CuriosityStream Inc. ( CURI ) shares are rocketing premarket on Thursday after the company reported fourth-quarter FY23 results.

Revenue of $14.8 million missed the consensus of $15.8 million. Gross profit rose significantly to $6.7 million from $1.4 million a year ago.

Total advertising and marketing and general and administrative expenses fell 32% Y/Y to $11.4 million.

The company reported an adjusted EBITDA loss of $(3.4) million vs $(13.6) million in the prior year quarter. EPS loss of $(0.09) beat the consensus of $(0.15).

As of December 31, 2023, the company had cash and restricted cash of $38.2 million and no debt.

Dividend: CuriosityStream’s Board of Directors declared a quarterly cash dividend of $0.025 per share, with the first dividend payable on April 30, 2024, to stockholders of record on April 12, 2024. With the initiation of a cash dividend program, CuriosityStream ( CURI ) intends to pay regular quarterly dividends.

Outlook: CuriosityStream ( CURI ) expects first-quarter revenue of $11.5 million-$12.5 million (vs. consensus of $15.8 million) and adjusted free cash flow of $0.25 million – $1.00 million.

Clint Stinchcomb, President & CEO said, “Our fourth quarter revenue results met our guidance range while adjusted free cash flow exceeded our guidance range, and we delivered sequential revenue growth in our Direct Business. We continued to decrease our cost base, as we achieved our fifth straight quarter of sequential adjusted free cash flow improvement.” 

“Looking forward, we will be guiding to positive adjusted free cash flow for the first quarter of 2024, and we believe the initiation of the dividend program, which will be paid from excess cash, underscores our positive outlook for cash flow in 2024.”

Price Action: CURI shares are up 33.27% at $0.7750 premarket on the last check Thursday.