#1Financial Results Q3 2021 November 10, 2021 cricut 12:49 DWK Categories S Hayd FolCam Shew FL WILD SATIN Cricut#2Safe Harbor Statement cricut. This presentation contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. We intend all forward-looking statements to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally can be identified by the fact that they do not relate strictly to historical or current facts and by the use of forward-looking words such as "anticipates", "believes", "estimates", "expects", "intends", "plans", "projects", "may" or similar terminology, and include our business opportunity, strategies, future financial results and long-term target model. These statements are based on and reflect our current expectations, estimates, assumptions and/ or projections as well as our perception of historical trends and current conditions, as well as other factors that we believe are appropriate and reasonable under the circumstances. Forward-looking statements are neither predictions nor guarantees of future events, circumstances or performance and are inherently subject to known and unknown risks, uncertainties and assumptions that could cause our actual results to differ materially from those indicated by those statements. There can be no assurance that our expectations, estimates, assumptions and/or projections, including with respect to the future earnings and performance of Cricut Inc., will prove to be correct or that any of our expectations, estimates or projections will be achieved. Numerous factors could cause our actual results and events to differ materially from those expressed or implied by forward-looking statements including, but not limited to, risks and uncertainties associated with: our ability to attract and engage with our users; competitive risks; supply chain, manufacturing, distribution and fulfillment risks; international risks, including regulation and tariffs that have materially increased our costs and the potential for further trade barriers or disruptions; sales and marketing risks, including our dependence on sales to brick-and-mortar and online retail partners and our need to continue to grow online sales; risks relating to the complexity of our business, which includes connected machines, custom tools, hundreds of materials, design apps, e-commerce software, subscriptions, content, international production, direct sales, and retail distribution; risks related to product quality, safety and warranty claims and returns; risks related to the fluctuation of our quarterly results of operations and other operating metrics; risks related to intellectual property, cybersecurity and potential data breaches; risks related to our dependence on our Chief Executive Officer; risks related to our status as a "controlled company"; and the impact of economic and geopolitical events, natural disasters and actual or threatened public health emergencies, such as the ongoing Coronavirus pandemic. In addition, certain risks and uncertainties not presently known to us or that we currently believe to be immaterial could affect the accuracy of any such forward-looking statements. All forward-looking statements should be evaluated with the understanding of their inherent uncertainty. The forward-looking statements included in these materials are only made as of the date indicated on the relevant materials and we disclaim any obligation to publicly update any forward-looking statement to reflect subsequent events or circumstances, except as required by law. Q3 2021 Financial Results 2#3cricut. NASDAQ: CRCT Welcome! Q3 2021 Financial Results 3#4cricut. Q3 2021 highlights Revenue $260.1M 24.4% YOY Increase ● Net Income $30.0M 11.5% Net Income Margin EBITDA¹ 1. Net income adjusted to exclude: interest expense, net; income taxes; and depreciation and amortization expense. See reconciliation in the Appendix. Q3 2021 EBITDA includes $8.1 million of stock-based compensation expense. $42.7M 16.4% EBITDA Margin Increased investment in software, subscriptions, new product development, and international expansion to drive future growth. Q3 2021 Financial Results PAULIE THE PLANT - - 4#5AU cricut. Strong user acquisition Total Users 5.7M+ 55.7% YOY Growth Engaged Users 3.2M+ 37.4% YOY Growth 999 Ending Paid Subscribers Q3 2021 Financial Results 1.8M+ 55.8% YOY Growth Did you know? Our covid cohort of users is engaging very similarly to our pre-covid cohort of users. Users Drive Marketing sharing Acquisition 5#6cricut. Expanding our reach 5.7M+ Users 4%+ Penetration Total SAM 129M International 44M 85M US + Canada SAM: Active Users (number of people) Virgin MEGASTORE cricut Cric NOW available at Virgin Megastore across the UAE now everyone can make something they love Q3 2021 Financial Results cricutioy 6#7cricut. Enhancing Cricut Access Strategic Software Updates 25,000 new images (200K total images, and growing) New Automatic Background Remover tool exclusive to Cricut Access subscribers Did you know? User feedback and requests are a primary driver of how we determine new features and functions. *** Q3 2021 Financial Results cricutmus Perfect personalized gifts. set INPOSAT Lover Welcome! Let's get making PUSHPRE M Apply with transfer tape LE All Cri Celebr 7#8B 41 Passion sparks creativity cricut. H ADD |||||| HAPPY WRITH DA 3 LUR HIDAY Spot type It's My Birthe Earth chicolate Den & sugar tastet pret Mars toffee Jupiter pecans THE BIRTHDAY PARTY PROJECT & almonds CELEBRATE Saturn har vest apples christe 4 HAPPY BIRTHDAY Q3 2021 Financial Results Garcia Garcia TRICK or- TREAT Garcia AMILY REUNION sit Spell fresh eli's remonade OPEN ܕܕܐܡܐ 8#9cricut. Our powerful social community 5.3M 2.8B Social Media Followers Views of #Cricut on TikTok Did you know? Over 40% of new customers come from word of mouth...and most of our social views are organic. 3:52 one Q ▸ B cricut → heman being Kinderyonton ** Future Q3 2021 Financial Results ED F P O BEST MOM. EVER, CUTEST pumpkin 3:56 7 CVOIVA PART 2 # venclaw stom order! #cricut 2.88 views mentas MAT Add to Favorites HELLO, IM A INNER forever y Join this hashtag Got to work this morning drawers and mouset 4 My boyfriends transgender son was uncomfeuable about his female puberty Pisces Painting!! 9#10cricut. 1:20 = learn.cricut.com cricut learn Learn from the pros. Build the skills to create with confidence through our expert-led courses & workshops available on demand and in real time. What do you want to learn? Search by topic... Q3 2021 Financial Results Improving the user experience 1 Tutorial Videos 2 "How-To" Guides 3 Inspirational Ideas 4 Live Classes 5 Launched Cricut Learn Program learn.cricut.com 10#11cricut. Creativity is universal International Revenue 109.7% Growth in Q3 2021 YOY D2C Markets UK Ireland France Germany New Markets Middle East Hong Kong Expanded Retailer Footprint Germany Nordics Benelux Spain Mexico South Africa Singapore Did you know? In Q3 2021, 12.0% of total revenue was generated internationally. cricut Selbst Q3 2021 Financial Results Thin auldracle Karten fr jeden Anlass oder Exk Mt Cricut enfach Schelen Fazen hành vi kh gem EE Cricut. cricutmaker Zubehör cricut BEK 11#12Make It Now Projects Browse projects and customize or make them instantly. cricut. 3:23 Categories Cal frame New Project Thank Frame Share ☆ Canvas FOLL Original Image Ⓒhane Rob & Bob-Fal Foliage Fr.. than ATLAN 3:24 Design Screen Edit your images and text using simple tools and gestures. H R: 225.00 23 Width * FOLL Tod Automatic Background Remover (Only available with a Cricut Access" subscription) Fall Frame 24 225 M D 2 51 B X Mutical e Mabell Searching Images Search among 1000s of images to add to your design. 3:25 Categories Cartridges Single Layer x Welcome Hall VIND 0 0 0 Cose Vale Ⓡ 0 Restore Brush Tool T Regat All HELLO FALL UTUN Ⓡ Mat Preview Preview and edit mats or project quantity before cutting. 3:26 21 Mat 1 of 2 12x12 sat, Mirror Off Cut MA Q3 2021 Financial Results Extending our product ecosystem and platform User Experience Updates Restore Brush feature, allowing users can correct mistakes without starting over Improved content discovery through new UX enhancements including updated ribbon to highlight our best content and image bookmarking Mobile Bridging the device gap for users Bringing our rich design functionality of desktop to mobile Empowering creatives to take their tools with them wherever they bring their phone 12#13cricut. Let's make. Q3 2021 Financial Results 13#1420 cricut. 21 22 + 23 • ... . ... . ... ... . 24 ul. T MM IMMA T 1 MH ada a.. 1. 18 17 16 15 14 13 12 11 10 00 7 (O Financial Results Q3 2021 Financial Results 14#15cricut. Revenue breakdown Connected Machine revenue grew 35.7% YoY and 135.6% from Q3 2019 Subscription revenue grew 70.8% YoY and 284.8% from Q3 2019 Accessories & Materials revenue grew 2.0% YoY and 89.3% from Q3 2019 International revenue grew 109.7% YOY and represented 12.0% of revenue 46% pre-pandemic CAGR from 2014 to 2019 $ in millions $300 $250 $200 $150 $100 $50 $0 $112.5M $13.9 $55.1 $43.5 Q3 2019 Connected Machines Q3 2021 Financial Results 131% 2 yr. stacked $209.0M $31.2 $102.3 $75.5 Q3 2020 Accessories & Materials $260.1M $53.3 $104.3 $102.5 Q3 2021 Subscriptions 15#16cricut. Growing user base 2.2M Q3 2019 Users 158% 2 yr. stacked 3.7M Q3 2020 5.7M Q3 2021 ✔ 90-day Engagement ¹ 1 1.3M 60% Q3 2019 140% 2 yr. stacked 2.3M 63% Q3 2020 3.2M Q3 2021 Financial Results 56% Q3 202 ¹Number and percentage of users creating on their connected machines in the trailing 90 days as of each quarter end. 99 Paid Subscribers 0.5M Q3 2019 238% 2 yr. stacked 1.2M Q3 2020 1.8M 202 16#17cricut. User monetization 1 ✔ Subscriptions ARPU ¹ $6.47 Q3 2019 $8.97 Q3 2020 1. ARPU = Average Revenue Per User $9.60 Q3 2021 Q3 2021 Financial Results ♡ Accessories & Materials ARPU 1 $25.76 Q3 2019 $29.41 Q3 2020 $18.79 Q3 2021 17#18Gross margin Contributing Factors Q3 2019 Impacted by increased tariff levels Q3 2020 cricut. Abnormally high due to limited promotions because of depleted inventory levels, plus tariff relief Q3 2021 Returned to a more normal promotional cadence due to strong inventory position Favorable sales mix with 20.5% of revenue from high margin Subscriptions revenue Gross Margin % 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 28.0% Q3 2021 Financial Results Q3 2019 Connected Machines 42.8% Q3 2020 Subscriptions 39.2% Q3 2021 Accessories & Materials 18#19Increased investments to drive growth Efficient Sales & Marketing spend New users acquired through word-of-mouth and other low-cost channels Catching up deferred pandemic spend Investments for future growth in cricut. International Expansion O New Product Development Software Subscriptions $21.9M 19.4% 4.2% 8.8% 6.4% Q3 2019 Q3 2021 Financial Results $ Operating Expense R&D $31.8M 15.2% 3.9% 6.5% 4.8% Q3 2020 S&M % = % of total revenue G&A $64.3M 24.7% 5.2% 11.6% 7.9% Q3 2021 19#20Net income and EBITDA $ Net Income Margins cricut. $7.5M Q3 2019 6.6% Net Income 302% 2 yr. stacked $45.2M Q3 2020 21.6% $30.0M Q3 2021 11.5% EBITDA Margins $12.0M Q3 2019 10.7% $ EBITDA 256% 2 yr. stacked $61.0M Q3 2020 1 29.2% $42.7M Q3 2021 16.4% 1. Net income adjusted to exclude: interest expense, net; income taxes; and depreciation and amortization expense. See reconciliation in the Appendix. Q3 2021 EBITDA included $8.1 million stock-based compensation expense. Stock-based compensation expense for prior periods include: $2.2 million for Q3 2020 and $439k for Q3 2019. Q3 2021 Financial Results 20#21Balance Sheet and Cash Flow highlights Strong balance sheet positions us well to mitigate supply chain risk and continue to invest in future growth cricut. 4 Cash & Cash Equivalents as of 9/30/21 $224M Cash & cash equivalents $150M credit line remains untapped Q3 2021 Financial Results Cash Flow Used in Ops during YTD 9/30/21 $132M Building inventory to mitigate supply chain risk 21#22cricut. Large market opportunity Expand internationally Launch new products in new categories Increase monetization from current users Continuously improve ease of use and user experience Reach and acquire Cricu more users Cricu 1 2 Cricu Q3 2021 Financial Results Cricut 3 5 2 Cricut 2 3 5 22#23cricut. 3 Questions? cricut Q3 2021 Financial Results 23#24DAG CROT Thanks! 12:49 happy den Fol Cand Felh WILD ANT Cricut ၁၉၁#25cricut. Appendix ГА Q3 2021 Financial Results rs M 25#26cricut. As % of Revenue Gross Margin R&D Expense S&M Expense G&A Expense EBITDA Margin¹ Cricu Long-term target model Cricut FY18 33% 7% 9% 5% 14% FY19 29% 5% 8% 5% 13% FY20 Q3 2021 Financial Results 35% 4% 7% 3% 22% Long-Term Targets 37 - 38% 7-8% 8 - 10% 3 - 4% 17 - 20% 1. Non-GAAP financial measure. See Appendix at the end of this presentation for GAAP financial measures and reconciliation. 26#27[Preliminary reconciliation of Net Income to EBITDA THREE MONTHS ENDED 9/30/19 THREE MONTHS ENDED 9/30/20 (in thousands) Net Income Net Income Margin Adjusted to exclude the following: Depreciation and Amortization Expense Interest Expense, Net Corporate Income Tax Expense EBITDA* EBITDA Margin cricut $7,473 6.6% $2,418 $756 $1,381 $12,028 10.7% $45,211 Q3 2021 Financial Results 21.6% $3,431 $140 $12,205 $60,987 29.2% *Q3 2021 EBITDA included $8.1 million of recurring stock-based compensation expense. Stock-based compensation was $2.2 million for Q3 2020 and $439k for Q3 2019. THREE MONTHS ENDED 9/30/21 $30,005 11.5% $4,976 ($22) $7,767 $42,726 16.4% 27#28[SAM/TAM - additional information We believe that everyone is innately creative and thus anyone can be a part of the Cricut community of users. This presents us with a large, untapped market opportunity in addition to our current user base. We quantify our market opportunity in terms of a Serviceable Addressable Market, or SAM, and a Total Addressable Market, or TAM. We commissioned a study from YouGov America in September 2020 across 11 countries. The sample size of those surveyed in each country 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 country. 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 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. Our SAM includes active creatives who we address with our current product and price points. Our TAM includes potential creatives who we believe we can reach over the long term as we make products for new uses and products that are even more accessible, easier to use and available at a broad set of price points. We assess our SAM and TAM in the United States and Canada and internationally. Today, a small 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. cricut. Q3 2021 Financial Results 28