UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Title of each class Trading Symbol(s) Name of each exchange on which registered Class A Common Stock, par value $0.001 per share CRCT The Nasdaq Global Select Market FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: ...

Financial Performance - Revenue for Q2 2024 was $167.9 million, down 6% compared to Q2 2023[1] - Total revenue for Q2 2024 was $167.947 million, a decrease of 5.6% compared to $177.765 million in Q2 2023[17] - Gross profit increased to $89.840 million in Q2 2024, up from $87.655 million in Q2 2023, representing a growth of 2.5%[17] - Net income was $19.8 million, representing an increase of 23% from Q2 2023[3] - Net income for Q2 2024 was $19.769 million, compared to $16.024 million in Q2 2023, reflecting a year-over-year increase of 23.3%[17] - Operating income was $26.4 million, or 15.7% of total revenue, compared to $19.3 million, or 10.8% in Q2 2023[3] - The company reported a comprehensive income of $20.010 million for Q2 2024, compared to $15.656 million in Q2 2023, an increase of 27.5%[17] - Net income for the six months ended June 30, 2024, was $39,416,000, compared to $25,123,000 for the same period in 2023, representing a 57% increase[19] Subscriber and User Metrics - Paid subscribers increased to over 2.8 million, up 3% year over year[1] - Active users slightly increased to over 5.9 million, while 90-day engaged users decreased by 3% to over 3.5 million[5] Cost and Expense Management - Research and development expenses decreased to $14.315 million in Q2 2024 from $16.346 million in Q2 2023, a reduction of 12.4%[17] - Total operating expenses decreased to $63.408 million in Q2 2024 from $68.405 million in Q2 2023, a decline of 7.3%[17] - Stock-based compensation decreased slightly to $21,376,000 from $22,307,000, a reduction of 4%[19] Cash Flow and Liquidity - Cash from operations generated in Q2 was $35 million, with $9.3 million used for stock repurchase[4] - Net cash provided by operating activities decreased to $91,648,000 from $159,612,000, a decline of 43% year-over-year[19] - Total cash and cash equivalents at the end of the period were $195,552,000, down from $286,121,000, reflecting a 32% decrease[19] - Cash and cash equivalents increased to $195.552 million as of June 30, 2024, compared to $142.187 million in 2023, a growth of 37.5%[18] Balance Sheet Highlights - Total current assets as of June 30, 2024, were $611.151 million, slightly down from $619.969 million in 2023[18] - Total liabilities rose to $293.567 million as of June 30, 2024, up from $215.249 million in 2023, indicating an increase of 36.4%[18] Inventory and Receivables Management - Accounts receivable decreased by $13,345,000, from $40,665,000 to $27,320,000, indicating improved cash flow management[19] - Inventories increased to $56,928,000 from $50,356,000, a rise of 13% year-over-year[19] - The company reported a provision for inventory obsolescence of $(3,028,000), significantly improved from $10,280,000 in the previous year, indicating better inventory management[19] - The company reported a bad debt benefit of $(454,000) compared to an expense of $6,563,000 in the prior year, indicating improved receivables management[19] Shareholder Returns - The company repurchased common stock totaling $20,103,000, compared to $4,210,000 in the previous year, indicating a significant increase in shareholder returns[19] - Cash dividends paid were $1,547,000, a decrease from $75,808,000 in the prior year, reflecting a strategic shift in capital allocation[19] Key Performance Indicators - Platform ARPU increased to $52.61, up 5% year over year[5] - International revenue accounted for 20% of total revenue, up from 18% in Q2 2023[3] - Earnings per share (diluted) for Q2 2024 was $0.09, compared to $0.07 in Q2 2023, marking a 28.6% increase[17] - Gross margin improved to 53.5%, up from 49.3% in Q2 2023[3]

Paid subscribers over 2.8 million, up 3% over Q2 2023 Connected machines revenue growth of 18% over Q2 2023 Q2 2024 revenue of $167.9 million, down 6% compared to Q2 2023 Delivered 22nd consecutive quarter of profitability with net income of $19.8 million, up 23% over Q2 2023 SOUTH JORDAN, Utah, Aug. 06, 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 re ...

SOUTH JORDAN, Utah, July 16, 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 second quarter ended June 30, 2024 after the U.S. markets close on Tuesday, August 6, 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). Abo ...

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Financial Data and Key Metrics Changes - In Q1 2024, the company reported revenue of $167.4 million, an 8% decline compared to the prior year, while net income increased by 116% year-over-year to $19.6 million, marking the 21st consecutive quarter of positive net income [24][59]. - Operating margin dollars grew significantly by 139% or $15 million, driven by lower inventory write-offs and higher sales of connected machines despite an overall sales drop [5][28]. - Total gross margin improved to 54.7% from 42.3% in Q1 2023, reflecting a higher proportion of platform revenue and fewer impairments [57]. Business Line Data and Key Metrics Changes - Revenue from platform increased by 3% year-over-year to $78 million, while product revenue declined by 15% to $89 million [55]. - Connected machines revenue increased by 8% due to higher units sold, but accessories and materials revenue decreased by 26% [18][55]. - Paid subscribers increased by 3% year-over-year to nearly 2.8 million, with a sequential increase of 27,000 [26]. Market Data and Key Metrics Changes - International revenue was $32.6 million, down 3% compared to $33.5 million in Q1 2023, primarily driven by declines in the UK and EU regions [25]. - The company noted that sell-out continued to outpace sell-in, but at a reduced rate compared to the previous year, with machine sales up 8% year-over-year [88]. Company Strategy and Development Direction - The company is focusing on new user acquisition, user engagement, subscriptions, and improving the accessories and materials segment [41]. - Increased marketing investments were made to drive consumer excitement, with sales and marketing costs up 12% [28][60]. - The company aims to enhance user engagement through improved onboarding experiences and personalized recommendations [44][48]. Management's Comments on Operating Environment and Future Outlook - Management acknowledged ongoing challenges in user engagement, particularly from older user cohorts, and emphasized the need for effective initiatives to attract new users [10][64]. - The outlook for Q2 indicates continued sales pressure, especially in accessories and materials, with expectations for flat year-over-year revenue growth [30][80]. - The company remains confident in its long-term financial model, targeting operating margins of 15% to 19% when operating at scale [31]. Other Important Information - The Board of Directors approved a special dividend of $0.4 per share and a recurring semi-annual dividend of $0.1 per share, alongside a new $50 million stock repurchase program [22][52]. - The company ended Q1 with a cash balance of $282 million and remains debt-free, indicating strong liquidity [29][53]. Q&A Session Summary Question: What initiatives are in place to increase engagement given the decline in active users? - Management highlighted that engagement is a key focus, with initiatives aimed at improving the onboarding experience and enhancing search personalization to drive user activity [64]. Question: How does the company view the trajectory of the accessories and materials business? - Management acknowledged competitive pressures and indicated that while the segment is currently weak, efforts are underway to innovate and improve the product offerings [71][73]. Question: What are the expectations for operating margins moving forward? - Management reiterated expectations for operating margins to remain flat year-over-year, with a focus on maintaining profitability while increasing marketing spend [72][91].

TABLE OF CONTENTS UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 001-40257 Cricut, Inc. (State or other jurisdiction of incorporation or organization) Identification Number) 10855 South River Front Parkway South ...

Cricut, Inc. (CRCT) came out with quarterly earnings of $0.09 per share, beating the Zacks Consensus Estimate of $0.07 per share. This compares to earnings of $0.04 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 $0.07 per share when it actually produced earnings of $0.05, delivering a surprise of -28.57%.Over the last four quarters, the company ha ...

Delivered 21st consecutive quarter of profitability with net income of $19.6 million, up 116% over Q1 2023 • Diluted earnings per share was $0.09 up from $0.04 per share in Q1 2023. • Towards the end of Q1, we launched Cricut Value Materials online. Designed to deliver maximum performance at a great price, this new offering was aimed to compete effectively with online marketplaces, which are more price competitive and require hitting the right price points with shipping economics to compete more effectively ...

Financial cricut. Numerous factors could couse our actual results and events to differ materially from those expressed or implied by forward-looking statements including, but not limited to, uncertainties cassociated with: our ability to attract and engage with our users; competitive risks; supply chain, manufacturing, distribution and fulfillment risks; intern including regulation and tariffs that have materially increased our costs and the potential for further trade barries or disruptions; soles and mark ...