---
schema_version: "secwatch.filing_event.v1"
accession: "0001828962-23-000048"
form_type: "8-K"
ticker: "CRCT"
cik: "0001828962"
company_name: "Cricut, Inc."
filed_at: "2023-05-09T23:59:59+00:00"
generated_at: "2026-06-15T09:50:08.644948+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001828962-23-000048
- form_type: 8-K
- ticker: CRCT
- cik: 0001828962
- company_name: Cricut, Inc.
- filed_at: 2023-05-09T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1828962/000182896223000048/0001828962-23-000048-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1828962/000182896223000048/crct-20230509.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001828962-23-000048
- JSON: https://secwatch.observer/filing/0001828962-23-000048.json
- Plain text: https://secwatch.observer/filing/0001828962-23-000048.txt

## Key facts
- Earnings Releases
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/1828962/000182896223000048/0001828962-23-000048-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.