Business
Cricut, Inc. Reports Fourth Quarter and Full Year 2022 Financial Results
Delivered 6th consecutive year of profitability with net income of $60.7 million, or 6.8% margin Generated $117.7 million in Cash from Operations in 2022
About this update from Cricut, Inc.
[{"type":"text","content":"Delivered 6th consecutive year of profitability with net income of $60.7 million, or 6.8% margin Generated $117.7 million in Cash from Operations in 2022 Total users grew to nearly 7.9 million, up 23% over FY 2021 Paid subscribers increased to 2.6 million, up 28% over FY 2021 Delivered FY 2022 revenue of $886.3 million, 32% decline compared to a strong FY 2021 74% of total users cut on their Connected Machine in 2022 SOUTH JORDAN, Utah, March 07, 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 fourth quarter and full year ended December 31, 2022. “We entered 2022 expecting to deliver much better financial results. Our results reflect the challenging macroeconomic conditions throughout the year and pressure from excess channel inventory that impacted revenue from Connected Machines and Accessories and Materials. Despite this, we ended the year with healthy growth in new users and paid subscribers,” said Ashish Arora, Chief Executive Officer of Cricut. “Nearly three quarters of our user base cut a project in 2022, highlighting the value we bring to the Cricut community and the significant opportunity we have to drive increased engagement. We benefit from a healthy pipeline of potential users, a strong existing user base, a platform approach and strong balance sheet. We'll continue to focus on new user acquisition and increased engagement and monetization, which will position us well for when consumer spend returns.\" Fourth Quarter 2022 Financial Results Revenue was $280.8 million compared to $387.8 million in Q4 2021.Connected machine revenue was $102.3 million compared to $158.1 million in Q4 2021.Subscriptions revenue was $71.1 million up from to $55.7 million in Q4 2021.Accessories and materials revenue was $107.3 million compared to $174.0 million in Q4 2021.Gross margin was 29.8%, compared to 27.0% in Q4 2021.Operating income was $11.1 million, or 4.0% of total revenue, compared to $25.8 million, or 6.7% of revenue in Q4 2021.Net income was $10.9 million or 3.9% of revenue, compared to $11.9 million or 3.1% of revenue in Q4 2021.Diluted earnings per share was flat year over year at $0.05.International revenue decreased by 3% over Q4 2021 and was 19% of tot...