0001828962-21-000070 | 10-Q | XBRL Viewer

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Condensed Consolidated Statements of Operations and Comprehensive Income (unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenue:
Revenue	$ 260,086	$ 209,005	$ 918,401	$ 588,064
Cost of revenue:
Cost of revenue	158,023	119,455	565,773	380,439
Gross profit	102,063	89,550	352,628	207,625
Operating expenses:
Research and development	20,531	9,977	56,835	27,784
Sales and marketing	30,293	13,660	90,812	39,544
General and administrative	13,491	8,195	38,417	19,368
Total operating expenses	64,315	31,832	186,064	86,696
Income from operations	37,748	57,718	166,564	120,929
Other income (expense), net	24	(302)	9	(1,244)
Income before provision for income taxes	37,772	57,416	166,573	119,685
Provision for income taxes	7,767	12,205	38,024	26,555
Net income	30,005	45,211	128,549	93,130
Other comprehensive income (loss):
Foreign currency translation adjustment	(16)	(112)	(25)	(47)
Comprehensive income	$ 29,989	$ 45,099	$ 128,524	$ 93,083
Earnings per share, basic (in dollars per share)	$ 0.14	$ 0.22	$ 0.62	$ 0.45
Earnings per share, diluted (in dollars per share)	$ 0.13	$ 0.22	$ 0.59	$ 0.45
Weighted-average common shares outstanding, basic (in shares)	208,988,168	208,116,104	208,169,736	208,116,104
Weighted-average common shares outstanding, diluted (in shares)	224,331,039	208,116,104	218,491,114	208,116,104
Connected machines
Revenue:
Revenue	$ 102,454	$ 75,523	$ 390,100	$ 245,799
Cost of revenue:
Cost of revenue	87,649	58,525	323,558	205,645
Subscriptions
Revenue:
Revenue	53,303	31,206	150,115	74,414
Cost of revenue:
Cost of revenue	5,934	2,998	15,517	8,961
Accessories and materials
Revenue:
Revenue	104,329	102,276	378,186	267,851
Cost of revenue:
Cost of revenue	$ 64,440	$ 57,932	$ 226,698	$ 165,833

Accrued Expenses and Other Current Liabilities (Tables)

9 Months Ended

Sep. 30, 2021

Payables and Accruals [Abstract]

Schedule of accrued expenses and other current liabilities

Accrued expenses and other current liabilities consist of the following:


	As of September 30, 2021		As of December 31, 2020
(in thousands)
Sales incentives	$	21,581	$	30,295
Other accrued liabilities and other current liabilities	20,190		41,029
Total accrued expenses	$	41,771	$	71,324

Stock-Based Compensation - Summary of liability classified incentive unit equivalents rollforward (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Share-Based Compensation Arrangement By Share-Based Payment Award, Liability Classified Incentive Unit Equivalents, Outstanding [Roll Forward]
Stock-based compensation during period	$ 8,146	$ 2,188	$ 27,941	$ 4,961
Liability Classified Incentive Unit Equivalents \| Accrued expenses
Share-Based Compensation Arrangement By Share-Based Payment Award, Liability Classified Incentive Unit Equivalents, Outstanding [Roll Forward]
Beginning balance			5,702
Stock-based compensation during period			6,041
Settlement or modification of awards			(11,743)
Ending balance	$ 0		$ 0

Stock-Based Compensation - Summary of unvested liability classified incentive units (Details) - Liability Classified Incentive Unit Equivalents	9 Months Ended
	Sep. 30, 2021 $ / shares shares
Number of Shares
Beginning balance (in shares) \| shares	2,851,516
Granted (in shares) \| shares	320,000
Forfeited (in shares) \| shares	(4,000)
Cancelled (in shares) \| shares	(3,167,516)
Ending balance (in shares) \| shares	0
Weighted- Average Grant Date Fair Value (per share)
Beginning balance (in dollars per share) \| $ / shares	$ 1.74
Granted (in dollars per share) \| $ / shares	8.19
Forfeited (in dollars per share) \| $ / shares	6.58
Cancelled (in dollars per share) \| $ / shares	2.39
Ending balance (in dollars per share) \| $ / shares	$ 0

Stock-Based Compensation - Stock option activity (Details) - 2021 Equity Incentive Plan $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2021 USD ($) $ / shares shares
Number of Options
Beginning balance (in shares) \| shares	0
Granted (in shares) \| shares	3,419,359
Exercised (in shares) \| shares	(5,417)
Forfeited / cancelled (in shares) \| shares	(80,241)
Ending balance (in shares) \| shares	3,333,701
Vested and exercisable (in shares) \| shares	1,030,288
Weighted- Average Exercise Price
Beginning weighted average exercise price (in dollars per share) \| $ / shares	$ 0
Granted (in dollars per share) \| $ / shares	20.00
Exercised (in dollars per share) \| $ / shares	20.00
Forfeited (in dollars per share) \| $ / shares	20.00
Ending weighted average exercise price (in dollars per share) \| $ / shares	20.00
Vested and exercisable (in dollars per share) \| $ / shares	$ 20.00
Weighted- Average Remaining Term (Years)
Weighted average remaining terms (years)	6 years 1 month 6 days
Weighted average remaining terms, vested and exercisable (years)	5 years 4 months 24 days
Aggregate Intrinsic Value
Beginning aggregate intrinsic value \| $
Ending aggregate intrinsic value \| $	25,269
Vested and exercisable aggregate intrinsic value \| $	$ 7,810

Revenue and Deferred Revenue - Schedule of total revenue by geography (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Disaggregation of Revenue [Line Items]
Revenue	$ 260,086	$ 209,005	$ 918,401	$ 588,064
North America
Disaggregation of Revenue [Line Items]
Revenue	228,858	194,116	825,368	553,556
International
Disaggregation of Revenue [Line Items]
Revenue	$ 31,228	$ 14,889	$ 93,033	$ 34,508

- 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.

+ References

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-Name Accounting Standards Codification
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+ Details

Stock-Based Compensation - Restricted stock units activity under company's stock plans (Details) - Restricted stock units	9 Months Ended
	Sep. 30, 2021 $ / shares shares
Number of Shares
Beginning balance (in shares) \| shares	0
Granted (in shares) \| shares	94,304
Vested (in shares) \| shares	(11,305)
Ending balance (in shares) \| shares	82,999
Weighted- Average Grant Date Fair Value (per share)
Beginning balance (in dollars per share) \| $ / shares
Granted (in dollars per share) \| $ / shares	20.00
Vested (in dollars per share) \| $ / shares	20.00
Ending balance (in dollars per share) \| $ / shares	$ 20.00
2021 Equity Incentive Plan
Number of Shares
Beginning balance (in shares) \| shares	0
Granted (in shares) \| shares	4,696,833
Vested (in shares) \| shares	(105,901)
Forfeited / cancelled (in shares) \| shares	(47,500)
Ending balance (in shares) \| shares	4,543,432
Weighted- Average Grant Date Fair Value (per share)
Beginning balance (in dollars per share) \| $ / shares	$ 0
Granted (in dollars per share) \| $ / shares	23.38
Vested (in dollars per share) \| $ / shares	20.00
Forfeited / cancelled (in dollars per share) \| $ / shares	23.61
Ending balance (in dollars per share) \| $ / shares	$ 23.46

Condensed Consolidated Statements of Stockholders' Equity (unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)
Common stock, balance at beginning of period (in shares) at Dec. 31, 2019		208,116,104
Balance at beginning of period at Dec. 31, 2019	$ 121,142	$ 208	$ 459,573	$ (338,611)	$ (28)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	13,040			13,040
Capital contributions	1,083		1,083
Stock-based compensation	1,379		1,379
Compensatory units repurchased	(732)		(732)
Other comprehensive income (loss)	98				98
Common stock, balance at end of period (in shares) at Mar. 31, 2020		208,116,104
Balance at end of period at Mar. 31, 2020	136,010	$ 208	461,303	(325,571)	70
Common stock, balance at beginning of period (in shares) at Dec. 31, 2019		208,116,104
Balance at beginning of period at Dec. 31, 2019	121,142	$ 208	459,573	(338,611)	(28)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	93,130
Reclassification of liability awards to equity upon modification	0
Other comprehensive income (loss)	(47)
Common stock, balance at end of period (in shares) at Sep. 30, 2020		208,116,104
Balance at end of period at Sep. 30, 2020	164,330	$ 208	409,678	(245,481)	(75)
Common stock, balance at beginning of period (in shares) at Mar. 31, 2020		208,116,104
Balance at beginning of period at Mar. 31, 2020	136,010	$ 208	461,303	(325,571)	70
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	34,879			34,879
Capital contributions	4		4
Stock-based compensation	827		827
Compensatory units repurchased	(1,630)		(1,630)
Other comprehensive income (loss)	(33)				(33)
Common stock, balance at end of period (in shares) at Jun. 30, 2020		208,116,104
Balance at end of period at Jun. 30, 2020	170,057	$ 208	460,504	(290,692)	37
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	45,211			45,211
Cash dividend	(51,202)		(51,202)
Stock-based compensation	1,052		1,052
Compensatory units repurchased	(676)		(676)
Other comprehensive income (loss)	(112)				(112)
Common stock, balance at end of period (in shares) at Sep. 30, 2020		208,116,104
Balance at end of period at Sep. 30, 2020	164,330	$ 208	409,678	(245,481)	(75)
Common stock, balance at beginning of period (in shares) at Dec. 31, 2020		208,116,104
Balance at beginning of period at Dec. 31, 2020	228,925	$ 208	412,741	(184,033)	9
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	49,418			49,418
Capital contributions	200		200
Initial public offering, net of offering costs (in shares)		13,250,000
Initial public offering, net of offering costs	242,668	$ 13	242,655
Repurchase upon corporate reorganization (in shares)		(524)
Repurchase upon Corporate Reorganization	(10)		(10)
Reclassification of liability awards to equity upon modification	10,784		10,784
Stock-based compensation	6,635		6,635
Compensatory units repurchased	(160)		(160)
Other comprehensive income (loss)	(13)				(13)
Common stock, balance at end of period (in shares) at Mar. 31, 2021		221,365,580
Balance at end of period at Mar. 31, 2021	538,447	$ 221	672,845	(134,615)	(4)
Common stock, balance at beginning of period (in shares) at Dec. 31, 2020		208,116,104
Balance at beginning of period at Dec. 31, 2020	228,925	$ 208	412,741	(184,033)	9
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	128,549
Reclassification of liability awards to equity upon modification	10,784
Other comprehensive income (loss)	(25)
Common stock, balance at end of period (in shares) at Sep. 30, 2021		222,179,221
Balance at end of period at Sep. 30, 2021	653,218	$ 222	708,496	(55,484)	(16)
Common stock, balance at beginning of period (in shares) at Mar. 31, 2021		221,365,580
Balance at beginning of period at Mar. 31, 2021	538,447	$ 221	672,845	(134,615)	(4)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	49,126			49,126
Initial public offering, net of offering costs (in shares)		968,815
Initial public offering, net of offering costs	18,020	$ 1	18,019
Stock-based compensation	8,015		8,015
Other comprehensive income (loss)	4				4
Issuance of common stock upon vesting or exercise of stock-based awards (in shares)		64,566
Issuance of common stock upon vesting or exercise of shares	0
Forfeiture of unvested common stock (in shares)		(145,902)
Forfeiture of unvested common stock	0
Common stock, balance at end of period (in shares) at Jun. 30, 2021		222,253,059
Balance at end of period at Jun. 30, 2021	613,612	$ 222	698,879	(85,489)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	30,005			30,005
Stock-based compensation	9,970		9,970
Other comprehensive income (loss)	(16)				(16)
Issuance of common stock upon vesting or exercise of stock-based awards (in shares)		29,939
Issuance of common stock upon vesting or exercise of shares	(353)		(353)
Forfeiture of unvested common stock (in shares)		(103,777)
Forfeiture of unvested common stock	0
Common stock, balance at end of period (in shares) at Sep. 30, 2021		222,179,221
Balance at end of period at Sep. 30, 2021	$ 653,218	$ 222	$ 708,496	$ (55,484)	$ (16)

Stock-Based Compensation - Restricted stock units equivalent activity under company's stock plans (Details) - Restricted stock units $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2021 USD ($) $ / shares shares
Number of RSU Equivalents
Beginning balance (in shares) \| shares	0
Granted (in shares) \| shares	94,304
Vested (in shares) \| shares	(11,305)
Ending balance (in shares) \| shares	82,999
Weighted- Average Base Price
Beginning balance (in dollars per share) \| $ / shares
Granted (in dollars per share) \| $ / shares	20.00
Vested (in dollars per share) \| $ / shares	20.00
Ending balance (in dollars per share) \| $ / shares	$ 20.00
Aggregate Intrinsic Value
Beginning aggregate intrinsic value \| $
Vested aggregate intrinsic value \| $	391
Ending aggregate intrinsic value \| $	$ 1,729

Segment Information

9 Months Ended

Sep. 30, 2021

Segment Reporting [Abstract]

Segment Information

The Company applies ASC Topic 280, Segment Reporting, in determining reportable segments for its financial statement disclosure. The Company’s operating segments are generally organized by the type of product or service offered. Similar operating segments have been aggregated into three reportable segments: Connected Machines, Subscriptions and Accessories and Materials. Segment information is presented in the same manner that the Company’s Chief Operating Decision Maker (“CODM”) reviews the results of operations in assessing performance and allocating resources. The CODM reviews revenue and gross profit for each of the reportable segments. Gross profit is defined as revenue less cost of revenue incurred by the segment. The Company does not allocate assets at the reportable segment level as these are managed on an entity wide group basis. As of September 30, 2021, long-lived assets located outside the United States, primarily located in Malaysia and China, were $18.7 million.

The Connected Machines segment derives revenue from the sale of its connected machine hardware and related essential software. The Subscriptions segment derives revenue primarily from monthly and annual subscription fees and a minimal amount of revenue allocated to the unspecified future upgrades and enhancements related to the essential software and access to the Company’s cloud-based services. The Accessories and Materials segment primarily consists of craft, DIY, home décor products and heat presses including the Cricut Mug Press and Cricut EasyPress. There are no internal revenue transactions between the Company’s segments.

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
(in thousands)
Connected Machines:
Revenue	$	102,454	$	75,523	$	390,100	$	245,799
Cost of revenue	$	87,649	$	58,525	$	323,558	$	205,645
Gross profit	$	14,805	$	16,998	$	66,542	$	40,154

Subscriptions:
Revenue	$	53,303	$	31,206	$	150,115	$	74,414
Cost of revenue	$	5,934	$	2,998	$	15,517	$	8,961
Gross profit	$	47,369	$	28,208	$	134,598	$	65,453

Accessories and Materials:
Revenue	$	104,329	$	102,276	$	378,186	$	267,851
Cost of revenue	$	64,440	$	57,932	$	226,698	$	165,833
Gross profit	$	39,889	$	44,344	$	151,488	$	102,018

Consolidated:
Revenue	$	260,086	$	209,005	$	918,401	$	588,064
Cost of revenue	$	158,023	$	119,455	$	565,773	$	380,439
Gross profit	$	102,063	$	89,550	$	352,628	$	207,625

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash flows from operating activities:
Net income	$ 128,549	$ 93,130
Adjustments to reconcile net income to net cash and cash equivalents (used in) provided by operating activities:
Depreciation and amortization (including amortization of debt issuance costs)	13,365	10,136
Stock-based compensation	27,941	4,961
Gain on disposal of property and equipment	(2)	0
Provision for inventory obsolescence	2,283	2,186
Provision for doubtful accounts	1,231	469
Loss on extinguishment of debt	0	162
Changes in operating assets and liabilities:
Accounts receivable	18,579	(41,374)
Inventories	(276,223)	4,404
Prepaid expenses and other current assets	(25,578)	(1,036)
Other assets	675	(637)
Accounts payable	(1,603)	96,434
Accrued expenses and other current liabilities and other non-current liabilities	(24,574)	13,244
Deferred revenue	3,564	5,324
Net cash and cash equivalents (used in) provided by operating activities	(131,793)	187,403
Cash flows from investing activities:
Acquisitions of property and equipment, including costs capitalized for development of internal use software	(28,339)	(16,883)
Net cash and cash equivalents (used in) provided by investing activities	(28,339)	(16,883)
Cash flows from financing activities:
Proceeds from capital contributions	200	1,087
Proceeds from issuance of common stock upon initial public offering, net of offering costs	262,007	0
Repurchase of compensatory units	(170)	(3,038)
Proceeds from exercise of stock options	108	0
Tax withholding on stock-based awards	(107)	0
Payments on term loan	0	(22,917)
Drawdowns on revolving loan	0	228,269
Payments on revolving loan	0	(260,862)
Payments for debt issuance costs	0	(795)
Cash dividend	0	(51,202)
Other financing activities, net	(48)	(169)
Net cash and cash equivalents (used in) provided by financing activities	261,990	(109,627)
Effect of exchange rate on changes on cash and cash equivalents	(70)	(39)
Net increase in cash and cash equivalents	101,788	60,854
Cash and cash equivalents at beginning of period	122,215	6,653
Cash and cash equivalents at end of period	224,003	67,507
Supplemental disclosures of cash flow information:
Cash paid during the period for interest	14	1,305
Cash paid during the period for income taxes	66,868	25,091
Supplemental disclosures of non-cash investing and financing activities:
Property and equipment included in accounts payable and accrued expenses and other current liabilities	4,910	788
Tax withholdings on stock-based awards included in accrued expenses and other current liabilities	344	0
Stock-based compensation capitalized for software development costs	1,149	181
Deferred offering costs in accounts payable and accrued expenses and other current liabilities	0	500
Reclassification of liability awards to equity upon modification	$ 10,784	$ 0

Commitment and Contingencies

9 Months Ended

Sep. 30, 2021

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Lease commitments

Operating lease payments primarily relate to office and warehousing space and leases of computer equipment under operating leases. The leases provide for monthly payments with expirations through July 31, 2025. Certain of these arrangements include free rent, landlord incentives, escalating lease payments, renewal provisions and other provisions which require the Company to pay taxes, insurance, maintenance costs or defined rent increases.

The future minimum lease payments under non-cancellable operating leases at September 30, 2021 were as follows:


Year Ending December 31,	Operating Leases
	(in thousands)
2021 (remainder of the year)	$	1,045
2022	4,000
2023	3,882
2024	3,850
2025	2,228
Thereafter	—
Total minimum lease payments, net	$	15,005

Rent expense totaled $0.8 million and, $2.8 million for the three and nine months ended September 30, 2021, respectively. Rent expense totaled $1.1 million and $3.2 million for the three and nine months ended September 30, 2020, respectively.

Litigation The Company is subject to certain outside claims and litigation 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.

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Effective tax rate (percentage)	20.60%	21.30%	22.80%	22.20%
Provision for income taxes	$ 7,767	$ 12,205	$ 38,024	$ 26,555

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Stock-Based Compensation - Cost by award type (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expensed and capitalized	$ 9,286	$ 2,368	$ 30,981	$ 5,399
Equity classified awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expensed and capitalized	9,970	1,052	24,620	3,258
Liability classified awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expensed and capitalized	$ (684)	$ 1,316	$ 6,361	$ 2,141

Employee Benefit Plan - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
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	$ 0.6	$ 0.2	$ 1.8	$ 0.8

Capital Structure	9 Months Ended
Capital Structure	Sep. 30, 2021
Equity [Abstract]
Capital Structure	Capital Structure In connection with the Corporate Reorganization prior to the IPO, the Company filed an amended and restated certification of incorporation which 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 was divided between two series Class A common stock and Class B common stock. All previously outstanding common stock was reclassified as Class B common stock. During the three and nine months ended September 30, 2021, 16,149,173 and 18,365,060 shares of Class B common stock were converted to Class A common stock, respectively. As of September 30, 2021, 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 32,678,380 shares of Class A common stock and 189,500,841 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.

Related Party Transactions - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Related Party Transaction [Line Items]
Proceeds from capital contributions			$ 200	$ 1,087
Affiliated Entity
Related Party Transaction [Line Items]
Proceeds from capital contributions	$ 0	$ 0	$ 200	$ 1,100

Net Income Per Share - Schedule of antidilutive securities excluded from computation of earnings per share (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	236,000	0	236,000	0

Net Income Per Share (Tables)

9 Months Ended

Sep. 30, 2021

Earnings Per Share [Abstract]

Schedule of computation of basic and diluted earnings per share of common stock

The computation of net income per share is as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
(in thousands, except share and per share amounts)
Basic earnings per share:
Net income	$	30,005	$	45,211	$	128,549	$	93,130
Shares used in computation:
Weighted-average common shares outstanding, basic	208,988,168		208,116,104		208,169,736		208,116,104
Earnings per share, basic	$	0.14	$	0.22	$	0.62	$	0.45

Diluted earnings per share:
Net income	$	30,005	$	45,211	$	128,549	$	93,130
Shares used in computation:
Weighted-average common shares outstanding, basic	208,988,168		208,116,104		208,169,736		208,116,104
Weighted-average effect of potentially dilutive securities:
Unvested common stock subject to forfeiture	12,326,206		—		8,572,134		—
Employee stock options	1,290,101		—		732,824		—
Restricted stock units	1,726,564		—		991,288		—
Underwriters’ option to purchase additional shares	—		—		25,132		—
Diluted weighted-average common shares outstanding	224,331,039		208,116,104		218,491,114		208,116,104
Diluted net income per share	$	0.13	$	0.22	$	0.59	$	0.45

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:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2021	2020	2021	2020


Restricted stock units	236,000	—	236,000	—

Net Income Per Share

9 Months Ended

Sep. 30, 2021

Earnings Per Share [Abstract]

Net Income Per Share

The computation of net income per share is as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
(in thousands, except share and per share amounts)
Basic earnings per share:
Net income	$	30,005	$	45,211	$	128,549	$	93,130
Shares used in computation:
Weighted-average common shares outstanding, basic	208,988,168		208,116,104		208,169,736		208,116,104
Earnings per share, basic	$	0.14	$	0.22	$	0.62	$	0.45

Diluted earnings per share:
Net income	$	30,005	$	45,211	$	128,549	$	93,130
Shares used in computation:
Weighted-average common shares outstanding, basic	208,988,168		208,116,104		208,169,736		208,116,104
Weighted-average effect of potentially dilutive securities:
Unvested common stock subject to forfeiture	12,326,206		—		8,572,134		—
Employee stock options	1,290,101		—		732,824		—
Restricted stock units	1,726,564		—		991,288		—
Underwriters’ option to purchase additional shares	—		—		25,132		—
Diluted weighted-average common shares outstanding	224,331,039		208,116,104		218,491,114		208,116,104
Diluted net income per share	$	0.13	$	0.22	$	0.59	$	0.45

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:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2021	2020	2021	2020


Restricted stock units	236,000	—	236,000	—

Stock-Based Compensation - Unvested class B common stock activity (Details) - Common Class B	9 Months Ended
	Sep. 30, 2021 $ / shares shares
Number of Shares
Beginning balance (in shares) \| shares	0
Granted (in shares) \| shares	14,037,505
Vested (in shares) \| shares	(1,031,920)
Forfeited / cancelled (in shares) \| shares	(249,679)
Ending balance (in shares) \| shares	12,755,906
Weighted- Average Grant Date Fair Value (per share)
Beginning balance (in dollars per share) \| $ / shares
Granted (in dollars per share) \| $ / shares	20.00
Vested (in dollars per share) \| $ / shares	20.00
Forfeited / cancelled (in dollars per share) \| $ / shares	20.00
Ending balance (in dollars per share) \| $ / shares	$ 20.00

Stock-Based Compensation - Options to purchase class B common stock (Details) - Common Class B $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2021 USD ($) $ / shares shares
Number of Options
Beginning balance (in shares) \| shares	0
Granted (in shares) \| shares	522,000
Forfeited / cancelled (in shares) \| shares	(72,000)
Ending balance (in shares) \| shares	450,000
Vested (in shares) \| shares	2,000
Weighted- Average Exercise Price
Beginning weighted average exercise price (in dollars per share) \| $ / shares
Granted (in dollars per share) \| $ / shares	9.04
Forfeited / Cancelled (in dollars per share) \| $ / shares	9.04
Ending weighted average exercise price (in dollars per share) \| $ / shares	9.04
Vested (in dollars per share) \| $ / shares	$ 9.04
Weighted- Average Remaining Term (Years)
Weighted average remaining terms (years)	4 years 1 month 6 days
Weighted average remaining terms, vested (years)	2 months 12 days
Aggregate Intrinsic Value
Beginning aggregate intrinsic value \| $
Ending aggregate intrinsic value \| $	8,343
Vested aggregate intrinsic value \| $	$ 37

Revenue and Deferred Revenue - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2021
Revenue from Contract with Customer [Abstract]
Revenue recognized related to performance obligations satisfied or partially satisfied in prior periods	$ 0.1	$ 0.8

Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Money market funds, at carrying value	$ 161.7	$ 106.0
Expected dividend	0.00%
Other Assets
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred offering costs		$ 1.9

Segment Information (Tables)

9 Months Ended

Sep. 30, 2021

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:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
(in thousands)
Connected Machines:
Revenue	$	102,454	$	75,523	$	390,100	$	245,799
Cost of revenue	$	87,649	$	58,525	$	323,558	$	205,645
Gross profit	$	14,805	$	16,998	$	66,542	$	40,154

Subscriptions:
Revenue	$	53,303	$	31,206	$	150,115	$	74,414
Cost of revenue	$	5,934	$	2,998	$	15,517	$	8,961
Gross profit	$	47,369	$	28,208	$	134,598	$	65,453

Accessories and Materials:
Revenue	$	104,329	$	102,276	$	378,186	$	267,851
Cost of revenue	$	64,440	$	57,932	$	226,698	$	165,833
Gross profit	$	39,889	$	44,344	$	151,488	$	102,018

Consolidated:
Revenue	$	260,086	$	209,005	$	918,401	$	588,064
Cost of revenue	$	158,023	$	119,455	$	565,773	$	380,439
Gross profit	$	102,063	$	89,550	$	352,628	$	207,625

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2021	Nov. 03, 2021
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2021
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Smaller Reporting Company	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001828962
Current Fiscal Year End Date	--12-31
Common Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		36,274,100
Common Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		186,145,218

Revolving Credit Facility	9 Months Ended
Revolving Credit Facility	Sep. 30, 2021
Debt Disclosure [Abstract]
Revolving Credit Facility	Revolving Credit Facility 2020 Credit Agreement In September 2020, the Company entered into the Credit Agreement with JPMorgan Chase Bank, N.A., Citibank, N.A. and Origin Bank. The Credit Agreement replaces the prior amended credit agreement with Origin Bank. The Credit Agreement provides for a three-year asset-based senior secured revolving credit facility of up to $150.0 million, maturing on September 4, 2023. During the term of the Credit Agreement, the Company may increase the aggregate amount of the Credit Facility by up to an additional $200.0 million, (for maximum aggregate lender commitments of up to $350.0 million), subject to the satisfaction of certain conditions under the Credit Agreement, including obtaining the consent of the administrative agent and an increased commitment from existing or new lenders. The Credit Facility may be used to issue letters of credit and for other business purposes, including working capital needs. The amount that can be borrowed under the Credit Facility is limited to the lesser of (a) the borrowing base minus the aggregate revolving exposure or (b) aggregate lender commitments at any given time. The borrowing base is determined according to certain percentages of eligible accounts receivable and eligible inventory (which may be valued at average cost, market value or net orderly liquidation value), subject to reserves determined by the administrative agent. At any time that the Company’s borrowing base is less than the aggregate lender commitments, the Company can only borrow revolving loans up to the amount of the Company’s borrowing base and not in the full amount of the aggregate lender commitments. As of September 30, 2021, no amount was outstanding under the Credit Agreement and available borrowings were $150.0 million. Generally, borrowings under the Credit Agreement bear interest at a rate based on LIBOR (“Adjusted LIBO rate”) or an alternative base rate (“ABR”), plus, in each case, an applicable margin. The applicable margin will range from (a) with respect to borrowings bearing interest at the ABR, 1.50% to 2.00%, and (b) with respect to borrowings bearing interest at the ABR (i) if the “REVLIBOR30 Screen Rate” (as defined in the Credit Agreement) is available for such period, 1.50% to 2.00%, or (ii) otherwise, 0.00% to 0.50%, in each case for the previous clauses (a) and (b), based on our “Fixed Charge Coverage Ratio” as defined in the Credit Agreement. The Credit Agreement contains financial covenants during the initial year of the agreement, requiring the Company to maintain a fixed charge coverage ratio of at least 1.0 to 1.0, measured monthly on a trailing 12-month basis. The Company is also subject to this covenant in future periods if the available commitment is less than the greater of $15.0 million and 10% of total commitment made by all lenders. Management has determined that the Company was in compliance with all financial and non-financial debt covenants as of September 30, 2021.

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2021
Accounting Policies [Abstract]
Basis of Presentation	The accompanying condensed 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 U.S. Securities and Exchange Commission ("SEC") regarding interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Therefore, these unaudited interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the final prospectus filed with the SEC pursuant to Rule 424(b) under the Securities Act of 1933, as amended, (the "Securities Act"), on March 25, 2021 (the "Prospectus"). However, the Company believes that the disclosures provided herein are adequate to prevent the information presented from being misleading.
Consolidation	The condensed consolidated financial statements include the accounts of Cricut, Inc. and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. The condensed consolidated balance sheet as of December 31, 2020, included herein, was derived from the audited financial statements as of that date but does not include all disclosures including certain notes required by GAAP on an annual reporting basis. In the opinion of management, the accompanying interim condensed consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the financial position, results of operations, cash flows and the changes in equity for the interim periods. The results for the three and nine months ended September 30, 2021 are not necessarily indicative of the results to be expected for any subsequent quarter, the fiscal year ending December 31, 2021, or any other period. Except as described elsewhere in Note 2 below, there have been no material changes to the Company's significant accounting policies as described in the Company’s Prospectus.
Use of Estimates	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 sales incentives and product returns. Other estimates include the warranty reserve, allowance for doubtful accounts, inventory reserve, intangible assets and other long-lived assets valuation, legal contingencies, stock-based compensation, income taxes, deferred tax assets valuation and internally 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 ongoing pandemic and 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.
Fair Value Measurement	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. Money market funds are highly liquid investments and are actively traded. The pricing information for the Company’s money market funds are 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. There were no transfers between Levels 1, 2 or 3 for any of the periods presented.
Earnings Per Share	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 and Stock-Equivalent Compensation	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. Forfeitures are accounted for as they occur. The Company estimates the fair value of awards with time-based or performance-based vesting provisions using the Black-Scholes method. The fair value of awards subject to market conditions is estimated using a Geometric Brownian Motion Stock Path Monte Carlo Simulation (“Monte Carlo Simulation”). 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 units and the likelihood of termination. The Company has limited publicly available stock information and therefore, the Company uses the historical volatility of the stock price of similar publicly traded peer companies. The Company estimates the expected term using the simplified method for “plain vanilla” stock option awards or based on the expected time to a liquidation event or other transaction that would result in settlement of other awards. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant. Expected dividend yield is 0.0% as the Company does not anticipate paying dividends, and the Company and its former parent, Cricut Holdings, have not paid dividends other than a one-time dividend paid in 2020. Likelihood of termination for the Monte Carlo Simulation is estimated based upon both historical turnover and anticipated turnover based upon Company or market pressures.
Recently Issued Accounting Standards	Recently Issued Accounting Standards Recent accounting standards not yet adopted In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, “Leases” (Topic 842). The core principle of Topic 842 is that a lessee should recognize the assets and liabilities that arise from leases, including operating leases. Under the new requirements, a lessee will recognize in the statement of financial position a liability to make lease payments (the lease liability) and the right-of-use asset representing the right to the underlying asset for the lease term. For leases with a term of 12 months or less, the lessee is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities. The recognition, measurement and presentation of expenses and cash flows arising from a lease by a lessee have not significantly changed from previous GAAP. The Company anticipates adopting this standard as of January 1, 2021 in its annual report for the fiscal year ending on December 31, 2021. The Company expects to recognize right-to-use assets and corresponding lease liabilities at the date of adoption and does not expect the adoption to significantly impact its consolidated statement of operations and comprehensive loss or cash flows. In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments – Credit Losses” (Topic 326). ASU 2016-13 modifies the measurement of expected credit losses of certain financial instruments, requiring entities to estimate an expected lifetime credit loss on financial assets. The Company anticipates adopting this standard in the annual report for the Company’s fiscal year ending on December 31, 2021. The Company does not expect the adoption of this ASU will have a material impact on the Company’s consolidated financial statements and footnote disclosures. In December 2019, the FASB issued ASU No. 2019-12, “Income Taxes” (Topic 740). ASU 2019-12 removes certain exceptions for investments, intraperiod allocations and interim calculations and adds guidance to reduce complexity in accounting for income taxes. The Company anticipates adopting this standard in the annual report for the Company’s fiscal year ending on December 31, 2021. The Company does not anticipate that the adoption of ASU 2019-12 will have a material impact on its consolidated financial statements and related disclosures

Description of Business and Basis of Presentation	9 Months Ended
Description of Business and Basis of Presentation	Sep. 30, 2021
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 versatile connected machines, design apps and accessories and materials, users create everything from personalized birthday cards, mugs and T-shirts to large-scale interior decorations. The Company’s connected machines and related accessories and materials and subscription services are primarily marketed under the Cricut brand in the United States, as well as Europe and other countries of 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 condensed 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 connected machines, design apps and accessories and materials. In addition, Cricut sells a broad line of images, fonts and projects for purchase à la carte. On September 2, 2020, Cricut converted from a Utah corporation to a Delaware corporation. In connection with such conversion, each share of Class A common stock, par value $0.01, of the Utah corporation was exchanged for one share of common stock of the Delaware corporation, par value $0.001. On March 11, 2021, the Company filed an Amended and Restated Certificate of Incorporation to effect a 64.2645654-for-1 forward stock split of its outstanding common stock. The par value per share was not adjusted as a result of the forward stock split. All authorized, issued and outstanding shares of common stock, common stock, additional paid in capital and the related per share amounts contained in the condensed consolidated financial statements have been retroactively adjusted to reflect the forward stock split and change in par value for all prior periods presented. The Company organizes its business into the following three reportable segments: Connected Machines, Subscriptions and Accessories and Materials. See Note 13, Segment Information, for further discussion of the Company’s segment reporting structure. Initial Public Offering and Corporate Reorganization The Company’s registration statement on Form S-1 related to its initial public offering (“IPO”) was declared effective on March 24, 2021 by the Securities and Exchange Commission (“SEC”), and the Company’s Class A common stock began trading on the Nasdaq Global Select Market on March 25, 2021. On March 29, 2021, the Company closed its IPO, in which the Company sold 13,250,000 shares of Class A common stock and the selling stockholders sold an additional 2,064,903 shares of Class A common stock at a price to the public of $20.00 per share. The Company received aggregate net proceeds of $242.7 million after deducting offering costs, underwriting discounts and commissions of $22.3 million. On April 28, 2021, the Company sold an additional 968,815 shares of Class A common stock and the selling stockholders sold an additional 150,984 shares of Class A common stock pursuant to the partial exercise of the underwriters’ option to purchase additional shares which generated net proceeds of $18.0 million after deducting for underwriting discounts and commissions of $1.4 million. Immediately prior to the IPO, the Company engaged in a series of related Corporate Reorganization transactions as follows: •Cricut, Inc. filed an amended and restated certificate of incorporation; and •Cricut Holdings, LLC, or Cricut Holdings, dissolved and liquidated in accordance with the terms and conditions of its then existing limited liability company agreement, pursuant to which the holders of existing units in Cricut Holdings (including holders of purchased units, incentive units, zero strike price incentive units, certain phantom units and options), or the Existing Unitholders, received 100% of the capital stock of Cricut, Inc., its sole asset, at the time of the liquidation with a value implied by the initial public offering price of the shares of Class A common stock to be sold in this offering. Cricut Holdings ceased to exist following this transaction. In connection with the Corporate Reorganization the outstanding stock based compensation awards issued by Cricut Holdings were modified or settled as described in Note 8 below. Upon filing the amended and restated certificate of incorporation, all of the Company’s historical Common Stock converted to Class B common stock. Shares 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. Basis of Presentation and Consolidation The accompanying condensed 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 U.S. Securities and Exchange Commission ("SEC") regarding interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Therefore, these unaudited interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the final prospectus filed with the SEC pursuant to Rule 424(b) under the Securities Act of 1933, as amended, (the "Securities Act"), on March 25, 2021 (the "Prospectus"). However, the Company believes that the disclosures provided herein are adequate to prevent the information presented from being misleading. The condensed consolidated financial statements include the accounts of Cricut, Inc. and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. The condensed consolidated balance sheet as of December 31, 2020, included herein, was derived from the audited financial statements as of that date but does not include all disclosures including certain notes required by GAAP on an annual reporting basis. In the opinion of management, the accompanying interim condensed consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the financial position, results of operations, cash flows and the changes in equity for the interim periods. The results for the three and nine months ended September 30, 2021 are not necessarily indicative of the results to be expected for any subsequent quarter, the fiscal year ending December 31, 2021, or any other period. Except as described elsewhere in Note 2 below, there have been no material changes to the Company's significant accounting policies as described in the Company’s Prospectus.

Revenue and Deferred Revenue

9 Months Ended

Sep. 30, 2021

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 to the unspecified upgrades and enhancements and the Company’s cloud-based services. The Company had no material contract assets.

The following table summarizes the changes in the deferred revenue balance for the nine months ended September 30, 2021 and 2020:


	Nine Months Ended September 30, 2021		Nine Months Ended September 30, 2020
(in thousands)
Deferred revenue, beginning of period	$	26,276	$	14,566
Recognition of revenue included in beginning of period deferred revenue	(21,910)		(12,227)
Revenue deferred, net of revenue recognized on contracts in the respective period	25,475		17,552
Deferred revenue, end of period	$	29,841	$	19,891

As of September 30, 2021, 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 September 30, 2021:


	Year Ended December 31,
	2021 (remainder of year)		2022		2023		2024		Total
(in thousands)
Revenue expected to be recognized	$	22,779	$	3,765	$	2,709	$	588	$	29,841

The Company’s revenue from contracts with customers disaggregated by major product lines, excluding sales-based taxes, are included in Note 13 under the heading “Segment Information.”

Revenue recognized during the three and nine months ended September 30, 2021 related to performance obligations satisfied or partially satisfied in prior periods was $0.1 million and $0.8 million, respectively.

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
(in thousands)
North America*	$	228,858	$	194,116	$	825,368	$	553,556
International	31,228		14,889		93,033		34,508
Total revenue	$	260,086	$	209,005	$	918,401	$	588,064
*Consists of United States and Canada

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

+ Details

Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2021

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:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
(in thousands)
Equity classified awards	$	9,970	$	1,052	$	24,620	$	3,258
Liability classified awards	(684)		1,316		6,361		2,141
Total stock-based compensation	$	9,286	$	2,368	$	30,981	$	5,399

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
(in thousands)
Cost of revenue
Connected machines	$	10	$	2	$	26	$	5
Subscriptions	66		7		154		22
Accessories and materials	—		—		—		—
Total cost of revenue	76		9		180		27
Research and development	3,590		716		10,999		1,984
Sales and marketing	2,777		1,166		10,809		2,278
General and administrative	1,703		297		5,953		672
Total stock-based compensation expense	$	8,146	$	2,188	$	27,941	$	4,961
Capitalized for software development costs	$	476	$	56	$	1,149	$	181
Capitalized to inventory	$	664	$	124	$	1,891	$	257
Total stock-based compensation	$	9,286	$	2,368	$	30,981	$	5,399

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, 2020	—	$	—
Granted	4,696,833	$	23.38
Vested	(105,901)	$	20.00
Forfeited/cancelled	(47,500)	$	23.61
Outstanding at September 30, 2021	4,543,432	$	23.46

A summary of the RSU equivalent activity under the 2021 Equity Incentive Plan is as follows:


	Number of RSU Equivalents	Weighted- Average Base Price		Aggregate Intrinsic Value
				(in thousands)
Outstanding at December 31, 2020	—
Granted	94,304	20.00
Vested	(11,305)	$	20.00	$	391
Outstanding at September 30, 2021	82,999	$	20.00	$	1,729

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, 2020	—	$	—
Granted	3,419,359	20.00
Exercised	(5,417)	20.00
Forfeited/cancelled	(80,241)	20.00
Outstanding at September 30, 2021	3,333,701	$	20.00	6.1	$	25,269
Vested and exercisable at September 30, 2021	1,030,288	$	20.00	5.4	$	7,810

The Company’s options to purchase Class B common stock resulted from the Corporate Reorganization 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, 2020	—
Granted	522,000	$	9.04
Forfeited / Cancelled	(72,000)	$	9.04
Outstanding at September 30, 2021	450,000	$	9.04	4.1	$	8,343
Vested at September 30, 2021	2,000	$	9.04	0.2	$	37

A summary of option activity for the nine months ended September 30, 2021 is as follows:


	Number of Options	Weighted- Average Exercise Price		Aggregate Intrinsic Value
				(in thousands)
Outstanding at December 31, 2020	1,140,000	$	4.52	$	3,283
Granted	27,027	$	7.40
Exercised	(27,027)	$	7.40	$	52
Forfeited	(84,000)	$	4.52
Cancelled upon Corporate Reorganization	(1,056,000)	$	4.52
Outstanding at September 30, 2021	—	$	—	$	—
Vested at September 30, 2021	—	$	—	$	—

Schedule of weighted-average valuation assumptions

The weighted-average grant date fair value of options granted under the 2021 Equity Incentive Plan during the nine months ended September 30, 2021 was $8.79 per share based on the following weighted-average assumptions:


	Nine Months Ended September 30, 2021
Expected volatility	51.6	%
Risk-free interest rate	0.8	%
Expected term (in years)	4.9
Expected dividend	—	%

The weighted-average grant date fair value of options to purchase Class B common stock during the nine months ended September 30, 2021 was $13.42 per share based on the following weighted-average assumptions:


	Nine Months Ended September 30, 2021
Expected volatility	51.4	%
Risk-free interest rate	0.8	%
Expected term (in years)	5.5
Expected dividend	—	%

Schedule of nonvested share activity

The Company’s unvested Class B common stock resulted from the Corporate Reorganization and is not part of the 2021 Equity Incentive Plan. Activity related to Class B common stock subject to future vesting for the nine months ended September 30, 2021 is as follows:


	Number of Unvested Shares	Weighted- Average Grant Date Fair Value (per share)
Outstanding at December 31, 2020	—
Granted	14,037,505	$	20.00
Vested	(1,031,920)	$	20.00
Forfeited / Cancelled	(249,679)	$	20.00
Outstanding at September 30, 2021	12,755,906	$	20.00

The following table summarizes the unvested equity classified incentive units activity for the nine months ended September 30, 2021:


	Number of Awards	Weighted- Average Grant Date Fair Value Per Unit
Unvested at December 31, 2020	37,116,025	$	0.74
Granted	1,548,223	$	9.06
Vested	(7,123,673)	$	0.40
Forfeited	(82,500)	$	0.79
Cancelled upon Corporate Reorganization	(31,458,075)	$	1.23
Unvested at September 30, 2021	—	$	—

Schedule of equity classified incentive units

A summary of the equity classified incentive units activity for the nine months ended September 30, 2021 is as follows:


	Equity Incentive Units	Weighted- Average Participation Threshold		Aggregate Intrinsic Value
				(in thousands)
Outstanding at December 31, 2020	93,371,324	$	0.97	$	600,316
Granted	1,548,223	$	—
Exercised	—	$	—
Forfeited	(82,500)	$	1.29
Cancelled upon Corporate Reorganization	(94,837,047)	$	0.95
Outstanding at September 30, 2021	—	$	—	$	—
Vested at September 30, 2021	—	$	—	$	—

Schedule of liability classified incentive unit equivalents activity

A summary of the liability classified incentive unit equivalents activity for the nine months ended September 30, 2021 is as follows:


	Liability Incentive Equivalents	Weighted- Average Participation Threshold		Aggregate Intrinsic Value
				(in thousands)
Outstanding at December 31, 2020	2,851,516	$	2.13	$	15,017
Granted	320,000
Forfeited	(4,000)
Cancelled upon Corporate Reorganization	(3,167,516)	$	1.92
Outstanding at September 30, 2021	—	$	—	$	—
Exercisable at September 30, 2021	—	$	—	$	—
Vested and expected to vest at September 30, 2021	—	$	—	$	—

Schedule of unvested liability classified incentive unit equivalents activity

The following table summarizes the unvested liability classified incentive unit equivalents activity for the nine months ended September 30, 2021:


	Number of Awards	Weighted- Average Grant Date Fair Value Per Unit
Unvested at December 31, 2020	2,851,516	$	1.74
Granted	320,000	$	8.19
Forfeited	(4,000)	$	6.58
Cancelled upon Corporate Reorganization	(3,167,516)	$	2.39
Unvested at September 30, 2021	—	$	—

Summary of liability classified incentive unit equivalents rollforward

Liability classified incentive unit equivalents were included in accrued expenses per the Company’s consolidated balance sheets and the rollforward of this liability is as follows (in thousands):


	Nine Months Ended September 30, 2021
Balance at December 31, 2020	$	5,702
Stock-based compensation during period	$	6,041
Settlement or modification of awards	$	(11,743)
Balance at September 30, 2021	$	—

Employee Benefit Plan	9 Months Ended
Employee Benefit Plan	Sep. 30, 2021
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 $0.6 million and $1.8 million for the three and nine months ended September 30, 2021, respectively. The Company contributed $0.2 million and $0.8 million for the three and nine months ended September 30, 2020, respectively.

Related Party Transactions	9 Months Ended
Related Party Transactions	Sep. 30, 2021
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions For the three months ended September 30, 2021 and 2020, the Company received no capital contributions from its former parent company, Cricut Holdings. For the nine months ended September 30, 2021 and 2020 the Company received $0.2 million and $1.1 million, respectively, of capital contributions from Cricut Holdings, as a result of additional common units issued by Cricut Holdings at the estimated fair value of the underlying units. The equity offering was purchased by a subset of then current common unitholders of Cricut Holdings and employees of the Company.

Revenue and Deferred Revenue - Schedule of changes in the deferred revenue balance (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Movement in Deferred Revenue [Roll Forward]
Deferred revenue, beginning of period	$ 26,276	$ 14,566
Recognition of revenue included in beginning of period deferred revenue	(21,910)	(12,227)
Revenue deferred, net of revenue recognized on contracts in the respective period	25,475	17,552
Deferred revenue, end of period	$ 29,841	$ 19,891

Stock-Based Compensation - Summary of unvested equity classified incentive units (Details) - Equity Classified Incentive Units	9 Months Ended
	Sep. 30, 2021 $ / shares shares
Number of Shares
Beginning balance (in shares) \| shares	37,116,025
Granted (in shares) \| shares	1,548,223
Vested (in shares) \| shares	(7,123,673)
Forfeited (in shares) \| shares	(82,500)
Cancelled (in shares) \| shares	(31,458,075)
Ending balance (in shares) \| shares	0
Weighted- Average Grant Date Fair Value (per share)
Beginning balance (in dollars per share) \| $ / shares	$ 0.74
Granted (in dollars per share) \| $ / shares	9.06
Vested (in dollars per share) \| $ / shares	0.40
Forfeited (in dollars per share) \| $ / shares	0.79
Cancelled (in dollars per share) \| $ / shares	1.23
Ending balance (in dollars per share) \| $ / shares	$ 0

Stock-Based Compensation - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended		20 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation during period	$ 8,146,000	$ 2,188,000	$ 27,941,000	$ 4,961,000
Common Class B
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of awards issued	12,755,906		12,755,906		12,755,906	0
Weighted-average grant date fair value of options granted (in dollars per share)			$ 13.42
2021 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock-based compensation cost	$ 14,500,000		$ 14,500,000		$ 14,500,000
Stock-based compensation during period	$ 800,000		$ 5,100,000
Expiration period			10 years
Weighted-average grant date fair value of options granted (in dollars per share)			$ 8.79
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)	20,800,000		20,800,000		20,800,000
Incentive Unit Plan \| Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of awards issued	3,000,000		3,000,000		3,000,000
Participation threshold before modification			$ 2.00
Participation threshold after modification			$ 3.00
Incentive Unit Plan \| Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of awards issued	3,000,000		3,000,000		3,000,000
Participation threshold before modification			$ 2.00
Participation threshold after modification			$ 4.00
Incentive Unit Plan \| Tranche Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of awards issued	1,000,000		1,000,000		1,000,000
Participation threshold before modification			$ 5.00
Participation threshold after modification			$ 6.00
Incentive Unit Plan \| Tranche Four
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of awards issued	1,000,000		1,000,000		1,000,000
Participation threshold before modification			$ 5.00
Participation threshold after modification			7.00
Equity classified awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock-based compensation cost	$ 129,500,000		$ 129,500,000		$ 129,500,000
Unrecognized stock-based compensation cost, period for recognition			3 years 4 months 24 days
Liability classified awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock-based compensation cost	$ 1,000,000		$ 1,000,000		$ 1,000,000
Unrecognized stock-based compensation cost, period for recognition			1 year 7 months 6 days
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of awards issued	82,999		82,999		82,999	0
Amount of recognized liability	$ 800,000		$ 800,000		$ 800,000
Restricted stock units \| 2021 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of awards issued	4,543,432		4,543,432		4,543,432	0
Employee stock \| 2021 Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum eligible employee compensation			15.00%
Offering period			27 months
Employee stock \| 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)	4,000,000		4,000,000		4,000,000
Equity Classified Incentive Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of awards issued	0		0		0	37,116,025
Percentage of awards vesting			25.00%
Award vesting period			4 years
Fair value of awards vested			$ 3,100,000
Liability Classified Incentive Unit Equivalents
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of awards issued	0		0		0	2,851,516
Award vesting period				5 years	4 years
Liability Classified Incentive Unit Equivalents \| Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of awards vesting				12.50%	25.00%
Liability Classified Incentive Unit Equivalents \| Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of awards vesting				12.50%	25.00%
Liability Classified Incentive Unit Equivalents \| Tranche Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of awards vesting				12.50%	25.00%
Liability Classified Incentive Unit Equivalents \| Tranche Four
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of awards vesting				12.50%	25.00%
Liability Classified Incentive Unit Equivalents \| Tranche Five
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of awards vesting				50.00%

Segment Information - Narrative (Details) $ in Millions	9 Months Ended
Segment Information - Narrative (Details) $ in Millions	Sep. 30, 2021 USD ($) segment
Segment Reporting, Asset Reconciling Item [Line Items]
Number of reportable segments \| segment	3
Non-US
Segment Reporting, Asset Reconciling Item [Line Items]
Long-lived assets \| $	$ 18.7

Accrued Expenses and Other Current Liabilities

9 Months Ended

Sep. 30, 2021

Payables and Accruals [Abstract]

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consist of the following:


	As of September 30, 2021		As of December 31, 2020
(in thousands)
Sales incentives	$	21,581	$	30,295
Other accrued liabilities and other current liabilities	20,190		41,029
Total accrued expenses	$	41,771	$	71,324

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.001
Preferred stock, shares authorized (in shares)	100,000,000	0
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	$ 0.001
Common stock, shares authorized (in shares)	1,250,000,000	257,058,262
Common stock, shares issued (in shares)	222,179,221	208,116,104
Common stock, shares outstanding (in shares)	222,179,221	208,116,104

Commitment and Contingencies (Tables)

9 Months Ended

Sep. 30, 2021

Commitments and Contingencies Disclosure [Abstract]

Schedule of future minimum lease payments under non-cancellable operating leases

The future minimum lease payments under non-cancellable operating leases at September 30, 2021 were as follows:


Year Ending December 31,	Operating Leases
	(in thousands)
2021 (remainder of the year)	$	1,045
2022	4,000
2023	3,882
2024	3,850
2025	2,228
Thereafter	—
Total minimum lease payments, net	$	15,005

Revolving Credit Facility - Narrative (Details) - Revolving Credit Facility - Credit Agreement	9 Months Ended
	Sep. 30, 2021 USD ($)	Sep. 30, 2020 USD ($)
Line of Credit Facility [Line Items]
Revolving credit facility expiration period		3 years
Maximum borrowing capacity		$ 150,000,000
Additional borrowing capacity, increase limit		200,000,000
Additional borrowing capacity, higher borrowing capacity option		$ 350,000,000
Amounts outstanding	$ 0
Remaining borrowing capacity	$ 150,000,000
Restrictive covenants, fixed charge coverage ratio	1.0
Restrictive covenants, fixed charge coverage ratio, calculation period	12 months
Restrictive covenants in future periods if available commitments are less than, amount	$ 15,000,000
Restrictive covenants in future period if available commitments are less than percent (in percentage)	0.10
Minimum \| Alternative Base Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate (percentage)	1.50%
Minimum \| REVLIBOR30 Screen Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate (percentage)	1.50%
Minimum \| Rate Based on Fixed Charge Coverage Ratio
Line of Credit Facility [Line Items]
Basis spread on variable rate (percentage)	0.00%
Maximum \| Alternative Base Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate (percentage)	2.00%
Maximum \| REVLIBOR30 Screen Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate (percentage)	2.00%
Maximum \| Rate Based on Fixed Charge Coverage Ratio
Line of Credit Facility [Line Items]
Basis spread on variable rate (percentage)	0.50%

Stock-Based Compensation - Summary of outstanding liability classified incentive units (Details) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2021 USD ($) $ / shares shares
Aggregate Intrinsic Value
Exercisable aggregate intrinsic value \| $	$ 0
Liability Classified Incentive Unit Equivalents
Number of Shares
Beginning balance (in shares) \| shares	2,851,516
Granted (in shares) \| shares	320,000
Forfeited (in shares) \| shares	(4,000)
Cancelled (in shares) \| shares	(3,167,516)
Ending balance (in shares) \| shares	0
Exercisable (in shares) \| shares	0
Vested and expected to vest (in shares) \| shares	0
Weighted- Average Participation Threshold
Beginning weighted average participation threshold (in dollars per share) \| $ / shares	$ 2.13
Granted (in dollars per share) \| $ / shares
Forfeited (in dollars per share) \| $ / shares
Cancelled (in dollars per share) \| $ / shares	1.92
Ending weighted average participation threshold (in dollars per share) \| $ / shares	0
Exercisable (in dollars per share) \| $ / shares	0
Vested and expected to vest (in dollars per share) \| $ / shares	$ 0
Aggregate Intrinsic Value
Beginning aggregate intrinsic value \| $	$ 15,017
Ending aggregate intrinsic value \| $	0
Vested and expected to vest aggregate intrinsic value \| $	$ 0

Stock-Based Compensation - Summary of outstanding equity classified incentive units (Details) - Equity Classified Incentive Units $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2021 USD ($) $ / shares shares
Number of Shares
Beginning balance (in shares) \| shares	93,371,324
Granted (in shares) \| shares	1,548,223
Exercised (in shares) \| shares	0
Forfeited (in shares) \| shares	(82,500)
Cancelled (in shares) \| shares	(94,837,047)
Ending balance (in shares) \| shares	0
Vested (in shares) \| shares	0
Weighted- Average Participation Threshold
Beginning weighted average participation threshold (in dollars per share) \| $ / shares	$ 0.97
Granted (in dollars per share) \| $ / shares	0
Exercised (in dollars per share) \| $ / shares	0
Forfeited (in dollars per share) \| $ / shares	1.29
Cancelled (in dollars per share) \| $ / shares	0.95
Ending weighted average participation threshold (in dollars per share) \| $ / shares	0
Vested (in dollars per share) \| $ / shares	$ 0
Aggregate Intrinsic Value
Beginning aggregate intrinsic value \| $	$ 600,316
Ending aggregate intrinsic value \| $	0
Vested aggregate intrinsic value \| $	$ 0

Stock-Based Compensation - Summary of equity classified options (Details) - Equity Classified Options $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2021 USD ($) $ / shares shares
Number of Options
Beginning balance (in shares) \| shares	1,140,000
Granted (in shares) \| shares	27,027
Exercised (in shares) \| shares	(27,027)
Forfeited (in shares) \| shares	(84,000)
Cancelled (in shares) \| shares	(1,056,000)
Ending balance (in shares) \| shares	0
Vested (in shares) \| shares	0
Weighted- Average Exercise Price
Beginning weighted average exercise price (in dollars per share) \| $ / shares	$ 4.52
Granted (in dollars per share) \| $ / shares	7.40
Exercised (in dollars per share) \| $ / shares	7.40
Forfeited (in dollars per share) \| $ / shares	4.52
Cancelled (in dollars per share) \| $ / shares	4.52
Ending weighted average exercise price (in dollars per share) \| $ / shares	0
Vested (in dollars per share) \| $ / shares	$ 0
Weighted- Average Remaining Term (Years)
Beginning aggregate intrinsic value \| $	$ 3,283
Exercised aggregate intrinsic value \| $	52
Ending aggregate intrinsic value \| $	0
Vested aggregate intrinsic value \| $	$ 0

Stock-Based Compensation

9 Months Ended

Sep. 30, 2021

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:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
(in thousands)
Equity classified awards	$	9,970	$	1,052	$	24,620	$	3,258
Liability classified awards	(684)		1,316		6,361		2,141
Total stock-based compensation	$	9,286	$	2,368	$	30,981	$	5,399


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
(in thousands)
Cost of revenue
Connected machines	$	10	$	2	$	26	$	5
Subscriptions	66		7		154		22
Accessories and materials	—		—		—		—
Total cost of revenue	76		9		180		27
Research and development	3,590		716		10,999		1,984
Sales and marketing	2,777		1,166		10,809		2,278
General and administrative	1,703		297		5,953		672
Total stock-based compensation expense	$	8,146	$	2,188	$	27,941	$	4,961
Capitalized for software development costs	$	476	$	56	$	1,149	$	181
Capitalized to inventory	$	664	$	124	$	1,891	$	257
Total stock-based compensation	$	9,286	$	2,368	$	30,981	$	5,399

As of September 30, 2021, there was $129.5 million of unrecognized stock-based compensation cost related to equity awards which is expected to be recognized over a weighted-average period of 3.4 years.

As of September 30, 2021, there was $1.0 million of estimated unrecognized stock-based compensation cost related to liability classified awards which is expected to be recognized over a weighted-average period of 1.6 years.

Corporate Reorganization and Stock-Based Compensation Modifications

In connection with the Corporate Reorganization, all outstanding awards issued under the Incentive Unit Plan discussed below were modified by exchanging the outstanding awards of Cricut Holdings for awards of the Company. All service based vesting conditions were unaffected by the modification. As described below, the vesting conditions were modified for certain awards which previously had both service and market based vesting conditions.

All vested equity classified awards were settled in shares of the Company’s Class B common stock previously held by Cricut Holdings. Unvested equity classified awards were converted to restricted shares of the Company’s Class B common stock subject to future vesting, or in the case of options were converted into options to purchase the Company’s Class B common stock. All vested liability classified awards converted into either shares of Class B common stock to the extent permitted in each applicable jurisdiction or settled in cash. All unvested liability classified awards converted into restricted stock units (“RSUs”) under the 2021 Equity Incentive Plan that will vest into shares of Class A common stock of Cricut, Inc. to the extent permitted in each applicable jurisdiction or into restricted stock unit equivalents which will be settled in cash upon vesting as described below.

In connection with the Corporate Reorganization and modification, the Company granted options under the 2021 Equity Incentive Plan to certain employees. The number of options was calculated based on the number of outstanding incentive units or incentive unit equivalents prior to the modification and the participation threshold of such awards. The vesting terms of the options are also based on the vesting terms of the original award. Therefore, the Company considered the exchange of the original award for the restricted shares or RSUs plus the options to be a single modification and will recognize the incremental compensation cost of $14.5 million over the vesting term. Of this amount, the Company recognized $0.8 million and $5.1 million during the three and nine months ended September 30, 2021, respectively, including a cumulative adjustment in March 2021 to recognize the incremental compensation cost associated with historical vesting.

As part of the modification of outstanding awards in connection with the Corporate Reorganization, awards issued under the Incentive Unit Plan which included both service and market conditions were modified to remove the market vesting condition and to increase the participation threshold of the award to the price specified in the former market condition. In total, 3.0 million, 3.0 million, 1.0 million and 1.0 million awards which previously had a participation threshold of $2.00, $2.00, $5.00 and $5.00 per share, respectively, were modified to have a participation threshold of $3.00, $4.00, $6.00 and $7.00 per share, respectively. Incremental compensation cost associated with

these awards is included in the total incremental compensation cost associated with the issuance of additional options to employees described above as this change was part of a single modification.

These modifications are shown as cancellations under the Incentive Unit Plan and as grants under the activity summarized below.

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. As of September 30, 2021, 20,800,000 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, 2020	—	$	—
Granted	4,696,833	$	23.38
Vested	(105,901)	$	20.00
Forfeited/cancelled	(47,500)	$	23.61
Outstanding at September 30, 2021	4,543,432	$	23.46

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, 2020	—	$	—
Granted	3,419,359	20.00
Exercised	(5,417)	20.00
Forfeited/cancelled	(80,241)	20.00
Outstanding at September 30, 2021	3,333,701	$	20.00	6.1	$	25,269
Vested and exercisable at September 30, 2021	1,030,288	$	20.00	5.4	$	7,810


	Nine Months Ended September 30, 2021
Expected volatility	51.6	%
Risk-free interest rate	0.8	%
Expected term (in years)	4.9
Expected dividend	—	%

In connection with the Corporate Reorganization, certain employees received restricted stock unit equivalents (“RSU equivalents”). Upon vesting, these awards are settled for a cash payment equal to the intrinsic value of the award on the date of the Corporate Reorganization plus the difference between the Company’s stock price on the vesting date less the base price specified at the time of the grant. As of September 30, 2021 the total recognized liability for these awards was $0.8 million. A summary of the RSU equivalent activity under the 2021 Equity Incentive Plan is as follows:


	Number of RSU Equivalents	Weighted- Average Base Price		Aggregate Intrinsic Value
				(in thousands)
Outstanding at December 31, 2020	—
Granted	94,304	20.00
Vested	(11,305)	$	20.00	$	391
Outstanding at September 30, 2021	82,999	$	20.00	$	1,729

Unvested Class B Common Stock


	Number of Unvested Shares	Weighted- Average Grant Date Fair Value (per share)
Outstanding at December 31, 2020	—
Granted	14,037,505	$	20.00
Vested	(1,031,920)	$	20.00
Forfeited / Cancelled	(249,679)	$	20.00
Outstanding at September 30, 2021	12,755,906	$	20.00

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, 2020	—
Granted	522,000	$	9.04
Forfeited / Cancelled	(72,000)	$	9.04
Outstanding at September 30, 2021	450,000	$	9.04	4.1	$	8,343
Vested at September 30, 2021	2,000	$	9.04	0.2	$	37


	Nine Months Ended September 30, 2021
Expected volatility	51.4	%
Risk-free interest rate	0.8	%
Expected term (in years)	5.5
Expected dividend	—	%

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 September 30, 2021, 4,000,000 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.

Incentive Unit Plan

The Company’s former parent, Cricut Holdings, authorized an Incentive Unit Compensation Plan (the “IU Plan”) that allowed for issuances of common incentive units (“CIUs”). The participation threshold of the awards granted under the IU Plan was typically equal to the fair market value of Cricut Holdings’ membership units at the date of the grant, except zero strike price incentive unit awards which have no participation threshold. Except as noted below, all awards issued under the IU Plan only had service-based conditions. Per unit amounts in the activity below are based on the value of Cricut Holdings’ units.

Equity Classified Units

The Company’s former parent, Cricut Holdings, granted CIUs to employees of the Company. These awards vested 25% annually over four years of service. The Company’s former parent also granted a performance-based incentive unit, which is discussed later. These awards are collectively referred to as equity classified incentive units. Once vested, all equity classified incentive units remained outstanding until the liquidation of Cricut Holdings or until repurchased by Cricut Holdings. Upon the liquidation of Cricut Holdings all outstanding awards were settled or modified as described above.

A summary of the equity classified incentive units activity for the nine months ended September 30, 2021 is as follows:


	Equity Incentive Units	Weighted- Average Participation Threshold		Aggregate Intrinsic Value
				(in thousands)
Outstanding at December 31, 2020	93,371,324	$	0.97	$	600,316
Granted	1,548,223	$	—
Exercised	—	$	—
Forfeited	(82,500)	$	1.29
Cancelled upon Corporate Reorganization	(94,837,047)	$	0.95
Outstanding at September 30, 2021	—	$	—	$	—
Vested at September 30, 2021	—	$	—	$	—

The following table summarizes the unvested equity classified incentive units activity for the nine months ended September 30, 2021:


	Number of Awards	Weighted- Average Grant Date Fair Value Per Unit
Unvested at December 31, 2020	37,116,025	$	0.74
Granted	1,548,223	$	9.06
Vested	(7,123,673)	$	0.40
Forfeited	(82,500)	$	0.79
Cancelled upon Corporate Reorganization	(31,458,075)	$	1.23
Unvested at September 30, 2021	—	$	—

The total fair value of equity classified incentive units vested during the nine months ended September 30, 2021 was $3.1 million.

The grant date fair value of CIUs granted during the nine months ended September 30, 2021 was equal to the estimated fair value of Cricut Holdings’ common unit on the date of the grant as all CIUs had no participation threshold.

Equity Classified Options

The Company’s former parent, Cricut Holdings, granted employees of the Company options to purchase zero strike price incentive units. These options generally vested on a cliff basis upon completion of the service period specified for each award. All outstanding options of Cricut Holdings were exchanged for options to purchase class B common stock of Cricut Inc. in connection with the Corporate Reorganization. A summary of option activity for the nine months ended September 30, 2021 is as follows:


	Number of Options	Weighted- Average Exercise Price		Aggregate Intrinsic Value
				(in thousands)
Outstanding at December 31, 2020	1,140,000	$	4.52	$	3,283
Granted	27,027	$	7.40
Exercised	(27,027)	$	7.40	$	52
Forfeited	(84,000)	$	4.52
Cancelled upon Corporate Reorganization	(1,056,000)	$	4.52
Outstanding at September 30, 2021	—	$	—	$	—
Vested at September 30, 2021	—	$	—	$	—

Liability Classified Incentive Unit Equivalents

The Company’s former parent issued incentive unit equivalents (phantom units) to various employees under the Incentive Unit Plan. The incentive unit equivalents paid out upon the occurrence of a liquidation event such as a change in control transaction. In addition, the units did not participate until the sum of distributions and capital appreciation of the common units from the date of grant of the incentive units equaled a specified participation threshold per unit. The incentive unit equivalents did not represent any kind of legal equity interest in the Company or the former parent Company and required cash settlement. Accordingly, the incentive unit equivalent awards were accounted for as liability classified awards and required initial and subsequent measurement at fair value.

Initially, during the nine months ended September 30, 2020, these awards generally vested 12.5% annually for each of the first four years of service and 50% after the fifth year of service. Following the amendment of these awards in January 2020, these awards vested 25% annually over four years of service. All liability classified incentive units had indefinite contract terms and, once vested, remained outstanding until liquidation of Cricut Holdings or until repurchased by Cricut Holdings. Upon the liquidation of Cricut Holdings all outstanding awards were settled or modified as described above.

A summary of the liability classified incentive unit equivalents activity for the nine months ended September 30, 2021 is as follows:


	Liability Incentive Equivalents	Weighted- Average Participation Threshold		Aggregate Intrinsic Value
				(in thousands)
Outstanding at December 31, 2020	2,851,516	$	2.13	$	15,017
Granted	320,000
Forfeited	(4,000)
Cancelled upon Corporate Reorganization	(3,167,516)	$	1.92
Outstanding at September 30, 2021	—	$	—	$	—
Exercisable at September 30, 2021	—	$	—	$	—
Vested and expected to vest at September 30, 2021	—	$	—	$	—

The following table summarizes the unvested liability classified incentive unit equivalents activity for the nine months ended September 30, 2021:


	Number of Awards	Weighted- Average Grant Date Fair Value Per Unit
Unvested at December 31, 2020	2,851,516	$	1.74
Granted	320,000	$	8.19
Forfeited	(4,000)	$	6.58
Cancelled upon Corporate Reorganization	(3,167,516)	$	2.39
Unvested at September 30, 2021	—	$	—

The Company estimated the fair value of liability classified incentive unit equivalents upon the modification or settlement as part of the Corporate Reorganization based on the estimated fair value of the awards received to settle the liability. The cumulative adjustment upon settlement or modification is included in stock-based compensation related to liability awards above.

Liability classified incentive unit equivalents were included in accrued expenses per the Company’s consolidated balance sheets and the rollforward of this liability is as follows (in thousands):


	Nine Months Ended September 30, 2021
Balance at December 31, 2020	$	5,702
Stock-based compensation during period	$	6,041
Settlement or modification of awards	$	(11,743)
Balance at September 30, 2021	$	—

Commitment and Contingencies - Schedule of future minimum lease payments under non-cancellable operating leases (Details) $ in Thousands	Sep. 30, 2021 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2021 (remainder of the year)	$ 1,045
2022	4,000
2023	3,882
2024	3,850
2025	2,228
Thereafter	0
Total minimum lease payments, net	$ 15,005

Accrued Expenses and Other Current Liabilities - Schedule of accrued expenses and other current liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Payables and Accruals [Abstract]
Sales incentives	$ 21,581	$ 30,295
Other accrued liabilities and other current liabilities	20,190	41,029
Total accrued expenses	$ 41,771	$ 71,324

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes As required by Accounting Standards Codification (“ASC”) Topic 740, “Income Taxes,” the Company computes interim period income taxes by applying an estimated annual effective tax rate to our year-to-date income from operations before income taxes, except for significant unusual or infrequently occurring items. The estimated effective tax rate is adjusted each quarter in accordance with ASC 740. The effective tax rate after discrete items was 20.6 percent and 22.8 percent for the three and nine months ended September 30, 2021, respectively, and 21.3 percent and 22.2 percent for the three and nine months ended September 30, 2020, respectively. The Company’s provision for income taxes after discrete items was $7.8 million and $38.0 million, respectively, for the three and nine months ended September 30, 2021, and $12.2 million and $26.6 million, respectively, for the three and nine months ended September 30, 2020. The provision for income taxes varied from the tax computed at the U.S. federal statutory income tax rate for the periods presented primarily due to state taxes offset by discrete tax items including research and development tax credits as well as foreign derived intangible income (FDII). The Company reviews its deferred tax assets for realization based upon historical taxable income, prudent and feasible tax planning strategies, the expected timing of the reversals of existing temporary differences and expected future taxable income. The Company has concluded that it is more likely than not that the net deferred tax assets will be realized. Accordingly, the Company has not recorded a valuation allowance against net deferred tax assets for any of the periods presented.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Capital Structure - Narrative (Details)		3 Months Ended	9 Months Ended
Capital Structure - Narrative (Details)	Apr. 28, 2021 shares	Sep. 30, 2021 $ / shares shares	Sep. 30, 2021 vote $ / shares shares	Dec. 31, 2020 $ / shares shares	Sep. 01, 2020 $ / shares
Equity, Class of Treasury Stock [Line Items]
Preferred stock, shares authorized (in shares)		100,000,000	100,000,000	0
Preferred stock, par value (in dollars per share) \| $ / shares		$ 0.001	$ 0.001
Common stock, shares authorized (in shares)		1,250,000,000	1,250,000,000	257,058,262
Common stock, par value (in dollars per share) \| $ / shares		$ 0.001	$ 0.001	$ 0.001
Common stock, shares issued (in shares)		222,179,221	222,179,221	208,116,104
Common stock, shares outstanding (in shares)		222,179,221	222,179,221	208,116,104
Common Class A
Equity, Class of Treasury Stock [Line Items]
Common stock, shares authorized (in shares)		1,000,000,000	1,000,000,000
Common stock, par value (in dollars per share) \| $ / shares					$ 0.01
Sale of stock, shares issued in transaction	968,815
Common stock, shares issued (in shares)		32,678,380	32,678,380
Common stock, shares outstanding (in shares)		32,678,380	32,678,380
Number of votes per share \| vote			1
Number of shares issuable upon conversion (in shares)			1
Common Class A \| Existing Stockholders
Equity, Class of Treasury Stock [Line Items]
Sale of stock, shares issued in transaction	150,984	16,149,173	18,365,060
Common Class B
Equity, Class of Treasury Stock [Line Items]
Common stock, shares authorized (in shares)		250,000,000	250,000,000
Common stock, shares issued (in shares)		189,500,841	189,500,841
Common stock, shares outstanding (in shares)		189,500,841	189,500,841
Number of votes per share \| vote			5

Stock-Based Compensation - Cost related to company's stock-based compensation plan (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 8,146	$ 2,188	$ 27,941	$ 4,961
Total stock-based compensation	9,286	2,368	30,981	5,399
Software Development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense, amount capitalized	476	56	1,149	181
Inventories
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense, amount capitalized	664	124	1,891	257
Total cost of revenue
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	76	9	180	27
Connected machines
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	10	2	26	5
Subscriptions
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	66	7	154	22
Accessories and materials
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	0	0	0	0
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	3,590	716	10,999	1,984
Sales and marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	2,777	1,166	10,809	2,278
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 1,703	$ 297	$ 5,953	$ 672

Revenue and Deferred Revenue - Schedule of recognition of deferred revenue (Details) $ in Thousands	Sep. 30, 2021 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue expected to be recognized	$ 29,841
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue expected to be recognized	$ 22,779
Revenue, expected timing of satisfaction, period	3 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue expected to be recognized	$ 3,765
Revenue, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue expected to be recognized	$ 2,709
Revenue, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue expected to be recognized	$ 588
Revenue, expected timing of satisfaction, period	1 year

Commitment and Contingencies - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Rent expense	$ 0.8	$ 1.1	$ 2.8	$ 3.2

Revenue and Deferred Revenue (Tables)

9 Months Ended

Sep. 30, 2021

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 nine months ended September 30, 2021 and 2020:


	Nine Months Ended September 30, 2021		Nine Months Ended September 30, 2020
(in thousands)
Deferred revenue, beginning of period	$	26,276	$	14,566
Recognition of revenue included in beginning of period deferred revenue	(21,910)		(12,227)
Revenue deferred, net of revenue recognized on contracts in the respective period	25,475		17,552
Deferred revenue, end of period	$	29,841	$	19,891

Schedule of recognition of deferred revenue

The Company expects the following recognition of deferred revenue as of September 30, 2021:


	Year Ended December 31,
	2021 (remainder of year)		2022		2023		2024		Total
(in thousands)
Revenue expected to be recognized	$	22,779	$	3,765	$	2,709	$	588	$	29,841

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:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
(in thousands)
North America*	$	228,858	$	194,116	$	825,368	$	553,556
International	31,228		14,889		93,033		34,508
Total revenue	$	260,086	$	209,005	$	918,401	$	588,064
*Consists of United States and Canada

Segment Information - Schedule of key financial performance measures of the segments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Segment Reporting, Asset Reconciling Item [Line Items]
Revenue	$ 260,086	$ 209,005	$ 918,401	$ 588,064
Cost of revenue	158,023	119,455	565,773	380,439
Gross profit	102,063	89,550	352,628	207,625
Connected machines
Segment Reporting, Asset Reconciling Item [Line Items]
Revenue	102,454	75,523	390,100	245,799
Cost of revenue	87,649	58,525	323,558	205,645
Gross profit	14,805	16,998	66,542	40,154
Subscriptions
Segment Reporting, Asset Reconciling Item [Line Items]
Revenue	53,303	31,206	150,115	74,414
Cost of revenue	5,934	2,998	15,517	8,961
Gross profit	47,369	28,208	134,598	65,453
Accessories and materials
Segment Reporting, Asset Reconciling Item [Line Items]
Revenue	104,329	102,276	378,186	267,851
Cost of revenue	64,440	57,932	226,698	165,833
Gross profit	$ 39,889	$ 44,344	$ 151,488	$ 102,018

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
-Topic 280
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 280
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (f)
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
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-Subparagraph (SX 210.5-03.1,2)
-URI http://asc.fasb.org/extlink&oid=120395209&loc=SL114868664-224227

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 224,003	$ 122,215
Accounts receivable, net	143,121	162,931
Inventories	524,576	248,745
Prepaid expenses and other current assets	30,476	4,916
Total current assets	922,176	538,807
Property and equipment, net	52,672	33,441
Intangible assets, net	1,710	2,280
Deferred tax assets	3,119	3,119
Other assets	927	3,753
Total assets	980,604	581,400
Current liabilities:
Accounts payable	251,124	251,658
Accrued expenses and other current liabilities	41,771	71,324
Deferred revenue, current portion	25,681	23,518
Total current liabilities	318,576	346,500
Deferred revenue, net of current portion	4,160	2,758
Other non-current liabilities	4,650	3,217
Total liabilities	327,386	352,475
Commitments and contingencies (Note 9)
Stockholders’ equity:
Preferred stock, par value $0.001 per share, 100,000,000 shares authorized, no shares issued and outstanding as of September 30, 2021. No shares issued, authorized or outstanding as of December 31, 2020.	0	0
Common stock, par value $0.001 per share, 1,250,000,000 shares authorized as of September 30, 2021, 222,179,221 shares issued and outstanding as of September 30, 2021; 257,058,262 shares authorized as of December 31, 2020, 208,116,104 shares issued and outstanding as of December 31, 2020.	222	208
Additional paid-in capital	708,496	412,741
Accumulated deficit	(55,484)	(184,033)
Accumulated other comprehensive income (loss)	(16)	9
Total stockholders’ equity	653,218	228,925
Total liabilities and stockholders’ equity	$ 980,604	$ 581,400

Net Income Per Share - Schedule of computation of basic and diluted earnings per share of common stock (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020
Basic earnings per share:
Net income	$ 30,005	$ 49,126	$ 49,418	$ 45,211	$ 34,879	$ 13,040	$ 128,549	$ 93,130
Shares used in computation:
Weighted-average common shares outstanding, basic (in shares)	208,988,168			208,116,104			208,169,736	208,116,104
Earnings per share, basic (in dollars per share)	$ 0.14			$ 0.22			$ 0.62	$ 0.45
Diluted earnings per share:
Net income	$ 30,005	$ 49,126	$ 49,418	$ 45,211	$ 34,879	$ 13,040	$ 128,549	$ 93,130
Shares used in computation:
Weighted-average common shares outstanding, basic (in shares)	208,988,168			208,116,104			208,169,736	208,116,104
Weighted-average effect of potentially dilutive securities:
Unvested common stock subject to forfeiture (in shares)	12,326,206			0			8,572,134	0
Underwriters' option to purchase additional shares (in shares)	0			0			25,132	0
Diluted weighted-average common shares outstanding (in shares)	224,331,039			208,116,104			218,491,114	208,116,104
Diluted net income per share (in dollars per share)	$ 0.13			$ 0.22			$ 0.59	$ 0.45
Employee stock options
Weighted-average effect of potentially dilutive securities:
Employee stock options / Restricted stock units (in shares)	1,290,101			0			732,824	0
Restricted stock units
Weighted-average effect of potentially dilutive securities:
Employee stock options / Restricted stock units (in shares)	1,726,564			0			991,288	0

Description of Business and Basis of Presentation (Details) $ / shares in Units, $ in Millions				3 Months Ended	9 Months Ended
	Apr. 28, 2021 USD ($) shares	Mar. 29, 2021 USD ($) $ / shares shares	Mar. 11, 2021	Sep. 30, 2021 $ / shares shares	Sep. 30, 2021 segment vote $ / shares shares	Mar. 24, 2021	Dec. 31, 2020 $ / shares	Sep. 02, 2020 $ / shares	Sep. 01, 2020 $ / shares
Class of Stock [Line Items]
Common stock, par value (in dollars per share) \| $ / shares				$ 0.001	$ 0.001		$ 0.001
Stock split, conversion ratio			64.2645654
Number of reportable segments \| segment					3
Proceeds from IPO \| $	$ 18.0
Payments of stock issuance costs \| $	$ 1.4
Reorganization items, percent of capital stock						100.00%
Common Class A
Class of Stock [Line Items]
Common stock, par value (in dollars per share) \| $ / shares									$ 0.01
Sale of stock, shares issued in transaction	968,815
Number of votes per share \| vote					1
Number of shares issuable upon conversion (in shares)					1
Common Class A \| Existing Stockholders
Class of Stock [Line Items]
Sale of stock, shares issued in transaction	150,984			16,149,173	18,365,060
Common Stock
Class of Stock [Line Items]
Common stock, par value (in dollars per share) \| $ / shares								$ 0.001
Common Class B
Class of Stock [Line Items]
Number of votes per share \| vote					5
IPO
Class of Stock [Line Items]
Proceeds from IPO \| $		$ 242.7
Payments of stock issuance costs \| $		$ 22.3
IPO \| Common Class A
Class of Stock [Line Items]
Sale of stock, shares issued in transaction		13,250,000
Sale of stock, price per share (in dollars per share) \| $ / shares		$ 20.00
IPO \| Common Class A \| Existing Stockholders
Class of Stock [Line Items]
Sale of stock, shares issued in transaction		2,064,903

Summary of Significant Accounting Policies	9 Months Ended
Summary of Significant Accounting Policies	Sep. 30, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	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 sales incentives and product returns. Other estimates include the warranty reserve, allowance for doubtful accounts, inventory reserve, intangible assets and other long-lived assets valuation, legal contingencies, stock-based compensation, income taxes, deferred tax assets valuation and internally 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 ongoing pandemic and 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. Deferred Offering Costs The Company recorded deferred offering costs of $1.9 million as other assets on the consolidated balance sheet as of December 31, 2020 and consist of costs incurred in connection with the Company’s IPO, including legal, accounting, printing and other IPO-related costs. Upon completion of the IPO, these deferred offering costs were reclassified to stockholders’ equity and recorded against the proceeds from the offering. 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. Money market funds are highly liquid investments and are actively traded. The pricing information for the Company’s money market funds are 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. There were no transfers between Levels 1, 2 or 3 for any of the periods presented. As of September 30, 2021 and December 31, 2020, the Company held $161.7 million and $106.0 million in money market funds, respectively, with no unrealized gains or losses. 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 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. Forfeitures are accounted for as they occur. The Company estimates the fair value of awards with time-based or performance-based vesting provisions using the Black-Scholes method. The fair value of awards subject to market conditions is estimated using a Geometric Brownian Motion Stock Path Monte Carlo Simulation (“Monte Carlo Simulation”). 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 units and the likelihood of termination. The Company has limited publicly available stock information and therefore, the Company uses the historical volatility of the stock price of similar publicly traded peer companies. The Company estimates the expected term using the simplified method for “plain vanilla” stock option awards or based on the expected time to a liquidation event or other transaction that would result in settlement of other awards. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant. Expected dividend yield is 0.0% as the Company does not anticipate paying dividends, and the Company and its former parent, Cricut Holdings, have not paid dividends other than a one-time dividend paid in 2020. Likelihood of termination for the Monte Carlo Simulation is estimated based upon both historical turnover and anticipated turnover based upon Company or market pressures. Recently Issued Accounting Standards Recent accounting standards not yet adopted In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, “Leases” (Topic 842). The core principle of Topic 842 is that a lessee should recognize the assets and liabilities that arise from leases, including operating leases. Under the new requirements, a lessee will recognize in the statement of financial position a liability to make lease payments (the lease liability) and the right-of-use asset representing the right to the underlying asset for the lease term. For leases with a term of 12 months or less, the lessee is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities. The recognition, measurement and presentation of expenses and cash flows arising from a lease by a lessee have not significantly changed from previous GAAP. The Company anticipates adopting this standard as of January 1, 2021 in its annual report for the fiscal year ending on December 31, 2021. The Company expects to recognize right-to-use assets and corresponding lease liabilities at the date of adoption and does not expect the adoption to significantly impact its consolidated statement of operations and comprehensive loss or cash flows. In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments – Credit Losses” (Topic 326). ASU 2016-13 modifies the measurement of expected credit losses of certain financial instruments, requiring entities to estimate an expected lifetime credit loss on financial assets. The Company anticipates adopting this standard in the annual report for the Company’s fiscal year ending on December 31, 2021. The Company does not expect the adoption of this ASU will have a material impact on the Company’s consolidated financial statements and footnote disclosures. In December 2019, the FASB issued ASU No. 2019-12, “Income Taxes” (Topic 740). ASU 2019-12 removes certain exceptions for investments, intraperiod allocations and interim calculations and adds guidance to reduce complexity in accounting for income taxes. The Company anticipates adopting this standard in the annual report for the Company’s fiscal year ending on December 31, 2021. The Company does not anticipate that the adoption of ASU 2019-12 will have a material impact on its consolidated financial statements and related disclosures

Stock-Based Compensation - Schedule of weighted-average valuation assumptions (Details)	9 Months Ended
	Sep. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected dividend	0.00%
Employee stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	51.60%
Risk-free interest rate	0.80%
Expected term (in years)	4 years 10 months 24 days
Expected dividend	0.00%
Employee stock options \| Common Class B
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	51.40%
Risk-free interest rate	0.80%
Expected term (in years)	5 years 6 months
Expected dividend	0.00%

Stock-Based Compensation - Summary of outstanding equity classified incentive units (Details) - Equity Classified Incentive Units $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2021 USD ($) $ / shares shares
Number of Shares
Beginning balance (in shares) \| shares	93,371,324
Granted (in shares) \| shares	1,548,223
Exercised (in shares) \| shares	0
Forfeited (in shares) \| shares	(82,500)
Cancelled (in shares) \| shares	(94,837,047)
Ending balance (in shares) \| shares	0
Vested (in shares) \| shares	0
Weighted- Average Participation Threshold
Beginning weighted average participation threshold (in dollars per share) \| $ / shares	$ 0.97
Granted (in dollars per share) \| $ / shares	0
Exercised (in dollars per share) \| $ / shares	0
Forfeited (in dollars per share) \| $ / shares	1.29
Cancelled (in dollars per share) \| $ / shares	0.95
Ending weighted average participation threshold (in dollars per share) \| $ / shares	0
Vested (in dollars per share) \| $ / shares	$ 0
Aggregate Intrinsic Value
Beginning aggregate intrinsic value \| $	$ 600,316
Ending aggregate intrinsic value \| $	0
Vested aggregate intrinsic value \| $	$ 0