UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 001-40257 Cricut, Inc. (Exact name of Registrant as specified in its charter) Delaware 87-0282025 (State or other jurisdiction of incorporation or organization) ...

Financial Data and Key Metrics Changes - Revenue in Q2 2022 was $183.8 million, a 45% decline compared to Q2 2021, with net income of $13.8 million [31] - Revenue from connected machines was $35.4 million, down 76% year-over-year, while subscription revenue was $67.6 million, up 33% year-over-year [32][35] - Total gross margin in Q2 was 46.5%, an improvement of 7.5 percentage points compared to Q2 2021 [42] Business Line Data and Key Metrics Changes - Subscription revenue increased to $67.6 million, reflecting a strong performance despite challenges in connected machines [35] - Revenue from accessories and materials was $80.7 million, down 41% year-over-year, impacted by increased channel inventory and competition [36] - The number of paid Cricut Access subscribers reached nearly 2.4 million, an increase of over 34% year-over-year [18] Market Data and Key Metrics Changes - International markets represented 13.2% of total revenue, up from 8.5% in Q2 2021, although revenues from international markets decreased by about 14% year-over-year [37] - New user additions were down almost 34% year-over-year, correlating with machine sell-through [34] Company Strategy and Development Direction - The company aims to improve user onboarding and engagement, increase monetization through subscriptions, and expand internationally [14][22] - Cricut is focusing on maintaining pricing stability and avoiding excessive discounting to protect long-term health [10][86] - The strategy includes leveraging the platform for user engagement and monetization, with a focus on innovation and community building [12][28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term growth potential despite current macroeconomic challenges [29] - The company anticipates a moderate lift in sales towards the end of Q3 and a stronger performance in Q4 as retailers prepare for the holiday season [56] - Management highlighted the importance of maintaining a healthy balance sheet and cash flow to navigate the current environment [53][49] Other Important Information - The company has a strong balance sheet with $231.3 million in cash and marketable securities, and a $300 million untapped credit line [53] - Operating income for Q2 was $20 million, or 10.9% of revenue, down from $64.2 million in Q2 2021 [50] Q&A Session Summary Question: What is the impact of channel destock versus user engagement on accessories revenue? - Management indicated that engagement and macroeconomic conditions significantly impacted accessories revenue, alongside channel inventory issues and competition [61][62] Question: How is the retail channel positioned heading into the back-to-school and holiday season? - Management reported strong retail placement and awareness, with no loss of retail doors compared to the previous year [66][67] Question: What is the current status of excess channel inventory? - Management noted that retailers are working through their inventory positions and expect to reach optimal levels by the end of Q3 [75][76] Question: How is the company preparing for launches in new international markets? - The company is leveraging community engagement and influencer marketing to build brand awareness in new markets [72][73] Question: What is the pricing strategy in light of competitive pressures? - Management emphasized maintaining price stability while being strategically promotional to remain competitive [80][86]

NASDAQ : CRCT Q2 2022 Financial Results 1 Financial Results Q2 2022 August 9, 2022 cricut. 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 Securities Litigation Reform Act of 1995. Forward-looking statements generally can be identified by the fact that they do n ...

User Growth - Cricut has nearly 7.2 million users as of June 30, 2022, an increase from 5.37 million users in the same period of 2021, representing a growth of approximately 33.9%[127] - The percentage of users creating in the trailing 90 days decreased to 51% in June 2022 from 59% in June 2021[127] - Cricut had approximately 2.4 million paid subscribers to Cricut Access and Cricut Access Premium as of June 30, 2022, up from 1.77 million in the same period of 2021, indicating a growth of about 34%[127] Revenue Performance - Total revenue decreased by $150.7 million, or 45%, to $183.8 million for the three months ended June 30, 2022, compared to $334.5 million for the same period in 2021[151] - Connected Machines revenue decreased by $110.9 million, or 76%, to $35.4 million for the three months ended June 30, 2022, compared to $146.3 million for the same period in 2021[152] - Subscriptions revenue increased by $16.9 million, or 33%, to $67.6 million for the three months ended June 30, 2022, driven by a 34% increase in Paid Subscribers from 1.8 million to 2.4 million[153] - Accessories and Materials revenue decreased by $56.8 million, or 41%, to $80.7 million for the three months ended June 30, 2022, primarily due to a decline in unit sales of Accessories[154] - Total revenue for the six months ended June 30, 2022, decreased by $229.8 million, or 35%, to $428.5 million compared to $658.3 million for the same period in 2021[151] - Connected Machines revenue decreased by $189.8 million, or 66%, to $97.8 million for the six months ended June 30, 2022, compared to $287.6 million for the same period in 2021[155] - Accessories and Materials revenue decreased by $75.5 million, or 28%, to $198.3 million for the six months ended June 30, 2022, primarily due to a decline in unit sales[157] Profitability Metrics - Gross profit for Connected Machines decreased to $0.6 million for the three months ended June 30, 2022, from $30.1 million in the same period in 2021, reflecting a gross margin decrease to 2%[159][161] - Subscriptions gross profit increased by $16.0 million, or 35%, to $61.4 million for the three months ended June 30, 2022, with a gross margin of 91%[159] - Gross margin for Subscriptions remained stable at 91% for the six months ended June 30, 2022, compared to 90% for the same period in 2021[169] - Gross margin for Accessories and Materials decreased to 31% for the six months ended June 30, 2022 from 41% for the same period in 2021[171] - Gross margin for Connected Machines decreased to 2% for the six months ended June 30, 2022 from 18% for the same period in 2021[167] Expenses Overview - Research and development expenses are expected to increase as a percentage of revenue to support growth from new products and services[141] - Sales and marketing expenses are projected to fluctuate in the near term due to international expansion and new product launches[142] - Research and development expenses increased by $4.3 million, or 12%, to $40.6 million for the six months ended June 30, 2022 from $36.3 million for the same period in 2021[173] - Sales and marketing expenses increased by $3.8 million, or 6%, to $64.3 million for the six months ended June 30, 2022 from $60.5 million for the same period in 2021[177] - General and administrative expenses increased by $3.2 million, or 13%, to $28.1 million for the six months ended June 30, 2022 from $24.9 million for the same period in 2021[179] Cash Flow and Financial Position - Net cash flows provided by operating activities for the six months ended June 30, 2022, were $13,006 thousand, a significant improvement from $(53,995) thousand in the same period of 2021[191] - Net cash flows used in investing activities increased to $(101,569) thousand for the six months ended June 30, 2022, compared to $(16,124) thousand in the prior year[191] - Net cash flows used in financing activities were $(5,031) thousand for the six months ended June 30, 2022, a decrease from $262,013 thousand in the same period of 2021[191] Risk Management - The company has not been exposed to material risks due to changes in interest rates, with a hypothetical 10% change in interest rates having no material impact on financial statements[194] - Foreign currency exchange risks are monitored, with the company not having entered into derivative or hedging transactions due to the immaterial impact of foreign currency exchange rates on operations during 2019-2021[195] Future Outlook - Cricut's revenue is expected to be higher in the second half of the year, historically representing 59% to 60% of total annual revenue[121] - The company anticipates returning to a more normal seasonality pattern as pandemic-related demand stabilizes[121]

Cricut, Inc. (NASDAQ:CRCT) Q1 2022 Earnings Conference Call May 10, 2022 5:00 PM ET Company Participants Stacie Clements - Investor Relations Ashish Arora - Chief Executive Officer Kimball Shill - Chief Financial Officer Jason Dea - Vice President, Finance Conference Call Participants Erik Woodring - Morgan Stanley Jim Suva - Citigroup Paul Kearney - Barclays Operator Ladies and gentlemen, thank you for standing by and welcome to the Cricut Q1 2022 Earnings Conference Call. [Operator Instructions] I would n ...

Q1 2022 Financial Results 1 Financial Results Q1 2022 May 10, 2022 NASDAQ : CRCT Statement Safe Harbor 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 Securities Litigation Reform Act of 1995. Forward-looking statements generally can be identified by the fact that they do not relate ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 001-40257 Cricut, Inc. (Exact name of Registrant as specified in its charter) Delaware 87-0282025 (State or other jurisdiction of incorporation or ...

NASDAQ : CRCT (6) t) (8) II) Financial Results Q4 2021 & FY 2021 March 8, 2022 cricut. 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 Securities Litigation Reform Act of 1995. Forward-looking statements generally can be identified by the fact that they do not r ...

Financial Data and Key Metrics Changes - Total revenue for 2021 grew by 36% to $1.3 billion, following a 97% growth in 2020 [10][38] - EBITDA margin for the full year was 16.2%, down from 22.4% in 2020 [40] - Q4 2021 revenue was $387.8 million, a 5% increase year-over-year, and up 123% on a two-year basis [43] - Net income in Q4 2021 was $11.9 million, down from $61.4 million in Q4 2020 [64] Business Line Data and Key Metrics Changes - Revenue from connected machines in Q4 was $158.1 million, down 7% year-on-year [45] - Subscription revenue increased by 51% to $55.7 million, driven by strong machine sales [46] - Revenue from accessories and materials was $174 million, up 7% year-over-year [46] - Paid subscribers grew by 56% to over 2 million, representing 32% of the total user base [24][50] Market Data and Key Metrics Changes - International revenue grew by 53% in Q4 compared to the same quarter in 2020 [47] - The company added 676,000 new users in Q4, a record for any single quarter [47] - Total users on the platform reached 6.4 million by the end of 2021 [47] Company Strategy and Development Direction - The company aims to expand into new markets and retail channels while simplifying the onboarding process for users [32] - Focus on monetizing the user base through new materials, accessories, and enhanced subscription services [32] - Continued investment in platform development, including new types of connected machines [90][91] Management's Comments on Operating Environment and Future Outlook - Management acknowledged challenges from supply chain disruptions and inflationary pressures impacting margins [59][75] - The expectation to end 2022 with at least 8 million total users, with a focus on driving engagement and monetization [75] - Anticipation of a return to more normal seasonality patterns affecting revenue distribution [111] Other Important Information - The company ended 2021 with $241.6 million in cash and cash equivalents [70] - Operating expenses for Q4 were $79 million, significantly higher than the previous year due to increased investments [61] - The company plans to implement price increases to mitigate inflationary pressures [83] Q&A Session Summary Question: Can you discuss the levers to stabilize machine margins and materials gross margin through 2022? - Management highlighted unusually high promotional activity and end-of-life reserves as key factors affecting margins, with plans to implement price increases [78][80][83] Question: How is the innovation pipeline geared towards monetization versus attracting new users? - The strategy focuses on driving monetization of the existing user base while also attracting new users through innovative products [86][87] Question: What is the reason for higher inventory levels? - Higher inventory levels were attributed to defensive buying by retailers in anticipation of supply chain issues, with an estimated $20 million pull forward into Q4 [94][96] Question: Can you clarify the channel inventory and its components? - The $35 million in channel inventory includes $20 million from defensive buying, with the remaining $15 million being prior to Q4 [97][114] Question: How is the company addressing seasonality in 2022? - Management expects a return to a more normal seasonality pattern, with about 40% of revenues coming from the first half of the year [111]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 001-40257 Cricut, Inc. (Exact name of Registrant as specified in its charter) Delaware 87-0282025 (State or other jurisdiction of incorporation or organ ...