Business
Cricut, Inc. Reports First Quarter 2022 Financial Results
Total users grew to over 6.9 million, up 40% over Q1 2021 Paid subscribers climbed to over 2.3 million, up 43% over end of Q1 2021 Delivered quarterly revenue
About this update from Cricut, Inc.
[{"type":"text","content":"Total users grew to over 6.9 million, up 40% over Q1 2021 Paid subscribers climbed to over 2.3 million, up 43% over end of Q1 2021 Delivered quarterly revenue of $244.8 million, 24% decline compared to a strong prior year Q1 2021 Delivered 13th consecutive quarter of profitability with net income of $23.5 million SOUTH JORDAN, Utah, May 10, 2022 (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, 2022. “Our Q1 performance reflected our sound business model and our proven ability to navigate periods of uncertainty with agility and discipline,\" said Ashish Arora, Chief Executive Officer of Cricut. \"The nearly seven million users on our platform fuel our flywheel of engagement and monetization for many years to come. We’ll continue to invest in the most impactful areas across our platform – to strengthen user onboarding, further drive engagement and monetization, and expand Cricut's presence across new global markets. We believe these investments will drive growth over the long term, while continuing to maintain our healthy, profitable business model.” First Quarter 2022 Financial Results Revenue was $244.8 million, down 24% compared to Q1 2021 and up 70% on a two-year basis.Connected machine revenue was $62.4 million, down 56% from Q1 2021 and up nearly 10% on a two-year basis.Subscriptions revenue was $64.8 million, up 40% over Q1 2021 and up nearly 238% on a two-year basis.Accessories and materials revenue was $117.6 million, down 14% from Q1 2021 and up 74% on a two-year basis.Gross margin was 40.5%, up from 37.1% in Q1 2021 and up from 31.1% in Q1 2020.Operating income was $31.4 million, or 12.8% of total revenue, compared to $64.7 million, or 20.0% of revenue in Q1 2021. On a two-year basis, operating income was up 80%, compared to $17.5 million, or 12.1% of revenue in Q1 2020.Net income was $23.5 million, down 52% over Q1 2021, and was 9.6% of revenue, compared to $49.4 million, or 15.3% of revenue in Q1 2021. On a two-year basis, net income was up 80%, compared to $13.0 million, or 9.1% of revenue in Q1 2020.Diluted earnings per share was $0.11.International revenue grew 9% over Q1 2021 and was 15% of total revenue, up from 10% of t...