Cricut, Inc. (CRCT): Business Model Canvas

Tauchen Sie ein in die innovative Welt von Cricut, Inc., wo Spitzentechnologie auf kreative Leidenschaft trifft. Dieses digitale Handwerkskraftwerk hat die Art und Weise revolutioniert, wie Bastler, Designer und Unternehmer ihre fantasievollen Ideen in die Realität umsetzen. Durch die nahtlose Verbindung hochentwickelter Hardware, intuitiver Software und einem umfangreichen digitalen Design-Ökosystem hat sich Cricut eine einzigartige Nische auf dem Maker-Markt geschaffen und ermöglicht es Kreativen, ihre komplexesten Projekte mit beispielloser Präzision und Leichtigkeit zum Leben zu erwecken.

Cricut, Inc. (CRCT) – Geschäftsmodell: Wichtige Partnerschaften

Handwerks- und Hobbyhändler

Cricut unterhält strategische Partnerschaften mit großen Einzelhändlern für Kunsthandwerk:

Einzelhändler	Anzahl der Geschäfte	Einzelheiten zur Partnerschaft
Michaels	1.272 Geschäfte	Exklusive Produktplatzierung und Vertriebskanäle
Joann Stoffe	872 Geschäfte	Direkter Produktvertrieb und Marketingzusammenarbeit

Ersteller und Influencer von Online-Inhalten

Cricut arbeitet mit Erstellern digitaler Inhalte zusammen:

• Über 500 aktive Crafting-Influencer
• YouTube-Partnerschaften generieren mehr als 10 Millionen Aufrufe pro Monat
• Das Instagram-Engagement erreicht 2,5 Millionen Follower

Fertigungspartner

Zu den asiatischen Fertigungspartnerschaften gehören:

Land	Fertigungsschwerpunkt	Jährliches Produktionsvolumen
China	Hardwarekomponenten	1,2 Millionen Maschineneinheiten
Taiwan	Elektronische Leiterplatten	3,5 Millionen Leiterplatten

Design-Software und Anbieter digitaler Inhalte

Partnerschaften für digitale Inhalte:

• Über 700 Anbieter von Designvorlagen
• Digitaler Marktplatz mit 250.000 einzigartigen Designs
• Jährlicher Umsatz mit digitalen Inhalten: 42,3 Millionen US-Dollar

E-Commerce-Plattformen

Details zur E-Commerce-Partnerschaft:

Plattform	Jährliches Verkaufsvolumen	Kommissionsstruktur
Amazon	87,5 Millionen US-Dollar	15 % Provisionssatz
Etsy	23,6 Millionen US-Dollar	12 % Provisionssatz

Cricut, Inc. (CRCT) – Geschäftsmodell: Hauptaktivitäten

Design und Entwicklung von Schneidemaschinen

Cricut investierte im Jahr 2022 39,7 Millionen US-Dollar in Forschungs- und Entwicklungskosten. Das Unternehmen produziert mehrere Schneidemaschinenmodelle, darunter Cricut Maker 3, Cricut Explore 3 und Cricut Joy.

Maschinenmodell	Einzelhandelspreis	Erscheinungsjahr
Cricut Maker 3	$399.99	2021
Cricut Explore 3	$269.99	2021
Cricut-Freude	$179.99	2020

Erstellen und Pflegen digitaler Designplattformen

Die Cricut Design Space-Plattform beherbergt ab 2023 über 500.000 vorgefertigte Designs. Die Plattform generiert wiederkehrende Einnahmen durch Abonnementmodelle.

• Design Space-Abonnement: 9,99 $/Monat
• Design Space-Jahresabonnement: 99,99 $/Jahr
• Über 7 Millionen registrierte Benutzer

Marketing und Förderung von Handwerkstechnologie

Cricut gab im Jahr 2022 etwa 86,4 Millionen US-Dollar für Vertrieb und Marketing aus. Das Unternehmen nutzt Social-Media-Influencer und das Engagement der Handwerksgemeinschaft.

Kundensupport und Engagement in der Benutzergemeinschaft

Cricut unterhält ein engagiertes Support-Team, das monatlich etwa 250.000 Kundeninteraktionen bearbeitet. Das Unternehmen betreibt aktive Online-Communities mit über 2 Millionen Mitgliedern auf verschiedenen Plattformen.

Kontinuierliche Software- und Hardware-Innovation

Im Jahr 2022 veröffentlichte Cricut 12 große Software-Updates und 3 neue Hardware-Modelle. Das Unternehmen reicht durchschnittlich 15 bis 20 Patentanmeldungen pro Jahr ein, um technologische Innovationen zu schützen.

Innovationsmetrik	Daten für 2022
Software-Updates	12
Neue Hardware-Modelle	3
Patentanmeldungen	17

Cricut, Inc. (CRCT) – Geschäftsmodell: Schlüsselressourcen

Proprietäres Design und Schneidemaschinentechnologie

Cricut besitzt ab 2023 14 aktive Patente im Zusammenhang mit der Schneidemaschinentechnologie. Das Unternehmen hat im Geschäftsjahr 2022 37,4 Millionen US-Dollar in Forschung und Entwicklung investiert.

Maschinenmodell	Einzelhandelspreis	Erscheinungsjahr
Cricut Maker 3	$399.99	2021
Cricut Explore 3	$269.99	2021
Cricut-Freude	$179.99	2020

Design Space Digitale Plattform und Software

Die Design Space-Plattform hat im dritten Quartal 2022 6,7 Millionen monatlich aktive Benutzer. Die Plattform unterstützt über 1.000 verschiedene Materialtypen zum Schneiden.

• Cloudbasierte Softwareplattform
• Kompatibel mit Windows, Mac, iOS und Android
• Über 250.000 vorgefertigte digitale Projekte verfügbar

Starker Markenruf in der Handwerksbranche

Cricut erwirtschaftete im Geschäftsjahr 2022 einen Umsatz von 724,4 Millionen US-Dollar, mit einem Marktanteil von etwa 68 % im Segment der Heimwerkermaschinen.

Geistiges Eigentum und Patente

Patentkategorie	Anzahl der Patente	Schutzdauer
Schneidtechnik	14	20 Jahre
Software-Algorithmen	8	15 Jahre
Maschinendesign	6	15 Jahre

Globales Vertriebsnetzwerk

Cricut-Produkte sind in 15 Ländern über mehr als 5.000 Einzelhandelsstandorte erhältlich, darunter Michaels, Hobby Lobby und Amazon.

• Direkter Online-Verkauf über die offizielle Website
• Partnerschaften mit großen Handwerks- und Einzelhandelsketten
• Internationaler Versand in über 40 Länder

Cricut, Inc. (CRCT) – Geschäftsmodell: Wertversprechen

Benutzerfreundliche digitale Handwerkstechnologie

Cricut bietet Maker 3- und Explore 3-Maschinen zum Preis von 299 bzw. 269 US-Dollar an, mit einer Schnittgenauigkeit von 0,1 mm und Kompatibilität mit über 300 Materialien.

Maschinenmodell	Preis	Präzision beim Schneiden	Materialkompatibilität
Hersteller 3	$299	0,1 mm	Über 350 Materialien
Entdecken Sie 3	$269	0,1 mm	Über 300 Materialien

Vielseitige Schneidemaschinen für verschiedene Materialien

Cricut-Maschinen können verschiedene Materialien schneiden, darunter:

• Vinyl
• Karton
• Stoff
• Leder
• Balsaholz

Umfangreiche digitale Designbibliothek und Vorlagen

Cricut Access-Abonnementangebote:

• Über 1.000 digitale Bilder monatlich
• Über 500 fertige Projekte
• Preis: 9,99 $/Monat oder 95,88 $/Jahr

Stärkung kreativer Heimwerker

Im Jahr 2022 meldete Cricut 1,7 Millionen aktive Cricut Access-Abonnenten, die einen Umsatz von 285,4 Millionen US-Dollar aus Abonnements und digitalen Inhalten erwirtschafteten.

Nahtlose Integration zwischen Hardware und Software

Softwareplattform	Funktionen	Benutzerbasis
Cricut Design Space	Cloudbasierte Designsoftware	5,5 Millionen aktive Benutzer

Cricut, Inc. (CRCT) – Geschäftsmodell: Kundenbeziehungen

Online-Community und Benutzerforen

Die Cricut Design Space Community hat im vierten Quartal 2023 1,2 Millionen aktive registrierte Mitglieder. Das Online-Forum generiert etwa 47.000 monatliche Benutzerinteraktionen. Kennzahlen zum Benutzerengagement zeigen, dass 78 % der aktiven Cricut-Benutzer an Online-Community-Diskussionen teilnehmen.

Community-Metrik	Quantitative Daten
Registrierte Community-Mitglieder	1,200,000
Monatliche Benutzerinteraktionen	47,000
Aktive Benutzerbeteiligungsrate	78%

Tutorial-Videos und Lehrinhalte

Der YouTube-Kanal von Cricut hat 1,5 Millionen Abonnenten mit durchschnittlich 3,2 Millionen monatlichen Videoaufrufen. Der Inhalt des Tutorials umfasst 87 verschiedene Handwerkstechniken und Anweisungen zur Maschinennutzung.

• Abonnenten des YouTube-Kanals: 1.500.000
• Monatliche Videoaufrufe: 3.200.000
• Kategorien des Tutorialinhalts: 87

Personalisiertes Design-Empfehlungssystem

Der Cricut Design Space-Algorithmus verarbeitet monatlich 2,3 Millionen einzigartige Designempfehlungen von Benutzern. Die Personalisierungsgenauigkeitsrate liegt basierend auf Benutzerinteraktionsdaten bei 72 %.

Empfehlungsmetrik	Wert
Monatliche Designempfehlungen	2,300,000
Personalisierungsgenauigkeit	72%

Social-Media-Engagement

Cricut unterhält eine aktive Social-Media-Präsenz auf allen Plattformen mit 2,8 Millionen Instagram-Followern und 750.000 Facebook-Followern. Die durchschnittliche Engagement-Rate über alle sozialen Kanäle hinweg beträgt 4,6 %.

• Instagram-Follower: 2.800.000
• Facebook-Follower: 750.000
• Social-Media-Engagement-Rate: 4,6 %

Kundensupportkanäle

Cricut betreibt einen Multichannel-Kundensupport mit Reaktionszeiten von durchschnittlich 47 Minuten. Jährliche Support-Interaktionen belaufen sich auf 680.000 über E-Mail-, Telefon- und Live-Chat-Plattformen.

Support-Kanal	Jährliche Interaktionen	Durchschnittliche Reaktionszeit
E-Mail-Support	380,000	52 Minuten
Telefonsupport	180,000	41 Minuten
Live-Chat	120,000	38 Minuten

Cricut, Inc. (CRCT) – Geschäftsmodell: Kanäle

Direct-to-Consumer-Website

Cricut.com erwirtschaftete im Jahr 2022 direkte E-Commerce-Einnahmen in Höhe von 482,4 Millionen US-Dollar, was 62,3 % des Gesamtumsatzes des Unternehmens entspricht.

Kanaltyp	Jahresumsatz	Prozentsatz des Umsatzes
Direkter Website-Verkauf	482,4 Millionen US-Dollar	62.3%

Online-Händler

Der Amazon-Vertriebskanal trug im Jahr 2022 etwa 87,6 Millionen US-Dollar bei, was 11,3 % des Gesamtumsatzes des Unternehmens entspricht.

Online-Händler	Jährlicher Verkauf	Marktanteil
Amazon	87,6 Millionen US-Dollar	11.3%

Konkrete Kunsthandwerksläden

Einzelhandelspartnerschaften mit Michaels, Hobby Lobby und Joann Fabrics erwirtschafteten im Jahr 2022 132,5 Millionen US-Dollar.

• Michaels: 62,3 Millionen US-Dollar
• Hobby-Lobby: 41,7 Millionen US-Dollar
• Joann Fabrics: 28,5 Millionen US-Dollar

Social-Media-Plattformen

Social-Media-Marketing generierte im Jahr 2022 4,2 Millionen direkte Produktinteraktionen.

Plattform	Benutzerinteraktionen	Conversion-Rate
Instagram	1,8 Millionen	2.7%
Facebook	1,5 Millionen	2.3%
Pinterest	0,9 Millionen	1.8%

Digitale Marketingkampagnen

Die Ausgaben für digitales Marketing beliefen sich im Jahr 2022 auf 37,6 Millionen US-Dollar, wobei die Kosten für die Kundenakquise 42 US-Dollar pro Neukunde betrugen.

• Gesamtausgaben für digitales Marketing: 37,6 Millionen US-Dollar
• Kundenakquisekosten: 42 $
• Marketing-Conversion-Rate: 3,6 %

Cricut, Inc. (CRCT) – Geschäftsmodell: Kundensegmente

Hobbybastler

Ab 2024 zielt Cricut auf 35,7 Millionen aktive Handwerkshaushalte in den Vereinigten Staaten ab. Die durchschnittlichen jährlichen Ausgaben pro Hobbybastler für Bastelbedarf betragen 536 US-Dollar.

Demografisches Segment	Bevölkerung	Durchschnittliche jährliche Ausgaben
Hobbybastlerinnen (Alter 25–54)	22,4 Millionen	$612
Männliche Hobbybastler (Alter 25–54)	13,3 Millionen	$458

Professionelle Designer

Cricut bedient rund 187.000 professionelle Grafikdesigner und Kreativprofis in den Vereinigten Staaten.

• Durchschnittliche jährliche Ausrüstungsinvestition: 2.749 $
• Anteil, der digitale Designtools nutzt: 92 %
• Mittleres Jahreseinkommen: 54.600 $

Kleinunternehmer

Der Zielmarkt umfasst 582.000 Kleinunternehmer in der Kreativbranche.

Geschäftstyp	Anzahl der Unternehmen	Durchschnittlicher Jahresumsatz
Unternehmen mit personalisierten Produkten	124,500	$87,300
Print-on-Demand-Unternehmen	76,800	$64,200

Bildungseinrichtungen

Cricut richtet sich mit Design- und Technologieprogrammen an 67.400 Bildungseinrichtungen.

• K-12-Schulen mit Designprogrammen: 42.600
• Community Colleges: 15.800
• Universitäten mit Designabteilungen: 9.000

Von zu Hause aus tätige Unternehmer

Das Marktsegment umfasst 1,2 Millionen kreative Unternehmer, die von zu Hause aus tätig sind.

Kategorie „Unternehmer“.	Anzahl der Unternehmer	Durchschnittlicher jährlicher Geschäftsumsatz
Handwerksunternehmer	486,000	$42,500
Entwickler digitaler Produkte	378,000	$35,700
Druck- und Merchandise-Unternehmer	336,000	$52,300

Cricut, Inc. (CRCT) – Geschäftsmodell: Kostenstruktur

Forschungs- und Entwicklungskosten

Für das Geschäftsjahr 2022 meldete Cricut Forschungs- und Entwicklungskosten in Höhe von 53,4 Millionen US-Dollar, was 14,7 % des Gesamtumsatzes entspricht.

Geschäftsjahr	F&E-Ausgaben	Prozentsatz des Umsatzes
2022	53,4 Millionen US-Dollar	14.7%
2021	46,1 Millionen US-Dollar	13.5%

Fertigung und Hardwareproduktion

Die Herstellungskosten von Cricut für die Hardwareproduktion beliefen sich im Jahr 2022 auf rund 88,2 Millionen US-Dollar.

• Durchschnittliche Kosten pro Cricut-Maschine: 85–150 $
• Produktion wird überwiegend an Auftragsfertiger in Asien ausgelagert
• Geschätztes jährliches Produktionsvolumen: 1,5-2 Millionen Einheiten

Marketing und Werbung

Die Marketingausgaben für Cricut beliefen sich im Jahr 2022 auf 96,7 Millionen US-Dollar, was 26,6 % des Gesamtumsatzes ausmacht.

Marketingkanäle	Ungefähre Ausgaben
Digitale Werbung	42,3 Millionen US-Dollar
Social-Media-Marketing	23,5 Millionen US-Dollar
Influencer-Partnerschaften	15,9 Millionen US-Dollar

Wartung der Softwareplattform

Die Kosten für Softwareentwicklung und -wartung beliefen sich im Jahr 2022 auf 31,6 Millionen US-Dollar.

• Kosten für die Cloud-Infrastruktur: 12,4 Millionen US-Dollar
• Software-Engineering-Team: Ungefähr 150 Mitarbeiter
• Jährliche Investition in Softwareplattformen: 8,7 % des Gesamtumsatzes

Kundensupport-Infrastruktur

Die Ausgaben für den Kundensupport beliefen sich im Jahr 2022 auf insgesamt 22,5 Millionen US-Dollar.

Support-Kanal	Jährliche Kosten
Telefonsupport	9,7 Millionen US-Dollar
Online-Chat	6,3 Millionen US-Dollar
E-Mail-Support	4,5 Millionen US-Dollar
Community-Foren	2 Millionen Dollar

Cricut, Inc. (CRCT) – Geschäftsmodell: Einnahmequellen

Maschinenverkauf

Cricut erzielte im Jahr 2022 einen Maschinenverkaufsumsatz von 628,5 Millionen US-Dollar. Die Produktpalette umfasst:

Maschinenmodell	Durchschnittlicher Einzelhandelspreis
Cricut Maker 3	$399.99
Cricut Explore 3	$299.99
Cricut-Freude	$199.99

Abonnementbasierter Zugriff auf digitales Design

Der Abonnementumsatz von Cricut Access erreichte im Jahr 2022 83,4 Millionen US-Dollar. Zu den Abonnementstufen gehören:

• Cricut Access Standard: 9,99 $/Monat
• Cricut Access Premium: 14,99 $/Monat

Marktplatz für digitale Inhalte

Der Marktplatz für digitale Inhalte erwirtschaftete im Jahr 2022 etwa 45,2 Millionen US-Dollar. Die Preise für individuelles digitales Design liegen zwischen 0,99 und 4,99 US-Dollar.

Verkauf von Zubehör und Bedarfsartikeln

Produktkategorie	Umsatz 2022
Vinylmaterialien	87,6 Millionen US-Dollar
Schneidmesser	42,3 Millionen US-Dollar
Handwerkswerkzeuge	56,1 Millionen US-Dollar

Premium-Designvorlagen-Angebote

Premium-Designvorlagen trugen im Jahr 2022 22,7 Millionen US-Dollar zum Umsatz bei. Die Preise für Vorlagen liegen zwischen 4,99 und 19,99 US-Dollar.

Cricut, Inc. (CRCT) - Canvas Business Model: Value Propositions

Cricut, Inc. provides a creative technology platform enabling millions of users to turn ideas into handmade goods. The platform revenue for the third quarter of 2025 was $82.8 million, representing a 7% year-over-year increase.

The connected platform supports a community of millions of users globally. As of the third quarter of 2025, the number of Active Users was nearly 5.9 million, with 3.42 million 90-Day Engaged Users.

High-margin, recurring access is delivered through Cricut Access. Paid Subscribers increased to over 3 million in Q3 2025, up 6% year-over-year. The Platform Average Revenue Per User (ARPU) reached $54.96 in Q3 2025, marking a 4% increase year-over-year. The gross margin for the entire company in Q3 2025 expanded to 55.2%, up from 46.1% in Q3 2024.

The portfolio includes smart cutting machines like the Cricut Maker, Cricut Explore, Cricut Joy, and Cricut Venture. Connected machine revenues grew 12% for the third quarter of 2025. The Products revenue segment was $87.7 million in Q3 2025.

The financial performance highlights for the third quarter of 2025 include:

Metric	Amount / Rate
Total Revenue	$170.4 million
Platform Revenue	$82.8 million
Operating Income Margin	13.3%
Net Income	$20.5 million
Diluted EPS	$0.10

The value proposition is supported by ongoing financial commitments and platform features. The company announced a recurring semi-annual dividend of $0.10 per share to be paid in January 2026. The platform includes subscriber-only features such as:

• Monogram Maker
• Editable Images
• Create Sticker
• Automatic Background Remover

The company ended Q3 2025 with $207 million in cash and remains debt-free. International revenue contributed 24% of total revenue in Q3 2025.

Cricut, Inc. (CRCT) - Canvas Business Model: Customer Relationships

You're looking at how Cricut, Inc. keeps its millions of users connected and coming back for more, which is key since their platform revenue is growing even when hardware sales are soft. The relationships here are a mix of digital automation, community reliance, and targeted spending.

Automated self-service through the Design Space software and online help centers

The first line of support is baked right into the Design Space software. Cricut, Inc. relies on this cloud-based app to give users access to create and work on projects anywhere, anytime, across desktop and mobile devices. The company explicitly notes that its self-service support resources rely on engagement and collaboration by and with other users. If these resources aren't easy to use, the Member Care team faces more pressure, which they noted can negatively impact results of operations if not managed by hiring more personnel. The platform aggregates billions of data points from user contributions, which helps them continuously improve products and drive engagement, essentially automating support by improving the core product experience.

Community-driven support and user-generated content for project inspiration

The community aspect is central to keeping users active. While 90-Day Engaged Users were reported at 3.4 million in Q3 2025, down 3% year-over-year, the platform continues to grow its content library. Cricut Access subscribers get access to a growing number of images, fonts, and editable templates, which is a direct value exchange for their subscription. The company is focused on simplifying the design experience by assisting users based on their project intent, using AI image selection and guided, step-by-step flows for popular use cases. This user-generated content and project inspiration is what drives the stickiness of the platform.

Here's a look at the platform metrics that underpin this relationship as of Q3 2025:

Metric	Q3 2025 Value	YoY Change
Paid Subscribers	Over 3 million	+6%
Platform Revenue	$82.8 million	+7%
Platform ARPU (Average Revenue Per User)	$54.96	+4%
Platform Gross Margin	89.2%	Up from 87.1% in Q3 2024
90-Day Engaged Users	3.4 million	-3%

Increased marketing and engagement spend to reaccelerate consumer excitement

Cricut, Inc. is actively spending to reaccelerate excitement. Total operating expenses in Q3 2025 hit $71.4 million, which was up 7% from $66.8 million in Q3 2024. This increase reflects continued investments, including a marketing effort that was increased by $20 million during 2024 and continued at a similar rate through Q3 2025. The company reported more visitors to Design Space via engagement marketing in Q3 2025 than in any prior quarter, and overall marketing engagement increased more than 20% year-over-year for that quarter. They plan to lean into this spend through the holiday season.

The focus of this spend is clear:

• Drive brand awareness targeting consumers with greater disposable income.
• Simplify the user experience with guided flows in Design Space.
• Enhance AI functionality for project creation.

Direct-to-consumer (DTC) e-commerce for personalized sales and support

The direct channel through cricut.com is a key touchpoint for personalized sales and support. While annual online store sales were $124.7M in 2024, the forecast for 2025 projected growth between 10-20%, suggesting a turnaround. For the month of October 2025 alone, the site generated $18,537,230 in online sales. The Average Order Value (AOV) in that month was estimated to be in the $250-275 range. This DTC channel is where Cricut, Inc. can directly control the customer journey, from product presentation to post-sale support, though past user reports suggest challenges with order modification and weekend support availability.

Finance: draft 13-week cash view by Friday.

Cricut, Inc. (CRCT) - Canvas Business Model: Channels

You're looking at how Cricut, Inc. gets its products and services into the hands of its users as of late 2025. The distribution strategy clearly balances direct engagement with broad retail presence.

The company's Q3 2025 financial results show a total revenue of $170.4 million, which is split between its Platform services and its physical Products. The Platform revenue, which is heavily influenced by the direct-to-consumer (DTC) Cricut.com e-commerce platform and its subscription services, was $82.8 million, marking a 7% increase year-over-year.

The Products segment, which covers the machines, tools, and materials sold through all channels, accounted for the remainder of the revenue, totaling $87.7 million, though this was down 3% compared to Q3 2024. Within Products, connected machine revenues showed strength, increasing 12% for the quarter, while accessories and materials revenue declined by 17% year-on-year.

Cricut, Inc. explicitly relies on a multi-channel approach, as noted in its filings, utilizing both its own digital storefront and third-party physical and online locations.

Here's a quick look at the Q3 2025 revenue composition:

Channel/Segment Focus	Revenue Amount (Q3 2025)	Year-over-Year Change (Q3 2025 vs Q3 2024)	Percentage of Total Revenue
Total Revenue	$170.4 million	2% increase	100%
Platform Revenue (DTC/Subscription Focus)	$82.8 million	7% increase	Approximately 48.6%
Products Revenue (Retail/DTC Sales)	$87.7 million	3% decrease	Approximately 51.5%
International Revenue	$40.5 million	5% increase	24%

The international push is a clear strategic focus, with management noting positive momentum in specific regions.

• International revenue accounted for 24% of total Q3 2025 revenue, up from 23% in Q3 2024.
• International revenue grew by 5% year-over-year in Q3 2025, reaching $40.5 million.
• Specific international markets showing momentum include the UK and Western Europe.
• The company is seeing 'green shoots' in nascent markets like India and Japan.
• Australia is reported as stabilizing through increased promotions.

The reliance on third-party sales channels is evident, as the company's business depends on maintaining relationships with its retail partners.

• Sales channels include cricut.com for direct sales.
• The model includes major brick-and-mortar and online retail partners.
• The company is continuing to lean into accelerated investments in marketing, including increasing awareness in international markets.

Finance: draft 13-week cash view by Friday.

Cricut, Inc. (CRCT) - Canvas Business Model: Customer Segments

You're hiring before product-market fit, so knowing exactly who pays you is step one. For Cricut, Inc., the customer base is clearly segmented across usage and geography, with subscription metrics showing where the recurring value is captured.

DIY and crafting enthusiasts seeking professional-grade results at home form the core base, evidenced by the overall user engagement metrics. As of the end of Q3 2025, the company reported nearly 5.9 million Active Users, which was about flat year-over-year. The platform's stickiness is measured by the 3.4 million 90-Day Engaged Users in Q3 2025, though this figure saw a 3% year-over-year decline. Website traffic analysis from October 2025 shows the audience composition is 67.99% female, with the largest age group being 25 - 34 year olds.

The segment of small business owners and micro-entrepreneurs creating custom products for sale is captured within the paid subscriber base, which drives Platform revenue. Cricut, Inc. ended Q3 2025 with just over 3 million paid subscribers, marking a 6% year-over-year increase. The monetization of this group is reflected in the Platform Average Revenue Per User (ARPU) reaching $54.96 in Q3 2025, a 4% increase from the prior year.

For educators and hobbyists utilizing the platform for personal projects, the overall user count provides context, though specific financial breakdowns for this group aren't public. The company's total revenue for Q3 2025 was $170.4 million, with Platform revenue specifically at $82.8 million, up 7% year-over-year.

The international users represent a distinct and growing geographic segment. International revenue increased by 5% over Q3 2024. In Q3 2025, international revenue accounted for 24% of total revenue, up from 23% of total revenue in Q3 2024. For Q3 2025, international revenue was $40.5 million.

Here's a quick look at the key user and subscription metrics as of Q3 2025:

Metric	Value (Q3 2025)	Year-over-Year Change
Total Revenue	$170.4 million	Up 2%
Paid Subscribers	Over 3 million	Up 6%
Active Users	Nearly 5.9 million	About flat
90-Day Engaged Users	3.4 million	Down 3%
Platform ARPU	$54.96	Up 4%

The platform's appeal to different user types is also reflected in the audience demographics visiting the main website in October 2025:

• Audience Gender Split: 67.99% female, 32.01% male.
• Top Age Group: 25 - 34 year olds.
• Website Global Rank: #10,416.

The company is actively investing in international markets, which is a clear focus area for segment expansion, even as domestic engagement metrics show some softness. Finance: draft 13-week cash view by Friday.

Cricut, Inc. (CRCT) - Canvas Business Model: Cost Structure

You're looking at the cost side of the equation for Cricut, Inc. as of late 2025, which is definitely getting more complex with external pressures. The cost structure is heavily influenced by the physical goods they sell versus the digital services they offer.

Cost of Goods Sold (COGS) and Tariff Headwinds

The direct cost for products remains a major factor, especially with ongoing trade policy uncertainty. Roughly 75% of Cricut, Inc.'s Cost of Goods Sold (COGS) is currently subject to Section 301 tariffs. Management is modeling an average tariff rate of about 20% flowing through the financials on that exposed portion of COGS. This exposure is a primary near-term risk to product margins.

Operating Expenses and Brand Awareness Spend

Total operating expenses for the third quarter of 2025 reached $71.4 million. This represented a 7% increase from the $66.8 million reported in Q3 2024. A significant driver here is the continued focus on marketing spend to build brand awareness and drive consumer excitement. You should note that Cricut, Inc. increased its marketing efforts during 2024 by $20 million and continued at a similar rate through Q3 2025. Marketing engagement, for instance, rose over 20% year-over-year in the recent quarter.

The table below breaks down some key Q3 2025 financial metrics relevant to the cost structure and profitability:

Metric	Q3 2025 Value (USD Millions)	Q3 2024 Value (USD Millions)
Total Operating Expenses	71.4	66.8
Operating Income	22.7	10.6
Total Revenue	170.4	167.1 (Calculated: 170.4 / 1.02)
Total Gross Margin Percentage	55.2%	46.1%

Investment in R&D and Platform Costs

Cricut, Inc. is accelerating investments in future growth, which includes significant spending on Research and Development (R&D) for new hardware and software. For context on the scale of investment, the full-year 2024 Research & Development Expense was $60 million. The company is continuing these investments even while navigating tariff uncertainty. On the platform side, the operating costs benefit from extremely high gross margins. The platform gross margin for Q3 2025 was reported at 89.2%, up from 87.1% in the prior year period. This high margin helps offset pressures elsewhere in the cost structure.

Key components of the cost conversion are:

• Platform Gross Margin (Q3 2025): 89.2%
• Product Revenue (Q3 2025): $87.7 million
• Platform Revenue (Q3 2025): $82.8 million
• Connected Machine Revenue Growth (Q3 2025): 12%
• Accessories and Materials Revenue Decline (Q3 2025): 17%

Finance: draft 13-week cash view by Friday.

Cricut, Inc. (CRCT) - Canvas Business Model: Revenue Streams

You're looking at the revenue side of the Cricut, Inc. Business Model Canvas as of late 2025, specifically focusing on the third quarter results. Honestly, the story here is the clear split between the high-margin software/services side and the hardware/consumables side. It's a classic razor-and-blades dynamic, but the blades-the materials-are currently dulling a bit.

The total revenue for the third quarter of 2025 landed at $170.4 million, which was a 2% increase compared to the same period last year. That top-line growth was modest, but the real story is where that revenue came from, and how profitable each stream is.

Here's the quick math on how the revenue streams broke down for Q3 2025:

Revenue Segment	Q3 2025 Amount (Millions USD)	YoY Change	Key Detail
Platform Revenue	$82.8 million	Up 7%	High-margin digital content and subscriptions
Product Revenue	$87.7 million	Down 3%	Connected machines and accessories
Total Revenue	$170.4 million	Up 2%	Overall company top-line

The high-margin Platform Revenue is definitely the engine showing consistent growth. This stream, which covers subscriptions and digital content, totaled $82.8 million in Q3 2025, marking a 7% increase year-over-year. This segment benefits from a high gross margin, reported at 89.2% for the quarter, up from 87.1% a year ago.

This recurring revenue health is tied directly to the user base engagement. You should note that Platform ARPU (Average Revenue Per User) hit $54.96 in the quarter, which is a 4% increase from the prior year's $52.86. Also, the number of Paid Subscribers grew by 6% year-over-year, reaching just over 3 million users.

The Product Revenue, which includes the connected machines and accessories, was $87.7 million in Q3 2025, representing a 3% decline from Q3 2024. Within that product bucket, the connected machine revenues actually performed well, increasing by 12% for the quarter.

However, the materials and accessories sales are where you see the pressure. Sales of materials and accessories saw a significant 17% decline year-over-year. This decline is a key area to watch, especially since the company mentioned accelerating shipments in the prior quarter, which means the current trend is a normalization downward. The gross margin for the Product segment overall was much lower at 23.1%.

To summarize the components driving the Platform segment:

• Paid Subscribers: Over 3 million.
• Platform ARPU: $54.96.
• Platform Revenue Growth: 7% year-over-year.
• Platform Gross Margin: 89.2%.

And for the Product segment, the mix is important:

• Total Product Revenue: $87.7 million.
• Connected Machines Revenue: Increased 12%.
• Materials and Accessories Revenue: Declined 17%.
• Product Gross Margin: 23.1%.

The shift in revenue mix is definitely helping profitability; the higher proportion of Platform revenue contributed to the total gross margin expanding to 55.2%, up from 46.1% in Q3 2024. Finance: draft 13-week cash view by Friday.