#1NASDAQ: CRCT Financial Results Q1 2022 May 10, 2022 cricut 200 SNAF R 15843 A w W 2 с 204 R V 0 G Y H N 438 J M O 304 9 CONTEN 238 POR DOMENT P F BRAD Mamina KERKY TOMASE OSAL ENYOU#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 the complexity of 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. These risks and uncertainties are described in greater detail under the heading "Risk Factors" in the most recent form 10-K that we have filed with the Securities and Exchange Commission ("SEC”). 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. Q1 2022 Financial Results 2#3cricut NASDAQ: CRCT Welcome! Q1 2022 Financial Results#4Sound business fundamentals & cricut. Profitable and durable business model 13th straight quarter of positive net income Nearly 7M total users on our platform Added over 495 thousand new users in Q1 (₂ ÎÎT Engagement engine that leads to greater monetization Continued investments drive robust product roadmap and long-term growth Q1 2022 Financial Results 4#5*** Featured Images www SOMMER time cricut SA cricut. Die ultimative Schneidemaschine. ILLAMAL Har int cricut @thedailydiyer THE AVERON 19 FOOL'S PARADISE Follow cricut >> 5,653 cricut Posts Laly Koppel Cricut We help people lead creative lives! Share what you make with #CricutMade & follow us here for daily tips and inspiration. linkin.bio/cricut ⒸView shop Message Des 1.6M 1,349 Followers Following Call @colormecourtney 3 +8 Design Space Tips & Tricks New Here? IG Takeovers Cricut Q1 2022 Financial Results 1 2 3 4 Long-term trends will continue to drive growth Personalization Digitization of tools Technology enabling a new generation of entrepreneurs Proliferation of social media 5#6Creativity across the globe JE LE PEUX JE LE VEUX ITE AMO! JE VEUX UN CALIN 愛しています Für Wärmeübertragungsprojekte cricut Paklenk Did you know? We recently launched in Turkey and will be launching in Japan and South Korea soon cricut. Rusto Q1 2022 Financial Results O Vitam T Moshe G 35 Pomal 9 T TEOD e Proce 6 Categoria: Todas as frases Tipo de arte Camadas Material Idioma [] Arabe Dinamarqués Holandés Lingua de sinais americana Chines Inglés Finlandis Francos Alomão Havaiano Hebreu Italiano Japones Coroano Noruegués Portugués Russo Samoano + Espanhol + + BIENVENIDO Buscar em todas as trases 113 Frases ABARRA AMOR 550.00 Ferias Momentos 5000 *** É menina Ki Sem titulo Q cricut access Deseja mais de 250.000 imagens prontas para o corte? Aprende Mala FELIZ, ANIVERSARIO >$0.99 menininha *** H 0 amor vive aqui $0.00 2003 >$0.00 *** ACABOU de CHEGAR 0 ធ 6 As C dep de C 3 $0.00 m $0.00#7cricut. Investing to drive user engagement Enabling seamless onboarding Creating products and learning tools designed for new users Enhancing Cricut Design experience Q1 2022 Financial Results 6.9M Users Onboarding Engagement Monetization 7#8Search Images, Projects, and Profiles Anniversary Sale. Shop Now Trending on Social cricut Hurry, catch these limited-time savings. cricut Mia For Beginners Great to see you, Margie. Go ahead - start making. Mother's Day love you 19 Discover Something New! PIV Flower Shoppe Graduation Cards Birthdays. Q 9:40 Categories Search Mug Design Setup Share LOVE IS LOVE LOVE LOVE LOW & LOW LOVE IS LOVE LOVE LOVE LE LOVE LOVE Pride Pillow Share ☆☆☆ Love Wins Coaster Share ☆ WINS HERE Drawn Mug Design Setup Share ☆☆ FORNS LOVE Love Wins Wall Art Share Pride Floral Wreath Share Q1 2022 Financial Results ☆ Connected platform is our core asset O Improving content discovery and enabling dynamic user experience Fostering more inspiration, sharing, and engagement amongst users O Desktop experience mobile experience 8#9cricut. Increasing our value proposition Adding exclusive functionality for subscribers, like Monogram Maker Enabling wide range of diverse content with Contributing Artist Program Seamless compatibility with Cricut accessories & materials with continuous focus on innovation cricut a LOADING... SSTAP life's Luke Jones Bingham, UK JOLLY GOOD Featured Contributing Artists pride love is love Joey Johnson Atont Gorgin, USA THE PLOT Emma Jewell - UK Sayings (25 Images) a Let's have A chippy Tea! Autumn a kind Q1 2022 Financial Results MARDY BUM Erin Wilson Hatimore, MD, USA Emma Jewell Crafts - British Food (26 Images) SAUSAGE TEAS IN THE BLE ROLL KING Log In/Sign Up You're the best thing since Liced brand Monogram Maker INITIALS CLASSIC Botanical THEMATIC Decorative Occasions Interests Sports APPLICATION Vinyl/Iron-On 88 KCS KCS KCS KSC KCS FRAME STYLES KSC O. 88 * 88 KCS 28 88 X F 9#10cricut Focused on long-term growth Cricut CH Grow international Drive onboarding and engagement Drive Cricut Access + Accessories and Materials monetization Innovate and expand platform Q1 2022 Financial Results 10#11cricut. Financial Results Q1 2022 Financial Results 11#12cricut. Q1 2022 financial highlights Revenue $244.8M (24%) YOY Decrease Operating Income $31.4M 12.8% Operating Margin Q1 2022 Financial Results Net Income $23.5M 9.6% Net Income Margin 12#13cricut. Revenue breakdown Connected Machine revenue in Q1 declined (56%) YOY and up nearly 10% from Q1 2020 Accessories & Materials revenue in Q1 declined about (14%) YOY and up 74% from Q1 2020 Subscription revenue in Q1 grew over 40% YoY and up about 238% from Q1 2020. International revenue grew 9% YoY and 285% from Q1 2020 $ in millions $350 $300 $250 $200 $150 $100 $50 $0 YOY % Change $143.7M Q1 2020 36% nected Machines Q1 2022 Financial Results 70% 2 yr. basis $323.8M Q1 2021 Subscriptions 125% ries & Materials $244.8M Q1 2022 (24)% 13#14cricut Growing user base 2.8M Q1 2020 Users 146% 2 yr. basis 4.9M Q1 2021 6.9M Q1 2022 1.7M 60% Q1 2020 Engaged Users¹ 121% 2 yr. basis 3.1M 62% Q1 2021 3.7M Q1 2022 Financial Results 54% Q1 2022 ôć 0.7M 26% Q1 2020 Paid Subscribers² 212% 2 yr. basis 1.6M 33% Q1 2021 2.3M 33% Q1 2022 1. Number and percentage of users creating on their connected machines in the trailing 90 days as of each quarter end. 2. Paid subscriber attach rate= percentage of total users that were paid subscribers to Cricut Access or Cricut Access Premium as of the end of each quarter end. 14#15cricut. User monetization G $7.20 Q1 2020 Subscriptions ARPU ¹ 1. ARPU = Average Revenue Per User $9.96 Q1 2021 $9.73 Q1 2022 Q1 2022 Financial Results Accessories & Materials ARPU ¹ $25.40 Q1 2020 $29.45 Q1 2021 $17.67 Q1 2022 15#16Gross margin Contributing Factors Q1 2022 cricut. Benefited from mix - higher proportion of revenue driven by subscriptions Continued supply chain and inflationary pressures Connected machine margins impacted by lower volumes compared to prior periods and reflects pricing of end-of-life products Corrected promotional challenges from Q4 2021 GROSS MARGIN % 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Q1 2022 Financial Results 31.1% Q1 2020 Connected Machines 37.1% Q1 2021 Subscriptions 40.5% Q1 2022 Accessories & Materials 16#17Increased investments to drive growth Disciplined and balanced approach Investments for future growth in... International expansion Onboarding and engagement Software New product development Subscriptions cricut. $27.3M 19% 4% 9% 6% Q1 2020 R&D $ Operating Expense $55.6M Q1 2022 Financial Results S&M 17% 4% 8% 5% Q1 2021 G&A $67.6M 28% % = % of total revenue 6% 13% 8% Q1 2022 17#18Profitability Operating Margins cricut. $ Operating Income 80% 2 yr. basis $17.5M Q1 2020 12.1% $64.7M Q1 2021 20.0% $31.4M Q1 2022 12.8% Did you know? Operating margin increased by 70 basis points on a two-year basis, as operating expenses more than doubled. Net Income Margins Q1 2022 Financial Results $13.0M Q1 2020 9.1% $ Net Income 80% 2 yr. basis $49.4M Q1 2021 15.3% $23.5M Q1 2022 9.6% 18#19Balance Sheet and Cash Flow highlights Strong balance sheet positions us well to mitigate supply chain risk and continue to invest in future growth cricut. Cash & Cash Equivalents as of 3/31/22 $245.7M Cash & cash equivalents $150M Credit line remains untapped Q1 2022 Financial Results Cash Flow generated from Operations during Q1 3/31/22 $15.6M 19#20cricut Forward looking commentary O Near term headwinds with seasonality trends and slower consumer demand to impact next few quarters Uncertainty of environment puts pressure on new user and paid subscriber additions for 2022 Remain highly focused on driving profitable growth; will likely be a few points below long-term operating margin target for 2022 Long term trends that drive our business remain intact Q1 2022 Financial Results 20#21DIE cricut Let's make. SI Q1 2022 Financial Results cricut inders Motor 21#22cricut Appendix Q1 2022 Financial Results 1 22#23cricut. As % of Revenue Gross Margin R&D Expense S&M Expense G&A Expense Operating Margin Long-term target model Cricut ADAPTIVE TOOL SYSTEM FY19 29% 5% 8% 5% 11% FY20 35% 4% 7% 3% 21% Q1 2022 Financial Results FY21 35% 6% 10% 4% 15% Long-Term Targets 37 - 38% 7-8% 8 - 10% 3 - 4% 15 - 19% 23