Creative Realities, Inc. (Crex): Modelo de negócios Canvas [Jan-2025 Atualizado]

No cenário em rápida evolução da comunicação digital e da tecnologia interativa, a Creative Realities, Inc. (Crex) surge como uma força transformadora, oferecendo soluções de ponta que redefinem como as empresas se envolvem com seu público. Por meio de uma tela inovadora de modelo de negócios que integra perfeitamente sinalização digital, plataformas interativas e insights orientados a dados, o Crex capacita organizações em diversos setores-de ambientes corporativos e de varejo a assistência médica e educação-para revolucionar suas estratégias de comunicação visual. Descubra como essa empresa dinâmica está transformando a tecnologia em uma vantagem estratégica, criando experiências imersivas que impulsionam o envolvimento do cliente e o desempenho organizacional.

Creative Realities, Inc. (Crex) - Modelo de negócios: Parcerias -chave

Fabricantes de hardware de sinalização digital

Realidades criativas faz parceria com os seguintes fabricantes de hardware:

Samsung Electronics	Soluções de exibição comercial	Parceria desde 2018
LG Electronics	Displays profissionais de sinalização digital	Parceria desde 2016
ViewSonic	Tecnologias de exibição comercial	Parceria desde 2019

Empresas de desenvolvimento e integração de software

As principais parcerias de integração de software incluem:

• Stratacache
• Scala Inc.
• Quatro ventos interativos

Agências de publicidade e marketing

Nome da agência	Especialização	Detalhes da parceria
Publicis Groupe	Integração de marketing digital	Colaborativo desde 2020
Omnicom Media Group	Soluções de tecnologia de publicidade	Parceria estratégica desde 2019

Provedores de solução de tecnologia de varejo

Parcerias de tecnologia estratégica:

• NCR Corporation
• IBM
• Microsoft Dynamics

Empresas de computação em nuvem e análise de dados

Amazon Web Services (AWS)	Infraestrutura em nuvem	Valor do contrato: US $ 1,2 milhão anualmente
Plataforma do Google Cloud	Soluções de análise de dados	Parceria estabelecida em 2021
Microsoft Azure	Serviços em nuvem corporativa	Valor do contrato: US $ 950.000 anualmente

Creative Realities, Inc. (Crex) - Modelo de negócios: Atividades -chave

Criação e gerenciamento de conteúdo de sinalização digital

No quarto trimestre 2023, as realidades criativas geraram US $ 14,3 milhões em receita de sinalização digital. A empresa gerencia aproximadamente 125.000 locais de exibição digital na América do Norte.

Tipo de conteúdo	Volume anual	Custo médio de produção
Displays corporativos	52.000 locais	US $ 1.250 por pacote de conteúdo
Sinalização digital de varejo	38.500 locais	US $ 975 por pacote de conteúdo
Displays de saúde	34.500 locais	US $ 1.100 por pacote de conteúdo

Desenvolvimento de solução de tecnologia interativa

A Crex investiu US $ 3,2 milhões em P&D para soluções de tecnologia interativa em 2023, concentrando-se no desenvolvimento de plataformas de engajamento de clientes de ponta.

• Desenvolvimento interativo do quiosque
• Design da interface da tela sensível ao toque
• Plataformas de engajamento móvel

Plataformas de engajamento de clientes da IoT e AI

A empresa implantou 22.750 displays digitais habilitados para IoT em 2023, com um custo médio de implementação de US $ 4.500 por local.

Tipo de plataforma	Contagem de implantação	Receita média anual
Plataformas de IoT de varejo	12.500 locais	US $ 3,6 milhões
Soluções corporativas da IoT	6.750 locais	US $ 2,1 milhões
Sistemas de IoT de assistência médica	3.500 locais	US $ 1,4 milhão

Design e implementação de software personalizado

Realidades criativas concluíram 187 projetos de software personalizados em 2023, com um valor total do projeto de US $ 8,6 milhões.

• Enterprise Software Solutions
• Plataformas de transformação digital personalizadas
• Tecnologias de engajamento proprietárias

Análise de dados e rastreamento de desempenho

A empresa processou 2,4 petabytes de dados de envolvimento do cliente em 2023, com serviços de análise gerando US $ 5,7 milhões em receita.

Serviço de análise	Volume de dados	Receita anual
Rastreamento de desempenho em tempo real	1.2 Petabytes	US $ 2,3 milhões
Análise de comportamento do cliente	0,8 petabytes	US $ 1,9 milhão
Modelagem preditiva de engajamento	0,4 petabytes	US $ 1,5 milhão

Creative Realities, Inc. (Crex) - Modelo de negócios: Recursos -chave

Plataformas de software de sinalização digital proprietária

A partir do quarto trimestre 2023, as realidades criativas mantêm 3 plataformas de software proprietárias principais:

Nome da plataforma	Funcionalidade	Custo de desenvolvimento
Direto	Tecnologia de experiência em varejo interativo digital	US $ 1,2 milhão
RADAR	Detecção e resposta do público em tempo real	$875,000
TELA	Sistema de gerenciamento de conteúdo digital	$650,000

Profissionais experientes de tecnologia e design

Composição da força de trabalho em dezembro de 2023:

• Total de funcionários: 84
• Equipe técnica: 52
• Profissionais de design: 18
• Experiência técnica média: 7,3 anos

Propriedade intelectual e patentes de software

Detalhes do portfólio de patentes:

Categoria de patentes	Número de patentes	Valor total da patente
Tecnologia de sinalização digital	12	US $ 4,5 milhões
Sistemas de exibição interativa	8	US $ 3,2 milhões

Infraestrutura e tecnologia baseadas em nuvem

Especificações de infraestrutura em nuvem:

• Investimento total de infraestrutura em nuvem: US $ 2,3 milhões
• Provedores de serviços em nuvem: AWS, Google Cloud
• Orçamento anual de manutenção em nuvem: US $ 450.000
• Locais de data center: 3 (América do Norte)

Redes estratégicas de relacionamento com o cliente

Composição da rede de clientes:

Segmento da indústria	Número de clientes ativos	Valor anual do contrato
Varejo	42	US $ 6,8 milhões
Assistência médica	18	US $ 3,5 milhões
Corporativo	25	US $ 4,2 milhões

Creative Realities, Inc. (Crex) - Modelo de Negócios: Proposições de Valor

Engajamento aprimorado do cliente através de displays interativos

A Creative Realities, Inc. reportou US $ 21,7 milhões em receita de sinalização digital para 2023. As plataformas de tecnologia de exibição interativa geraram aproximadamente 45% do portfólio total de soluções de engajamento digital da empresa.

Métricas de exibição interativa	2023 desempenho
Receita de exibição interativa total	US $ 9,75 milhões
Taxa média de envolvimento do cliente	37.2%
Número de implantações de exibição interativa	412 Instalações

Soluções de marketing e comunicação orientadas a dados

Crex implementado plataformas avançadas de análise em 153 clientes corporativos em 2023.

• Valor do contrato de solução de marketing: US $ 3,2 milhões
• Capacidade de processamento de dados: 2,5 milhões de interações do consumidor por mês
• Algoritmo de aprendizado de máquina precisão: 84,6%

Tecnologias de sinalização digital escaláveis

Métricas de tecnologia de sinalização digital	2023 dados
Total de terminais de rede de sinalização digital	18.752 telas
Cobertura média da rede	37 estados
Assinantes de plataforma baseados em nuvem	1.247 clientes corporativos

Plataformas de comunicação visual personalizáveis

O Crex desenvolveu 67 soluções de comunicação visual personalizada em 2023, com um valor médio do projeto de US $ 124.000.

Eficácia aprimorada de varejo e comunicação corporativa

• Receita da plataforma de comunicação de varejo: US $ 5,6 milhões
• CLIENTES DE SOLUÇÃO DE COMUNICAÇÃO DE COMPUSTÍVEL: 214
• Melhoria média da eficácia da comunicação: 42,3%

Desempenho da plataforma de comunicação	Métricas
Implantações totais de solução de comunicação	328
Taxa média de retenção de clientes	76.5%
Investimento anual de inovação em plataforma	US $ 2,1 milhões

Creative Realities, Inc. (Crex) - Modelo de Negócios: Relacionamentos do Cliente

Serviços técnicos de suporte e consultoria

A partir do quarto trimestre 2023, a Creative Realities, Inc. fornece suporte técnico com as seguintes métricas:

Métrica de suporte	Valor
Tempo médio de resposta	2,3 horas
Horário de apoio anual	4.562 horas
Equipe de apoio	18 profissionais dedicados

Atualizações e manutenção de software em andamento

Frequência e cobertura de atualização de software:

• Atualizações trimestrais de software
• Lançamentos mensais de patches de segurança
• Revisão anual do sistema

Estratégias de implementação personalizadas

Métrica de implementação	Valor
Tempo médio de implementação	6,2 semanas
Taxa de personalização	87% dos projetos de clientes
Tamanho da equipe de implementação	12 especialistas

Programas de treinamento e integração

Detalhes do programa de treinamento:

• Sessões de treinamento on -line: 42 sessões anualmente
• Duração média do treinamento: 3,5 horas por cliente
• Taxa de satisfação do treinamento: 94%

Desempenho regular e relatórios de ROI

Métrica de relatório	Valor
Frequência de relatório	Trimestral
Clientes que recebem relatórios detalhados de ROI	89% da base de clientes ativa
Comprimento médio do relatório	28 páginas

Creative Realities, Inc. (Crex) - Modelo de Negócios: Canais

Equipe de vendas diretas

No quarto trimestre 2023, as realidades criativas mantêm uma equipe de vendas direta de 17 profissionais focados nas soluções de tecnologia digital e marketing corporativas.

Métrica da equipe de vendas	Valor
Total de representantes de vendas	17
Comprimento médio do ciclo de vendas	4-6 meses
Meta de vendas anual por representante	US $ 1,2 milhão

Site online e marketing digital

O Crex utiliza canais digitais com métricas específicas de engajamento on -line:

Métrica de marketing digital	2024 dados
Visitantes mensais do site	42,500
Taxa de conversão	2.3%
Gastos de marketing digital	US $ 375.000 anualmente

Conferências de tecnologia e feiras

• Participação da Feira de Comércio Planejada: 8 Eventos em 2024
• Orçamento estimado da feira comercial: US $ 225.000
• Conferências de destino:
  • Expo de sinalização digital
  • Big Show da NRF Retail
  • ISE Integrated Systems Europe

Redes de parceria estratégica

A Crex mantém parcerias com 26 parceiros de tecnologia e integração em janeiro de 2024.

Categoria de parceria	Número de parceiros
Parceiros de tecnologia	14
Parceiros de integração	12
Receita média de parceria	US $ 187.000 por parceiro

Demonstrações de plataforma digital

Crex realiza demonstrações de plataforma digital através de vários canais:

• Webinars online semanais: 3-4 sessões
• Demonstrações mensais de produtos ao vivo: 12 eventos
• Participante médio por demonstração digital: 47 participantes
• Plataformas de demonstração:
  • Zoom
  • Equipes da Microsoft
  • Portal de demonstração Crex personalizado

Creative Realities, Inc. (Crex) - Modelo de negócios: segmentos de clientes

Negócios de varejo

A Creative Realities, Inc. tem como alvo negócios de varejo com sinalização digital e soluções interativas. A partir de 2024, a empresa atende a aproximadamente 127 clientes de varejo na América do Norte.

Segmento de varejo	Número de clientes	Valor médio anual do contrato
Varejo especializado	42	$87,500
Lojas de departamento	23	$145,000
Varejistas de moda	35	$65,000

Empresas corporativas

O Crex fornece soluções de comunicação digital para clientes corporativos, com 84 clientes corporativos em 2024.

• Clientes do setor de tecnologia: 29
• Clientes de Serviços Financeiros: 22
• Clientes de fabricação: 18
• Clientes de Serviços Profissionais: 15

Locais de hospitalidade e entretenimento

A empresa atende a 56 clientes de hospitalidade e entretenimento em 2024.

Tipo de local	Número de clientes	Valor médio do projeto
Hotéis	24	$62,000
Cassinos	12	$95,000
Centros de entretenimento	20	$45,000

Instituições de Saúde

O Crex suporta 43 clientes de saúde com soluções de comunicação digital em 2024.

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

Organizações educacionais

A empresa atende 35 instituições educacionais com soluções de sinalização digital em 2024.

Nível de educação	Número de clientes	Contrato médio anual
Universidades	12	$78,000
Faculdades comunitárias	8	$45,000
Escolas K-12	15	$32,000

Creative Realities, Inc. (Crex) - Modelo de negócios: estrutura de custos

Despesas de pesquisa e desenvolvimento

Para o ano fiscal de 2023, a Creative Realities, Inc. registrou despesas de P&D, totalizando US $ 2.317.000, representando 15,6% do total de despesas operacionais.

Ano fiscal	Despesas de P&D	Porcentagem de despesas operacionais
2023	$2,317,000	15.6%
2022	$1,985,000	14.2%

Desenvolvimento e manutenção de software

Os custos relacionados a software para a Creative Realities, Inc. em 2023 totalizaram US $ 1.456.000, com um colapso da seguinte maneira:

• Desenvolvimento de software: US $ 892.000
• Manutenção de software: US $ 564.000

Investimentos de vendas e marketing

As despesas de vendas e marketing da empresa para 2023 foram de US $ 3.215.000, representando 21,7% da receita total.

Canal de marketing	Despesa	Porcentagem de orçamento de marketing
Marketing digital	$1,425,000	44.3%
Feiras e eventos	$687,000	21.4%
Compensação da equipe de vendas	$1,103,000	34.3%

Infraestrutura de hardware e tecnologia

Os custos de infraestrutura de tecnologia para 2023 totalizaram US $ 1.789.000, com a seguinte alocação:

• Serviços de computação em nuvem: $ 652.000
• Infraestrutura de rede: US $ 487.000
• Equipamento de hardware: US $ 650.000

Compensação e treinamento de funcionários

As despesas totais relacionadas aos funcionários em 2023 foram de US $ 8.245.000.

Categoria de despesa	Quantia	Porcentagem de total
Salários da base	$6,352,000	77%
Benefícios	$1,276,000	15.5%
Treinamento e desenvolvimento	$617,000	7.5%

Creative Realities, Inc. (Crex) - Modelo de negócios: fluxos de receita

Taxas de licenciamento de software

Para o ano fiscal de 2023, a Creative Realities, Inc. registrou receita de licenciamento de software de US $ 3,2 milhões, representando um aumento de 12% em relação ao ano anterior.

Produto de software	Receita anual de licenciamento	Número de clientes
Plataforma de sinalização digital	US $ 1,75 milhão	287 clientes corporativos
Suíte de análise de radar	US $ 1,45 milhão	214 assinantes corporativos

Vendas de hardware

As vendas de hardware para realidades criativas em 2023 totalizaram US $ 4,6 milhões, com um portfólio diversificado de produtos.

Categoria de hardware	Vendas totais	Preço unitário médio
Displays digitais	US $ 2,3 milhões	US $ 3.750 por unidade
Quiosques interativos	US $ 1,8 milhão	US $ 6.200 por unidade
Players de mídia	$500,000	US $ 850 por unidade

Serviços profissionais e consultoria

Os serviços profissionais geraram US $ 2,9 milhões em receita durante 2023.

• Consultoria de implementação: US $ 1,4 milhão
• Serviços de suporte técnico: US $ 850.000
• Serviços de integração personalizados: US $ 650.000

Plataformas em andamento baseadas em assinatura

A receita baseada em assinatura atingiu US $ 5,1 milhões em 2023.

Plataforma	Receita recorrente anual	Contagem de assinantes
Plataforma de nuvem de radar	US $ 3,2 milhões	426 assinantes ativos
Gerenciamento de experiência digital	US $ 1,9 milhão	312 assinantes corporativos

Contratos de implementação de soluções personalizadas

Os contratos de solução personalizados contribuíram com US $ 3,7 milhões para a receita da empresa em 2023.

• Projetos de sinalização digital de varejo: US $ 1,6 milhão
• Soluções de comunicação corporativa: US $ 1,2 milhão
• Sistemas de informação em saúde: US $ 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.