CuriosityStream Inc.

Thank you for standing by. My name is Kerri, and I will be your conference operator today. At this time, I would like to welcome everyone to the CuriosityStream Q1 2025 earnings conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question, press star one again. Thank you. I would now like to turn the call over to Tia Cudahy, Chief Operating Officer of CuriosityStream. Please go ahead.

Thank you, and welcome to CuriosityStream's discussion of its first quarter 2025 financial results. Leading the discussion today are Clint Stinchcomb, CuriosityStream's Chief Executive Officer, and Brady Hayden, CuriosityStream's Chief Financial Officer. Following management's prepared remarks, we will be happy to take your questions. But first, I'll review the Safe Harbor Statement. During this call, we may make statements related to our business that are forward-looking statements under the federal securities laws. These statements are not guarantees of future performance, but rather are subject to a variety of risks, uncertainties, and assumptions. Our actual results could differ materially from expectations reflected in any forward-looking statements. Please be aware that any forward-looking statements reflect management's current views only, and the company undertakes no obligation to revise or update these statements, nor to make additional forward-looking statements in the future. For discussion of the material risks and other important factors that could affect our actual results, please refer to our SEC filings available on the SEC website and on our investor relations website, as well as the risks and other important factors discussed in today's press release. Additional information will also be set forth in our quarterly report on Form 10-Q for the quarter ended March 31, 2025 when filed. In addition, reference will be made to non-GAAP financial measures. A reconciliation of these non-GAAP measures to comparable GAAP measures can be found on our website at investors.curiositystream.com. Unless otherwise stated, all comparisons will be against our results for the comparable 2024 period. Now I'll turn the call over to Clint.

Thank you, Tia. We have a lot of good news to share today. Our Q1 revenue of $15.1 million was up 26% year-over-year and 7% sequentially. Our net income was positive for the first time and improved $5.4 million year-over-year. Adjusted EBITDA was positive and improved to $1.1 million. Brady will provide more color about other positive key metrics. Two years ago, in March 2023, we explained our determination to achieve positive cash flow in our operations and to join the ranks of companies that have enduring business metrics. We increased our cash flow in every consecutive quarter from Q4 2022 to Q4 2024. And we've achieved positive cash flow over the past five quarters. In Q1 2025, our EBITDA performance caught up with our sustained positive cash flow, and today we are gratified to report that we were adjusted EBITDA positive for the first time, as well as net income positive, landmark achievements for our company. Because we believe that the volume of our cash flow and surplus cash, beyond that needed for operations, belongs to our shareholders, We implemented a dividend program in Q1 of 2024 and paid our first dividend in April of last year. In March of this year, we announced an increase to our dividend 4 cents per quarter or 16 cents annualized. Today, our outlook on future performance gives us the confidence to announce another increase to our quarterly dividend. We are doubling it to 8 cents or 32 cents annualized. We are delighted to give this extra return to our loyal shareholders many of whom have been committed to our enterprise for well over five years. We work for the benefit and interest of our shareholders, and we are proud to do so. I mentioned last quarter that 2025 is a return to top line growth and continued bottom line growth, both at double digit percentages. While we aren't providing specific year end guidance, we remain confident in hitting these marks. Third party licensing and distribution opportunities are accessible to us, provided we execute optimally, at a scope and scale greater than at any time in company history. As such, we remain focused on the five growth pillars we outlined in March, which again are, one, increased licensing of high volumes of video, audio, and other data to traditional media companies and also to tech companies building and fine-tuning AI products. Two, continued rationalization of our annual expenses. leveraging falling translation costs to accelerate global growth. Four, launching new currencies to reduce subscription friction internationally. And five, selectively enhancing our talent density. In light of this focus, we've entered into several new third-party agreements in the US and internationally. We've added extensively to our deep and increasingly wide library of video, audio, and other data. And we recently rolled out 10 new currencies. On the content front, we continue to seek to entertain and enlighten viewers with original premieres, like the second season of Deadly Science, profiling the many brave men and women who paid the ultimate price in pursuit of their enormous breakthroughs. Our one-hour collaboration with the popular YouTube franchise Economics Explained, exploring how the U.S. became the largest and most influential economy in human history, and Breakthrough Asteroid Impact, a look at cutting-edge efforts to explore one of Earth's greatest threats. We also continue to strengthen our core offerings in science, history, nature, and tech with specials like Cleopatra, The Mystery of the Mummified Hand, Fast the Celestial Eye, and Mysteries of the Bayeux Tapestry, a revealing look at the remarkable 224-foot narrative embroidery that has taught us so much about the end of the Vikings and the beginning of the Knights and the feudal system in Europe. To reinforce what we've said in the past, we believe our strong balance sheet, $39 million in liquidity and no debt, and our continued double-digit growth in both top-line revenue and cash flow make us stand out in the current environment. Moreover, we believe our global subscription proposition, our rising roster of technology and traditional media partners, our public currency, and our ongoing rationalization of our cost structure are uniquely favorable attributes that provide us with durable, sustainable market advantages and exceptional flexibility. I'd like to thank my colleagues and our existing shareholders for investing the time, energy, and resources critical to building Curie. And I really hope there are many potential future shareholders allocating time today and in the days ahead to better understand our story and trajectory. I'll now yield to my talent colleagues, our CFO, Brady Hayden.