Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2023 | Aug. 10, 2023 | |
Document Information [Line Items] | ||
Entity Registrant Name | CURIOSITYSTREAM INC. | |
Document Type | 10-Q | |
Current Fiscal Year End Date | --12-31 | |
Entity Common Stock, Shares Outstanding | 53,031,186 | |
Amendment Flag | false | |
Entity Central Index Key | 0001776909 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Document Period End Date | Jun. 30, 2023 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q2 | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Shell Company | false | |
Entity Ex Transition Period | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity File Number | 001-39139 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 84-1797523 | |
Entity Address, Address Line One | 8484 Georgia Ave | |
Entity Address, Address Line Two | Suite 700 | |
Entity Address, City or Town | Silver Spring | |
Entity Address, State or Province | MD | |
Entity Address, Postal Zip Code | 20910 | |
City Area Code | 301 | |
Local Phone Number | 755-2050 | |
Entity Interactive Data Current | Yes | |
Common Stock [Member] | ||
Document Information [Line Items] | ||
Trading Symbol | CURI | |
Title of 12(b) Security | Common Stock, par value $0.0001 | |
Security Exchange Name | NASDAQ | |
Warrant [Member] | ||
Document Information [Line Items] | ||
Trading Symbol | CURIW | |
Title of 12(b) Security | Warrants, each exercisable for one share of Common Stock at an exercise price of $11.50 per share | |
Security Exchange Name | NASDAQ |
Consolidated Balance sheets
Consolidated Balance sheets - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Current assets | ||
Cash and cash equivalents | $ 44,337 | $ 40,007 |
Restricted cash | 500 | 500 |
Short-term investments in debt securities | 14,986 | |
Accounts receivable | 9,087 | 10,899 |
Other current assets | 1,679 | 3,118 |
Total current assets | 55,603 | 69,510 |
Investments in equity method investees | 9,303 | 10,766 |
Property and equipment, net | 911 | 1,094 |
Content assets, net | 63,288 | 68,502 |
Operating lease right-of-use assets | 3,564 | 3,702 |
Other assets | 448 | 539 |
Total assets | 133,117 | 154,113 |
Current liabilities | ||
Content liabilities | 1,750 | 2,862 |
Accounts payable | 6,407 | 6,065 |
Accrued expenses and other liabilities | 4,173 | 7,752 |
Deferred revenue | 12,876 | 14,281 |
Total current liabilities | 25,206 | 30,960 |
Warrant liability | 147 | 257 |
Non-current operating lease liabilities | 4,470 | 4,648 |
Other liabilities | 668 | 622 |
Total liabilities | 30,491 | 36,487 |
Stockholders' equity (deficit) | ||
Common stock, $0.0001 par value – 125,000 shares authorized as of June 30, 2023 and December 31, 2022; 53,026 shares issued and outstanding as of June 30, 2023; 52,853 issued and outstanding as of December 31, 2022 | 5 | 5 |
Additional paid-in capital | 361,392 | 358,760 |
Accumulated other comprehensive loss | 0 | (40) |
Accumulated deficit | (258,771) | (241,099) |
Total stockholders' equity (deficit) | 102,626 | 117,626 |
Total liabilities and stockholders' equity (deficit) | $ 133,117 | $ 154,113 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Jun. 30, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 125,000,000 | 125,000,000 |
Common stock, shares issued | 53,026,000 | 52,853,000 |
Common stock, shares outstanding | 53,026,000 | 52,853,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Income Statement [Abstract] | ||||
Revenues | $ 14,097 | $ 22,348 | $ 26,484 | $ 39,975 |
Operating expenses | ||||
Cost of revenues | 9,933 | 12,988 | 18,934 | 24,838 |
Advertising and marketing | 4,203 | 11,208 | 7,318 | 25,976 |
General and administrative | 7,980 | 10,603 | 16,039 | 21,106 |
Impairment of goodwill and intangible assets | 0 | 3,603 | 3,603 | |
Total operating expenses | 22,116 | 38,402 | 42,291 | 75,523 |
Operating loss | (8,019) | (16,054) | (15,807) | (35,548) |
Change in fair value of warrant liability | 184 | 478 | 110 | 4,338 |
Interest and other income (expense) | 437 | (29) | 825 | (86) |
Equity interests loss | (2,235) | (316) | (2,454) | (472) |
Loss before income taxes | (9,633) | (15,921) | (17,326) | (31,768) |
Provision for income taxes | 288 | 56 | 346 | 101 |
Net loss | $ (9,921) | $ (15,977) | $ (17,672) | $ (31,869) |
Net loss per share | ||||
Basic (in Dollars per share) | $ (0.19) | $ (0.3) | $ (0.33) | $ (0.6) |
Diluted (in Dollars per share) | $ (0.19) | $ (0.3) | $ (0.33) | $ (0.6) |
Weighted average number of common shares outstanding | ||||
Basic (in Shares) | 53,006 | 52,775 | 52,978 | 52,762 |
Diluted (in Shares) | 53,006 | 52,775 | 52,978 | 52,762 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
Net loss | $ (9,921) | $ (15,977) | $ (17,672) | $ (31,869) |
Other comprehensive income (loss) | ||||
Unrealized gain (loss) on available for sale securities | 3 | 40 | (230) | |
Total comprehensive loss | $ (9,921) | $ (15,974) | $ (17,632) | $ (32,099) |
Consolidated Statement of Redee
Consolidated Statement of Redeemable Convertible Preferred Stock and Stockholder's Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Deficit [Member] |
Balance at Dec. 31, 2021 | $ 161,935 | $ 5 | $ 352,334 | $ (222) | $ (190,182) |
Balance (in Shares) at Dec. 31, 2021 | 52,677 | ||||
Net loss | (31,869) | (31,869) | |||
Stock-based compensation, net | 3,221 | 3,221 | |||
Stock-based compensation, net (in Shares) | 109,000 | ||||
Other comprehensive income | (230) | (230) | |||
Balance at Jun. 30, 2022 | 133,057 | $ 5 | 355,555 | (452) | (222,051) |
Balance (in Shares) at Jun. 30, 2022 | 52,786,000 | ||||
Balance at Mar. 31, 2022 | 147,461 | $ 5 | 353,985 | (455) | (206,074) |
Balance (in Shares) at Mar. 31, 2022 | 52,767,000 | ||||
Net loss | (15,977) | (15,977) | |||
Stock-based compensation, net | 1,570 | 1,570 | |||
Stock-based compensation, net (in Shares) | 19,000 | ||||
Other comprehensive income | 3 | 3 | |||
Balance at Jun. 30, 2022 | 133,057 | $ 5 | 355,555 | (452) | (222,051) |
Balance (in Shares) at Jun. 30, 2022 | 52,786,000 | ||||
Balance at Dec. 31, 2022 | 117,626 | $ 5 | 358,760 | (40) | (241,099) |
Balance (in Shares) at Dec. 31, 2022 | 52,853 | ||||
Net loss | (17,672) | (17,672) | |||
Stock-based compensation, net | 2,632 | 2,632 | |||
Stock-based compensation, net (in Shares) | 173,000 | ||||
Other comprehensive income | 40 | $ 40 | |||
Balance at Jun. 30, 2023 | 102,626 | $ 5 | 361,392 | (258,771) | |
Balance (in Shares) at Jun. 30, 2023 | 53,026,000 | ||||
Balance at Mar. 31, 2023 | 111,157 | $ 5 | 360,002 | (248,850) | |
Balance (in Shares) at Mar. 31, 2023 | 52,961,000 | ||||
Net loss | (9,921) | (9,921) | |||
Stock-based compensation, net | 1,390 | 1,390 | |||
Stock-based compensation, net (in Shares) | 66,000 | ||||
Balance at Jun. 30, 2023 | $ 102,626 | $ 5 | $ 361,392 | $ (258,771) | |
Balance (in Shares) at Jun. 30, 2023 | 53,026,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Cash flows from operating activities | ||
Net loss | $ (17,672) | $ (31,869) |
Adjustments to reconcile net loss to net cash used in operating activities | ||
Change in fair value of warrant liability | (110) | (4,338) |
Additions to content assets | (7,103) | (25,303) |
Change in content liabilities | (1,112) | (3,708) |
Amortization of content assets | 12,317 | 19,130 |
Depreciation and amortization expenses | 249 | 441 |
Impairment of goodwill and intangible assets | 3,603 | |
Amortization of premiums and accretion of discounts associated with investments in debt securities, net | 26 | 758 |
Stock-based compensation | 2,689 | 3,382 |
Equity method investment loss | 2,454 | 472 |
Other non-cash items | 243 | 211 |
Changes in operating assets and liabilities | ||
Accounts receivable | 1,812 | 11,893 |
Other assets | 1,464 | 4,040 |
Accounts payable | (645) | 6,146 |
Accrued expenses and other liabilities | (3,862) | (2,850) |
Deferred revenue | (1,358) | (157) |
Net cash used in operating activities | (10,608) | (18,149) |
Cash flows from investing activities | ||
Purchases of property and equipment | (5) | (120) |
Investment in equity method investees | 0 | (1,625) |
Sales of investments in debt securities | 0 | 2,893 |
Maturities of investments in debt securities | 15,000 | 24,373 |
Purchases of investments in debt securities | 0 | (1,497) |
Net cash provided by investing activities | 14,995 | 24,024 |
Cash flows from financing activities | ||
Payments related to tax withholding | (57) | (161) |
Net cash used in financing activities | (57) | (161) |
Net increase in cash, cash equivalents and restricted cash | 4,330 | 5,714 |
Cash, cash equivalents and restricted cash, beginning of period | 40,507 | 17,547 |
Cash, cash equivalents and restricted cash, end of period | 44,837 | 23,261 |
Supplemental disclosure: | ||
Cash paid for taxes | 25 | 398 |
Cash paid for operating leases | 269 | 219 |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 0 | $ 3,965 |
Organization and Business
Organization and Business | 6 Months Ended |
Jun. 30, 2023 | |
Organization and Business [Abstract] | |
Organization and business | Note 1 — Organization and business The principal business of CuriosityStream Inc. (the “Company” or “CuriosityStream”) is to provide customers with access to high quality factual content via a direct subscription video on-demand The Company’s content assets are available directly through its owned and operated website (“O&O Service”), mobile applications developed for iOS and Android operating systems (“App Services”), and via the platforms and systems of third-party partners in exchange for license fees. The Company offers subscribers a monthly or annual subscription. The price for a subscription varies depending on the content included (e.g., Direct Service or Smart Bundle service) and the length of the subscription (e.g., monthly or annual) selected by the customer. As an additional part of the Company’s App Services, it has built applications to make its service accessible on almost every major customer device, including streaming media players like Roku, Apple TV and Amazon Fire TV, major smart TV brands (e.g., LG, Vizio, Samsung) and gaming consoles. In addition, CuriosityStream has affiliate agreement relationships with, and its content assets are available through, certain multichannel video programming distributors (“MVPDs”) and virtual MVPDs (“vMVPDs”). The Company also has distribution agreements which grant other media companies certain distribution rights to the Company’s programs, referred to as content licensing deals. The Company also sells selected rights to content it creates before production begins. |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of presentation and summary of significant accounting policies | Note 2 — Basis of presentation and summary of significant accounting policies Basis of presentation The accompanying unaudited consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and are consistent in all material respects with those applied in the Company’s consolidated financial statements as of and for the year ended December 31, 2022. In the opinion of management, the unaudited consolidated financial statements include all adjustments of a normal recurring nature necessary for the fair presentation of the Company’s financial position, results of operations, and cash flows. The unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes and Management’s Discussion and Analysis of Financial Condition, and Results of Operations included in the Annual Report on Form 10-K There have been no material changes in the Company’s significant accounting policies compared to the significant accounting policies described in the Company’s consolidated financial statements as of and for the year ended December 31, 2022. The Company periodically reviews and evaluates the recoverability of its long-lived assets. Where applicable, estimates of net future cash flows, on an undiscounted basis, are calculated based on future revenue and operating performance estimates. If appropriate and where deemed necessary, a reduction in the carrying value is recorded based on the difference between the carrying value and the fair value based on discounted cash flows. During the three months ended June 30, 2023, the Company identified certain indicators of impairment with respect to its long-lived asset group, including the decline in the Company’s stock price. Based on the resulting impairment analysis, the Company determined that the undiscounted cash flows of the long-lived asset group, which for the purposes of this analysis excluded the Company’s Investments in equity method investees, exceeded the carrying value as of June 30. 2023. As such, no impairment charges with respect to the long-lived asset group were required to be recorded by the Company during the three months ended June 30, 2023. During the three months ended June 30, 2023, the Company also performed a separate analysis of its Investments in equity method investees to determine if an “other-than-temporary” impairment exists. Refer to Note 3 for further discussion on the results of this analysis. Use of estimates The preparation of consolidated financial statements in conformity with U.S. GAAP and the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”) requires management to make estimates and assumptions that affect amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Significant items subject to such estimates include the content asset amortization policy, the assessment of the recoverability of content assets and equity method investments, the fair value of share-based awards and liability classified warrants and measurement of income tax assets and liabilities. Reclassification Certain comparative figures have been reclassified to conform to the current year presentation. Concentration of risk Financial instruments that potentially subject the Company to concentration of credit risk consist principally of cash, cash equivalents, investments, and accounts receivable. The Company maintains its cash, cash equivalents, and investments with high credit quality financial institutions; at times, such balances with the financial institutions may exceed the applicable FDIC-insured limits. Accounts receivable, net are typically unsecured and are derived from revenues earned from customers primarily located in the United States. Fair value measurement of financial instruments Fair value is defined as the exit price, or the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date. The applicable accounting guidance establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs market participants would use in valuing the asset or liability and are developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the factors market participants would use in valuing the asset or liability. The guidance establishes three levels of inputs that may be used to measure fair value: • Level 1 — Quoted prices in active markets for identical assets or liabilities. • Level 2 — Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. • Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurements. The Company reviews the fair value hierarchy classification at each reporting period. Changes in the observability of valuation inputs may result in a reclassification of levels for certain securities within the fair value hierarchy. The Company’s assets measured at fair value on a recurring basis include its investments in money market funds and corporate debt securities. Level 1 inputs were derived by using unadjusted quoted prices for identical assets in active markets and were used to value the Company’s investments in money market funds and U.S. government debt securities. Level 2 inputs were derived using prices for similar investments and were used to value the Company’s investments in corporate and municipal debt securities. The Company’s liabilities measured at fair value on a recurring basis include its private placement warrants issued to Software Acquisition Holdings LLC, the Company’s former Sponsor, in a private placement offering (the “Private Placement Warrants”). The fair value of the Private Placement Warrants is considered a Level 3 valuation and is determined using the Black-Scholes valuation model. Refer to Note 6 for significant assumptions which the Company used in the fair value model for the Private Placement Warrants. Certain assets are measured at fair value on a nonrecurring basis and are subject to fair value adjustments only in certain circumstances, e.g., when there is evidence of impairment indicators. During the three-months ended June 30, 2023, the Company performed an analysis of its Investments in equity method investees to determine if an “other-than-temporary” impairment exists. The resulting fair value measurements of the equity-method investments are considered to be Level 3 measurements. Refer to Note 3 for further discussion of the results of this analysis. The Company’s remaining financial instruments, including cash and cash equivalents, accounts receivable, accounts payable, and accrued expenses and other liabilities are carried at cost, which approximates fair value because of the short-term maturity of these instruments. Recently Adopted Financial Accounting Standards As an emerging growth company (“EGC”), the Jumpstart Our Business Startups Act (“JOBS Act”) allows the Company to delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are applicable to private companies. The Company has elected to use this extended transition period under the JOBS Act until such time as the Company is no longer considered to be an EGC. In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13, 2016-13”).” |
Equity Investments
Equity Investments | 6 Months Ended |
Jun. 30, 2023 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Investments | Note 3 — Equity Investments Spiegel TV Geschichte und Wissen GmbH & Co. KG (the “Spiegel Venture”) In July 2021, the Company acquired a ownership in the Spiegel Venture for an initial investment of Per the Share Purchase Agreement, which was amended during the six months ended June 30, 2023 (as amended, the “SPA”), in the event Spiegel Venture achieved certain financial targets during its 2022 fiscal period, the Company is required to make an additional payment related to its 32% equity ownership to both Spiegel TV and Autentic (the “Holdback Payment”). During the three months ended June 30, 2023, the Company determined Spiegel Venture had achieved such financial targets, resulting in the Company recording a Holdback Payment liability of $0.9 million, which is included in Accounts Payable on its consolidated balance sheet, related to the Holdback Payment. This amount was paid during July 2023. The Company has a call option that permits it to require Spiegel TV and Autentic to sell their ownership interests in Spiegel Venture (“Call Option”) to the Company. The Call Option, exercisable at a value based on a determinable calculation in the SPA, is initially exercisable only during the period that is the later of (i) the 30-day Together with the Call Option, each of Spiegel TV and Autentic has a put option that permits it to require the Company to purchase their interest (“Put Option”) at a value based on a determinable calculation outlined in the SPA. The Put Option is only exercisable upon the achievement of certain defined conditions, as outlined in the SPA, and is initially exercisable only during the period that is the later of (i) the 60-day period following the adoption of Spiegel Venture’s audited financial statements for the fiscal year 2025, and (ii) the period between April 1, 2026 and April 30, 2026. In the event the Call Option or Put Option is not exercised, both options will continue to be available to each respective party in the following year through perpetuity, with its exercise limited to the same date range as outlined above. The Put Option is not currently considered to be probable of becoming exercisable based on the defined conditions in the SPA. Watch Nebula LLC (“Nebula”) On August 23, 2021, the Company purchased a 12% ownership interest in Nebula for $6.0 million. Nebula is an SVOD technology platform built for and by a group of content creators. Should Nebula meet certain quarterly targets through the third quarter of 2023, the Company is obligated to purchase additional ownership interests, each for a payment of $0.8 million. After each payment the Company will obtain an additional 1.625% of equity ownership interests. The Company did not make further investments in Nebula during the three and six months ended June 30, 2023. The Company’s total ownership interest in Nebula as of June 30, 2023 was 16.875%. Upon its initial investment, the Company obtained 25% representation on Nebula’s Board of Directors, providing the Company with significant influence, but not a controlling interest. The Company has not received dividends from Nebula as of June 30, 2023. Impairment Assessment The Company regularly reviews its Investments in equity method investees for impairment, including when the carrying value of an investment exceeds its related market or fair value. If it has been determined that an investment has sustained an “other-than-temporary” $ million impairment, which is included in Equity method investment loss, during the three months ended June 30, 2023. The Company’s carrying values for its equity method investments as of June 30, 2023 and December 31, 2022 are as follows: Spiegel Nebula Total (in thousands) Balance at December 31, 2022 $ 2,899 $ 7,867 $ 10,766 Investments in equity method investees 992 — 992 Equity method investment loss (1,939 ) (516 ) (2,455 ) Balance at June 30, 2023 $ 1,952 $ 7,351 $ 9,303 |
Balance Sheet Components
Balance Sheet Components | 6 Months Ended |
Jun. 30, 2023 | |
Balance Sheet Components [Line Items] | |
Balance sheet components | Note 4 — Balance sheet components Cash, cash equivalents and restricted cash A reconciliation of the Company’s cash and cash equivalents in the consolidated balance sheets to cash, cash equivalents and restricted cash in the consolidated statements of cash flows is as follows: June 30, December 31, (in thousands) Cash and cash equivalents $ 44,337 $ 40,007 Restricted cash 500 500 Cash and cash equivalents and restricted cash $ 44,837 $ 40,507 As of June 30, 2023 and December 31, 2022 Investments in debt securities The Company’s investments in debt securities at fair value based on unadjusted quoted market prices (Level 1) and quoted prices for comparable assets (Level 2) are: As of June 30, 2023 As of December 31, 2022 Cash and cash equivalents Short-term investments Total Cash and cash equivalents Short-term investments Total (in thousands) (in thousands) Level 1 Securities Money market funds $ 43,333 $ — $ 43,333 $ 17,724 $ — $ 17,724 Total Level 1 Securities $ 43,333 — $ 43,333 $ 17,724 — $ 17,724 Level 2 Securities Corporate debt securities — — — — $ 14,986 $ 14,986 Total Level 2 Securities — — — — $ 14,986 $ 14,986 Total $ 43,333 — $ 43,333 $ 17,724 $ 14,986 $ 32,710 As of December 31, 2022 Amortized Gross Gross Estimated (in thousands) Debt Securities: Corporate $ 15,026 — $ (40 ) $ 14,986 Total $ 15,026 — $ (40 ) $ 14,986 There were no material realized gains or losses recorded during the three and six months ended June 30, 2023 or 2022. Content assets Content assets consisted of the following: As of June 30, December 31, (in thousands) Licensed content, net Released, less amortization $ 11,056 $ 11,154 Prepaid and unreleased 3,746 4,014 14,802 15,168 Produced content, net Released, less amortization 36,213 33,094 In production 12,273 20,240 48,486 53,334 Total $ 63,288 $ 68,502 As of June 30, 2023, million unamortized cost of the licensed content that has been released is expected to be amortized in each of the next three years. As of June 30, 2023, million unamortized cost of the produced content that has been released is expected to be amortized in each of the next three years. In accordance with its accounting policy for content assets, the Company amortized licensed content costs and produced content costs, which is included in cost of revenues on the Company’s unaudited consolidated statements of operations as follows: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (in thousands) (in thousands) Licensed content $1804 $1,798 $3,749 $4,797 Produced content 4,662 8,293 8,569 14,333 Total $6,466 $10,091 $12,318 $19,130 Warrant liability As described in Note 6, the Private Placement Warrants are classified as a non-current As of As of (in thousands) Level 3 Private Placement Warrants $ 147 $ 257 Total Level 3 $ 147 $ 257 |
Revenue
Revenue | 6 Months Ended |
Jun. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Note 5 — Revenue The following table sets forth the Company’s revenues disaggregated by type for the three and six months ended June 2023 and 2022, as well as the relative percentage of each revenue type to total revenue. Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (in thousands) (in thousands) Subscriptions — O&O Service $ 6,421 45 % $ 7,912 35 % $ 13,064 49 % $ 15,218 38 % Subscriptions — App Services 849 6 % 1,010 5 % 1,726 7 % 2,058 5 % Subscriptions — Total 7,270 52 % 8,922 40 % 14,790 56 % 17,276 43 % License Fees — Partner Direct Business 1,081 8 % 1,191 5 % 2,184 8 % 2,334 6 % License Fees — Bundled Distribution 1,509 11 % 3,888 17 % 2,983 12 % 7,655 19 % License Fees — Content Licensing 3,615 26 % 6,655 30 % 5,633 21 % 10,904 27 % License Fees — Total 6,205 44 % 11,734 52 % 10,800 41 % 20,893 52 % Other — Total (1) 622 4 % 1,692 8 % 894 3 % 1,806 5 % Total Revenues $ 14,097 $ 22,348 $ 26,484 $ 39,975 (1) Other revenue primarily relates to other marketing services. Revenues expected to be recognized in the future related to performance obligations that were unsatisfied as of June 30, 2023 are as follows: Remainder of 2023 For the years ending December 31, 2024 2025 2026 2027 Thereafter Total (in thousands) Remaining Performance Obligations $ 3,591 $ 4,132 $ 2,121 $ 292 $ 32 $ 208 $ 10,376 These amounts include only fixed consideration or minimum guarantees and do not include amounts related to (i) contracts with an original expected term of one year or less or (ii) licenses of content that are solely based on sales or usage-based royalties. Contract liabilities (i.e., deferred revenue) consist of subscriber and affiliate license fees billed that have not been recognized, amounts contractually billed or collected for content licensing sales in advance of the related content being made available to the customer, and unredeemed gift cards and other prepaid subscriptions that have not been redeemed. Total deferred revenues were $13.6 million and $14.9 million at June 30, 2023 and December 31, 2022, respectively. Revenues of $10.6 million were recognized during the s ix J une 0 |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jun. 30, 2023 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' equity | Note 6 — Stockholders’ equity Common Stock As of June 30, 2023 and December 31, 2022, the Company had authorized the issuance of 126,000,000 shares of capital stock, par value of $0.0001 per share, consisting of (a) 125,000,000 shares of common stock, and (b) 1,000,000 shares of preferred stock. Warrants As of June 0 Each whole warrant entitles the registered holder to purchase one share of the Company’s common stock at an exercise price of $11.50 per share. All Warrants expire on October 14, 2025. The Company has the right to redeem the outstanding Public Warrants in whole and not in part at a price of $0.01 per warrant upon a minimum of 30 days’ prior written notice of redemption, if and only if the last sale price of the Company’s common stock matched or exceeded $18.00 per share for any 20 trading days within a 30-trading The Private Placement Warrants are identical to the Public Warrants except that, so long as they are held by Software Acquisition Holdings LLC or its permitted transferees: (i) they will not be redeemable by the Company; (ii) they may be exercised by the holders on a cashless basis; and (iii) they are subject to registration rights. There were no exercises of warrants during the three and six months ended June 30, 2023. The warrant liability related to the Private Placement Warrants is recorded at fair value as of each reporting date with the change in fair value reported within other income (expense) in the accompanying unaudited consolidated statements of operations as “Change in fair value of warrant liability” until the warrants are exercised, expired or other facts and circumstances lead the warrant liability to be reclassified to stockholders’ equity. The fair value of the warrant liability for the Private Placement Warrants was estimated using a Black-Scholes pricing model using Level 3 inputs. The significant assumptions used in preparing the Black-Scholes option pricing model are as follows: As of As of Exercise price $ 11.50 $ 11.50 Stock price (CURI) $ 0.93 $ 1.14 Expected volatility 84.00 % 77.00 % Expected warrant term (years) 2.3 2.8 Risk-free interest rate 4.68 % 4.22 % Dividend yield 0 % 0 % Fair Value per Private Placement Warrant $ 0.04 $ 0.07 The change in fair value of the private placement warrant liability for the three and six months ended June 30, 2023 resulted in a gain of $0.2 million and $0.1 million, respectively, and for the three and six months ended June 30, 2022 resulted in a gain of $0.5 million and $4.3 million, respectively. |
Earnings (Loss) Per Share
Earnings (Loss) Per Share | 6 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
Earnings (loss) per share | Note 7 — Earnings (loss) per share Basic and diluted earnings (loss) per share calculations are calculated on the basis of the weighted average number of shares of the Company’s common stock outstanding during the respective periods. Diluted earnings (loss) per share give effect to all dilutive potential common shares outstanding during the period using the treasury stock method for stock options and other potentially dilutive securities. In computing diluted earnings (loss) per share, the average fair value of the Company’s common stock for the period is used to determine the number of shares assumed to be purchased from the exercise price of the options. Purchases of treasury stock reduce the outstanding shares commencing on the date that the stock is purchased. Common stock equivalents are excluded from the calculation when a loss is incurred as their effect would be anti-dilutive. Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 (in thousands) (in thousands) Numerator — Basic and Diluted EPS: Net loss $ (9,921 ) $ (15,977 ) $ (17,672 ) $ (31,869 ) Denominator — Basic and Diluted EPS: Weighted–average shares 53,006 52,775 52,978 52,762 Net loss per share — Basic and Diluted $ (0.19 ) $ (0.30 ) $ (0.33 ) $ (0.60 ) For the three and six months ended June 30, 2023 and 2022, the following share equivalents were excluded from the computation of diluted net loss per share as the inclusion of such shares would be anti-dilutive. Common shares issuable for warrants, options, and restricted stock units (RSUs) represent the total amount of outstanding warrants, stock options, and restricted stock units at June 30, 2023 and 2022. Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 (in thousands) (in thousands) Antidilutive shares excluded: Options 4,630 5,244 4,630 5,244 Restricted stock units 932 1,114 932 1,114 Warrants 6,730 6,730 6,730 6,730 12,292 13,088 12,292 13,088 |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-based compensation | Note 8 — Stock-based compensation The Company measures the cost of employee services received in exchange for an award of equity instruments based on the grant date fair value of the award. The fair value is recognized in earnings over the period during which an employee is required to provide the service. The Company accounts for forfeitures as they occur. CuriosityStream 2020 Omnibus Plan In October 2020, the Board of Directors of the Company adopted the CuriosityStream 2020 Omnibus Plan (the “2020 Plan”). Upon adoption of the 2020 Plan, a total of 7,725,000 shares were approved to be issued as stock options, share appreciation rights, restricted stock units and restricted stock. The following table summarizes stock option and restricted stock unit (“RSU”) activity, prices, and values for the six months ended June 30, 2023: Stock Options Restricted Stock Units Number of Number of Weighted- Number of Weighted- (in thousands, except per share data) Balance at December 31, 2022 1,815 4,632 $ 7.13 759 $ 7.14 Granted (342 ) — — 342 1.41 Options exercised and RSUs vested 52 — — (144 ) 9.23 Forfeited or expired 27 (2 ) 5.88 (25 ) 10.94 Balance at June 30, 2023 1,552 4,630 $ 7.13 932 $ 4.86 There were no options exercised during the three and six months ended June 30 2023 and 2022. Stock options and RSU awards generally vest on a monthly, quarterly, or annual basis over a period of four years from the grant date. When options are exercised, the Company’s policy is to issue previously unissued shares of Common Stock to satisfy share option exercises. Upon vesting and distribution of RSUs, the Company’s policy is to issue previously unissued shares of Common Stock to satisfy restricted stock units vested, net of shares withheld for taxes if elected by the RSU holder. The fair value of stock option awards is estimated using the Black-Scholes option pricing model, which includes a number of assumptions including Company’s estimates of stock price volatility, employee stock option exercise behaviors, future dividend payments, and risk-free interest rates. The expected term of options granted is the estimated period of time from the beginning of the vesting period to the date of expected exercise or other settlement, based on historical exercises and post-vesting terminations. The Company generally estimates expected term based on the midpoint between the vesting date and the end of the contractual term, also known as the simplified method, given the lack of historical exercise behavior. Pursuant to shareholder approval, in July 2023, the Company exchanged certain employees’ stock options into RSUs as part of its equity compensation plan. This initiative was taken to further align employee incentives with long-term shareholder value. Refer to Note 14. The Company uses its own historical volatility as well as the historical volatility of similar public companies for estimating volatility. The risk-free interest rate is estimated using the rate of return on U.S. Treasury securities with maturities that approximate to the expected term of the option. The Company does not currently anticipate declaring any dividends. Assumptions used to value the options granted and the resulting weighted-average grant date fair value and stock-based compensation expense were as follows: Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 Dividend yield N/A 0 % N/A 0 % Expected volatility N/A 65% - 70 % N/A 60% - 70 % Expected term (years) N/A 6.25 N/A 6.00 - 6.50 Risk-free interest rate N/A 2.81% - 2.95 % N/A 1.40% - 2.95 % Weighted average grant date fair value N/A 1.12 N/A $ 1.91 (in thousands) (in thousands) Stock-based compensation — Options $ 771 $ 946 $ 1,548 $ 1,914 Stock-based compensation — RSUs $ 651 $ 648 $ 1,141 $ 1,468 Stock-based compensation cost is measured at the grant date, based on the fair value of the award, and is recognized on a straight-line |
Segment and Geographic Informat
Segment and Geographic Information | 6 Months Ended |
Jun. 30, 2023 | |
Segment Reporting [Abstract] | |
Segment and geographic information | Note 9 — Segment and geographic information The Company operates as one reporting segment. The Company’s chief operating decision maker (“CODM”) is its chief executive officer, who reviews financial information presented on an entity-wide basis for purposes of making operating decisions, assessing financial performance and allocating resources. All long-lived tangible assets are located in the United States. Revenue by geographic location, based on the location of customers is as follows: Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 United States $ 7,936 56 % $ 14,704 66 % $ 14,622 55 % $ 26,503 66 % International: United Kingdom 1,800 13 % 2,533 11 % 2,362 9 % 4,434 11 % Other 4,361 31 % 5,111 23 % 9,500 36 % 9,038 23 % Total International 6,161 44 % 7,644 34 % 11,862 45 % 13,472 34 % $ 14,097 100 % $ 22,348 100 % $ 26,484 100 % $ 39,975 100 % Only one foreign country, the United Kingdom, individually comprises greater than 10% of total revenue. |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2023 | |
Related Party Transactions [Abstract] | |
Related party transactions | Note 10 — Related party transactions Equity investments The Company recognized million and million of revenue related to license fees from the Spiegel Venture during the three and six months ended June 30, 2023, respectively. The Company also incurred million million in Cost of revenues during the three and six months ended June 30, 2023, respectively, from its revenue share to A summary of the impact of the arrangements with the Spiegel Venture and Nebula on the Company’s consolidated balance sheets and statement of operations is as follows: June 30, December 31, (in thousands) Balance Sheet: Accounts receivable $ 2,679 $ 3,358 Accounts payable $ 386 $ 404 Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Statement of Operations: Revenues $ 371 $ 2,111 $ 1,084 $ 2,041 Cost of revenues $ 1,164 $ 1,050 $ 2,366 $ 2,040 Operating lease The Company sublets a portion of its office space to Hendricks Investment Holdings, LLC (“HIH”), which is considered a related party as it is managed by various members of the Company’s Board of Directors. The Company accounts for the arrangement as an operating lease. Refer to Note 11 for further information. |
Leases
Leases | 6 Months Ended |
Jun. 30, 2023 | |
Leases [Abstract] | |
Leases | Note 11 — Leases Company as a Lessee The Company is a party to a non-cancellable non-lease As of June 30, 2023, the Company had operating lease ROU assets of $3.6 million, current lease liabilities of $0.4 million, and non-current Components of Lease Cost The Company’s total operating lease cost for the three and six months ended June 30, 2023 was comprised of the following (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Operating lease cost $ 121 $ 121 $ 242 $ 242 Short-term lease cost (1) (16 ) 18 (16 ) 36 Variable lease cost 12 13 25 24 Total lease cost $ 117 $ 152 $ 251 $ 302 (1) Short term lease cost includes a refund received by the Company during the three months ended June 30, 2023 for office space it previously occupied. Maturity of Lease Liabilities As of June 30, 2023, maturities of the Company’s operating lease liabilities, which do not include short-term leases and variable lease payments, are as follows (in thousands): Remaining six months of 2023 $ 274 202 4 557 202 5 571 202 6 585 202 7 600 Thereafter 3,346 Total lease payments $ 5,933 Less: imputed interest (1,112 ) Present value of total lease liabilities $ 4,821 Company as Lessor The Company sublets a portion of its office space to a related party and accounts for the arrangement as an operating lease. Related party sublease rental income is recognized on a straight-line basis and is included in Interest and other income (expense) in the accompanying consolidated statements of operations. For the three and six months ended June 30, 2023, operating lease income from the Company’s sublet was less than million. As of June 30, 2023, total remaining future minimum lease payments receivable on the Company’s operating lease were |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and contingencies | Note 12 — Commitments and contingencies Content commitments As of June 30, 2023, the Company had As of December 31, 2022, the Company had $11.5 million of content obligations comprised of $2.9 million included in current content liabilities in the accompanying unaudited consolidated balance sheets and $8.6 million of obligations that are not reflected in the accompanying unaudited consolidated balance sheets as they did not yet meet the asset recognition criteria for content assets. Content obligations include amounts related to licensed, commissioned and internally produced streaming content. An obligation for the production of content includes non-cancelable Advertising commitments The Company has certain commitments with regards to future advertising and marketing expenses as stated in the various licensee agreements. Certain of the agreements do not specify the amount of advertising and marketing commitment; however, the total commitments for agreements which do specify the amount are $2.1 million as of June 30, 2023, of which million and million are expected to be paid during the six months ending December 31, 2023, and year ending December 31, 2024, respectively. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Income taxes | Note 13 — Income taxes The Company recorded a provision for income taxes of million for the three and six months ended June 30, 2023, and a provision of $0.1 million for the three and six months ended June 30, 2022, primarily related to foreign withholding income taxes. The Company’s provision for income taxes differs from the federal statutory rate primarily due to the Company being in a full valuation allowance position and not recognizing a tax benefit attributable to generated losses for either federal or state income tax purposes. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2023 | |
Subsequent Events [Abstract] | |
Subsequent events | Note 14 — Subsequent events On April 28, 2023, the Company’s Board of Directors authorized, and on June 14, 2023, the Company’s shareholders approved, a stock option exchange program (the “Exchange“) that permitted certain current employees and executive officers to exchange certain outstanding stock options with exercise prices substantially above the current market price of the Company’s common stock for RSUs of an equivalent fair value. The Exchange was completed in July 2023. As a result of the Exchange, 4.6 million of outstanding eligible stock options were exchanged for 1.6 million new RSUs, with a fair value of $0.99 per share on the date of the Exchange. There was no incremental compensation expense recorded by the Company as a result of the Exchange. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of presentation | Basis of presentation The accompanying unaudited consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and are consistent in all material respects with those applied in the Company’s consolidated financial statements as of and for the year ended December 31, 2022. In the opinion of management, the unaudited consolidated financial statements include all adjustments of a normal recurring nature necessary for the fair presentation of the Company’s financial position, results of operations, and cash flows. The unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes and Management’s Discussion and Analysis of Financial Condition, and Results of Operations included in the Annual Report on Form 10-K There have been no material changes in the Company’s significant accounting policies compared to the significant accounting policies described in the Company’s consolidated financial statements as of and for the year ended December 31, 2022. The Company periodically reviews and evaluates the recoverability of its long-lived assets. Where applicable, estimates of net future cash flows, on an undiscounted basis, are calculated based on future revenue and operating performance estimates. If appropriate and where deemed necessary, a reduction in the carrying value is recorded based on the difference between the carrying value and the fair value based on discounted cash flows. During the three months ended June 30, 2023, the Company identified certain indicators of impairment with respect to its long-lived asset group, including the decline in the Company’s stock price. Based on the resulting impairment analysis, the Company determined that the undiscounted cash flows of the long-lived asset group, which for the purposes of this analysis excluded the Company’s Investments in equity method investees, exceeded the carrying value as of June 30. 2023. As such, no impairment charges with respect to the long-lived asset group were required to be recorded by the Company during the three months ended June 30, 2023. During the three months ended June 30, 2023, the Company also performed a separate analysis of its Investments in equity method investees to determine if an “other-than-temporary” impairment exists. Refer to Note 3 for further discussion on the results of this analysis. |
Use of estimates | Use of estimates The preparation of consolidated financial statements in conformity with U.S. GAAP and the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”) requires management to make estimates and assumptions that affect amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Significant items subject to such estimates include the content asset amortization policy, the assessment of the recoverability of content assets and equity method investments, the fair value of share-based awards and liability classified warrants and measurement of income tax assets and liabilities. |
Reclassification | Reclassification Certain comparative figures have been reclassified to conform to the current year presentation. |
Concentration of risk | Concentration of risk Financial instruments that potentially subject the Company to concentration of credit risk consist principally of cash, cash equivalents, investments, and accounts receivable. The Company maintains its cash, cash equivalents, and investments with high credit quality financial institutions; at times, such balances with the financial institutions may exceed the applicable FDIC-insured limits. Accounts receivable, net are typically unsecured and are derived from revenues earned from customers primarily located in the United States. |
Fair value measurement of financial instruments | Fair value measurement of financial instruments Fair value is defined as the exit price, or the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date. The applicable accounting guidance establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs market participants would use in valuing the asset or liability and are developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the factors market participants would use in valuing the asset or liability. The guidance establishes three levels of inputs that may be used to measure fair value: • Level 1 — Quoted prices in active markets for identical assets or liabilities. • Level 2 — Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. • Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurements. The Company reviews the fair value hierarchy classification at each reporting period. Changes in the observability of valuation inputs may result in a reclassification of levels for certain securities within the fair value hierarchy. The Company’s assets measured at fair value on a recurring basis include its investments in money market funds and corporate debt securities. Level 1 inputs were derived by using unadjusted quoted prices for identical assets in active markets and were used to value the Company’s investments in money market funds and U.S. government debt securities. Level 2 inputs were derived using prices for similar investments and were used to value the Company’s investments in corporate and municipal debt securities. The Company’s liabilities measured at fair value on a recurring basis include its private placement warrants issued to Software Acquisition Holdings LLC, the Company’s former Sponsor, in a private placement offering (the “Private Placement Warrants”). The fair value of the Private Placement Warrants is considered a Level 3 valuation and is determined using the Black-Scholes valuation model. Refer to Note 6 for significant assumptions which the Company used in the fair value model for the Private Placement Warrants. Certain assets are measured at fair value on a nonrecurring basis and are subject to fair value adjustments only in certain circumstances, e.g., when there is evidence of impairment indicators. During the three-months ended June 30, 2023, the Company performed an analysis of its Investments in equity method investees to determine if an “other-than-temporary” impairment exists. The resulting fair value measurements of the equity-method investments are considered to be Level 3 measurements. Refer to Note 3 for further discussion of the results of this analysis. The Company’s remaining financial instruments, including cash and cash equivalents, accounts receivable, accounts payable, and accrued expenses and other liabilities are carried at cost, which approximates fair value because of the short-term maturity of these instruments. |
Recently Adopted Financial Accounting Standards | Recently Adopted Financial Accounting Standards As an emerging growth company (“EGC”), the Jumpstart Our Business Startups Act (“JOBS Act”) allows the Company to delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are applicable to private companies. The Company has elected to use this extended transition period under the JOBS Act until such time as the Company is no longer considered to be an EGC. In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13, 2016-13”).” |
Equity Investments (Tables)
Equity Investments (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedule of equity method investments | The Company’s carrying values for its equity method investments as of June 30, 2023 and December 31, 2022 are as follows: Spiegel Nebula Total (in thousands) Balance at December 31, 2022 $ 2,899 $ 7,867 $ 10,766 Investments in equity method investees 992 — 992 Equity method investment loss (1,939 ) (516 ) (2,455 ) Balance at June 30, 2023 $ 1,952 $ 7,351 $ 9,303 |
Balance Sheet Components (Table
Balance Sheet Components (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Balance Sheet Components [Line Items] | |
Schedule of cash and cash equivalents in the consolidated balance sheets to cash, cash equivalents and restricted cash in the consolidated statements of cash flows | June 30, December 31, (in thousands) Cash and cash equivalents $ 44,337 $ 40,007 Restricted cash 500 500 Cash and cash equivalents and restricted cash $ 44,837 $ 40,507 |
Schedule of investments in debt securities at fair value | The Company’s investments in debt securities at fair value based on unadjusted quoted market prices (Level 1) and quoted prices for comparable assets (Level 2) are: As of June 30, 2023 As of December 31, 2022 Cash and cash equivalents Short-term investments Total Cash and cash equivalents Short-term investments Total (in thousands) (in thousands) Level 1 Securities Money market funds $ 43,333 $ — $ 43,333 $ 17,724 $ — $ 17,724 Total Level 1 Securities $ 43,333 — $ 43,333 $ 17,724 — $ 17,724 Level 2 Securities Corporate debt securities — — — — $ 14,986 $ 14,986 Total Level 2 Securities — — — — $ 14,986 $ 14,986 Total $ 43,333 — $ 43,333 $ 17,724 $ 14,986 $ 32,710 |
Schedule of corporate, u.s. government, and municipal debt securities | As of December 31, 2022 Amortized Gross Gross Estimated (in thousands) Debt Securities: Corporate $ 15,026 — $ (40 ) $ 14,986 Total $ 15,026 — $ (40 ) $ 14,986 |
Schedule of content assets | Content assets consisted of the following: As of June 30, December 31, (in thousands) Licensed content, net Released, less amortization $ 11,056 $ 11,154 Prepaid and unreleased 3,746 4,014 14,802 15,168 Produced content, net Released, less amortization 36,213 33,094 In production 12,273 20,240 48,486 53,334 Total $ 63,288 $ 68,502 |
Schedule of amortized licensed content costs and produced content costs | the Company amortized licensed content costs and produced content costs, which is included in cost of revenues on the Company’s unaudited consolidated statements of operations as follows: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (in thousands) (in thousands) Licensed content $1804 $1,798 $3,749 $4,797 Produced content 4,662 8,293 8,569 14,333 Total $6,466 $10,091 $12,318 $19,130 |
Schedule of private placement warrants | As of As of (in thousands) Level 3 Private Placement Warrants $ 147 $ 257 Total Level 3 $ 147 $ 257 |
Revenue (Tables)
Revenue (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of revenues disaggregated | Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (in thousands) (in thousands) Subscriptions — O&O Service $ 6,421 45 % $ 7,912 35 % $ 13,064 49 % $ 15,218 38 % Subscriptions — App Services 849 6 % 1,010 5 % 1,726 7 % 2,058 5 % Subscriptions — Total 7,270 52 % 8,922 40 % 14,790 56 % 17,276 43 % License Fees — Partner Direct Business 1,081 8 % 1,191 5 % 2,184 8 % 2,334 6 % License Fees — Bundled Distribution 1,509 11 % 3,888 17 % 2,983 12 % 7,655 19 % License Fees — Content Licensing 3,615 26 % 6,655 30 % 5,633 21 % 10,904 27 % License Fees — Total 6,205 44 % 11,734 52 % 10,800 41 % 20,893 52 % Other — Total (1) 622 4 % 1,692 8 % 894 3 % 1,806 5 % Total Revenues $ 14,097 $ 22,348 $ 26,484 $ 39,975 (1) Other revenue primarily relates to other marketing services. |
Schedule of revenues expected to be recognized in the future related to performance obligations | Remainder of 2023 For the years ending December 31, 2024 2025 2026 2027 Thereafter Total (in thousands) Remaining Performance Obligations $ 3,591 $ 4,132 $ 2,121 $ 292 $ 32 $ 208 $ 10,376 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Stockholders' Equity Note [Abstract] | |
Schedule of fair value Black-Scholes option | As of As of Exercise price $ 11.50 $ 11.50 Stock price (CURI) $ 0.93 $ 1.14 Expected volatility 84.00 % 77.00 % Expected warrant term (years) 2.3 2.8 Risk-free interest rate 4.68 % 4.22 % Dividend yield 0 % 0 % Fair Value per Private Placement Warrant $ 0.04 $ 0.07 |
Earnings (Loss) Per Share (Tabl
Earnings (Loss) Per Share (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of basic and diluted earnings (loss) per share | Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 (in thousands) (in thousands) Numerator — Basic and Diluted EPS: Net loss $ (9,921 ) $ (15,977 ) $ (17,672 ) $ (31,869 ) Denominator — Basic and Diluted EPS: Weighted–average shares 53,006 52,775 52,978 52,762 Net loss per share — Basic and Diluted $ (0.19 ) $ (0.30 ) $ (0.33 ) $ (0.60 ) |
Schedule of antidilutive shares excluded | Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 (in thousands) (in thousands) Antidilutive shares excluded: Options 4,630 5,244 4,630 5,244 Restricted stock units 932 1,114 932 1,114 Warrants 6,730 6,730 6,730 6,730 12,292 13,088 12,292 13,088 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Stock-Based Compensation (Tables) [Line Items] | |
Schedule of stock option and restricted stock unit | Stock Options Restricted Stock Units Number of Number of Weighted- Number of Weighted- (in thousands, except per share data) Balance at December 31, 2022 1,815 4,632 $ 7.13 759 $ 7.14 Granted (342 ) — — 342 1.41 Options exercised and RSUs vested 52 — — (144 ) 9.23 Forfeited or expired 27 (2 ) 5.88 (25 ) 10.94 Balance at June 30, 2023 1,552 4,630 $ 7.13 932 $ 4.86 |
Schedule of assumptions used to value the company's stock options grants | Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 Dividend yield N/A 0 % N/A 0 % Expected volatility N/A 65% - 70 % N/A 60% - 70 % Expected term (years) N/A 6.25 N/A 6.00 - 6.50 Risk-free interest rate N/A 2.81% - 2.95 % N/A 1.40% - 2.95 % Weighted average grant date fair value N/A 1.12 N/A $ 1.91 (in thousands) (in thousands) Stock-based compensation — Options $ 771 $ 946 $ 1,548 $ 1,914 Stock-based compensation — RSUs $ 651 $ 648 $ 1,141 $ 1,468 |
Segment and Geographic Inform_2
Segment and Geographic Information (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Segment Reporting [Abstract] | |
Schedule of revenue by geographic location | Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 United States $ 7,936 56 % $ 14,704 66 % $ 14,622 55 % $ 26,503 66 % International: United Kingdom 1,800 13 % 2,533 11 % 2,362 9 % 4,434 11 % Other 4,361 31 % 5,111 23 % 9,500 36 % 9,038 23 % Total International 6,161 44 % 7,644 34 % 11,862 45 % 13,472 34 % $ 14,097 100 % $ 22,348 100 % $ 26,484 100 % $ 39,975 100 % |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Related Party Transactions [Abstract] | |
Schedule of impact of arrangements with related party on consolidated balance sheets | June 30, December 31, (in thousands) Balance Sheet: Accounts receivable $ 2,679 $ 3,358 Accounts payable $ 386 $ 404 |
Schedule of impact of arrangements with related party on statement of operations | Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Statement of Operations: Revenues $ 371 $ 2,111 $ 1,084 $ 2,041 Cost of revenues $ 1,164 $ 1,050 $ 2,366 $ 2,040 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Leases [Abstract] | |
Schedule of total operating lease cost | The Company’s total operating lease cost for the three and six months ended June 30, 2023 was comprised of the following (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Operating lease cost $ 121 $ 121 $ 242 $ 242 Short-term lease cost (1) (16 ) 18 (16 ) 36 Variable lease cost 12 13 25 24 Total lease cost $ 117 $ 152 $ 251 $ 302 (1) Short term lease cost includes a refund received by the Company during the three months ended June 30, 2023 for office space it previously occupied. |
Schedule of maturities of our operating lease liabilities | As of June 30, 2023, maturities of the Company’s operating lease liabilities, which do not include short-term leases and variable lease payments, are as follows (in thousands): Remaining six months of 2023 $ 274 202 4 557 202 5 571 202 6 585 202 7 600 Thereafter 3,346 Total lease payments $ 5,933 Less: imputed interest (1,112 ) Present value of total lease liabilities $ 4,821 |
Organization and Business (Deta
Organization and Business (Details) | 6 Months Ended |
Jun. 30, 2023 | |
Organization and Business [Abstract] | |
Accessible on-demand description | The library is composed of thousands of accessible on-demand and ad-free productions and includes shows and series from leading nonfiction producers. |
Basis of Presentation and Sum_2
Basis of Presentation and Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2022 | |
Basis of Presentation and Summary of Significant Accounting Policies (Details) [Line Items] | |||
Impairment Of Long Lived Assets | $ 0 | $ 3,603 | $ 3,603 |
Equity Investments (Details)
Equity Investments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2023 | Dec. 31, 2023 | Jun. 30, 2023 | Jul. 31, 2023 | Sep. 30, 2022 | Aug. 23, 2021 | Jul. 31, 2021 | |
Equity Investments and Business Combinations Details [Line Items] | |||||||
Ownership descriptions | Nebula is an SVOD technology platform built for and by a group of content creators. Should Nebula meet certain quarterly targets through the third quarter of 2023, the Company is obligated to purchase additional ownership interests, each for a payment of $0.8 million. After each payment the Company will obtain an additional 1.625% of equity ownership interests. The Company did not make further investments in Nebula during the three and six months ended June 30, 2023. The Company’s total ownership interest in Nebula as of June 30, 2023 was 16.875%. Upon its initial investment, the Company obtained 25% representation on Nebula’s Board of Directors, providing the Company with significant influence, but not a controlling interest. | ||||||
Investments in equity method investees | $ 992 | ||||||
Spiegel Venture [Member] | |||||||
Equity Investments and Business Combinations Details [Line Items] | |||||||
Equity Method Investment, Ownership Percentage | 32% | 32% | 32% | ||||
Ownership amount | $ 3,300 | ||||||
Investments in equity method investees | $ 992 | ||||||
Equity Method Investment, Other than Temporary Impairment | $ 2,000 | ||||||
Spiegel Venture [Member] | Accounts Payable [Member] | |||||||
Equity Investments and Business Combinations Details [Line Items] | |||||||
Equity Method Investments Hold Back Payment Liability | $ 900 | $ 900 | |||||
Nebula [Member] | |||||||
Equity Investments and Business Combinations Details [Line Items] | |||||||
Equity Method Investment, Ownership Percentage | 16.875% | 12% | |||||
Ownership amount | $ 6,000 | ||||||
Equity investments | $ 800 | ||||||
Investments in equity method investees | $ 0 |
Equity Investments - Schedule o
Equity Investments - Schedule of equity method investments (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Dec. 31, 2023 | Jun. 30, 2023 | |
Schedule Of Equity Method Investments Line Items | ||
Beginning balance | $ 9,303 | $ 10,766 |
Investments in equity method investees | 992 | |
Equity method investment loss | (2,455) | |
Ending balance | 9,303 | |
Spiegel Venture [Member] | ||
Schedule Of Equity Method Investments Line Items | ||
Beginning balance | 1,952 | 2,899 |
Investments in equity method investees | 992 | |
Equity method investment loss | (1,939) | |
Ending balance | 1,952 | |
Nebula [Member] | ||
Schedule Of Equity Method Investments Line Items | ||
Beginning balance | 7,351 | 7,867 |
Investments in equity method investees | $ 0 | |
Equity method investment loss | (516) | |
Ending balance | $ 7,351 |
Balance Sheet Components (Detai
Balance Sheet Components (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Balance Sheet Components [Line Items] | ||||
Unamortized cost of the licensed 2023 | $ 5,200 | $ 5,200 | ||
Unamortized cost of the licensed 2024 | 2,900 | 2,900 | ||
Unamortized cost of the licensed 2025 | 1,600 | 1,600 | ||
Unamortized cost of the licensed, Total | 11,100 | 11,100 | ||
Unamortized cost of the produced content 2023 | 10,400 | 10,400 | ||
Unamortized cost of the produced content 2024 | 9,500 | 9,500 | ||
Unamortized cost of the produced content 2025 | 8,300 | 8,300 | ||
Unamortized cost of the produced content, Total | 36,200 | 36,200 | ||
Realized losses | $ 0 | $ 0 | $ 0 | $ 0 |
Balance Sheet Components (Det_2
Balance Sheet Components (Details) - Schedule of cash and cash equivalents in the consolidated balance sheets to cash, cash equivalents and restricted cash in the consolidated statements of cash flows - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Schedule of cash and cash equivalents in the consolidated balance sheets to cash, cash equivalents and restricted cash in the consolidated statements of cash flows [Abstract] | ||
Cash and cash equivalents | $ 44,337 | $ 40,007 |
Restricted cash | 500 | 500 |
Cash and cash equivalents and restricted cash | $ 44,837 | $ 40,507 |
Balance Sheet Components (Det_3
Balance Sheet Components (Details) - Schedule of investments in debt securities at fair value - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Balance Sheet Components (Details) - Schedule of investments in debt securities at fair value [Line Items] | ||
Cash and Cash equivalents | $ 43,333 | $ 17,724 |
Short-term investments | 14,986 | |
Total | 43,333 | 32,710 |
Level 1 Securities [Member] | ||
Balance Sheet Components (Details) - Schedule of investments in debt securities at fair value [Line Items] | ||
Cash and Cash equivalents | 43,333 | 17,724 |
Total | 43,333 | 17,724 |
Level 1 Securities [Member] | Money market funds [Member] | ||
Balance Sheet Components (Details) - Schedule of investments in debt securities at fair value [Line Items] | ||
Cash and Cash equivalents | 43,333 | 17,724 |
Total | $ 43,333 | 17,724 |
Level 2 Securities [Member] | ||
Balance Sheet Components (Details) - Schedule of investments in debt securities at fair value [Line Items] | ||
Short-term investments | 14,986 | |
Total | 14,986 | |
Level 2 Securities [Member] | Corporate debt securities [Member] | ||
Balance Sheet Components (Details) - Schedule of investments in debt securities at fair value [Line Items] | ||
Short-term investments | 14,986 | |
Total | $ 14,986 |
Balance Sheet Components (Det_4
Balance Sheet Components (Details) - Schedule of corporate, U.S. government, and municipal debt securities $ in Thousands | Dec. 31, 2022 USD ($) |
Debt Securities: | |
Amortized Cost | $ 15,026 |
Gross Unrealized Gains | |
Gross Unrealized Losses | (40) |
Estimated Fair Value | 14,986 |
Corporate [Member] | |
Debt Securities: | |
Amortized Cost | 15,026 |
Gross Unrealized Gains | |
Gross Unrealized Losses | (40) |
Estimated Fair Value | $ 14,986 |
Balance Sheet Components (Det_5
Balance Sheet Components (Details) - Schedule of content assets - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Dec. 31, 2022 | |
Licensed content, net | ||
Licensed content, net | $ 14,802 | $ 15,168 |
Produced content, net | ||
Produced content, net | 48,486 | 53,334 |
Total | 63,288 | 68,502 |
Released, less amortization [Member] | ||
Licensed content, net | ||
Licensed content, net | 11,056 | 11,154 |
Produced content, net | ||
Produced content, net | 36,213 | 33,094 |
Prepaid and unreleased [Member] | ||
Licensed content, net | ||
Licensed content, net | 3,746 | 4,014 |
In production [Member] | ||
Produced content, net | ||
Produced content, net | $ 12,273 | $ 20,240 |
Balance Sheet Components (Det_6
Balance Sheet Components (Details) - Schedule of company amortized licensed content costs - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Balance Sheet Components (Details) - Schedule of company amortized licensed content costs [Line Items] | ||||
Amortization of content assets | $ 6,466 | $ 10,091 | $ 12,318 | $ 19,130 |
Licensed content [Member] | ||||
Balance Sheet Components (Details) - Schedule of company amortized licensed content costs [Line Items] | ||||
Amortization of content assets | 1,804 | 1,798 | 3,749 | 4,797 |
Produced content [Member] | ||||
Balance Sheet Components (Details) - Schedule of company amortized licensed content costs [Line Items] | ||||
Amortization of content assets | $ 4,662 | $ 8,293 | $ 8,569 | $ 14,333 |
Balance Sheet Components (Det_7
Balance Sheet Components (Details) - Schedule of private placement warrants - Level 3 [Member] - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Dec. 31, 2022 | |
Level 3 | ||
Total Level 3 | $ 147 | $ 257 |
Private Placement Warrants [Member] | ||
Level 3 | ||
Total Level 3 | $ 147 | $ 257 |
Revenue (Details)
Revenue (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2023 | Dec. 31, 2022 | |
Total deferred revenues | $ 13.6 | $ 14.9 |
Revenues recognized | $ 10.6 |
Revenue (Details) - Schedule of
Revenue (Details) - Schedule of revenues disaggregated - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | ||
Disaggregation of Revenue [Line Items] | |||||
Subscriptions — Total | $ 7,270 | $ 8,922 | $ 14,790 | $ 17,276 | |
Subscriptions — Total, percentage | 52% | 40% | 56% | 43% | |
License Fees — Total | $ 6,205 | $ 11,734 | $ 10,800 | $ 20,893 | |
License Fees — Total, percentage | 44% | 52% | 41% | 52% | |
Other — Total | [1] | $ 622 | $ 1,692 | $ 894 | $ 1,806 |
Other — Total, percentage | [1] | 4% | 8% | 3% | 5% |
Total Revenues | $ 14,097 | $ 22,348 | $ 26,484 | $ 39,975 | |
O&O Service [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Subscriptions — Total | $ 6,421 | $ 7,912 | $ 13,064 | $ 15,218 | |
Subscriptions — Total, percentage | 45% | 35% | 49% | 38% | |
App Services [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Subscriptions — Total | $ 849 | $ 1,010 | $ 1,726 | $ 2,058 | |
Subscriptions — Total, percentage | 6% | 5% | 7% | 5% | |
Partner Direct Business [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
License Fees — Total | $ 1,081 | $ 1,191 | $ 2,184 | $ 2,334 | |
License Fees — Total, percentage | 8% | 5% | 8% | 6% | |
Bundled Distribution [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
License Fees — Total | $ 1,509 | $ 3,888 | $ 2,983 | $ 7,655 | |
License Fees — Total, percentage | 11% | 17% | 12% | 19% | |
Content Licensing [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
License Fees — Total | $ 3,615 | $ 6,655 | $ 5,633 | $ 10,904 | |
License Fees — Total, percentage | 26% | 30% | 21% | 27% | |
[1]Other revenue primarily relates to other marketing services. |
Revenue (Details) - Schedule _2
Revenue (Details) - Schedule of revenues expected to be recognized in the future related to performance obligations $ in Thousands | Jun. 30, 2023 USD ($) |
Schedule of revenues expected to be recognized in the future related to performance obligations [Abstract] | |
2023 | $ 3,591 |
2024 | 4,132 |
2025 | 2,121 |
2026 | 292 |
2027 | 32 |
Thereafter | 208 |
Total | $ 10,376 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | Oct. 14, 2020 | |
Stockholders' Equity (Details) [Line Items] | ||||||
Common Stock, par value | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||
Change in gain/loss of warrant liability | $ 0.2 | $ 0.5 | $ 0.1 | $ 4.3 | ||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 11.5 | $ 11.5 | ||||
Warrants expire, date | Oct. 14, 2025 | Oct. 14, 2025 | ||||
Warrants exercised | 0 | 0 | ||||
Private Placement [Member] | ||||||
Stockholders' Equity (Details) [Line Items] | ||||||
Number of warrants outstanding | 3,676,000 | |||||
Public Warrants [Member] | ||||||
Stockholders' Equity (Details) [Line Items] | ||||||
Number of warrants outstanding | 3,054,203 | 3,054,203 | ||||
Capital Units [Member] | ||||||
Stockholders' Equity (Details) [Line Items] | ||||||
Shares Authorized | 126,000,000 | 126,000,000 | 126,000,000 | |||
Common Stock, par value | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||
Common Stock [Member] | ||||||
Stockholders' Equity (Details) [Line Items] | ||||||
Number of shares authorized to issue | 125,000,000 | 125,000,000 | 125,000,000 | |||
Preferred Stock [Member] | ||||||
Stockholders' Equity (Details) [Line Items] | ||||||
Number of shares authorized to issue | 1,000,000 | 1,000,000 | 1,000,000 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - Schedule of fair value Black-Scholes option - $ / shares | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Dec. 31, 2022 | |
Schedule of Fair Value Black Scholes Option [Abstract] | ||
Exercise price | $ 11.5 | $ 11.5 |
Stock price (CURI) | $ 0.93 | $ 1.14 |
Expected volatility | 84% | 77% |
Expected warrant term (years) | 2 years 3 months 18 days | 2 years 9 months 18 days |
Risk-free interest rate | 4.68% | 4.22% |
Dividend yield | 0% | 0% |
Fair Value per Private Placement Warrant | $ 0.04 | $ 0.07 |
Earnings (Loss) Per Share (Det
Earnings (Loss) Per Share (Details) - Schedule of basic and diluted earnings (loss) per share - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Numerator — Basic and Diluted EPS: | ||||
Net loss | $ (9,921) | $ (15,977) | $ (17,672) | $ (31,869) |
Denominator — Basic EPS: | ||||
Weighted–average shares — Basic | 53,006 | 52,775 | 52,978 | 52,762 |
Net loss per share — Basic | $ (0.19) | $ (0.3) | $ (0.33) | $ (0.6) |
Denominator — Diluted EPS: | ||||
Weighted–average shares — Diluted | 53,006 | 52,775 | 52,978 | 52,762 |
Net loss per share — Diluted | $ (0.19) | $ (0.3) | $ (0.33) | $ (0.6) |
Earnings (Loss) Per Share (Deta
Earnings (Loss) Per Share (Details) - Schedule of antidilutive shares excluded - shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Total | 12,292 | 13,088 | 12,292 | 13,088 |
Options [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Total | 4,630 | 5,244 | 4,630 | 5,244 |
Restricted stock units [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Total | 932 | 1,114 | 932 | 1,114 |
Warrants [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Total | 6,730 | 6,730 | 6,730 | 6,730 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) | Oct. 31, 2020 shares |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Number of shares approved to be issued (in Shares) | 7,725,000 |
Stock-Based Compensation (Det_2
Stock-Based Compensation (Details) - Schedule of stock option and restricted stock unit shares in Thousands | 6 Months Ended |
Jun. 30, 2023 $ / shares shares | |
Stock-Based Compensation (Details) - Schedule of stock option and restricted stock unit [Line Items] | |
Number of Shares Available for Issuance Under the Plan, Outstanding at beginning balance | 1,815 |
Number of Shares Available for Issuance Under the Plan, Granted | (342) |
Number of Shares Available for Issuance Under the Plan, Options exercised and RSUs vested | 52 |
Number of Shares Available for Issuance Under the Plan, Forfeited or expired | 27 |
Number of Shares Available for Issuance Under the Plan, Outstanding at ending balance | 1,552 |
Stock Options [Member] | |
Stock-Based Compensation (Details) - Schedule of stock option and restricted stock unit [Line Items] | |
Number of Shares, Outstanding at beginning balance | 4,632 |
Number of Shares, Granted | 0 |
Number of Shares, Options exercised and RSUs vested | 0 |
Number of Shares, Forfeited or expired | (2) |
Number of Shares, Outstanding at ending balance | 4,630 |
Weighted- Average Exercise Price, Outstanding at beginning balance (in Dollars per share) | $ / shares | $ 7.13 |
Weighted- Average Exercise Price, Granted (in Dollars per share) | $ / shares | 0 |
Weighted- Average Exercise Price, Options exercised and RSUs vested (in Dollars per share) | $ / shares | 0 |
Weighted- Average Exercise Price Stock Options, Forfeited or expired (in Dollars per share) | $ / shares | 5.88 |
Weighted- Average Exercise Price Stock Options, Outstanding at ending balance (in Dollars per share) | $ / shares | $ 7.13 |
Restricted stock units [Member] | |
Stock-Based Compensation (Details) - Schedule of stock option and restricted stock unit [Line Items] | |
Number of Shares, Outstanding at beginning balance | 759 |
Number of Shares, Granted | 342 |
Number of Shares, Options exercised and RSUs vested | (144) |
Number of Shares, Forfeited or expired | (25) |
Number of Shares, Outstanding at ending balance | 932 |
Weighted- Average Grant Date Fair Value, Outstanding at beginning balance (in Dollars per share) | $ / shares | $ 7.14 |
Weighted- Average Grant Date Fair Value, Granted (in Dollars per share) | $ / shares | 1.41 |
Weighted- Average Grant Date Fair Value, Options exercised and RSUs vested (in Dollars per share) | $ / shares | 9.23 |
Weighted- Average Grant Date Fair Value, Forfeited or expired (in Dollars per share) | $ / shares | 10.94 |
Weighted- Average Grant Date Fair Value, Outstanding at ending balance (in Dollars per share) | $ / shares | $ 4.86 |
Stock-Based Compensation (Det_3
Stock-Based Compensation (Details) - Schedule of assumptions used to value the company's stock options grants - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Stock-Based Compensation (Details) - Schedule of assumptions used to value the company's stock options grants [Line Items] | |||||
Dividend yield | 0% | 0% | |||
Expected term (years) | 6 years 3 months | ||||
Risk-free interest rate | 4.68% | 4.22% | |||
Weighted average grant date fair value | $ 1.12 | $ 1.91 | |||
Stock-based compensation — Options | $ 771 | $ 946 | $ 1,548 | $ 1,914 | |
Stock-based compensation — RSUs | $ 651 | $ 648 | $ 1,141 | $ 1,468 | |
Minimum [Member] | |||||
Stock-Based Compensation (Details) - Schedule of assumptions used to value the company's stock options grants [Line Items] | |||||
Expected volatility | 65% | 60% | |||
Expected term (years) | 6 years | ||||
Risk-free interest rate | 2.81% | 1.40% | |||
Maximum [Member] | |||||
Stock-Based Compensation (Details) - Schedule of assumptions used to value the company's stock options grants [Line Items] | |||||
Expected volatility | 70% | 70% | |||
Expected term (years) | 6 years 6 months | ||||
Risk-free interest rate | 2.95% | 2.95% |
Segment and Geographic Inform_3
Segment and Geographic Information (Details) | 6 Months Ended |
Jun. 30, 2023 | |
Segment Reporting Information [Line Items] | |
Reporting segment | 1 |
United Kingdom [Member] | Geographic Concentration Risk [Member] | Revenue Benchmark [Member] | Minimum [Member] | |
Segment Reporting Information [Line Items] | |
Concentration | 10% |
Segment and Geographic Inform_4
Segment and Geographic Information (Details) - Schedule of revenue by geographic location - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue by geographic | $ 14,097 | $ 22,348 | $ 26,484 | $ 39,975 |
Revenue by geographic percentage | 100% | 100% | 100% | 100% |
United States [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue by geographic | $ 7,936 | $ 14,704 | $ 14,622 | $ 26,503 |
Revenue by geographic percentage | 56% | 66% | 55% | 66% |
United Kingdom [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue by geographic | $ 1,800 | $ 2,533 | $ 2,362 | $ 4,434 |
Revenue by geographic percentage | 13% | 11% | 9% | 11% |
Other [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue by geographic | $ 4,361 | $ 5,111 | $ 9,500 | $ 9,038 |
Revenue by geographic percentage | 31% | 23% | 36% | 23% |
Total International [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue by geographic | $ 6,161 | $ 7,644 | $ 11,862 | $ 13,472 |
Revenue by geographic percentage | 44% | 34% | 45% | 34% |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Related Party Transactions [Line Items] | ||||
Total related party revenue | $ 14,097 | $ 22,348 | $ 26,484 | $ 39,975 |
Spiegel Venture [Member] | License Fees [Member] | ||||
Related Party Transactions [Line Items] | ||||
Total related party revenue | 400 | 1,100 | ||
Nebula [Member] | ||||
Related Party Transactions [Line Items] | ||||
Cost of revenue | $ 1,200 | $ 2,400 |
Related Party Transactions (D_2
Related Party Transactions (Details) - Schedule of consolidated balance sheets - Spiegel Venture and Nebula [Member] - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Related Party Transactions [Line Items] | ||
Accounts receivable | $ 2,679 | $ 3,358 |
Accounts payable | $ 386 | $ 404 |
Related Party Transactions (D_3
Related Party Transactions (Details) - Schedule of statement of operations - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Related Party Transactions [Line Items] | ||||
Revenues | $ 14,097 | $ 22,348 | $ 26,484 | $ 39,975 |
Spiegel Venture and Nebula [Member] | ||||
Related Party Transactions [Line Items] | ||||
Revenues | 371 | 2,111 | 1,084 | 2,041 |
Cost of revenues | $ 1,164 | $ 1,050 | $ 2,366 | $ 2,040 |
Leases (Details)
Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | |
Leases (Details) [Line Items] | |||
Operating lease agreement description | The Company is a party to a non-cancellable operating lease agreement for office space, which expires in 2033. | ||
Operating lease right-of-use assets | $ 3,564 | $ 3,564 | $ 3,702 |
Current lease liabilities | 400 | 400 | |
Non-current lease liabilities | $ 4,470 | $ 4,470 | $ 4,648 |
Weighted average discount rate percentage | 4.40% | 4.40% | |
Weighted average remaining lease term | 9 years 8 months 1 day | 9 years 8 months 1 day | |
Operating lease income | $ 100 | $ 100 | |
Future minimum lease payment receivable | $ 600 | $ 600 |
Leases (Details) - Schedule of
Leases (Details) - Schedule of total operating lease cost - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | ||
Schedule of total operating lease cost [Abstract] | |||||
Operating lease cost | $ 121 | $ 121 | $ 242 | $ 242 | |
Short-term lease cost | [1] | (16) | 18 | (16) | 36 |
Variable lease cost | 12 | 13 | 25 | 24 | |
Total lease cost | $ 117 | $ 152 | $ 251 | $ 302 | |
[1]Short term lease cost includes a refund received by the Company during the three months ended June 30, 2023 for office space it previously occupied. |
Leases (Details) - Schedule o_2
Leases (Details) - Schedule of maturities of our operating lease liabilities $ in Thousands | Jun. 30, 2023 USD ($) |
Schedule of maturities of our operating lease liabilities [Abstract] | |
Remaining six months of 2023 | $ 274 |
2024 | 557 |
2025 | 571 |
2026 | 585 |
2027 | 600 |
Thereafter | 3,346 |
Total lease payments | 5,933 |
Less: imputed interest | (1,112) |
Present value of total lease liabilities | $ 4,821 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2023 | Jun. 30, 2023 | Dec. 31, 2024 | Dec. 31, 2022 | |
Commitments and Contingencies (Details) [Line Items] | ||||
Content obligations | $ 5.8 | $ 11.5 | ||
Current content liabilities | 1.8 | 2.9 | ||
Content assets obligations | 4 | $ 8.6 | ||
Advertising commitments | $ 2.1 | |||
Forecast [Member] | ||||
Commitments and Contingencies (Details) [Line Items] | ||||
Advertising obligations | $ 1.4 | $ 0.7 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | ||||
Provision for income taxes | $ 0.3 | $ 0.1 | $ 0.3 | $ 0.1 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) - Subsequent Event [Member] $ / shares in Units, $ in Thousands, shares in Millions | Jul. 31, 2023 USD ($) $ / shares shares |
Subsequent Event [Line Items] | |
Share Price | $ / shares | $ 0.99 |
Share-based payment arrangement, expense | $ | $ 0 |
Share-Based Payment Arrangement, Option [Member] | |
Subsequent Event [Line Items] | |
Share-based compensation arrangement by share-based payment award, shares sold in period | 4.6 |
Restricted Stock Units (RSUs) [Member] | |
Subsequent Event [Line Items] | |
Share-based compensation arrangement by share-based payment award, shares issued in period for exchange | 1.6 |