Company: CRCT
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001828962-25-000075
Chunk: 68

Company: Cricut, Inc.
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 8
Chunk 68
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— 104,774 Total$336,553 $361 $336,914 $232,140 $104,774 Marketable securities held as of March 31, 2025 generally mature over the next 24 months. As of March 31, 2025 and December 31, 2024 all securities were in an unrealized gain position. The Company determined that an allowance for credit losses was unnecessary for the periods presented.

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5.Inventories

Inventories are comprised of the following:As ofMarch 31,2025As ofDecember 31,2024(in thousands)Raw materials$36,894 $38,652 Finished goods141,691 144,630 Total inventories178,585 183,282 Less: reserves(44,147)(49,015)Total inventories, net$134,438 $134,267 Inventories current$114,397 $115,255 Inventories non-current (included in Other assets)$20,041 $19,012 The Company’s recorded inventory reserves as of March 31, 2025 consisted of $2.4 million related to excess connected machine inventory, $34.1 million related to excess accessories and materials inventory, and $7.6 million related to raw material components. Amounts charged to the reserve account are recorded primarily in cost of revenues.

6.     Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consist of the following: As ofMarch 31,2025As ofDecember 31,2024(in thousands)Customer rebates$28,635 $38,756 Other accrued liabilities and other current liabilities29,158 37,518 Total accrued expenses$57,793 $76,274 

7.    Revolving Credit Facility 

On August 4, 2022, the Company entered into a credit agreement (the “Credit Agreement”) with JPMorgan Chase Bank, N.A, Citigroup N.A., PNC Bank, N.A., KeyBank, N.A., and other parties. The Credit Agreement replaced the Company’s prior asset-based Credit Agreement with JPMorgan Chase Bank, N.A., Citigroup N.A., and Origin Bank. The Credit Agreement provides for a five-year revolving credit facility (the “Credit Facility”) of up to $300.0 million, maturing on August