Company: CRCT
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001828962-25-000146
Chunk: 99

Company: Cricut, Inc.
Filing Date: 2025-08-06
Form: 10-Q
Item: Part I, Item 2
Chunk 99
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 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 $160.7 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 %143,199138,288