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% 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, August 6, 2024 (GLOBE NEWSWIRE) -- Cricut, Inc. ("Cricut") (NASDAQ: CRCT), the creative technology company that has brought a connected platform for making ...

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 re ...

SOUTH JORDAN, Utah, July 16, 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 it will report its financial results for the second quarter ended June 30, 2024 after the U.S. markets close on Tuesday, August 6, 2024. Cricut management will host a conference call and webcast to discuss the results that afternoon at 3:00 p.m. Mountain Time (5:00 p.m. Eastern Time). Abo ...

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Cricut, Inc. (NASDAQ:CRCT) Q1 2024 Earnings Conference Call May 7, 2024 5:00 PM ET Company Participants Jim Suva - SVP, Finance, Treasurer & IR Ashish Arora - CEO & Director Kimball Shill - CFO Conference Call Participants Angus Kelleher - Barclays Capital Asiya Merchant - Citi Investment Research Operator Welcome to the cricket Q1 2024 earnings conference call. At this time, all participants are in a listen only mode. After the speakers' presentation, there will be a question and answer session to ask a qu ...

TABLE OF CONTENTS UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 001-40257 Cricut, Inc. (State or other jurisdiction of incorporation or organization) Identification Number) 10855 South River Front Parkway South ...

Cricut, Inc. (CRCT) came out with quarterly earnings of $0.09 per share, beating the Zacks Consensus Estimate of $0.07 per share. This compares to earnings of $0.04 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 28.57%. A quarter ago, it was expected that this company would post earnings of $0.07 per share when it actually produced earnings of $0.05, delivering a surprise of -28.57%.Over the last four quarters, the company ha ...

Delivered 21st consecutive quarter of profitability with net income of $19.6 million, up 116% over Q1 2023 • Diluted earnings per share was $0.09 up from $0.04 per share in Q1 2023. • Towards the end of Q1, we launched Cricut Value Materials online. Designed to deliver maximum performance at a great price, this new offering was aimed to compete effectively with online marketplaces, which are more price competitive and require hitting the right price points with shipping economics to compete more effectively ...

Financial cricut. Numerous factors could couse our actual results and events to differ materially from those expressed or implied by forward-looking statements including, but not limited to, uncertainties cassociated with: our ability to attract and engage with our users; competitive risks; supply chain, manufacturing, distribution and fulfillment risks; intern including regulation and tariffs that have materially increased our costs and the potential for further trade barries or disruptions; soles and mark ...

Financial Data and Key Metrics Changes - The company reported a revenue of $231.2 million for Q4 2023, an 18% decline compared to the prior year, and a full-year revenue of $765.1 million, down 14% from 2022 [46][78] - Net income for Q4 was $11.3 million, a 4% year-over-year increase, marking the 20th consecutive quarter of positive net income [46][86] - Operating income for Q4 was $16.5 million, representing a 49% increase year-over-year, despite the decline in sales [53] - Gross margin improved to 42% in Q4 2023 from 29.8% in Q4 2022, driven by a higher proportion of subscription revenue and improved machine margins [82] Business Line Data and Key Metrics Changes - Revenue from connected machines was $77.4 million in Q4 2023, down 24% year-over-year, with full-year revenue decreasing 21% [47] - Subscription revenue for Q4 was $76.5 million, an 8% increase over Q4 2022, with full-year subscription revenues increasing 12% [48] - Accessories & Materials sales declined 28% year-over-year in Q4, with full-year revenues decreasing 27% [79] Market Data and Key Metrics Changes - International revenue represented 22% of total revenue in Q4 2023, up from 19% in Q4 2022, with a 9% increase in full-year international revenue [49] - The company ended Q4 with over 8.9 million total users, a 13% increase year-over-year, but engaged users declined by 3% to 3.9 million [22][81] Company Strategy and Development Direction - The company plans to increase marketing efforts and spending in 2024 to generate more interest and demand, focusing on deeper promotional strategies while maintaining pricing discipline [31][34] - There is a strong emphasis on user acquisition, engagement, and enhancing the subscription model, with a focus on affordability and accessibility [20][21] - The company is rationalizing its consumables portfolio to focus on fewer high-volume SKUs, reducing risk [105] Management's Comments on Operating Environment and Future Outlook - Management acknowledged that consumer demand was softer than expected and highlighted the need for more aggressive marketing and promotions to address affordability concerns [10][62] - The company expects to see incremental improvements in Accessories & Materials margins in 2024, despite lower engagement and machine sales [114] - Management remains optimistic about the long-term market potential and is focused on improving the ease of use of the platform [128][129] Other Important Information - The company generated $288 million in cash from operations in 2023, compared to $118 million in 2022, ending the year with a cash balance of $245 million [55] - The company has completed its $50 million stock repurchase program, repurchasing 2.1 million shares during Q4 [112] Q&A Session Summary Question: What are the expectations for write-offs and margins in 2024? - Management indicated that write-downs were significant in 2023, totaling $45.9 million, and emphasized the need for a focus on profitability moving forward [19][143] Question: How does the company plan to improve marketing effectiveness? - Management acknowledged past pullbacks in discretionary marketing and plans to ramp up efforts, particularly in influencer marketing and integrated campaigns [94][120] Question: What is the outlook for user engagement and acquisition? - Management noted that engagement is a top priority and expressed confidence in reversing declining trends through improved onboarding and content personalization [99][101]