CuriosityStream Inc. (NASDAQ: CURI) stock declined by 3.37% at last close while the CURI stock continues to fall by 11.99% in the after-hour trading. CuriosityStream is one of the world’s leading online factual subscription platforms and publishing firms, founded by media pioneer John Hendricks. CURI’s documentary series and specials cover a wide range of topics, from space travel to adventure to the hidden lives of dogs, inspiring people of all ages to pursue their interests and discover new ones.
Financial Results
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On May 11, 2021 CuriosityStream released its first quarter 2021 financial results. Stated below is the summary:
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- Revenue was $9.9 million in the first quarter of 2021, up from $7.5 million in the first quarter of 2020.
- There are nearly 16 million paid subscribers, which is a 28 percent increase year on year.
- Gross margin in the first quarter of 2021 was 58 percent, relative to 64 percent in the first quarter of 2020.
- In the first quarter of 2021, CURI had a net loss of $(18.8) million, relative to a net loss of $(11.8) million in the previous quarter.
- EBITDA was $(15.1) million in the first quarter of 2021, compared to $(12.0) million the previous quarter.
Whereas for the year 2021, CuriosityStream is expecting a revenue of at least $71 million, nearly a growth of 80% year-over-year.
Business Highlights
- CURI has announced the purchase of One Day University, which adds to its factual content offering and provides everyone with exclusive, complimentary SVOD programming for their direct services.
- CURI increased its subscription base while retaining a low churn rate in the single digits.
- The cash flow from funding operations rose to $149 million, with $94 million coming from their follow-on equity offering and $55 million coming from the use of warrant.
Clint Stinchcomb, President & CEO commented:
The first quarter of 2021 gets the year off to a good start. With $178 million in cash and acquisitions, 80 percent increase in direct customers, and 90 percent sales insight into 2021, CURI has never been in a better spot at the start of the year. With the purchase of One Day University, an informative, encouraging, and exciting program that provides users with access to hundreds of talks and lectures from the best academics in the United States, CURI is widening its factual content proposition and market prospects.