Here are 1-2 brief analogies to describe Creative Realities (CREX):

• Shopify for in-store digital customer experiences. (Shopify helps retailers create online stores; CREX helps them create interactive digital experiences within their physical stores and across omni-channel touchpoints.)
• NCR, but focused on interactive digital marketing and customer engagement for retailers, rather than just transactions. (NCR is known for retail technology like POS systems and ATMs; CREX provides similar system hardware and software, but with an emphasis on customer engagement, digital merchandising, and interactive experiences.)

• Digital Merchandising and Customer Engagement Systems: Provides digital merchandising systems, omni-channel engagement platforms, and interactive shopping assistants, advisors, and kiosks for retail environments.
• Interactive Marketing Technologies: Offers various interactive technologies, including mobile, social media, point-of-sale, beaconing, and web-based media, to engage consumers.
• System Hardware: Supplies the physical hardware components essential for implementing their digital solutions.
• Software Design, Development, and Licensing: Provides custom software design, development, and licensing for their specialized digital platforms.
• Implementation, Maintenance, and Support Services: Offers professional services for system implementation, ongoing maintenance, and technical support.
• Media and Device Management Platforms: Delivers software platforms and networks for managing and distributing digital media and controlling devices.
• Custom Integrated Solutions: Develops customized software layers, systems, and integrated solutions tailored to specific client workflows and experiences.

Creative Realities (CREX) primarily sells its digital marketing technology and solutions to other companies and organizations, rather than directly to individuals.

Based on the provided company description, specific names of major customer companies are not disclosed. However, Creative Realities serves a wide array of industries and business types. Its customers typically fall into the following categories:

• Automotive industry
• Apparel and Accessories retail
• Banking and Financial Services
• Baby/Children product retail
• Beauty product retail
• CPG (Consumer Packaged Goods) sector
• Department Stores
• Digital Out-of-Home (DOOH) media
• Electronics retail
• Fashion retail
• Fitness industry
• Foodservice/Quick Service Restaurant (QSR) sector
• Gaming industry
• Luxury goods retail
• Mass Merchants
• Mobile Operators
• Pharmacy Retail

Rick Mills, Chief Executive Officer

Rick Mills was appointed CEO of Creative Realities in October 2015. With over 32 years of industry experience, he previously founded ConeXus World Global, a leading digital media services company, which was subsequently acquired by Creative Realities. Before founding ConeXus, he served as President and Director at Beacon Enterprise Solutions Group, Inc. Additionally, he was the Chief Operating Officer and a Board Member at the publicly traded Pomeroy Computer Resources, Inc. from 1995 to 1999, where he contributed to growing sales from $100 million to $700 million. He was also a founder of Strategic Communications LLC. His career has been dedicated to restructuring, rebuilding, and rebranding technology companies for client-centricity, performance, growth, and shareholder return.

Tamra Koshewa, Chief Financial Officer

Tamra Koshewa was appointed Chief Financial Officer, effective December 1, 2025. She brings 30 years of financial leadership experience across diverse industries including manufacturing, technology, and services. Her background includes senior financial positions at Manna, LLFlex, HMI, Equipment Depot, AAF International, Time Warner Cable, and General Electric, where she completed GE's Experienced Financial Leadership Program and was certified as a Six Sigma Master Black Belt. Ms. Koshewa has held CFO positions at several firms and her role at Creative Realities focuses on integrating the recent Cineplex Digital Media acquisition, capturing synergies, pursuing margin expansion, de-levering the balance sheet, and improving shareholder returns.

Dan McAllister, Chief Revenue Officer

Dan McAllister was hired as Chief Revenue Officer, effective November 17, 2025. He has over 25 years of experience driving growth across digital signage, experiential technology, and enterprise SaaS. Mr. McAllister has guided organizations through significant growth inflection points, including transitions from static to dynamic networks, shifts to cloud-based CMS ecosystems, and the rise of programmatic Digital Out-of-Home networks. His expertise was shaped through his work with industry leaders such as Scala and Spectrio.

George Sautter, Chief Strategy Officer, Head of Corporate Development

George Sautter serves as the Chief Strategy Officer and Head of Corporate Development for Creative Realities. In this role, he plays a key part in integrating the Cineplex Digital Media business following its acquisition.

Lee Summers, President, Ad Tech & Media

Lee Summers is the President, Ad Tech & Media at Creative Realities. He also holds the title of President, Sports and Entertainment.

The key risks to Creative Realities' (CREX) business are primarily centered around its financial leverage following a major acquisition and the operational challenges inherent in its industry.

1. High Debt and Integration Risks Associated with the Cineplex Digital Media (CDM) Acquisition: Creative Realities recently incurred substantial debt from its acquisition of Cineplex Digital Media (CDM), significantly increasing its leverage to approximately 7.56x gross leverage post-acquisition and pushing total outstanding debt to roughly $39.9 million. The company's financial health and its ability to meet debt servicing obligations are now highly dependent on the successful integration of CDM and the realization of anticipated synergies. Failure to effectively integrate CDM or achieve the projected operational and financial benefits, such as doubling company size and significantly improving EBITDA margins, poses a substantial risk to the company's growth trajectory and overall financial stability.
2. Revenue Volatility and Operational Challenges: Creative Realities has experienced recent declines in organic revenue, with a sharp drop in Q3 2025 revenue to $10.5 million from $14.4 million in the prior year, and a decrease in Annual Recurring Revenue (ARR). The business also faces operational risks from order delays, such as a $2 million order that slipped from Q3 to Q4 2025 due to deployment timing issues. Furthermore, the digital signage and media industry is highly competitive, exposing Creative Realities to pressure from larger firms and the risk of clients insourcing services. Supply chain shortages, which can delay hardware deployments and revenue recognition, also contribute to revenue volatility and impact operational efficiency. The company also needs to improve its sales pipeline conversion and address delays in enterprise customer deployments.

• Digital Signage: The global digital signage market was valued at approximately USD 22 billion in 2024 and is projected to reach USD 49.4 billion by 2034, growing at a CAGR of 8.5% from 2025–2034. North America represents a substantial portion of this market, holding around 35.7% of the global share in 2024, with the U.S. alone accounting for USD 6.7 billion in the same year. The retail segment is a leading application, holding around 24.2% of the market share in 2025.
• Interactive Kiosks: The global interactive kiosk market was estimated at USD 34.79 billion in 2024 and is projected to reach USD 52.74 billion by 2030, with a CAGR of 7.2% from 2025 to 2030. North America held a significant share of over 42.0% in the global interactive kiosk market in 2024. The interactive kiosk market in North America is expected to reach a projected revenue of US$19.93 billion by 2030. The retail segment is expected to register a major share due to multiple use cases.
• Omni-channel Retail Solutions/Commerce Platforms: The global omnichannel retail commerce market size was valued at USD 8.1 billion in 2024 and is expected to reach USD 25.2 billion by 2032, growing at a CAGR of 15.24% during 2025-2032. North America dominated the omnichannel retail commerce market, accounting for 38% of the revenue share in 2024. The U.S. omnichannel retail commerce market is estimated to reach USD 6.39 billion in 2024 and USD 26.06 billion by 2032.
• Digital Marketing Software: The global digital marketing software market size was valued at USD 90.05 billion in 2025 and is projected to reach USD 404.01 billion by 2034, exhibiting a CAGR of 18.15% during the forecast period. North America accounts for around 36% of the global digital marketing software market share. The retail & e-commerce segment is expected to grow at the fastest CAGR of over 23% from 2026 to 2033 within the marketing technology market, and it holds approximately 21% of the digital marketing software market share.
• Virtual Shopping Assistants: The global AI shopping assistant market was valued at USD 3.65 billion in 2024 and is expected to reach USD 24.90 billion by 2032, representing a 27.22% CAGR. North America leads this market with approximately 38.42% market share in 2025. The U.S. AI shopping assistant market was valued at USD 1.00 billion in 2024 and is expected to reach USD 6.73 billion by 2032.

Creative Realities, Inc. (CREX) is poised for future revenue growth over the next 2-3 years, driven by several strategic initiatives and market opportunities:

1. Strategic Acquisition of Cineplex Digital Media (CDM): The acquisition of Cineplex Digital Media (CDM) is a transformative move expected to significantly expand Creative Realities' operational scale and North American footprint, particularly in Canada. This acquisition is anticipated to attract new blue-chip clients and create substantial cross-selling opportunities, with management projecting total company revenue to exceed $100 million by 2026 once synergies are realized.
2. Continued Growth in High-Margin Software-as-a-Service (SaaS) and Annual Recurring Revenue (ARR): A core focus for Creative Realities is to expand its high-margin, subscription-based Software-as-a-Service (SaaS) revenue and Annual Recurring Revenue (ARR). The company consistently highlights that new hardware deployments serve to further "seed" this higher-margin ARR, enhancing visibility into predictable revenue streams. Creative Realities has increased its 2024 exit ARR guidance and anticipates combined ARR and ad revenue to surpass $40 million entering 2026.
3. Expansion within the Quick Service Restaurant (QSR) Vertical, particularly Drive-Thru Solutions: Creative Realities is actively capitalizing on robust demand within the Quick Service Restaurant (QSR) sector, with a particular emphasis on digital transformation solutions for drive-thru performance. The company has launched innovative modular drive-thru hardware systems, such as Digital Drive Thru 2.0, designed to simplify installation and maintenance. Significant contracts in this segment further underscore this as a key growth area.
4. Development and Deployment of Retail Media Networks and Ad Tech Solutions: The company is strategically positioned to benefit from the anticipated growth in retail media networks, with expectations for significant expansion by 2026. Creative Realities is actively preparing for potential large retail media network deployments and has enhanced its ad tech capabilities through the launch of platforms like AdLogic CPM Plus.

Share Repurchases

• Creative Realities repurchased a warrant to purchase 1,731,499 shares of its common stock from Slipstream Communications, LLC for $200,000 on February 17, 2026, which was originally issued in 2022.
• This warrant repurchase aimed to reduce potential dilution and enhance shareholder value.

Share Issuance

• The number of shares outstanding for Creative Realities was 10.519 million for the period ending September 30, 2025, representing a 0.69% increase from the same period in the prior year.
• As part of the financing for the Cineplex Digital Media acquisition in November 2025, Creative Realities issued $30 million of convertible preferred equity with a $3.00 conversion price to affiliates of North Run Capital LP.

Inbound Investments

• Affiliates of North Run Capital LP provided $30 million of convertible preferred equity as part of the financing for the Cineplex Digital Media acquisition in November 2025.
• Institutional investors bought a total of 449,971 shares of Creative Realities in the 24 months prior to March 2026, representing approximately $1.15 million in transactions.
• As of March 2026, major institutional investors include Cerity Partners LLC ($1.12M), Rothschild Wealth LLC ($587K), and Perritt Capital Management Inc ($515K).

Outbound Investments

• Creative Realities completed the acquisition of Cineplex Digital Media (CDM) for CAD $70 million in cash in November 2025, significantly expanding its scale and customer base in North America.
• In February 2022, Creative Realities acquired Reflect Systems for $16.1 million.

Capital Expenditures

• Capital expenditures for Creative Realities were -$212,000 in the 12 months prior to March 2026.
• The company invested $101K in capital expenditures in Q3 2025.
• Creative Realities' projected capital expenditures are $4 million for 2025, increasing to $7 million in 2026, and $8 million annually from 2027 to 2029, primarily focused on long-term assets and infrastructure.