Company: CRCT
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001828962-25-000146
Chunk: 34

Company: Cricut, Inc.
Filing Date: 2025-08-06
Form: 10-Q
Item: Part I, Item 1
Chunk 34
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9 210 15 396 Total cost of revenue282 465 555 888 Research and development3,359 3,540 6,796 7,253 Sales and marketing2,737 2,988 5,851 5,924 General and administrative3,310 3,626 6,936 7,311 Total stock-based compensation expense$9,688 $10,619 $20,138 $21,376 Capitalized for software development costs425 365 848 695 Capitalized to inventories185 333 365 726 Total stock-based compensation$10,298 $11,317 $21,351 $22,797 As of June 30, 2025, there was $65.4 million of unrecognized stock-based compensation cost related to service-based awards, which is expected to be recognized over a weighted-average period of 2.6 years. The total unrecognized compensation expense related to unvested PRSUs that are not probable of vesting was $190.8 million as of June 30, 2025.2021 Equity Incentive PlanIn March 2021, the Company’s 2021 Equity Incentive Plan became effective. The 2021 Equity Incentive Plan provides for the grant of incentive stock options to employees and for the grant of non-statutory stock options, restricted stock, restricted stock units, stock appreciation rights, performance units and performance shares to our employees, directors and consultants and our parent and subsidiary corporations’ employees and consultants. As of June 30, 2025, 48,321,275 shares of Class A common stock were reserved for issuance under this plan including shares reserved for previously granted awards discussed below as well as shares reserved for issuance of future awards under the plan.A summary of the Company’s service-based RSU activity under the 2021 Equity Incentive Plan is as follows:Number ofRSUsWeighted-AverageGrant DateFair Value(per share)Outstanding at December 31, 202411,251,503 $9.86 Granted4,411,604 $5.30 Dividend equivalent grants194,658 — Vested(3,764,493)$12.30 Forfeited / cancelled(548,653)$8.88 Outstanding at June 30, 202511,544,619 $7.37  The Company has granted PR