Financial Data and Key Metrics Changes - The company reported a revenue of $231.2 million for Q4 2023, an 18% decline compared to the prior year, and a full-year revenue of $765.1 million, down 14% from 2022 [46][78] - Net income for Q4 was $11.3 million, a 4% year-over-year increase, marking the 20th consecutive quarter of positive net income [46][86] - Operating income for Q4 was $16.5 million, representing a 49% increase year-over-year, despite the decline in sales [53] - Gross margin improved to 42% in Q4 2023 from 29.8% in Q4 2022, driven by a higher proportion of subscription revenue and improved machine margins [82] Business Line Data and Key Metrics Changes - Revenue from connected machines was $77.4 million in Q4 2023, down 24% year-over-year, with full-year revenue decreasing 21% [47] - Subscription revenue for Q4 was $76.5 million, an 8% increase over Q4 2022, with full-year subscription revenues increasing 12% [48] - Accessories & Materials sales declined 28% year-over-year in Q4, with full-year revenues decreasing 27% [79] Market Data and Key Metrics Changes - International revenue represented 22% of total revenue in Q4 2023, up from 19% in Q4 2022, with a 9% increase in full-year international revenue [49] - The company ended Q4 with over 8.9 million total users, a 13% increase year-over-year, but engaged users declined by 3% to 3.9 million [22][81] Company Strategy and Development Direction - The company plans to increase marketing efforts and spending in 2024 to generate more interest and demand, focusing on deeper promotional strategies while maintaining pricing discipline [31][34] - There is a strong emphasis on user acquisition, engagement, and enhancing the subscription model, with a focus on affordability and accessibility [20][21] - The company is rationalizing its consumables portfolio to focus on fewer high-volume SKUs, reducing risk [105] Management's Comments on Operating Environment and Future Outlook - Management acknowledged that consumer demand was softer than expected and highlighted the need for more aggressive marketing and promotions to address affordability concerns [10][62] - The company expects to see incremental improvements in Accessories & Materials margins in 2024, despite lower engagement and machine sales [114] - Management remains optimistic about the long-term market potential and is focused on improving the ease of use of the platform [128][129] Other Important Information - The company generated $288 million in cash from operations in 2023, compared to $118 million in 2022, ending the year with a cash balance of $245 million [55] - The company has completed its $50 million stock repurchase program, repurchasing 2.1 million shares during Q4 [112] Q&A Session Summary Question: What are the expectations for write-offs and margins in 2024? - Management indicated that write-downs were significant in 2023, totaling $45.9 million, and emphasized the need for a focus on profitability moving forward [19][143] Question: How does the company plan to improve marketing effectiveness? - Management acknowledged past pullbacks in discretionary marketing and plans to ramp up efforts, particularly in influencer marketing and integrated campaigns [94][120] Question: What is the outlook for user engagement and acquisition? - Management noted that engagement is a top priority and expressed confidence in reversing declining trends through improved onboarding and content personalization [99][101]

Cricut, Inc. (CRCT) came out with quarterly earnings of $0.05 per share, missing the Zacks Consensus Estimate of $0.07 per share. This compares to earnings of $0.05 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -28.57%. A quarter ago, it was expected that this company would post earnings of $0.09 per share when it actually produced earnings of $0.08, delivering a surprise of -11.11%.Over the last four quarters, the company h ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 001-40257 Cricut, Inc. (Exact name of Registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) Securities ...

Delivered 7th consecutive year of profitability with net income of $53.6 million, or 7.0% margin Generated $288.1 million in Cash from Operations in 2023 Total users grew to over 8.9 million, up 13% over FY 2022 SOUTH JORDAN, Utah, March 5, 2024 (GLOBE NEWSWIRE) -- Cricut, Inc. ("Cricut") (NASDAQ: CRCT), the creative technology company that has brought a connected platform for making to millions of users worldwide, today announced financial results for its fourth quarter and full year ended December 31, 202 ...

SOUTH JORDAN, Utah--(BUSINESS WIRE)--Cricut, Inc. (“Cricut”) (NASDAQ: CRCT), the creative technology company that built a connected platform for making with millions of users worldwide, today released findings for a Women’s History Month survey. On the heels of what some are calling the “Year of the Girl” – from the Barbie movie, to girl math and girl dinners, to Beyoncé and Taylor Swift dominating global pop culture – Cricut is highlighting the need for women to turn their attention inwards to prioritiz ...

SOUTH JORDAN, Utah, Feb. 26, 2024 (GLOBE NEWSWIRE) -- Cricut, Inc. ("Cricut") (NASDAQ:CRCT), the creative technology company that has brought a connected platform for making to millions of users worldwide, today announced that members of its management team are scheduled to present at upcoming investor conferences. Details for the events are as follows: Morgan Stanley's Technology, Media and Telecom Conference, Wednesday, March 6, 2024, in San Francisco, CaliforniaROTH MKM Conference, Monday, March 18, 2024 ...

SOUTH JORDAN, Utah, Feb. 26, 2024 (GLOBE NEWSWIRE) -- Cricut, Inc. (“Cricut”) (NASDAQ: CRCT), the creative technology company that has brought a connected platform for making to millions of users worldwide, today announced that members of its management team are scheduled to present at upcoming investor conferences. Details for the events are as follows: Morgan Stanley’s Technology, Media and Telecom Conference, Wednesday, March 6, 2024, in San Francisco, CaliforniaROTH MKM Conference, Monday, March 18, 202 ...

SOUTH JORDAN, Utah, Feb. 13, 2024 (GLOBE NEWSWIRE) -- Cricut, Inc. (“Cricut”) (NASDAQ: CRCT), the creative technology company that has brought a connected platform for making to millions of users worldwide, today announced it will report its financial results for the fourth quarter ended December 31, 2023 after the U.S. markets close on Tuesday, March 5, 2024. Cricut management will host a conference call and webcast to discuss the results that afternoon at 3:00 p.m. Mountain Time (5:00 p.m. Eastern Time). ...

SOUTH JORDAN, Utah, Feb. 13, 2024 (GLOBE NEWSWIRE) -- Cricut, Inc. ("Cricut") (NASDAQ:CRCT), the creative technology company that has brought a connected platform for making to millions of users worldwide, today announced it will report its financial results for the fourth quarter ended December 31, 2023 after the U.S. markets close on Tuesday, March 5, 2024. Cricut management will host a conference call and webcast to discuss the results that afternoon at 3:00 p.m. Mountain Time (5:00 p.m. Eastern Time). A ...

Financial Q3 2023 November 7, 2023 NASDAQ : CRCT Results so excited about this !! # > + O C cricut. A great ploce to start-complete these fun, interactive exercises with the materials in your box. cricut. Q3 2023 Financial Results 1 Safe Harbor Statement This presentation contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. We intend all forward-looking statements to be covered by the safe harbor provisi ...