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cricut Cricut , Inc. Reports First Quarter 2021 Financial Results May 13 , 2021 Revenue grew 125.3 % over Q1 2020 Total users climb to 4.9 million and paid subscribers more than doubled over Q1 2020 to 1.6 million Delivered 9th consecutive quarter of profitability with net income of $ 49.4M ; Delivered $ 68.6M of EBITDA SOUTH JORDAN , Utah , May 13 , 2021 ( 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 first quarter ended March 31 , 2021 . " Cricut saw continued strong demand as we added over 600,000 users in the last three months and delivered year - over - year revenue growth of approximately 125 % , " said Ashish Arora , CEO of Cricut . " The creative passion from our community of users serves as a strong foundation for engagement on our platform , creating a viral word - of - mouth marketing engine that drives efficient customer acquisition . To support our users around the world , we continue to improve the Cricut platform by bringing new software , tools , and content that appeals to the diverse breadth of our community . " First Quarter 2021 Financial Results • Revenue was $ 323.8 million , up 125.3 % over Q1 2020 • Connected machine revenue was $ 141.3 million , up 148.4 % over Q1 2020 • Subscriptions revenue was $ 46.1 million , up 140.6 % over Q1 2020 • Accessories and materials revenue was $ 136.4 million , up 101.6 % over Q1 2020 • Gross margin was 37.1 % , up from 31.1 % over Q1 2020 • Net income was $ 49.4 million , up 279.0 % over Q1 2020 , and was 15.3 % of revenue , compared to $ 13.0 million , or 9.1 % of revenue in Q1 2020 • Diluted earnings per share was $ 0.24 • EBITDA , was $ 68.6 million , or 21.2 % of revenue , compared to $ 20.7 million , or 14.4 % of revenue in Q1 2020 , and includes $ 3.5 million of recurring stock - based compensation expense and $ 8.2 million of one - time expenses related to the corporate reorganization associated with the IPO • International revenue grew 253.4 % over Q1 2020 and was 10.3 % of total revenue , up from 6.6 % of total revenue in Q1 2020 EBITDA and EBITDA margin are non - GAAP measures and are reconciled to the corresponding GAAP measures at the end of this release . " Sales from connected machines grew 148 % over first quarter last year and were limited somewhat by inventory shortages , " said Marty Petersen , CFO of Cricut . " Importantly , our connected machines are only the start of our users ' journey with Cricut . Connected machine sales led to strong demand for our higher margin subscription offering and accessories and materials products , which contributed to gross margins of 37 % and EBITDA of $ 69 million . " First Quarter 2021 Business Highlights • Demand for our products and services , as well as engagement on our platform , remained strong with year - over - year growth across all three revenue segments and an increase in the percentage of users creating in the last 90 days . • International markets remain a key strategic focus area . Added team members to lead sales in the Middle East , Africa , and Asia . Also , opened new markets in Spain , the Nordics , and Mexico , and expanded our retail footprint in the UK , Australia , France , and Germany . • Strengthened the extensible Cricut platform with deeper integration between our software , materials , add - on accessories , and digital content . In the first quarter , we launched the new Cricut Mug Press machine accessory and its family of software upgrades , content , and add - on accessories and materials . Cricut users can now easily create professional