Company: CRCT
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001828962-25-000146
Chunk: 46

Company: Cricut, Inc.
Filing Date: 2025-08-06
Form: 10-Q
Item: Part I, Item 1
Chunk 46
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 bonuses, benefits and stock-based compensation expense, as well as customer rebates, professional services, promotional items, and allocated 

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overhead costs. We expect our sales and marketing expenses as a percentage of revenue to fluctuate in the near term. 

General and Administrative

General and administrative expenses consist of personnel-related expenses for our finance, legal, human resources and administrative personnel, including salaries and bonuses, benefits and stock-based compensation expense, as well as the costs of professional services, any allocated overhead, information technology, impairment charges of unused equipment, and other administrative expenses. We expect our general and administrative expenses as a percentage of revenue to increase in the near term as we expand our operations, invest in systems enhancements, and incur expenses required of a public company. 

Other Income, Net

Other income, net consists primarily of interest income from our investments in marketable securities, offset by interest expense associated with our debt financing arrangements and amortization of debt issuance costs.

Provision for Income Taxes

Provision for income taxes consists of income taxes 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