Cricut Q1 revenue drops 26% to $181.2M; net income falls to $9.1M

Cricut, Inc.

2023-Q1 EPS reported $0.04 revenue$181,227,000

Revenue $181.2M, down 26% YoY; net income $9.1M vs $23.5M; diluted EPS $0.04.
Connected machine revenue down 45%; accessories/materials down 39%; subscriptions up 16% to $75.1M.
Users 8.2M (+19%), paid subscribers 2.7M (+17%); engaged users 45% of total base.
Cash from operations $95.2M; used $75.5M for special dividend and $3.2M for share repurchases.
Excluding $8.6M inventory write-down, operating margin 10.5%; reaffirms 15-19% long-term target.

item 2.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Cricut, Inc. reported first quarter ended March 31, 2023 results: revenue $181.2 million, net income $9.1 million, EPS $0.04.

Period: first quarter ended March 31, 2023
Revenue: $181.2 million
Net income: $9.1 million
EPS: $0.04
Result: reported results

Exact text from the filing

First Quarter 2023 Financial Results • Revenue was $181.2 million, down 26% from Q1 2022. • Connected machine revenue was $34.1 million, down 45% from Q1 2022. • Subscriptions revenue was $75.1 million, up 16% over Q1 2022. • Accessories and materials revenue was $72.0 million, down 39% from Q1 2022. • International revenue decreased by 8% over Q1 2022 and was 18% of total revenue, up from 15% of total revenue in Q1 2022 . • Gross margin was 42.3%, up from 40.5% in Q1 2022. • Operating income was $10.5 million, or 5.8% of total revenue or 10.5% excluding an $8.6 million inventory write-down and related tax effect, compared to $31.4 million, or 12.8% of revenue in Q1 2022. • Net income was $9.1 million, or 5.0% of revenue, and included an $8.6 million inventory write-down. Net income in Q1 2022 was $23.5 million, or 9.6% of revenue. • Diluted earnings per share was $0.04 or $0.07 excluding the inventory write-down and related tax effect, down from $0.11 per share in Q1 2022. • Generated

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Source: SEC EDGAR

accession 0001828962-23-000048

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