$CRCT

Cricut, Inc.

CIK:0001828962|SEC Filings

Condensed Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenue:
Total revenue	$ 156,285	$ 172,112	$ 315,756	$ 334,746
Cost of revenue:
Total cost of revenue	39,877	70,573	106,650	134,859
Gross profit	116,408	101,539	209,106	199,887
Operating expenses:
Research and development	16,859	16,762	33,461	32,419
Sales and marketing	37,996	35,877	74,323	72,562
General and administrative	14,135	18,795	31,018	35,460
Total operating expenses	68,990	71,434	138,802	140,441
Income from operations	47,418	30,105	70,304	59,446
Other income (expense):
Interest income	2,995	3,578	5,219	6,935
Interest expense	(80)	(81)	(160)	(160)
Other income (expense)	(19)	241	36	243
Total other income, net	2,896	3,738	5,095	7,018
Income before provision for income taxes	50,314	33,843	75,399	66,464
Provision for income taxes	11,260	9,355	16,027	18,062
Net income	39,054	24,488	59,372	48,402
Other comprehensive income (loss):
Change in net unrealized gains (losses) on marketable securities, net of tax	(3)	70	(21)	185
Change in foreign currency translation adjustment, net of tax	(185)	279	(226)	381
Comprehensive income	$ 38,866	$ 24,837	$ 59,125	$ 48,968
Earnings per share, basic (in dollars per share)	$ 0.19	$ 0.12	$ 0.28	$ 0.23
Earnings per share, diluted (in dollars per share)	$ 0.19	$ 0.11	$ 0.28	$ 0.23
Weighted-average common shares outstanding, basic (in shares)	209,570,145	211,865,363	210,044,466	212,514,662
Weighted-average common shares outstanding, diluted (in shares)	211,062,032	214,529,726	211,965,164	214,649,931
Platform
Revenue:
Total revenue	$ 85,009	$ 80,697	$ 169,777	$ 160,683
Cost of revenue:
Total cost of revenue	5,964	8,816	15,323	17,484
Products
Revenue:
Total revenue	71,276	91,415	145,979	174,063
Cost of revenue:
Total cost of revenue	$ 33,913	$ 61,757	$ 91,327	$ 117,375

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net income	$ 59,372	$ 48,402
Adjustments to reconcile net income to net cash and cash equivalents provided by operating activities:
Depreciation and amortization (including amortization of debt issuance costs)	11,756	12,083
Bad debt benefit	(386)	(1,594)
Stock-based compensation	12,195	20,138
Deferred income tax	(3,239)	(10,374)
Non-cash lease expense	1,654	1,858
Unrealized foreign currency (gain) loss	556	(995)
Provision for inventory obsolescence, net	(2,780)	(11,081)
Other	40	11
Changes in operating assets and liabilities:
Accounts receivable	19,705	22,446
Inventories	5,397	4,787
Prepaid expenses and other current assets	(6,724)	10,762
Other assets	87	(3,479)
Accounts payable	(17,057)	18,335
Accrued expenses, other current liabilities and other non-current liabilities	(4,549)	(17,158)
Operating lease liabilities	(1,870)	(2,197)
Deferred revenue	3,047	5,379
Net cash and cash equivalents provided by operating activities	77,204	97,323
Cash flows from investing activities:
Proceeds from Sale and Maturity of Marketable Securities	0	26,114
Purchases of property and equipment, including capitalized software development costs	(18,634)	(10,594)
Net cash and cash equivalents provided by (used in) investing activities	(18,634)	15,520
Cash flows from financing activities:
Repurchases of common stock	(19,781)	(16,741)
Employee tax withholding payments on stock-based awards	(6,856)	(9,315)
Cash dividend	(21,157)	(21,493)
Net cash and cash equivalents used in financing activities	(47,794)	(47,549)
Effect of exchange rate on changes in cash and cash equivalents	(81)	623
Net increase in cash and cash equivalents	10,695	65,917
Cash and cash equivalents at beginning of period	256,216	232,140
Cash and cash equivalents at end of period	266,911	298,057
Supplemental disclosures of cash flow information:
Cash paid during the period for income taxes	1,188	10,938
Supplemental disclosures of non-cash investing and financing activities:
Right-of-use assets obtained in exchange for new operating lease liabilities	627	371
Property and equipment included in accounts payable, accrued expenses and other current liabilities	3,555	2,718
Tax withholdings on stock-based awards included in accrued expenses and other current liabilities	569	635
Stock-based compensation capitalized for software development costs	790	848
Dividends declared but unpaid	$ 24,310	$ 204,814

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 266,911	$ 256,216
Marketable securities	19,354	19,434
Accounts receivable, net	72,099	92,011
Inventories	105,842	102,664
Prepaid expenses and other current assets	35,797	29,266
Total current assets	500,003	499,591
Property and equipment, net	48,190	40,260
Operating lease right-of-use assets	9,853	10,880
Deferred tax assets	16,456	13,210
Other assets	11,182	16,865
Total assets	585,684	580,806
Current liabilities:
Accounts payable	54,583	71,553
Accrued expenses and other current liabilities	65,107	71,146
Deferred revenue, current portion	53,762	50,409
Operating lease liabilities, current portion	3,174	3,606
Dividends payable, current portion	24,310	24,361
Total current liabilities	200,936	221,075
Operating lease liabilities, net of current portion	7,207	8,018
Deferred revenue, net of current portion	2,567	2,872
Other non-current liabilities	6,783	5,280
Total liabilities	217,493	237,245
Commitments and contingencies (Note 11)
Stockholders’ equity:
Preferred stock, par value $0.001 per share, 100,000,000 shares authorized, and no shares issued and outstanding as of June 30, 2026 and December 31, 2025.	0	0
Common stock, par value $0.001 per share, 1,250,000,000 shares authorized as of June 30, 2026, 209,369,360 shares issued and outstanding as of June 30, 2026; 1,250,000,000 shares authorized as of December 31, 2025, 211,336,284 shares issued and outstanding as of December 31, 2025.	209	211
Additional paid-in capital	325,838	339,224
Retained earnings	42,225	3,960
Accumulated other comprehensive income	(81)	166
Total stockholders’ equity	368,191	343,561
Total liabilities and stockholders’ equity	$ 585,684	$ 580,806