Cricut, Inc. (CRCT): Modelo de Negócios Canvas [Jan-2025 Atualizado]

Mergulhe no mundo inovador de Cricut, Inc., onde a tecnologia de ponta encontra paixão criativa. Essa potência de artesanato digital revolucionou como entusiastas, designers e empreendedores transformam suas idéias imaginativas em realidade. Ao misturar perfeitamente hardware sofisticado, software intuitivo e um amplo ecossistema de design digital, o Cricut criou um nicho único no mercado do Maker, capacitando os criadores a dar vida a seus projetos mais intrincados, com precisão e facilidade sem precedentes.

Cricut, Inc. (CRCT) - Modelo de negócios: Parcerias -chave

Crafting e varejistas de hobby

Cricut mantém parcerias estratégicas com os principais varejistas de criação:

Varejista	Número de lojas	Detalhes da parceria
Michaels	1.272 lojas	Canais exclusivos de colocação de produtos e vendas
JoAnn Fabrics	872 lojas	Distribuição direta de produtos e colaboração de marketing

Criadores de conteúdo on -line e influenciadores

Cricut colabora com os criadores de conteúdo digital:

• Mais de 500 influenciadores de criação ativos
• Parcerias do YouTube gerando mais de 10 milhões de visualizações mensais
• Engajamento do Instagram atingindo 2,5 milhões de seguidores

Parceiros de fabricação

As parcerias asiáticas de manufatura incluem:

País	Foco de fabricação	Volume anual de produção
China	Componentes de hardware	1,2 milhão de unidades de máquinas
Taiwan	Placas de circuito eletrônico	3,5 milhões de placas de circuito

Design Software e provedores de conteúdo digital

Parcerias de conteúdo digital:

• 700+ provedores de modelos de design
• Marketplace digital com 250.000 designs exclusivos
• Receita anual de conteúdo digital: US $ 42,3 milhões

Plataformas de comércio eletrônico

Detalhes da parceria de comércio eletrônico:

Plataforma	Volume anual de vendas	Estrutura da comissão
Amazon	US $ 87,5 milhões	Taxa de comissão de 15%
Etsy	US $ 23,6 milhões	Taxa de comissão de 12%

Cricut, Inc. (CRCT) - Modelo de negócios: Atividades -chave

Projeto e desenvolvimento de máquinas de corte

Cricut investiu US $ 39,7 milhões em despesas de pesquisa e desenvolvimento em 2022. A empresa produz vários modelos de máquinas de corte, incluindo Cricut Maker 3, Cricut Explore 3 e Cricut Joy.

Modelo de máquina	Preço de varejo	Ano de lançamento
Cricut Maker 3	$399.99	2021
Cricut Explore 3	$269.99	2021
Alegria de Cricut	$179.99	2020

Criando e mantendo plataformas de design digital

A plataforma de espaço de design de Cricut hospeda mais de 500.000 designs pré-fabricados a partir de 2023. A plataforma gera receita recorrente por meio de modelos de assinatura.

• Assinatura do espaço de design: US $ 9,99/mês
• Espaço de design assinatura anual: US $ 99,99/ano
• Mais de 7 milhões de usuários registrados

Marketing e promoção da tecnologia de criação

Cricut gastou aproximadamente US $ 86,4 milhões em vendas e marketing em 2022. A empresa aproveita os influenciadores de mídia social e cria o envolvimento da comunidade.

Suporte ao cliente e engajamento da comunidade do usuário

Cricut mantém uma equipe de suporte dedicada lidando com aproximadamente 250.000 interações com os clientes mensalmente. A empresa opera comunidades on -line ativas com mais de 2 milhões de membros em várias plataformas.

Software contínuo e inovação de hardware

Em 2022, o Cricut lançou 12 principais atualizações de software e 3 novos modelos de hardware. A empresa arquiva uma média de 15 a 20 pedidos de patente anualmente para proteger as inovações tecnológicas.

Métrica de inovação	2022 dados
Atualizações de software	12
Novos modelos de hardware	3
Aplicações de patentes	17

Cricut, Inc. (CRCT) - Modelo de negócios: Recursos -chave

Projeto proprietário e tecnologia de máquinas de corte

A Cricut possui 14 patentes ativas relacionadas à tecnologia de máquinas de corte a partir de 2023. A Companhia investiu US $ 37,4 milhões em pesquisa e desenvolvimento no ano fiscal de 2022.

Modelo de máquina	Preço de varejo	Ano de lançamento
Cricut Maker 3	$399.99	2021
Cricut Explore 3	$269.99	2021
Alegria de Cricut	$179.99	2020

Design Space Digital Platform and Software

A plataforma espacial de design possui 6,7 milhões de usuários ativos mensais a partir do terceiro trimestre de 2022. A plataforma suporta mais de 1.000 tipos de materiais diferentes para corte.

• Plataforma de software baseada em nuvem
• Compatível com Windows, Mac, iOS e Android
• Mais de 250.000 projetos digitais pré-projetados disponíveis

Forte reputação de marca na indústria de artesanato

Cricut gerou US $ 724,4 milhões em receita para o ano fiscal de 2022, com uma participação de mercado de aproximadamente 68% no segmento de máquinas de criação em casa.

Propriedade intelectual e patentes

Categoria de patentes	Número de patentes	Duração da proteção
Corte de tecnologia	14	20 anos
Algoritmos de software	8	15 anos
Design da máquina	6	15 anos

Rede de distribuição global

Os produtos da Cricut estão disponíveis em 15 países através de mais de 5.000 locais de varejo, incluindo Michaels, Hobby Lobby e Amazon.

• Vendas on -line diretas através do site oficial
• Parcerias com grandes redes de artesanato e varejo
• Envio internacional para mais de 40 países

Cricut, Inc. (CRCT) - Modelo de negócios: proposições de valor

Tecnologia de artesanato digital fácil de usar

O Cricut oferece a Maker 3 e explore 3 máquinas com preço de US $ 299 e US $ 269, respectivamente, com precisão de corte de 0,1 mm e compatibilidade com mais de 300 materiais.

Modelo de máquina	Preço	Cortando precisão	Compatibilidade do material
Maker 3	$299	0,1 mm	350 mais de materiais
Explore 3	$269	0,1 mm	300 mais de materiais

Máquinas de corte versáteis para vários materiais

As máquinas Cricut podem cortar diversos materiais, incluindo:

• Vinil
• Cartolina
• Tecido
• Couro
• Balsa madeira

Extensa biblioteca de design digital e modelos

ASSINAÇÃO DE ACESSO CRICUT OFERTAS:

• Mais de 1.000 imagens digitais mensalmente
• 500+ projetos prontos para fazer
• Preço: US $ 9,99/mês ou US $ 95,88/ano

Empoderamento de entusiastas criativos de bricolage

Em 2022, Cricut registrou 1,7 milhão de assinantes de acesso ao Cricut Active, gerando US $ 285,4 milhões em receita de assinaturas e conteúdo digital.

Integração perfeita entre hardware e software

Plataforma de software	Características	Base de usuários
Espaço de design de Cricut	Software de design baseado em nuvem	5,5 milhões de usuários ativos

Cricut, Inc. (CRCT) - Modelo de Negócios: Relacionamentos do Cliente

Fóruns de comunidade e usuários online

A comunidade espacial de design de Cricut possui 1,2 milhão de membros registrados ativos a partir do quarto trimestre 2023. O fórum on -line gera aproximadamente 47.000 interações mensais do usuário. As métricas de engajamento do usuário mostram 78% dos usuários ativos do Cricut participam de discussões da comunidade on -line.

Métrica comunitária	Dados quantitativos
Membros da comunidade registrados	1,200,000
Interações mensais do usuário	47,000
Taxa de participação do usuário ativa	78%

Vídeos tutoriais e conteúdo instrucional

O Cricut YouTube Channel possui 1,5 milhão de assinantes com uma média de 3,2 milhões de visualizações de vídeo mensais. O conteúdo do tutorial abrange 87 técnicas diferentes de artesanato e instruções de uso da máquina.

• Assinantes do canal do YouTube: 1.500.000
• Visualizações de vídeo mensais: 3.200.000
• Categorias de conteúdo do tutorial: 87

Sistema de recomendação de design personalizado

O algoritmo de espaço de design do Cricut processa 2,3 milhões de recomendações de design de usuário exclusivas mensalmente. A taxa de precisão da personalização é de 72% com base nos dados de interação do usuário.

Métrica de recomendação	Valor
Recomendações mensais de design	2,300,000
Precisão de personalização	72%

Engajamento da mídia social

O Cricut mantém a presença ativa das mídias sociais em plataformas com 2,8 milhões de seguidores no Instagram e 750.000 seguidores no Facebook. A taxa média de envolvimento é de 4,6% nos canais sociais.

• Seguidores do Instagram: 2.800.000
• Seguidores do Facebook: 750.000
• Taxa de engajamento de mídia social: 4,6%

Canais de suporte ao cliente

O Cricut opera suporte ao cliente multicanal com tempos de resposta com média de 47 minutos. As interações de suporte anual totalizam 680.000 em plataformas de e -mail, telefone e bate -papo ao vivo.

Canal de suporte	Interações anuais	Tempo médio de resposta
Suporte por e -mail	380,000	52 minutos
Suporte telefônico	180,000	41 minutos
Bate -papo ao vivo	120,000	38 minutos

Cricut, Inc. (CRCT) - Modelo de Negócios: Canais

Site direto ao consumidor

O Cricut.com gerou US $ 482,4 milhões em receita direta de comércio eletrônico em 2022, representando 62,3% do total de vendas da empresa.

Tipo de canal	Receita anual	Porcentagem de vendas
Vendas diretas no site	US $ 482,4 milhões	62.3%

Varejistas on -line

O Amazon Sales Channel contribuiu com aproximadamente US $ 87,6 milhões em 2022, representando 11,3% da receita total da empresa.

Varejista on -line	Vendas anuais	Quota de mercado
Amazon	US $ 87,6 milhões	11.3%

Lojas de artesanato de tijolo e argamassa

As parcerias de varejo com Michaels, Hobby Lobby e Joann Fabrics geraram US $ 132,5 milhões em 2022.

• Michaels: US $ 62,3 milhões
• Hobby Lobby: US $ 41,7 milhões
• JoAnn Fabrics: US $ 28,5 milhões

Plataformas de mídia social

O marketing de mídia social gerou 4,2 milhões de interações diretas de produtos em 2022.

Plataforma	Interações do usuário	Taxa de conversão
Instagram	1,8 milhão	2.7%
Facebook	1,5 milhão	2.3%
Pinterest	0,9 milhão	1.8%

Campanhas de marketing digital

As despesas de marketing digital foram de US $ 37,6 milhões em 2022, com um custo de aquisição de clientes de US $ 42 por novo cliente.

• Gastes de marketing digital total: US $ 37,6 milhões
• Custo de aquisição de clientes: $ 42
• Taxa de conversão de marketing: 3,6%

Cricut, Inc. (CRCT) - Modelo de negócios: segmentos de clientes

Artesãos hobbys

Em 2024, Cricut tem como alvo 35,7 milhões de famílias de criação ativa nos Estados Unidos. Os gastos anuais médios por artesão hobby no material de criação são de US $ 536.

Segmento demográfico	População	Gasto médio anual
Artesãos amadores femininos (de 25 a 54 anos)	22,4 milhões	$612
Artesãos que amadoras masculinos (de 25 a 54 anos)	13,3 milhões	$458

Designers profissionais

Cricut atende a aproximadamente 187.000 designers gráficos profissionais e profissionais criativos nos Estados Unidos.

• Investimento médio anual de equipamentos: US $ 2.749
• Porcentagem usando ferramentas de design digital: 92%
• Renda anual mediana: US $ 54.600

Proprietários de pequenas empresas

O mercado -alvo inclui 582.000 proprietários de pequenas empresas em indústrias criativas.

Tipo de negócio	Número de negócios	Receita média anual
Negócios de produtos personalizados	124,500	$87,300
Empresas de impressão sob demanda	76,800	$64,200

Instituições educacionais

Cricut tem como alvo 67.400 instituições educacionais com programas de design e tecnologia.

• K-12 Escolas com programas de design: 42.600
• Faculdades Comunitárias: 15.800
• Universidades com departamentos de design: 9.000

Empreendedores domésticos

O segmento de mercado inclui 1,2 milhão de empreendedores criativos em casa.

Categoria empreendedora	Número de empreendedores	Receita comercial média anual
Proprietários de empresas de artesanato	486,000	$42,500
Criadores de produtos digitais	378,000	$35,700
Empreendedores de impressão e mercadoria	336,000	$52,300

Cricut, Inc. (CRCT) - Modelo de negócios: estrutura de custos

Despesas de pesquisa e desenvolvimento

Para o ano fiscal de 2022, Cricut registrou despesas de P&D de US $ 53,4 milhões, representando 14,7% da receita total.

Ano fiscal	Despesas de P&D	Porcentagem de receita
2022	US $ 53,4 milhões	14.7%
2021	US $ 46,1 milhões	13.5%

Produção de fabricação e hardware

Os custos de fabricação da Cricut para a produção de hardware em 2022 totalizaram aproximadamente US $ 88,2 milhões.

• Custo médio por máquina Cricut: US $ 85- $ 150
• Produção terceirizada principalmente para contratar fabricantes na Ásia
• Volume anual estimado de produção: 1,5-2 milhão de unidades

Marketing e publicidade

As despesas de marketing para Cricut em 2022 atingiram US $ 96,7 milhões, representando 26,6% da receita total.

Canais de marketing	Gastos aproximados
Publicidade digital	US $ 42,3 milhões
Marketing de mídia social	US $ 23,5 milhões
Parcerias de influenciadores	US $ 15,9 milhões

Manutenção da plataforma de software

Os custos de desenvolvimento e manutenção de software em 2022 foram de US $ 31,6 milhões.

• Custos de infraestrutura em nuvem: US $ 12,4 milhões
• Equipe de engenharia de software: aproximadamente 150 funcionários
• Investimento anual de plataforma de software: 8,7% da receita total

Infraestrutura de suporte ao cliente

As despesas de suporte ao cliente totalizaram US $ 22,5 milhões em 2022.

Canal de suporte	Custo anual
Suporte telefônico	US $ 9,7 milhões
Chat online	US $ 6,3 milhões
Suporte por e -mail	US $ 4,5 milhões
Fóruns da comunidade	US $ 2 milhões

Cricut, Inc. (CRCT) - Modelo de negócios: fluxos de receita

Vendas de máquinas

Cricut gerou US $ 628,5 milhões em receita de vendas de máquinas em 2022. A linha de produtos inclui:

Modelo de máquina	Preço médio de varejo
Cricut Maker 3	$399.99
Cricut Explore 3	$299.99
Alegria de Cricut	$199.99

Acesso ao design digital baseado em assinatura

A receita de assinatura de acesso a Cricut atingiu US $ 83,4 milhões em 2022. As camadas de assinatura incluem:

• Padrão de Acesso Cricut: US $ 9,99/mês
• Cricut Access Premium: US $ 14,99/mês

Marketplace de conteúdo digital

O mercado de conteúdo digital gerou aproximadamente US $ 45,2 milhões em 2022. Os preços individuais do design digital variam de US $ 0,99 a US $ 4,99.

Vendas de acessórios e suprimentos

Categoria de produto	2022 Receita
Materiais de vinil	US $ 87,6 milhões
Cortando lâminas	US $ 42,3 milhões
Ferramentas de criação	US $ 56,1 milhões

Ofertas de modelo de design premium

Os modelos de design premium contribuíram com US $ 22,7 milhões para a receita em 2022. Os preços dos modelos variam de US $ 4,99 a US $ 19,99.

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.