CRCT · Cricut, Inc.

The thesis

Cricut's shares have run ahead of its reported results, and the Q3 2026 report on 3 November 2026 decides whether Products revenue is recovering. The adjusted daily close was $6.41 on 22 October 2026, 4.3% below the 52-week high of $6.70, after a 43.1% gain over three months. Cricut announced on 13 October 2026 that it will report after the U.S. market close on 3 November 2026.

The last reported quarter, Q2 2026 on 4 August 2026, showed Platform revenue of $85.0 million, up more than 5% year over year, and Products revenue of $71.3 million, down 22%. Maker 5 (announced 3 September 2026) and StickerPix (listed 24 September 2026) are the product response, and neither has yet appeared in reported revenue. Another year-over-year Products decline in the Q3 report would defeat the recovery view; a daily close below $5.16 would end it earlier.

The narrative is maturing: the last product announcements were Maker 5 and StickerPix in September, and the only company news since is a 21 October 2026 collaboration announcement with MYmama. The 14-day relative strength index (RSI), a momentum gauge where readings above 70 mark an extended move, has fallen from 82.5 on 9 October 2026 to 45.7 on 22 October 2026. The rating stays at LOW because no new financial result has arrived since the prior note, and the price remains well above the only third-party valuation markers.

Bullish and bearish views on Cricut, Inc.

The bull case on Cricut, Inc. (CRCT), in brief: Platform sales kept growing. The bear case: Products revenue still contracted.

Bull case

• Platform sales kept growing. Cricut reported Q2 2026 Platform revenue of $85.0 million, up more than 5% year over year, and 3.10 million paid subscribers, up 3%, on 4 August 2026. Another quarter of growth would confirm the recurring-revenue part of the case.
• The hardware range expanded. Cricut announced Maker 5 on 3 September 2026, available from 4 September 2026 with bundles starting at $349, and listed the StickerPix line on 24 September 2026. Reported Products revenue in the Q3 results will show whether the launches produce sales.
• The report date is fixed and close. Cricut confirmed on 13 October 2026 that Q3 results arrive on 3 November 2026, so the first quarter containing both launches is reported within days.
• Earnings are strongly positive. Stockanalysis.com listed trailing-twelve-month net income of $87.68 million on revenue of $689.79 million as of 9 October 2026, and a dividend of $0.20 per share a year. Cricut described its $0.10 payment on 21 July 2026 as semi-annual.

Bear case

• Products revenue still contracted. Q2 2026 Products revenue fell 22% to $71.3 million, and total revenue fell 9% to $156.3 million, Cricut reported on 4 August 2026. The September launches fall in Q3, so Q2 gives no evidence of a turn.
• Reported profit had one-time help. Cricut reported a 74.5% Q2 2026 gross margin and $39.1 million of net income on 4 August 2026; its chief financial officer said unique items benefited the quarter. A lower margin in Q3 would weaken the trailing earnings figure.
• Analysts sit far below the price. Bullstory showed three analysts with an average 12-month target of $4.07 and a range of $3.70 to $4.50, verified 1 October 2026. StreetInsider logged Goldman Sachs coverage with a $4.50 target on 19 August 2026. The close was $6.41 on 22 October 2026.

Price setup

Adjusted daily closes show $6.41 on 22 October 2026, against a 52-week high of $6.70. The three-month gain is 43.1%. The 14-day RSI of 45.7 is down from 82.5 on 9 October 2026, so the momentum reading has reset while the price has stayed within 4.3% of its high.

Crowding evidence is now limited. The extreme RSI reading has cleared, and no insider selling or share issuance is among the filings, which show none for the period. The Q3 report on 3 November 2026 adds event risk to shares trading about 58% above the average analyst target of $4.07. The relationship to the 50-day and 200-day moving averages was not checked, so no gap is stated.

The invalidation level is a daily close below $5.16, the level that held after the 5 August 2026 post-results session. It sits 19.5% below the 22 October 2026 close.

Catalysts, next 30 days

No upcoming dated catalysts on file — the dated entries below have passed.

Elapsed catalysts

• 3 November 2026 — Q3 2026 results. Cricut reports after the U.S. market close, with a call at 5:00 p.m. Eastern. The report shows Products revenue, Platform revenue and gross margin for the first quarter that includes Maker 5 and StickerPix. (passed 3d ago)
• After 3 November 2026 — sell-side reactions. Any change to the $3.70 to $4.50 target range would show whether analysts accept the Products recovery. (passed 3d ago)

What would change the view

The case for a Products revenue recovery breaks if the Q3 2026 report shows another year-over-year decline in Products revenue after the Maker 5 and StickerPix launches. A gross margin below the 74.5% of Q2 2026 would also weaken the earnings picture, since the chief financial officer said unique items helped that quarter. On price, a daily close below $5.16 would end the view.

The case improves only if Products revenue stabilises or grows while Platform revenue continues to rise and margin holds. Analyst targets moving toward the share price would be additional evidence.

What it trades with

Cricut sells to crafters and gift buyers, so its Products revenue follows consumer discretionary spending on hobby hardware. Platform revenue comes from subscriptions and digital content, which moves with the installed base of machines rather than with each quarter's unit sales. The Class B supervoting structure disclosed on 4 August 2026 concentrates control, and the shares trade as a small consumer-hardware name rather than with the large technology platforms.