Business
Cricut, Inc. Reports Second Quarter 2021 Financial Results
Revenue grew 42% over Q2 2020 Total users climb to 5.4 million and paid subscribers grew 77% over Q2 2020 to 1.8 million Delivered 10th consecutive quarter of
About this update from Cricut, Inc.
[{"type":"text","content":"Revenue grew 42% over Q2 2020 Total users climb to 5.4 million and paid subscribers grew 77% over Q2 2020 to 1.8 million Delivered 10th consecutive quarter of profitability with net income of $49.1M; Delivered $68.5M of EBITDA SOUTH JORDAN, Utah, Aug. 12, 2021 (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 second quarter ended June 30, 2021. “Our second quarter performance delivered strong results across the business, driven by new users and continued healthy engagement levels,” said Ashish Arora, Chief Executive Officer of Cricut. “We successfully launched two new connected machines, a new line of Smart Materials, added new features and functionality to our software platform, and saw strong growth from our top international markets. I want to thank our passionate community of users worldwide and believe there is even greater opportunity for creatives everywhere to join the Cricut platform.” Second Quarter 2021 Financial Results Revenue was $334.5 million, up 42.1% over Q2 2020Connected machine revenue was $146.3 million, up 29.0% over Q2 2020Subscriptions revenue was $50.7 million, up 110.9% over Q2 2020Accessories and materials revenue was $137.5 million, up 40.4% over Q2 2020Gross margin was 39.0%, up from 31.1% over Q2 2020Net income was $49.1 million, up 40.8% over Q2 2020, and was 14.7% of revenue, compared to $34.9 million, or 14.8% of revenue in Q2 2020Diluted earnings per share was $0.22EBITDA, was $68.5 million, or 20.5% of revenue, compared to $49.2 million, or 20.9% of revenue in Q2 2020, and included $8.1 million of stock-based compensation expenseInternational revenue grew 179.5% over Q2 2020 and was 8.5% of total revenue, up from 4.3% of total revenue in Q2 2020 EBITDA and EBITDA margin are non-GAAP measures and are reconciled to the corresponding GAAP measures at the end of this release. “Our second quarter’s performance was driven by a strong diversified revenue stream and community of engaged users who fuel our viral marketing engine,” said Marty Petersen, Chief Financial Officer of Cricut. “The large pull forward of users from 2020 and the first half of 2021 provide a powerful flywheel effect to our business with long-term monetization opportuni...