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Mar 31, 2021
Cricut Q1 2021 Earnings Report
Cricut experienced revenue growth of 125.3% and achieved its ninth consecutive quarter of profitability.
Key Takeaways
Cricut reported strong first-quarter results with revenue growth of 125.3% compared to Q1 2020. The company added over 600,000 users in the last three months, bringing the total user base to 4.9 million. Paid subscribers more than doubled to 1.6 million, and the company delivered its ninth consecutive quarter of profitability with a net income of $49.4 million.
Revenue increased by 125.3% compared to Q1 2020.
Total users climbed to 4.9 million.
Paid subscribers more than doubled compared to Q1 2020, reaching 1.6 million.
Delivered the 9th consecutive quarter of profitability with net income of $49.4M.
Cricut
Cricut
Cricut Revenue by Segment
Cricut Revenue by Geographic Location
Revenue by Segment
Platform Revenue
CapyFin.comProducts Revenue
CapyFin.comRevenue by Geographic Location
International Revenue
CapyFin.com Forward Guidance
This press release contains forward-looking statements that are subject to risks and uncertainties. The forward-looking statements included in this press release are only made as of the date indicated on the relevant materials and are based on our estimates and opinions at the time the statements are made. We disclaim any obligation to publicly update any forward-looking statement to reflect subsequent events or circumstances or changes in opinion, except as required by law.
Positive Outlook
- Ability to attract and engage with our users
- Sales and marketing risks, including our dependence on sales to brick-and-mortar and online retail partners and our need to continue to grow online sales
- Risks relating to the complexity of our business, which includes connected machines, custom tools, hundreds of materials, design apps, e-commerce software, subscriptions, content, international production, direct sales and retail distribution
- International risks, including regulation and tariffs that have materially increased our costs and the potential for further trade barriers or disruptions
- Strengthened the extensible Cricut platform with deeper integration between our software, materials, add-on accessories, and digital content. In the first quarter, we launched the new Cricut Mug Press machine accessory and its family of software upgrades, content, and add-on accessories and materials.
Challenges Ahead
- Competitive risks
- Supply chain, manufacturing, distribution and fulfillment risks
- Risk related to product quality, safety and warranty claims and returns
- Risks related to the fluctuation of our quarterly results of operations and other operating metrics
- The impact of economic and geopolitical events, natural disasters and actual or threatened public health emergencies, such as the ongoing COVID-19 pandemic and any resulting economic slowdown, governmental action, stay-at-home order or other resulting interruption to our operations.
Revenue & Expenses
Visualization of income flow from segment revenue to net income