Company: CRCT
Filing Date: 2025-03-05
Form Type: 10-K
Source: 0001828962-25-000039
Chunk: 133

Company: Cricut, Inc.
Filing Date: 2025-03-05
Form: 10-K
Item: Item 7
Chunk 133
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 and 2024, 41%, 38%, and 35% of our revenue was generated through brick-and-mortar sales, respectively. In 2022, 2023 and 2024, 59%, 62%, and 65% of our revenue was generated through online channels, respectively.

For the years ended December 31, 2022, 2023 and 2024, we generated: 

•Total revenue of $886.3 million, $765.1 million and $712.5 million, respectively, representing (32)%, (14)% and (7)% year-over-year growth, respectively

•Net income of $60.7 million, $53.6 million and $62.8 million, respectively, representing (57)%, (12)% and 17% year-over-year growth, respectively

On March 29, 2021, we completed an initial public offering (“IPO”), in which we sold 13,250,000 shares of Class A common stock, and the selling stockholders sold an additional 2,064,903 shares of Class A common stock at a price to the public of $20.00 per share. We received aggregate net proceeds of $242.7 million after deducting offering costs, underwriting discounts and commissions of $22.3 million. On April 28, 2021, we sold an additional 968,815 shares of Class A common stock and the selling stockholders sold an additional 150,984 shares of Class A common stock pursuant to the partial exercise of the underwriters’ option to purchase additional shares which generated net proceeds of $18.0 million after deducting for underwriting discounts and commissions of $1.4 million.

Our Business Model

Our business model thrives because our products unlock creativity, which then in turn drives the engagement of our users. Our nearly 5.9 million Active Users’ journeys typically begin with the purchase of a connected machine and expand across our family of products as users harness the power of our platform. Our business model is characterized by strong engagement and diversified sales across product categories. This engagement has led to rapid growth and strong profitability. 

Attracting and Engaging New Users through Connected Machine Sales

Since launching our first connected machine in 2014, we have built a loyal and growing community of users that has reached substantial scale. As of December 31, 2022, 2023 and 2024, we had 5.8 million, 5.