Company: CRCT
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001828962-25-000153
Chunk: 69

Company: Cricut, Inc.
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 8
Chunk 69
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 to these PRSU awards. A summary of the Company’s PRSU activity under the 2021 Equity Incentive Plan is as follows:Number ofPRSUs (a)Weighted-AverageGrant DateFair Value(per share)Outstanding at December 31, 202417,485,433 $13.12 Granted240,000 $6.28 Dividend equivalent grants2,872,274 $— Forfeited / cancelled(1,612,395)$12.10 Outstanding at September 30, 202518,985,312 $13.13 a.Represents the maximum number of PRSUs assuming all performance targets are achieved.The expense recognized each period for the PRSUs is primarily dependent upon the Company’s estimate of the probability of achieving the performance targets during the performance period. At September 30, 2025, the Company determined it was not probable any performance conditions would be achieved so no stock-based compensation was recorded for these PRSUs during the nine months ended September 30, 2025. Options under the 2021 Equity Incentive Plan have a contractual term of 10 years. The exercise price of an incentive stock option and non-qualified stock option shall not be less than 100% of the fair market value of the shares on the date of grant.A summary of the Company’s stock option activity under the 2021 Equity Incentive Plan is as follows:Number ofOptionsWeighted-AverageExercise PriceWeighted-AverageRemainingTerm(Years)AggregateIntrinsicValue(in thousands)Outstanding at December 31, 20242,750,078 $18.25 2.2$— Forfeited / cancelled(27,580)$17.77 Outstanding and expected to vest at September 30, 20252,722,498 $17.50 1.4$— Vested and exercisable at September 30, 20252,722,498 $17.50 1.4$— During the nine months ended September 30, 2025 and 2024, no options were granted. Certain employees received restricted stock unit equivalents (“RSU equivalents”) which upon vesting are settled for a cash payment equal to the difference between the Company’s stock price on the vesting date less the base price specified at the time of the grant. Due to the cash settlement feature, these awards are liability classified awards and require initial and subsequent measurement at