Business
Cricut, Inc. Reports Second Quarter 2024 Financial Results
Paid subscribers over 2.8 million, up 3% over Q2 2023 Connected machines revenue growth of 18% over Q2 2023 Q2 2024 revenue of $167.9 million, down 6%
About this update from Cricut, Inc.
[{"type":"text","content":"Paid subscribers over 2.8 million, up 3% over Q2 2023 Connected machines revenue growth of 18% over Q2 2023 Q2 2024 revenue of $167.9 million, down 6% compared to Q2 2023 Delivered 22nd consecutive quarter of profitability with net income of $19.8 million, up 23% over Q2 2023 SOUTH JORDAN, Utah, Aug. 06, 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 second quarter ended June 30, 2024. \"We are pleased with strong Q2 profitability and 18% growth in connected machines revenue YoY. Remember, our flywheel begins with the purchase of a connected machine, which then presents the opportunity to monetize our customers through subscriptions and accessories and materials. Operating margin dollars grew significantly, up 37% or $7 million year over year. Paid subscribers grew 3% to over 2.8 million. Our deeper promotional strategy is working and we saw growth in connected machines sell-in to retailers, as well as an increase in sell-out to end consumers,\" said Ashish Arora, Chief Executive Officer of Cricut. \"We continued with our increased investment in marketing and initial results are promising, measured by driving traffic to Cricut.com, which plays a central role in pulling consumers through the funnel regardless of where they purchase their machine.\" Second Quarter 2024 Financial Results Revenue was $167.9 million, down 6% from Q2 2023.Platform revenue was $77.6 million, slightly up over Q2 2023.Products revenue was $90.3 million, down 10% from Q2 2023.International revenue increased by 3% over Q2 2023 and was 20% of total revenue, up from 18% of total revenue in Q2 2023.Gross margin was 53.5%, up from 49.3% in Q2 2023.Operating income was $26.4 million, or 15.7% of total revenue compared to $19.3 million, or 10.8% of revenue in Q2 2023.Net income was $19.8 million, or 11.8% of revenue, and up 23% from Q2 2023. Net income in Q2 2023 was $16.0 million, or 9.0% of revenue.Diluted earnings per share was $0.09, up from $0.07 per share in Q2 2023.Generated $35 million in Cash from Operations in Q2. Used $9.3 million to repurchase 1.5 million shares of our common stock in Q2. “We delivered our 22nd consecutive quarter of positive net income and continue to generate he...