Company: CRCT
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001828962-25-000153
Chunk: 101

Company: Cricut, Inc.
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 2
Chunk 101
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,82667,6746,152 9 %217,025205,96211,063 5 %Products20,2709,68910,581 109 %76,95852,83524,123 46 %Total gross profit$94,096$77,363$16,733 22 %$293,983$258,797$35,186 14 %Gross MarginPlatform89 %87 %89 %88 %Products23 %11 %29 %20 %

27

Three Months Ended September 30, 2025 and 2024

Platform cost of revenue decreased by $1.0 million, or 10%, to $9.0 million for the three months ended September 30, 2025, from $10.0 million for the three months ended September 30, 2024. The decrease was primarily driven by decreases in external digital content costs and amortization of capitalized software development costs.

Gross margin for Platform was 89% for the three months ended September 30, 2025, and 87% for the three months ended September 30, 2024. The increase was primarily driven by decreases in external digital content costs and amortization of capitalized software development costs.

Products cost of revenue decreased by $13.1 million, or 16%, to $67.4 million for the three months ended September 30, 2025, from $80.5 million for the three months ended September 30, 2024. The decrease was primarily driven by a reduction in net inventory impairment charges and lower inventory procurement costs.

Gross margin for Products was 23% for the three months ended September 30, 2025 and 11% for the three months ended September 30, 2024. The increase was primarily driven by a reduction in net inventory impairment charges and lower inventory procurement costs.

Nine Months Ended September 30, 2025 and 2024

Platform cost of revenue decreased by $1.2 million, or 4%, to $26.4 million for the nine months ended September 30, 2025, from $27.6 million for the nine months ended September 30, 2024. The decrease was primarily driven by lower amortization of capitalized software development costs.

Gross margin for Platform was 89% for the nine months ended September 30, 2025, and 88% for the nine months