Company: CRCT
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001828962-25-000146
Chunk: 79

Company: Cricut, Inc.
Filing Date: 2025-08-06
Form: 10-Q
Item: Part I, Item 8
Chunk 79
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 in the United States and certain state and foreign jurisdictions in which we conduct business. We have not recorded a valuation allowance against our deferred tax assets as we have concluded that it is more likely than not that the deferred tax assets will be realized. 

Results of Operations

The following tables set forth the components of our interim condensed consolidated statements of operations for each of the periods presented and as a percentage of our revenue for those periods. The period-to-period comparison of results of operations is not necessarily indicative of results of future periods.

The following table is presented in thousands:

Three Months Ended June 30,Six Months Ended June 30,2025202420252024(in thousands)Revenue:Platform$80,697 $77,649 $160,683 $155,935 Products91,415 90,298 174,063 179,404 Total revenue172,112 167,947 334,746 335,339 Cost of revenue:Platform(1)8,816 8,888 17,484 17,647 Products(1)61,757 69,219 117,375 136,258 Total cost of revenue70,573 78,107 134,859 153,905 Gross profit101,539 89,840 199,887 181,434 Operating expenses:Research and development(1)16,762 14,315 32,419 29,168 Sales and marketing(1)35,877 33,354 72,562 66,384 General and administrative(1)18,795 15,739 35,460 34,245 Total operating expenses71,434 63,408 140,441 129,797 Income from operations30,105 26,432 59,446 51,637 Other income, net3,738 3,360 7,018 6,445 Income before provision for income taxes33,843 29,792 66,464 58,082 Provision for income taxes9,355 10,023 18,062 18,666 Net income$24,488 $19,769 $48,402 $39,416 

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

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Three Months Ended June 30,Six Months Ended June 30,2025202420252024(in thousands)Cost of revenuePlatform$