Company: CRCT
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001828962-25-000146
Chunk: 103

Company: Cricut, Inc.
Filing Date: 2025-08-06
Form: 10-Q
Item: Part I, Item 2
Chunk 103
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 ended June 30, 2025 from $3.4 million for the three months ended June 30, 2024. The increase was primarily driven by an increase in interest income. 

Other income, net increased by $0.6 million or 9% to $7.0 million for the six months ended June 30, 2025 from $6.4 million for the six months ended June 30, 2024. The increase was primarily driven by an increase in interest income. 

Provision for Income Taxes

Three Months EndedJune 30,ChangeSix Months Ended June 30,Change20252024$%20252024$%(dollars in thousands)Provision for income taxes$9,355 $10,023 $(668)(7)%$18,062 $18,666 $(604)(3)%

Provision for income taxes decreased by $0.7 million, or 7%, to $9.4 million for the three months ended June 30, 2025 from $10.0 million for the three months ended June 30, 2024. The decrease was primarily due to a decrease in stock based compensation difference attributable to the decrease in stock price upon vesting versus the stock price at the grant date.  

Provision for income taxes decreased by $0.6 million, or 3%, to $18.1 million for the six months ended June 30, 2025 from $18.7 million for the six months ended June 30, 2024. The decrease was primarily due to a decrease in stock based compensation difference attributable to the decrease in stock price upon vesting versus the stock price at the grant date.  

Liquidity and Capital Resources

Our operations during the periods presented have been financed primarily through cash flow from operating activities. We believe our balances of cash and cash equivalents and marketable securities, which totaled $298.1 million and $78.9 million, respectively, as of June 30, 2025, along with forecasted cash expected to be generated by ongoing operations and $300.0 million in available borrowings and the option to increase the aggregate amount of our credit facility by up to an additional $150.0 million (see Note 7) will be sufficient to satisfy our cash requirements over the next 12 months and beyond. Except for the recently announced special and semi-annual dividends and the new share repurchase program, our cash requirements have not changed