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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_________________________________
FORM 8-K
_________________________________
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)
February 28, 2025
__________________________________
Cricut, Inc.
(Exact name of registrant as specified in its charter)
___________________________________
Delaware001-4025787-0282025
(State or other jurisdiction of incorporation or organization)(Commission File Number)(I.R.S. Employer Identification Number)
10855 South River Front Parkway
South Jordan, Utah 84095
(Address of principal executive offices, including zip code)
(385) 351-0633
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
_____________________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Class A Common Stock, par value $0.001 per shareCRCT
The Nasdaq Global Select Market
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐



Item 2.02    Results of Operations and Financial Condition.
On March 4, 2025, Cricut Inc. (the “Company”) issued a press release and will hold a conference call announcing its financial results for its fourth quarter and full year ended December 31, 2024. A copy of the press release is furnished herewith as Exhibit 99.1 and incorporated herein by reference.
The information contained herein and in the accompanying exhibit are “furnished” and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, and shall not be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference in such filing.
Item 5.02    Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Director Not Standing for Re-election
On February 28, 2025, Len Blackwell notified the Board of Directors of the Company that he would not stand for re-election at the Company’s 2025 annual meeting of stockholders. Mr. Blackwell’s notice is not due to any disagreement with the Company on any matter relating to the Company’s operations, policies, or practices.
Item 7.01    Regulation FD Disclosure.
The Company announces material information to the public through filings with the Securities and Exchange Commission, or the SEC, the investor relations page on the Company’s website, press releases, public conference calls, webcasts, the Company’s news site at cricut.com/press and blog posts on the Company’s corporate website.
The information disclosed by the foregoing channels could be deemed to be material information. As such, the Company encourages investors, the media and others to follow the channels listed above and to review the information disclosed through such channels.
Any updates to the list of disclosure channels through which the Company announces information will be posted on the investor relations page on the Company’s website.
Item 9.01    Financial Statements and Exhibits.
(d)Exhibits
Exhibit Number
Exhibit Description
99.1
104Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document)
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Cricut, Inc.
Date:March 4, 2025/s/ Kimball Shill
Kimball Shill
Chief Financial Officer


Cricut, Inc. Reports Fourth Quarter and Full Year 2024 Financial Results
Delivered 8th consecutive year of profitability with net income of $62.8 million, or 8.8% margin
Net Income increased 17%, or $9.2 million, compared to 2023
Generated $265.0 million in Cash from Operations in 2024
Paid subscribers increased to 2.96 million, up 7% over FY 2023
FY 2024 revenue of $712.5 million, a 7% decline compared to FY 2023
SOUTH JORDAN, Utah, March 4, 2025 (GLOBE NEWSWIRE) -- Cricut, Inc. (“Cricut”) (NASDAQ: CRCT), the creative technology company that has brought a connected platform for making to millions of users worldwide, today announced financial results for its fourth quarter and full year ended December 31, 2024.
"We have a strong conviction in our category and the overall market potential. While our opportunity is sizeable, even in the shorter term, we are disappointed with our inability to execute and capitalize on it. While we are pleased with our growth in operating income, we are working with tremendous urgency and focus to drive to an inflection point for growth. We can achieve this potential by driving a mass market experience, accelerating our development cycles, and competing better," Cricut's Chief Executive Officer, Ashish Arora, said. “Last week we launched two new cutting machines, Cricut Explore 4 and Cricut Maker 4, and initial feedback is positive from both retailers and users. We are adding incremental investments in several areas, and we have reason to be optimistic that we will reach an inflection point during the second half of the year."

Fourth Quarter 2024 Financial Results
•Revenue decreased 9% to $209.3 million, compared to $231.2 million in Q4 2023.
•Platform revenue increased 2% to $79.4 million, compared to $77.9 million in Q4 2023.
•Products revenue decreased 15% to $129.9 million, compared to $153.3 million in Q4 2023.
•Gross margin was 44.9%, compared to 42.0% in Q4 2023.
•Operating income was $13.9 million, or 6.6% of revenue, compared to $16.5 million, or 7.1% of revenue, in Q4 2023.
•Net income was $11.9 million or 5.7% of revenue, compared to $11.3 million, or 4.9% of revenue, in Q4 2023.
•Diluted earnings per share was $0.06, up from $0.05 in Q4 2023.
•International revenue increased by 3% over Q4 2023 and was 25% of revenue, up from 22% of revenue in Q4 2023.

Full Year 2024 Financial Results
•Revenue decreased 7% to $712.5 million, compared to $765.1 million in FY 2023.
•Platform revenue increased 1% to $313.0 million, up from $309.0 million in FY 2023.
•Products revenue decreased 12% to $399.6 million, compared to $456.1 million in FY 2023.
•Gross margin was 49.5%, up from 44.9% in FY 2023.
•Operating income was $76.1 million, or 10.7% of revenue, compared to $70.0 million, or 9.1% of revenue, in FY 2023.
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•Net income was $62.8 million, or 8.8% of revenue, compared to $53.6 million, or 7.0% of revenue in FY 2023.
•Diluted earnings per share was $0.29, compared to $0.24 in FY 2023.
•International revenue increased 1% to $157.5 million, or 22% of revenue, compared to $155.2 million or 20% of revenue in FY 2023.
•Generated $265.0 million in cash from operations.
"We continue to generate healthy cash flow on an annual basis, which funds inventory needs and investments for long-term growth. In 2024, we generated $265 million in cash from operations. We ended 2024 with cash and cash equivalents of $337 million and remain debt free," said Kimball Shill, Chief Financial Officer. "We expect to be profitable each quarter and generate significant positive cash flow during 2025. We also expect to continue to be active with our authorized $50 million stock repurchase program, which has $22.9 million remaining."
“After serving as a member of our board of directors since 2013, Len Blackwell has made the decision to not stand for reelection at the upcoming annual shareholder meeting. We thank Len for his contribution during the past 12 years and wish him the best in his future endeavors,” said Ashish Arora.
2024 Business Highlights
•Paid Subscribers grew to 2.96 million, up 7% versus 2023.
•Platform ARPU grew to $53.12, up 2% versus 2023.
•Ended 2024 with nearly 5.9 million Active Users and over 3.8 million 90-Day Engaged Users, down 1% and 3% versus 2023, respectively.
•Launched Cricut Value line of materials, designed to compete in online marketplaces at more affordable price points.
•Improved Design Space software through updated search and personalization algorithms and new user out-of-box experience.
•Exceeded over 1 million high quality makeable images within Cricut Access.

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Key Performance Metrics
In addition to the measures presented in our consolidated financial statements, we use the following key business metrics to help us evaluate our business, identify trends affecting our business, formulate business plans and make strategic decisions. We believe these metrics are useful to investors because they can help in monitoring the long-term health of our business. Our determination and presentation of these metrics may differ from that of other companies. The presentation of these metrics is meant to be considered in addition to, not as a substitute for or in isolation from, our financial measures prepared in accordance with GAAP.

As of December 31,
20242023
Active Users (in thousands)5,892 5,935 
90-Day Engaged Users (in thousands)3,812 3,932 
Paid Subscribers (in thousands)2,959 2,770 

Twelve Months Ended December 31,
20242023
Platform ARPU$53.12 $52.07 
Glossary of Terms
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.
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Webcast and Conference Call Information
Cricut management will host a conference call and webcast to discuss the results today, Tuesday, March 4, 2025 at 3:00 p.m. Mountain Time (5:00 p.m. Eastern Time). Information about Cricut’s financial results, including a link to the live and archived webcast of the conference call, will be made available on Cricut’s investor relations website at https://investor.cricut.com/.
The live call may also be accessed via telephone. Please pre-register using this link: https://register.vevent.com/register/BI5557b991c54a43c7a12ada0bb6489876. After registering, a confirmation will be sent via email and will include dial-in details and a unique PIN code for entry to the call. To avoid long wait times, we suggest registering at minimum 15 minutes before the start of the call to receive your unique PIN code.
About Cricut, Inc.
Cricut, Inc. is a creative technology company that helps people lead creative lives. Cricut hardware and design software work together as a connected platform for consumers to make beautiful, high-quality DIY projects quickly and easily. These industry-leading products include a flagship line of smart cutting machines — the Cricut Maker® series, the Cricut Explore® series, and Cricut Joy® series, and Cricut Venture® series — accompanied by other unique tools like Cricut EasyPress®, the Infusible Ink™ system, and a diverse collection of materials. In addition to providing tools and materials, Cricut fosters a thriving community of millions of dedicated users worldwide.
Cricut has used, and intends to continue using, its investor relations website and the Cricut News Blog (https://cricut.com/blog/news/) to disclose material non-public information and to comply with its disclosure obligations under Regulation FD. Accordingly, you should monitor our investor relations website and the Cricut News Blog in addition to following our press releases, SEC filings and public conference calls and webcasts.
Media Contact:
Caitlin Hadley
pr@cricut.com
Investor Contact:
Jim Suva
investors@cricut.com
Source: Cricut, Inc.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 as amended (the “Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). These statements include, but are not limited to, quotations from management, business outlook, strategies, capital allocation plans, market size and growth opportunities. Forward-looking statements generally can be identified by the fact that they do not relate strictly to historical or current facts and by the use of forward-looking words such as “anticipates,” “believes,” “targets,” “potential,” “estimates,” “expects,” “intends,” “plans,” “projects,” “may,” “will” or similar terminology. In particular, statements, express or implied, concerning future actions, conditions or events, future results of operations or the ability to generate revenues, income or cash flow are forward-looking statements. These statements are based on and reflect our current expectations, estimates, assumptions and/ or projections and our perception of historical trends and current conditions, as well as other factors that we believe are appropriate and reasonable under the circumstances. Forward-looking statements are neither predictions nor guarantees of future events, circumstances or performance and are inherently subject to known and unknown risks, uncertainties and assumptions, many of which are beyond our control, that could cause our actual results to differ materially from those indicated by
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those statements. There can be no assurance that our expectations, estimates, assumptions and/or projections will prove to be correct or that any of our expectations, estimates or projections will be achieved. The forward-looking statements included in this press release are only made as of the date indicated on the relevant materials and are based on our estimates and opinions at the time the statements are made. We disclaim any obligation to publicly update any forward-looking statement to reflect subsequent events or circumstances or changes in opinion, except as required by law.
Numerous factors could cause our actual results and events to differ materially from those expressed or implied by forward-looking statements including, but not limited to, risks and uncertainties associated with: our ability to attract and engage with our users; competitive risks; supply chain, manufacturing, distribution and fulfillment risks; international risks, including regulation and tariffs that have materially increased our costs and the potential for further trade barriers or disruptions; sales and marketing risks, including our dependence on sales to brick-and-mortar and online retail partners and our need to continue to grow online sales; risks relating to the complexity of our business, which includes connected machines, custom tools, hundreds of materials, design apps, e-commerce software, subscriptions, content, international production, direct sales and retail distribution; risks related to product quality, safety and warranty claims and returns; risks related to the fluctuation of our quarterly results of operations and other operating metrics; risks related to intellectual property, cybersecurity and potential data breaches; risks related to our dependence on our Chief Executive Officer; risks related to our status as a “controlled company”; and the impact of economic and geopolitical events, natural disasters and actual or threatened public health emergencies, current recessionary pressures and any resulting economic slowdown from any of these events, or other resulting interruption to our operations. These risks and uncertainties are described in greater detail, or are incorporated by reference, under the heading “Risk Factors” in the most recent form 10-Q or 10-K that we have filed with the Securities and Exchange Commission (“SEC”).
In addition, certain risks and uncertainties not presently known to us or that we currently believe to be immaterial could affect the accuracy of any such forward-looking statements. All forward-looking statements should be evaluated with the understanding of their inherent uncertainty. The forward-looking statements included in these materials are only made as of the date indicated on the relevant materials and we disclaim any obligation to publicly update any forward-looking statement to reflect subsequent events or circumstances, except as required by law.
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Cricut, Inc.
Condensed Consolidated Statements of Operations and Comprehensive Income
(in thousands, except share and per share amounts)

Three Months Ended December 31,Year Ended December 31,
2024202320242023
Revenue:
Platform$79,367 $77,930 $312,976 $309,012 
Products129,942 153,316 399,562 456,135 
Total revenue209,309 231,246 712,538 765,147 
Cost of revenue:
Platform9,641 8,759 37,288 32,804 
Products105,677 125,449 322,462 389,050 
Total cost of revenue115,318 134,208 359,750 421,854 
Gross profit93,991 97,038 352,788 343,293 
Operating expenses:
Research and development15,991 14,991 60,399 65,048 
Sales and marketing41,632 35,771 143,294 123,169 
General and administrative22,491 29,757 72,985 85,091 
Total operating expenses80,114 80,519 276,678 273,308 
Income from operations13,877 16,519 76,110 69,985 
Other income (expense):
Interest income2,827 1,756 11,016 7,976 
Interest expense(81)(82)(326)(323)
Other income10 290 2,077 2,145 
Total other income, net2,756 1,964 12,767 9,798 
Income before provision for income taxes16,633 18,483 88,877 79,783 
Provision for income taxes4,707 7,195 26,047 26,147 
Net income$11,926 $11,288 $62,830 $53,636 
Other comprehensive income (loss):
Change in net unrealized gains (losses) on marketable securities, net of tax(136)765 (136)711 
Change in foreign currency translation adjustment, net of tax(287)129 (147)41 
Comprehensive income$11,503 $12,182 $62,547 $54,388 
Earnings per share, basic$0.06 $0.05 $0.29 $0.25 
Earnings per share, diluted$0.06 $0.05 $0.29 $0.24 
Weighted-average common shares outstanding, basic213,699,921 217,252,985 215,105,815 216,892,525 
Weighted-average common shares outstanding, diluted215,012,609 218,671,797 215,645,506 219,722,063 






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Cricut, Inc.
Condensed Consolidated Balance Sheets
(in thousands, except share and per share amounts)
As of December 31,
20242023
Assets
Current assets:
Cash and cash equivalents$232,140 $142,187 
Marketable securities104,774 102,952 
Accounts receivable, net101,980 111,247 
Inventories115,255 244,469 
Prepaid expenses and other current assets26,065 19,114 
Total current assets580,214 619,969 
Property and equipment, net37,546 47,614 
Operating lease right-of-use assets13,958 12,353 
Deferred tax assets39,186 34,823 
Other assets22,131 35,363 
Total assets$693,035 $750,122 
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable$53,373 $76,860 
Accrued expenses and other current liabilities76,274 71,933 
Deferred revenue, current portion45,427 40,304 
Operating lease liabilities, current portion3,899 5,230 
Dividends payable, current portion24,401 2,137 
Total current liabilities203,374 196,464 
Operating lease liabilities, net of current portion
11,310 8,938 
Deferred revenue, net of current portion2,826 2,931 
Other non-current liabilities8,764 6,916 
Total liabilities226,274 215,249 
Commitments and contingencies
Stockholders’ equity:
Preferred stock, par value $0.001 per share, 100,000,000 shares authorized, and no shares issued and outstanding as of December 31, 2024 and December 31, 2023.
— — 
Common stock, par value $0.001 per share, 1,250,000,000 shares authorized as of December 31, 2024, 213,295,922 and 217,915,713 shares issued and outstanding as of December 31, 2024 and 2023, respectively.
213 218 
Additional paid-in capital466,554 505,864 
Retained earnings— 28,514 
Accumulated other comprehensive income (loss)(6)277 
Total stockholders’ equity466,761 534,873 
Total liabilities and stockholders’ equity$693,035 $750,122 




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Cricut, Inc.
Condensed Consolidated Statements of Cash Flows
(in thousands)
Year Ended December 31,
20242023
Cash flows from operating activities:
Net income$62,830 $53,636 
Adjustments to reconcile net income to net cash and cash equivalents provided by (used in) operating activities:
Depreciation and amortization (including amortization of debt issuance costs)
29,006 30,039 
Bad debt expense3,285 1,720 
Impairments486 9,953 
Stock-based compensation45,067 47,326 
Deferred income tax(4,378)(11,238)
Non-cash lease expense4,811 4,987 
Provision for inventory obsolescence(5,401)26,330 
Unrealized foreign currency (gain) loss1,047 88 
Other(1,816)(2,143)
Changes in operating assets and liabilities:
Accounts receivable4,888 23,500 
Inventories149,965 78,376 
Prepaid expenses and other current assets(7,221)4,204 
Other assets(1,119)869 
Accounts payable(23,120)13,535 
Accrued expenses and other current liabilities and other non-current liabilities
6,985 7,761 
Operating lease liabilities(5,365)(5,423)
Deferred revenue5,018 4,577 
Net cash and cash equivalents provided by operating activities
264,968 288,097 
Cash flows from investing activities:
Purchase of marketable securities(110,521)(63,451)
Proceeds from maturities of marketable securities110,527 38,390 
Proceeds from sales of marketable securities— — 
Purchases of property and equipment, including capitalized software development costs
(18,334)(23,717)
Net cash and cash equivalents used in investing activities(18,328)(48,778)
Cash flows from financing activities:
Repurchases of common stock(38,493)(20,332)
Proceeds from exercise of stock options— 383 
Employee tax withholding payments on stock-based awards(7,970)(8,106)
Payments for debt issuance costs— — 
Cash dividend(109,972)(294,130)
Other financing activities, net— — 
Net cash and cash equivalents used in financing activities(156,435)(322,185)
Effect of exchange rate on changes on cash and cash equivalents(252)110 
Net increase (decrease) in cash and cash equivalents89,953 (82,756)
Cash and cash equivalents at beginning of period142,187 224,943 
Cash and cash equivalents at end of period$232,140 $142,187 
Supplemental disclosures of cash flow information:
Cash paid during the period for interest$— $— 
Cash paid during the period for income taxes$43,596 $24,072 


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Cricut, Inc.
Condensed Consolidated Statements of Cash Flows (continued)
(in thousands)
Year Ended December 31,
20242023
Supplemental disclosures of non-cash investing and financing activities:
Right-of-use assets obtained in exchange for new operating lease liabilities$6,417 $280 
Property and equipment included in accounts payable and accrued expenses and other current liabilities
$2,050 $2,824 
Tax withholdings on stock-based awards included in accrued expenses and other current liabilities$463 $451 
Stock-based compensation capitalized for software development costs$1,509 $1,960 
Dividends declared but unpaid$24,413 $2,342 
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v3.25.0.1
Cover Page Document
Feb. 28, 2025
Cover [Abstract]  
Document Type 8-K
Document Period End Date Feb. 28, 2025
Entity Registrant Name Cricut, Inc.
Entity Incorporation, State or Country Code DE
Entity File Number 001-40257
Entity Tax Identification Number 87-0282025
Entity Address, Address Line One 10855 South River Front Parkway
Entity Address, City or Town South Jordan
Entity Address, State or Province UT
Entity Address, Postal Zip Code 84095
City Area Code 385
Local Phone Number 351-0633
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Class A Common Stock, par value $0.001 per share
Trading Symbol CRCT
Security Exchange Name NASDAQ
Entity Emerging Growth Company false
Entity Central Index Key 0001828962
Amendment Flag false
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