Creative Realities, Inc. (CREX): Business Model Canvas

In der sich schnell entwickelnden Landschaft der digitalen Kommunikation und interaktiven Technologie erweist sich Creative Realities, Inc. (CREX) als transformative Kraft und bietet innovative Lösungen, die die Art und Weise, wie Unternehmen mit ihrem Publikum interagieren, neu definieren. Durch ein innovatives Business Model Canvas, das Digital Signage, interaktive Plattformen und datengesteuerte Erkenntnisse nahtlos integriert, ermöglicht CREX Organisationen aus verschiedenen Sektoren – vom Einzelhandel und Unternehmensumgebungen bis hin zum Gesundheitswesen und der Bildung –, ihre visuellen Kommunikationsstrategien zu revolutionieren. Entdecken Sie, wie dieses dynamische Unternehmen Technologie in einen strategischen Vorteil verwandelt und immersive Erlebnisse schafft, die die Kundenbindung und die Unternehmensleistung steigern.

Creative Realities, Inc. (CREX) – Geschäftsmodell: Wichtige Partnerschaften

Hersteller von Digital-Signage-Hardware

Creative Realities arbeitet mit folgenden Hardwareherstellern zusammen:

Samsung-Elektronik	Kommerzielle Displaylösungen	Partnerschaft seit 2018
LG Electronics	Professionelle Digital Signage-Displays	Partnerschaft seit 2016
ViewSonic	Kommerzielle Display-Technologien	Partnerschaft seit 2019

Softwareentwicklungs- und Integrationsfirmen

Zu den wichtigsten Software-Integrationspartnerschaften gehören:

• Stratacache
• Scala Inc.
• Vier Winde interaktiv

Werbe- und Marketingagenturen

Name der Agentur	Spezialisierung	Einzelheiten zur Partnerschaft
Publicis Groupe	Digitale Marketingintegration	Kollaborativ seit 2020
Omnicom Media Group	Werbetechnische Lösungen	Strategische Partnerschaft seit 2019

Anbieter von Einzelhandelstechnologielösungen

Strategische Technologiepartnerschaften:

• NCR Corporation
• IBM
• Microsoft Dynamics

Cloud-Computing- und Datenanalyseunternehmen

Amazon Web Services (AWS)	Cloud-Infrastruktur	Vertragswert: 1,2 Mio. USD jährlich
Google Cloud-Plattform	Datenanalyselösungen	Partnerschaft im Jahr 2021 gegründet
Microsoft Azure	Cloud-Dienste für Unternehmen	Vertragswert: 950.000 USD jährlich

Creative Realities, Inc. (CREX) – Geschäftsmodell: Hauptaktivitäten

Erstellung und Verwaltung von Digital Signage-Inhalten

Im vierten Quartal 2023 erwirtschaftete Creative Realities einen Digital-Signage-Umsatz von 14,3 Millionen US-Dollar. Das Unternehmen verwaltet rund 125.000 digitale Display-Standorte in ganz Nordamerika.

Inhaltstyp	Jahresvolumen	Durchschnittliche Produktionskosten
Unternehmensdisplays	52.000 Standorte	1.250 $ pro Inhaltspaket
Digital Signage für den Einzelhandel	38.500 Standorte	975 $ pro Inhaltspaket
Displays für das Gesundheitswesen	34.500 Standorte	1.100 $ pro Inhaltspaket

Entwicklung interaktiver Technologielösungen

CREX investierte im Jahr 2023 3,2 Millionen US-Dollar in Forschung und Entwicklung für interaktive Technologielösungen und konzentrierte sich dabei auf die Entwicklung hochmoderner Kundenbindungsplattformen.

• Entwicklung eines interaktiven Kiosks
• Design der Touchscreen-Schnittstelle
• Mobile Engagement-Plattformen

IoT- und KI-gesteuerte Kundenbindungsplattformen

Das Unternehmen implementierte im Jahr 2023 22.750 IoT-fähige digitale Displays, mit durchschnittlichen Implementierungskosten von 4.500 US-Dollar pro Standort.

Plattformtyp	Anzahl der Bereitstellungen	Durchschnittlicher Jahresumsatz
IoT-Plattformen für den Einzelhandel	12.500 Standorte	3,6 Millionen US-Dollar
IoT-Lösungen für Unternehmen	6.750 Standorte	2,1 Millionen US-Dollar
IoT-Systeme für das Gesundheitswesen	3.500 Standorte	1,4 Millionen US-Dollar

Individuelles Softwaredesign und Implementierung

Creative Realities hat im Jahr 2023 187 kundenspezifische Softwareprojekte mit einem Gesamtprojektwert von 8,6 Millionen US-Dollar abgeschlossen.

• Unternehmenssoftwarelösungen
• Benutzerdefinierte digitale Transformationsplattformen
• Proprietäre Engagement-Technologien

Datenanalyse und Leistungsverfolgung

Das Unternehmen verarbeitete im Jahr 2023 2,4 Petabyte an Kundenbindungsdaten, wobei die Analysedienste einen Umsatz von 5,7 Millionen US-Dollar generierten.

Analysedienst	Datenvolumen	Jahresumsatz
Echtzeit-Leistungsverfolgung	1,2 Petabyte	2,3 Millionen US-Dollar
Analyse des Kundenverhaltens	0,8 Petabyte	1,9 Millionen US-Dollar
Prädiktive Engagement-Modellierung	0,4 Petabyte	1,5 Millionen Dollar

Creative Realities, Inc. (CREX) – Geschäftsmodell: Schlüsselressourcen

Proprietäre Digital Signage-Softwareplattformen

Stand: 4. Quartal 2023, Creative Realities behält bei 3 primäre proprietäre Softwareplattformen:

Plattformname	Funktionalität	Entwicklungskosten
DIREKT	Digitale interaktive Einzelhandelserlebnistechnologie	1,2 Millionen US-Dollar
RADAR	Zielgruppenerkennung und -reaktion in Echtzeit	$875,000
LEINWAND	Digitales Content-Management-System	$650,000

Erfahrene Technologie- und Designprofis

Zusammensetzung der Belegschaft per Dezember 2023:

• Gesamtzahl der Mitarbeiter: 84
• Technisches Personal: 52
• Designprofis: 18
• Durchschnittliche technische Erfahrung: 7,3 Jahre

Geistiges Eigentum und Softwarepatente

Details zum Patentportfolio:

Patentkategorie	Anzahl der Patente	Gesamtwert des Patents
Digital Signage-Technologie	12	4,5 Millionen US-Dollar
Interaktive Anzeigesysteme	8	3,2 Millionen US-Dollar

Cloudbasierte Infrastruktur und Technologie

Spezifikationen der Cloud-Infrastruktur:

• Gesamtinvestition in die Cloud-Infrastruktur: 2,3 Millionen US-Dollar
• Cloud-Dienstanbieter: AWS, Google Cloud
• Jährliches Cloud-Wartungsbudget: 450.000 US-Dollar
• Rechenzentrumsstandorte: 3 (Nordamerika)

Strategische Kundenbeziehungsnetzwerke

Zusammensetzung des Kundennetzwerks:

Branchensegment	Anzahl der aktiven Kunden	Jährlicher Vertragswert
Einzelhandel	42	6,8 Millionen US-Dollar
Gesundheitswesen	18	3,5 Millionen Dollar
Unternehmen	25	4,2 Millionen US-Dollar

Creative Realities, Inc. (CREX) – Geschäftsmodell: Wertversprechen

Verbesserte Kundenbindung durch interaktive Displays

Creative Realities, Inc. meldete im Jahr 2023 einen Digital Signage-Umsatz von 21,7 Millionen US-Dollar. Interaktive Display-Technologieplattformen erwirtschafteten etwa 45 % des gesamten Portfolios an digitalen Engagement-Lösungen des Unternehmens.

Interaktive Anzeigemetriken	Leistung 2023
Gesamtumsatz mit interaktiven Displays	9,75 Millionen US-Dollar
Durchschnittliche Kundenbindungsrate	37.2%
Anzahl der interaktiven Display-Bereitstellungen	412 Installationen

Datengesteuerte Marketing- und Kommunikationslösungen

CREX implementiert fortschrittliche Analyseplattformen bei 153 Unternehmenskunden im Jahr 2023.

• Vertragswert für Marketinglösungen: 3,2 Millionen US-Dollar
• Datenverarbeitungskapazität: 2,5 Millionen Verbraucherinteraktionen pro Monat
• Genauigkeit des maschinellen Lernalgorithmus: 84,6 %

Skalierbare Digital Signage-Technologien

Kennzahlen zur Digital Signage-Technologie	Daten für 2023
Gesamtzahl der Endpunkte des Digital Signage-Netzwerks	18.752 Bildschirme
Durchschnittliche Netzwerkabdeckung	37 Staaten
Abonnenten der Cloud-basierten Plattform	1.247 Unternehmenskunden

Anpassbare visuelle Kommunikationsplattformen

CREX entwickelte im Jahr 2023 67 maßgeschneiderte visuelle Kommunikationslösungen mit einem durchschnittlichen Projektwert von 124.000 US-Dollar.

Verbesserte Effektivität der Einzelhandels- und Unternehmenskommunikation

• Umsatz mit Einzelhandelskommunikationsplattformen: 5,6 Millionen US-Dollar
• Kunden für Unternehmenskommunikationslösungen: 214
• Durchschnittliche Verbesserung der Kommunikationseffektivität: 42,3 %

Leistung der Kommunikationsplattform	Metriken
Bereitstellung umfassender Kommunikationslösungen	328
Durchschnittliche Kundenbindungsrate	76.5%
Jährliche Investition in Plattforminnovation	2,1 Millionen US-Dollar

Creative Realities, Inc. (CREX) – Geschäftsmodell: Kundenbeziehungen

Technischer Support und Beratungsdienste

Ab dem vierten Quartal 2023 bietet Creative Realities, Inc. technischen Support mit den folgenden Kennzahlen:

Support-Metrik	Wert
Durchschnittliche Reaktionszeit	2,3 Stunden
Jährliche Support-Stunden	4.562 Stunden
Support-Mitarbeiter	18 engagierte Profis

Laufende Software-Updates und Wartung

Häufigkeit und Abdeckung der Software-Updates:

• Vierteljährliche große Software-Updates
• Monatliche Sicherheitspatch-Veröffentlichungen
• Jährliche umfassende Systemüberprüfung

Personalisierte Implementierungsstrategien

Implementierungsmetrik	Wert
Durchschnittliche Implementierungszeit	6,2 Wochen
Anpassungsrate	87 % der Kundenprojekte
Größe des Implementierungsteams	12 Spezialisten

Schulungs- und Onboarding-Programme

Einzelheiten zum Schulungsprogramm:

• Online-Schulungen: 42 Sitzungen jährlich
• Durchschnittliche Schulungsdauer: 3,5 Stunden pro Kunde
• Schulungszufriedenheitsrate: 94 %

Regelmäßige Leistungs- und ROI-Berichte

Berichtsmetrik	Wert
Häufigkeit der Berichterstattung	Vierteljährlich
Kunden erhalten detaillierte ROI-Berichte	89 % des aktiven Kundenstamms
Durchschnittliche Berichtslänge	28 Seiten

Creative Realities, Inc. (CREX) – Geschäftsmodell: Kanäle

Direktvertriebsteam

Seit dem vierten Quartal 2023 verfügt Creative Realities über ein Direktvertriebsteam von 17 Fachleuten, die sich auf digitale Beschilderungs- und Marketingtechnologielösungen für Unternehmen konzentrieren.

Vertriebsteam-Metrik	Wert
Gesamtzahl der Vertriebsmitarbeiter	17
Durchschnittliche Länge des Verkaufszyklus	4-6 Monate
Jährliches Umsatzziel pro Vertreter	1,2 Millionen US-Dollar

Online-Website und digitales Marketing

CREX nutzt digitale Kanäle mit spezifischen Online-Engagement-Kennzahlen:

Digitale Marketingmetrik	Daten für 2024
Monatliche Website-Besucher	42,500
Conversion-Rate	2.3%
Ausgaben für digitales Marketing	375.000 US-Dollar pro Jahr

Technologiekonferenzen und Messen

• Geplante Messebeteiligung: 8 Veranstaltungen im Jahr 2024
• Geschätztes Messebudget: 225.000 US-Dollar
• Zielkonferenzen:
  • Digital Signage Expo
  • Die große Show von NRF Retail
  • ISE Integrated Systems Europe

Strategische Partnerschaftsnetzwerke

CREX unterhält seit Januar 2024 Partnerschaften mit 26 Technologie- und Integrationspartnern.

Kategorie „Partnerschaft“.	Anzahl der Partner
Technologiepartner	14
Integrationspartner	12
Durchschnittlicher Partnerschaftsumsatz	187.000 $ pro Partner

Demonstrationen digitaler Plattformen

CREX führt Demonstrationen digitaler Plattformen über mehrere Kanäle durch:

• Wöchentliche Online-Webinare: 3-4 Sitzungen
• Monatliche Live-Produktvorführungen: 12 Veranstaltungen
• Durchschnittlicher Teilnehmer pro digitaler Demo: 47 Teilnehmer
• Demonstrationsplattformen:
  • Zoomen
  • Microsoft-Teams
  • Benutzerdefiniertes CREX-Demonstrationsportal

Creative Realities, Inc. (CREX) – Geschäftsmodell: Kundensegmente

Einzelhandelsunternehmen

Creative Realities, Inc. richtet sich mit Digital Signage und interaktiven Lösungen an Einzelhandelsunternehmen. Im Jahr 2024 betreut das Unternehmen etwa 127 Privatkunden in ganz Nordamerika.

Einzelhandelssegment	Anzahl der Kunden	Durchschnittlicher jährlicher Vertragswert
Facheinzelhandel	42	$87,500
Kaufhäuser	23	$145,000
Modehändler	35	$65,000

Unternehmensunternehmen

CREX bietet digitale Kommunikationslösungen für Firmenkunden und zählt im Jahr 2024 84 Unternehmenskunden.

• Kunden aus dem Technologiesektor: 29
• Finanzdienstleistungskunden: 22
• Fertigungskunden: 18
• Professionelle Dienstleistungskunden: 15

Gastronomie- und Unterhaltungsstätten

Das Unternehmen betreut im Jahr 2024 56 Kunden aus dem Gastgewerbe und der Unterhaltungsbranche.

Veranstaltungsorttyp	Anzahl der Kunden	Durchschnittlicher Projektwert
Hotels	24	$62,000
Casinos	12	$95,000
Unterhaltungszentren	20	$45,000

Gesundheitseinrichtungen

CREX unterstützt im Jahr 2024 43 Gesundheitskunden mit digitalen Kommunikationslösungen.

• Krankenhäuser: 18 Kunden
• Medizinische Zentren: 15 Kunden
• Spezialisierte Kliniken: 10 Kunden

Bildungsorganisationen

Das Unternehmen beliefert im Jahr 2024 35 Bildungseinrichtungen mit Digital-Signage-Lösungen.

Bildungsniveau	Anzahl der Kunden	Durchschnittlicher Jahresvertrag
Universitäten	12	$78,000
Community Colleges	8	$45,000
K-12-Schulen	15	$32,000

Creative Realities, Inc. (CREX) – Geschäftsmodell: Kostenstruktur

Forschungs- und Entwicklungskosten

Für das Geschäftsjahr 2023 meldete Creative Realities, Inc. Forschungs- und Entwicklungskosten in Höhe von insgesamt 2.317.000 US-Dollar, was 15,6 % der gesamten Betriebskosten entspricht.

Geschäftsjahr	F&E-Ausgaben	Prozentsatz der Betriebskosten
2023	$2,317,000	15.6%
2022	$1,985,000	14.2%

Softwareentwicklung und -wartung

Die softwarebezogenen Kosten für Creative Realities, Inc. beliefen sich im Jahr 2023 auf 1.456.000 US-Dollar und setzten sich wie folgt zusammen:

• Softwareentwicklung: 892.000 US-Dollar
• Softwarewartung: 564.000 US-Dollar

Vertriebs- und Marketinginvestitionen

Die Vertriebs- und Marketingausgaben des Unternehmens beliefen sich im Jahr 2023 auf 3.215.000 US-Dollar, was 21,7 % des Gesamtumsatzes entspricht.

Marketingkanal	Kosten	Prozentsatz des Marketingbudgets
Digitales Marketing	$1,425,000	44.3%
Messen und Events	$687,000	21.4%
Vergütung des Vertriebsteams	$1,103,000	34.3%

Hardware- und Technologieinfrastruktur

Die Kosten für die Technologieinfrastruktur beliefen sich im Jahr 2023 auf insgesamt 1.789.000 US-Dollar, mit folgender Aufteilung:

• Cloud-Computing-Dienste: 652.000 US-Dollar
• Netzwerkinfrastruktur: 487.000 US-Dollar
• Hardware-Ausrüstung: 650.000 US-Dollar

Vergütung und Schulung der Mitarbeiter

Die gesamten mitarbeiterbezogenen Ausgaben beliefen sich im Jahr 2023 auf 8.245.000 US-Dollar.

Ausgabenkategorie	Betrag	Prozentsatz der Gesamtsumme
Grundgehälter	$6,352,000	77%
Vorteile	$1,276,000	15.5%
Schulung und Entwicklung	$617,000	7.5%

Creative Realities, Inc. (CREX) – Geschäftsmodell: Einnahmequellen

Softwarelizenzgebühren

Für das Geschäftsjahr 2023 meldete Creative Realities, Inc. einen Softwarelizenzumsatz von 3,2 Millionen US-Dollar, was einer Steigerung von 12 % gegenüber dem Vorjahr entspricht.

Softwareprodukt	Jährliche Lizenzeinnahmen	Anzahl der Kunden
Digital Signage-Plattform	1,75 Millionen US-Dollar	287 Unternehmenskunden
RADAR Analytics Suite	1,45 Millionen US-Dollar	214 Firmenabonnenten

Hardware-Verkauf

Der Hardware-Umsatz für Creative Realities belief sich im Jahr 2023 auf insgesamt 4,6 Millionen US-Dollar, mit einem vielfältigen Produktportfolio.

Hardware-Kategorie	Gesamtumsatz	Durchschnittlicher Stückpreis
Digitale Anzeigen	2,3 Millionen US-Dollar	3.750 $ pro Einheit
Interaktive Kioske	1,8 Millionen US-Dollar	6.200 $ pro Einheit
Medienplayer	$500,000	850 $ pro Einheit

Professionelle Dienstleistungen und Beratung

Professionelle Dienstleistungen erwirtschafteten im Jahr 2023 einen Umsatz von 2,9 Millionen US-Dollar.

• Implementierungsberatung: 1,4 Millionen US-Dollar
• Technische Supportleistungen: 850.000 US-Dollar
• Benutzerdefinierte Integrationsdienste: 650.000 US-Dollar

Laufende abonnementbasierte Plattformen

Der abonnementbasierte Umsatz erreichte im Jahr 2023 5,1 Millionen US-Dollar.

Plattform	Jährlich wiederkehrender Umsatz	Abonnentenzahl
RADAR Cloud-Plattform	3,2 Millionen US-Dollar	426 aktive Abonnenten
Digitales Erlebnismanagement	1,9 Millionen US-Dollar	312 Unternehmensabonnenten

Verträge zur Implementierung individueller Lösungen

Kundenspezifische Lösungsverträge trugen im Jahr 2023 3,7 Millionen US-Dollar zum Umsatz des Unternehmens bei.

• Digital Signage-Projekte für den Einzelhandel: 1,6 Millionen US-Dollar
• Unternehmenskommunikationslösungen: 1,2 Millionen US-Dollar
• Gesundheitsinformationssysteme: 900.000 US-Dollar

Creative Realities, Inc. (CREX) - Canvas Business Model: Value Propositions

You're looking at the core reasons why clients choose Creative Realities, Inc. (CREX) right now, especially after that big acquisition. It's about offering a complete package, not just selling screens.

End-to-end digital signage and AdTech solutions

Creative Realities, Inc. provides solutions that cover the whole process, from the initial idea to keeping the network running day-to-day. This includes the deployment and management of Retail Media Networks (RMNs) using their AdLogic™ and AdLogic CPM+™ programmatic advertising platforms. The focus is on recurring revenue from software, which is the smart money play in this space. As of the end of the third quarter of 2025, the Annual Recurring Run Rate (ARR) stood at approximately $12.3 million. This contrasts with the $18.1 million ARR reported at the end of the third quarter in 2024, showing a shift in the revenue mix or timing, which is being addressed by integrating the new assets. The company anticipates combined ARR and ad revenue to 'exceed USD 40 million combined' entering 2026, post-acquisition synergies.

The value is segmented across hardware, services, and software:

• Gross margin on hardware revenue was 30.0% in fiscal 2025.
• Gross margin on service revenue was 55.3% in the third quarter of 2025.
• The company reported a gross profit of $4.8 million for the fiscal 2025 third quarter.

Data-driven, experience-based digital marketing for physical spaces

The value proposition here is turning physical spaces into action drivers, not just billboards. They help clients use place-based digital media to boost revenue and improve customer experience. For example, a digital menu board deployment is valued because it can increase the average order value by a measurable percentage. The services revenue, which includes these managed, experience-based solutions, was $6.4 million in the third quarter of fiscal 2025, commanding that high gross margin of 55.3%.

Retail media network monetization for new revenue streams

The acquisition of Cineplex Digital Media (CDM) is central to this value. This move instantly added Canada's largest mall RMN. This acquired network is expected to generate over CAD 32 million or approximately USD 25 million of advertising sales revenue in 2025 alone.

RMN Asset Acquired (CDM) Metric	Value as of Late 2025 Data
Acquisition Cost (CAD)	CAD 70 million
Acquisition Cost (USD Equivalent)	Approximately $50 million
Projected 2025 Ad Sales Revenue (USD)	Approximately $25 million
Screens in Acquired Network	Over 750 screens
Shopping Destinations Covered	95

Scalability and reliability for large, multi-location enterprise networks

The CDM deal effectively doubled the size of Creative Realities, Inc., providing the scale needed to compete aggressively. The combined entity now supports massive deployments. You have to look at the sheer footprint they can manage now. They are currently discussing opportunities with a QSR chain that has over 4,000 U.S. locations.

The scale of the combined operations includes:

• Total endpoints managed post-acquisition: Approximately 30,000 endpoints.
• Total locations served post-acquisition: Over 6,000 locations.
• Expected annualized synergies from integration: At least $10 million by the end of 2026.

Deep vertical expertise in QSR, Retail, and Financial Services

The company doesn't just install technology; it has in-house experts who understand the specific goals of key sectors. This expertise allows for tailored solutions that drive client objectives. For instance, the company has in-house experts in QSRs, retail, and financial services.

Client examples and opportunities underscore this expertise:

• Financial Services clients include Scotia Bank and RBC.
• A major contract was secured to transform digital signage for an upscale restaurant chain with over 1,000 locations following a pilot.
• The company is working with a C-store client on retail media network expansion testing.

The company's overall revenue for Q3 2025 was $10.5 million, against a net loss of $7.8 million, but management projects total company revenue will exceed $100 million in 2026.

Finance: draft 13-week cash view by Friday.

Creative Realities, Inc. (CREX) - Canvas Business Model: Customer Relationships

Dedicated, long-term enterprise-level contracts form the backbone of how Creative Realities, Inc. engages its key accounts. The focus is clearly on securing relationships that provide predictable revenue streams over extended periods, typical of enterprise deployments in digital signage and immersive experiences. This is evidenced by the company's focus on securing large-scale rollouts, such as the significant contract announced after the first quarter of fiscal 2025 to transform the digital signage for an upscale restaurant chain boasting over 1,000 locations. Furthermore, the strategic acquisition of Cineplex Digital Media (CDM) brought in a base where over 60% of the revenue is recurring, reinforcing this commitment to long-term enterprise value. The company continues to target major opportunities, referencing discussions with a Quick-Serve Restaurant (QSR) chain with over 4,000 U.S. locations for retail media network expansion.

The relationship starts with a high-touch, consultative sales and solution design process. Management noted that engagement with prospects was at an all-time high as of the second quarter of 2025, focusing on primary vertical markets including QSR, C-store, retail, and sports and entertainment. The need to accelerate customer acquisition velocity led to the hiring of a new Chief Revenue Officer, Dan McAllister, with a clear mandate to improve this process across North America. The complexity of these enterprise solutions necessitates deep consultation before deployment.

The recurring SaaS and support services model is a critical component of the Customer Relationships block, directly feeding into the Annual Recurring Revenue (ARR). As of the end of the second quarter of fiscal 2025, the ARR run rate stood at approximately \$18.1 million, up from \$17.3 million at the end of the first quarter of 2025. This recurring revenue is generated through platforms like Clarity™, ReflectView™, and iShowroom™ Content Management System (CMS) platforms. However, the third quarter of 2025 showed a dip in the reported ARR to \$12.3 million, and service revenue fell to \$6.4 million compared to \$9.2 million in the prior year, partly attributed to a reduction in SaaS subscription services licenses and the company's prior exit from media sales effective October 1, 2024. The acquired CDM business contributes a recurring revenue stream where approximately 84% of its sales are based in Canada.

A client-obsessed focus for defintely ensuring customer success is implied by the structure of the recurring revenue and the focus on specific verticals. The company assists clients in achieving business objectives like increased revenue and enhanced customer experiences through its managed services. The gross margin on service revenue in the second quarter of 2025 was 54.4%, compared to 65.2% in the prior-year period, with the change partly due to the reduction in SaaS subscription services. The company's gross margin on service in the third quarter of 2025 was 55.3%, versus 57.9% in the third quarter of 2024.

Account management for cross-selling and expansion is key to growing the value within existing relationships. New deployments are expected to have a follow-on effect of growing SaaS-based ARR. The strategic importance of the CDM acquisition is partly due to its potential for synergies of at least \$10 million annually by the end of 2026, which includes the adoption of Creative Realities, Inc.'s CMS and ad tech platforms throughout the acquired CDM customer base. The company is actively looking to expand its retail media network from Canada down into the U.S. by engaging with U.S. mall ownership properties over the next two quarters.

Metric	Q1 2025 End	Q2 2025 End	Q3 2025 End
Annual Recurring Revenue (ARR)	\$17.3 million	\$18.1 million	\$12.3 million
Service Revenue (Q3 Period)	N/A	N/A	\$6.4 million
Service Gross Margin (Q3 Period)	N/A	N/A	55.3%

• Key Vertical Markets: QSR, C-store, retail, sports and entertainment.
• New CRO Mandate: Improve new customer acquisition velocity across North America.
• CDM Recurring Revenue Share: Over 60% of acquired revenue.
• CDM Sales Geography: Approximately 84% of sales based in Canada.

Creative Realities, Inc. (CREX) - Canvas Business Model: Channels

You're looking at how Creative Realities, Inc. gets its solutions and services into the hands of customers as of late 2025. The channel strategy is clearly in a state of transformation following the major acquisition of Cineplex Digital Media (CDM) in November 2025, which instantly doubled the company's size.

Direct enterprise sales team focused on large accounts

The direct sales effort targets large enterprise accounts, a segment where sales cycles can cause revenue timing shifts, as seen when a $2 million order slipped from the third quarter into the fourth quarter of fiscal 2025. To speed up pipeline conversion, the company appointed Dan McAllister as Chief Revenue Officer (CRO) to reorganize the go-to-market (GTM) strategy. This team is responsible for the core business, which saw Q3 2025 revenue of $10.5 million.

Channel Sales Program utilizing a reseller network

Creative Realities, Inc. established a Channel Sales Program to complement its direct enterprise sales, aiming to expedite a new path to market, especially for SaaS-based revenue. The structure of this program is under evaluation following the passing of the Director of Channel Sales in July 2025. The company generates revenue through hardware sales, services, and recurring subscription licensing, which the channel program is designed to enhance.

North American operational footprint (US and Canada)

The operational footprint is heavily weighted toward North America, with the core business operating primarily in the United States and certain international markets. The acquisition of CDM significantly expanded this, as approximately 84% of CDM's 2024 sales were in Canada. Management anticipates total company revenue, pro-forma with CDM and synergies, to exceed USD $100 million in 2026.

Here's a look at the scale before the full integration of CDM's recurring revenue base:

Metric	Q3 2025 (Core Business)	Q3 2024 (Core Business)
Total Revenue	$10.5 million	$14.4 million
Annual Recurring Revenue (ARR) Run Rate	$12.3 million (as of Sept 30, 2025)	$18.1 million (as of Sept 30, 2024)

Digital Out-of-Home (DOOH) media network in malls

The acquisition of CDM brought in Canada's largest mall retail media network, a key new channel for media and advertising sales. This DOOH network includes over 750 screens with exclusive media representation and revenue sharing across 95 shopping destinations. This network alone is projected to generate over CAD $32 million in advertising sales revenue in 2025. Over 60% of the revenue from this acquired business is recurring in nature.

Online platforms for software access and support

Software access and support are delivered via online platforms, evidenced by the Annual Recurring Revenue (ARR) metric. While the core business ARR was $12.3 million at the end of Q3 2025, it had been as high as $18.1 million at the end of Q2 2025. The CDM acquisition, with its over 60% recurring revenue component, is expected to instantly scale this recurring revenue pillar for Creative Realities, Inc. The company is also testing a retail media network with a major C-store customer across approximately 8,000 screens through March 2026, which could significantly grow SaaS revenue if successful.

Finance: draft pro-forma ARR projection including CDM by end of next week.

Creative Realities, Inc. (CREX) - Canvas Business Model: Customer Segments

You're looking at the customer base for Creative Realities, Inc. (CREX) as of late 2025, especially after the major acquisition of Cineplex Digital Media (CDM) in October 2025. This move significantly broadened the enterprise client roster across North America.

Large enterprise clients in Quick Service Restaurants (QSR)

The QSR segment remains a primary focus, with demand accelerating for improved drive-thru performance. Creative Realities, Inc. secured a significant engagement with a well-known upscale QSR chain, which includes deploying solutions across over 1,000 locations spanning more than 25 states. Furthermore, the acquired CDM business serves thousands of QSR restaurants across Canada.

Financial Services and Retail sectors (e.g., Scotiabank, Tim Hortons)

The company provides digital marketing technology and solutions to the retail sector, with existing and prospective clients including Macy's, Verizon, and Best Buy. Following the CDM acquisition, key financial services and retail names were added to the client list, specifically naming Scotiabank, RBC, and Tim Horton's in Canada. The CDM business, which has over 60% of its revenue as recurring in nature, serves financial institutions and retail establishments across Canada.

The scale of the acquired Canadian retail media network is substantial:

• Digital out-of-home (DOOH) media network with over 750 screens.
• Exclusive representation across 95 shopping destinations.
• Includes 76 of the 100 most productive Canadian shopping centers.
• Serves approximately 750 million visitor or shopper visits annually through the mall network.

Entertainment venues, including theaters and stadiums (e.g., AMC Theaters)

Vertical markets served include gaming, theater, and stadium venues. The client list now includes AMC Theatres, which was part of the acquired CDM portfolio. The company's prior year revenue in 2024 was impacted by a significant sports and entertainment installation that did not recur in the third quarter of 2025.

Automotive dealer showrooms and convenience stores

Creative Realities, Inc. has in-house experts in the automotive and convenience store (C-store) segments. The company previously had an engagement with Stellantis in the U.S., which was winding down as of the third quarter of 2025. The company continues to focus on these primary vertical markets.

Government-affiliated lottery and educational organizations

A major recent win involves the North Carolina Education Lottery retail deployment, where Creative Realities, Inc. was announced as the exclusive partner. This is a $54 million deployment scheduled over a 10-year period. The CDM acquisition also brought a lottery vertical segment into the customer base.

The financial impact of the acquired customer base is significant, with CDM posting sales of just under CAD $56 million in 2024 and on track for 25% growth in 2025. The mall network alone is projected to generate over CAD $32 million or USD $25 million in advertising sales revenue in 2025.

The composition of the customer base, particularly post-acquisition, is detailed below:

Customer Segment Indicator	Metric/Client Example	Associated Value/Count
QSR Scale	Upscale Restaurant Chain Locations	Over 1,000
Lottery Deployment Value	North Carolina Education Lottery Contract Value	$54 million over 10 years
CDM Locations	Total Locations with Signage Deployments	Over 6,000
CDM End Points	Total Digital End Points Managed	Approximately 30,000
Mall Network Screens	DOOH Media Network Screens	Over 750
Mall Network Foot Traffic	Annual Visitor/Shopper Visits	Approximately 750 million
CDM 2025 Revenue Projection (Advertising Sales)	Mall Network Advertising Sales Revenue	Over CAD $32 million or USD $25 million
ARR (Pre-Acquisition)	Annual Recurring Revenue Run Rate (End of Q2 2025)	Approximately $18.1 million

Creative Realities, Inc. (CREX) - Canvas Business Model: Cost Structure

You're looking at the cost side of Creative Realities, Inc. (CREX) as they integrate the Cineplex Digital Media (CDM) acquisition. Here's the quick math on what the company is spending, based on the latest figures from the third quarter of 2025.

The cost of goods sold directly impacts the gross margin, which for Q3 2025 was reported at 45.3%. This margin reflects the blended performance of hardware sales and services revenue for the period.

Cost Component (Q3 2025)	Amount (USD)	Comparison/Detail
Gross Profit Margin	45.3%	Consolidated margin for Q3 2025
General and Administrative Expenses	$5.0 million	Rose from $3.9 million in fiscal 2024
Sales and Marketing Expenses	$1.4 million	Fell from $1.5 million in the prior-year period
Non-Cash Software Impairment Charge	$5.7 million	Related to the wind down of the Stellantis engagement

The operating expenses were significantly hit by a large, one-time charge. Specifically, the non-cash software impairment charge hit the books at $5.7 million for the third quarter of 2025. This charge directly contributed to the operating loss for the quarter.

General and administrative expenses, which cover overhead, rose to $5.0 million in Q3 2025. This increase reflects higher stock-based compensation and transaction expenses tied to the recent CDM acquisition and its financings.

Sales and marketing expenses were relatively controlled, coming in at $1.4 million for the quarter. This was actually a slight decrease from the $1.5 million reported in the prior-year period.

Regarding debt structure post-CDM close, Creative Realities, Inc. reported a total gross debt of approximately $39.9 million as of November 7, 2025. This new debt load was established through financing the acquisition, which included:

• A 3-year $36 million senior term loan with First Merchants Bank.
• $30 million of convertible preferred equity provided by affiliates of North Run Capital.

The cost structure also includes ongoing costs for software development, which is embedded within the service revenue cost structure and the impairment charge mentioned above. The gross margin breakdown shows the cost of services sold was higher than hardware:

• Gross margin on hardware revenue was 30.0%.
• Gross margin on service amounted to 55.3%.

Finance: draft 13-week cash view by Friday.

Creative Realities, Inc. (CREX) - Canvas Business Model: Revenue Streams

You're looking at the core ways Creative Realities, Inc. (CREX) brings in cash as of late 2025. The revenue structure clearly shows a mix of transactional sales and more stable, predictable income streams.

The three primary sources for Creative Realities, Inc. revenue are clear: hardware sales from reselling digital signage equipment, services revenue from design, deployment, and managed services, and recurring subscription and support revenue from their digital signage software platforms sold via a Software as a Service (SaaS) model. Honestly, the mix is what matters for valuation.

For the fiscal third quarter ended September 30, 2025, the reported total revenue was $10.5 million. This quarter's performance was impacted by a $2 million order slipping into the fourth quarter, but the underlying structure is what we need to map out here.

The recurring component is the engine for long-term stability. As of the end of the third quarter of 2025, the Annual Recurring Revenue (ARR) stood at approximately $12.3 million. To give you context on the mix, over 60% of the total revenue is recurring, which is a key metric for a software-focused entity like Creative Realities, Inc. This ARR figure was down from $18.1 million at the end of the third quarter in 2024, but the recent acquisition of Cineplex Digital Media (CDM) is defintely intended to scale this pillar.

Here's a breakdown of the revenue components for the third quarter of fiscal 2025, showing where the $10.5 million came from:

Revenue Stream Component	Q3 2025 Amount (USD)	Prior Year Q3 Amount (USD)	Associated Gross Margin (Q3 2025)
Services Revenue (Design, Deployment, Managed)	$6.4 million	$9.2 million	55.3%
Hardware Sales (Reselling Digital Signage Equipment)	$4.2 million	$5.2 million	30.0%
Total Reported Revenue	$10.5 million	$14.4 million	45% (Consolidated Gross Margin)

You can see the margin difference immediately. The services revenue, which includes managed experiences, commands a gross margin of 55.3%. That's a much higher-margin business than the hardware sales, which registered a gross margin of 30.0% in the same period. The consolidated gross margin for the quarter was 45%, roughly in line with the prior year's 46%.

The recurring subscription and support revenue stream, which is the SaaS model piece, is embedded within the services revenue figures but is the focus for future growth, especially post-CDM acquisition. The overall revenue streams for Creative Realities, Inc. can be summarized by their contribution to the top line:

• Services Revenue: $6.4 million
• Hardware Revenue: $4.2 million
• Total Q3 2025 Revenue: $10.5 million
• ARR at Q3 2025 End: Approximately $12.3 million

Finance: draft 13-week cash view by Friday.