Creative Realities, Inc. (CREX): Business Model Canvas [Jan-2025 Mise à jour]

Dans le paysage rapide de la communication numérique et de la technologie interactive, Creative Realities, Inc. (CREX) apparaît comme une force transformatrice, offrant des solutions de pointe qui redéfinissent la façon dont les entreprises s'engagent avec leur public. Grâce à une toile de modèle commercial innovante qui intègre de manière transparente la signalisation numérique, les plates-formes interactives et les informations basées sur les données, Crex autorise les organisations dans divers secteurs - des environnements de vente au détail et d'entreprise aux soins de santé et à l'éducation - pour révolutionner leurs stratégies de communication visuelle. Découvrez comment cette entreprise dynamique transforme la technologie en un avantage stratégique, créant des expériences immersives qui stimulent l'engagement des clients et les performances organisationnelles.

Creative Realities, Inc. (CREX) - Modèle d'entreprise: partenariats clés

Fabricants de matériel de signalisation numérique

Creative Realités s'associe aux fabricants de matériel suivant:

Samsung Electronics	Solutions d'affichage commerciales	Partenariat depuis 2018
LG Electronics	Affichages de signalisation numérique professionnels	Partenariat depuis 2016
Viewsonic	Technologies d'affichage commercial	Partenariat depuis 2019

Entreprises de développement de logiciels et d'intégration

Les partenariats d'intégration des logiciels clés comprennent:

• Stratacache
• Scala Inc.
• Quatre vents interactifs

Agences de publicité et de marketing

Nom d'agence	Spécialisation	Détails du partenariat
Groupe publique	Intégration du marketing numérique	Collaboratif depuis 2020
Groupe de médias Omnicom	Solutions technologiques publicitaires	Partenariat stratégique depuis 2019

Fournisseurs de solutions de technologie de vente au détail

Partenariats technologiques stratégiques:

• NCR Corporation
• Ibm
• Microsoft Dynamics

Compuping Cloud Computing et Analytics de données

Amazon Web Services (AWS)	Infrastructure cloud	Valeur du contrat: 1,2 million de dollars par an
Google Cloud Platform	Solutions d'analyse de données	Partenariat établi en 2021
Microsoft Azure	Services cloud d'entreprise	Valeur du contrat: 950 000 $ par an

Creative Realities, Inc. (CREX) - Modèle d'entreprise: activités clés

Création et gestion de contenu de signalisation numérique

Au quatrième trimestre 2023, Creative Realités a généré 14,3 millions de dollars de revenus de signalisation numérique. La société gère environ 125 000 emplacements d'affichage numérique à travers l'Amérique du Nord.

Type de contenu	Volume annuel	Coût de production moyen
Affichages d'entreprise	52 000 emplacements	1 250 $ par forfait de contenu
Signale numérique au détail	38 500 emplacements	975 $ par forfait de contenu
Affichages de soins de santé	34 500 emplacements	1 100 $ par forfait de contenu

Développement de solutions de technologie interactive

CREX a investi 3,2 millions de dollars dans la R&D pour les solutions de technologie interactive en 2023, en se concentrant sur le développement de plateformes d'engagement client de pointe.

• Développement de kiosque interactif
• Conception d'interface à écran tactile
• Plateformes de fiançailles mobiles

Plateformes de fiançailles clients axées sur l'IoT et l'IOT

La société a déployé 22 750 écrans numériques compatibles IoT en 2023, avec un coût de mise en œuvre moyen de 4 500 $ par emplacement.

Type de plate-forme	Décompte de déploiement	Revenus annuels moyens
Plateformes IoT de détail	12 500 emplacements	3,6 millions de dollars
Solutions IoT d'entreprise	6 750 emplacements	2,1 millions de dollars
Systèmes IoT de soins de santé	3 500 emplacements	1,4 million de dollars

Conception et implémentation de logiciels personnalisés

Creative Realités a réalisé 187 projets logiciels personnalisés en 2023, avec une valeur totale de projet de 8,6 millions de dollars.

• Solutions logicielles d'entreprise
• Plates-formes de transformation numériques personnalisées
• Technologies d'engagement propriétaire

Analyse des données et suivi des performances

La société a traité 2,4 pétaoctets de données d'engagement client en 2023, avec des services d'analyse générant 5,7 millions de dollars de revenus.

Service d'analyse	Volume de données	Revenus annuels
Suivi des performances en temps réel	1,2 pétaoctets	2,3 millions de dollars
Analyse du comportement client	0,8 pétaoctets	1,9 million de dollars
Modélisation de l'engagement prédictif	0,4 pétaoctets	1,5 million de dollars

Creative Realities, Inc. (CREX) - Modèle d'entreprise: Ressources clés

Plates-formes logicielles de signalisation numérique propriétaires

Depuis le quatrième trimestre 2023, Creative Realités maintient 3 plates-formes logicielles propriétaires primaires:

Nom de la plate-forme	Fonctionnalité	Coût de développement
DIRECT	Technologie d'expérience de vente au détail interactive numérique	1,2 million de dollars
RADAR	Détection et réponse du public en temps réel	$875,000
TOILE	Système de gestion de contenu numérique	$650,000

Professionnels de technologie et de conception expérimentés

Composition de la main-d'œuvre en décembre 2023:

• Total des employés: 84
• Personnel technique: 52
• Professionnels du design: 18
• Expérience technique moyenne: 7,3 ans

Propriété intellectuelle et brevets logiciels

Détails du portefeuille de brevets:

Catégorie de brevet	Nombre de brevets	Valeur de brevet total
Technologie de signalisation numérique	12	4,5 millions de dollars
Systèmes d'affichage interactifs	8	3,2 millions de dollars

Infrastructure et technologie basées sur le cloud

Spécifications d'infrastructure cloud:

• Investissement total d'infrastructure cloud: 2,3 millions de dollars
• Fournisseurs de services cloud: AWS, Google Cloud
• Budget annuel de maintenance du cloud: 450 000 $
• Emplacements du centre de données: 3 (Amérique du Nord)

Réseaux de relation client stratégique

Composition du réseau client:

Segment de l'industrie	Nombre de clients actifs	Valeur du contrat annuel
Vente au détail	42	6,8 millions de dollars
Soins de santé	18	3,5 millions de dollars
Corporatif	25	4,2 millions de dollars

Creative Realities, Inc. (CREX) - Modèle d'entreprise: propositions de valeur

Amélioration de l'engagement client via des écrans interactifs

Creative Realités, Inc. a déclaré 21,7 millions de dollars de revenus de signalisation numérique pour 2023. Les plateformes de technologie d'interactive d'affichage ont généré environ 45% du portefeuille total des solutions d'engagement numérique de l'entreprise.

Métriques d'affichage interactives	Performance de 2023
Revenus d'affichage interactif total	9,75 millions de dollars
Taux d'engagement moyen du client	37.2%
Nombre de déploiements d'affichage interactifs	412 installations

Solutions de marketing et de communication basées sur les données

CREX implémenté Plateformes d'analyse avancées à travers 153 clients d'entreprise en 2023.

• Valeur du contrat de solution de marketing: 3,2 millions de dollars
• Capacité de traitement des données: 2,5 millions d'interactions des consommateurs par mois
• Précision de l'algorithme d'apprentissage automatique: 84,6%

Technologies de signalisation numérique évolutives

Métriques de la technologie de signalisation numérique	2023 données
Points de terminaison du réseau de signalisation numérique total	18 752 écrans
Couverture moyenne du réseau	37 États
Abonnés de plate-forme basés sur le cloud	1 247 clients d'entreprise

Plates-formes de communication visuelles personnalisables

Crex a développé 67 solutions de communication visuelle personnalisées en 2023, avec une valeur de projet moyenne de 124 000 $.

Amélioration de l'efficacité de la communication de la vente au détail et de l'entreprise

• Revenus de la plate-forme de communication de détail: 5,6 millions de dollars
• Clients de solution de communication d'entreprise: 214
• Amélioration moyenne de l'efficacité de la communication: 42,3%

Performance de la plate-forme de communication	Métrique
Déploiements de solution de communication totale	328
Taux de rétention de la clientèle moyen	76.5%
Investissement annuel sur l'innovation de la plate-forme	2,1 millions de dollars

Creative Realities, Inc. (CREX) - Modèle d'entreprise: relations clients

Services de support technique et de conseil

Depuis le quatrième trimestre 2023, Creative Realities, Inc. fournit un support technique avec les mesures suivantes:

Métrique de soutien	Valeur
Temps de réponse moyen	2,3 heures
Heures de soutien annuelles	4 562 heures
Personnel de soutien	18 professionnels dévoués

Mises à jour logicielles en cours et maintenance

Fréquence et couverture de mise à jour du logiciel:

• Mises à jour trimestrielles logicielles majeures
• Délaies mensuelles de patch de sécurité
• Examen annuel du système complet

Stratégies de mise en œuvre personnalisées

Métrique de mise en œuvre	Valeur
Temps de mise en œuvre moyen	6,2 semaines
Taux de personnalisation	87% des projets clients
Taille de l'équipe d'implémentation	12 spécialistes

Programmes de formation et d'intégration

Détails du programme de formation:

• Sessions de formation en ligne: 42 séances par an
• Durée de formation moyenne: 3,5 heures par client
• Taux de satisfaction de la formation: 94%

Performances régulières et rapports sur le retour sur investissement

Métrique de rapport	Valeur
Fréquence de rapport	Trimestriel
Les clients recevant des rapports de retour sur investissement détaillés	89% de la clientèle active
Durée moyenne du rapport	28 pages

Creative Realities, Inc. (CREX) - Modèle d'entreprise: canaux

Équipe de vente directe

Depuis le quatrième trimestre 2023, Creative Realités maintient une équipe de vente directe de 17 professionnels axés sur les solutions de signalisation numérique et de technologie marketing d'entreprise.

Métrique de l'équipe de vente	Valeur
Représentants des ventes totales	17
Durée moyenne du cycle des ventes	4-6 mois
Objectif de vente annuel par représentant	1,2 million de dollars

Site Web en ligne et marketing numérique

CREX utilise des canaux numériques avec des mesures d'engagement en ligne spécifiques:

Métrique du marketing numérique	2024 données
Visiteurs mensuels du site Web	42,500
Taux de conversion	2.3%
Dépenses de marketing numérique	375 000 $ par an

Conférences de technologie et salons professionnels

• Participation prévue des salons commerciaux: 8 événements en 2024
• Budget des salons commerciaux estimés: 225 000 $
• Conférences cibles:
  • Expo de signalisation numérique
  • Big Show de NRF Retail
  • ISE Integrated Systems Europe

Réseaux de partenariat stratégiques

CREX maintient des partenariats avec 26 partenaires de technologie et d'intégration en janvier 2024.

Catégorie de partenariat	Nombre de partenaires
Partenaires technologiques	14
Partenaires d'intégration	12
Revenus de partenariat moyen	187 000 $ par partenaire

Démonstations de plate-forme numérique

CREX effectue des démonstrations de plate-forme numérique via plusieurs canaux:

• Webinaires hebdomadaires en ligne: 3-4 séances
• Démonstations mensuelles de produits en direct: 12 événements
• Partenaire moyen par démo numérique: 47 participants
• Plates-formes de démonstration:
  • Zoom
  • Microsoft Teams
  • Portail de démonstration CREX personnalisé

Creative Realities, Inc. (CREX) - Modèle d'entreprise: segments de clientèle

Commerces de détail

Creative Realities, Inc. cible les entreprises de vente au détail avec une signalisation numérique et des solutions interactives. En 2024, la société dessert environ 127 clients de détail à travers l'Amérique du Nord.

Segment de vente au détail	Nombre de clients	Valeur du contrat annuel moyen
Spécialité de vente au détail	42	$87,500
Grands magasins	23	$145,000
Détaillants de mode	35	$65,000

Entreprises

CREX fournit des solutions de communication numérique aux clients des entreprises, avec 84 clients d'entreprise en 2024.

• Clients du secteur de la technologie: 29
• Clients des services financiers: 22
• Clients manufacturiers: 18
• Clients de services professionnels: 15

LIEUX D'HOPITALITÉ ET DE DIVERTISSEMENT

L'entreprise dessert 56 clients de l'hôtellerie et du divertissement en 2024.

Type de lieu	Nombre de clients	Valeur moyenne du projet
Hôtels	24	$62,000
Casinos	12	$95,000
Centres de divertissement	20	$45,000

Institutions de soins de santé

CREX prend en charge 43 clients de soins de santé avec des solutions de communication numérique en 2024.

• Hôpitaux: 18 clients
• Centres médicaux: 15 clients
• Cliniques spécialisées: 10 clients

Organisations éducatives

L'entreprise dessert 35 établissements d'enseignement avec des solutions de signalisation numériques en 2024.

Niveau d'éducation	Nombre de clients	Contrat annuel moyen
Universités	12	$78,000
Collèges communautaires	8	$45,000
Écoles K-12	15	$32,000

Creative Realities, Inc. (CREX) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice 2023, Creative Realities, Inc. a déclaré des dépenses de R&D totalisant 2 317 000 $, représentant 15,6% du total des dépenses d'exploitation.

Exercice fiscal	Dépenses de R&D	Pourcentage des dépenses d'exploitation
2023	$2,317,000	15.6%
2022	$1,985,000	14.2%

Développement et maintenance logiciels

Les coûts liés aux logiciels pour Creative Realités, Inc. en 2023 se sont élevés à 1 456 000 $, avec une ventilation comme suit:

• Développement de logiciels: 892 000 $
• Maintenance du logiciel: 564 000 $

Investissements de vente et de marketing

Les dépenses de vente et de marketing de l'entreprise pour 2023 étaient de 3 215 000 $, ce qui représente 21,7% des revenus totaux.

Canal de marketing	Frais	Pourcentage du budget marketing
Marketing numérique	$1,425,000	44.3%
Salons et événements	$687,000	21.4%
Compensation de l'équipe de vente	$1,103,000	34.3%

Infrastructure matérielle et technologie

Les coûts d'infrastructure technologique pour 2023 ont totalisé 1 789 000 $, avec l'allocation suivante:

• Services de cloud computing: 652 000 $
• Infrastructure réseau: 487 000 $
• Équipement matériel: 650 000 $

Compensation et formation des employés

Les dépenses totales liées aux employés pour 2023 étaient de 8 245 000 $.

Catégorie de dépenses	Montant	Pourcentage du total
Salaires de base	$6,352,000	77%
Avantages	$1,276,000	15.5%
Formation et développement	$617,000	7.5%

Creative Realities, Inc. (CREX) - Modèle d'entreprise: Strots de revenus

Frais de licence de logiciel

Pour l'exercice 2023, Creative Realities, Inc. a déclaré un chiffre d'affaires de licence de logiciels de 3,2 millions de dollars, ce qui représente une augmentation de 12% par rapport à l'année précédente.

Produit logiciel	Revenus de licence annuelle	Nombre de clients
Plate-forme de signalisation numérique	1,75 million de dollars	287 clients d'entreprise
Suite d'analyse radar	1,45 million de dollars	214 abonnés d'entreprise

Ventes de matériel

Les ventes de matériel pour les réalités créatives en 2023 ont totalisé 4,6 millions de dollars, avec un portefeuille de produits diversifié.

Catégorie de matériel	Ventes totales	Prix ​​unitaire moyen
Affichages numériques	2,3 millions de dollars	3 750 $ par unité
Kiosques interactifs	1,8 million de dollars	6 200 $ par unité
Joueurs médiatiques	$500,000	850 $ par unité

Services professionnels et conseil

Les services professionnels ont généré 2,9 millions de dollars de revenus en 2023.

• Conseil de mise en œuvre: 1,4 million de dollars
• Services de support technique: 850 000 $
• Services d'intégration personnalisés: 650 000 $

Plates-formes basées sur l'abonnement en cours

Les revenus basés sur l'abonnement ont atteint 5,1 millions de dollars en 2023.

Plate-forme	Revenus récurrents annuels	Nombre d'abonné
Plate-forme de nuage radar	3,2 millions de dollars	426 abonnés actifs
Gestion de l'expérience numérique	1,9 million de dollars	312 abonnés d'entreprise

Contrats de mise en œuvre de la solution personnalisés

Les contrats de solution personnalisés ont contribué 3,7 millions de dollars aux revenus de l'entreprise en 2023.

• Projets de signalisation numérique au détail: 1,6 million de dollars
• Solutions de communication d'entreprise: 1,2 million de dollars
• Systèmes d'information sur les soins de santé: 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.