Business
Cricut, Inc. Reports First Quarter 2024 Financial Results
Paid subscribers of approximately 2.8 million, up 3% over Q1 2023 Q1 2024 revenue of $167.4 million, 8% decline compared to Q1 2023 Delivered 21st consecutive
About this update from Cricut, Inc.
[{"type":"text","content":"Paid subscribers of approximately 2.8 million, up 3% over Q1 2023 Q1 2024 revenue of $167.4 million, 8% decline compared to Q1 2023 Delivered 21st consecutive quarter of profitability with net income of $19.6 million, up 116% over Q1 2023 Board authorizes three capital allocation items SOUTH JORDAN, Utah, May 07, 2024 (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, 2024. \"Q1 2024 played out largely as expected. Operating margin dollars grew significantly by 139% or $15 million, driven by lower inventory write-offs, an increase in paid subscribers and higher sales of connected machines despite an 8% year-over-year drop in overall sales. We are encouraged by our Platform revenue, which grew 3% year over year. The Cricut platform now has over 5.95 million Active Users and this creates a tremendous opportunity for us to build deeper user engagement on our platform by helping them discover inspiration, design then make their projects and share them on our platform,” said Ashish Arora, Chief Executive Officer of Cricut. First Quarter 2024 Financial Results Revenue was $167.4 million, down 8% from Q1 2023.Platform revenue was $78.3 million, up 3% over Q1 2023.Products revenue was $89.1 million, down 15% from Q1 2023.International revenue decreased by 3% over Q1 2023 and was 19% of total revenue, up from 18% of total revenue in Q1 2023.Gross margin was 54.7%, up from 42.3% in Q1 2023.Operating income was $25.2 million, or 15.1% of total revenue compared to $10.5 million, or 5.8% of revenue in Q1 2023.Net income was $19.6 million, or 11.7% of revenue, and up 116% from Q1 2023. Net income in Q1 2023 was $9.1 million, or 5.0% of revenue.Diluted earnings per share was $0.09 up from $0.04 per share in Q1 2023.Generated $56.7 million in Cash from Operations in Q1. Used $10.8 million to repurchase 1,697 thousand shares of our common stock in Q1. \"Given the confidence in the sustainability of our profitable operations, the board of directors approved three capital allocation items: a special dividend of $0.40 per share, a recurring semi-annual dividend of $0.10 per share, and another $50 million stock repurchase program.\" said Kimball Shill, Chief ...