Company: CRCT
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001828962-25-000075
Chunk: 56

Company: Cricut, Inc.
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 1
Chunk 56
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Products(1)55,618 67,039 Total cost of revenue64,286 75,798 Gross profit98,348 91,594 Operating expenses:Research and development(1)15,657 14,853 Sales and marketing(1)36,685 33,030 General and administrative(1)16,665 18,506 Total operating expenses69,007 66,389 Income from operations29,341 25,205 Other income, net3,280 3,085 Income before provision for income taxes32,621 28,290 Provision for income taxes8,707 8,643 Net income$23,914 $19,647 

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

Three Months Ended March 31,20252024(in thousands)Cost of revenuePlatform$267 $237 Products6 186 Total cost of revenue273 423 Research and development3,437 3,713 Sales and marketing3,114 2,936 General and administrative3,626 3,685 Total stock-based compensation expense$10,450 $10,757 

25

Comparison of the Three Months Ended March 31, 2025 and 2024

Revenue

Three Months EndedMarch 31,Change20252024$%(dollars in thousands)Revenue:Platform$79,986 $78,286 $1,700 2 %Products82,648 89,106 (6,458)(7)%Total revenue$162,634 $167,392 $(4,758)(3)%

Three Months Ended March 31, 2025 and 2024

Platform revenue increased by $1.7 million, or 2%, to $80.0 million for the three months ended March 31, 2025, from $78.3 million for the three months ended March 31, 2024. The increase was driven by an increase in paid subscribers from nearly 2.8 million as of March 31, 2024 to nearly 3.0 million as of March 31, 2025.

Products revenue decreased by $6.5 million, or 7%, to $82.6 million for the three months ended March 31, 2025 from $89.1 million for the three months ended March 31, 2024. The decrease