Company: CRCT
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001828962-25-000153
Chunk: 47

Company: Cricut, Inc.
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 1
Chunk 47
---
 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 and cash and cash equivalents, 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. 

25

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 September 30,Nine Months Ended September 30,2025202420252024(in thousands)Revenue:Platform$82,783 $77,674 $243,466 $233,609 Products87,654 90,216 261,717 269,620 Total revenue170,437 167,890 505,183 503,229 Cost of revenue:Platform(1)8,957 10,000 26,441 27,647 Products(1)67,384 80,527 184,759 216,785 Total cost of revenue76,341 90,527 211,200 244,432 Gross profit94,096 77,363 293,983 258,797 Operating expenses:Research and development(1)16,865 15,240 49,284 44,408 Sales and marketing(1)37,467 35,278 110,029 101,662 General and administrative(1)17,113 16,249 52,573 50,494 Total operating expenses71,445 66,767 211,886 196,564 Income from