Corporate Financial Reports 3-20-23

The following are recent financial reports as posted by selected Utah corporations:

Cricut

Cricut Inc., based in South Jordan, reported net income of $10.9 million, or 5 cents per share, for the 2022 fourth quarter. That compares with $11.9 million, or 5 cents per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $280.8 million, down from $387.8 million in the year-earlier quarter.

For the full fiscal year 2022, the company reported net income of $60.7 million, or 28 cents per share. That compares with $140.5 million, or 64 cents per{mprestriction ids="1,3"} share, in 2021.

Revenue in 2022 totaled $886.3 million, down from $1.3 billion in 2021.

Cricut produces cutting machines and design software for hobbyists.

“We entered 2022 expecting to deliver much better financial results,” Ashish Arora, CEO, said in announcing the results. “Our results reflect the challenging macroeconomic conditions throughout the year and pressure from excess channel inventory that impacted revenue from Connected Machines and Accessories and Materials. Despite this, we ended the year with healthy growth in new users and paid subscribers.

“Nearly three quarters of our user base cut a project in 2022, highlighting the value we bring to the Cricut community and the significant opportunity we have to drive increased engagement. We benefit from a healthy pipeline of potential users, a strong existing user base, a platform approach and strong balance sheet. We’ll continue to focus on new user acquisition and increased engagement and monetization, which will position us well for when consumer spend returns.”

Domo

Domo Inc., based in American Fork, reported a net loss of $19.8 million, or 57 cents per share, for the fiscal fourth quarter ended Jan. 31. That compares with a loss of $33.3 million, or $1.01 per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $79.6 million, up from $70 million in the year-earlier quarter.

For the full fiscal year, the company reported a net loss of $105.6 million, or $3.10 per share. That compares with a loss of $102.1 million, or $3.19 per share, for the prior fiscal year.

Revenue in the most recent fiscal year totaled $308.6 million, up from $258 million in the prior fiscal year.

Domo offers a low-code data app platform for businesses.

“Domo helps companies of all sizes better leverage data so every employee can be a multiplier of business impact,” Josh James, founder and CEO, said in announcing the results. “I’m proud of the team for their continued focus on delivering customer value. Based on our internal alignment, our sales capacity outlook, the size and health of the pipeline and the strong demand at the top of the funnel, I am very bullish on our long-term prospects.”

Superior Drilling

Superior Drilling Products Inc., based in Vernal, reported net income of $333,096, or 1 cent per share, for the 2022 fourth quarter. That compares with $644,884, or 2 cents per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $5.2 million, up from $4 million in the year-earlier quarter.

For the full year 2022, the company reported net income of $1 million, or 4 cents per share. That compares with a net loss of $529,801, or 2 cents per share, for 2021.

Revenue in 2022 totaled $19 million, up from $13.3 million in 2021.

Superior Drilling Products designs and manufactures drilling tool technologies.

“2022 was a strong year for SDP as our team continued to execute well to meet increasing demand for our tools and services,” Troy Meier, chairman and CEO, said in announcing the results.

“We delivered revenue growth of 43 percent, expanded our margins, and measurably improved the bottom line with net income of nearly $1.1 million, our highest level since becoming a public company.”

Profire Energy

Profire Energy Inc., based in Lindon, reported net income of $1.8 million, or 4 cents per share, for the 2022 fourth quarter. That compares with a net loss of $145,123, or zero cents per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $14 million, up from $8.3 million in the year-earlier quarter.

For the full fiscal year 2022, the company reported net income of $3.9 million, or 8 cents per share. That compares with a net loss of $1.1 million, or 2 cents per share, in 2021.

Revenue in 2022 totaled $45.9 million, up from $26.4 million in 2021.

Profire Energy provides solutions that enhance the efficiency, safety and reliability of industrial combustion appliances.

“We closed 2022 on a very strong note, posting our second-highest quarterly revenue in company history, and our best annual revenue since 2018,” Ryan Oviatt, co-CEO and chief financial officer, said in announcing the results.

“We were able to replenish much of our inventory to pre-pandemic levels despite the ongoing global supply chain challenges, which we expect to continue throughout the coming year. We also generated operating cash flow and repurchased approximately 2 percent of our outstanding shares while remaining debt-free. We remain well-positioned to capitalize on further diversification efforts and new business opportunities that become available, thanks to our solid financial performance and our strong balance sheet.”

Renewable Innovations

Renewable Innovations Inc., based in Lindon reported a net loss of $994,938 for the fiscal year ended Nov. 30. That compares with a loss of $1.2 million in the prior fiscal year.

Revenue in the most recent fiscal year totaled $3.5 million, up from $370,341 in 2021.

The company is focused on the zero-carbon, green solutions alternative fuel industry.{/mprestriction}