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Jun 30, 2023
Cricut Q2 2023 Earnings Report
Cricut reported financial results inline with expectations, launching innovations and demonstrating commitment to innovation.
Key Takeaways
Cricut, Inc. reported Q2 2023 revenue of $177.8 million, a 3% decrease compared to Q2 2022. Despite the revenue decline, subscriptions and machines revenue increased by 13% and 5% respectively. The company delivered its 18th consecutive quarter of profitability with a net income of $16.0 million.
Total users grew to over 8.4 million, up 17% over Q2 2022.
Paid subscribers reached over 2.7 million, up 15% over Q2 2022.
Delivered 18th consecutive quarter of profitability with net income of $16.0 million.
Subscriptions revenue and machines revenue growth increased year over year 13% and 5%, respectively.
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
Cricut remains committed to its long-term operating margin targets of 15-19%. The company's proven model has demonstrated that when they operate at scale and drive top line growth, these margins are achievable.
Revenue & Expenses
Visualization of income flow from segment revenue to net income