Cricut Q3 2021 Earnings Report
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
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