Company: CRCT
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001828962-25-000075
Chunk: 85

Company: Cricut, Inc.
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 8
Chunk 85
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 taxes32,621 28,290 Provision for income taxes8,707 8,643 Net income$23,914 $19,647 

(1)    Includes stock-based compensation expense as follows:

Three Months Ended March 31,20252024(in thousands)Cost of revenuePlatform$267 $237 Products6 186 Total cost of revenue273 423 Research and development3,437 3,713 Sales and marketing3,114 2,936 General and administrative3,626 3,685 Total stock-based compensation expense$10,450 $10,757 

25

Comparison of the Three Months Ended March 31, 2025 and 2024

Revenue

Three Months EndedMarch 31,Change20252024$%(dollars in thousands)Revenue:Platform$79,986 $78,286 $1,700 2 %Products82,648 89,106 (6,458)(7)%Total revenue$162,634 $167,392 $(4,758)(3)%

Three Months Ended March 31, 2025 and 2024

Platform revenue increased by $1.7 million, or 2%, to $80.0 million for the three months ended March 31, 2025, from $78.3 million for the three months ended March 31, 2024. The increase was driven by an increase in paid subscribers from nearly 2.8 million as of March 31, 2024 to nearly 3.0 million as of March 31, 2025.

Products revenue decreased by $6.5 million, or 7%, to $82.6 million for the three months ended March 31, 2025 from $89.1 million for the three months ended March 31, 2024. The decrease was primarily driven by fewer units of accessories and materials sold and increased promotional activity compared to the prior year. 

Cost of Revenue, Gross Profit and Gross Margin

Three Months EndedMarch 31,Change20252024$%(dollars in thousands)Cost of Revenue:Platform$8,668$8,759$(91)(1)%Products55,61867,039(11,421)(17)%Total cost revenue$64,286$75,798$(11,512)(15)%Gross Profit:Platform71,31869,5271,791 3 %Products