Company: CRCT
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001828962-25-000153
Chunk: 82

Company: Cricut, Inc.
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 8
Chunk 82
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 the three months ended September 30, 2024. The decrease was primarily driven by fewer units of accessories and materials sold and at a lower average selling price, partially offset by more units of connected machines sold and at a higher average selling price. 

Nine Months Ended September 30, 2025 and 2024

Platform revenue increased by $9.9 million, or 4%, to $243.5 million for the nine months ended September 30, 2025, from $233.6 million for the nine months ended September 30, 2024. The increase was driven by an increase in paid subscribers from 2.8 million as of September 30, 2024 to 3.0 million as of September 30, 2025.

Products revenue decreased by $7.9 million, or 3%, to $261.7 million for the nine months ended September 30, 2025 from $269.6 million for the nine months ended September 30, 2024. The decrease was primarily driven by fewer units of accessories and materials sold and at a lower average selling price, partially offset by more units of connected machines sold and at a higher average selling price. 

Cost of Revenue, Gross Profit and Gross Margin

Three Months EndedSeptember 30,ChangeNine Months Ended September 30,Change20252024$%20252024$%(dollars in thousands)Cost of Revenue:Platform$8,957$10,000$(1,043)(10)%$26,441$27,647$(1,206)(4)%Products67,38480,527(13,143)(16)%184,759216,785(32,026)(15)%Total cost revenue$76,341$90,527$(14,186)(16)%$211,200$244,432$(33,232)(14)%Gross Profit:Platform73,82667,6746,152 9 %217,025205,96211,063 5 %Products20,2709,68910,581 109 %76,95852,83524,123 46 %Total gross profit$94,096$77,363$16,733 22 %$293,983$258,797$35,186 14 %Gross MarginPlatform89 %87 %89 %88 %Products23 %11 %29 %20 %

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Three Months Ended