The following is a summary of the CuriosityStream Inc. (CURI) Q1 2024 Earnings Call Transcript:

Financial Performance:

• CuriosityStream achieved a notable milestone in Q1 2024, generating over $1 million in adjusted free cash flow.

• Topline revenue was equivalent to Q1 2023 and direct subscription revenue increased both sequentially and year-over-year.

• The cost of revenue was cut in half from Q1 2023 and General & Administrative expense decreased by about 30%.

• Revenue for Q1 2024 was $12 million, compared to $12.4 million in Q1 2023.

• Direct revenue rose by 11% whilst Content Licensing revenue and Bundled Distribution revenue saw declines.

• The company saw an improvement in gross margin from 27.3% in Q1 2023 to 43.8% in Q1 2024.

• CuriosityStream ended Q1 2024 with $39 million in cash and zero debt.

Business Progress:

• CuriosityStream introduced subscription services with multinational global partners in 25 countries and added seven new content licensing partners.

• Pricing structures were restructured for US subscribers.

• Commercial relationships for ad-supported content were established with over 20 partners.

• Three CuriosityStream Hispanic channels will be launched via Samsung in June.

• The company released original series and specials across various genres and is planning to create additional factual category channels for distributor demand.

• Quarterly adjusted free cash flow was positive for the first time in company history.

• Brady Hayden was named as the new CFO effective May 31.

• New thematic weeks were introduced and more channels are planned for 2024. A new CuriosityStream bundle is also being tested in the market.

• The company has shown consistent growth in the past six quarters, with adjusted free cash flow improving and the initiation of a shareholder dividend.

More details: CuriosityStream IR

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