Business
Cricut, Inc. Reports Third Quarter 2021 Financial Results
Revenue grew 24.4% over Q3 2020 Total users grew to over 5.7 million, up 55.7% over Q3 2020 Paid subscribers increased 55.8% over Q3 2020 to over 1.8 million
About this update from Cricut, Inc.
[{"type":"text","content":"Revenue grew 24.4% over Q3 2020 Total users grew to over 5.7 million, up 55.7% over Q3 2020 Paid subscribers increased 55.8% over Q3 2020 to over 1.8 million Delivered 11th consecutive quarter of profitability with net income of $30.0M; $42.7M of EBITDA SOUTH JORDAN, Utah, Nov. 10, 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 third quarter ended September 30, 2021. “We’re pleased with our third quarter results, building on our long history of consistent revenue growth. We continued to bring users onto the platform, invest in new products, and improve the user experience,” said Ashish Arora, Chief Executive Officer of Cricut. “With continued healthy engagement on the platform, this means the two million additional users that we acquired in the last 12 months are making and sharing projects, and fueling our community. We’ll continue to invest in our users and the Cricut experience to drive further long-term growth.\" Third Quarter 2021 Financial Results Revenue was $260.1 million, up 24.4% over Q3 2020Connected machine revenue was $102.5 million, up 35.7% over Q3 2020Subscriptions revenue was $53.3 million, up 70.8% over Q3 2020Accessories and materials revenue was $104.3 million, up 2.0% over Q3 2020Gross margin was 39.2%, down from 42.8% in Q3 2020Net income was $30.0 million, down 33.6% over Q3 2020, and was 11.5% of revenue, compared to $45.2 million, or 21.6% of revenue in Q3 2020Diluted earnings per share was $0.13EBITDA, was $42.7 million, or 16.4% of revenue, compared to $61.0 million, or 29.2% of revenue in Q3 2020, and included $8.1 million of stock-based compensation expenseInternational revenue grew 109.7% over Q3 2020 and was 12.0% of total revenue, up from 7.1% of total revenue in Q3 2020 EBITDA and EBITDA margin are non-GAAP measures and are reconciled to the corresponding GAAP measures at the end of this release. “Our third quarter’s performance was driven by strong fundamentals in the business, a diversified revenue stream and our powerful community of users. The growth we’ve seen in revenue, users and engagement over the last two years fuels our monetization flywheel over the coming years,” said Marty Petersen, Chief Financial Officer of Cri...