Cricut, Inc. · NASDAQ:CRCT
Cricut — Q2 2025 Earnings Presentation
18 slides from Cricut's earnings presentation, Aug 5, 2025
Slide 1: Q2 2025 Financial Results
NASDAQ : CRCT replace Financial Results Q2 2025 August 5, 2025 Q2 2025 Financial Results 1
Slide 2: Safe Harbor Statement
Safe Harbor Statement This presentation contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. We intend all forward-looking statements to be covered by the safe harbor provisions of the Private Se
Slide 3: I want to make…
I want to make… Apparel & Everyday Cards Décor Accessories Items From idea Back to Flowers to I did it. School Mugs & Stickers Gifts Parties 3 Drinkware & Labels Q2 2025 Financial Results
Slide 4: Q2 2025 Highlights
Q2 2025 Highlights Sales Discover • Total sales increased 2% YoY • International sales increased 8% YoY C Profitability • Operating income of $30.1M or 17.5% of sales Content • Operating income increased 14% YoY Subscriptions Growth • Over 3.0M Paid Subscribers, increased 7% YoY Share Make Portfolio
Slide 5: Clear growth opportunities as the category leader
Clear growth opportunities as the category leader Dedicated path to reaccelerate consumer excitement for the brand and category Attract more new users Address affordability, ease of use, to buy connected machines and increased market awareness Reverse weakening engagement trends Enhance and simplify
Slide 6: New User Acquisition
replace New User Acquisition • Cricut Explore™ 4 and Cricut Maker™ 4 launches triggered excitement in both Meet the next users and retailers generation of Cricut® • Increased paid marketing yielded 2x smart cutting increase in views/engagement YoY machines. • Retargeting efforts leading to increased
Slide 7: Maximizing engagement
Dinosaur with unicorn horn riding a skateboard Maximizing engagement Generate • Significant improvements to machine registration process and Day 1 support for new users • Continued dedication to dramatically simplify overall user experience • Step-by-step guidance for projects within Design Space •
Slide 8: Positive outlook on subscriptions
Positive outlook on subscriptions 3.0M Paid subscribers 7% YoY à • Paid subscribers up 197K YoY, up 36K sequentially in Q2 Recommended • Effectively converting onboarders to Are you sure subscribers and improved subscriber retention you want to cancel? • Enhancing subscription product offering— Enjo
Slide 9: Accessories & Materials
Accessories & Materials Continued transformation through innovation and investments • Additional Cricut Value Material SKUs launched due to consumer demand and competitive landscape • Creating products that prioritize affordability and work seamlessly with our machines to enhance the making experien
Slide 10: Financial Results
Financial Results Q2 2025 Financial Results 10
Slide 11: Q2 2025 financial highlights
Q2 2025 financial highlights Revenue Operating Income 1 Net Income $172.1M $30.1M $24.5M 2% 14% 24% YoY Increase YoY Increase YoY Increase 17.5% 14.2% of Total Revenue of Total Revenue 1. Q2 2025 Operating Income includes $9.7 million of stock-based compensation expense. Q2 2025 Financial Results 11
Slide 12: Revenue breakdown
Revenue breakdown • Platform revenue increased 4% YoY • Products revenue increased 1% YoY $167.9M $172.1M • Connected Machines revenue decreased 10% YoY • Accessories & Materials revenue increased 12% YoY • International revenue increased 8% YoY Q2 2024 Q2 2025 -6% YoY Growth Rates 2% Q2 2025 Financ
Slide 13: User base dynamics
User base dynamics 90-Day Active Users Paid Subscribers Engaged Users 5.92M 5.90M 3.54M 3.48M 3.01M 2.81M Q2 2024 Q2 2025 Q2 2024 Q2 2025 Q2 2024 Q2 2025 Q2 2025 Financial Results 13
Slide 14: Gross margin
Gross margin Q2 Contributing Factors Total Gross Margin Platform Margins 53.5% 59.0% • Slight increase due to lower amortization of software development costs 100% 90% Products Margins 80% 70% • Increase due to capitalized costs 60% associated with higher inventory as we return to growth and the sel
Slide 15: Operating expense
Operating expense • Increased marketing spend of $20 million in 2024 to drive excitement and engagement and continued at similar $71.4M $63.4M rate through Q2 38% 42% • Continued investments in physical products and platform 11% 9% 21% 20% 9% 10% Q2 2024 Q2 2025 R&D S&M G&A % = % of total revenue Q2
Slide 16: Operating income and net income
Operating income and net income Operating Income Net Income $30.1M $26.4M $24.5M $19.8M Q2 2024 Q2 2025 Q2 2024 Q2 2025 Operating Net Income 15.7% Margins 17.5% 11.8% Margins 14.2% 37% YoY $ Growth 14% 23% YoY $ Growth 24% Q2 2025 Financial Results 16
Slide 17: Q2 2025 Balance Sheet and Cash Flow highlights
Q2 2025 Balance Sheet and Cash Flow highlights Cash, equivalents as of 6/30/25 $376.9M $300.0M Cash, cash equivalents, marketable securities Untapped credit line Cash Flow generated from Operations 6/30/25 YTD $97.3M vs $91.6M PY YTD Share Repurchase Program & Dividends $4.7M $181M Used during Q2 20
Slide 18: Forward looking commentary
Forward looking commentary Relentlessly focused on increasing our speed of execution and are accelerating investments in hardware product development, materials, engagement and marketing that will help drive future revenue growth. Assessing sell-out of accessories and materials products sales which