Cricut(CRCT) - 2025 Q2 - Quarterly Results

Financial Performance - Q2 2025 revenue was $172.1 million, up 2% compared to Q2 2024[1] - Net income for Q2 2025 was $24.5 million, reflecting a 24% increase year-over-year[1] - Operating income grew to $30.1 million, representing a 14% increase from Q2 2024[5] - Gross margin improved to 59.0%, up from 53.5% in Q2 2024[5] - Total revenue for Q2 2025 was $172,112, an increase of 2% compared to $167,947 in Q2 2024[23] - Gross profit for the first half of 2025 reached $199,887, up 10% from $181,434 in the same period of 2024[23] - Net income for the six months ended June 30, 2025, was $48,402, representing a 23% increase from $39,416 in 2024[23] - Earnings per share (diluted) for the first half of 2025 was $0.23, compared to $0.18 in the same period of 2024[23] Subscriber and User Metrics - Paid subscribers increased to over 3 million, up 7% from Q2 2024[2] - Active users remained relatively flat at approximately 5.9 million, with 90-day engaged users down less than 2% year-over-year[10] - Platform ARPU increased to $53.84, up 2% year-over-year[10] Cash Flow and Dividends - Cash generated from operations in Q2 was $36 million, compared to $35 million in the prior year[4] - The company paid $181 million in dividends after Q2, including a special dividend of $0.75 per share[10] - The company reported a net cash provided by operating activities of $97,323 for the first half of 2025, compared to $91,648 in 2024[27] - The company declared dividends payable of $204,814 as of June 30, 2025, significantly higher than $122,332 at the end of 2024[27] Assets and Liabilities - Cash and cash equivalents at the end of Q2 2025 were $298,057, an increase of 28% from $232,140 at the end of 2024[25] - Total assets as of June 30, 2025, were $721,511, up from $693,035 at the end of 2024[25] - Total liabilities increased significantly to $412,574 as of June 30, 2025, compared to $226,274 at the end of 2024, primarily due to an increase in current liabilities[25] Operating Expenses - Operating expenses increased to $71,434 in Q2 2025, up 13% from $63,408 in Q2 2024, driven by higher research and development and sales and marketing costs[23] International Revenue - International revenue rose by 8% year-over-year, accounting for 21% of total revenue[5]