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Sep 30, 2021
Cricut Q3 2021 Earnings Report
Cricut's Q3 2021 performance was marked by revenue growth and continued user engagement.
Key Takeaways
Cricut, Inc. reported a 24.4% increase in revenue compared to Q3 2020, reaching $260.1 million. The company's user base grew significantly, and it maintained profitability for the eleventh consecutive quarter, with a net income of $30.0 million.
Revenue increased by 24.4% compared to Q3 2020.
Total users grew by 55.7% year-over-year, reaching over 5.7 million.
Paid subscribers increased by 55.8% over Q3 2020, exceeding 1.8 million.
Net income was $30.0 million, representing 11.5% of revenue.
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 entered Q4 with a strong inventory position for servicing holiday demand in Connected Machines and Accessories and Materials products and expect to carry higher onshore inventory levels into 2022.
Positive Outlook
- Strong inventory position for servicing holiday demand.
- Proactive measures taken to mitigate expected supply chain risks.
- Accelerated purchase of certain key components, including microchips.
- Positioned onshore inventory to mitigate shipping delays.
- Expect to carry higher onshore inventory levels into 2022.
Revenue & Expenses
Visualization of income flow from segment revenue to net income