Business
Cricut, Inc. Reports Third Quarter 2023 Financial Results
Total users grew to over 8.6 million, up 16% over Q3 2022 Paid subscribers of approximately 2.7 million, up 11% over Q3 2022 Delivered 19th consecutive
About this update from Cricut, Inc.
[{"type":"text","content":"Total users grew to over 8.6 million, up 16% over Q3 2022 Paid subscribers of approximately 2.7 million, up 11% over Q3 2022 Delivered 19th consecutive quarter of profitability with net income of $17.2 million, up 38% over Q3 2022 Delivered Q3 2023 revenue of $174.9 million, 1% decline compared to Q3 2022 SOUTH JORDAN, Utah, Nov. 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 third quarter ended September 30, 2023. “The third quarter was strong from a profitability perspective, with operating income +36% year over year despite a 1% sales decline. As we mentioned before, in 2023, we are focused on profitability and remain disciplined in our investments to generate value over time. We launched two new products in the quarter: Joy Xtra and Cricut Venture. We are encouraged by our subscriptions revenue which grew 11% year over year. Our international growth was positive, with 36% year over year growth. The Cricut platform now has over 8.6 million total users, up 16% over the third quarter 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. Third Quarter 2023 Financial Results Revenue was $174.9 million, down 1% from Q3 2022.Connected machine revenue was $49.5 million, down 6% from Q3 2022.Subscriptions revenue was $76.3 million, up 11% over Q3 2022.Accessories and materials revenue was $49.1 million, down 12% from Q3 2022.International revenue increased by 36% over Q3 2022 and was 21% of total revenue, up from 16% of total revenue in Q3 2022.Gross margin was 46.8%, up from 46.2% in Q3 2022.Operating income was $23.7 million, or 13.5% of total revenue compared to $17.4 million, or 9.8% of revenue in Q3 2022.Net income was $17.2 million, or 9.8% of revenue, and up 38% from Q3 2022. Net income in Q3 2022 was $12.4 million, or 7.0% of revenue.Diluted earnings per share was $0.08 up from $0.06 per share in Q3 2022.Generated $36.4 million in Cash from Operations in Q3 and $196.0 million year to date. Used $0.3 million to repurchase 39 thousand shares of our co...