Company: CRCT
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001828962-25-000153
Chunk: 99

Company: Cricut, Inc.
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 2
Chunk 99
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(1)37,467 35,278 110,029 101,662 General and administrative(1)17,113 16,249 52,573 50,494 Total operating expenses71,445 66,767 211,886 196,564 Income from operations22,651 10,596 82,097 62,233 Other income, net2,980 3,566 9,998 10,011 Income before provision for income taxes25,631 14,162 92,095 72,244 Provision for income taxes5,119 2,674 23,181 21,340 Net income$20,512 $11,488 $68,914 $50,904 

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

Three Months Ended September 30,Nine Months Ended September 30,2025202420252024(in thousands)Cost of revenuePlatform$246 $341 $786 $833 Products11 170 26 566 Total cost of revenue257 511 812 1,399 Research and development2,636 4,266 9,432 11,519 Sales and marketing2,149 3,474 8,000 9,398 General and administrative2,342 3,628 9,278 10,939 Total stock-based compensation expense$7,384 $11,879 $27,522 $33,255 

26

Comparison of the Three and Nine Months Ended September 30, 2025 and 2024

Revenue

Three Months Ended September 30,ChangeNine Months Ended September 30,Change20252024$%20252024$%(dollars in thousands)Revenue:Platform$82,783 $77,674 $5,109 7 %$243,466 $233,609 $9,857 4 %Products87,654 90,216 (2,562)(3)%261,717 269,620 (7,903)(3)%Total revenue$170,437 $167,890 $2,547 2 %$505,183 $503,229 $1,954 — %

Three Months Ended September 30, 2025 and 2024

Platform revenue increased by $5.1 million, or