What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2026-03-04 compared with 2025-03-05 · 89 added, 86 removed, 351 unchanged (33% of the section changed)

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The Cricut platform centers around our cloud-based app, Cricut Design Space, giving users access to create and work on their projects anywhere, at any time, across desktop and mobile devices.

This software aggregates billions of data points of our users’ contributions, giving us valuable insights into their preferences and behaviors that enable us to continuously improve our products and drive further engagement.

This software aggregates billions of data points of our users’ interactions, giving us valuable insights into their preferences and behaviors that enable us to continuously optimize our products and drive further engagement.

As a result, our business model is characterized by strong user engagement and diversified sales across product categories.

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Our portfolio of connected machines cuts, writes, scores, and creates decorative effects for a wide range of use cases on an array of materials including paper, adhesive vinyl, iron-on vinyl, wood, and leather.

These machines are available at a variety of price points:

• Cricut Joy family $149.00-$199.00 MSRP

• Cricut Explore family $249.00 - $319.00 MSRP

• Cricut Maker family $399.00 - $429.00 MSRP

• Cricut Venture $999.00 MRSP

These machines are available at a variety of sizes and price points and in a variety of bundles with accessories and materials, or with accessories and materials plus subscription.

Cricut often becomes a huge part of users’ creative lives, serving as the foundation for their journey of creativity.

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Our users demonstrate continued engagement with our platform over time, which results in purchases of subscriptions, accessories, and materials long after they first purchase a connected machine.

As of December 31, 2024, nearly 5.9 million of our users cut on their connected machines in the last 365 days and 3.8 million cut on their connected machines in the last 90 days.

In Cricut Design Space, our users find inspiring content for their projects and easy-to-use software tools and instructions to customize or design from scratch their project idea.

Users can take advantage of images, fonts and ready-to-make projects available within our platform, or they can upload their own.

As of December 31, 2025, nearly 5.9 million of our users cut on their connected machines in the last 365 days and nearly 3.7 million cut on their connected machines in the last 90 days.

In Cricut Design Space, our users can find guided flows for the most commonly made project types, inspiring content for their projects and easy-to-use software tools and instructions to customize or design from scratch their project idea.

Users can take advantage of images, fonts, templates and ready-to-make projects available within our platform, or they can upload their own.

We offer a select number of free images, fonts, and projects.

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The content available directly within Cricut Design Space is optimized for our cutting machines, and includes designs published by curated contributing artists from around the world, as well as from licensed content such as well-known characters and other trademarks from a variety of partner brands.

The standard and premium version of our subscription service, Cricut Access, enables access to a growing library of more than one million images, thousands of ready-to-make projects, and hundreds of fonts, and the use of special design features and expanded app capabilities.

The standard and premium version of our subscription service, Cricut Access, enables access to a growing library of more than 1.6 million images, thousands of templates, thousands of ready-to-make projects, over a thousand fonts, and the use of special design features and expanded app capabilities.

Cricut Access also includes other member benefits, such as discounts on Cricut.com and priority member care support.

The premium version includes all of the benefits of the basic Cricut Access subscription, as well as additional discounts and preferred shipping services.

As of December 31, 2024, we had nearly 3.0 million paid subscribers.

As of December 31, 2025, we had just over 3.09 million Paid Subscribers.

The broad range of accessories and materials in the Cricut ecosystem also help bring designs to life, from heat presses and handheld crafting tools to materials like paper and vinyl.

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Users are passionate about sharing Cricut tips, tricks, and personal stories and this engagement carries over into social media and into everyday life.

Globally, there are millions of Cricut followers and hundreds of independently run Cricut groups across social media.

Users often self-organize, host independent events, and meet up in person across the globe.

Our internal consumer research shows us that our members crave community over competition.

Globally, there are

millions of Cricut followers and hundreds of independently run Cricut groups across social media.

Users also self-organize, host independent events, and meet up in person across the globe.

Our internal consumer research shows us that our members crave community.

Through our platform and online footprint, we help users create and inspire others in the Cricut community through shared ideas and projects.

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This generates even more shared projects and word-of-mouth that in turn helps to grow our community.

To date, our success has been driven by word-of-mouth referrals as well as effective use of low-cost marketing channels like social media, which we then complement with our targeted sales and marketing efforts.

To date, our success has been driven by word-of-mouth referrals as well as effective use of low-cost organic marketing channels like social media, which we then complement with our targeted sales and paid marketing efforts.

This design of our product ecosystem and marketing helped scale our community of users significantly over time.

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The number one reason why people buy our connected machines is personalization.

• Digitization of Tools.

Consumers have access to more tools in the digital world than ever before.

They are easier to use, more powerful and available on every device.

The power to create and manipulate content – text, audio or video – can now be done from anyone’s smartphone or laptop.

Cricut has built on this trend by offering both digital and physical tools and, more importantly, bridging these two worlds together.

• Digitization and Intelligence of Tools.

The landscape of consumer creativity has evolved from simple digital access to advanced, AI-enabled capability.

These tools are increasingly intuitive, leveraging generative AI and automation to remove traditional barriers to entry for complex design.

The ability to conceptualize, generate, and sophisticatedly manipulate content—text, images, audio, or video—has proliferated quickly across design platforms.

Cricut has built on this trend by integrating its robust set of digital tools with powerful generative AI capabilities specifically optimized to make it easier for users to go from digital inspiration to physical creation, and most importantly, bridging these two worlds together.

• Technology is Enabling a New Generation of Entrepreneurs.

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This presents us with a large untapped market opportunity in addition to our current user base.

We quantify our market opportunity in terms of target audience profile, which includes active creatives with relevant behavioral attributes who we address with our current products and price points, and our Serviceable Addressable Market (“SAM”) and Total Addressable Market (“TAM”), which includes potential creatives who we believe we can reach over the long term with products that address new use cases, greater accessibility, and a broader set of price points.

We commissioned a study from YouGov America in September 2020 across multiple countries.

The sample size of those surveyed in each region included over 1,000 individuals ages 18 and older.

To calculate our SAM and TAM, we extrapolate these survey results across the general population ages 18 and older in each region.

Our SAM consists of the portion of individuals surveyed who said they have made at least one creative project in categories addressed by our current products each month in the last 12 months, whom we call “active creatives.” Our TAM includes the individuals in our SAM as well as the portion of individuals surveyed who said they like, buy, used to make or are interested in creating personalized, handmade or custom items, whom we call “potential creatives” but who have not made at least one creative project in categories addressed by our current products in the last 12 months.

We assess our SAM and TAM in the United States and Canada and internationally.

Today, a portion of our revenue is generated from countries outside the United States and Canada.

We currently classify four of these countries, Australia, France, Germany and the United Kingdom, as our primary international target markets and include them in our international SAM and TAM.

Based in part on the YouGov study, we estimate that our SAM consists of over 85 million people in the United States and Canada.

We estimate that our SAM among our primary international target markets consists of over 44 million people.

Accordingly, we estimate our total SAM is over 129 million individuals.

As of December 31, 2024, we had nearly 5.9 million Active Users.

We estimate that there are over 163 million potential creatives in the United States and Canada and over 109 million potential creatives in our primary international target markets.

We estimate that our United States and Canada TAM includes over 248 million individuals, which reflects our belief that all people, regardless of demographic, can be creative and a part of the Cricut community.

Our TAM among our primary international target markets includes over 153 million individuals, for a combined TAM of approximately 402 million individuals.

We believe our products could achieve broader adoption in a number of countries beyond our primary international target markets that also have large populations engaging in creative activities and represent a similar product-market fit.

Because our products make creativity accessible to everyone, we believe our opportunity is much larger than the size estimates of the traditional craft market.

Because our products make creativity accessible to everyone, we believe our opportunity is much larger than the traditional craft market.

We put production power into the hands of our users by allowing them to create their own professional-looking homemade goods instead of purchasing manufactured goods from a third-party.

This opens up a broad array of markets for our users that go beyond the traditional craft market.

The goods that users produce or customize using our platform fall into multiple large market categories, some of which may overlap, including, but not limited to, cards, seasonal décor, pop culture, wedding-related services, organization, and custom gifts.

The goods that users produce or customize using our platform fall into multiple large market categories, some of which may overlap, including, but not limited to, t-shirts, cards, seasonal décor, pop culture, wedding-related services, organization, and custom gifts.

The Cricut User Journey

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Users often share projects they created, inspiring other users to create.

Design Space provides users

with the ability to share direct links to projects and designs, so that others may view and create their own items from the same design.

Design Space provides users with the ability to share direct links to projects and designs, so that others may view and create their own items from the same design.

Users take advantage of these capabilities to show off their creations on our platform, through social media platforms, video platforms, and their own websites and shops.

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Our connected machines also use different combinations of tools, attachments, and accessories for deeper capabilities.

For example, Cricut Joy can work with over 50 different materials – from the most popular craft materials like cardstock, vinyl and iron-on to specialty materials like polished foils.

For example, Cricut Joy Xtra can work with over 50 different materials – from the most popular craft materials like cardstock, adhesive vinyl and iron-on vinyl to specialty materials like polished foils.

The Cricut Explore family pioneered calligraphy pens and sticker making, while the Cricut Maker family cuts softwood and engraves metal.

Bluetooth and USB options enable connectivity to Cricut Design Space, our proprietary cloud-based design software available for free on Android, iOS, Mac OS, and PC devices.

A comparison of our current connected machines is below.

We sell our connected machines alone, in a bundle with accessories and materials, and in a bundle with accessories and materials plus subscription.

Machine Joy Joy Xtra Explore 4 Maker 4 Venture

Summary Our most compact machine for fun and functional everyday projects like custom cards, simple decals & labels to organize anything and everything.

Our fits-in-any-space cutting machine for popular projects like full-color stickers, custom cards, T-shirts & so much more.

For the crafter looking to make popular projects like custom apparel, home decor & more.

You can even make festive banners up to 12 feet long.

With more power & tools, on top of custom cards, stickers & big banners up to 12 feet, you can cut fabrics, engrave metal, deboss leather & so much more.

Our wide-format professional cutting machine that works at commercial speeds.

Make extra-large projects like big paper flowers and wall decals, plus batches of T-shirts, totes & more.

Max Cut Size 4.5” width x 4’ length 8.5” width x 4’ length 11.7” width x 12’ length 11.7” width x 12’ length 24” width x 12’ length

Materials 50+ compatible materials 50+ compatible materials 100+ compatible materials 300+ compatible materials 100+ compatible materials

Design App and Subscriptions

Users leverage our connected machines and design app to bring their ideas to life.

After downloading our app and creating a profile, users access a select number of free images, fonts, and ready-to-make projects, or can upload their own designs to begin making.

After downloading our app and creating a profile, users are prompted through a guided flow where they provide information about what they want to make, then we guide them to a design they love, and ultimately a finished project.

Users can access a select number of free images, fonts, templates, and ready-to-make projects, or can upload their own designs to begin making.

Ready-to-make projects, ranging in complexity from cards to home décor, each come with instructions and recommendations for the ideal materials to use.

In addition, we introduced AI functionality within our app that enables users to generate unique, cut-ready images from text prompts for personalized crafting projects like stickers, decals, and more.

Users can save projects to their profile and share their designs with others — directly on our platform and through unique web links and social platforms.

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Much of the à la carte content (with exceptions for some partner content) is also included in Cricut Access, our subscription offering.

Available as a monthly or annual subscription, Cricut Access subscribers enjoy a greater and ever-growing selection of more than one million images, hundreds of fonts, and thousands of ready-to-make projects in our design library, as well as other members-only special features, like Background Remover.

Available as a monthly or annual subscription, Cricut Access subscribers enjoy a greater and ever-growing selection of more than 1.6 million images, over a thousand fonts, thousands of templates, and thousands of ready-to-make projects in our design library, as well as other members-only special features, like Background Remover and AI generation tools.

Subscribers also receive discounts to Cricut.com and priority support.

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Cricut Access Premium, which includes all the benefits of Cricut Access, includes additional discounts and preferred shipping for an annual cost of $119.88.

As of December 31, 2024, we had nearly 3.0 million Cricut Access subscribers.

As of December 31, 2025, we had just over 3.09 million Cricut Access subscribers.

Cricut Extensions, Accessories, and Materials

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Cricut materials give users peace of mind with a brand they trust for durability, selection, and compliance.

We sell a wide range of project materials including adhesive vinyl, iron-on vinyl, deluxe paper, and Infusible Ink (cuttable sublimation ink).

We sell a wide range of project materials including adhesive vinyl, iron-on vinyl, cardstock, and Infusible Ink (cuttable sublimation ink).

Machine and hand tools also support multiple forms of creativity, from fine point blades for vinyl and cardstock, to rotary blades for fabric, to knife blades for leather and softwood.

Handheld tools from scissors, to weeding tools, to rulers, complete the Cricut ecosystem for a full-brand offering made for the discerning consumer.

We offer thousands of SKUs within our Cricut extensions, accessories, and materials, ranging in price from $1.99 to $999.00.

We offer thousands of SKUs within our Cricut extensions, accessories, and materials at a variety of price points.

How We Go to Market

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Users’ engagement with our platform typically begins with a project idea.

In our design app, users can browse and search among a wide range of images, fonts, and projects published by Cricut, by artists enrolled in our Contributing Artists Program, or made and shared by other users on our platform.

In our design app, users can browse and search among a wide range of images, fonts, templates, guided flows, and projects published by Cricut, by artists enrolled in our Contributing Artists Program, or made and shared by other users on our platform.

Users can use that digital content to immediately design a project, or can like, bookmark, or organize it in collections for later use.

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We continuously improve our software to address the unique needs our users have when crafting.

For example, in 2024, we made significant improvements to our search algorithms, fonts experience, Print-then-Cut capabilities, and overall Software reliability.

We also introduced a new way to guide users on Canvas for the most popular project types our users make, and introduced an AI chatbot assistant.

In addition, we expanded the Contributing Artists Program, which launched in 2022, to well over 1 million images and expanded it to include easy-to-make projects.

For example, in 2025, we made significant improvements to simplify the overall user experience, including step-by-step guided flows within Design Space for vinyl decals, iron-on t-shirts, folded cards, cardstock cutouts, insert cards, and stickers and labels.

We also introduced AI functionality that enables users to generate unique, cut-ready images from text prompts and reference image uploads for personalized crafting projects like stickers, decals, and more.

In addition, we expanded the Contributing Artists Program, which launched in 2022, to over 1.2 million images.

We Have a Strong and Loyal Community of Users.

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Our community of nearly 5.9 million Active Users as of December 31, 2025, creates a reinforcing network effect.

The number of projects made and shared physically or digitally continues

to grow over time.

The number of projects made and shared physically or digitally continues to grow over time.

This engagement generates even more shared projects and word-of-mouth that in turn helps to grow our community.

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Reach More Users.

As of December 31, 2024, we had nearly 5.9 million Active Users, representing approximately 5% of the 129 million addressable active creatives in our SAM.

We have a significant opportunity to bring more users to our platform by enhancing our brand and product awareness in both the United States and Canada and in the other geographies where we currently sell our products.

We intend to pursue this opportunity in part through digital advertising, social media and influencer marketing, retail partners, public relations, and word-of-mouth referrals.

As of December 31, 2025, we had nearly 5.9 million Active Users.

We have a significant opportunity to bring more users to our platform by enhancing our brand and product awareness.

pursue this opportunity in part through digital advertising, social media and influencer marketing, retail partners, public relations, and word-of-mouth referrals.

Increase Monetization from Current Users.

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We plan to continue to broaden our demographic appeal by making our products even easier to use and educating users on our products and their capabilities.

We believe that reducing the barriers to entry for both active and potential creatives can help us both further penetrate our SAM and continue to expand and penetrate a portion of our TAM.

Expand Internationally.

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Our hardware innovation harnesses the power of technologies typically found only in professional robotics, computer numerical control machinery, and other automated commercial devices.

Examples of our cutting-edge innovation include Cricut Joy Xtra and Cricut Venture, both launched in 2023, both addressing key needs our consumers asked for relating to maximization of cutting materials, portability, and batch making.

Examples of our cutting-edge innovation include:

Cricut Venture, launched in 2023, addressing key needs our consumers asked for relating to maximization of cutting area and batch making, and 2.

Cricut Maker 4, launched in 2025, addressing a desire for faster cutting and the inclusion of materials required to make a project right out of the box.

Our software integrates our connected machines with the rest of our platform and enables a seamless creative experience for our users.

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Servo motors in our connected machines operate with feedback control to ensure ultra-precise cutting and drawing paths are generated each time a user clicks “Make It.” The uniform heat plate technology in our EasyPress family of products allows our users to more evenly adhere iron-on vinyl and films onto T-shirts, totes, or tags.

ability to control the amount of machine pressure used by Cricut Maker was an industry first in such a compact form factor, and it allows our users to not only cut thicker materials like matboard, leather and basswood but also to deboss heavy chipboard or engrave metal.

The ability to control the amount of machine pressure used by Cricut Maker was an industry first in such a compact form factor, and it allows our users to not only cut thicker materials like matboard, leather and basswood but also to deboss heavy chipboard or engrave metal.

While assorted machine tools are required to create these decorative effects, our connected machines also have the capability to automatically detect whether the proper tool is installed to safeguard proper operation and help our users achieve their desired effect.

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This ensures a unified experience when a connected machine communicates with our cloud-based, highly scalable, microservice-designed APIs.

Our software and apps are built and continually maintained using the industry’s latest technology like Swift for iOS, Kotlin for Android, and Electron Framework for Mac and Windows.

Our software and apps are built and continually maintained using the industry’s latest technology like

Swift for iOS, Kotlin for Android, and Electron Framework for Mac and Windows.

We benefit from and leverage the AWS security frameworks to help secure our users’ information, creative projects, and account.

• Cut Smart Technology, Adaptive Tool System and QuickSwap Housings.

Years ago, we transformed the household electronic cutting machine market with the introduction of our Cut Smart technology on Cricut Explore.

In 2014, we transformed the household electronic cutting machine market with the introduction of our Cut Smart technology on Cricut Explore.

This allows our connected machines to cut and draw on materials through machine mat and carriage plot movements, while our servo motors apply a precise amount of cut force tailored to each material so there is no need for users to manually adjust blade depth, cut force, or speed.

Later, with the release of Cricut Maker, we further innovated by introducing our Adaptive Tool System, which deepens and enhances our connected machine movements by adding additional control from the drive housing itself.

Through the interlocking of gears with the machine carriage, our Adaptive Tool System (currently available only on Cricut Maker family) can additionally lift and turn the blade during operation.

Later, in 2017, with the release of Cricut Maker, we further innovated by introducing our Adaptive Tool System, which deepens and enhances our connected machine movements by adding additional control from the tool housing itself.

Through the interlocking of gears with the machine carriage, our Adaptive Tool System (currently available only on Cricut Maker family) can actively turn the blade during operation.

This third juncture point allows Cricut Maker to intelligently control the direction of the blade and cut pressure to match the material, enabling experiences like machine cutting fabric with a rotary blade or using our knife blade to machine cut thicker materials like matboard and basswood.

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While our connected machines work with a wide variety of accessories and materials regardless of brand, using Cricut-branded products brings added benefits.

For example, with the introduction of our Smart Materials line (including Smart Vinyl, Smart Iron-On, Smart Paper, and Smart Label), our users can load these materials into their connected machines without the need for a separate cutting mat, allowing users to create more efficiently and design larger projects.

For example, with our Smart Materials line (including Smart Vinyl, Smart Iron-On, Smart Paper, and Smart Label), our users can load these materials into their connected machines without the need for a separate cutting mat, allowing users to create more efficiently and design larger projects.

Our sourcing, quality assurance and materials teams go to great lengths to ensure all Cricut-branded accessories and materials (including Smart Materials, as well as cardstock, vinyl, transfer tape, leather, hand tools and others) are calibrated and purpose-built to work hand-in-hand with Cricut connected machines, as well as interplay well with other Cricut products.

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Using these key learnings, we select ideas, themes and content categories that ultimately inform and shape our product development cycle.

In addition to images, fonts and projects, we now also provide our users with templates, which include easily customizable content and are designed specifically for our most popular project types, such as vinyl decals, iron-on t-shirts, cards, and more.

By partnering with professional illustrators, project designers, and subject matter experts, both internally and externally, we create tailor-made content offerings that beautifully complement our platform.

Whether through the creation, acquisition or licensing of varied creative assets, our content teams then use a proprietary process to convert these images and

projects into content specifically optimized to integrate with our connected machines and Cricut-branded accessories and materials seamlessly.

The output of this content lifecycle results in authentic, on-trend and high-quality images and projects we offer our users for à la carte purchase or as a part of our Cricut Access subscriptions.

Whether through the creation, acquisition or licensing of varied creative assets, our content teams then use a proprietary process to convert these images, fonts, templates and projects into content specifically optimized to integrate with our connected machines and Cricut-branded accessories and materials seamlessly.

The output of this content lifecycle results in authentic, on-trend and high-quality images, fonts, templates and projects we offer our users for à la carte purchase or as a part of our Cricut Access subscriptions.

As we diversify our content categories and further expand internationally, we will continue to develop localized and meaningful content shaped to meet the language, needs and preferences of our growing global user base.

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Artists get compensated when members use their artwork.

We also continue to update and expand the library with editable images and new features that enable a more efficient design process, such as Multi-Warp and Create Sticker.

• Unified Integration Between Hardware, Software and Content.

As we continue to expand the breadth, depth and editability of our content library, we also continue to expand our platform to serve the needs of our users when their content inspiration is a very unique idea.

Through our new generative AI tool, users can simply enter a text prompt to describe their vision, upload an image to represent it, or do both, and generate a tailor-made image optimized for use in Design Space.

This tool complements our ever-growing content library and rapidly improving search capabilities to help all members bring their unique visions to life.

• Unified Integration Between Hardware, Materials, Software and Content.

Our design, engineering, product, and content teams work hand-in-hand to bring our products to life, from conception and validation to implementation.

We work hard to build strong synergies across teams to successfully launch products that address new creative categories.

One such example was evident in the successful launch of Cricut Insert Cards.

Collaborating with our hardware engineering and machine teams, our materials team launched a colorful array of newly designed pre-scored and pre-cut cardstock greeting cards, complete with decorative inserts and envelopes.

Utilizing a patented card mat to hold these cards in place during operation, Cricut machines can cut and draw professional-looking handmade cards for any occasion while easily pulling from hundreds of ready-to-make greeting card projects in Design Space.

One such example is evident with Cricut Insert Cards.

Collaborating with our hardware engineering and machine teams, our materials team developed a colorful array of newly designed pre-scored and pre-cut cardstock greeting cards, complete with decorative inserts and envelopes.

Utilizing a patented card mat to hold these cards in place during operation, Cricut machines can cut and draw professional-looking handmade cards.

In its initial integration, users could make cards from a library of hundreds of ready-to-make projects in Design Space.

Since then, the collaboration between our teams further deepened this ecosystem integration through the introduction of a guided flow in Design Space.

With guided flows, available for Insert Cards but also for other popular project types such as vinyl decals, iron-on t-shirts, print-then-cut stickers, and more, our users now have access to thousands of customizable templates optimized for each project type, and benefit from a more hands-on assistance throughout the design, make and assembly process.

This type of unified integration by and between our hardware, software, content and accessories and materials provides an outcome to our users with a value much greater than the sum of its individual parts.

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Employee Well-Being.

Employee incentives and benefits include medical, life, disability, vision, and dental insurance coverage, 401(k) retirement plans with company matching contributions, and paid time off.

U.S.-based employee incentives and benefits include medical, life, disability, vision, and dental insurance coverage, 401(k) retirement plans with company matching contributions, and paid time off.

We emphasize “acting like an owner” and in support of the mantra have awarded equity to much of the team.

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While support is primarily provided in the form of product donations, it also includes employees’ time in providing crafted projects.

The majority of Cricut employees operate on a hybrid model, working in-office 3+ days per week and working virtually the remainder of the week.

The majority of Cricut employees operate on a hybrid model, working in-office Monday through Thursday and the option to work virtually on Friday.

Policies and practices are in place to ensure adherence to occupational safety within each office.

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We compete against well-established, well-known companies, many of which are also our channel partners.

Many of these companies have substantial market share, diversified product lines, well-established supply and distribution systems, strong brand recognition and significant financial, marketing, research and development and other resources.

Many of these

companies have substantial market share, diversified product lines, well-established supply and distribution systems, strong brand recognition and significant financial, marketing, research and development and other resources.

These channel partners often have their own brands of products that we compete against, particularly in accessories and materials.

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Although we rely in part upon these legal and contractual protections, we believe that factors such as the skills and ingenuity of our employees and the functionality and frequent enhancements to our platform are larger contributors to our success in the market.

As of December 31, 2024, we had 78 issued patents in the United States, which are expected to expire at various times between January 4, 2025, and June 16, 2043, as well as 207 issued patents in non-U.S.

jurisdictions, which are expected to expire at various times between January 16, 2025, and December 19, 2048.

As of December 31, 2025, we had 97 issued patents in the United States, which are expected to expire at various times between March 24, 2026, and November 14, 2045, as well as 237 issued patents in non-U.S.

jurisdictions, which are expected to expire at various times between January 16, 2026, and February 4, 2050.

We also had 49 pending patent applications in the United States and 108 pending patent applications in non-U.S.

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We also have common law rights in some unregistered trademarks that were established over years of use.

As of December 31, 2024, we had a total of 18 registered trademarks in the

United States and 86 registered trademarks in non-U.S.

As of December 31, 2025, we had a total of 20 registered trademarks in the United States and 80 registered trademarks in non-U.S.

jurisdictions.

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We currently outsource the manufacturing of our connected machines, accessories and materials to third-party contract manufacturers located primarily in Malaysia, China, Thailand and South Korea.

We believe outsourcing our manufacturing function promotes more flexibility and scalability in our operations.

We believe outsourcing our manufacturing function promotes more flexibility and scalability in our operations, and we continue to monitor the impact and potential impact trade restrictions, and retaliatory measures implemented by U.S.

trading could have on our business.

We use three contract manufacturers, with operations in Malaysia, to produce our connected machines, which are built based on our quality and performance standards and specifications.

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In 2024, 65%, and in 2025, 69% of our revenue was generated through online channels, respectively.

Our sales and channels team located in the United States support both the onboarding of

new brick-and-mortar and online retail partners as well as account management of existing brick-and-mortar and online retail partners.

Our sales and channels team located in the United States support both the onboarding of new brick-and-mortar and online retail partners as well as account management of existing brick-and-mortar and online retail partners.

We also have an international sales and marketing force in the United Kingdom, Australia, across Western Europe, South Africa, Middle East, Singapore, Mexico, and Brazil, to drive sales and whose reach spans into many jurisdictions across the globe.

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Additionally, our users’ ongoing engagement on our data-driven platform enables us to learn more about their preferences and behaviors, which we harness to continually improve our platform and to predict what new products will be successful, driving a cycle of further community engagement.

We intend to continue to invest resources to build our brand and community, including employing digital advertising, brand partnerships, and content marketing.

We intend to continue to invest resources to build our brand and community, including employing digital advertising, such as social media ads, video ads, and influencer posts.

Our marketing efforts prioritize the customer journey to ensure that when consumers interact with the Cricut brand, we’re creating positive experiences that people will remember.

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Our design, product, engineering, and customer support teams collaborate extensively with our user community.

Our platform is primarily built and maintained in-house by a team of professionals across design, product management and engineering disciplines.

Our platform is primarily

built and maintained in-house by a team of professionals across design, product management and engineering disciplines.

As of December 31, 2025, we had over 291 employees in our research and development organization.

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federal and state laws and foreign laws and regulations that involve matters central to our business, many of which are still evolving and could be interpreted in ways that could harm our business.

These laws and regulations include laws governing, among other areas, privacy, data protection, information security, content regulation, intellectual property, competition, consumer protection, e-commerce, product liability, marketing, advertising, trade (e.g., sanctions, export controls and tariffs), and taxation.

These laws and regulations are often complex, sometimes contradict other laws, and are frequently evolving.

These laws and regulations are often complex, sometimes conflict with or contradict other laws, and are frequently evolving.

Laws and regulations may be interpreted, applied, created, amended, and enforced in different ways in various locations around the world, posing a significant challenge to our increasingly global business.

Compliance with these laws may be costly, and violations of these laws and regulations could result in fines, criminal sanctions, reputational damage, or other penalties.

As we grow and expand our geographical reach and our offerings, we may become subject to additional regulations, in the United States and internationally.

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Similarly, other jurisdictions are instituting privacy and data protection and information security laws, rules, and regulations, which could increase our risk and compliance costs.

The United Kingdom has also adopted a version of the GDPR (combining the GDPR and the Data Protection Act 2018), each of which potentially authorizes similar fines and other potentially divergent enforcement actions.

The United Kingdom has also adopted a data protection regime generally tracking the GDPR (combining the GDPR and the Data Protection Act 2018), which potentially authorizes fines similar to those under the GDPR and the Data Protection Act 2018 and other potentially divergent enforcement actions.

The United Kingdom made targeted amendments to this data protection regime in 2025.

Furthermore, there will be increasing scope for divergence in application, interpretation and enforcement of data protection law between the United Kingdom and the EU.

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business