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Stock-Based Compensation - Restricted Stock Units Equivalent Activity Under Company's Stock Plans (Details) - 2021 Equity Incentive Plan	12 Months Ended
	Dec. 31, 2025 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Forfeited / cancelled (in shares) \| shares	(49,167)
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Forfeited / Cancelled (in dollars per share) \| $ / shares	$ 17.65

Revenue and Deferred Revenue - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Capitalized contract costs	$ 2.7	$ 2.7
Capitalized contract cost, unamortized	1.1	1.2
Revenue recognized related to performance obligations satisfied or partially satisfied in prior periods	$ 8.7	$ 5.7	$ 3.2
Revenue Benchmark \| Geographic Concentration Risk \| UNITED STATES
Concentration Risk [Line Items]
Concentration risk, percentage	96.00%	95.00%	95.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 20
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-20

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 18
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482836/275-10-55-18

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 20
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-20

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 954
-SubTopic 310
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478785/954-310-50-2

+ Details

- Definition

For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.

+ References + Details

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Use of Estimates

The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. For revenue recognition, examples of estimates and judgments include: determining the nature and timing of satisfaction of performance obligations, determining the standalone selling price (“SSP”) of performance obligations, estimating variable consideration such as customer rebates and product returns. Other estimates include the warranty reserve, allowance for credit losses, inventory reserve, long-lived assets valuation, legal contingencies, stock-based compensation, income taxes, deferred tax assets valuation and developed software, among others. These estimates and assumptions are based on the Company’s best estimates and judgment. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including any effects of the economic environment, which management believes to be reasonable under the circumstances. Management adjusts such estimates and assumptions when facts and circumstances dictate. Actual results could differ from these estimates.

Foreign Currency Transactions

The Company translates assets and liabilities of foreign subsidiaries from functional currencies into United States dollars (“USD”) at exchange rates in effect at the balance sheet dates, and related revenues and expenses are translated into USD at average exchange rates in effect during each period. Net foreign currency gains and losses resulting from the translation of assets and liabilities of foreign operations into USD are reported as a separate component of other comprehensive income in the consolidated statements of comprehensive income.

Realized and unrealized foreign currency transaction gains and losses included in net income are recorded primarily within general and administrative expenses. Foreign currency transaction gains/(losses) totaled $0.1 million, $(2.7) million, and $(1.3) million for the years ended December 31, 2025, 2024, and 2023, respectively.

Comprehensive Income

Comprehensive income consists of two components: net income and other comprehensive income (loss). Other comprehensive income (loss) refers to net gains and losses that are recorded as an element of stockholders’ equity but are excluded from net income. The Company’s other comprehensive income (loss) consists of unrealized gains and losses on marketable securities as well as foreign currency translation adjustments from those subsidiaries not using USD as their functional currency.

Cash and Cash Equivalents

The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. Cash and cash equivalents include money market funds and are stated at fair value. The Company also classifies amounts in transit from payment processors for credit card and debit card transactions as cash equivalents.

Marketable Securities

The Company designates investments in debt securities as available-for-sale. Available-for-sale debt securities with original maturities of three months or less from the date of purchase are classified within cash and cash equivalents. Available-for-sale debt securities with original maturities longer than three months are available to fund current operations and are classified as marketable securities, within current assets on the consolidated balance sheets. Available-for-sale debt securities are reported at fair value with the related unrealized gains and losses included in accumulated other comprehensive income (loss), a component of stockholders’ equity, net of tax. Realized gains and losses on the sale of marketable securities are determined using the average cost method on a first-in, first-out basis and recorded in total other income (expense), net in the consolidated statements of operations and comprehensive income.

The available-for-sale debt securities are subject to a periodic impairment review. For investments in an unrealized loss position, the Company writes down the amortized cost basis of the investment if it is more likely than not that the Company will be required or will intend to sell the investment before recovery of its amortized cost basis. For investments not likely to be sold before recovery of the amortized cost basis, the Company determines whether a credit loss exists by considering information about the collectability of the instrument, current market conditions, and reasonable and supportable forecasts of economic conditions. The Company recognizes an allowance for credit losses up to the amount of the unrealized loss when appropriate. Allowances for credit losses and write-downs are recognized in total other income (expense), net, and unrealized losses not related to credit losses are recognized in accumulated other comprehensive income (loss). There are no allowances for credit losses recorded for the periods presented. As of December 31, 2025 and 2024, the Company’s available-for-sale debt securities were in an unrealized gain position.

Accounts Receivable

Accounts receivable are recorded at original invoice amounts less estimates for credit losses. Management determines the allowance for credit losses by specifically identifying troubled accounts and by using historical write off experience, adjusted for current market conditions and reasonable supportable forecasts of future economic conditions, applied to an aging of all other accounts receivable. Accounts receivable are written off when deemed uncollectible. Recoveries of accounts receivable previously written off are recorded when received. As of January 1, 2024, the Company had an accounts receivable balance of $111.2 million. Accounts receivable consist of the following:


	December 31,
	2025		2024
(in thousands)
Trade accounts receivable	$	82,125	$	90,665
Credit card and other receivables	11,614		13,932
Less: allowance for credit losses	(1,728)		(2,617)
Total accounts receivable, net	$	92,011	$	101,980

The following table summarizes changes in the allowance for credit losses:


	December 31,
	2025		2024
(in thousands)
Beginning balance	$	(2,617)	$	(1,950)
Reversal of (provision for) expected losses	1,695		(3,285)
Write-offs	1,581		2,618
Recoveries	(2,387)		—
Ending balance	$	(1,728)	$	(2,617)

Concentration of Credit Risk

The Company maintains cash and cash equivalents in deposit accounts at financial institutions that, at times, may significantly exceed federally insured limits. Historically, the Company has not experienced any losses related to such accounts. The Company’s non-interest bearing cash balances at December 31, 2025 and 2024 were fully insured up to $250,000 per depositor at each financial institution. Balances held at the institutions may significantly exceed federally insured limits.

Financial instruments, which potentially subject the Company to concentrations of credit risk, include trade receivables. In the normal course of business, the Company provides credit terms to its customers. Accordingly, the Company performs ongoing credit evaluations of its customers, generally does not require collateral and considers the credit risk profile of the customer from which the receivable is due in further evaluating collection risk. The Company maintains allowances for possible losses which, when realized, have been within the range of management’s expectations. If one or more of the Company’s significant customers were to become insolvent or were otherwise unable to pay for product purchased, it would have a material adverse effect on the Company’s financial condition and results of consolidated operations.

Customers that accounted for 10% or greater of accounts receivable, net as of December 31, 2025 and 2024 were as follows:


	December 31,
	2025		2024
Customer A	23	%	25	%
Customer B	15	%	16	%
Customer C	15	%	12	%

As of December 31, 2025, 2024 and 2023, no customers accounted for more than 10% of revenue.

Supplier Concentration

The Company relies on third parties for the supply and manufacture of its products, as well as third-party logistics providers. In instances where these parties fail to perform their obligations, the Company may be unable to find alternative suppliers or satisfactorily deliver its products to its customers on time, if at all. Substantially all of the Company’s products are manufactured by outsourcing partners that are located primarily in Asia.

We rely on single source, or a small number of suppliers. For the years ended December 31, 2025, 2024, and 2023, the Company’s top two vendors accounted for approximately 66%, 69%, and 59% of total finished goods purchases, respectively.

Inventories

Inventories (current and non-current), which consist of finished goods and raw materials, are valued at the lower of average cost or net realizable value. Net realizable value is defined as estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. Assessments to value the inventory at the lower of the average cost to purchase the inventory, or the net realizable

value of the inventory, are based upon assumptions about future demand, physical deterioration, changes in price levels and market conditions. Inventories include indirect acquisition and production costs that are incurred to bring the inventories to their present condition and location. Inventories are recorded net of reserves for obsolescence. Once established, the original cost of the inventory less the related inventory reserve represents the new cost basis of such products.

We also periodically assess the value of our on-hand inventory for potential excess and/or obsolete inventory and when necessary, will write down the value to account for estimated excess and/or obsolete inventory. When our expectations indicate that average cost of inventory may exceed its net realizable value, we write down our inventory to establish a new cost basis. We also periodically assess the value of our on-hand inventory for potential excess and/or obsolete inventory and when necessary, will write down the value to account for estimated excess and/or obsolete inventory. The write-down is recorded as a net charge to cost of revenue in our consolidated statements of operations and comprehensive income.

As needed, we complete strategic and market beneficial purchases of critical raw materials that are used in our core production process (such as microchips) in quantities that exceed anticipated consumption within our normal operating cycle, which is 12 months. We classify such raw materials that we do not expect to consume within our normal operating cycle as non-current within other assets.

Property and Equipment

Property and equipment are stated at cost, less accumulated depreciation and amortization. Major additions and improvements are capitalized, while minor repairs and maintenance costs are expensed when incurred. Manufacturing tools include tools and molds used in the production process. Expenditures for tools and molds are capitalized and depreciated over the estimated useful lives of the assets. We capitalize certain software development costs in the application development stage and upon the establishment of technological feasibility for a product. When assets are sold or otherwise disposed of, the cost and related accumulated depreciation are removed from the accounts and any resulting gain or loss is recognized in the consolidated statements of operations and comprehensive income. Depreciation and amortization are calculated using the straight-line method over the estimated useful lives of the related assets.

The Company uses the following estimated useful lives:


Computer software, software development costs and equipment						3-5 years
Furniture and fixtures						5-7 years
Manufacturing tools and equipment						3-5 years
Leasehold improvements						Shorter of lease term or remaining life of the asset

Cloud Computing Arrangement Implementation Costs

The Company incurs costs to implement cloud computing arrangements that are hosted by third-party vendors. Implementation costs incurred during the application development stage are capitalized until the software is ready for its intended use. The costs are then amortized on a straight-line basis over the term of the associated hosting arrangement and are recognized primarily as general and administrative expense within the consolidated statements of operations and comprehensive income. To date, these costs primarily relate to new website hosting services. During the years ended December 31, 2025, 2024, and 2023, the Company recorded amortization expense of $0.3 million, $0.4 million, and $1.0 million respectively, for these implementation costs. Gross capitalized costs were $4.6 million and $3.7 million as of December 31, 2025 and 2024, respectively, with accumulated amortization of $2.5 million and $2.2 million, respectively. Capitalized costs are reported as a component of other assets on the Company's consolidated balance sheets.

Leases

The Company determines if an arrangement is or contains a lease at inception by assessing whether the arrangement contains an identified asset and whether it has the right to control the identified asset. Right-of-use (ROU) assets represent the Company's right to use an underlying asset for the lease term and lease liabilities represent the Company's obligation to make lease payments arising from the lease. Lease liabilities are recognized at the lease commencement date based on the present value of future lease payments over the lease term. ROU

assets are based on the measurement of the lease liability and also include any lease payments made prior to or on lease commencement and exclude lease incentives and initial direct costs incurred, as applicable.

As the implicit rate in the Company's leases is generally unknown, the Company uses its incremental borrowing rate based on the information available at the lease commencement date in determining the present value of future lease payments. The Company gives consideration to its credit risk, term of the lease, total lease payments and adjusts for the impacts of collateral, as necessary, when calculating its incremental borrowing rates. The Company evaluates renewal options at lease inception and on an ongoing basis, and includes renewal options that it is reasonably certain to exercise in its expected lease terms when classifying leases and measuring lease liabilities. Lease costs for the Company's operating leases are recognized on a straight-line basis within operating expenses and cost of revenue over the reasonably assured lease term.

The Company has elected to not separate lease and non-lease components for leases of office space and, as a result, accounts for any lease and non-lease components for office space as a single lease component, to the extent they are fixed. Non-lease components that are not fixed are expensed as incurred as variable lease payments. The Company’s office leases typically include non-lease components such as common-area maintenance costs. The Company has also elected to not apply the recognition requirement to any leases within its existing classes of assets with a term of 12 months or less.

Legal Contingencies

Liabilities for legal contingencies arising from claims, assessments, litigation, fines and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount of the assessment can be reasonably estimated. If a loss is reasonably possible and the loss or range of loss can be reasonably estimated, the Company discloses the possible loss or states that such an estimate cannot be made. See Note 12.

Debt Issuance Costs

Costs incurred and paid to the lender or third parties for the revolver credit facility are recorded as other assets and amortized over the term of the revolver using the straight-line method.

Impairment of Long-lived Assets

The Company assesses potential impairments to its long-lived assets, including intangible assets subject to amortization, on an annual basis or when there is evidence that events or changes in circumstances indicate that the carrying amount of an asset may not be recovered. The Company regularly evaluates whether events or circumstances have occurred that indicate possible impairment and relies on a number of factors, including results of operations, business plans, economic projections and anticipated future cash flows. An impairment loss is recognized when the carrying amount of the long-lived asset is not recoverable and exceeds its fair value. The carrying amount of a long-lived asset is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset. Any required impairment loss is measured as the amount by which the carrying amount of a long-lived asset exceeds its fair value and is recorded as a reduction in the carrying value of the related asset and a charge to the consolidated statement of operations. During the years ended December 31, 2025, 2024 and 2023, the Company recorded impairment charges of $0.6 million and $0.5 million, and $10.0 million, respectively, primarily related to computer software and software development costs, and manufacturing tools and equipment from products that the Company no longer plans to commercialize. These impairment charges were recorded primarily within general and administrative expense in the consolidated statements of operations and comprehensive income.

Fair Value of Financial Instruments

The Company’s financial instruments include cash and cash equivalents, marketable securities, accounts receivable, and accounts payable. At December 31, 2025, and 2024, the carrying amounts of cash and cash equivalents, accounts receivable and accounts payable approximate fair values because of the short-term nature of these instruments.

Fair Value Measurement

The Company measures at fair value certain of its financial and non-financial assets and liabilities by using a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value.

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, essentially an exit price, based on the highest and best use of the asset or liability. Fair value is affected by a number of factors, including the type of asset or liability, the characteristics specific to the asset or liability and the state of the marketplace including the existence and transparency of transactions between market participants. The Company estimates fair value for the assets and liabilities measured and reported at fair value on a recurring or non-recurring basis by applying the following hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement.


			•			Level I – Quoted prices are available in active markets for identical assets and liabilities as of the reporting date.


			•			Level II – Significant other observable inputs (e.g., quoted prices for similar items in active markets, quoted prices for identical or similar items in markets that are not active, inputs other than quoted prices that are observable, such as interest rate and yield curves and market-corroborated inputs). Pricing inputs are either directly or indirectly observable as of the reporting date, and fair value is determined through the use of models or other valuation methodologies.


			•			Level III – Pricing inputs are unobservable for the assets and liabilities and includes situations where there is little, if any, market activity for the assets and liabilities. The inputs into the determination of fair value require significant management judgment or estimation.

The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability.

The Company’s non-financial assets and liabilities, which include intangible assets and property and equipment, are not required to be carried at fair value on a recurring basis. However, if certain triggering events occur such that a non-financial instrument is required to be evaluated for impairment, based upon a comparison of the non-financial instrument’s fair value to its carrying value, an impairment is recorded to reduce the carrying value to the fair value, if the carrying value exceeds the fair value. The inputs for fair value calculations of intangible assets and property and equipment, are based on Level 3 inputs as data used for such fair value calculations would be based on discounted cash flows that are not observable from the market, directly or indirectly. The key variables that drive the discounted cash flow analysis are estimated revenue growth rates, levels of profitability, the terminal value growth rate assumptions and the weighted average cost of capital rate applied, among others.

Money market funds are highly liquid investments and are actively traded. The pricing information for these assets is readily available and can be independently validated as of the measurement date. This approach results in the classification of these securities as Level 1 of the fair value hierarchy. Marketable securities which include U.S. Treasury securities are valued using observable inputs from similar assets, or from observable data in markets that are not active; these assets are classified as Level 2 of the fair value hierarchy. There were no liabilities measured at fair value on a recurring basis as of December 31, 2025 and December 31, 2024.

Earnings Per Share

Earnings per share is computed using the two-class method required for multiple classes of common stock and participating securities. The rights, including the liquidation and dividend rights and sharing of losses, of the Class A common stock and Class B common stock are identical, other than voting rights. As the liquidation and dividend rights and sharing of profits are identical, the undistributed earnings are allocated on a proportionate basis and the resulting net income per share will, therefore, be the same for both Class A and Class B common stock on an individual or combined basis.

Basic earnings per share is computed using the weighted-average number of outstanding shares of common stock during the period. Diluted earnings per share is computed using the weighted-average number of outstanding shares of common stock and, when dilutive, potential shares of common stock outstanding during the period. Stock-based awards subject to conditions other than service conditions are considered contingently issuable shares and are included in basic EPS based on the number of awards that would be issuable if the reporting date were the end of the contingency period.

Revenue Recognition

The Company derives the majority of its revenue from the sale of connected machines, digital content subscriptions and accessories and materials. The Company markets and sells its products to customers, which include brick-and-mortar and online retail partners as well as users that purchase from the Company’s website at cricut.com, Design Space, and third-party supported applications.

The Company determines revenue recognition through the following steps:


			•			Identification of the contract, or contracts, with a customer;


			•			Identification of the performance obligations in the contract;


			•			Determination of the transaction price;


			•			Allocation of the transaction price to the performance obligations in the contract; and


			•			Recognition of revenue when, or as, the Company satisfies a performance obligation.

Revenue is recognized when control of the promised goods or services is transferred to the Company’s customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. Revenue is recorded at the net sales price, which includes estimates of variable consideration such as product returns, volume rebates and customer rebates or discounts. The estimates of variable consideration are based on historical return experience, historical and projected sales data and current contract terms.

Taxes collected from customers relating to product sales and remitted to governmental authorities are excluded from revenue. The Company accounts for shipping and handling activities performed after a customer obtains control of the goods as activities to fulfill the promise to transfer the good. All incremental costs of obtaining a contract with a customer are expensed as incurred if the expected amortization period of the asset that would have been recognized is one year or less. The Company does not have any material contract cost assets.

The following describes the nature of the Company’s primary types of revenue and the revenue recognition policies and significant payment terms as they pertain to the types of transactions with its customers.

Platform

We generate Platform revenue primarily from sales of subscriptions to Cricut Access and Cricut Access Premium, digital content, and a minimal amount of revenue allocated to the unspecified future upgrades and enhancements related to the essential software and access to our cloud-based services. For a monthly or annual subscription fee, Cricut Access includes a subscription to images, fonts and projects as well as other member benefits, including exclusive software features and functionality, discounts, and priority Cricut Member Care. For our annual subscription fee, Cricut Access Premium includes all the benefits of Cricut Access as well as additional discounts and preferred shipping. Digital content includes à la carte digital content purchases, including fonts, images and projects. Platform revenue is recognized on a ratable basis over time, during the subscription term for subscriptions, and at the point in time when control is transferred for à la carte digital content.

The paid subscription services are offered on a month-to-month or annual basis. Payments for subscription services are due month-to-month or annually in advance. Cricut Access and Cricut Access Premium are generally sold in standalone contracts and reallocations are not required other than allocations to customer options that were determined to be material rights related to incremental discounts on purchases of physical products that Paid Subscribers receive. The transaction price is allocated between the subscription and material right based on the relative standalone selling prices of the subscription and material right. Revenue related to the material right is recognized as accessories and materials revenue upon redemption or expiration of the material right. Revenue related to subscriptions is recognized ratably over the length of the subscription using a time-based output measure as the customer consumes the benefit of the service each day.

Products

We generate Products revenue from sales of connected machines and ancillary products, net of sales discounts, incentives and returns, and includes amounts allocated to the material right for discounts on materials and accessories available only to Paid Subscribers. Our connected machines portfolio consists of machines in four

product families: Cricut Maker, which includes Maker, Maker 3 and Maker 4; Cricut Explore, which includes Explore Air 2, Explore 3 and Explore 4; Cricut Joy, which includes Joy and Joy Xtra; and Cricut Venture. Our ancillary products include Cricut EasyPress, Cricut MugPress, hand tools, machine replacement tools and blades, and project materials such as adhesive vinyl and iron-on vinyl. Payment by traditional brick-and-mortar retail partners, including their online channels, is due under customary fixed payment terms. Payment for sale of products online through the online channel at Cricut.com is collected at point of sale in advance of shipping the products. The Company’s contracts with customers for a connected machine contain multiple promises that include hardware, software, unspecified future upgrades and enhancements related to the software and access to the Company’s cloud-based services. Determining whether the hardware, software, unspecified future upgrades, enhancements and cloud-based services are considered distinct performance obligations requires significant judgment. The Company’s software used to design, cut and complete projects can be accessed offline or with the cloud-based services at no charge. When accessed with the cloud-based services, users are also able to sync projects across various devices. The connected machines are not able to function without the software, inclusive of firmware and the downloadable software. Together the hardware and software are inputs into providing the essential functionality of the connected machines and are accounted for as a single performance obligation. Product revenue is recognized for the single performance obligation of hardware with essential software at a point-in-time when control is transferred, which is either upon shipment or delivery of goods, in accordance with the terms of each contract with the customer.

The promise to provide the customer with unspecified future upgrades and enhancements related to the essential software and the promise to provide access to the Company’s cloud-based services are both distinct performance obligations that provide incremental benefits to the connected machines and are recognized using a time-based output measure over the service period as the customer consumes the benefit of the service each day. The Company estimates the service period since it is not contractually stated. In developing the estimated period of providing future services, the Company considers past history, plans to continue to provide services, expected technological developments, obsolescence, competition and other factors. The estimated service period may change in the future in response to competition, technology developments and the Company’s business strategy.

Judgment is required to determine the SSP for each distinct performance obligation related to sales of connected machines and the allocation of the transaction price to each of those performance obligations. The Company estimates SSP for performance obligations that are not sold separately, which include the connected machines and related software, unspecified future upgrades and enhancements and cloud-based services using information that may include the range of prices for the bundle of products and services and the cost of providing the products or services plus a reasonable margin. In developing SSP estimates, the Company also considers the nature of the products and services and the expected level of future services. SSP of the hardware and essential software reflects the Company’s best estimate of the selling price if it was sold regularly on a standalone basis and comprises the majority of the contract value.

Accessories and materials generally consist of a single performance obligation and reallocations are not required. Revenue from accessories and materials is recognized at a point-in-time when control is transferred, either upon shipment or delivery of goods, in accordance with the terms of each contract with the customer. Payment by traditional brick-and-mortar retail partners, including their online channels, is due under customary fixed payment terms. Payment for sale of accessories and materials through the online channel at Cricut.com is collected at point of sale in advance of shipping the products.

Cost of Revenue

Platform

Cost of revenue related to Platform consists primarily of hosting fees, digital content costs, amortization of capitalized software development costs and software maintenance costs.

Products

Cost of revenue related to Products consists of product costs, including costs of components, cost of contract manufacturers for production, inspecting and packaging, shipping, receiving, handling, warehousing and fulfillment, duties and other applicable importing costs, warranty replacement, excess and obsolete inventory write-downs, tooling and equipment depreciation and royalties.

Customer Rebates

The Company recognizes revenue at the net sales price, which at times includes certain contractual discounts or estimates for variable consideration related to customer rebates with our key brick-and-mortar and online retail partners. These promotional programs are designed to enhance the sale of the Company’s products and consist of incentives to the Company’s customers. The promotional programs include advertising and product damage allowances, volume/growth and business development incentives and point-of-sale support. The Company estimates certain customer rebates using either the expected value method or most likely amount, based upon the nature of the incentive. Sales are reduced by the cost of these promotional and rebate programs and the Company records a related customer rebate liability in its consolidated balance sheets at the date of the transaction. Certain customer rebate programs are estimates at period end due to the nature of the incentives or expected and yet-to-be announced incentive programs that apply to current period revenue transactions. These estimates are based on the Company’s incentive program experience, historical and projected sales data and current contractual terms. The remaining portion of this liability is based on contractual amounts and does not require estimation.

In limited cases where the customer rebate is specifically for co-operative marketing or advertising campaigns, the Company classifies these expenditures as selling and marketing expenses only if they meet the criteria of being a distinct good or service, are distinct within the context of the contract and the fair value is readily estimable.

Sales Refund Liability

The Company provides its customers a limited right of return with the sale of its products. The Company estimates sales returns and records reserves at the time the related sales are recorded based on historical data and current economic trends. Actual sales returns could differ from these estimates. The Company regularly assesses and adjusts the estimate of accrued sales returns by updating the return rates for actual trends and projected costs. The Company classifies the estimated sales returns as a current liability as they are expected to be paid out in less than one year using the expected-value method. The estimated sales returns are recorded as a reduction of revenue at the time of sale and recorded as a liability on the consolidated balance sheets. At the same time this is recorded, a right of recovery asset is also recorded within inventory.

Changes in the reserve for sales refunds were as follows:


	December 31,
	2025		2024
(in thousands)
Balance at beginning of period	$	2,809	$	3,267
Additions that reduced net revenue	7,486		9,202
Deductions from reserves for current year returns	(7,925)		(9,660)
Balance at end of period	$	2,370	$	2,809

Warranty Reserves

The Company provides an assurance-type limited warranty on most of the products sold. The estimated warranty costs, which are expensed at the time of sale and included in cost of revenue, are based on the results of product testing, industry and historical trends and warranty claim rates incurred and are adjusted for any current or expected trends as appropriate. Actual warranty claim costs could differ from these estimates. The Company regularly assesses and adjusts the estimate of accrued warranty claims by updating claims rates for actual trends and projected claim costs.

Changes in the reserve for product warranties were as follows:


	December 31,
	2025		2024
(in thousands)
Balance at beginning of period	$	1,641	$	1,812
Additions charged to cost of revenue	1,289		2,859
Repairs and replacement costs incurred	(1,644)		(3,030)
Balance at end of period	$	1,286	$	1,641

Income Taxes

The Company uses the asset and liability method of accounting for income taxes. The Company recognizes deferred tax liabilities and assets for the expected future income tax consequences of events that have been recognized in the Company’s consolidated financial statements. As such, deferred tax assets and liabilities are determined based on temporary differences between the financial carrying amounts and the tax basis of assets and liabilities using enacted tax rates in effect in the years in which the temporary differences are expected to reverse. On a periodic basis, the Company assesses the probability that its deferred tax assets, if any, will be recovered. If after evaluating all of the positive and negative evidence, a conclusion is made that it is more likely than not that some portion or all of the deferred tax assets will not be recovered, a valuation allowance is provided by a charge to tax expense to reserve the portion of the deferred tax assets which are not expected to be realized.

The Company reviews its filing positions for all open tax years in all U.S. federal and state jurisdictions where the Company is required to file. The Company recognizes a liability for each uncertain tax position at the amount estimated to be required to settle the issues.

The Company’s practice is to recognize interest and/or penalties related to income tax matters in income tax expense. For the years ended December 31, 2025, 2024 and 2023, interest or penalties related to income tax matters included in the provision for income taxes have not been material.

Sales Taxes

The Company is required by certain governmental authorities to collect sales taxes on certain transactions. The Company currently collects and reports on sales tax in all states in which it does business. However, the application of existing, new or revised taxes on our business, in particular, sales taxes, VAT and similar taxes would likely increase the cost of doing business online and decrease the attractiveness of selling products over the Internet. The application of these taxes on our business could also create significant increases in internal costs necessary to capture data and collect and remit taxes. There have been, and will continue to be, substantial ongoing costs associated with complying with the various indirect tax requirements in the numerous markets in which we conduct or will conduct business. The Company conducts ongoing analysis on state sales tax nexus regulations to determine where collection is necessary. The Company accounts for sales taxes as part of accrued expenses and excludes them from revenue.

Stock-Based and Stock-Equivalent Compensation

The Company records compensation expense for all stock-based awards granted based on the fair value of the award at the time of the grant. Stock-based compensation costs are recognized as expense over the requisite service period, which is generally the vesting period, on a straight-line basis for awards with only a service condition. The graded vesting method is used for awards that have service and other conditions. For awards subject to performance vesting conditions, expense is recognized for the awards if it is probable the performance conditions will be met. Forfeitures are accounted for as they occur.

The Company estimated the fair value of stock option awards with time-based or performance-based vesting provisions using the Black-Scholes method. For restricted stock units, the fair value is based on the closing price of our common stock on the grant date. The determination of the grant date fair value of the awards issued is affected by a number of variables, including the fair value of the underlying shares or units, the expected price volatility over the expected life of the awards, the expected term of the award, risk-free interest rates, the expected dividend yield of the underlying shares or units and the likelihood of termination. No stock option awards were granted during the years ended 2025 or 2024.

Dividends

We have not adopted a dividend policy. Any determination to pay dividends on our common stock is at the discretion of our board of directors subject to applicable laws, and depends upon, among other factors, our results of operations, financial condition, contractual restrictions and capital requirements. Our ability to pay cash dividends on our capital stock are limited by the terms of our Credit Agreement.

On the payment date, a portion of the dividend is settled in cash, and pursuant to the underlying award agreements, holders of restricted stock units and performance-based restricted stock units receive a dividend equivalent per unit in the form of additional restricted stock units and performance-based restricted stock units subject to the same vesting conditions as the original awards. In addition, there is a delayed cash payment to the holders of the unvested shares of common stock.

Shipping and Handling Revenue and Expenses

Shipping and handling revenue for orders placed by customers is recognized at the time of the sale. Shipping and handling expenses incurred by the Company related to these sales are considered fulfillment costs and reported as costs of revenue at the time of the sale.

Advertising Costs

The Company incurs advertising costs associated with print, digital and other related broadcast advertisements. Advertising costs are expensed as incurred. Advertising expense for the years ended December 31, 2025, 2024 and 2023 was $59.8 million, $46.8 million, and $32.2 million respectively. Advertising costs include expenditures for shared advertising costs that the Company incurs under its co-operative advertising programs to the extent the fair value of the distinct good or service can reasonably be estimated.

Research and Development (“R&D”)

R&D expense consists of costs associated primarily with engineering, product development, quality assurance, service fees incurred by contracting with vendors and allocated overhead costs. R&D costs are expensed as incurred.

Recently Adopted Accounting Pronouncements

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This ASU establishes new income tax disclosure requirements in addition to modifying and eliminating certain existing requirements. Under the new guidance, entities must consistently categorize and provide greater disaggregation of information in the rate reconciliation. They must also further disaggregate income taxes paid. Public business entities must apply the ASU’s guidance to annual periods beginning after December 15, 2024 (2025 for calendar-year-end Public business entities). The Company adopted ASU 2023-09 on a retrospective basis during the year ended December 31, 2025, see Note 9 for further discussion. The adoption did not have a material impact on the Company’s consolidated financial statements.

Recently Issued Accounting Pronouncements Not Yet Adopted

In September 2025, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which removes all references to software development project stages. The ASU requires entities to begin capitalizing software costs when management authorizes and commits to funding the software project, and it is probable that the project will be completed and the software will be used for its intended purpose. This ASU is effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods, with early adoption permitted. Upon adoption, the guidance can be applied prospectively, retrospectively, or with a modified transition approach. The Company is currently evaluating the impact of this standard on our consolidated financial statements.

In August 2025, the FASB issued ASU 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Trade Receivables and Contract Assets. This ASU provides a practical expedient and accounting policy election to allow entities to measure expected credit losses on certain trade receivables and contract assets using a provision matrix approach. ASU 2025-05 is effective for annual periods beginning after

December 15, 2025, and interim periods within those fiscal years, with early adoption permitted. The Company is currently evaluating the potential effect of this ASU on its credit loss estimation methodology.

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40), expanding disclosure requirements related to certain income statement expenses. The amendments require tabular disclosure of certain operating expenses disaggregated into categories, such as purchases of inventory, employee compensation, and depreciation. The amendments are effective for annual periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027, early adoption is permitted. The Company is still evaluating the specific impacts and adoption method, we do anticipate this guidance will have a significant impact on our consolidated financial statement disclosures.

Description of Business and Basis of Presentation	12 Months Ended
Description of Business and Basis of Presentation	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business and Basis of Presentation	Description of Business and Basis of Presentation Nature of Business Cricut, Inc. (“Cricut” or the “Company”) is a designer and marketer of a creativity platform that enables users to turn ideas into professional-looking handmade goods. Using the Company’s platform, versatile connected machines, and accessories and materials, users create everything from personalized birthday cards, mugs and T-shirts to large-scale interior decorations. The Company’s subscription services, connected machines and related accessories and materials are primarily marketed under the Cricut brand in the United States, as well as Europe and other countries around the world. Headquartered in South Jordan, Utah, the Company is an innovator in its industry, focused on bringing innovative technology (automation and consumerization of industrial tools) to the craft, DIY and home décor categories. The Company’s consolidated financial statements include the operations of its wholly owned subsidiaries, which are located throughout Europe and in the Asia-Pacific region. The Company designs, markets and distributes the Cricut family of products, including the platform, connected machines, and accessories and materials. In addition, Cricut sells a broad line of images, fonts and projects for purchase à la carte. The Company organizes its business into the following two reportable segments: Platform and Products. See Note 16 for further discussion of the Company’s segment reporting structure. Basis of Presentation and Consolidation The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”). The consolidated financial statements include the accounts of Cricut, Inc. and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.

Segment Information - Narrative (Details) $ in Millions	12 Months Ended
Segment Information - Narrative (Details) $ in Millions	Dec. 31, 2025 USD ($) vote	Dec. 31, 2024 USD ($)	Dec. 31, 2023
Segment Reporting, Asset Reconciling Item [Line Items]
Number of reportable segments \| vote	2
Percentage Of Revenue Subject To Point In Time Recognition	2.00%	1.00%	1.00%
Non-US
Segment Reporting, Asset Reconciling Item [Line Items]
Long-lived assets \| $	$ 5.2	$ 5.1

Income Taxes - Income Taxes Paid (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Examination [Line Items]
Federal	$ 9,962	$ 40,464	$ 21,100
Foreign	594	626	297
Total	10,455	43,871	24,011
California
Income Tax Examination [Line Items]
State	1,000
Utah
Income Tax Examination [Line Items]
State	(3,585)
Other states
Income Tax Examination [Line Items]
State	$ 2,484	$ 2,781	$ 2,614

Stock-Based Compensation - Restricted Stock Units Activity Under Company's Stock Plans (Details) - Restricted stock units - 2021 Equity Incentive Plan	12 Months Ended
	Dec. 31, 2025 $ / shares shares
Number of RSUs
Beginning balance (in shares) \| shares	11,251,503
Granted (in shares) \| shares	5,872,136
Dividend equivalent grants (in shares) \| shares	1,298,567
Vested (in shares) \| shares	(4,348,993)
Forfeited / cancelled (in shares) \| shares	(1,027,702)
Ending balance (in shares) \| shares	13,045,511
Weighted- Average Grant Date Fair Value (per share)
Beginning balance (in dollars per share) \| $ / shares	$ 9.86
Granted (in dollars per share) \| $ / shares	5.28
Dividend equivalent grants (in dollars per share) \| $ / shares	0
Vested (in dollars per share) \| $ / shares	12.76
Forfeited / cancelled (in dollars per share) \| $ / shares	8.07
Ending balance (in dollars per share) \| $ / shares	$ 7.13

Commitments and Contingencies (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Employee medical claims	$ 0.6	$ 0.5

Revenue and Deferred Revenue - Schedule of Changes in the Deferred Revenue Balance (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Movement in Deferred Revenue [Roll Forward]
Deferred revenue, beginning of period	$ 48,253	$ 43,235	$ 38,658
Recognition of revenue included in beginning of period deferred revenue	(45,482)	(40,304)	(34,869)
Revenue deferred, net of revenue recognized on contracts in the respective period	50,510	45,322	39,446
Deferred revenue, end of period	$ 53,281	$ 48,253	$ 43,235

Accrued Expenses and Other Current Liabilities

12 Months Ended

Dec. 31, 2025

Payables and Accruals [Abstract]

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consist of the following:


	December 31,
	2025		2024
(in thousands)
Customer rebates	$	37,627	$	38,756
Other accrued liabilities and other current liabilities	33,519		37,518
Total accrued expenses	$	71,146	$	76,274

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Revenue and Deferred Revenue (Tables)

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Schedule of Changes in the Deferred Revenue Balance

The following table summarizes the changes in the deferred revenue balance for the periods indicated:


	December 31,
	2025		2024		2023
(in thousands)
Deferred revenue, beginning of period	$	48,253	$	43,235	$	38,658
Recognition of revenue included in beginning of period deferred revenue	(45,482)		(40,304)		(34,869)
Revenue deferred, net of revenue recognized on contracts in the respective period	50,510		45,322		39,446
Deferred revenue, end of period	$	53,281	$	48,253	$	43,235

Schedule of Recognition of Deferred Revenue

The Company expects the following recognition of deferred revenue as of December 31, 2025:


	Year Ended December 31,
	2026		2027		2028		Total
(in thousands)
Revenue expected to be recognized	$	50,409	$	2,097	$	775	$	53,281

Schedule of Total Revenue by Geography

The following table presents the total revenue by geography based on the ship-to address for the periods indicated:


	Year Ended December 31,
	2025		2024		2023
(in thousands)
North America	$	539,082	$	555,052	$	609,933
International	169,698		157,486		155,214
Total revenue	$	708,780	$	712,538	$	765,147

Revenue from External Customers by Products and Services

The following table presents the total revenue by source for the periods indicated:


	Year Ended December 31,
	2025		2024		2023
(in thousands)
Platform	$	327,399	$	312,976	$	309,012
Connected machines	192,444		192,439		198,312
Accessories and materials	188,937		207,123		257,823
Total revenue	$	708,780	$	712,538	$	765,147

Summary of Significant Accounting Policies - Schedule Customer of Concentration (Details) - Customer Concentration Risk - Accounts Receivable	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Customer A
Concentration Risk [Line Items]
Concentration risk, percentage	23.00%	25.00%
Customer B
Concentration Risk [Line Items]
Concentration risk, percentage	15.00%	16.00%
Customer C
Concentration Risk [Line Items]
Concentration risk, percentage	15.00%	12.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

- Definition

+ References + Details

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Reconciliation of Income Tax Computed at U.S. Federal Statutory Rate to Effective Tax Rate

The reconciliation of income tax computed at the U.S. federal statutory tax rate to our effective income tax rate is as follows:


	Year Ended December 31,
(in thousands)	2025			2024			2023
	Amount	Percent		Amount	Percent		Amount	Percent
U.S. federal statutory tax rate	$22,658	21.0	%	$18,664	21.0	%	$16,755	21.0	%
State and local income taxes, net of federal income tax effect(a)	3,957	3.7		3,463	3.9		2,639	3.3

Foreign tax effects	83	0.1		54	0.1		293	0.4
Effect of cross-border tax laws
Foreign derived intangible income	(699)	(0.7)		(2,448)	(2.8)		(1,987)	(2.5)
Other	153	0.1		150	0.2		0	—
Tax credits
Research and development tax credits	(2,296)	(2.1)		(2,065)	(2.3)		(2,480)	(3.1)
Foreign tax credits	(24)	—		0	—		0	—
Nontaxable or nondeductible items
Share-based payment awards	3,998	3.7		7,098	8.0		6,544	8.2
Nondeductible executive compensation	1,712	1.6		1,018	1.1		710	0.9
Return to provision adjustments	2,994	2.8		822	0.9		3,288	4.1
Other	(170)	(0.2)		264	0.3		56	0.1
Changes in unrecognized tax benefits	(1,178)	(1.1)		(973)	(1.1)		329	0.4

Effective income tax rate	$31,188	28.9	%	$26,047	29.3	%	$26,147	32.8	%

(a) State taxes in California, Pennsylvania and Utah made up the majority (greater than 50 percent) of the tax effect in this category for the years ended December 31, 2025 and 2023. California and Utah made up the majority (greater than 50 percent) of the tax effect in this category for the year ended December 31, 2024.

Components of Net Deferred Tax Assets

Significant components of the Company’s net deferred tax assets are comprised of the following:


	December 31,
	2025		2024
(in thousands)
Deferred tax assets:
Inventories	$	7,731	$	11,457
Lease liability	2,807		3,633
Accounts receivable	422		642
Sales refund liability	579		689
Deferred revenue	701		693
Stock-based compensation	4,919		6,152
Amortization	133		164
Capitalized research expenditures	2,306		22,291
Net operating loss carryforwards	153		130
Capital loss carryforwards	61		102
Tax credits	3,695		3,338
Other	(166)		879
Total deferred tax assets	23,341		50,170
Deferred tax liabilities:
Depreciation and amortization	(7,505)		(7,658)
ROU lease asset	(2,626)		(3,326)
Total deferred tax liabilities	(10,131)		(10,984)
Net deferred tax assets	$	13,210	$	39,186

Schedule of Components of Income Tax Expense (Benefit)


	Year Ended December 31,
	2025		2024		2023
(in thousands)
Current:
Federal	$	3,169	$	24,854	$	32,140
State	1,477		5,108		4,695
Foreign	485		403		549
Total current	5,131		30,365		37,384
Deferred:
Federal	22,738		(3,692)		(9,561)
State	3,341		(581)		(1,713)
Foreign	(22)		(45)		37
Total deferred	26,057		(4,318)		(11,237)
Income tax provision	$	31,188	$	26,047	$	26,147

Schedule of Cash Flow, Supplemental Disclosures

Income taxes paid (net of refunds) are comprised of the following:


	Year Ended December 31,
	2025	2024	2023
(in thousands)
Federal	$9,962	$40,464	$21,100
State
California	1,000	*	*
Utah	(3,585)	*	*
Other states	2,484	2,781	2,614
Foreign	594	626	297
Total	$10,455	$43,871	$24,011

Schedule of Income before Income Tax, Domestic and Foreign

Income and expense from continuing operations are comprised of the following:


	Year Ended December 31,
(in thousands)	2025	2024	2023
Pretax income:
Domestic	$105,817	$87,050	$78,392
Foreign	2,076	1,827	1,391
Total	$107,893	$88,877	$79,783


	Year Ended December 31,
(in thousands)	2025	2024	2023
Income tax expense:
Federal	$25,907	$21,162	$22,580
State	4,818	4,527	2,982
Foreign	463	358	585
Total	$31,188	$26,047	$26,147

Schedule of Unrecognized Tax Benefits Roll Forward

The total balance of unrecognized gross tax benefits for the years ended December 31, 2025 and 2024, resulted primarily from research and development credits, foreign derived intangible income differences, inventory basis differences and the release of reserves due to the expiration of statutes of limitation. A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows:


	Year Ended December 31,
	2025		2024		2023
(in thousands)
Unrecognized tax benefits at beginning of year	$	6,376	$	7,148	$	3,988
Reductions based on prior year tax positions	—		—		(159)
Additions based on prior year tax provisions	286		159		2,691
Additions based on current year tax provisions	951		921		996
Reductions due to tax authorities’ settlements	—		(98)		—
Reductions due to expirations of statutes of limitation	(1,873)		(1,754)		(368)
Unrecognized tax benefits at end of year	$	5,740	$	6,376	$	7,148

Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Foreign currency transaction gains (losses)	$ 100	$ (2,700)	$ (1,300)
Accounts receivable, net	92,011	101,980	111,200
Impairments	642	486	9,953
Advertising expense	59,800	46,800	32,200
Cloud Computing Arrangement
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	300	400	$ 1,000
Capitalized costs	4,600	3,700
Finite-lived intangible assets, accumulated amortization	$ 2,500	$ 2,200
Cost of Goods and Service, Product and Service Benchmark \| Product Concentration Risk \| Top Two Vendors
Finite-Lived Intangible Assets [Line Items]
Concentration risk, percentage	66.00%	69.00%	59.00%

Leases (Tables)

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Schedule of Maturities of Operating Lease Liabilities

As of December 31, 2025, the maturities of the Company's operating lease liabilities were as follows:


	Operating Leases
(in thousands)
2026	$	4,131
2027	2,869
2028	4,023
2029	1,694

Total lease payments	$	12,717
Less: imputed interest	$	(1,093)
Present value of operating lease liabilities	$	11,624
Operating lease liabilities, current	$	3,606
Operating lease liabilities, non-current	$	8,018

Schedule of Additional Lease Information

The weighted average remaining operating lease term and the weighted average discount rate used to determine the operating lease liability were as follows:


	As of December 31, 2025		As of December 31, 2024
Weighted-average remaining lease term of operating leases	3.3 years		4.2 years
Weighted-average discount rate of operating leases	5.4	%	5.3	%

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Stock-Based Compensation Costs

The following table shows the stock-based compensation cost by award type for the periods indicated:


	Year Ended December 31,
	2025		2024		2023
(in thousands)
Equity classified awards
Restricted stock units	$	36,687	$	43,421	$	41,094
Stock options	—		772		2,388
Class B common stock	427		3,667		6,504

Liability classified awards	26		40		44
Total stock-based compensation	$	37,140	$	47,900	$	50,030

The following table sets forth the total stock-based compensation cost included in the Company’s consolidated statements of operations and comprehensive income or capitalized to assets for the periods indicated:


	Year Ended December 31,
	2025		2024		2023
(in thousands)
Cost of revenue
Platform	1,052		1,192		926
Products	46		712		1,505
Total cost of revenue	1,098		1,904		2,431
Research and development	12,047		15,620		18,169
Sales and marketing	10,065		12,825		12,740
General and administrative	11,581		14,718		13,986
Total stock-based compensation expense	$	34,791	$	45,067	$	47,326
Capitalized for software development costs	1,634		1,509		1,960
Capitalized to inventory	715		1,324		744
Total stock-based compensation	$	37,140	$	47,900	$	50,030

Schedule of Restricted Stock Unit Activity

A summary of the Company’s RSU activity under the 2021 Equity Incentive Plan is as follows:


	Number of RSUs	Weighted- Average Grant Date Fair Value (per share)

Outstanding at December 31, 2024	11,251,503	$	9.86
Granted	5,872,136	$	5.28
Dividend equivalent grants	1,298,567	$	—
Vested	(4,348,993)	$	12.76
Forfeited/cancelled	(1,027,702)	$	8.07
Outstanding at December 31, 2025	13,045,511	$	7.13

A summary of the Company’s PRSU activity under the 2021 Equity Incentive Plan is as follows:


	Number of PRSUs (a)	Weighted- Average Grant Date Fair Value (per share)

Outstanding at December 31, 2024	17,485,433	$	13.12
Granted	240,000	$	6.28
Dividend equivalent grants	2,872,274	$	—

Forfeited / cancelled	(1,612,395)	$	12.10
Outstanding at December 31, 2025	18,985,312	$	13.13

a.Represents the maximum number of PRSUs assuming all performance targets are achieved.

Schedule of Stock Option Activity

A summary of the Company’s stock option activity under the 2021 Equity Incentive Plan is as follows:


	Number of Options	Weighted- Average Exercise Price		Weighted- Average Remaining Term (Years)	Aggregate Intrinsic Value
					(in thousands)
Outstanding at December 31, 2024	2,750,078	$	18.25	2.2	$	—


Forfeited/cancelled	(49,167)	17.65
Outstanding and expected to vest at December 31, 2025	2,700,911	$	17.50	1.1	$	—
Vested and exercisable at December 31, 2025	2,700,911	$	17.50	1.1	$	—

The Company’s options to purchase Class B common stock resulted from the corporate reorganization in March 2021 and are not part of the 2021 Equity Incentive Plan. A summary of the Company stock option activity for the options to purchase shares of Class B common stock is as follows:


	Number of Options	Weighted- Average Exercise Price		Weighted- Average Remaining Term (Years)	Aggregate Intrinsic Value
					(in thousands)
Outstanding at December 31, 2024	197,425	$	7.29	0.9	$	—

Forfeited / Cancelled	(197,425)	$	6.58
Outstanding at December 31, 2025	—	$	—	0.0	$	—

Schedule of Nonvested Share Activity

The Company’s unvested Class B common stock resulted from the corporate reorganization in March 2021 and is not part of the 2021 Equity Incentive Plan. Dividends declared on unvested Class B common stock are subject to vesting and are forfeited if the underlying stock does not vest. Activity related to Class B common stock subject to future vesting for the year ended December 31, 2025 is as follows:


	Number of Unvested Shares	Weighted- Average Grant Date Fair Value (per share)

Outstanding at December 31, 2024	113,578	$	20.00
Vested	(107,425)	$	20.00

Outstanding at December 31, 2025	6,153	$	20.00

Leases - Schedule of Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Leases [Abstract]
2026	$ 4,131
2027	2,869
2028	4,023
2029	1,694
Total lease payments	12,717
Less: imputed interest	(1,093)
Present value of operating lease liabilities	11,624
Operating lease liabilities, current	3,606	$ 3,899
Operating lease liabilities, non-current	$ 8,018	$ 11,310

Revenue and Deferred Revenue

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Revenue and Deferred Revenue

Deferred revenue relates to performance obligations for which payments have been received from the customer prior to revenue recognition. Deferred revenue primarily consists of deferred subscription-based services. Deferred revenue also includes amounts allocated from the sale of a connected machine to the unspecified upgrades and enhancements and the Company’s cloud-based services.

Contract costs consist of amounts paid to obtain contracts with customers in connection with sales of subscriptions through third-party apps. Contract costs are amortized over the subscription term. During the twelve months ended December 31, 2025, the Company capitalized $2.7 million of contract costs, and as of December 31, 2025 the unamortized balance was $1.1 million, included in prepaid and other current assets on our consolidated balance sheets. During the twelve months ended December 31, 2024, the Company capitalized $2.7 million of contract costs, and as of December 31, 2024 the unamortized balance was $1.2 million, included in prepaid and other current assets on our consolidated balance sheets. The Company has recognized no contract assets for any of the periods presented.

The following table summarizes the changes in the deferred revenue balance for the periods indicated:


	December 31,
	2025		2024		2023
(in thousands)
Deferred revenue, beginning of period	$	48,253	$	43,235	$	38,658
Recognition of revenue included in beginning of period deferred revenue	(45,482)		(40,304)		(34,869)
Revenue deferred, net of revenue recognized on contracts in the respective period	50,510		45,322		39,446
Deferred revenue, end of period	$	53,281	$	48,253	$	43,235

As of December 31, 2025, the aggregate amount of the transaction price allocated to remaining performance obligations was equal to the deferred revenue balance.

The Company expects the following recognition of deferred revenue as of December 31, 2025:


	Year Ended December 31,
	2026		2027		2028		Total
(in thousands)
Revenue expected to be recognized	$	50,409	$	2,097	$	775	$	53,281

Revenue recognized during the years ended December 31, 2025, 2024, and 2023, related to performance obligations satisfied or partially satisfied in prior periods was $8.7 million, $5.7 million and $3.2 million, respectively.

The following table presents the total revenue by geography based on the ship-to address for the periods indicated:


	Year Ended December 31,
	2025		2024		2023
(in thousands)
North America	$	539,082	$	555,052	$	609,933
International	169,698		157,486		155,214
Total revenue	$	708,780	$	712,538	$	765,147

North America revenue consists of revenues from the United States and Canada. United States represents 96%, 95%, and 95% of North America revenue for the years ended December 31, 2025, 2024, and 2023, respectively.

The following table presents the total revenue by source for the periods indicated:


	Year Ended December 31,
	2025		2024		2023
(in thousands)
Platform	$	327,399	$	312,976	$	309,012
Connected machines	192,444		192,439		198,312
Accessories and materials	188,937		207,123		257,823
Total revenue	$	708,780	$	712,538	$	765,147

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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+ Details

Inventories (Tables)

12 Months Ended

Dec. 31, 2025

Inventory Disclosure [Abstract]

Schedule of Components of Inventories

Inventories are comprised of the following:


	December 31,
	2025		2024
(in thousands)
Raw materials	$	25,650	$	38,652
Finished goods	117,185		144,630
Total inventories	$	142,835	$	183,282
Less: reserves	(29,309)		(49,015)
Total inventories, net	$	113,526	$	134,267
Inventories current	$	102,664	$	115,255
Inventories non-current (included in Other assets)	$	10,862	$	19,012

Summary of Significant Accounting Policies - Schedule of Accounts Receivable (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Trade accounts receivable	$ 82,125	$ 90,665
Credit card and other receivables	11,614	13,932
Less: allowance for credit losses	(1,728)	(2,617)
Total accounts receivable, net	$ 92,011	$ 101,980	$ 111,200

Summary of Significant Accounting Policies - Schedule of Product Warranty Reserves (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Movement in Standard Product Warranty Accrual [Roll Forward]
Balance at beginning of period	$ 1,641	$ 1,812
Additions charged to cost of revenue	1,289	2,859
Repairs and replacement costs incurred	(1,644)	(3,030)
Balance at end of period	$ 1,286	$ 1,641

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Schedule of Accounts Receivable

Accounts receivable consist of the following:


	December 31,
	2025		2024
(in thousands)
Trade accounts receivable	$	82,125	$	90,665
Credit card and other receivables	11,614		13,932
Less: allowance for credit losses	(1,728)		(2,617)
Total accounts receivable, net	$	92,011	$	101,980

Schedule of Allowance for Credit Loss

The following table summarizes changes in the allowance for credit losses:


	December 31,
	2025		2024
(in thousands)
Beginning balance	$	(2,617)	$	(1,950)
Reversal of (provision for) expected losses	1,695		(3,285)
Write-offs	1,581		2,618
Recoveries	(2,387)		—
Ending balance	$	(1,728)	$	(2,617)

Schedule Customer of Concentration

Customers that accounted for 10% or greater of accounts receivable, net as of December 31, 2025 and 2024 were as follows:


	December 31,
	2025		2024
Customer A	23	%	25	%
Customer B	15	%	16	%
Customer C	15	%	12	%

Schedule of Property, Plant and Equipment

The Company uses the following estimated useful lives:


Computer software, software development costs and equipment						3-5 years
Furniture and fixtures						5-7 years
Manufacturing tools and equipment						3-5 years
Leasehold improvements						Shorter of lease term or remaining life of the asset

The composition of property and equipment is as follows:


	December 31,
	2025		2024
(in thousands)
Computer software, software development costs and equipment	$	137,565	$	116,939
Furniture and fixtures	1,916		1,930
Leasehold improvements	5,111		5,073
Manufacturing tools and equipment	28,877		35,723
Assets under construction	5,270		1,528
Total cost of property and equipment	178,739		161,193
Less: accumulated depreciation	(138,479)		(123,647)
Property and equipment, net	$	40,260	$	37,546

Schedule of Sale Refund Liability

Changes in the reserve for sales refunds were as follows:


	December 31,
	2025		2024
(in thousands)
Balance at beginning of period	$	2,809	$	3,267
Additions that reduced net revenue	7,486		9,202
Deductions from reserves for current year returns	(7,925)		(9,660)
Balance at end of period	$	2,370	$	2,809

Schedule of Product Warranty Reserves

Changes in the reserve for product warranties were as follows:


	December 31,
	2025		2024
(in thousands)
Balance at beginning of period	$	1,641	$	1,812
Additions charged to cost of revenue	1,289		2,859
Repairs and replacement costs incurred	(1,644)		(3,030)
Balance at end of period	$	1,286	$	1,641

Income Taxes - Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Current:
Federal	$ 3,169	$ 24,854	$ 32,140
State	1,477	5,108	4,695
Foreign	485	403	549
Total current	5,131	30,365	37,384
Deferred:
Federal	22,738	(3,692)	(9,561)
State	3,341	(581)	(1,713)
Foreign	(22)	(45)	37
Total deferred	26,057	(4,318)	(11,237)
Income tax provision	$ 31,188	$ 26,047	$ 26,147

Capital Structure - Narrative (Details) $ / shares in Units, $ in Thousands							12 Months Ended
	Oct. 31, 2025 USD ($) $ / shares	May 02, 2025 USD ($) $ / shares	Nov. 01, 2024 USD ($) $ / shares	May 06, 2024 USD ($) $ / shares	May 18, 2023 USD ($) $ / shares	Dec. 21, 2022 USD ($) $ / shares	Dec. 31, 2025 USD ($) vote $ / shares shares	Dec. 31, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($)
Equity, Class of Treasury Stock [Line Items]
Preferred stock, shares authorized (in shares)							100,000,000	100,000,000
Preferred stock, par value (in dollars per share) \| $ / shares							$ 0.001	$ 0.001
Common stock, shares authorized (in shares)							1,250,000,000
Common stock, par value (in dollars per share) \| $ / shares							$ 0.001
Common stock, shares outstanding (in shares)							211,336,284	213,295,922
Common stock, shares issued (in shares)							211,336,284	213,295,922
Dividends payable (in dollars per share) \| $ / shares		$ 0.75		$ 0.40	$ 1.00	$ 0.35
Dividends declared but unpaid \| $	$ 24,300	$ 204,800	$ 24,200	$ 121,700	$ 234,600	$ 81,400	$ 24,361	$ 24,413	$ 2,342
Dividends payable, current portion \| $	21,100	180,600	21,300	108,200	219,800	76,900
Dividends, paid-in-kind \| $	$ 3,200	$ 24,200	$ 2,900	$ 13,500	$ 14,800	$ 4,500	26,300	13,500	19,200
Dividends, cash \| $							$ 202,100	$ 110,000	$ 294,100
Dividend Equivalent Payable Amount Per Share \| $ / shares	$ 0.10	$ 0.85	$ 0.10	$ 0.50	$ 1.00	$ 0.35
Semi-Annual Dividend, Class A and Class B Common Stock
Equity, Class of Treasury Stock [Line Items]
Dividends payable (in dollars per share) \| $ / shares	$ 0.10	$ 0.10	$ 0.10	$ 0.10
Common Class A
Equity, Class of Treasury Stock [Line Items]
Common stock, shares authorized (in shares)							1,000,000,000
Common stock, shares outstanding (in shares)							55,397,876
Common stock, shares issued (in shares)							55,397,876
Number of votes per share \| vote							1
Number of shares issuable upon conversion (in shares)							1
Stock repurchase program, authorized amount \| $		$ 50,000
Stock repurchased and retired (in shares)							4,577,893	6,247,175
Stock repurchased and retired, value \| $							$ 24,600	$ 38,400
Class B common stock
Equity, Class of Treasury Stock [Line Items]
Common stock, shares authorized (in shares)							250,000,000
Common stock, shares outstanding (in shares)							155,938,408
Common stock, shares issued (in shares)							155,938,408
Number of votes per share \| vote							5
Existing Stockholders \| Common Class A
Equity, Class of Treasury Stock [Line Items]
Sale of stock, shares issued in transaction							4,911,815

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2025
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Dividends On January 20, 2026, the Company paid a recurring semi-annual dividend of $0.10 per share on its Class A and Class B common stock to shareholders of record as of January 6, 2025. $21.1 million was paid in cash and $3.2 million was satisfied in the form of dividend equivalents to RSU or PRSU holders. U.S. Tariff Update On February 20, 2026, the United States Supreme Court ruled that certain tariffs imposed under IEEPA were invalid. The availability, timing, and amount of any related refunds remain uncertain and are subject to further legal, regulatory, and administrative developments. In response, the U.S. presidential administration announced its intention to rely on alternative statutory authorities to impose tariffs and implemented additional tariffs on imports, creating continued uncertainty regarding future tariff measures and their potential impact on the Company. The Company continues to monitor and evaluate these developments and assess the potential impact on its business, financial condition, and results of operations.

Segment Information (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Schedule of Key Financial Performance Measures of the Segments

Key financial performance measures of the segments including revenue, cost of revenue and gross profit are as follows:


	Year Ended December 31,
	2025		2024		2023
(in thousands)
Platform:
Revenue	$	327,399	$	312,976	$	309,012
Cost of revenue	35,990		37,288		32,804
Gross profit	$	291,409	$	275,688	$	276,208

Products:
Revenue	$	381,381	$	399,562	$	456,135
Cost of revenue	282,359		322,462		389,050
Gross profit	$	99,022	$	77,100	$	67,085

Consolidated:
Revenue	$	708,780	$	712,538	$	765,147
Cost of revenue	318,349		359,750		421,854
Gross profit	$	390,431	$	352,788	$	343,293

Income Taxes - Income and Expense From Continuing Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Pretax income:
Domestic	$ 105,817	$ 87,050	$ 78,392
Foreign	2,076	1,827	1,391
Income before provision for income taxes	107,893	88,877	79,783
Income tax expense:
Federal	25,907	21,162	22,580
State	4,818	4,527	2,982
Foreign	463	358	585
Income tax provision	$ 31,188	$ 26,047	$ 26,147

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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+ Details

Revenue and Deferred Revenue - Schedule of Total Revenue by Geography (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Total revenue	$ 708,780	$ 712,538	$ 765,147
North America
Disaggregation of Revenue [Line Items]
Total revenue	539,082	555,052	609,933
International
Disaggregation of Revenue [Line Items]
Total revenue	$ 169,698	$ 157,486	$ 155,214

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

Capital Structure	12 Months Ended
Capital Structure	Dec. 31, 2025
Equity [Abstract]
Capital Structure	Capital Structure The Company has authorized 100,000,000 shares of preferred stock, par value $0.001 per share, and 1,250,000,000 shares of common stock, par value $0.001 per share, which is divided between two series Class A common stock and Class B common stock. During the year ended December 31, 2025, 4,911,815 shares of Class B common stock were converted to Class A common stock. As of December 31, 2025, the Company had 1,000,000,000 shares of Class A common stock and 250,000,000 shares of Class B common stock authorized and 55,397,876 shares of Class A common stock and 155,938,408 shares of Class B common stock issued and outstanding. Each share of Class A common stock is entitled to one vote per share. Each share of Class B common stock is entitled to five votes per share and is convertible at any time into one share of Class A common stock. Stock Repurchase Program On May 2, 2025, the board of directors approved replenishing the repurchase program up to an aggregate transactional value of $50 million to purchase shares of its outstanding Class A common stock, depending on the Company’s continuing analysis of market, financial, and other factors. The share repurchase program may be suspended or discontinued at any time and does not have a predetermined expiration date. During the years ended December 31, 2025 and 2024, the Company repurchased and retired 4,577,893 and 6,247,175 shares of our Class A common stock, respectively, for $24.6 million and $38.4 million, respectively, under this program. Dividends On October 31, 2025, the Company declared a recurring semi-annual dividend of $0.10 per share on its Class A and Class B common stock, payable on January 20, 2026 to shareholders of record as of January 6, 2026. As part of the dividends, and pursuant to the underlying award agreements, holders of restricted stock units (“RSUs”) and performance-based restricted stock units (“PRSUs”) received a dividend equivalent of $0.10 per unit in the form of additional RSUs or PRSUs subject to the same vesting conditions as the original awards. The aggregate dividend of $24.3 million was to be satisfied in cash of $21.1 million payable to holders of Class A and Class B common stock with the remaining $3.2 million satisfied on the payment date in the form of dividend equivalents to RSU or PRSU holders prior to any subsequent forfeitures. On May 2, 2025, the Company declared a special dividend of $0.75 per share and a recurring semi-annual dividend of $0.10 per share on its Class A and Class B common stock, payable on July 21, 2025 to shareholders of record as of July 7, 2025. As part of the dividends, and pursuant to the underlying award agreements, holders of restricted stock units (“RSUs”) and performance-based restricted stock units (“PRSUs”) received a dividend equivalent of $0.85 per unit in the form of additional RSUs or PRSUs subject to the same vesting conditions as the original awards. The aggregate dividend of $204.8 million was to be satisfied in cash of $180.6 million payable to holders of Class A and Class B common stock with the remaining $24.2 million satisfied on the payment date in the form of dividend equivalents to RSU or PRSU holders prior to any subsequent forfeitures. On November 01, 2024, the Company declared a recurring semi-annual dividend of $0.10 per share on its Class A and Class B common stock, payable on January 21, 2025 to shareholders of record as of January 07, 2025. As part of the dividends, and pursuant to the underlying award agreements, holders of restricted stock units (“RSUs”) and performance-based restricted stock units (“PRSUs”) received a dividend equivalent of $0.10 per unit in the form of additional RSUs or PRSUs subject to the same vesting conditions as the original awards. The aggregate dividend of $24.2 million was to be satisfied in cash of $21.3 million payable to holders of Class A and Class B common stock with the remaining $2.9 million satisfied on the payment date in the form of dividend equivalents to RSU or PRSU holders prior to any subsequent forfeitures. On May 6, 2024, the Company declared a special dividend of $0.40 per share and a recurring semi-annual dividend of $0.10 per share on its Class A and Class B common stock, payable on July 19, 2024 to shareholders of record as of July 02, 2024. As part of the dividends, and pursuant to the underlying award agreements, holders of RSUs and PRSUs received a dividend equivalent of $0.50 per unit in the form of additional RSUs or PRSUs subject to the same vesting conditions as the original awards. The aggregate dividend of $121.7 million was to be satisfied in cash of $108.2 million payable to holders of Class A and Class B common stock with the remaining $13.5 million satisfied on the payment date in the form of dividend equivalents to RSU or PRSU holders prior to any subsequent forfeitures. On May 18, 2023, the Company declared a special dividend of $1.00 per share on its Class A and Class B common stock, payable on July 17, 2023 to shareholders of record as of July 3, 2023. As part of the dividend, and pursuant to the underlying award agreements, holders of RSUs and PRSUs received dividend equivalents of $1.00 per unit in the form of additional RSUs or PRSUs subject to the same vesting conditions as the original awards. The aggregate dividend of $234.6 million was to be satisfied in cash of $219.8 million payable to holders of Class A and Class B common stock with the remaining $14.8 million satisfied on the payment date in the form of dividend equivalents to RSU or PRSU holders prior to any subsequent forfeitures. On December 21, 2022, the Company declared a special dividend of $0.35 per share on its Class A and Class B common stock, payable on February 15, 2023 to shareholders of record as of February 1, 2023. As part of the dividend, and pursuant to the underlying award agreements, holders of RSU and PRSUs received a dividend equivalent of $0.35 per unit in the form of additional RSUs or PRSUs subject to the same vesting conditions as the original awards. The aggregate dividend of $81.4 million was to be satisfied in cash of $76.9 million payable to holders of Class A and Class B common stock with the remaining $4.5 million satisfied on the payment date in the form of dividend equivalents to RSU or PRSU holders prior to any subsequent forfeitures. During the twelve months ended December 31, 2025, an aggregate of $202.1 million was paid in cash, and $26.3 million was satisfied in the form of dividend equivalents to RSU or PRSU holders. During the twelve months ended December 31, 2024, an aggregate of $110.0 million was paid in cash, and $13.5 million was satisfied in the form of dividend equivalents to RSU or PRSU holders. During the twelve months ended December 31, 2023, an aggregate of $294.1 million was paid in cash, and $19.2 million was satisfied in the form of dividend equivalents to RSU or PRSU holders. Dividends payable includes dividends declared but not yet paid and prior dividends on unvested shares of Class A common stock payable upon future vesting.

- Definition

The entire disclosure for equity.

+ References

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+ Details

Summary of Significant Accounting Policies - Property, Plant and Equipment (Details)	Dec. 31, 2025
Computer software, software development costs and equipment \| Minimum
Property, Plant and Equipment [Line Items]
Useful life	3 years
Computer software, software development costs and equipment \| Maximum
Property, Plant and Equipment [Line Items]
Useful life	5 years
Furniture and fixtures \| Minimum
Property, Plant and Equipment [Line Items]
Useful life	5 years
Furniture and fixtures \| Maximum
Property, Plant and Equipment [Line Items]
Useful life	7 years
Manufacturing tools and equipment \| Minimum
Property, Plant and Equipment [Line Items]
Useful life	3 years
Manufacturing tools and equipment \| Maximum
Property, Plant and Equipment [Line Items]
Useful life	5 years

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Examination [Line Items]
Income before provision for income taxes	$ 107,893	$ 88,877	$ 79,783
Unrecognized tax benefits that would affect effective tax rate if recognized	$ 5,700	$ 6,400	$ 7,100

- Definition

+ References

+ Details

Inventories - Components of Inventories (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Inventory Disclosure [Abstract]
Raw materials	$ 25,650	$ 38,652
Finished goods	117,185	144,630
Total inventories	142,835	183,282
Less: reserves	(29,309)	(49,015)
Total inventories, net	113,526	134,267
Inventories current	102,664	115,255
Inventories non-current (included in Other assets)	$ 10,862	$ 19,012

Accrued Expenses and Other Current Liabilities - Schedule of accrued expenses and other current liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Payables and Accruals [Abstract]
Customer rebates	$ 37,627	$ 38,756
Other accrued liabilities and other current liabilities	33,519	37,518
Total accrued expenses	$ 71,146	$ 76,274

Cash, Cash Equivalents, and Financial Instruments - Schedule of Cash, Cash Equivalents and Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Cash and Cash Equivalents [Line Items]
Cash, Adjusted Cost	$ 256,216	$ 232,140
Debt Securities, Available-for-Sale [Abstract]
Total Unrealized Gains	29	361
Assets, Adjusted Cost	275,621	336,553
Assets, Fair Value	275,650	336,914
Cash
Cash and Cash Equivalents [Line Items]
Cash, Adjusted Cost	194,182	161,248
Cash, Fair Value	194,182	161,248
Fair Value, Inputs, Level 1 \| Money Market Funds
Debt Securities, Available-for-Sale [Abstract]
Adjusted Cost	62,034	70,892
Total Unrealized Gains	0	0
Fair Value	62,034	70,892
Fair Value, Inputs, Level 2 \| US Treasury Securities
Debt Securities, Available-for-Sale [Abstract]
Adjusted Cost	19,405	104,413
Total Unrealized Gains	29	361
Fair Value	19,434	104,774
Cash
Cash and Cash Equivalents [Line Items]
Cash, Fair Value	194,182	161,248
Debt Securities, Available-for-Sale [Abstract]
Assets, Fair Value	256,216	232,140
Cash \| Fair Value, Inputs, Level 1 \| Money Market Funds
Debt Securities, Available-for-Sale [Abstract]
Fair Value	62,034	70,892
Cash \| Fair Value, Inputs, Level 2 \| US Treasury Securities
Debt Securities, Available-for-Sale [Abstract]
Fair Value	0	0
Marketable Securities
Debt Securities, Available-for-Sale [Abstract]
Assets, Fair Value	19,434	104,774
Marketable Securities \| Fair Value, Inputs, Level 1 \| Money Market Funds
Debt Securities, Available-for-Sale [Abstract]
Fair Value	0	0
Marketable Securities \| Fair Value, Inputs, Level 2 \| US Treasury Securities
Debt Securities, Available-for-Sale [Abstract]
Fair Value	$ 19,434	$ 104,774

Income Taxes

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

The reconciliation of income tax computed at the U.S. federal statutory tax rate to our effective income tax rate is as follows:


	Year Ended December 31,
(in thousands)	2025			2024			2023
	Amount	Percent		Amount	Percent		Amount	Percent
U.S. federal statutory tax rate	$22,658	21.0	%	$18,664	21.0	%	$16,755	21.0	%
State and local income taxes, net of federal income tax effect(a)	3,957	3.7		3,463	3.9		2,639	3.3

Foreign tax effects	83	0.1		54	0.1		293	0.4
Effect of cross-border tax laws
Foreign derived intangible income	(699)	(0.7)		(2,448)	(2.8)		(1,987)	(2.5)
Other	153	0.1		150	0.2		0	—
Tax credits
Research and development tax credits	(2,296)	(2.1)		(2,065)	(2.3)		(2,480)	(3.1)
Foreign tax credits	(24)	—		0	—		0	—
Nontaxable or nondeductible items
Share-based payment awards	3,998	3.7		7,098	8.0		6,544	8.2
Nondeductible executive compensation	1,712	1.6		1,018	1.1		710	0.9
Return to provision adjustments	2,994	2.8		822	0.9		3,288	4.1
Other	(170)	(0.2)		264	0.3		56	0.1
Changes in unrecognized tax benefits	(1,178)	(1.1)		(973)	(1.1)		329	0.4

Effective income tax rate	$31,188	28.9	%	$26,047	29.3	%	$26,147	32.8	%

Differences between the Company’s effective tax rate and the statutory tax rate relate primarily to state income taxes, stock-based compensation, tax credits, prior year return to provision adjustments and changes in unrecognized tax benefits during the period. Deferred taxes reflect the net tax effects of the temporary differences between the carrying amount of assets and liabilities for financial reporting and the amount used for income tax purposes.

Significant components of the Company’s net deferred tax assets are comprised of the following:


	December 31,
	2025		2024
(in thousands)
Deferred tax assets:
Inventories	$	7,731	$	11,457
Lease liability	2,807		3,633
Accounts receivable	422		642
Sales refund liability	579		689
Deferred revenue	701		693
Stock-based compensation	4,919		6,152
Amortization	133		164
Capitalized research expenditures	2,306		22,291
Net operating loss carryforwards	153		130
Capital loss carryforwards	61		102
Tax credits	3,695		3,338
Other	(166)		879
Total deferred tax assets	23,341		50,170
Deferred tax liabilities:
Depreciation and amortization	(7,505)		(7,658)
ROU lease asset	(2,626)		(3,326)
Total deferred tax liabilities	(10,131)		(10,984)
Net deferred tax assets	$	13,210	$	39,186


	Year Ended December 31,
	2025		2024		2023
(in thousands)
Current:
Federal	$	3,169	$	24,854	$	32,140
State	1,477		5,108		4,695
Foreign	485		403		549
Total current	5,131		30,365		37,384
Deferred:
Federal	22,738		(3,692)		(9,561)
State	3,341		(581)		(1,713)
Foreign	(22)		(45)		37
Total deferred	26,057		(4,318)		(11,237)
Income tax provision	$	31,188	$	26,047	$	26,147

Income taxes paid (net of refunds) are comprised of the following:


	Year Ended December 31,
	2025	2024	2023
(in thousands)
Federal	$9,962	$40,464	$21,100
State
California	1,000	*	*
Utah	(3,585)	*	*
Other states	2,484	2,781	2,614
Foreign	594	626	297
Total	$10,455	$43,871	$24,011

* The amount of income taxes paid during the years ended December 31, 2024 and 2023 does not meet the 5% disaggregation threshold.

Income and expense from continuing operations are comprised of the following:


	Year Ended December 31,
(in thousands)	2025	2024	2023
Pretax income:
Domestic	$105,817	$87,050	$78,392
Foreign	2,076	1,827	1,391
Total	$107,893	$88,877	$79,783


	Year Ended December 31,
(in thousands)	2025	2024	2023
Income tax expense:
Federal	$25,907	$21,162	$22,580
State	4,818	4,527	2,982
Foreign	463	358	585
Total	$31,188	$26,047	$26,147

There are immaterial foreign net operating loss carryforwards set to expire in 2026. The Company establishes valuation allowances if it is more likely than not that deferred tax assets will not be realized. The Company believes that it will generate sufficient future taxable income to realize the net operating loss deferred tax asset and other net deferred tax assets recorded in our consolidated financial statements. Accordingly, the Company has not recorded a valuation allowance against net deferred tax assets for the years ended December 31, 2025 and 2024.

As of December 31, 2025, the Company has not recorded incremental income taxes for outside basis differences in our investments in foreign subsidiaries, as these amounts continue to be indefinitely reinvested in foreign operations.

As of December 31, 2025, 2024, and 2023, $5.7 million, $6.4 million and $7.1 million, respectively, of unrecognized tax benefits would affect our effective tax rate if recognized. The total balance of unrecognized gross tax benefits for the years ended December 31, 2025 and 2024, resulted primarily from research and development credits, foreign derived intangible income differences, inventory basis differences and the release of reserves due to the expiration of statutes of limitation. A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows:


	Year Ended December 31,
	2025		2024		2023
(in thousands)
Unrecognized tax benefits at beginning of year	$	6,376	$	7,148	$	3,988
Reductions based on prior year tax positions	—		—		(159)
Additions based on prior year tax provisions	286		159		2,691
Additions based on current year tax provisions	951		921		996
Reductions due to tax authorities’ settlements	—		(98)		—
Reductions due to expirations of statutes of limitation	(1,873)		(1,754)		(368)
Unrecognized tax benefits at end of year	$	5,740	$	6,376	$	7,148

The Company’s practice is to recognize interest and/or penalties related to income tax matters in income tax expense. For the years ended December 31, 2025 and 2024, interest or penalties related to income tax matters included in the provision for income taxes have not been material.

The Company is subject to taxation in the U.S. and various state and foreign jurisdictions. The Company is no longer subject to U.S. federal and state income tax examinations for tax years prior to 2022.

- Definition

The entire disclosure for income tax.

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+ Details

Cover Page - USD ($) $ in Thousands	12 Months Ended
Cover Page - USD ($) $ in Thousands	Dec. 31, 2025	Feb. 27, 2026	Jun. 30, 2025
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2025
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-40257
Entity Registrant Name	Cricut, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	87-0282025
Entity Address, Address Line One	10855 South River Front Parkway
Entity Address, City or Town	South Jordan,
Entity Address, State or Province	UT
Entity Address, Postal Zip Code	84095
City Area Code	385
Local Phone Number	351-0633
Title of 12(b) Security	Class A Common Stock, par value $0.001 per share
Trading Symbol	CRCT
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Smaller Reporting Company	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	false
Document Financial Statement Restatement Recovery Analysis [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 333,400
Documents Incorporated by Reference	Portions of the registrant’s definitive proxy statement to be filed subsequent to the date hereof with the Securities and Exchange Commission pursuant to Regulation 14A in connection with the registrant’s annual meeting of stockholders in 2026 (the “Proxy Statement”) are incorporated by reference into Part III of this report. Such definitive proxy statement will be filed with the Commission not later than 120 days after the end of the registrant’s fiscal year ended December 31, 2025.
Amendment Flag	false
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Entity Central Index Key	0001828962
Common Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		56,748,942
Class B common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		155,032,336

Revenue and Deferred Revenue - Schedule of Recognition of Deferred Revenue (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue expected to be recognized	$ 53,281
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue expected to be recognized	$ 50,409
Revenue, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue expected to be recognized	$ 2,097
Revenue, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue expected to be recognized	$ 775
Revenue, expected timing of satisfaction, period	1 year

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Litigation The Company is subject to certain outside claims and litigation, as well as regulatory disputes, audits, government inquiries and other proceedings, arising in the ordinary course of business. Management is not aware of any contingencies which it believes will have a material effect on its financial position, results of operations or liquidity. Self-Insurance Liabilities Starting in 2022, the Company began a self-insurance plan for certain employee medical benefits. The recorded liabilities for self-insured risks are calculated using actuarial methods and are not discounted. The liabilities include amounts for actual claims and claims incurred but not reported. Actual experience, including claim frequency and severity as well as health care inflation, could result in actual liabilities being more or less than the amounts currently recorded. As of December 31, 2025 and 2024 we have accrued $0.6 million and $0.5 million, respectively, for employee medical claims. Such amounts are included in accrued expenses and other current liabilities on our consolidated balance sheets.

Net Income Per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Basic earnings per share:
Net income	$ 76,705	$ 62,830	$ 53,636
Shares used in computation:
Weighted-average common shares outstanding, basic (in shares)	215,183,706	215,105,815	216,892,525
Earnings per share, basic (in dollars per share)	$ 0.36	$ 0.29	$ 0.25
Diluted earnings per share:
Net income	$ 76,705	$ 62,830	$ 53,636
Shares used in computation:
Weighted-average common shares outstanding, basic (in shares)	215,183,706	215,105,815	216,892,525
Weighted-average effect of potentially dilutive securities:
Unvested common stock subject to forfeiture (in shares)	9,265	285,686	1,840,180
Diluted weighted-average common shares outstanding (in shares)	217,309,035	215,645,506	219,722,063
Diluted earnings per share (in dollars per share)	$ 0.35	$ 0.29	$ 0.24
Employee stock options
Weighted-average effect of potentially dilutive securities:
Employee stock options / Restricted stock units (in shares)	0	0	48,889
Restricted stock units
Weighted-average effect of potentially dilutive securities:
Employee stock options / Restricted stock units (in shares)	2,116,064	254,005	940,469

Revenue and Deferred Revenue - Schedule of Total Revenue by Source (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Total revenue	$ 708,780	$ 712,538	$ 765,147
Platform
Disaggregation of Revenue [Line Items]
Total revenue	327,399	312,976	309,012
Connected machines
Disaggregation of Revenue [Line Items]
Total revenue	192,444	192,439	198,312
Products
Disaggregation of Revenue [Line Items]
Total revenue	$ 188,937	$ 207,123	$ 257,823

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Segment Information

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Segment Information

The Company organizes its business into the following two reportable segments: Platform and Products. The chief operating decision makers (“CODM”) review revenue and gross profit for each of the reportable segments. The CODM consists of the Company’s Chief Executive Officer and Chief Financial Officer. The reported measure of segment profit or loss is gross profit, which is defined as revenue less cost of revenue incurred by the segment. The Company identifies cost of revenue as the significant segment expense category included in each reportable segment. No other segment-level expense categories are regularly provided to the CODM. The key operating decisions made by the CODM include assessing segment performance and resource allocation. The CODM primarily focuses on revenue and gross profit of the Platform and Product segments, as well as consolidated operating results and capital expenditures. The CODM uses this information to make budgeting and forecasting decisions, including hiring and compensation of certain employees, and allocating financial or capital resources. The reportable segments reflect the Company’s strategy to focus on continuing to expand revenue and margin generated from its digital platform and Paid Subscribers and the relative importance of physical products to the platform, including bundles (comprised of several combinations of machines, accessories, and materials).

The Platform segment derives revenue primarily from monthly and annual subscription fees, purchases of digital content, and a minimal amount of the revenue allocated to unspecified future upgrades and enhancements related to the essential software and access to the Company’s cloud-based services. For the years ended December 31, 2025, 2024 and 2023, upfront digital content revenue comprised approximately 2%, 1% and 1%, respectively, of Platform revenue. The remaining Platform revenue consists of ratably recognized subscription

revenue and revenue related to unspecified future upgrades and enhancements related to the essential software and access to the Company’s cloud-based services, which are recognized over the determined service period.

The Products segment derives revenue primarily from the sale of its connected machine hardware, and sale of craft, DIY, home décor products and extensions. There are no internal revenue transactions between the Company’s segments.

The Company does not allocate assets at the reportable segment level as these are managed on an entity wide group basis. As of the years ended December 31, 2025 and 2024, long-lived assets located outside the United States, primarily located in Malaysia and China, were $5.2 million and $5.1 million.

Key financial performance measures of the segments including revenue, cost of revenue and gross profit are as follows:


	Year Ended December 31,
	2025		2024		2023
(in thousands)
Platform:
Revenue	$	327,399	$	312,976	$	309,012
Cost of revenue	35,990		37,288		32,804
Gross profit	$	291,409	$	275,688	$	276,208

Products:
Revenue	$	381,381	$	399,562	$	456,135
Cost of revenue	282,359		322,462		389,050
Gross profit	$	99,022	$	77,100	$	67,085

Consolidated:
Revenue	$	708,780	$	712,538	$	765,147
Cost of revenue	318,349		359,750		421,854
Gross profit	$	390,431	$	352,788	$	343,293

A reconciliation of our total segment and consolidated gross profit to our income before provision for income taxes is presented in our consolidated statements of operations and comprehensive income.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Summary of Significant Accounting Policies - Schedule of Allowance for Credit Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ (2,617)	$ (1,950)
Reversal of (provision for) expected losses	1,695	(3,285)	$ (1,720)
Write-offs	1,581	2,618
Recoveries	(2,387)	0
Ending balance	$ (1,728)	$ (2,617)	$ (1,950)

Summary of Significant Accounting Policies - Schedule of Sale Refund Liability (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Movement In Contract With Customer, Refund Liability [Roll Forward]
Balance at beginning of period	$ 2,809	$ 3,267
Additions that reduced net revenue	7,486	9,202
Deductions from reserves for current year returns	(7,925)	(9,660)
Balance at end of period	$ 2,370	$ 2,809

Leases

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Leases

The Company leases office space with original lease terms ranging from 1 to 6 years. These leases require monthly lease payments that may be subject to annual increases throughout the lease term. Certain of these leases also include renewal options at the election of the Company to renew or extend the lease.

In December 2024, the Company amended its operating lease for its corporate headquarters in South Jordan, Utah to extend the term through May 2029 and to reduce the annual rent rate for future periods. As a result of this amendment, the Company remeasured the associated operating lease liability and right-of-use asset for this lease.

The Company has determined its leases should be classified as operating leases. Variable lease costs are comprised primarily of the Company's proportionate share of operating expenses, property taxes, and insurance and are classified as lease cost due to the Company's election to not separate lease and non-lease components. For the years ended December 31, 2025, 2024 and 2023, the Company incurred operating lease costs of $4.1

million, $5.0 million and $5.4 million, respectively, and variable lease costs of $0.4 million, $0.4 million and $0.4 million, respectively.

Cash paid for amounts included in the measurement of operating lease liabilities for the years ended December 31, 2025, 2024 and 2023 was $4.6 million, $5.6 million and $5.9 million, respectively, and was included in net cash used in operating activities in the Company's consolidated statements of cash flows.

As of December 31, 2025, the maturities of the Company's operating lease liabilities were as follows:


	Operating Leases
(in thousands)
2026	$	4,131
2027	2,869
2028	4,023
2029	1,694

Total lease payments	$	12,717
Less: imputed interest	$	(1,093)
Present value of operating lease liabilities	$	11,624
Operating lease liabilities, current	$	3,606
Operating lease liabilities, non-current	$	8,018

The weighted average remaining operating lease term and the weighted average discount rate used to determine the operating lease liability were as follows:


	As of December 31, 2025		As of December 31, 2024
Weighted-average remaining lease term of operating leases	3.3 years		4.2 years
Weighted-average discount rate of operating leases	5.4	%	5.3	%

Cash, Cash Equivalents, and Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2025

Cash and Cash Equivalents [Abstract]

Cash, Cash Equivalent, and Investment

The following table shows the Company’s cash, cash equivalents, and marketable securities by significant investment category as of December 31, 2025:


	As of December 31, 2025
	Adjusted Cost		Total Unrealized Gains		Fair Value		Cash and Cash Equivalents		Marketable Securities
(in thousands)
Cash	$	194,182	$	—	$	194,182	$	194,182	$	—
Level 1:
Money market funds	62,034		—		62,034		62,034		—
Level 2:
U.S. treasury securities	19,405		29		19,434		—		19,434
Total	$	275,621	$	29	$	275,650	$	256,216	$	19,434

The following table shows the Company’s cash, cash equivalents, and marketable securities by significant investment category as of December 31, 2024:


	As of December 31, 2024
	Adjusted Cost		Total Unrealized Gains		Fair Value		Cash and Cash Equivalents		Marketable Securities
(in thousands)
Cash	$	161,248	$	—	$	161,248	$	161,248	$	—
Level 1:
Money market funds	70,892		—		70,892		70,892		—
Level 2:
U.S. treasury securities	104,413		361		104,774		—		104,774
Total	$	336,553	$	361	$	336,914	$	232,140	$	104,774

Inventories

12 Months Ended

Dec. 31, 2025

Inventory Disclosure [Abstract]

Inventories

Inventories are comprised of the following:


	December 31,
	2025		2024
(in thousands)
Raw materials	$	25,650	$	38,652
Finished goods	117,185		144,630
Total inventories	$	142,835	$	183,282
Less: reserves	(29,309)		(49,015)
Total inventories, net	$	113,526	$	134,267
Inventories current	$	102,664	$	115,255
Inventories non-current (included in Other assets)	$	10,862	$	19,012

The Company’s recorded inventory reserves as of December 31, 2025 consisted of $3.2 million related to excess connected machine inventory that the Company does not expect to sell, $19.0 million related to excess accessories and materials inventory, and $7.1 million related to raw material components. Amounts charged to the reserve account are recorded primarily in cost of revenues.

Income Taxes - Unrecognized Tax Benefits Roll Forward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Unrecognized Tax Benefits [Roll Forward]
Unrecognized tax benefits at beginning of year	$ 6,376	$ 7,148	$ 3,988
Reductions based on prior year tax positions	0	0	(159)
Additions based on prior year tax provisions	286	159	2,691
Additions based on current year tax provisions	951	921	996
Reductions due to tax authorities’ settlements	0	(98)	0
Reductions due to expirations of statutes of limitation	(1,873)	(1,754)	(368)
Unrecognized tax benefits at end of year	$ 5,740	$ 6,376	$ 7,148

Net Income Per Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Employee stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	2,700,911	2,947,503	2,999,085
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	3,089,647	5,909,923	4,435,957
Unvested Class B common stock subject to forfeiture
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	6,153	113,578	415,402

Subsequent Events (Details) $ / shares in Units, $ in Millions		12 Months Ended
	Jan. 20, 2026 USD ($) $ / shares	Dec. 31, 2025 USD ($) vote	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	May 02, 2025 $ / shares	May 06, 2024 $ / shares	May 18, 2023 $ / shares	Dec. 21, 2022 $ / shares
Subsequent Event [Line Items]
Number of reportable segments \| vote		2
Dividends payable (in dollars per share) \| $ / shares					$ 0.75	$ 0.40	$ 1.00	$ 0.35
Dividends, cash		$ 202.1	$ 110.0	$ 294.1
Subsequent Event
Subsequent Event [Line Items]
Dividends, Stock	$ 3.2
Subsequent Event \| Semi Annual Dividend Class A and Class B Common Stock Member
Subsequent Event [Line Items]
Dividends payable (in dollars per share) \| $ / shares	$ 0.10
Dividends, cash	$ 21.1

Cash, Cash Equivalents, and Financial Instruments - Narrative (Details)	12 Months Ended
	Dec. 31, 2025
Cash and Cash Equivalents [Abstract]
Marketable securities, maturity	12 months

Stock-Based Compensation - Cost by Award Type (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expensed and capitalized	$ 37,140	$ 47,900	$ 50,030
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expensed and capitalized	36,687	43,421	41,094
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expensed and capitalized	0	772	2,388
Class B common stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expensed and capitalized	427	3,667	6,504
Liability classified awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expensed and capitalized	$ 26	$ 40	$ 44

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(01)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(02)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

Inventories - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Inventory [Line Items]
Inventory reserves	$ 29,309	$ 49,015
Machine Inventory
Inventory [Line Items]
Inventory reserves	3,200
Accessories and Materials Inventory
Inventory [Line Items]
Inventory reserves	19,000
Raw Materials
Inventory [Line Items]
Inventory reserves	$ 7,100

Property and Equipment - Composition of Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Total cost of property and equipment	$ 178,739	$ 161,193
Less: accumulated depreciation	(138,479)	(123,647)
Property and equipment, net	40,260	37,546
Computer software, software development costs and equipment
Property, Plant and Equipment [Line Items]
Total cost of property and equipment	137,565	116,939
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Total cost of property and equipment	1,916	1,930
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total cost of property and equipment	5,111	5,073
Manufacturing tools and equipment
Property, Plant and Equipment [Line Items]
Total cost of property and equipment	28,877	35,723
Assets under construction
Property, Plant and Equipment [Line Items]
Total cost of property and equipment	$ 5,270	$ 1,528

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2025
Audit Information [Abstract]
Auditor Name	BDO USA, P.C.
Auditor Location	Salt Lake City, Utah
Auditor Firm ID	243

Revolving Credit Facility - Narrative (Details) - Revolving Credit Facility - USD ($)		12 Months Ended
	Aug. 04, 2022	Dec. 31, 2025	Dec. 31, 2024
Credit Agreement
Line of Credit Facility [Line Items]
Revolving credit facility expiration period	5 years
Maximum borrowing capacity	$ 300,000,000.0
Amounts outstanding		$ 0
Remaining borrowing capacity		300,000,000.0
Additional borrowing capacity, increase limit	150,000,000.0
Additional borrowing capacity, higher borrowing capacity option	$ 450,000,000.0
Line of credit facility, unused fee (percentage)	0.175%
Debt issuance costs	$ 1,300,000
Unamortized debt issuance costs	$ 300,000	$ 500,000	$ 800,000
Leverage ratio	3.0
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]		Base Rate [Member]
Basis spread on variable rate (percentage)		2.00%
New Credit Agreement
Line of Credit Facility [Line Items]
Unamortized debt issuance costs	$ 1,600,000

Stock-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation cost, tax benefit	$ 7.8	$ 9.2	$ 9.3
Class B common stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of awards issued	6,153	113,578
Fair value of awards vested	$ 0.8	$ 7.8	27.1
Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of awards vesting	30.00%
Award vesting period	4 years
Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of awards vesting	70.00%
Award vesting period	5 years
2021 Equity Incentive Plan \| Common Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for future issuance (in shares)	47,914,984
Equity classified awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock-based compensation cost	$ 50.7
Unrecognized stock-based compensation cost, period for recognition	2 years 4 months 24 days
Performance Restricted Stock Units (PRSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock-based compensation cost	$ 94.0
Performance Restricted Stock Units (PRSUs) \| 2021 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of awards issued	18,985,312	17,485,433
Granted (in dollars per share)	$ 6.28
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of awards vested	$ 26.1	$ 19.0	$ 17.1
Restricted stock units \| 2021 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of awards issued	13,045,511	11,251,503
Granted (in dollars per share)	$ 5.28
Employee stock options \| 2021 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period	10 years
Minimum exercise price, percentage of fair market value of shares on date of grant	100.00%
ESPP \| 2021 Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum eligible employee compensation contribution percentage	15.00%
Offering period	27 months
ESPP \| 2021 Employee Stock Purchase Plan \| Common Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of common stock available for sale (in shares)	10,602,602
Liability Classified Incentive Unit Equivalents
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			5 years

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2025	Dec. 31, 2024
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	100,000,000	100,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001
Common stock, shares authorized (in shares)	1,250,000,000
Common stock, shares issued (in shares)	211,336,284	213,295,922
Common stock, shares outstanding (in shares)	211,336,284	213,295,922

Revolving Credit Facility	12 Months Ended
Revolving Credit Facility	Dec. 31, 2025
Debt Disclosure [Abstract]
Revolving Credit Facility	Revolving Credit Facility 2022 Credit Agreement On August 4, 2022, the Company entered into a credit agreement (the “Credit Agreement”) with JPMorgan Chase Bank, N.A, Citigroup N.A., PNC Bank, N.A., KeyBank, N.A., and other parties. The Credit Agreement replaced the Company’s prior asset-based Credit Agreement with JPMorgan Chase Bank, N.A., Citigroup N.A., and Origin Bank. The Credit Agreement provides for a five-year revolving credit facility (the “Credit Facility”) of up to $300.0 million, maturing on August 4, 2027. In addition, during the term of the Credit Agreement, the Company may increase the aggregate amount of the Credit Facility by up to an additional $150.0 million, (for maximum aggregate lender commitments of up to $450.0 million), subject to customary conditions under the Credit Agreement, including obtaining a consent from participating lenders (or another lender, if applicable) to such increase. The Credit Facility may be used to issue letters of credit and for other business purposes, including working capital needs. The current unused fee rate is 0.175% on per annum basis. The Company accounted for the Credit Agreement as a modification of the 2020 Credit Agreement in accordance with ASC 470-50 Modification and Extinguishments. In connection with the Credit Agreement, the Company incurred and capitalized $1.3 million of debt issuance costs in addition to $0.3 million of existing unamortized debt issuance costs with the 2020 Credit Agreement which remained deferred, resulting a total deferral of debt issuance costs of $1.6 million as of the date of the Credit Agreement. As of December 31, 2025 and 2024, total unamortized debt issuance costs were $0.5 million and $0.8 million, respectively, and were included in other assets on our consolidated balance sheets. The Credit Agreement is collateralized by substantially all of the Company’s assets and contains affirmative and negative covenants, representations and warranties, events of default and other terms customary for loans of this nature. In particular, the Credit Agreement will not permit the leverage ratio to be greater than 3.0 to 1.0, measured on the last day of any fiscal quarter. In addition, the Credit Agreement will not permit the interest coverage ratio to be less than 3.0 to 1.0, for any period of four consecutive quarters, measured on the last day of any fiscal quarter. Management has determined that the Company was in compliance with all financial and non-financial debt covenants as of December 31, 2025. As of December 31, 2025, no amount was outstanding under the Credit Agreement and available borrowings were $300.0 million. Generally, borrowings under the Credit Agreement bear interest at a rate based on an alternative base rate (“ABR”), plus, in each case, an applicable margin. The applicable margin will range from (a) borrowings bearing interest at the ABR 2.00%, and (b) borrowings bearing interest at the Adjusted Term Secured Overnight Financing Rate, the Adjusted Australian Dollar Rate, the Adjusted Canadian Dollar Offered Rate or the Adjusted New Zealand Dollar Rate, as applicable for the interest period in effect for such borrowing plus the applicable rate.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

Stock-Based Compensation - Unvested Class B Common Stock Activity (Details) - Class B common stock	12 Months Ended
	Dec. 31, 2025 $ / shares shares
Number of RSUs
Beginning balance (in shares) \| shares	113,578
Vested (in shares) \| shares	(107,425)
Ending balance (in shares) \| shares	6,153
Weighted- Average Grant Date Fair Value (per share)
Beginning balance (in dollars per share) \| $ / shares	$ 20.00
Vested (in dollars per share) \| $ / shares	20.00
Ending balance (in dollars per share) \| $ / shares	$ 20.00

Leases - Additional Lease Information (Details)	Dec. 31, 2025	Dec. 31, 2024
Leases [Abstract]
Weighted-average remaining lease term of operating leases	3 years 3 months 18 days	4 years 2 months 12 days
Weighted-average discount rate of operating leases	5.40%	5.30%

Property and Equipment

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Property and Equipment

The composition of property and equipment is as follows:


	December 31,
	2025		2024
(in thousands)
Computer software, software development costs and equipment	$	137,565	$	116,939
Furniture and fixtures	1,916		1,930
Leasehold improvements	5,111		5,073
Manufacturing tools and equipment	28,877		35,723
Assets under construction	5,270		1,528
Total cost of property and equipment	178,739		161,193
Less: accumulated depreciation	(138,479)		(123,647)
Property and equipment, net	$	40,260	$	37,546

During the twelve months ended December 31, 2025, the Company recorded an impairment charge of $0.6 million related to manufacturing tools and equipment. These impairment charges were recorded within cost of revenue in the consolidated statements of operations.

Total depreciation and amortization expense for the years ended December 31, 2025, 2024 and 2023 was $24.1 million, $29.0 million and $29.0 million, respectively.

Amortization of computer software, software development costs and equipment for the years ended December 31, 2025, 2024 and 2023 was $19.6 million, $22.2 million and $20.1 million, respectively.

Property and equipment, along with all other Company assets are pledged as collateral on the Credit Agreement (see Note 8).

Net Income Per Share

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Net Income Per Share

The computation of net income per share is as follows:


	Year Ended December 31,
	2025		2024		2023
(in thousands, except share and per share amounts)
Basic earnings per share:
Net income	$	76,705	$	62,830	$	53,636
Shares used in computation:
Weighted-average common shares outstanding, basic	215,183,706		215,105,815		216,892,525
Earnings per share, basic	$	0.36	$	0.29	$	0.25

Diluted earnings per share:
Net income	$	76,705	$	62,830	$	53,636
Shares used in computation:
Weighted-average common shares outstanding, basic	215,183,706		215,105,815		216,892,525
Weighted-average effect of potentially dilutive securities:
Unvested common stock subject to forfeiture	9,265		285,686		1,840,180
Employee stock options	—		—		48,889
Restricted stock units	2,116,064		254,005		940,469

Diluted weighted-average common shares outstanding	217,309,035		215,645,506		219,722,063
Diluted earnings per share	$	0.35	$	0.29	$	0.24

The following potentially dilutive shares were excluded from the computation of diluted earnings per share for the periods presented because including them would have had an anti-dilutive effect:


	Year Ended December 31,
	2025	2024	2023


Employee stock options	2,700,911	2,947,503	2,999,085
Restricted stock units	3,089,647	5,909,923	4,435,957
Unvested Class B common stock subject to forfeiture	6,153	113,578	415,402

Income Taxes - Components of Net Deferred Tax Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Deferred tax assets:
Inventories	$ 7,731	$ 11,457
Lease liability	2,807	3,633
Accounts receivable	422	642
Sales refund liability	579	689
Deferred revenue	701	693
Stock-based compensation	4,919	6,152
Amortization	133	164
Capitalized research expenditures	2,306	22,291
Net operating loss carryforwards	153	130
Capital loss carryforwards	61	102
Tax credits	3,695	3,338
Other	(166)	879
Total deferred tax assets	23,341	50,170
Deferred tax liabilities:
Depreciation and amortization	(7,505)	(7,658)
ROU lease asset	(2,626)	(3,326)
Total deferred tax liabilities	(10,131)	(10,984)
Net deferred tax assets	$ 13,210	$ 39,186

Net Income Per Share (Tables)

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The computation of net income per share is as follows:


	Year Ended December 31,
	2025		2024		2023
(in thousands, except share and per share amounts)
Basic earnings per share:
Net income	$	76,705	$	62,830	$	53,636
Shares used in computation:
Weighted-average common shares outstanding, basic	215,183,706		215,105,815		216,892,525
Earnings per share, basic	$	0.36	$	0.29	$	0.25

Diluted earnings per share:
Net income	$	76,705	$	62,830	$	53,636
Shares used in computation:
Weighted-average common shares outstanding, basic	215,183,706		215,105,815		216,892,525
Weighted-average effect of potentially dilutive securities:
Unvested common stock subject to forfeiture	9,265		285,686		1,840,180
Employee stock options	—		—		48,889
Restricted stock units	2,116,064		254,005		940,469

Diluted weighted-average common shares outstanding	217,309,035		215,645,506		219,722,063
Diluted earnings per share	$	0.35	$	0.29	$	0.24

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The following potentially dilutive shares were excluded from the computation of diluted earnings per share for the periods presented because including them would have had an anti-dilutive effect:


	Year Ended December 31,
	2025	2024	2023


Employee stock options	2,700,911	2,947,503	2,999,085
Restricted stock units	3,089,647	5,909,923	4,435,957
Unvested Class B common stock subject to forfeiture	6,153	113,578	415,402

Accrued Expenses and Other Current Liabilities (Tables)

12 Months Ended

Dec. 31, 2025

Payables and Accruals [Abstract]

Schedule of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consist of the following:


	December 31,
	2025		2024
(in thousands)
Customer rebates	$	37,627	$	38,756
Other accrued liabilities and other current liabilities	33,519		37,518
Total accrued expenses	$	71,146	$	76,274

Stock-Based Compensation - Options to Purchase Class B Common Stock (Details) - Class B common stock - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Number of Options
Beginning balance (in shares)	197,425
Forfeited / cancelled (in shares)	(197,425)
Ending balance (in shares)	0	197,425
Weighted- Average Exercise Price
Beginning weighted average exercise price (in dollars per share)	$ 7.29
Forfeited / Cancelled (in dollars per share)	6.58
Ending weighted average exercise price (in dollars per share)	$ 0	$ 7.29
Weighted- Average Remaining Term (Years)
Weighted average remaining terms (years)	0 years	10 months 24 days
Aggregate Intrinsic Value
Beginning aggregate intrinsic value	$ 0
Ending aggregate intrinsic value	$ 0	$ 0

Income Taxes - Reconciliation of Income Tax Computed at U.S. Federal Statutory Rate to Effective Tax Rate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Amount
U.S. federal statutory tax rate	$ 22,658	$ 18,664	$ 16,755
State and local income taxes, net of federal income tax effect(a)	3,957	3,463	2,639
Foreign tax effects	83	54	293
Foreign derived intangible income	(699)	(2,448)	(1,987)
Other	153	150	0
Research and development tax credits	(2,296)	(2,065)	(2,480)
Foreign tax credits	(24)	0	0
Nontaxable or nondeductible items
Share-based payment awards	3,998	7,098	6,544
Nondeductible executive compensation	1,712	1,018	710
Return to provision adjustments	2,994	822	3,288
Other	(170)	264	56
Changes in unrecognized tax benefits	(1,178)	(973)	329
Income tax provision	$ 31,188	$ 26,047	$ 26,147
Percent
U.S. federal statutory tax rate	21.00%	21.00%	21.00%
State and local income taxes, net of federal income tax effect(a)	3.70%	3.90%	3.30%
Foreign tax effects	0.10%	0.10%	0.40%
Foreign derived intangible income	(0.70%)	(2.80%)	(2.50%)
Other	0.10%	0.20%	0.00%
Research and development tax credits	(2.10%)	(2.30%)	(3.10%)
Foreign tax credits	0.00%	0.00%	0.00%
Nontaxable or nondeductible items
Share-based payment awards	3.70%	8.00%	8.20%
Nondeductible executive compensation	1.60%	1.10%	0.90%
Return to provision adjustments	2.80%	0.90%	4.10%
Other	(0.20%)	0.30%	0.10%
Changes in unrecognized tax benefits	(1.10%)	(1.10%)	0.40%
Effective income tax rate	28.90%	29.30%	32.80%

Employee Benefit Plan - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Retirement Benefits [Abstract]
Employer matching contribution (percentage)	50.00%
Employer matching contribution as a percent of employees' gross pay (percentage)	12.00%
Employer contribution amount	$ 2.7	$ 2.4	$ 2.5

Cash, Cash Equivalents, and Financial Instruments

12 Months Ended

Dec. 31, 2025

Cash and Cash Equivalents [Abstract]

Cash, Cash Equivalents, and Financial Instruments

The following table shows the Company’s cash, cash equivalents, and marketable securities by significant investment category as of December 31, 2025:


	As of December 31, 2025
	Adjusted Cost		Total Unrealized Gains		Fair Value		Cash and Cash Equivalents		Marketable Securities
(in thousands)
Cash	$	194,182	$	—	$	194,182	$	194,182	$	—
Level 1:
Money market funds	62,034		—		62,034		62,034		—
Level 2:
U.S. treasury securities	19,405		29		19,434		—		19,434
Total	$	275,621	$	29	$	275,650	$	256,216	$	19,434

The following table shows the Company’s cash, cash equivalents, and marketable securities by significant investment category as of December 31, 2024:


	As of December 31, 2024
	Adjusted Cost		Total Unrealized Gains		Fair Value		Cash and Cash Equivalents		Marketable Securities
(in thousands)
Cash	$	161,248	$	—	$	161,248	$	161,248	$	—
Level 1:
Money market funds	70,892		—		70,892		70,892		—
Level 2:
U.S. treasury securities	104,413		361		104,774		—		104,774
Total	$	336,553	$	361	$	336,914	$	232,140	$	104,774

Marketable securities held as of December 31, 2025 generally mature over the next 12 months.

All securities were in an unrealized gain position as of December 31, 2025 and 2024. We determined that an allowance for credit loss was unnecessary for any of the periods presented.

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities:
Net income	$ 76,705	$ 62,830	$ 53,636
Adjustments to reconcile net income to net cash and cash equivalents provided by operating activities:
Depreciation and amortization (including amortization of debt issuance costs)	24,439	29,006	30,039
Reversal of (provision for) expected losses	(1,695)	3,285	1,720
Impairments	642	486	9,953
Stock-based compensation	34,791	45,067	47,326
Deferred income tax	26,117	(4,378)	(11,238)
Non-cash lease expense	3,460	4,811	4,987
Provision for inventory obsolescence, net	(19,706)	(5,401)	26,330
Unrealized foreign currency (gain) / loss	(1,077)	1,047	88
Other	(714)	(1,816)	(2,143)
Changes in operating assets and liabilities:
Accounts receivable	12,618	4,888	23,500
Inventories	41,161	149,965	78,376
Prepaid expenses and other current assets	(2,429)	(7,221)	4,204
Other assets	(3,223)	(1,119)	869
Accounts payable	16,854	(23,120)	13,535
Accrued expenses, other current liabilities and other non-current liabilities	(8,774)	6,985	7,761
Operating lease liabilities	(3,968)	(5,365)	(5,423)
Deferred revenue	5,029	5,018	4,577
Net cash and cash equivalents provided by operating activities	200,230	264,968	288,097
Cash flows from investing activities:
Purchase of marketable securities	0	(110,521)	(63,451)
Proceeds from maturities of marketable securities	85,074	110,527	38,390
Purchases of property and equipment, including capitalized software development costs	(24,417)	(18,334)	(23,717)
Net cash and cash equivalents provided by (used in) investing activities	60,657	(18,328)	(48,778)
Cash flows from financing activities:
Repurchases of common stock	(24,748)	(38,493)	(20,332)
Proceeds from exercise of stock options	0	0	383
Employee tax withholding payments on stock-based awards	(10,594)	(7,970)	(8,106)
Cash dividend	(202,103)	(109,972)	(294,130)
Net cash and cash equivalents used in financing activities	(237,445)	(156,435)	(322,185)
Effect of exchange rate on changes on cash and cash equivalents	634	(252)	110
Net increase (decrease) in cash and cash equivalents	24,076	89,953	(82,756)
Cash and cash equivalents at beginning of period	232,140	142,187	224,943
Cash and cash equivalents at end of period	256,216	232,140	142,187
Supplemental disclosures of cash flow information:
Cash paid during the period for income taxes	15,349	43,596	24,072
Supplemental disclosures of non-cash investing and financing activities:
Right-of-use assets obtained in exchange for new operating lease liabilities	371	6,417	280
Property and equipment included in accounts payable, accrued expenses and other current liabilities	3,460	2,050	2,824
Tax withholdings on stock-based awards included in accrued expenses and other current liabilities	652	463	451
Stock-based compensation capitalized for software development costs	1,634	1,509	1,960
Dividends declared but unpaid	$ 24,361	$ 24,413	$ 2,342

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)
Balance at beginning of period (in shares) at Dec. 31, 2022		219,656,587
Balance at beginning of period at Dec. 31, 2022	$ 672,735	$ 220	$ 672,990	$ 0	$ (475)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	53,636			53,636
Issuance of common stock upon vesting or exercise of stock-based awards, net of withholding tax (in shares)		1,125,568
Issuance of common stock upon vesting or exercise of stock-based awards value, net of withholding tax	(6,852)	$ 1	(6,853)
Forfeiture of unvested common stock (in shares)		(317,549)
Forfeiture of unvested common stock and dividend equivalents	403		403
Stock Repurchased During Period, Shares		2,548,893
Stock Repurchased During Period, Value	20,332	$ 3	20,329
Dividends declared and dividend equivalents issued	(215,455)		(190,333)	(25,122)
Stock-based compensation	49,986		49,986
Other comprehensive income (loss)	752				752
Balance at end of period (in shares) at Dec. 31, 2023		217,915,713
Balance at end of period at Dec. 31, 2023	534,873	$ 218	505,864	28,514	277
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	62,830			62,830
Issuance of common stock upon vesting or exercise of stock-based awards, net of withholding tax (in shares)		1,720,088
Issuance of common stock upon vesting or exercise of stock-based awards value, net of withholding tax	(7,980)	$ 2	(7,982)
Forfeiture of unvested common stock (in shares)		(92,704)
Forfeiture of unvested common stock and dividend equivalents	132		132
Stock Repurchased During Period, Shares		6,247,175
Stock Repurchased During Period, Value	38,493	$ 7	38,486
Dividends declared and dividend equivalents issued	(132,178)		(40,834)	(91,344)
Stock-based compensation	47,860		47,860
Other comprehensive income (loss)	(283)				(283)
Balance at end of period (in shares) at Dec. 31, 2024		213,295,922
Balance at end of period at Dec. 31, 2024	466,761	$ 213	466,554	0	(6)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	76,705			76,705
Issuance of common stock upon vesting or exercise of stock-based awards, net of withholding tax (in shares)		2,618,255
Issuance of common stock upon vesting or exercise of stock-based awards value, net of withholding tax	(10,394)	$ 2	(10,396)
Stock Repurchased During Period, Shares		4,577,893
Stock Repurchased During Period, Value	24,748	$ 4	24,744
Dividends declared and dividend equivalents issued	(202,049)		(129,304)	(72,745)
Stock-based compensation	37,114		37,114
Other comprehensive income (loss)	172				172
Balance at end of period (in shares) at Dec. 31, 2025		211,336,284
Balance at end of period at Dec. 31, 2025	$ 343,561	$ 211	$ 339,224	$ 3,960	$ 166

Stock-Based Compensation - Stock Option Activity (Details) - 2021 Equity Incentive Plan - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Number of Options
Beginning balance (in shares)	2,750,078
Forfeited / cancelled (in shares)	(49,167)
Ending balance (in shares)	2,700,911	2,750,078
Vested and exercisable (in shares)	2,700,911
Weighted- Average Exercise Price
Beginning weighted average exercise price (in dollars per share)	$ 18.25
Forfeited (in dollars per share)	17.65
Ending weighted average exercise price (in dollars per share)	17.50	$ 18.25
Vested and exercisable (in dollars per share)	$ 17.50
Weighted- Average Remaining Term (Years)
Weighted average remaining terms (years)	1 year 1 month 6 days	2 years 2 months 12 days
Weighted average remaining terms, vested and exercisable (years)	1 year 1 month 6 days
Aggregate Intrinsic Value
Beginning aggregate intrinsic value	$ 0
Ending aggregate intrinsic value	0	$ 0
Vested and exercisable aggregate intrinsic value	$ 0

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 256,216	$ 232,140
Marketable securities	19,434	104,774
Accounts receivable, net	92,011	101,980
Inventories	102,664	115,255
Prepaid expenses and other current assets	29,266	26,065
Total current assets	499,591	580,214
Property and equipment, net	40,260	37,546
Operating lease right-of-use assets	10,880	13,958
Deferred tax assets	13,210	39,186
Other assets	16,865	22,131
Total assets	580,806	693,035
Current liabilities:
Accounts payable	71,553	53,373
Accrued expenses and other current liabilities	71,146	76,274
Deferred revenue, current portion	50,409	45,427
Operating lease liabilities, current portion	3,606	3,899
Dividends payable, current portion	24,361	24,401
Total current liabilities	221,075	203,374
Operating lease liabilities, net of current portion	8,018	11,310
Deferred revenue, net of current portion	2,872	2,826
Other non-current liabilities	5,280	8,764
Total liabilities	237,245	226,274
Commitments and contingencies (Note 12)
Stockholders’ equity:
Preferred stock, par value $0.001 per share, 100,000,000 shares authorized, and no shares issued and outstanding as of December 31, 2025 and December 31, 2024.	0	0
Common stock, par value $0.001 per share, 1,250,000,000 shares authorized as of December 31, 2025, 211,336,284 and 213,295,922 shares issued and outstanding as of December 31, 2025 and 2024, respectively.	211	213
Additional paid-in capital	339,224	466,554
Retained earnings	3,960	0
Accumulated other comprehensive income (loss)	166	(6)
Total stockholders’ equity	343,561	466,761
Total liabilities and stockholders’ equity	$ 580,806	$ 693,035

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Basis of Presentation

The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”).

Consolidation

The consolidated financial statements include the accounts of Cricut, Inc. and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.

Use of Estimates

Foreign Currency Transactions

Comprehensive Income

Cash and Cash Equivalents

Marketable Securities

Accounts Receivable

Concentration of Credit Risk

Customers that accounted for 10% or greater of accounts receivable, net as of December 31, 2025 and 2024 were as follows:


	December 31,
	2025		2024
Customer A	23	%	25	%
Customer B	15	%	16	%
Customer C	15	%	12	%

As of December 31, 2025, 2024 and 2023, no customers accounted for more than 10% of revenue.

Supplier Concentration

Inventories

Property and Equipment

Cloud Computing Arrangement Implementation Costs

Leases

Legal Contingencies

Debt Issuance Costs

Costs incurred and paid to the lender or third parties for the revolver credit facility are recorded as other assets and amortized over the term of the revolver using the straight-line method.

Impairment of Long-lived Assets

Fair Value of Financial Instruments

Fair Value Measurement


			•			Level I – Quoted prices are available in active markets for identical assets and liabilities as of the reporting date.


			•			Level II – Significant other observable inputs (e.g., quoted prices for similar items in active markets, quoted prices for identical or similar items in markets that are not active, inputs other than quoted prices that are observable, such as interest rate and yield curves and market-corroborated inputs). Pricing inputs are either directly or indirectly observable as of the reporting date, and fair value is determined through the use of models or other valuation methodologies.


			•			Level III – Pricing inputs are unobservable for the assets and liabilities and includes situations where there is little, if any, market activity for the assets and liabilities. The inputs into the determination of fair value require significant management judgment or estimation.

The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability.

Earnings Per Share

Revenue Recognition

The Company determines revenue recognition through the following steps:


			•			Identification of the contract, or contracts, with a customer;


			•			Identification of the performance obligations in the contract;


			•			Determination of the transaction price;


			•			Allocation of the transaction price to the performance obligations in the contract; and


			•			Recognition of revenue when, or as, the Company satisfies a performance obligation.

Platform

Products

Cost of Revenue

Platform

Cost of revenue related to Platform consists primarily of hosting fees, digital content costs, amortization of capitalized software development costs and software maintenance costs.

Products

Customer Rebates

Sales Refund Liability

Shipping and Handling Revenue and Expenses

Warranty Reserves

Income Taxes

Sales Taxes

Stock-Based and Stock-Equivalent Compensation

Shipping and Handling Revenue and Expenses

Revenue Recognition

The Company determines revenue recognition through the following steps:


			•			Identification of the contract, or contracts, with a customer;


			•			Identification of the performance obligations in the contract;


			•			Determination of the transaction price;


			•			Allocation of the transaction price to the performance obligations in the contract; and


			•			Recognition of revenue when, or as, the Company satisfies a performance obligation.

Platform

Products

Cost of Revenue

Platform

Cost of revenue related to Platform consists primarily of hosting fees, digital content costs, amortization of capitalized software development costs and software maintenance costs.

Products

Customer Rebates

Sales Refund Liability

Shipping and Handling Revenue and Expenses

Advertising Costs

Research and Development (“R&D”)

Recently Issued Accounting Pronouncements

Recently Adopted Accounting Pronouncements

Recently Issued Accounting Pronouncements Not Yet Adopted

Dividend Policy

Dividends

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Stock-Based Compensation

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

Stock-based Compensation Cost

The following table shows the stock-based compensation cost by award type for the periods indicated:


	Year Ended December 31,
	2025		2024		2023
(in thousands)
Equity classified awards
Restricted stock units	$	36,687	$	43,421	$	41,094
Stock options	—		772		2,388
Class B common stock	427		3,667		6,504

Liability classified awards	26		40		44
Total stock-based compensation	$	37,140	$	47,900	$	50,030


	Year Ended December 31,
	2025		2024		2023
(in thousands)
Cost of revenue
Platform	1,052		1,192		926
Products	46		712		1,505
Total cost of revenue	1,098		1,904		2,431
Research and development	12,047		15,620		18,169
Sales and marketing	10,065		12,825		12,740
General and administrative	11,581		14,718		13,986
Total stock-based compensation expense	$	34,791	$	45,067	$	47,326
Capitalized for software development costs	1,634		1,509		1,960
Capitalized to inventory	715		1,324		744
Total stock-based compensation	$	37,140	$	47,900	$	50,030

As of December 31, 2025, there was $50.7 million of unrecognized stock-based compensation cost related to service-based awards, which is expected to be recognized over a weighted-average period of 2.4 years. The total unrecognized compensation expense related to unvested PRSUs that are not probable of vesting was $94.0 million as of December 31, 2025. The tax benefit from stock-based compensation cost during the years ended December 31, 2025, 2024 and 2023, was $7.8 million, $9.2 million, and $9.3 million, respectively.

2021 Equity Incentive Plan

In March 2021, the Company’s 2021 Equity Incentive Plan became effective. The 2021 Equity Incentive Plan provides for the grant of incentive stock options to employees and for the grant of nonstatutory stock options, restricted stock, restricted stock units, stock appreciation rights, performance units and performance shares to our employees, directors and consultants and our parent and subsidiary corporations’ employees and consultants. Outstanding restricted stock units and performance units are entitled to dividend equivalents in the form of additional unvested restricted stock units or unvested performance units equal in value to the amount of any declared dividend based on the closing price of the Company’s class A stock on the dividend payment date. Dividend equivalents are forfeited if the underlying award does not vest. As of December 31, 2025, 47,914,984 shares of Class A common stock were reserved for issuance under this plan including shares reserved for previously granted awards discussed below as well as shares reserved for issuance of future awards under the plan.

A summary of the Company’s RSU activity under the 2021 Equity Incentive Plan is as follows:


	Number of RSUs	Weighted- Average Grant Date Fair Value (per share)

Outstanding at December 31, 2024	11,251,503	$	9.86
Granted	5,872,136	$	5.28
Dividend equivalent grants	1,298,567	$	—
Vested	(4,348,993)	$	12.76
Forfeited/cancelled	(1,027,702)	$	8.07
Outstanding at December 31, 2025	13,045,511	$	7.13

The total fair value of RSUs vested as of the vesting dates during the years ended December 31, 2025, 2024 and 2023, was $26.1 million, $19.0 million, and $17.1 million, respectively.

The Company has granted PRSUs under the 2021 Equity Incentive Plan to certain employees of the Company that represent shares potentially issuable in the future. In July 2024, the Company granted PRSUs by which the first tranche of 30% and the second tranche of 70% will vest upon the Company achieving certain adjusted operating income targets during any four consecutive quarters of the respective performance periods, subject to employees remaining with the Company through the vesting date. The performance periods for the first and second tranches is 4 and 5 years, respectively. At grant date, adjusted operating income was defined as GAAP operating income and was subsequently amended to be GAAP operating income adjusted to exclude stock-based compensation expense and payroll expense specifically related to these PRSU awards. This change resulted in a modification whereby additional stock-based compensation of approximately $5.9 million could be recorded if the Company determines it is probable the performance targets will be achieved.

In 2022, the Company granted PRSUs that vest in two equal tranches subject to the Company achieving certain cumulative adjusted earnings per share over eight quarters at any point during the 5-year performance period, subject to employees remaining with the Company through the vesting date. Adjusted earnings per share means GAAP net income adjusted to exclude income tax expenses, as well as stock-based compensation expense and payroll tax expense specifically related to these PRSU awards.

A summary of the Company’s PRSU activity under the 2021 Equity Incentive Plan is as follows:


	Number of PRSUs (a)	Weighted- Average Grant Date Fair Value (per share)

Outstanding at December 31, 2024	17,485,433	$	13.12
Granted	240,000	$	6.28
Dividend equivalent grants	2,872,274	$	—

Forfeited / cancelled	(1,612,395)	$	12.10
Outstanding at December 31, 2025	18,985,312	$	13.13

a.Represents the maximum number of PRSUs assuming all performance targets are achieved.

The expense recognized each period for these PRSUs is primarily dependent upon the Company’s estimate of the probability of achieving the performance targets during the performance period. At December 31, 2025, the Company determined it was not probable any performance conditions would be achieved, so no stock-based compensation has been recorded for these PRSUs during the years ended December 31, 2025, 2024 and 2023.

Options under the 2021 Equity Incentive Plan have a contractual term of 10 years. The exercise price of an incentive stock option and non-qualified stock option shall not be less than 100% of the fair market value of the shares on the date of grant.

A summary of the Company’s stock option activity under the 2021 Equity Incentive Plan is as follows:


	Number of Options	Weighted- Average Exercise Price		Weighted- Average Remaining Term (Years)	Aggregate Intrinsic Value
					(in thousands)
Outstanding at December 31, 2024	2,750,078	$	18.25	2.2	$	—


Forfeited/cancelled	(49,167)	17.65
Outstanding and expected to vest at December 31, 2025	2,700,911	$	17.50	1.1	$	—
Vested and exercisable at December 31, 2025	2,700,911	$	17.50	1.1	$	—

For the years ended December 31, 2025, 2024 and 2023, no options were granted and the total intrinsic value of options exercised was immaterial.

Certain employees received restricted stock unit equivalents (“RSU equivalents”) which upon vesting are settled for a cash payment equal to the difference between the Company’s stock price on the vesting date less the base price specified at the time of the grant. Due to the cash settlement feature, these awards are liability classified awards and require initial and subsequent measurement at fair value. As of December 31, 2025 and 2024, the total recognized liability for the unvested awards was not material and the number of awards was not material.

Unvested Class B Common Stock


	Number of Unvested Shares	Weighted- Average Grant Date Fair Value (per share)

Outstanding at December 31, 2024	113,578	$	20.00
Vested	(107,425)	$	20.00

Outstanding at December 31, 2025	6,153	$	20.00

The total fair value of Class B common stock vested as of the vesting dates during the years ended December 31, 2025, 2024 and 2023, was $0.8 million, $7.8 million, and $27.1 million, respectively.

Options to Purchase Class B Common Stock


	Number of Options	Weighted- Average Exercise Price		Weighted- Average Remaining Term (Years)	Aggregate Intrinsic Value
					(in thousands)
Outstanding at December 31, 2024	197,425	$	7.29	0.9	$	—

Forfeited / Cancelled	(197,425)	$	6.58
Outstanding at December 31, 2025	—	$	—	0.0	$	—

2021 Employee Stock Purchase Plan

In March 2021, the Company’s 2021 Employee Stock Purchase Plan (“2021 ESPP”) became effective. Subject to any limitations contained therein, the 2021 ESPP allows eligible employees to contribute, through payroll deductions, up to 15% of their eligible compensation to purchase the Company’s Class A common stock at a discounted price per share. As of December 31, 2025, 10,602,602 shares of our Class A common stock were available for sale under the 2021 ESPP.

No offerings have been authorized to date by the administrator under the 2021 ESPP. If the administrator authorizes an offering period under the 2021 ESPP, the administrator will establish the duration of offering periods and purchase periods, including the starting and ending dates of offering periods and purchase periods, provided that no offering period may have a duration exceeding 27 months.

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Risk Management and Strategy We have established policies and processes for assessing, identifying, and managing material risk from cybersecurity threats, and have integrated these processes into our overall risk management systems and processes. The structure of our information security program is based on the National Institute of Standards and Technology (“NIST”) Cybersecurity Framework and other industry standards. We routinely assess material risks from cybersecurity threats, including any potential unauthorized occurrence on or conducted through our information systems that may result in adverse effects on the confidentiality, integrity, or availability of our information systems or any information residing therein. We conduct periodic risk assessments, including vulnerability scanning and penetration testing, to identify cybersecurity threats, as well as assessments in the event of a material change in our business practices that may affect information systems that are vulnerable to such cybersecurity threats. These risk assessments include an inventory of assets, followed by identification of reasonably foreseeable internal and external vulnerabilities, the likelihood and potential damage that could result from such risks, and the sufficiency of existing policies, procedures, systems, and safeguards in place to manage such risks. Following these risk assessments, we re-design, implement, and maintain reasonable safeguards to minimize identified risks; reasonably address any identified gaps in existing safeguards; and regularly monitor the effectiveness of our safeguards. We monitor various cybersecurity resources to remain informed about new and emerging cybersecurity threats and attack vectors. We devote significant resources and designate high-level personnel, including our Chief Information Security Officer (“CISO”), who reports to our Executive Vice President of Platform Development, to manage the risk assessment and mitigation process. As part of our overall risk management system, we monitor and test our safeguards and train our employees on recognizing potential cybersecurity threats and implementing our safeguards. Personnel at all levels and departments are made aware of our cybersecurity policies through periodic trainings. We also conduct tabletop exercises for members of various functional areas on data recovery and incident response. We engage security consultants and other third parties in connection with our risk assessment processes. These service providers assist us to design and implement our cybersecurity policies and procedures, as well as to monitor and test our safeguards and to conduct regular vulnerability assessments for our internal assets. We manage third-party cybersecurity risk through a risk-based due diligence and oversight program led by our CISO. Before engagement, we assess providers’ security controls in proportion to the sensitivity of the data and systems involved. Where risks are elevated, we may require remediation, enhanced monitoring, or independent attestations as a condition of onboarding, and we may decline to engage or restrict access if risks cannot be adequately mitigated. Our contracts require applicable service providers to maintain reasonable security measures, comply with relevant laws and standards, and promptly notify us of any actual or suspected security incident affecting our systems or data. For higher-risk vendors, we conduct ongoing monitoring, and our CISO oversees remediation of any identified deficiencies. While we are not aware of any material data security breaches to date, for additional information regarding whether any risks from cybersecurity threats, including as a result of any previous cybersecurity incidents, have materially affected or are reasonably likely to materially affect our company, including our business strategy, results of operations, or financial condition, please refer to Item 1A, “Risk Factors,” in this annual report on Form 10-K, including the risk factors under the heading “Risks Related to Privacy, Data Protection and Cybersecurity,” which is incorporated herein by reference.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	We have established policies and processes for assessing, identifying, and managing material risk from cybersecurity threats, and have integrated these processes into our overall risk management systems and processes. The structure of our information security program is based on the National Institute of Standards and Technology (“NIST”) Cybersecurity Framework and other industry standards. We routinely assess material risks from cybersecurity threats, including any potential unauthorized occurrence on or conducted through our information systems that may result in adverse effects on the confidentiality, integrity, or availability of our information systems or any information residing therein.
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Our board of directors is responsible for monitoring and assessing strategic risk exposure, and our executive officers are responsible for the day-to-day management of the material risks we face. Our board of directors administers its cybersecurity risk oversight function directly as a whole, as well as through the audit committee.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our board of directors administers its cybersecurity risk oversight function directly as a whole, as well as through the audit committee.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our CISO and representatives from our steering committee on information security provide quarterly briefings to the audit committee regarding our company’s cybersecurity risks and activities, including any recent cybersecurity incidents and related responses, cybersecurity systems testing, activities of third parties, and the like. We maintain a comprehensive set of information security metrics to monitor and manage our cybersecurity program. Management provides the Audit Committee with updates on key cybersecurity performance indicators on a quarterly basis. Because many members of our board of directors regularly attend our audit committee meetings, the full board of directors regularly receives updates on cybersecurity.
Cybersecurity Risk Role of Management [Text Block]	Our CISO and our steering committee on information security, which includes members of our executive management as well as leaders of business functional areas, together with our Privacy and Data Protection Team, are primarily responsible to assess and manage our material risks from cybersecurity threats. Our CISO has over 20 years of experience leading in the information security field at well-known publicly traded technology companies. He also received a CIO Executive Education Certificate from Stanford University. Our CISO and our steering committee on information security oversee our cybersecurity policies and processes, including those described in “Risk Management and Strategy” above. The processes by which our CISO and our steering committee on information security are informed about and monitor the prevention, detection, mitigation, and remediation of cybersecurity incidents includes the following: risk assessment and management, policy development and implementation, prevention strategies, detection mechanisms, incident response and mitigation, remediation and recovery, reporting and communication, compliance and legal considerations, efforts at continuous improvement, and training and awareness.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Governance Our board of directors is responsible for monitoring and assessing strategic risk exposure, and our executive officers are responsible for the day-to-day management of the material risks we face. Our board of directors administers its cybersecurity risk oversight function directly as a whole, as well as through the audit committee. Our CISO and our steering committee on information security, which includes members of our executive management as well as leaders of business functional areas, together with our Privacy and Data Protection Team, are primarily responsible to assess and manage our material risks from cybersecurity threats. Our CISO has over 20 years of experience leading in the information security field at well-known publicly traded technology companies. He also received a CIO Executive Education Certificate from Stanford University. Our CISO and our steering committee on information security oversee our cybersecurity policies and processes, including those described in “Risk Management and Strategy” above. The processes by which our CISO and our steering committee on information security are informed about and monitor the prevention, detection, mitigation, and remediation of cybersecurity incidents includes the following: risk assessment and management, policy development and implementation, prevention strategies, detection mechanisms, incident response and mitigation, remediation and recovery, reporting and communication, compliance and legal considerations, efforts at continuous improvement, and training and awareness. Our CISO and representatives from our steering committee on information security provide quarterly briefings to the audit committee regarding our company’s cybersecurity risks and activities, including any recent cybersecurity incidents and related responses, cybersecurity systems testing, activities of third parties, and the like. We maintain a comprehensive set of information security metrics to monitor and manage our cybersecurity program. Management provides the Audit Committee with updates on key cybersecurity performance indicators on a quarterly basis. Because many members of our board of directors regularly attend our audit committee meetings, the full board of directors regularly receives updates on cybersecurity.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our CISO has over 20 years of experience leading in the information security field at well-known publicly traded technology companies. He also received a CIO Executive Education Certificate from Stanford University.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Our CISO and representatives from our steering committee on information security provide quarterly briefings to the audit committee regarding our company’s cybersecurity risks and activities, including any recent cybersecurity incidents and related responses, cybersecurity systems testing, activities of third parties, and the like. We maintain a comprehensive set of information security metrics to monitor and manage our cybersecurity program. Management provides the Audit Committee with updates on key cybersecurity performance indicators on a quarterly basis. Because many members of our board of directors regularly attend our audit committee meetings, the full board of directors regularly receives updates on cybersecurity.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenue:
Total revenue	$ 708,780	$ 712,538	$ 765,147
Cost of revenue:
Cost of Revenue	318,349	359,750	421,854
Gross profit	390,431	352,788	343,293
Operating expenses:
Research and development	66,522	60,399	65,048
Sales and marketing	159,412	143,294	123,169
General and administrative	68,464	72,985	85,091
Total operating expenses	294,398	276,678	273,308
Income from operations	96,033	76,110	69,985
Other income (expense):
Interest income	11,389	11,016	7,976
Interest expense	(567)	(326)	(323)
Other income	1,038	2,077	2,145
Total other income, net	11,860	12,767	9,798
Income before provision for income taxes	107,893	88,877	79,783
Provision for income taxes	31,188	26,047	26,147
Net income	76,705	62,830	53,636
Other comprehensive income (loss):
Change in net unrealized gains (losses) on marketable securities, net of tax	(251)	(136)	711
Change in foreign currency translation adjustment, net of tax	423	(147)	41
Comprehensive income	$ 76,877	$ 62,547	$ 54,388
Earnings per share, basic (in dollars per share)	$ 0.36	$ 0.29	$ 0.25
Earnings per share, diluted (in dollars per share)	$ 0.35	$ 0.29	$ 0.24
Weighted-average common shares outstanding, basic (in shares)	215,183,706	215,105,815	216,892,525
Weighted-average common shares outstanding, diluted (in shares)	217,309,035	215,645,506	219,722,063
Platform
Revenue:
Total revenue	$ 327,399	$ 312,976	$ 309,012
Cost of revenue:
Cost of Revenue	35,990	37,288	32,804
Products Member
Revenue:
Total revenue	381,381	399,562	456,135
Cost of revenue:
Cost of Revenue	$ 282,359	$ 322,462	$ 389,050

Leases - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Leases - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Lessee, Lease, Description [Line Items]
Operating lease cost	$ 4.1	$ 5.0	$ 5.4
Variable lease cost	0.4	0.4	0.4
Cash paid for amounts included in the measurement of operating lease liabilities, included in net cash used in operating activities	$ 4.6	$ 5.6	$ 5.9
Minimum
Lessee, Lease, Description [Line Items]
Lease term	1 year
Maximum
Lessee, Lease, Description [Line Items]
Lease term	6 years

Segment Information - Schedule of Key Financial Performance Measures of the Segments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting, Asset Reconciling Item [Line Items]
Total revenue	$ 708,780	$ 712,538	$ 765,147
Cost of Revenue	318,349	359,750	421,854
Gross profit	390,431	352,788	343,293
Platform
Segment Reporting, Asset Reconciling Item [Line Items]
Total revenue	327,399	312,976	309,012
Cost of Revenue	35,990	37,288	32,804
Gross profit	291,409	275,688	276,208
Products
Segment Reporting, Asset Reconciling Item [Line Items]
Total revenue	381,381	399,562	456,135
Cost of Revenue	282,359	322,462	389,050
Gross profit	$ 99,022	$ 77,100	$ 67,085

- Definition

The aggregate cost of goods produced and sold and services rendered during the reporting period.

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- Definition

Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.

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+ Details

Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment

The Company uses the following estimated useful lives:


Computer software, software development costs and equipment						3-5 years
Furniture and fixtures						5-7 years
Manufacturing tools and equipment						3-5 years
Leasehold improvements						Shorter of lease term or remaining life of the asset

The composition of property and equipment is as follows:


	December 31,
	2025		2024
(in thousands)
Computer software, software development costs and equipment	$	137,565	$	116,939
Furniture and fixtures	1,916		1,930
Leasehold improvements	5,111		5,073
Manufacturing tools and equipment	28,877		35,723
Assets under construction	5,270		1,528
Total cost of property and equipment	178,739		161,193
Less: accumulated depreciation	(138,479)		(123,647)
Property and equipment, net	$	40,260	$	37,546

Stock-Based Compensation - PRSU Activity (Details) - Performance Restricted Stock Units (PRSUs) - 2021 Equity Incentive Plan	12 Months Ended
	Dec. 31, 2025 $ / shares shares
Number of PRSUs
Beginning balance (in shares) \| shares	17,485,433
Granted (in shares) \| shares	240,000
Dividend equivalent grants (in shares) \| shares	2,872,274
Forfeited / cancelled (in shares) \| shares	(1,612,395)
Ending balance (in shares) \| shares	18,985,312
Weighted- Average Grant Date Fair Value (per share)
Beginning balance (in dollars per share) \| $ / shares	$ 13.12
Granted (in dollars per share) \| $ / shares	6.28
Dividend equivalent grants (in dollars per share) \| $ / shares	0
Forfeited / cancelled (in dollars per share) \| $ / shares	12.10
Ending balance (in dollars per share) \| $ / shares	$ 13.13

Property and Equipment - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Impairments	$ 642	$ 486	$ 9,953
Depreciation	24,100	29,000	29,000
Computer software, software development costs and equipment
Property, Plant and Equipment [Line Items]
Impairments	600
Amortization	$ 19,600	$ 22,200	$ 20,100

Stock-Based Compensation - Cost Related to Company's Stock-Based Compensation Plan (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 34,791	$ 45,067	$ 47,326
Total stock-based compensation	37,140	47,900	50,030
Software Development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense, amount capitalized	1,634	1,509	1,960
Inventories
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense, amount capitalized	715	1,324	744
Total cost of revenue
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	1,098	1,904	2,431
Platform
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	1,052	1,192	926
Products
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	46	712	1,505
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	12,047	15,620	18,169
Sales and marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	10,065	12,825	12,740
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 11,581	$ 14,718	$ 13,986

Employee Benefit Plan	12 Months Ended
Employee Benefit Plan	Dec. 31, 2025
Retirement Benefits [Abstract]
Employee Benefit Plan	Employee Benefit PlanThe Company sponsors a 401(k) plan for the benefit of its employees who have attained at least 18 years of age. The Company matches 50% of the first 12% of an employee’s salary contributed to the plan on the first day of the month following their hire date. The Company contributed $2.7 million, $2.4 million, and $2.5 million during the years ended December 31, 2025, 2024 and 2023, respectively.