#1NASDAQ: CRCT Financial Results Q2 2022 August 9, 2022 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, and any resulting economic slowdown from any of these events or other resulting interruption to our operations. These risks and uncertainties are described in greater detail under the heading "Risk Factors" in the most recent Form 10-Q 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. Q2 2022 Financial Results 2#3cricut. # NASDAQ: CRCT Welcome! Q2 2022 Financial Results b 3#4Q2 tested resilience of business model $ # ÎÎ₁ 8 cricut. Revenue $183.8M Sustainable subscriptions revenue Profitability 14th consecutive quarter Users / User Adds 7.2M existing users B [图] o Carvi Fars Cricut Access Crit Acos Operation Type Image Complexity Layers Brand Language + Favorte Human Brthday Card Supertel Subsorbed @ Pirkkkkkkkk Ⓡ Subscribed Q2 2022 Financial Results @ Subwerbed Home @ P 6:18 898 Categories Search P New Project Painted Lines Mug Home cricut mug press Perfect personalized gifts. a Shop Now Canvas MAMA Mama Cosmetic Bag Scalloped Shape Mug XOXOXO My Valent... Welcome, Jane Geometric Co... Daddy Labels P Get started Welcome! Love Let's get making Doodle Bug cricut New to Cricut? Start Here! PUSH PINS Best Teacher... R M AK My Projects Cricut Bost. P How to Apply with transfer tape cricut Learn Basic Project Techni 4#5cricut. Connected Machines Subscriptions Software Accessories & Materials Q2 2022 Financial Results Sharpened focus on key initiatives 1 2 3 4 Drive onboarding & engagement Increased monetization Cricut Access / Accessories and Materials Expand internationally Innovate and expand platform 5#6cricut. Investing to drive user engagement O Community driven features, notifications and project sharing O Expanding design tools, content and engagement touch points Learning kits and an onboarding flow P Notifications Stacey K is now following you. 11 hours ago Lindsay Gilbert shared a new project, "We Belong Together". 12 hours ago Lindsay Gilbert shared a new project, "DIY Birthday Cake Box". 12 hours ago Made By Chrissie shared a new project, "Summer Kids Club Balloon Cards". 12 hours ago Kathy Hodson is now following a 7.3K 45.2K Q2 2022 Financial Results 73 Balloon Pop-Up Card 7.3K Vinyl a Projects Iron-On a Raindrop Wall De... Projects For Beginners Tara WXTPRICEWA Images Images Personalized Tea... Yum Dog Bowl yum a Mandala Pillow B a 6#7a cricut access. All the perks of Cricut AccessTM Standard, free for 30 days. a Monogram Maker Start Free Trial INITIALS After free trial, only $9.99/mo (excl. taxes). Cancel any time. cricut. KCS с Unlock an ever-growing library of projects, fonts, and images - plus everyday savings on Cricut products & more. CLASSIC Éto Botanical THEMATIC Decorative Occasions Interests a a < APPLICATION Vinyl / Iron-On KSC KCS KCS KCS a KSC KCS a COFFEE Hello THE JOHNSONS FLOUR TEA a KC F Background Remover Remove backgrounds to create ready-to-cut images automatically or manually. a Automatic Quick and easy way to remove backgrounds from images. Remove Background Manual j Select 女 2 Erase More Options ✓ Restore Click on the areas of the image you want to remove. Q2 2022 Financial Results Expanding value proposition of Cricut Access 2.4M 600K from Q2 2021 Paid Subscribers Had more trial subscribers at the end of Q2 2022 vs Q2 2021, even on slower connected machine sales O More effective merchandising and marketing in Design Space O Continued innovation in premium design tools 7#8Creativity across the globe WELCOME BENVENUTO WILLKOMMEN MABUHAY BIENVENUE WELKOM BIENVENIDO BEM-VINDO H 418 K MERCI oui VOILA! the مداره workshop Hier kommt der Cricut Explore 3 Aangepaste kaarten, elke keer weer. cricut. 100 Q2 2022 Financial Results 55 MOT Did you know? We recently launched in Thailand TH and Turkey TR (India IN, Japan JP, South Korea KR and Taiwan TW coming soon!) cricut. ЕСЧАСТЛИВОГО: РОЖДЕСТВА! * Love in we are двор cricut Creut better self love 00 8#9Increasing our value proposition Contributing Artist Program O Enabling wide range of diverse content Building followers within Design Space O Continued investment in this program Editable Images O Endless design choices with each image O Reduces complexity in designing O Will be available for free to all Access subscribers cricut. The WILLIAMS 2022 WAO FAMILY VACATION THE BRAULT 2024 THE DOWNTOWN 2025 THE SPENCER SLC, UT Q2 2022 Financial Results Following Emylia Maratta Joined September 2016 About TOUR The ASH AND Owens BEACH Create what you love ♥ Designs made with passion and with a lot of love ♥ FAMILY VACATION THE HISTORIC NYC 2032 THE THOMPSONS Images (1510) ...... Shared Projects (4) The Annual FIFE The ALTMAN 2024 The SCOTT 2022 II THE DAWSON FAMILY VACATION 2022 7290 68 Followers Following EC ... GRANDMA GAROLYN'S ANNUAL The ULTIMATE BEACH NYC THE SCOTT FAMILY VACATION 9#10cricut Long-term trends will continue to drive growth Personalization Digitization of tools Technology enabling a new generation of entrepreneurs Ranns Proliferation of social media Q2 2022 Financial Results 10#113 cricut. Financial Results NO. 2 Q2 2022 Financial Results 5 11#12cricut. Q2 2022 financial highlights Revenue $183.8M (45.1%) YOY Decrease Operating Income $20.0M 10.9% Operating Margin Q2 2022 Financial Results Net Income $13.8M 7.5% Net Income Margin 12#13cricut. Revenue breakdown Subscription revenue in Q2 grew over 33% YoY and up ~181% from Q2 2020 despite lower machine sales Accessories & Materials revenue in Q2 declined ~(41%) YOY Connected Machine revenue in Q2 declined (76%) YoY Connected Machines and Accessories & Materials were affected by macroeconomic pressures and higher than normal channel inventory positions International revenue declined (14%) YOY, but increased as a % of overall revenue, from 8.5% to 13.2% $ in millions $400 $350 $300 $250 $200 $150 $100 $50 $0 YOY % Change $94.6M Q2 2019 Subscriptions Q2 2022 Financial Results $235.3M 94% 3 yr. basis Q2 2020 COVID Quarters Accessories & Materials 148.8% $334.5M Q2 2021 Connected Machines 42.1% $183.8M Q2 2022 (45.1)% 13#14cricut. Growing user base 3.3M Q2 2020 Users 5.4M Q2 2021 7.2M Q2 2022 ✔ Engaged Users¹ 2.1M 63% Q2 2020 3.1M 59% Q2 2021 3.7M Q2 2022 Financial Results 51% Q2 2022 99 Paid Subscribers² 1.0M 30% Q2 2020 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. 1.8M 33% Q2 2021 2.4M 33% Q2 2022 14#15cricut. User monetization $7.91 Q2 2020 1 Subscriptions ARPU ¹ 1. ARPU = Average Revenue Per User $9.83 Q2 2021 $9.59 Q2 2022 Q2 2022 Financial Results C Accessories & Materials ARPU ¹ 1 $32.23 Q2 2020 $26.67 Q2 2021 $11.45 Q2 2022 15#16cricut. Gross margin Q2 2022 benefited from mix, with higher proportion of revenue driven by subscriptions Connected machine margins and accessories and materials margins continue to be impacted by supply chain and inflationary pressures Accessories and materials margins impacted by a more normal cadence of promotional activity compared to the height of the pandemic Connected machine margins impacted by lower volumes compared to prior periods and reflects pricing of end-of-life products GROSS MARGIN % 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 31.1% Q2 2022 Financial Results LLI Q2 2020 39.0% Subscriptions Q2 2021 46.5% Accessories & Materials Q2 2022 Connected Machines 16#17cricut. Operating Expense Total Opex as % of revenue impacted by lower revenue Investments funded by strong balance sheet and cash generation Reprioritized investments toward projects launching over the next 24 months to expand the Cricut platform, improve onboarding & engagement, and grow subscriptions and int'l markets $27.5 12% $5.5 $13.4 $8.6 Q2 2020 R&D $ Operating Expense (in millions) Q2 2022 Financial Results S&M $66.1 20% $12.5 $33.0 $20.6 Q2 2021 G&A $65.4 36% $13.8 $31.5 $20.1 Q2 2022 % = % of total revenue 17#18Profitability Operating Margins cricut. $ Operating Income 64% 3 yr. basis $12.2M Q2 2019 12.9% $45.8M Q2 2020 19.4% $64.2M Q2 2021 19.2% $20.0M Q2 2022 10.9% Net Income Margins Q2 2022 Financial Results $8.8M Q2 2019 9.3% $ Net Income 56% 3 yr. basis $34.9M Q2 2020 14.8% $49.1M Q2 2021 14.7% $13.8M Q2 2022 7.5% 18#194 cricut. Balance Sheet and Cash Flow highlights Cash, equivalents as of 6/30/22 $231.3M Cash, cash equivalents, marketable securities $300.0M New credit line, remains untapped Cash Flow generated from Operations 6/30/22 YTD $13.0M Q2 2022 Financial Results Board-Approved Share Repurchase Program Up to $50.0M 19#20cricut. Forward looking commentary Near term headwinds with seasonality trends and slower consumer demand to impact the second half of the year Expect retail inventory positions to right-size toward end of Q3 with most holiday orders beginning to fulfill in early Q4 Committed to long-term annual operating margin targets of 15%-19% Continue to invest in revenue opportunities for the medium/long-term Q2 2022 Financial Results 20#21cricut. Let's make. Q2 2022 Financial Results 21#22cricut. WELCOME ENVENUTO VILLKOMMEN IABUHAY IENVENUE VELKOM ENVENIDO M-VINDO Fel THE JOI Q2 2022 Financial Results Let's make. [ 22#23cricut. 3ld SURE 0 DE Appendix 8 Q2 2022 Financial Results 10 M B 23#24cricut. 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% Q2 2022 Financial Results FY21 35% 6% 10% 4% 15% Long-Term Targets 37 - 38% 7-8% 8 - 10% 3 - 4% 15 - 19% 24