Business
Cricut, Inc. Reports First Quarter 2023 Financial Results
Total users grew to over 8.2 million, up 19% over Q1 2022 Paid subscribers increased to over 2.7 million, up 17% over Q1 2022 Delivered 17th consecutive
About this update from Cricut, Inc.
[{"type":"text","content":"Total users grew to over 8.2 million, up 19% over Q1 2022 Paid subscribers increased to over 2.7 million, up 17% over Q1 2022 Delivered 17th consecutive quarter of profitability with net income of $9.1 million Delivered Q1 2023 revenue of $181.2 million, 26% decline compared to Q1 2022 SOUTH JORDAN, Utah, May 09, 2023 (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, 2023. “Despite softer than expected Q1 results, we are very encouraged by our subscriptions revenue growth which increased 16% year over year and 6% quarter over quarter. The Cricut platform now has over 8.2 million total users, up 19% over Q1 last year. We saw 3.7 million users, or 45% of total users, cut a project at least once within the first quarter. This creates a tremendous opportunity for us to build deeper user engagement on our platform. Our goal is to bring a majority of our users into Design Space monthly to be inspired,” said Ashish Arora, Chief Executive Officer of Cricut. “Our international growth efforts are seeing material traction demonstrated by the milestone that we just crossed over 1.1 million international users outside of North America as of the end of Q1.” First Quarter 2023 Financial Results Revenue was $181.2 million, down 26% from Q1 2022.Connected machine revenue was $34.1 million, down 45% from Q1 2022.Subscriptions revenue was $75.1 million, up 16% over Q1 2022.Accessories and materials revenue was $72.0 million, down 39% from Q1 2022.International revenue decreased by 8% over Q1 2022 and was 18% of total revenue, up from 15% of total revenue in Q1 2022.Gross margin was 42.3%, up from 40.5% in Q1 2022.Operating income was $10.5 million, or 5.8% of total revenue or 10.5% excluding an $8.6 million inventory write-down and related tax effect, compared to $31.4 million, or 12.8% of revenue in Q1 2022.Net income was $9.1 million, or 5.0% of revenue, and included an $8.6 million inventory write-down. Net income in Q1 2022 was $23.5 million, or 9.6% of revenue.Diluted earnings per share was $0.04 or $0.07 excluding the inventory write-down and related tax effect, down from $0.11 per share in Q1 2022.Generated $95.2 million in Cash from Operations at t...