Company: CRCT
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001828962-25-000146
Chunk: 81

Company: Cricut, Inc.
Filing Date: 2025-08-06
Form: 10-Q
Item: Part I, Item 8
Chunk 81
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7 million for the six months ended June 30, 2025, from $155.9 million for the six 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 decreased by $5.3 million, or 3%, to $174.1 million for the six months ended June 30, 2025 from $179.4 million for the six months ended June 30, 2024. The decrease was primarily driven by fewer units of connected machines sold at a lower average selling price and fewer units of accessories and materials sold. 

26

Cost of Revenue, Gross Profit and Gross Margin

Three Months EndedJune 30,ChangeSix Months Ended June 30,Change20252024$%20252024$%(dollars in thousands)Cost of Revenue:Platform$8,816$8,888$(72)(1)%$17,484$17,647$(163)(1)%Products61,75769,219(7,462)(11)%117,375136,258(18,883)(14)%Total cost revenue$70,573$78,107$(7,534)(10)%$134,859$153,905$(19,046)(12)%Gross Profit:Platform71,88168,7613,120 5 %143,199138,2884,911 4 %Products29,65821,0798,579 41 %56,68843,14613,542 31 %Total gross profit$101,539$89,840$11,699 13 %$199,887$181,434$18,453 10 %Gross MarginPlatform89 %89 %89 %89 %Products32 %23 %33 %24 %

Three Months Ended June 30, 2025 and 2024

Platform cost of revenue decreased by $0.1 million, or 1%, to $8.8 million for the three months ended June 30, 2025, from $8.9 million for the three months ended June 30, 2024. The decrease was primarily driven by lower amortization of capitalized software development costs partially offset by increased external digital content costs.

Gross margin for Platform was 89% for