Here are 1-3 brief analogies for Cricut (CRCT):

• Keurig for crafters
• HP for DIY projects
• Adobe for physical creation

• Smart Cutting Machines: Electronic cutting machines that precisely cut hundreds of materials for various crafting, DIY, and personalization projects.
• Crafting Materials: A wide range of consumables including vinyl, iron-on, cardstock, and specialty materials designed for use with Cricut machines.
• Tools & Accessories: Essential hand tools, mats, blades, and other accessories that aid in the crafting process with Cricut machines.
• Heat Presses: A line of compact, easy-to-use heat press machines for applying iron-on designs to apparel, mugs, hats, and other blanks.
• Cricut Design Space: Free companion software that allows users to design, edit, and send projects to their Cricut cutting machines.
• Cricut Access: A paid subscription service providing unlimited access to an extensive library of images, fonts, and ready-to-make projects within Design Space.

Cricut (CRCT) primarily sells its products to other companies, specifically major retailers, which then sell to individual consumers. While Cricut also sells directly to consumers through its website, its retail channel accounts for the majority of its net revenue (e.g., 70% in 2022).

According to Cricut's SEC filings (e.g., their 2022 Form 10-K), a significant portion of their revenue is concentrated with a few major customers. For the year ended December 31, 2022, revenue from their largest customer was 18% of net revenue, and revenue from their second largest customer was 15% of net revenue. While the specific names of these top two customers are not explicitly disclosed in the revenue concentration section of the public filings, they are understood to be large retail partners.

Based on their widespread retail presence and public information regarding their sales channels, Cricut's major customer companies include:

• Amazon.com, Inc. (NASDAQ: AMZN)
• Walmart Inc. (NYSE: WMT)
• Target Corporation (NYSE: TGT)
• Michaels (now a private company, no public symbol)
• Jo-Ann Stores (formerly JOAN, recently delisted and operating under Chapter 11, no active public symbol)
• Best Buy Co., Inc. (NYSE: BBY)
• Hobby Lobby (private company, no public symbol)

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Ashish Arora President & CEO

Ashish Arora joined Cricut in 2012. He has over 20 years of experience in the consumer electronics and software industries. Prior to Cricut, he was General Manager at Logitech, where he scaled various business areas, including computer peripherals and digital home products, and was instrumental in creating the world's first Google TV set-top device. Arora has a background in private equity and corporate turnarounds. Earlier in his career, he spent eight years working for software and analytics-based companies in the financial sector. He holds a B.S. in Electronics Engineering, an MBA with an emphasis in Finance from the University of Kansas, and Ph.D.-level coursework in probability, statistics, and econometrics.

Kimball Shill Chief Financial Officer

Kimball Shill became Cricut's Chief Financial Officer in April 2022, having joined the company in 2019 as SVP of Operations and Quality, and later promoted to EVP in Q1 2020. He brings 30 years of experience in driving execution and scalability at high-growth companies in various sectors, including enterprise software, manufacturing, services, and consumer goods. Before joining Cricut, Shill served as COO for Morrell Agro Industries and The Event Source. He also served as CEO of Color by Amber, a private equity-backed jewelry company, where he managed a critical business situation. Earlier in his career, he held roles as VP of Sales and Marketing at TenFold Corporation and VP of Business Development at Huntsman Biotechnology, and began his career as a consultant with McKinsey & Company. Shill holds an MBA from The Wharton School, a JD from the University of Pennsylvania Law School, and a BA from Brigham Young University.

Ariel Fischer EVP DTC, Monetization, and Engagement

Ariel Fischer joined Cricut in September 2019 and has 20 years of experience driving innovation in consumer technologies, specializing in new product categories and brand relevance. Before Cricut, he spent five years as General Manager at Dolby Labs, leading the Consumer Products Group. He also spent eight years at Logitech in various leadership roles, including corporate strategy, business development, product management, and general management. Fischer began his career at a Digital TV software startup. He holds MS and BS degrees in Communication Systems Engineering.

David Henry EVP Product & Member Care

David Henry serves as Executive Vice President of Product & Member Care at Cricut since July 2021. He has over 30 years of experience in creating and delivering consumer-product experiences for both startups and global brands. Prior to Cricut, Henry was SVP, General Manager at Logitech for six years, where he drove innovation and scaled growth for products like mice, keyboards, and Harmony remotes, and later led global marketing, quality, and customer care. His career also includes senior sales and marketing roles at Iomega, SunPower, General Electric, Acuity Brands, and an early-stage smart home startup. Henry holds a BS in Mechanical Engineering from Union College.

Jennia Parkin SVP, Creative & Marketing

Jennia Parkin is the Senior Vice President of Creative & Marketing at Cricut. She has over 15 years of experience leading innovation across diverse categories, including electronics, dairy, nutrition, weight loss, skincare, ice cream, and pet care, at companies such as Nestle, Danone, and Morinda. Parkin holds an MBA from the Marriott School of Management, an MS in Mass Communications, and a BS in Marketing Communications from Brigham Young University.

The most significant risk to Cricut's business is its **dependence on third-party manufacturing and associated supply chain vulnerabilities**. The company relies on a limited number of contract manufacturers, primarily located in Malaysia and China, for its products. Any disruptions in this supply chain, including geopolitical tensions, trade barriers, tariffs, or issues with quality control and delivery delays, could severely impact Cricut's production, inventory management, and ability to meet customer demand, potentially increasing costs.

Another major risk involves **challenges in user engagement and the highly competitive nature of the DIY and crafting market**. Cricut's growth is heavily dependent on attracting and retaining users. There is a risk of declining public interest in DIY crafting, which, coupled with competitive pricing and the failure to enhance user experience, could adversely affect user engagement and sales. The market for personal cutting machines and related products is highly competitive, requiring continuous innovation from Cricut to maintain its market position against existing competitors and new entrants.

Finally, Cricut faces a **risk due to its reliance on key retail partners**. A substantial portion of the company's revenue is generated through sales via a concentrated number of brick-and-mortar and online retail partners. The loss of, or a significant decline in sales volume from, any of these major partners could negatively impact Cricut's financial performance.

The rapid advancement and increasing accessibility of home-use laser cutting and engraving machines are posing an emerging threat to Cricut. Companies in this space are developing machines that are becoming more user-friendly, compact, and affordable, while offering a wider range of material capabilities including engraving and cutting harder materials like wood and acrylic, alongside traditional crafting materials. This expansion in functionality and ease of use could attract new crafters and DIY enthusiasts who might otherwise purchase a Cricut machine, or entice existing Cricut users seeking greater versatility and different creative outputs beyond what a blade-cutting machine typically offers.

Cricut (CRCT) operates within the creative technology sector, primarily offering smart cutting machines, heat presses, and a connected software platform for home crafters. The addressable markets for its main products and services can be identified within the broader arts and crafts and do-it-yourself (DIY) industries.

• Global Arts and Crafts Tools Market: This market was valued at approximately $12 billion in 2023 and is projected to reach $20 billion by 2032, growing at a compound annual growth rate (CAGR) of 5.5% during the forecast period. Cricut's cutting machines and accessories fall directly into this category.
• Global Arts and Crafts Market: This broader market, encompassing materials and activities, is predicted to expand from $44.4 billion in 2024 to $62.6 billion by 2029, with a CAGR of 7.2%. North America was identified as the largest region within this market in 2024.
• Global DIY Market (including crafts): Valued at approximately USD 850 billion in 2024, this market is expected to reach USD 1300 billion by 2033, growing at a CAGR of about 4.8% from 2025 to 2033. Cricut products are integral to the crafting segment of the DIY market.
• Global Handmade and Craft Industry: This extensive market is estimated to be worth over $906 billion and is expected to reach USD 1.94 trillion by 2033, demonstrating a steady growth of approximately 8.83% per year from 2025 through 2033.
• U.S. Handmade Industry: Specifically within the United States, the market for handmade goods is estimated to be worth over $268 billion and is anticipated to grow by approximately 9.8% annually for the next five years.

1. Growth in Paid Subscribers and Platform Revenue: Cricut is focused on expanding its subscriber base for its software platform, which includes offerings like Cricut Access. The company reported a 6% year-over-year increase in paid subscribers in Q3 2025, exceeding 3 million, contributing to a 7% rise in platform revenue during the same period. Similar growth in paid subscribers was observed in Q2 2025 (7% year-over-year) and Q1 2025 (6% year-over-year), with platform revenue consistently showing increases. Continued growth in paid subscribers and associated platform revenue is a key driver.
2. International Expansion: Expanding into international markets is a significant growth avenue for Cricut. International revenue increased by 5% in Q3 2025, representing 24% of total revenue, up from 23% in Q3 2024. In Q2 2025, international revenue grew by 8% year-over-year, accounting for 21% of total revenue. The company is actively investing in sales and marketing in core European markets to further fuel this momentum.
3. Launch of New Connected Machines and Product Innovation: Cricut continues to innovate and launch new hardware products. In late 2024 and early 2025, the company launched new cutting machines such as Cricut Explore 4 and Cricut Maker 4, which have received positive initial feedback from retailers and users. Connected machine revenues specifically saw a 12% increase for Q3 2025, indicating that new product introductions can stimulate sales.
4. Expansion of Affordable Product Lines (Cricut Value): To address competitive pressures and broaden its market reach, Cricut has introduced the "Cricut Value" line of materials. This initiative aims to offer more affordable products, which could boost both domestic and international sales by appealing to a wider customer segment.
5. Improvements in User Engagement and Software Platform: Management emphasizes ongoing enhancements to its software platform, Design Space, to improve user experience, content discovery, and project creation. These improvements are intended to foster higher engagement among active users, leading to increased project completion, greater consumption of materials, and sustained subscription to the platform, thereby indirectly contributing to revenue growth. The company is accelerating investments in engagement and development cycles to achieve this growth.

Capital Allocation Decisions for Cricut (CRCT)

Share Repurchases

• Cricut's Board of Directors approved a share repurchase program on May 2, 2025, authorizing the company to purchase an aggregate of $50 million of its outstanding Class A common stock.
• As of the Q4 2024 earnings report on March 4, 2025, $22.9 million remained available under the authorized stock repurchase program.
• During 2025 year-to-date (as of Q3 2025 earnings reported November 4, 2025), Cricut repurchased 3.5 million shares for $19.0 million.

Share Issuance

• Cricut's common shares outstanding were approximately 211.87 million as of November 2025, showing a slight decrease of 0.86% from the previous year.
• The number of shares outstanding for Cricut (CRCT) was 213.30 million for the fiscal year ending December 31, 2024.
• The number of shares outstanding decreased by 0.72% over one year.

Capital Expenditures

• Cricut's annual capital expenditures were $18.334 million in 2024, a decrease from $23.717 million in 2023 and $33.8 million in 2022.
• Capital expenditures for the last 12 months were approximately $21.08 million.
• The company generally allocates capital expenditures for investments supporting long-term growth.