Cricut Inc.

08/06/2025 | Press release | Distributed by Public on 08/06/2025 04:04

Quarterly Report for Quarter Ending June 30, 2025 (Form 10-Q)

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The following discussion and analysis of our financial condition and results of operations should be read together with our interim condensed consolidated financial statements and related notes and other financial information appearing elsewhere in this Quarterly Report on Form 10-Q and our audited consolidated financial statements included in our Annual Report. This discussion and analysis contains forward-looking statements that involve risks, uncertainties and assumptions. Our actual results could differ materially from these forward-looking statements as a result of many factors, including those discussed, or incorporated by reference, in the sections titled "Risk Factors" and "Note Regarding Forward-Looking Statements."
Overview of Our Business and History
At Cricut, our mission is to help people lead creative lives. We have designed and built a creativity platform that enables our engaged and loyal community of 5.9 million Active Users to turn ideas into professional-looking handmade goods. We define "Active User" as a registered user of at least one registered connected machine who has utilized their connected machine to create a project in the last 365 days. With our highly versatile Design Space Platform and our products, including our connected machines and accessories and materials, our users create everything from personalized birthday cards, mugs and T-shirts, to large-scale interior decorations. Our users' journeys typically begin with the purchase of a connected machine. We currently sell a portfolio of connected machines that cut, write, score and create other decorative effects using a wide variety of materials including paper, adhesive vinyl, iron-on vinyl, pens, and more. Our connected machines are designed for a wide range of uses and are available at a variety of price points (MSRP by machine family as of June 30, 2025):
•Cricut Joy family $179.00 - $199.00 MSRP
•Cricut Explore family $249.00 - $319.00 MSRP
•Cricut Maker family $399.00 - $429.00 MSRP
•Cricut Venture $999.00 MSRP
Our platform integrates our design apps and connected machines, allowing our users to create and share seamlessly. Our software is cloud-based, meaning that users can access and work on their projects anywhere, at any time, across desktops or mobile devices. We enable our users to be inspired, to create and share projects with the Cricut community and to follow others doing the same. On our platform, users can find inspiration, purchase or upload content like fonts and images, design a project from scratch or find a vast array of ready-to-make projects. Users can leverage the full power of our platform by using our connected machines together with our free design apps, in-app purchases and subscription offerings to design and complete projects. All users can access a select number of free images, fonts and projects from our design apps or upload their own. In addition, we offer a wider selection of images, fonts and projects for purchase à la carte, including licensed content from partners with well-known brands and characters, like major motion picture studios. We also have two subscription offerings:
•Cricut Access: Provides a subscription to images, fonts and projects as well as other member benefits, including exclusive software features and functionality, discounts, and priority Cricut Member Care. Cricut Access is billed monthly for $9.99 per month or annually for $95.88 per year.
•Cricut Access Premium: Includes all of the benefits of Cricut Access as well as additional discounts and preferred shipping and is billed annually for $119.88 per year.
As of June 30, 2025, we had over 3.0 million Paid Subscribers to Cricut Access and Cricut Access Premium.
We sell a broad range of accessories and materials that bring our users' designs to life, from advanced tools like heat presses to Cricut-branded rulers, scoring tools, pens, paper and iron-on vinyl, all designed to work seamlessly with our connected machines. Designing and completing projects drives repeat purchases of Cricut-branded accessories and materials.
We design and develop our software and hardware products, and we work with third-party contract manufacturers to source components and finished goods and with third-party logistics companies to warehouse and distribute our products.
We sell our connected machines and accessories and materials through our brick-and-mortar and online retail partners, as well as through our website at cricut.com. Our partners include Amazon, Hobby Lobby, HSN, Michaels, Target, Walmart and many others. We also sell our products and subscriptions to Cricut Access and Cricut Access Premium on cricut.com.
Historically, we have experienced the highest revenue levels in the fourth quarter of the year, coinciding with the holiday shopping season in the United States. For example, in 2022, 2023 and 2024, our fourth quarter represented 32%, 30% and 29% of total revenue for the year, respectively. Our promotional discounting activity is higher in the fourth quarter as well, which negatively impacts gross margin during this period. For example, gross margin in the fourth quarter of 2024 was 45%, compared to gross margin of 50% for all of 2024. Additionally, sales of accessories and materials typically rise and fall with seasonal holiday crafting periods. As we continue to grow internationally, we expect we may experience seasonality in additional markets, which may differ from the seasonality experienced in the United States. The current global macroeconomic environment, including regulatory and economic uncertainty, adverse impacts from factors such as trade wars, heightened, scheduled or threatened tariffs, or by retaliatory trade measures taken by China or other countries, may impact our business and international expansion.
For more information regarding our business model, factors affecting our performance, and seasonality, please see "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Report, which is incorporated herein by reference.
Key Business Metrics
In addition to the measures presented in our interim condensed consolidated financial statements, we use the following key metrics to evaluate our business, measure our performance, identify trends and make strategic decisions.
As of June 30,
2025 2024
Active Users (in thousands) 5,901 5,918
90-Day Engaged Users (in thousands) 3,482 3,541
Paid Subscribers (in thousands) 3,010 2,813
As of June 30,
2025 2024
Platform ARPU $ 53.84 $ 52.61
Active Users
We define Active Users as registered users of at least one registered connected machine who have utilized their connected machine to create a project in the last 365 days. One user may own multiple registered connected machines but is only counted once if that user registers those connected machines by using the same email address. If possession of a connected machine is transferred to a new owner and registered by that new owner, the new owner is added to the total Active Users and the prior owner is removed from the total Active Users if the prior owner does not own any other registered connected machines. Active Users is a key indicator of the health of our business, because changes in the number of Active Users excludes non-users to better represent opportunities for us to drive additional platform and accessories and materials revenue.
90-Day Engaged Users
We define 90-Day Engaged Users as registered users of at least one registered connected machine who have utilized their connected machine to create a project in the last 90 days. One user may own multiple registered connected machines but is only counted once if that user registers those connected machines by using the same email address. If possession of a connected machine is transferred to a new owner and registered by that new owner, the new owner is added to the total 90-Day Engaged Users and the prior owner is removed from the total 90-Day Engaged Users if the prior owner does not own any other registered connected machines. 90-Day Engaged Users excludes non-users to better represent opportunities for us to drive additional platform and accessories and materials revenue.
Paid Subscribers
We define Paid Subscribers as the number of users with a subscription to Cricut Access or Cricut Access Premium, excluding cancelled, unpaid or free trial subscriptions, as of the end of a period. Paid Subscribers is a key metric to track growth in our Platform revenue and potential leverage in our gross margin.
Platform ARPU
We define Platform ARPU as Platform revenue in a 12-month period divided by Active Users. Platform ARPU allows us to forecast Platform revenue over time and is an indicator of our ability to expand with users and of user engagement with our subscription offerings.
Components of our Results of Operations
We operate and manage our business in two reportable segments: Platform and Products. We identify our reportable segments based on the information used by management to monitor performance and make operating decisions. See Note 15 to our unaudited consolidated financial statements included elsewhere in this filing for additional information regarding our reportable segments.
Revenue
Platform
We generate Platform revenue primarily from sales of subscriptions to Cricut Access and Cricut Access Premium, digital content, and a minimal amount of revenue allocated to the unspecified future upgrades and enhancements related to the essential software and access to our cloud-based services. For a monthly or annual subscription fee, Cricut Access includes a subscription to images, fonts and projects as well as other member benefits, including exclusive software features and functionality, discounts, and priority Cricut Member Care. For our annual subscription fee, Cricut Access Premium includes all the benefits of Cricut Access as well as additional discounts and preferred shipping. Digital content includes à la carte digital content purchases, including fonts, images and projects. Platform revenue is recognized on a ratable basis over time, during the subscription term for subscriptions, and at the point in time when control is transferred for à la carte digital content.
Products
We generate Products revenue from sales of connected machines and ancillary products, net of sales discounts, rebates and returns, and includes amounts allocated to the material right for discounts on materials and accessories available only to Paid Subscribers. Our connected machines portfolio consists of machines in four product families: Cricut Maker, which includes Maker, Maker 3, and Maker 4; Cricut Explore, which includes Explore Air 2, Explore 3, and Explore 4; Cricut Joy, which includes Joy and Joy Xtra; and Cricut Venture. Our ancillary products include Cricut EasyPress, Cricut MugPress, hand tools, machine replacement tools and blades, and project materials such as adhesive vinyl and iron-on vinyl. Products revenue is recognized at the point in time when control is transferred, which is either upon shipment or delivery to the customer in accordance with the terms of each customer contract.
Cost of Revenue
Platform
Cost of revenue related to Platform consists primarily of hosting fees, digital content costs, amortization of capitalized software development costs, software maintenance costs, and royalties. We expect our cost of revenue related to Platform as a percentage of revenue to fluctuate in the near term as we expand our content offerings, including localized content for international target markets, and decrease over time as we drive greater scale and efficiency in our business.
Products
Cost of revenue related to Products consists of product costs, including costs of components, cost of contract manufacturers for production, inspecting and packaging, shipping, receiving, handling, warehousing and fulfillment, duties and other applicable importing costs, warranty replacement, excess and obsolete inventory write-downs, tooling and equipment depreciation and royalties. We expect our cost of revenue related to Products as a percentage of revenue to fluctuate in the near term as we continue selling through end of life machines, address global supply chain challenges and continue to invest in the growth of our business and to decrease over the long term as we drive greater scale and efficiency in our business.
Operating Expenses
Research and Development
Research and development expenses consist primarily of costs associated with the development of our connected machines, software and accessories and materials, including personnel-related expenses for engineering, product development and quality assurance, as well as prototype costs, service fees incurred by contracting with vendors and allocated overhead. We expect our research and development expenses to increase in the near term as we refine our product roadmaps.
Sales and Marketing
Sales and marketing expenses consist primarily of the advertising and marketing of our products, third-party payment processing fees, personnel-related expenses, including salaries and bonuses, benefits and stock-based compensation expense, as well as customer rebates, professional services, promotional items, and allocated
overhead costs. We expect our sales and marketing expenses as a percentage of revenue to fluctuate in the near term.
General and Administrative
General and administrative expenses consist of personnel-related expenses for our finance, legal, human resources and administrative personnel, including salaries and bonuses, benefits and stock-based compensation expense, as well as the costs of professional services, any allocated overhead, information technology, impairment charges of unused equipment, and other administrative expenses. We expect our general and administrative expenses as a percentage of revenue to increase in the near term as we expand our operations, invest in systems enhancements, and incur expenses required of a public company.
Other Income, Net
Other income, net consists primarily of interest income from our investments in marketable securities, offset by interest expense associated with our debt financing arrangements and amortization of debt issuance costs.
Provision for Income Taxes
Provision for income taxes consists of income taxes in the United States and certain state and foreign jurisdictions in which we conduct business. We have not recorded a valuation allowance against our deferred tax assets as we have concluded that it is more likely than not that the deferred tax assets will be realized.
Results of Operations
The following tables set forth the components of our interim condensed consolidated statements of operations for each of the periods presented and as a percentage of our revenue for those periods. The period-to-period comparison of results of operations is not necessarily indicative of results of future periods.
The following table is presented in thousands:
Three Months Ended June 30, Six Months Ended June 30,
2025 2024 2025 2024
(in thousands)
Revenue:
Platform $ 80,697 $ 77,649 $ 160,683 $ 155,935
Products 91,415 90,298 174,063 179,404
Total revenue 172,112 167,947 334,746 335,339
Cost of revenue:
Platform(1)
8,816 8,888 17,484 17,647
Products(1)
61,757 69,219 117,375 136,258
Total cost of revenue 70,573 78,107 134,859 153,905
Gross profit 101,539 89,840 199,887 181,434
Operating expenses:
Research and development(1)
16,762 14,315 32,419 29,168
Sales and marketing(1)
35,877 33,354 72,562 66,384
General and administrative(1)
18,795 15,739 35,460 34,245
Total operating expenses 71,434 63,408 140,441 129,797
Income from operations 30,105 26,432 59,446 51,637
Other income, net 3,738 3,360 7,018 6,445
Income before provision for income taxes 33,843 29,792 66,464 58,082
Provision for income taxes 9,355 10,023 18,062 18,666
Net income $ 24,488 $ 19,769 $ 48,402 $ 39,416
(1) Includes stock-based compensation expense as follows:
Three Months Ended June 30, Six Months Ended June 30,
2025 2024 2025 2024
(in thousands)
Cost of revenue
Platform $ 273 $ 255 $ 540 $ 492
Products 9 210 15 396
Total cost of revenue 282 465 555 888
Research and development 3,359 3,540 6,796 7,253
Sales and marketing 2,737 2,988 5,851 5,924
General and administrative 3,310 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, Change Six Months Ended June 30, Change
2025 2024 $ % 2025 2024 $ %
(dollars in thousands)
Revenue:
Platform $ 80,697 $ 77,649 $ 3,048 4 % $ 160,683 $ 155,935 $ 4,748 3 %
Products 91,415 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 $160.7 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.
Cost of Revenue, Gross Profit and Gross Margin
Three Months Ended
June 30, 		Change Six Months Ended June 30, Change
2025 2024 $ % 2025 2024 $ %
(dollars in thousands)
Cost of Revenue:
Platform $ 8,816 $ 8,888 $ (72) (1) % $ 17,484 $ 17,647 $ (163) (1) %
Products 61,757 69,219 (7,462) (11) % 117,375 136,258 (18,883) (14) %
Total cost revenue $ 70,573 $ 78,107 $ (7,534) (10) % $ 134,859 $ 153,905 $ (19,046) (12) %
Gross Profit:
Platform 71,881 68,761 3,120 5 % 143,199 138,288 4,911 4 %
Products 29,658 21,079 8,579 41 % 56,688 43,146 13,542 31 %
Total gross profit $ 101,539 $ 89,840 $ 11,699 13 % $ 199,887 $ 181,434 $ 18,453 10 %
Gross Margin
Platform 89 % 89 % 89 % 89 %
Products 32 % 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 the three months ended June 30, 2025, and 89% for the three months ended June 30, 2024.
Products cost of revenue decreased by $7.5 million, or 11%, to $61.8 million for the three months ended June 30, 2025, from $69.2 million for the three months ended June 30, 2024. The decrease was primarily driven by fewer units of connected machines sold, lower inventory procurement costs, and a reduction in net inventory impairment charges, partially offset by more units of accessories and materials sold.
Gross margin for Products was 32% for the three months ended June 30, 2025 and 23% for the three months ended June 30, 2024.The increase was primarily driven by lower inventory procurement costs, a reduction in net inventory impairment charges, and improved product margins.
Six Months Ended June 30, 2025 and 2024
Platform cost of revenue decreased by $0.2 million, or 1%, to $17.5 million for the six months ended June 30, 2025, from $17.6 million for the six months ended June 30, 2024. The decrease was primarily driven by lower amortization of capitalized software development costs partially offset by increased platform hosting fees.
Gross margin for Platform was 89% for the six months ended June 30, 2025, and 89% for the six months ended June 30, 2024.
Products cost of revenue decreased by $18.9 million, or 14%, to $117.4 million for the six months ended June 30, 2025, from $136.3 million for the six months ended June 30, 2024. The decrease was primarily driven by a reduction in net inventory impairment charges, lower inventory procurement costs, and fewer units of connected machines sold.
Gross margin for Products was 33% for the six months ended June 30, 2025 and 24% for the six months ended June 30, 2024. The increase was primarily driven by a reduction in net inventory impairment charges, lower inventory procurement costs, and improved product margins.
Operating Expenses
Research and Development
Three Months Ended
June 30, 		Change Six Months Ended June 30, Change
2025 2024 $ % 2025 2024 $ %
(dollars in thousands)
Research and development $ 16,762 $ 14,315 $ 2,447 17 % $ 32,419 $ 29,168 $ 3,251 11 %
As a percentage of total revenue 10 % 9 % 10 % 9 %
Research and development expenses increased by $2.4 million, or 17%, to $16.8 million for the three months ended June 30, 2025 from $14.3 million for the three months ended June 30, 2024. The increase was primarily due to a $1.2 million increase in product development expense, a $0.7 million increase in personnel-related expense, and a $0.4 million increase in professional services expense.
Research and development expenses increased by $3.3 million, or 11%, to $32.4 million for the six months ended June 30, 2025 from $29.2 million for the six months ended June 30, 2024. The increase was primarily due to a $1.9 million increase in product development expense and a $1.4 million increase in professional services expense.
Sales and Marketing
Three Months Ended
June 30, 		Change Six Months Ended June 30, Change
2025 2024 $ % 2025 2024 $ %
(dollars in thousands)
Sales and marketing $ 35,877 $ 33,354 $ 2,523 8 % $ 72,562 $ 66,384 $ 6,178 9 %
As a percentage of total revenue 21 % 20 % 22 % 20 %
Sales and marketing expenses increased by $2.5 million, or 8%, to $35.9 million for the three months ended June 30, 2025 from $33.4 million for the three months ended June 30, 2024. The increase was primarily driven by a $2.4 million increase in advertising and other marketing costs.
Sales and marketing expenses increased by $6.2 million, or 9%, to $72.6 million for the six months ended June 30, 2025 from $66.4 million for the six months ended June 30, 2024. The increase was primarily driven by a $6.7 million increase in advertising and other marketing costs.
General and Administrative
Three Months Ended
June 30, 		Change Six Months Ended June 30, Change
2025 2024 $ % 2025 2024 $ %
(dollars in thousands)
General and administrative $ 18,795 $ 15,739 $ 3,056 19 % $ 35,460 $ 34,245 $ 1,215 4 %
As a percentage of total revenue 11 % 9 % 11 % 10 %
General and administrative expenses increased by $3.1 million, or 19%, to $18.8 million for the three months ended June 30, 2025 from $15.7 million for the three months ended June 30, 2024. The increase was primarily driven by a $1.7 million net reversal of bad debt expense in Q2 2024 and a $1.5 million increase in professional services expense.
General and administrative expenses increased by $1.2 million, or 4%, to $35.5 million for the six months ended June 30, 2025 from $34.2 million for the six months ended June 30, 2024. The increase was primarily driven by a $3.2 million increase in professional services expense, offset by foreign currency transaction losses of $1.5 million and a $0.9 million net reversal of bad debt.
Other Income, Net
Three Months Ended
June 30, 		Change Six Months Ended June 30, Change
2025 2024 $ % 2025 2024 $ %
(dollars in thousands)
Other income, net $ 3,738 $ 3,360 $ 378 11 % $ 7,018 $ 6,445 $ 573 9 %
Other income, net increased by $0.4 million or 11% to $3.7 million for the three months ended June 30, 2025 from $3.4 million for the three months ended June 30, 2024. The increase was primarily driven by an increase in interest income.
Other income, net increased by $0.6 million or 9% to $7.0 million for the six months ended June 30, 2025 from $6.4 million for the six months ended June 30, 2024. The increase was primarily driven by an increase in interest income.
Provision for Income Taxes
Three Months Ended
June 30, 		Change Six Months Ended June 30, Change
2025 2024 $ % 2025 2024 $ %
(dollars in thousands)
Provision for income taxes $ 9,355 $ 10,023 $ (668) (7) % $ 18,062 $ 18,666 $ (604) (3) %
Provision for income taxes decreased by $0.7 million, or 7%, to $9.4 million for the three months ended June 30, 2025 from $10.0 million for the three months ended June 30, 2024. The decrease was primarily due to a decrease in stock based compensation difference attributable to the decrease in stock price upon vesting versus the stock price at the grant date.
Provision for income taxes decreased by $0.6 million, or 3%, to $18.1 million for the six months ended June 30, 2025 from $18.7 million for the six months ended June 30, 2024. The decrease was primarily due to a decrease in stock based compensation difference attributable to the decrease in stock price upon vesting versus the stock price at the grant date.
Liquidity and Capital Resources
Our operations during the periods presented have been financed primarily through cash flow from operating activities. We believe our balances of cash and cash equivalents and marketable securities, which totaled $298.1 million and $78.9 million, respectively, as of June 30, 2025, along with forecasted cash expected to be generated by ongoing operations and $300.0 million in available borrowings and the option to increase the aggregate amount of our credit facility by up to an additional $150.0 million (see Note 7) will be sufficient to satisfy our cash requirements over the next 12 months and beyond. Except for the recently announced special and semi-annual dividends and the new share repurchase program, our cash requirements have not changed materially since our Annual Report.
During the six months ended June 30, 2025, we paid a dividend of $21.5 million to holders of Class A and Class B common stock. On July 21, 2025, we paid a dividend of $180.6 million to holders of Class A and Class B common stock.
Our future capital requirements may vary materially from those currently planned and will depend on many factors, including our rate of revenue growth, the timing and extent of spending on research and development efforts and other growth initiatives, the expansion of sales and marketing activities, the timing of new product introductions, market acceptance of our products and overall economic conditions, including the impact of regulatory and economic uncertainty, as well as heightened, new, or proposed tariffs. To the extent that current and anticipated future sources of liquidity are insufficient to fund our future business activities and requirements, we may be required to seek additional equity or debt financing. The sale of additional equity would result in additional dilution to our stockholders. The incurrence of debt financing would result in debt service obligations, and the instruments governing such debt could provide for operating and financing covenants that would restrict our operations. There can be no assurances that we will be able to raise additional capital. The inability to raise capital would adversely affect our ability to achieve our business objectives.
Cash Flows
Six Months Ended June 30,
2025 2024
(in thousands)
Net cash flows provided by operating activities
$ 97,323 $ 91,648
Net cash flows provided by (used in) investing activities 15,520 (9,965)
Net cash flows used in financing activities
(47,549) (28,191)
Operating Activities
The change in net cash flows from operating activities for the six months ended June 30, 2025 compared to the six months ended June 30, 2024 is due to a net increase in operating assets and liabilities of $38.9 million in 2025 compared to $26.6 million in 2024, and an increase in net income. These were partially offset by a reduction in non-cash adjustments of $10.0 million in 2025 compared to $25.6 million in 2024 due primarily to a reduction of the provision for inventory obsolescence and a decrease in depreciation and amortization.
Investing Activities
The change in net cash flows from investing activities for the six months ended June 30, 2025 compared to the six months ended June 30, 2024 was due to a decrease in purchases of marketable securities.
Financing Activities
The change in net cash flows from financing activities for the six months ended June 30, 2025 compared to six months ended June 30, 2024 was primarily due to dividend payments of $21.5 million in 2025 compared to $1.5 million in 2024.
Critical Accounting Estimates
Our management's discussion and analysis of our financial condition and results of operations is based on our condensed consolidated financial statements, which have been prepared in accordance with United States generally accepted accounting principles ("GAAP"). The preparation of these financial statements requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported revenues and expenses incurred during the reporting periods. Our estimates are based on our historical experience and on various other factors that we believe are reasonable under the circumstances. Actual results may differ from these estimates under different assumptions or conditions. The critical accounting policies that reflect our more significant judgments and estimates used in the preparation of our condensed consolidated financial statements include those described in Note 2 of the notes to our condensed consolidated financial statements in the section titled "Summary of Significant Accounting Policies" in Part I, Item 1 of this Quarterly Report on Form 10-Q and in our Annual Report.
Cricut Inc. published this content on August 06, 2025, and is solely responsible for the information contained herein. Distributed via Edgar on August 06, 2025 at 10:05 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]