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Cricut (CRCT) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 7, 2025
Cricut (CRCT) reported revenue of $163M for the first quarter 2025 (Q1 2025), -3% from a year earlier and -22% from the quarter before. Operating margin was 18.0%, net earnings $23.9M (14.7% of revenue).
Cricut, Q1 2025: revenue $163M (-3% year over year), operating margin 18.0%, net earnings $23.9M, operating cash flow $61.2M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $163M | -22% | -3% |
| Gross profit | $98.3M | +5% | +7% |
| Operating profit | $29.3M | +111% | +16% |
| Net earnings | $23.9M | +101% | +22% |
| Operating cash flow | $61.2M | -41% | +8% |
What changed
Revenue was $162.6M in Q1 2025, down 3% year over year and down 22% from the previous quarter. Platform was the largest line at 49% of revenue. Accessories and materials lost $8.0M year over year (down 15%), 168% of the total change.
Gross margin was 60.5%, up 5.8 points from a year earlier. Operating profit was $29.3M, a 18.0% margin (up 3.0 points year over year). Operating expenses grew 4% against a revenue fall of 3%. The fastest-growing cost line was Sales & marketing (+11%). Net earnings were $23.9M, up 22% year over year. The effective tax rate was 26.7%.
Operating cash flow was $61.2M (up 8% year over year), 256% of net earnings. Non-cash charges added back $6.1M of depreciation and amortization and $10.4M of share-based compensation. Working capital and other items added $20.7M.
Questions
What was Cricut's revenue in the first quarter 2025?
Cricut (CRCT) reported revenue of $163M for the first quarter 2025 (Q1 2025), -3% from a year earlier and -22% from the quarter before.
Was Cricut profitable in the first quarter 2025?
Operating profit was $29.3M (18.0% of revenue) and net earnings $23.9M.
Source: Cricut 10-Q on SEC EDGAR.