Business
Cricut, Inc. Reports Second Quarter 2023 Financial Results
Total users grew to over 8.4 million, up 17% over Q2 2022 Paid subscribers of over 2.7 million, up 15% over Q2 2022 Delivered 18th consecutive quarter of
About this update from Cricut, Inc.
[{"type":"text","content":"Total users grew to over 8.4 million, up 17% over Q2 2022 Paid subscribers of over 2.7 million, up 15% over Q2 2022 Delivered 18th consecutive quarter of profitability with net income of $16.0 million Delivered Q2 2023 revenue of $177.8 million, 3% decline compared to Q2 2022 SOUTH JORDAN, Utah, Aug. 08, 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 second quarter ended June 30, 2023. “We finished the quarter in line with our expectations and launched some important innovations. On July 18th, we launched Cricut Venture, the largest and fastest connected cutting machine on the Cricut Platform. Cricut Venture represents the fourth, all-new architecture of connected machines in our history and demonstrates our commitment to innovation. As part of the launch, we held our first in-person consumer event since 2020. We love the energy these events generate within our community and are planning to do more in-person customer events around new products and our Cricut platform. Despite the 3% sales decline from a year ago, we are encouraged by our subscriptions revenue and machines revenue growth which increased year over year 13% and 5%, respectively. Our international growth was positive, with 34% year over year growth. The Cricut platform now has over 8.4 million total users, up 17% over Q2 last year. 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. Second Quarter 2023 Financial Results Revenue was $177.8 million, down 3% from Q2 2022.Connected machine revenue was $37.3 million, up 5% from Q2 2022.Subscriptions revenue was $76.1 million, up 13% over Q2 2022.Accessories and materials revenue was $64.4 million, down 20% from Q2 2022.International revenue increased by 34% over Q2 2022 and was 18% of total revenue, up from 13% of total revenue in Q2 2022.Gross margin was 49.3%, up from 46.5% in Q2 2022.Operating income was $19.3 million, or 10.8% of total revenue compared to $20.0 million, or 10.9% of revenue in Q2 2022.Net income was $16.0 million, or 9.0% of revenue. Net...