prior year.
Current wording
For the three months ended June 30, 2025, Other revenue was $0.4 million, an increase of $0.2 million, or 139%, from the same period in 2024. This increase was due to new FAST and AVOD revenue share arrangements that we entered into during the prior year as well as revenue from licensing proprietary code.
Previous wording
In the future, we hope to continue developing integrated digital brand partnerships with advertisers. These sponsorship campaigns offer companies the chance to be associated with CuriosityStream content in the forms described above. We believe the impressions accumulated in these multi-faceted campaigns would result in verifiable metrics for the clients.
Current wording
In the future, we inten to continue developing integrated digital brand partnerships with advertisers. These sponsorship campaigns offer companies the chance to be associated with CuriosityStream content in the forms described above. We believe the impressions accumulated in these multi-faceted campaigns would result in verifiable metrics for the clients.
Previous wording
For the three months ended March 31, 2025, and 2024, our operating expenses were $15.0 million and $15.7 million, respectively, a decrease of $0.6 million, or 4%.
Current wording
For the three months ended June 30, 2025, and 2024, our operating expenses were $18.5 million and $14.9 million, respectively, an increase of $3.6 million, or 24%.
Previous wording
Cost of revenues encompasses content amortization, distribution fees, revenue sharing arrangements, hosting and streaming 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.
Current wording
Cost of revenues encompasses distribution fees, content amortization, hosting and streaming 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.
Previous wording
Distribution fees include payment processing fees and revenue share arrangements with Smart Bundle and digital distributor partners, as well as fees owed to the Spiegel Venture related to JV's streaming service. We pay a fixed percentage distribution fee to our partners for subscribers accessing our platform to compensate these partners for access to their customer and subscriber bases. The MVPD, vMVPD and digital distributor partners making up our Partner Direct business 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.
Current wording
Distribution fees include revenue share arrangements with our content, Smart Bundle and digital distributor partners, payment processing fees and fees owed to the Spiegel Venture related to JV's streaming service. We pay a fixed percentage fee to our AI training content partners. We also pay fixed percentage fees to certain distribution partners for allowing their subscriber base to access our subscription platform. The MVPD, vMVPD and digital distributor partners making up our Partner Direct business 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 back-end costs associated with content distribution through our MVPD, vMVPD and digital distributor partners.
Previous wording
The following table details cost of revenues for the three months ended March 31, 2025, and 2024:
Current wording
The following table details cost of revenues for the three and six months ended June 30, 2025, and 2024:
Previous wording
Our advertising and marketing expenditures are a primary operating cost for our business. While these costs may fluctuate based on advertising and marketing objectives, we generally focus marketing dollars on efficient customer acquisition methods. For the three months ended March 31, 2025, advertising and marketing expenses decreased by $0.2 million, compared to the same period in 2024. This decrease reflects our efforts to optimize spending while maintaining our market presence and continuing to invest in strategic initiatives aimed at driving growth.
Current wording
Our advertising and marketing expenditures are a primary operating cost for our business. While these costs may fluctuate based on advertising and marketing objectives, we generally focus marketing dollars on efficient customer acquisition methods. For thethree and six months ended June 30, 2025, advertising and marketing expenses decreased by $0.3 million and$0.1 million, respectively, compared to the same periods in 2024. These decreases reflect our ongoing efforts to optimize spending while maintaining our market presence and continuing to invest in strategic initiatives aimed at driving growth.
Previous wording
The following table details general and administrative costs for the three months ended March 31, 2025, and 2024:
Current wording
The following table details general and administrative costs for the three and six months ended June 30, 2025, and 2024:
Previous wording
For the three months ended March 31, 2025, the Company recorded a loss of $0.2 million compared to a loss of $1.8 million for the same period in 2024. The decrease in losses is primarily due to the Company no longer recognizing its share of losses from the Spiegel’s joint venture, as the investment balance was fully reduced in the prior year due to cumulative losses. The Company continues to record its share of losses from Nebula.
Current wording
For the three months ended June 30, 2025, the Company recorded a loss of $0.2 million, essentially flat compared to a loss of $0.2 million for the same period in 2024. The Company no longer recognizes its share of losses from the Spiegel Venture, as the investment balance was fully reduced in 2024 due to cumulative losses. The Company continues to record its share of income and losses from Nebula.
Previous wording
For the three months ended March 31, 2025 and 2024 income tax expense was immaterial. Our provision for income taxes 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.
Current wording
For the three and six months ended June 30, 2025, and 2024 income tax expense was immaterial. Our provision for income taxes 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.
Previous wording
As of March 31, 2025, the Company’s cash and cash equivalents and restricted cash totaled$9.3 million, with an additional $29.7 million held in investments in debt securities that can be readily converted to cash to support ongoing cash flow needs.
Current wording
As of June 30, 2025, the Company’s cash, cash equivalents and restricted cash totaled$7.0 million, with an additional $23.7 million held in investments in debt securities that can be readily converted to cash to support ongoing cash flow needs.
Previous wording
For the three months ended March 31, 2025, the Company generated a net income of $0.3 million, primarily due to additional cash revenue, while generating $1.9 million of net cash from operating activities. Additionally, the Company generated $2.1 million in net cash for investing activities, mainly related to maturities of investments in debt securities and $2.6 million of net cash used in financing activities, mainly due to dividends paid.
Current wording
For the six months ended June 30, 2025, the Company generated a net income of $1.1 million, primarily due to additional revenue, while generating $4.7 million of net cash from operating activities. Additionally, the Company generated $8.3 million in net cash for investing activities, mainly related to maturities of investments in debt securities. Net cash used in financing activities was $14.0 million, mainly due to dividends paid.
Previous wording
On June 10, 2024, our Board of Directors authorized and approved a share repurchase program for up to $4 million of the then-outstanding shares of our common stock. Under the stock repurchase program, we may repurchase shares through open market purchases, privately negotiated transactions, block purchases, or otherwise in accordance with applicable federal securities laws. As of March 31, 2025, we had repurchased $251 thousand of Common Stock under this program.
Current wording
On June 10, 2024, our Board of Directors authorized and approved a share repurchase program for up to $4 million of the then-outstanding shares of our common stock. Under the stock repurchase program, we may repurchase shares through open market purchases, privately negotiated transactions, block purchases, or otherwise in accordance with applicable federal securities laws. Since the program’s inception through June 30, 2025, we had repurchased $251 thousand of common stock under this program.
Previous wording
The following table presents our cash flows from operating, investing and financing activities for the three months ended March 31, 2025, and 2024:
Current wording
The following table presents our cash flows from operating, investing and financing activities for the six months ended June 30, 2025, and 2024:
Previous wording
For the three months ended March 31, 2025, our net cash from operating activities was $1.9 million compared to net cash from operating activities of $0.7 million for the same period in 2024.
Current wording
For the six months ended June 30, 2025, our net cash from operating activities was $4.7 million compared to net cash from operating activities of $2.9 million for the same period in 2024.
Previous wording
For the three months ended March 31, 2025, net income was $0.3 million. Operating cash flows reflected non-cash adjustments, including $3.5 million of amortization of content assets, $0.9 million of stock-based compensation and $0.2 million of equity method investment loss. Cash used during the quarter primarily consisted of a $0.8 million outflow from changes in operating assets and liabilities, $1.8 million of additions to content assets, and a $0.3 million decrease in content liabilities.
Current wording
For the six months ended June 30, 2025, net income was $1.1 million. Operating cash flows reflected non-cash adjustments, including $7.1 million of amortization of content assets, $3.1 million of stock-based compensation and $0.3 million of equity method investment loss. Cash used during the quarter primarily consisted of a $2.8 million outflow from changes in operating assets and liabilities and $4.2 million of additions to content assets.
Previous wording
For the three months ended March 31, 2025, we recorded a net cash inflow in investing activities of $2 million. The net cash inflow in investing activities was mainly due to maturities of investments in debt securities.
Current wording
For the six months ended June 30, 2025, we recorded a net cash inflow in investing activities of $8.3 million, mainly due to maturities of investments in debt securities.
Previous wording
For the three months ended March 31, 2025 and 2024, net cash used in financing activities was $2.6 million and $0.01 million, respectively, reflecting an increase of $2.6 million primarily due to dividends paid and tax withholding.
Current wording
For the six months ended June 30, 2025, and 2024, net cash used in financing activities was $14.0 million and $1.4 million, respectively, reflecting an increase of $12.5 million primarily due to dividends paid and certain tax withholding payments.
Previous wording
For more detailed information on our critical accounting policies, including those related to content assets, revenue recognition and trade and barter transactions, refer to the "Summary of Significant Accounting Policies" section in the Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 25, 2025. This comprehensive discussion helps to ensure that stakeholders have a complete understanding of the accounting methodologies and principles that influence the financial statements presented herein.
Current wording
For more detailed information on our critical accounting policies, including those related to content assets, revenue recognition and trade and barter transactions, refer to the "Summary of Significant Accounting Policies" section in the Annual Report filed with the Securities and Exchange Commission on March 25, 2025. This comprehensive discussion helps to ensure that stakeholders have a complete understanding of the accounting methodologies and principles that influence the financial statements presented herein. During the quarter ended June 30, 2025, there were no significant changes made to the Company’s critical accounting policies from those disclosed in our Annual Report.