Company: CRCT
Filing Date: 2025-03-05
Form Type: 10-K
Source: 0001828962-25-000039
Chunk: 143

Company: Cricut, Inc.
Filing Date: 2025-03-05
Form: 10-K
Item: Item 7
Chunk 143
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,047 26,147 21,315 Net income$62,830 $53,636 $60,666 

(1)    Includes stock-based compensation expense as follows:

Year Ended December 31,202420232022(in thousands)Cost of revenuePlatform$1,192 $926 $443 Products712 1,505 487 Total cost of revenue1,904 2,431 930 Research and development15,620 18,169 17,713 Sales and marketing12,825 12,740 12,603 General and administrative14,718 13,986 9,875 Total stock-based compensation expense$45,067 $47,326 $41,121 

73

Comparison of the years ended December 31, 2024 and 2023

Revenue

Years Ended December 31,ChangeChange2024$%2023$%2022(in thousands)Revenue:Platform$312,976 $3,964 1 %$309,012 $30,366 11 %$278,646 Products399,562 (56,573)(12)%456,135 (151,515)(25)%607,650 Total revenue$712,538 $(52,609)(7)%$765,147 $(121,149)(14)%$886,296 

Platform revenue increased by $4.0 million, or 1%, to $313.0 million for the year ended December 31, 2024 from $309.0 million for the year ended December 31, 2023. The increase was primarily driven by growth of 7% in the number of Paid Subscribers from 2.8 million as of December 31, 2023 to nearly 3.0 million as of December 31, 2024. The increase was offset partially by increased promotional activity, increased mix shift to annual subscriptions, and increased mix shift to international subscriptions.

Products revenue decreased by $56.6 million, or 12%, to $399.6 million for the year ended December 31, 2024 from $456.1 million for the year ended December 31, 2023. The decrease was primarily driven by fewer units of Accessories & Materials sold and increased promotional activity during the period.

Cost of Revenue, Gross Profit and Gross Margin

Years Ended December 31,ChangeChange2024$%2023