Company: CRCT
Filing Date: 2025-03-05
Form Type: 10-K
Source: 0001828962-25-000039
Chunk: 145

Company: Cricut, Inc.
Filing Date: 2025-03-05
Form: 10-K
Item: Item 7
Chunk 145
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)Research and development$60,399 $(4,649)(7)%$65,048 $(11,866)(15)%$76,914 As a percentage of total revenue8 %9 %9 %

Research and development expenses decreased by $4.6 million, or 7%, to $60.4 million for the year ended December 31, 2024 from $65.0 million for the year ended December 31, 2023. The decrease was primarily due to a $4.7 million decrease in personnel-related expense. 

Sales and Marketing

Years Ended December 31,ChangeChange2024$%2023$%2022(dollars in thousands)Sales and marketing$143,294$20,125 16 %$123,169$(7,210)(6)%$130,379As a percentage of total revenue20 %16 %15%

Sales and marketing expenses increased by $20.1 million, or 16%, to $143.3 million for the year ended December 31, 2024 from $123.2 million for the year ended December 31, 2023. The increase was primarily due to a $16.0 million increase in advertising and other marketing expense and a $4.8 million increase in personnel-related expense, partially offset by a decrease in software subscriptions expense.

General and Administrative

Years Ended December 31,ChangeChange2024$%2023$%2022(dollars in thousands)General and administrative$72,985$(12,106)(14)%$85,091$22,444 36 %$62,647As a percentage of total revenue10 %11 %7%

General and administrative expenses decreased by $12.1 million, or 14%, to $73.0 million for the year ended December 31, 2024 from $85.1 million for the year ended December 31, 2023. The decrease was primarily due to a $13.3 million decrease in impairment of unused equipment, software, and inventory (see Note 2) and a $1.9 million decrease in professional services expense, partially offset by increases in personnel-related expense and bad debt expense.

Other Income

Years Ended December 31,ChangeChange2024$%2023$%2022(dollars in thousands)Other income, net$12,767 $2,969 30 %$9,798 $7