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cricut Cricut , Inc. Reports Third Quarter 2021 Financial Results November 10 , 2021 Revenue grew 24.4 % over Q3 2020 Total users grew to over 5.7 million , up 55.7 % over Q3 2020 Paid subscribers increased 55.8 % over Q3 2020 to over 1.8 million Delivered 11th consecutive quarter of profitability with net income of $ 30.0M ; $ 42.7M of EBITDA SOUTH JORDAN , Utah , Nov. 10 , 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 third quarter ended September 30 , 2021 . " We're pleased with our third quarter results , building on our long history of consistent revenue growth . We continued to bring users onto the platform , invest in new products , and improve the user experience , " said Ashish Arora , Chief Executive Officer of Cricut . " With continued healthy engagement on the platform , this means the two million additional users that we acquired in the last 12 months are making and sharing projects , and fueling our community . We'll continue to invest in our users and the Cricut experience to drive further long - term growth . " Third Quarter 2021 Financial Results • Revenue was $ 260.1 million , up 24.4 % over Q3 2020 • Connected machine revenue was $ 102.5 million , up 35.7 % over Q3 2020 • Subscriptions revenue was $ 53.3 million , up 70.8 % over Q3 2020 • Accessories and materials revenue was $ 104.3 million , up 2.0 % over Q3 2020 • Gross margin was 39.2 % , down from 42.8 % in Q3 2020 • Net income was $ 30.0 million , down 33.6 % over Q3 2020 , and was 11.5 % of revenue , compared to $ 45.2 million , or 21.6 % of revenue in Q3 2020 • Diluted earnings per share was $ 0.13 ● EBITDA , was $ 42.7 million , or 16.4 % of revenue , compared to $ 61.0 million , or 29.2 % of revenue in Q3 2020 , and included $ 8.1 million of stock - based compensation expense • International revenue grew 109.7 % over Q3 2020 and was 12.0 % of total revenue , up from 7.1 % of total revenue in Q3 2020 EBITDA and EBITDA margin are non - GAAP measures and are reconciled to the corresponding GAAP measures at the end of this release . " Our third quarter's performance was driven by strong fundamentals in the business , a diversified revenue stream and our powerful community of users . The growth we've seen in revenue , users and engagement over the last two years fuels our monetization flywheel over the coming years , " said Marty Petersen , Chief Financial Officer of Cricut . " Earlier this year , we took proactive measures to help mitigate expected supply chain risks . We enter the fourth quarter with a strong inventory position and expect to carry higher onshore inventory levels into 2022. " Third Quarter 2021 Business Highlights • Grew total users on the platform to over 5.7 million , up 55.7 % year over year . Over two million of these users were acquired in the last 12 months . • Added approximately 900,000 engaged users to the platform , an increase of 37.4 % over Q3 2020 . • Launched new software features and improved user experiences to help drive user engagement in our cloud - based software . For example , Design Space now includes a Restore Brush feature that enables users to easily correct mistakes without needing to start from scratch , selectively restoring any part of an image that may have been accidentally removed . . Continued to improve our subscription service , Cricut Access , adding over 25,000 new images , focused on international markets , new genres , and new content types for different use cases . We now have over 200,000 images available . We also added new functionality exclusive to subscribers , a time saving Automatic Background Removal tool . • Extended our international rollout , entering the Middle East and Hong Kong markets in the third quarter . We also launched a direct - to - consumer ecommerce site in Ireland , France , and Germany , while continuing to diversify retail relationships in the UK , Australia , and France . Additionally , we expanded our worldwide retailer footprint in newer markets such as