Company: CRCT
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001828962-25-000146
Chunk: 80

Company: Cricut, Inc.
Filing Date: 2025-08-06
Form: 10-Q
Item: Part I, Item 8
Chunk 80
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273 $255 $540 $492 Products9 210 15 396 Total cost of revenue282 465 555 888 Research and development3,359 3,540 6,796 7,253 Sales and marketing2,737 2,988 5,851 5,924 General and administrative3,310 3,626 6,936 7,311 Total stock-based compensation expense$9,688 $10,619 $20,138 $21,376 

Comparison of the Three and Six Months Ended June 30, 2025 and 2024

Revenue

Three Months Ended June 30,ChangeSix Months Ended June 30,Change20252024$%20252024$%(dollars in thousands)Revenue:Platform$80,697 $77,649 $3,048 4 %$160,683 $155,935 $4,748 3 %Products91,415 90,298 1,117 1 %174,063 179,404 (5,341)(3)%Total revenue$172,112 $167,947 $4,165 2 %$334,746 $335,339 $(593)— %

Three Months Ended June 30, 2025 and 2024

Platform revenue increased by $3.0 million, or 4%, to $80.7 million for the three months ended June 30, 2025, from $77.6 million for the three months ended June 30, 2024. The increase was driven by an increase in paid subscribers from 2.8 million as of June 30, 2024 to 3.0 million as of June 30, 2025.

Products revenue increased by $1.1 million, or 1%, to $91.4 million for the three months ended June 30, 2025 from $90.3 million for the three months ended June 30, 2024. The increase was primarily driven by more units of accessories and materials sold at a higher average selling price as uncertainty around tariffs accelerated demand we would have ordinarily expected later in the calendar year, partially offset by fewer units of connected machines sold. 

Six Months Ended June 30, 2025 and 2024

Platform revenue increased by $4.7 million, or 3%, to $160.