Company: CRCT
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001828962-25-000075
Chunk: 58

Company: Cricut, Inc.
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 1
Chunk 58
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14,853$804 5 %As a percentage of total revenue10 %9 %

Research and development expenses increased by $0.8 million, or 5%, to $15.7 million for the three months ended March 31, 2025 from $14.9 million for the three months ended March 31, 2024. The increase was primarily 

due to a $1.1 million increase in professional services expense and a $0.6 million increase in product development 

expense, partially offset by a decrease in personnel-related expense.

Sales and Marketing

Three Months EndedMarch 31,Change20252024$%(dollars in thousands)Sales and marketing$36,685$33,030$3,655 11 %As a percentage of total revenue23 %20 %

Sales and marketing expenses increased by $3.7 million, or 11%, to $36.7 million for the three months ended March 31, 2025 from $33.0 million for the three months ended March 31, 2024. The increase was primarily driven by a $4.3 million increase in advertising and other marketing costs, partially offset by a decrease in personnel-related expense.

General and Administrative 

Three Months EndedMarch 31,Change20252024$%(dollars in thousands)General and administrative$16,665$18,506$(1,841)(10)%As a percentage of total revenue10 %11 %

General and administrative expenses decreased by $1.8 million, or 10%, to $16.7 million for the three months ended March 31, 2025 from $18.5 million for the three months ended March 31, 2024. The decrease was primarily driven by a $2.9 million net reversal of bad debt expense and a $0.7 million gain on foreign currency translation. This was partially offset by increases in professional services expense.

27

Other Income (Expense), Net

Three Months EndedMarch 31,Change20252024$%(dollars in thousands)Other income (expense), net$3,280 $3,085 $195 6 %

Other income (expense), net increased by $0.2 million or 6% to $3.3 million for the three months ended March 31, 2025 from $3.1 million for the three months ended March 31, 2024. The increase was primarily driven by an increase in