curi-20250630

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_____________________

FORM 10-Q

_____________________

(MARK ONE)


x			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2025


o			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _________ to _________

Commission file number: 001-39139

_____________________

CURIOSITYSTREAM INC.

(Exact Name of Registrant as Specified in Its Charter)

_____________________


Delaware			84-1797523
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)

8484 Georgia Ave., Suite 700

Silver Spring, Maryland 20910

(Address of principal executive offices)

(301) 755-2050

(Issuer’s telephone number)

_____________________

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading

Symbol(s)

Name of each exchange

on which registered

Common Stock, par value $0.0001

CURI

NASDAQ

Warrants, each exercisable for one share of Common Stock at an exercise price of $11.50 per share

CURIW

NASDAQ

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☐

Accelerated filer

☐

Non-accelerated filer

☒

Smaller reporting company

☒

Emerging growth company

☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of August 4, 2025, 57,929,733 shares of common stock of the registrant were issued and outstanding.

Table of Contents

CURIOSITYSTREAM INC.

QUARTERLY REPORT ON FORM 10-Q

Table of Contents


			Page
Part I. Condensed Consolidated Financial Information
Item 1. Financial Statements (unaudited)
Condensed Consolidated Balance Sheets			2
Condensed Consolidated Statements of Operations			3

Condensed Consolidated Statements of Stockholders’ Equity			4
Condensed Consolidated Statements of Cash Flows			6
Notes to Unaudited Consolidated Financial Statements			7
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations			23
Item 3. Quantitative and Qualitative Disclosures Regarding Market Risk			31
Item 4. Controls and Procedures			31
Part II. Other Information
Item 1. Legal Proceedings			33
Item 1A. Risk Factors			33




Item 6. Exhibits			34
Part III. Signatures			35

Table of Contents

PART I. FINANCIAL INFORMATION

ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Table of Contents

CURIOSITYSTREAM INC.

CONDENSED CONSOLIDATED BALANCE SHEETS


(in thousands, except par value)	June 30, 2025		December 31, 2024
	(Unaudited)

Assets
Current assets
Cash and cash equivalents	$	6,943	$	7,826
Restricted cash	60		125
Short-term investments in debt and other securities	21,190		24,236
Accounts receivable, net	11,354		6,103
Other current assets	909		1,228
Total current assets	40,456		39,518
Investments in debt securities	2,484		7,463
Investments in equity method investees	3,541		3,848
Property and equipment, net	448		520
Content assets, net	28,577		31,511
Operating lease right-of-use assets	2,915		3,065
Other assets	231		257
Total assets	$	78,652	$	86,182
Liabilities and stockholders’ equity
Current liabilities
Content liabilities	$	402	$	282
Accounts payable	4,964		5,608
Accrued expenses and other liabilities	9,491		7,003
Deferred revenue	9,563		10,970
Total current liabilities	24,420		23,863
Warrant liability	174		88
Non-current operating lease liabilities	3,678		3,887
Other liabilities	539		496
Total liabilities	28,811		28,334
Commitments and contingencies (Note 12)
Stockholders’ equity
Common stock, $0.0001 par value – 125,000 shares authorized as of June 30, 2025, and December 31, 2024; 57,927 shares issued as of June 30, 2025 and 56,814 issued as of December 31, 2024, including 216 treasury shares; 56,598 shares outstanding as of December 31, 2024; 57,711 shares outstanding as of June 30, 2025.	5		5
Treasury stock	(251)		(251)
Additional paid-in capital	368,648		366,508

Accumulated deficit	(318,561)		(308,414)
Total stockholders’ equity	49,841		57,848
Total liabilities and stockholders’ equity	$	78,652	$	86,182

The accompanying notes are an integral part of these condensed consolidated financial statements.

Table of Contents

CURIOSITYSTREAM INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS


	Three Months Ended June 30,		Six Months Ended June 30,
(unaudited and in thousands except per share amounts)	2025	2024

SEC Form 10-Q filed by CuriosityStream Inc.