$CRCT reports Q4 and FY2022 results, focus on new user acquisition and monetization.
Mar 7th 2023, 9:10 pm
Analyst Summary: Cricut, a creative technology platform company, announced its Q4 and full year financial results for 2022. The company experienced macroeconomic challenges and excess channel inventory pressure that impacted revenue from Connected Machines and Accessories and Materials. The total user base grew to nearly 7 million, of which, 2.8 million were paid subscribers. Operating with rigour generated healthy cash flows and delivered its sixth year of net income profitability. The company plans to focus on new user acquisition and increased engagement and monetization to drive future growth. The launch of five new markets and partnerships with a large network of distributors in over 50 countries marked the company's expansion strategy. The company ended 2022 with nearly 4 million users cutting on the Cricut platform. Concerning forward-looking statements, the company intends to mobilize a strong existing user base and continue along the path of incremental operating margin improvement and healthy cash flow.