Cricut, Inc.

Business model at a glance

Cricut operates an integrated creativity platform that combines connected cutting machines, a cloud-based design app (Design Space), digital content (images, fonts, templates, ready-to-make projects), and a broad line of accessories and materials.
The platform enables users to create DIY goods (cards, apparel, home decor, gifts, etc.) across desktop and mobile devices.
Revenue streams:
- Sales of connected machines
- Subscriptions (Cricut Access and Cricut Access Premium)
- Accessories and materials
- Content sales and subscriptions (images, fonts, templates, ready-to-make projects)
The software, content, and materials are designed to work with Cricut hardware to support ongoing engagement and lifetime customer value.

Platform
- Design Space is a cloud-based application that syncs across devices and collects billions of data points to inform product and feature development.
- Generative AI features in Design Space produce cut-ready images from prompts.
- Content library includes licensed and contributed content, supported by a Contributing Artist Program (CAP).
Hardware
- A portfolio of connected cutting machines capable of cutting, writing, scoring, and applying decorative effects across a variety of materials.
- Machines are offered across multiple use cases and price points; bundles often include accessories, materials, or subscriptions.
Content and consumables
- Thousands of ready-to-make projects, templates, fonts, and images. Cricut Access provides a large content library and member benefits.
- Accessories and materials include adhesive vinyl, iron-on vinyl, cardstock, Infusible Ink, tools, and other consumables.
Community and ecosystem
- An active user community that creates, shares, and teaches within Design Space and on social platforms.
- Content production and localization support international expansion and local markets.

Joy: Smallest, entry-level machine for quick, everyday projects (labels, decals, greeting cards).
Joy Xtra: Compact machine with expanded capabilities and broader material support.
Explore 4: Mid-range model with wider material compatibility.
Maker 4: Higher-end model with greater power and additional tool options for thicker materials and longer runs.
Venture: Wide-format, professional-grade machine for larger and batch projects, including fabrics, leather, and softwood.

Cricut Access (basic) and Cricut Access Premium (premium) provide access to the content library, discounts, and priority support.
Pricing (as of 12/31/2025): $9.99 per month or $95.88 per year for Cricut Access; Premium at $119.88 per year.
The Contributing Artist Program (CAP) compensates external artists for artwork used in Design Space; CAP images exceeded 1.2 million in 2025.

Active Users: nearly 5.9 million active users as of December 31, 2025 (users who cut on connected machines in the prior 365 days).
Paid Subscribers: just over 3.09 million Cricut Access subscribers as of December 31, 2025.
Content library: more than 1.6 million images available to Cricut Access subscribers, thousands of templates and ready-to-make projects, and thousands of fonts.
Global community and reach supported by word-of-mouth and social sharing.

Total revenue:
- 2023: $765.1 million
- 2024: $712.5 million
- 2025: $708.8 million
Net income:
- 2023: $53.6 million
- 2024: $62.8 million
- 2025: $76.7 million
Channel and geographic mix:
- Online channels: 62% of revenue in 2023, 65% in 2024, 69% in 2025.
- Brick-and-mortar and online retail partners: ~31% of revenue in 2025.
- International revenue: 22% of total in 2024 and 24% in 2025.
Product mix and trends:
- Connected machines revenue: $192.4 million in 2024 and flat at $192.4 million in 2025.
- Accessories and materials revenue: $207.1 million in 2024, $188.9 million in 2025 (down $18.2 million, or 8.8%).
Customer concentration:
- No customer accounted for 10% or more of revenue in 2024 or 2025.
- Top seven brick-and-mortar and online retail partners accounted for 30% of revenue in 2024 and 31% in 2025.
The company has moderated growth after earlier peaks and continues to invest in product development, content, and international expansion.

Expanded presence in the UK, Australia, Western Europe, Latin America, the Middle East/Turkey/Africa region, and much of Asia (including India, Japan, South Korea).
Go-to-market includes global brick-and-mortar and online retail partners, direct-to-consumer sales via Cricut.com, and distribution through networks in over 50 countries.
Design Space content is localized for key markets.

Intellectual property portfolio includes U.S. and non-U.S. patents and trademarks, supported by copyrights, trade secrets, and licensing arrangements.
Content licensing includes agreements for fonts and images, plus works-for-hire and CAP-sourced content.
The platform uses open-source software components, with associated compliance considerations.
Design Space runs on cloud architecture (AWS) with a data warehouse to store user data and machine settings, designed for scalability and security.

Employees: over 700 as of December 31, 2025, including 185 employees outside the United States.
Geographic distribution: employees in 29 U.S. states and 25 countries.
Capital structure and control: dual-class share structure with Class A and Class B common stock; Class B shares hold about 74% of voting power as of December 31, 2025. The company is designated a “controlled company” under exchange rules.
Governance features include exclusive forum provisions and other provisions typical of public companies.

Debt and liquidity: a five-year revolving credit facility of $300 million (Credit Agreement, August 2022) with options to increase commitments; the facility includes covenants on leverage and interest coverage and exposes the company to variable-rate interest.
Capital needs: the company may require additional capital for growth, acquisitions, or working capital.
Regulatory and risk environment: subject to privacy and data protection regimes (e.g., GDPR, CCPA, LGPD), import/export controls, and other evolving regulations.
Public company considerations: higher compliance costs and public market scrutiny associated with being listed.