Business
Cricut, Inc. Reports First Quarter 2025 Financial Results
Paid subscribers up 6% over Q1 2024 to just over 2.97 million Q1 2025 revenue of $162.6 million, down 3% compared to Q1 2024 Net income of $23.9 million, up
About this update from Cricut, Inc.
[{"type":"text","content":"Paid subscribers up 6% over Q1 2024 to just over 2.97 million Q1 2025 revenue of $162.6 million, down 3% compared to Q1 2024 Net income of $23.9 million, up 22% compared to Q1 2024 Board authorizes three capital allocation items SOUTH JORDAN, Utah, May 06, 2025 (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, 2025. “We are pleased with the increase in paid subscribers in Q1 up 6% year-over-year, the continuation of positive International sales growth up 8% year-over-year and strong profitability,” said Ashish Arora, Chief Executive Officer of Cricut. “While we acknowledge that tariffs have introduced uncertainty, we have spent the last several years moving the majority of our finished goods spend outside of China across all of our product categories, which we believe results in a competitive advantage in our current supply chain configuration relative to the competition. We are relentlessly focused on increasing our speed of execution and are accelerating investments that will help drive future revenue growth. We are continuing to lean into these investments even as we navigate the uncertainty introduced by tariffs. These accelerated investments are in hardware product development, materials and engagement and will help drive future growth.” First Quarter 2025 Financial Results Revenue was $162.6 million, down 3% from Q1 2024.Platform revenue was $80.0 million, up 2% over Q1 2024.Products revenue was $82.6 million, down 7% from Q1 2024.International revenue increased by 8% over Q1 2024 and was 22% of total revenue, up from 19% of total revenue in Q1 2024.Gross margin was 60.5%, up from 54.7% in Q1 2024.Operating income was $29.3 million, or 18.0% of revenue, and up 16% from Q1 2024. Operating income in Q1 2024 was $25.2 million, or 15.1% of revenue.Net income was $23.9 million, or 14.7% of revenue, and up 22% from Q1 2024. Net income in Q1 2024 was $19.6 million, or 11.7% of revenue.Diluted earnings per share was $0.11, up from $0.09 per share in Q1 2024.Generated $61.2 million in Cash from Operations in Q1.Used $12.0 million to repurchase 2.1 million shares of our common stock in Q1. “We continue to generate healthy cash flow on an ann...