Cricut Maker 5 Unveiled, Contrasting Hardware and Subscription Growth

Cricut unveiled the Cricut Maker 5, a smart cutting and engraving machine that can cut thicker materials and has a smaller footprint. The new machine is part of a platform business that is driving growth, with platform revenue up 5% YoY to $85 mln and paid subscribers reaching 3.1 mln. However, Cricut's hardware business is contracting, with products revenue falling 22% YoY to $71.3 mln.