Cricut makes and sells connected cutting machines — small desktop devices that precisely cut, write, and score materials like paper, vinyl, fabric, and leather to create personalized physical goods such as custom T-shirts, stickers, cards, and décor. Users design projects through Cricut's cloud-based Design Space app, which connects to the machine and drives the cut. Cricut's customers are predominantly women, ranging from hobbyist crafters to small-business owners, and Cricut sells through major retailers like Amazon, Target, Walmart, and Michaels, as well as directly through Cricut.com. The business model is a layered razor-and-blade ecosystem: machines are the entry point, subscriptions (Cricut Access, priced at $9.99/month) are the recurring revenue core, and accessories and materials generate repeat consumable purchases. Cricut Access gives subscribers access to over 1.6M images, fonts, and templates, plus AI-powered design tools. Cricut had just over 3.09M paid subscribers as of December 2025. Cricut reports two segments: Platform (~46% of revenue, ~89% gross margins) covering subscriptions and digital content, and Products (~54% of revenue, ~26% gross margins) covering machines, accessories, and materials. The high-margin platform business is the financial engine, while machines drive platform adoption. Growth priorities include new user acquisition, engagement (via simplified workflows and AI tools in Design Space), subscriber growth, and international expansion, with 24% of revenue coming from outside North America in FY25.