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Sep 30, 2022
Cricut Q3 2022 Earnings Report
Cricut reported a revenue decline but demonstrated positive momentum in user growth and subscription services.
Key Takeaways
Cricut, Inc. reported a 32% decrease in revenue to $177.0 million for Q3 2022 compared to Q3 2021. Despite the revenue decline, the company maintained profitability with a net income of $12.4 million and saw growth in total users and paid subscribers.
Total users grew by 30% year-over-year, reaching nearly 7.5 million.
Paid subscribers increased by 35% year-over-year, totaling nearly 2.5 million.
Gross margin increased to 46.2% from 39.2% in Q3 2021.
The company reported its 15th consecutive quarter of profitability.
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 believes retailer inventory positions were much healthier exiting the third quarter. The company continues to operate the business from a position of financial strength and believes it is well positioned to deliver healthy long-term operating margins.
Positive Outlook
- Retailer inventory positions were much healthier
- The company has a proven track record of profitable growth
- The company is well positioned to deliver healthy long-term operating margins
- Continued investment in areas with the highest impact
- Fostering higher levels of engagement
Revenue & Expenses
Visualization of income flow from segment revenue to net income