Business
Cricut, Inc. Reports First Quarter 2021 Financial Results
Revenue grew 125.3% over Q1 2020 Total users climb to 4.9 million and paid subscribers more than doubled over Q1 2020 to 1.6 million Delivered 9th consecutive
About this update from Cricut, Inc.
[{"type":"text","content":"Revenue grew 125.3% over Q1 2020 Total users climb to 4.9 million and paid subscribers more than doubled over Q1 2020 to 1.6 million Delivered 9th consecutive quarter of profitability with net income of $49.4M; Delivered $68.6M of EBITDA SOUTH JORDAN, Utah, May 13, 2021 (GLOBE NEWSWIRE) -- Cricut, Inc. (“Cricut”) (NASDAQ: CRCT), the creative technology company that has brought a connected platform for making to millions of users worldwide, today announced financial results for its first quarter ended March 31, 2021. “Cricut saw continued strong demand as we added over 600,000 users in the last three months and delivered year-over-year revenue growth of approximately 125%,” said Ashish Arora, CEO of Cricut. “The creative passion from our community of users serves as a strong foundation for engagement on our platform, creating a viral word-of-mouth marketing engine that drives efficient customer acquisition. To support our users around the world, we continue to improve the Cricut platform by bringing new software, tools, and content that appeals to the diverse breadth of our community.” First Quarter 2021 Financial Results Revenue was $323.8 million, up 125.3% over Q1 2020Connected machine revenue was $141.3 million, up 148.4% over Q1 2020Subscriptions revenue was $46.1 million, up 140.6% over Q1 2020Accessories and materials revenue was $136.4 million, up 101.6% over Q1 2020Gross margin was 37.1%, up from 31.1% over Q1 2020Net income was $49.4 million, up 279.0% over Q1 2020, and was 15.3% of revenue, compared to $13.0 million, or 9.1% of revenue in Q1 2020Diluted earnings per share was $0.24EBITDA, was $68.6 million, or 21.2% of revenue, compared to $20.7 million, or 14.4% of revenue in Q1 2020, and includes $3.5 million of recurring stock-based compensation expense and $8.2 million of one-time expenses related to the corporate reorganization associated with the IPOInternational revenue grew 253.4% over Q1 2020 and was 10.3% of total revenue, up from 6.6% of total revenue in Q1 2020 EBITDA and EBITDA margin are non-GAAP measures and are reconciled to the corresponding GAAP measures at the end of this release. “Sales from connected machines grew 148% over first quarter last year and were limited somewhat by inventory shortages,” said Marty Petersen, CFO of Cricut. “Importantly, our connected machines are only the start of our use...