Creative Realities, Inc. (CREX): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama en rápida evolución de la comunicación digital y la tecnología interactiva, Creative Realities, Inc. (CREX) surge como una fuerza transformadora, ofreciendo soluciones de vanguardia que redefinen cómo las empresas se involucran con sus audiencias. A través de un innovador lienzo de modelo de negocio que integra perfectamente la señalización digital, las plataformas interactivas y las ideas basadas en datos, CREX empodera a las organizaciones en diversos sectores, desde entornos minoristas y corporativos hasta salud y educación, hasta revolucionar sus estrategias de comunicación visual. Descubra cómo esta empresa dinámica está convirtiendo la tecnología en una ventaja estratégica, creando experiencias inmersivas que impulsan la participación del cliente y el desempeño organizacional.

Creative Realities, Inc. (CREX) - Modelo de negocios: asociaciones clave

Fabricantes de hardware de señalización digital

Creative Realities se asocia con los siguientes fabricantes de hardware:

Electrónica Samsung	Soluciones de exhibición comercial	Asociación desde 2018
LG Electrónica	Pantallas profesionales de señalización digital	Asociación desde 2016
Visión	Tecnologías de visualización comercial	Asociación desde 2019

Desarrollo de software e empresas de integración

Las asociaciones de integración de software clave incluyen:

• Estratacacio
• Scala Inc.
• Cuatro vientos interactivos

Agencias de publicidad y marketing

Nombre de la agencia	Especialización	Detalles de la asociación
Publicis groupe	Integración de marketing digital	Colaborativo desde 2020
Grupo de medios de Omnicom	Soluciones de tecnología publicitaria	Asociación estratégica desde 2019

Proveedores de soluciones de tecnología minorista

Asociaciones de tecnología estratégica:

• Corporación NCR
• IBM
• Microsoft Dynamics

Compañías de computación en la nube y análisis de datos

Servicios web de Amazon (AWS)	Infraestructura en la nube	Valor del contrato: $ 1.2 millones anualmente
Plataforma en la nube de Google	Soluciones de análisis de datos	Asociación establecida en 2021
Microsoft Azure	Servicios en la nube empresarial	Valor del contrato: $ 950,000 anualmente

Creative Realities, Inc. (CREX) - Modelo de negocios: actividades clave

Creación y gestión de contenido de señalización digital

A partir del cuarto trimestre de 2023, las realidades creativas generaron $ 14.3 millones en ingresos de señalización digital. La compañía administra aproximadamente 125,000 ubicaciones de exhibición digital en América del Norte.

Tipo de contenido	Volumen anual	Costo de producción promedio
Pantallas corporativas	52,000 ubicaciones	$ 1,250 por paquete de contenido
Señalización digital minorista	38,500 ubicaciones	$ 975 por paquete de contenido
Muestras de atención médica	34,500 ubicaciones	$ 1,100 por paquete de contenido

Desarrollo de soluciones de tecnología interactiva

Crex invirtió $ 3.2 millones en I + D para soluciones de tecnología interactiva en 2023, centrándose en desarrollar plataformas de participación de clientes de vanguardia.

• Desarrollo de quiosco interactivo
• Diseño de interfaz de pantalla táctil
• Plataformas de compromiso móvil

Plataformas de participación del cliente impulsadas por IoT y IA

La compañía implementó 22,750 pantallas digitales habilitadas para IoT en 2023, con un costo de implementación promedio de $ 4,500 por ubicación.

Tipo de plataforma	Recuento de implementación	Ingresos anuales promedio
Plataformas minoristas de IoT	12,500 ubicaciones	$ 3.6 millones
Soluciones corporativas de IoT	6.750 ubicaciones	$ 2.1 millones
Sistemas de IoT de atención médica	3.500 ubicaciones	$ 1.4 millones

Diseño e implementación de software personalizados

Creative Realities completaron 187 proyectos de software personalizados en 2023, con un valor total del proyecto de $ 8.6 millones.

• Soluciones de software empresarial
• Plataformas de transformación digital personalizadas
• Tecnologías de compromiso patentadas

Análisis de datos y seguimiento de rendimiento

La compañía procesó 2.4 petabytes de datos de participación del cliente en 2023, con servicios de análisis que generan $ 5.7 millones en ingresos.

Servicio de análisis	Volumen de datos	Ingresos anuales
Seguimiento de rendimiento en tiempo real	1.2 petabytes	$ 2.3 millones
Análisis de comportamiento del cliente	0.8 petabytes	$ 1.9 millones
Modelado de compromiso predictivo	0.4 petabytes	$ 1.5 millones

Creative Realities, Inc. (CREX) - Modelo de negocios: recursos clave

Plataformas de software de señalización digital patentadas

A partir del cuarto trimestre de 2023, las realidades creativas mantienen 3 plataformas de software propietarias principales:

Nombre de la plataforma	Funcionalidad	Costo de desarrollo
DIRECTO	Tecnología de experiencia minorista interactiva digital	$ 1.2 millones
RADAR	Detección y respuesta de la audiencia en tiempo real	$875,000
LIENZO	Sistema de gestión de contenido digital	$650,000

Profesionales experimentados de tecnología y diseño

Composición de la fuerza laboral a diciembre de 2023:

• Total de empleados: 84
• Personal técnico: 52
• Profesionales del diseño: 18
• Experiencia técnica promedio: 7.3 años

Propiedad intelectual y patentes de software

Detalles de la cartera de patentes:

Categoría de patente	Número de patentes	Valor de patente total
Tecnología de señalización digital	12	$ 4.5 millones
Sistemas de visualización interactiva	8	$ 3.2 millones

Infraestructura y tecnología basadas en la nube

Especificaciones de infraestructura en la nube:

• Inversión total de infraestructura en la nube: $ 2.3 millones
• Proveedores de servicios en la nube: AWS, Google Cloud
• Presupuesto anual de mantenimiento de la nube: $ 450,000
• Ubicaciones de centros de datos: 3 (América del Norte)

Redes estratégicas de relaciones con el cliente

Composición de red de clientes:

Segmento de la industria	Número de clientes activos	Valor anual del contrato
Minorista	42	$ 6.8 millones
Cuidado de la salud	18	$ 3.5 millones
Corporativo	25	$ 4.2 millones

Creative Realities, Inc. (CREX) - Modelo de negocio: propuestas de valor

Compromiso mejorado del cliente a través de pantallas interactivas

Creative Realities, Inc. reportó $ 21.7 millones en ingresos por señalización digital para 2023. Las plataformas de tecnología de visualización interactiva generaron aproximadamente el 45% de la cartera de soluciones de participación digital total de la compañía.

Métricas de visualización interactiva	2023 rendimiento
Ingresos de exhibición interactivos totales	$ 9.75 millones
Tasa promedio de participación del cliente	37.2%
Número de implementaciones de visualización interactiva	412 instalaciones

Soluciones de marketing y comunicación basadas en datos

CREX implementado plataformas de análisis avanzados En 153 clientes empresariales en 2023.

• Valor de contrato de soluciones de marketing: $ 3.2 millones
• Capacidad de procesamiento de datos: 2.5 millones de interacciones al consumidor por mes
• Precisión del algoritmo de aprendizaje automático: 84.6%

Tecnologías de señalización digital escalables

Métricas de tecnología de señalización digital	2023 datos
Puntos finales de la red de señalización digital total	18,752 pantallas
Cobertura de red promedio	37 estados
Suscriptores de plataforma basados ​​en la nube	1.247 clientes empresariales

Plataformas de comunicación visual personalizables

CREX desarrolló 67 soluciones de comunicación visual personalizada en 2023, con un valor promedio de proyecto de $ 124,000.

Mejora de la efectividad de la comunicación minorista y corporativa

• Ingresos de la plataforma de comunicación minorista: $ 5.6 millones
• Solución de comunicación corporativa Clientes: 214
• Mejora promedio de la efectividad de la comunicación: 42.3%

Rendimiento de la plataforma de comunicación	Métrica
Implementaciones de solución de comunicación total	328
Tasa de retención de cliente promedio	76.5%
Inversión de innovación de plataforma anual	$ 2.1 millones

Creative Realities, Inc. (CREX) - Modelo de negocios: relaciones con los clientes

Soporte técnico y servicios de consultoría

A partir del cuarto trimestre de 2023, Creative Realities, Inc. proporciona soporte técnico con las siguientes métricas:

Métrico de soporte	Valor
Tiempo de respuesta promedio	2.3 horas
Horas de apoyo anuales	4.562 horas
Personal de apoyo	18 profesionales dedicados

Actualizaciones y mantenimiento de software en curso

Frecuencia y cobertura de actualización de software:

• Actualizaciones de software principales trimestrales
• Lanzamientos mensuales de parche de seguridad
• Revisión anual del sistema integral

Estrategias de implementación personalizadas

Métrica de implementación	Valor
Tiempo de implementación promedio	6.2 semanas
Tasa de personalización	87% de los proyectos del cliente
Tamaño del equipo de implementación	12 especialistas

Programas de capacitación e incorporación

Detalles del programa de capacitación:

• Sesiones de capacitación en línea: 42 sesiones anualmente
• Duración promedio de capacitación: 3.5 horas por cliente
• Tasa de satisfacción de capacitación: 94%

Rendimiento regular e informes de ROI

Métrica de informes	Valor
Frecuencia de informes	Trimestral
Clientes que reciben informes detallados de ROI	89% de la base de clientes activos
Longitud promedio del informe	28 páginas

Creative Realities, Inc. (CREX) - Modelo de negocios: canales

Equipo de ventas directas

A partir del cuarto trimestre de 2023, Creative Realities mantiene un equipo de ventas directo de 17 profesionales centrado en soluciones de tecnología de señalización digital y marketing empresarial.

Métrica del equipo de ventas	Valor
Representantes de ventas totales	17
Duración del ciclo de ventas promedio	4-6 meses
Objetivo de ventas anual por representante	$ 1.2 millones

Sitio web en línea y marketing digital

CREX utiliza canales digitales con métricas específicas de participación en línea:

Métrica de marketing digital	2024 datos
Visitantes mensuales del sitio web	42,500
Tasa de conversión	2.3%
Gasto de marketing digital	$ 375,000 anualmente

Conferencias tecnológicas y ferias comerciales

• Participación de la feria comercial planificada: 8 eventos en 2024
• Presupuesto estimado de ferias comerciales: $ 225,000
• Conferencias objetivo:
  • Expo de señalización digital
  • El gran espectáculo de NRF Retail
  • ISE Integrated Systems Europe

Redes de asociación estratégica

CREX mantiene asociaciones con 26 socios de tecnología e integración a partir de enero de 2024.

Categoría de asociación	Número de socios
Socios tecnológicos	14
Socios de integración	12
Ingresos promedio de la asociación	$ 187,000 por socio

Demostraciones de plataforma digital

CREX realiza demostraciones de plataforma digital a través de múltiples canales:

• Seminarios web semanales en línea: 3-4 sesiones
• Demostraciones mensuales de productos en vivo: 12 eventos
• Asistente promedio por demostración digital: 47 participantes
• Plataformas de demostración:
  • Zoom
  • Equipos de Microsoft
  • Portal de demostración de CREX personalizado

Creative Realities, Inc. (CREX) - Modelo de negocios: segmentos de clientes

Negocios minoristas

Creative Realities, Inc. se dirige a las empresas minoristas con señalización digital y soluciones interactivas. A partir de 2024, la compañía atiende a aproximadamente 127 clientes minoristas en América del Norte.

Segmento minorista	Número de clientes	Valor anual promedio del contrato
Minorista especializado	42	$87,500
Grandes almacenes	23	$145,000
Minoristas de moda	35	$65,000

Empresas corporativas

CREX proporciona soluciones de comunicación digital a clientes corporativos, con 84 clientes empresariales en 2024.

• Clientes del sector tecnológico: 29
• Clientes de servicios financieros: 22
• Manufactura de clientes: 18
• Clientes de servicios profesionales: 15

Lugares de hospitalidad y entretenimiento

La compañía atiende a 56 clientes de hospitalidad y entretenimiento en 2024.

Tipo de lugar	Número de clientes	Valor promedio del proyecto
Hoteles	24	$62,000
Casinos	12	$95,000
Centros de entretenimiento	20	$45,000

Instituciones de atención médica

CREX admite 43 clientes de atención médica con soluciones de comunicación digital en 2024.

• Hospitales: 18 clientes
• Centros médicos: 15 clientes
• Clínicas especializadas: 10 clientes

Organizaciones educativas

La compañía atiende a 35 instituciones educativas con soluciones de señalización digital en 2024.

Nivel educativo	Número de clientes	Contrato anual promedio
Universidades	12	$78,000
Colegios comunitarios	8	$45,000
Escuelas K-12	15	$32,000

Creative Realities, Inc. (CREX) - Modelo de negocio: Estructura de costos

Gastos de investigación y desarrollo

Para el año fiscal 2023, Creative Realities, Inc. reportó gastos de I + D por un total de $ 2,317,000, lo que representa el 15.6% de los gastos operativos totales.

Año fiscal	Gastos de I + D	Porcentaje de gastos operativos
2023	$2,317,000	15.6%
2022	$1,985,000	14.2%

Desarrollo y mantenimiento de software

Los costos relacionados con el software para Creative Realities, Inc. en 2023 ascendieron a $ 1,456,000, con un desglose de la siguiente manera:

• Desarrollo de software: $ 892,000
• Mantenimiento del software: $ 564,000

Inversiones de ventas y marketing

Los gastos de ventas y marketing de la compañía para 2023 fueron de $ 3,215,000, lo que representa el 21.7% de los ingresos totales.

Canal de marketing	Gastos	Porcentaje del presupuesto de marketing
Marketing digital	$1,425,000	44.3%
Ferias y eventos comerciales	$687,000	21.4%
Compensación del equipo de ventas	$1,103,000	34.3%

Infraestructura de hardware y tecnología

Los costos de infraestructura tecnológica para 2023 totalizaron $ 1,789,000, con la siguiente asignación:

• Servicios de computación en la nube: $ 652,000
• Infraestructura de red: $ 487,000
• Equipo de hardware: $ 650,000

Compensación y capacitación de empleados

Los gastos totales relacionados con los empleados para 2023 fueron de $ 8,245,000.

Categoría de gastos	Cantidad	Porcentaje de total
Salarios base	$6,352,000	77%
Beneficios	$1,276,000	15.5%
Capacitación y desarrollo	$617,000	7.5%

Creative Realities, Inc. (CREX) - Modelo de negocios: flujos de ingresos

Tasas de licencia de software

Para el año fiscal 2023, Creative Realities, Inc. informó ingresos por licencia de software de $ 3.2 millones, lo que representa un aumento del 12% respecto al año anterior.

Producto de software	Ingresos anuales de licencia	Número de clientes
Plataforma de señalización digital	$ 1.75 millones	287 clientes empresariales
Suite de análisis de radar	$ 1.45 millones	214 suscriptores corporativos

Ventas de hardware

Las ventas de hardware para realidades creativas en 2023 totalizaron $ 4.6 millones, con una cartera de productos diversa.

Categoría de hardware	Ventas totales	Precio unitario promedio
Pantallas digitales	$ 2.3 millones	$ 3,750 por unidad
Quioscos interactivos	$ 1.8 millones	$ 6,200 por unidad
Reproductores multimedia	$500,000	$ 850 por unidad

Servicios profesionales y consultoría

Los servicios profesionales generaron $ 2.9 millones en ingresos durante 2023.

• Consultoría de implementación: $ 1.4 millones
• Servicios de soporte técnico: $ 850,000
• Servicios de integración personalizados: $ 650,000

Plataformas basadas en suscripción en curso

Los ingresos basados ​​en suscripción alcanzaron los $ 5.1 millones en 2023.

Plataforma	Ingresos recurrentes anuales	Recuento de suscriptores
Plataforma de nube de radar	$ 3.2 millones	426 suscriptores activos
Gestión de la experiencia digital	$ 1.9 millones	312 suscriptores empresariales

Contratos de implementación de soluciones personalizadas

Los contratos de soluciones personalizadas contribuyeron con $ 3.7 millones a los ingresos de la compañía en 2023.

• Proyectos de señalización digital minorista: $ 1.6 millones
• Soluciones de comunicación corporativa: $ 1.2 millones
• Sistemas de información sobre atención médica: $ 900,000

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.