Curiositystream (CURI) Q4 2024 earnings summary

Executive summary

• Achieved a $26 million year-over-year increase in cash flow, moving from a $16 million loss in 2023 to a $10 million gain in 2024, driven by cost rationalization and higher-margin revenue streams.

• Delivered ninth consecutive quarter of increased cash flow, with Q4 adjusted free cash flow at $3.3 million, the highest in company history.

• Ended 2024 with approximately $40 million in liquidity and no debt.

• Announced a dividend increase to $0.16 per share for 2025, with a Q1 2025 dividend of $0.04 per share, reflecting confidence in future cash flow and growth.

• Expanded content library and distribution, including new FAST channels, significant subscriber growth, and global reach.

Financial highlights

• Q4 revenue was $14.1 million, up from $12.6 million in Q3 but down from $14.8 million year-over-year.

• Full-year revenue was $51.1 million, lower than 2023 due to fewer non-cash transactions; excluding these, revenue was flat year-over-year.

• Q4 gross margin rose to 52% from 45% a year ago; gross margin excluding content amortization reached 85%.

• Adjusted EBITDA improved by $1.5 million (43%) in Q4 and by $14.1 million (70%) for the full year; full-year adjusted EBITDA loss improved to $6.0 million from $20.2 million in 2023.

• Adjusted free cash flow for 2024 was $9.5 million, a $25.5 million improvement from 2023.

Outlook and guidance

• Projecting double-digit growth in both revenue and free cash flow for 2025.

• Q1 2025 revenue guidance is $14.5–$15.5 million, with adjusted free cash flow expected between $1–$2 million.

• Licensing revenue in 2025 is anticipated to exceed direct revenue, driven by large deals with both traditional and AI-focused partners.