CREX · CREATIVE REALITIES, INC.
Creative Realities, Inc., together with its subsidiaries, provides digital signage and media solutions in the United States and internationally. It resells digital signage hardware from original equipment manufacturers. The company also provides design, deployment, and management of digital signage and in-store retail media networks services, including hardware system design/engineering, hardware installation, content development, and post-development network and field support, as well as AdTech to traffic advertising and content directly and through programmatic channels. In addition, it offers digital signage software platforms, such as ReflectView and Reflect Xperience; AdLogic, an AdTech management platform for digital signage networks; CPM+, a demand side and supply side platform with campaign management and programmatic advertising; Clarity, a digital signage platform for menu board solutions; and iShowroomProX, an omni-channel digital sales support platform targeted at original equipment manufacturers in the transportation sector. Creative Realities, Inc. is headquartered in Louisville, Kentucky.
Cap structure and valuation
| Cap structure | |
|---|---|
| SP | $3.35 |
| SO | 10.6M |
| Options | 2.9M |
| Warrants | 3.6M |
| FD SO | 17.1M |
| MC | $57.1M |
| Cash | $1.8M |
| Total debt | $68.0M |
| EV | $123.2M |
| TTM Multiples | |
|---|---|
| EV / Revenue | 1.9x |
| EV / EBITDA | — |
| MC / Net Income | — |
| EV / FCF | — |
| MC / FCF | — |
| Ownership & coverage | |
|---|---|
| Institutional | 20.3% |
| Insiders | 17.8% |
| # Institutions | 33 |
| Analysts | 3 |
| Consensus | Strong Buy |
| Avg target | $8.83 |
| Short % float | 0.7% |
| Days to cover | 1.89 |
MC = SP × FD SO. EV = MC + Debt − Cash. SP = previous yfinance close. Balance-sheet figures as of 2026-05-13. Multiples use TTM (sum of last 4 quarters); shown as "—" when the denominator is zero or negative, or when fewer than four quarters are reported — a partial sum is not a trailing twelve months. Ownership & coverage per Yahoo Finance as of 2026-07-13 — institutional % is 13F-based, so it can lag a quarter and exceed 100% on share-count timing. Short interest per FINRA bi-monthly reporting, as of 2026-06-29; the float denominator can be unreliable on tiny floats.
Financial statements
| 3/31/26 | 12/31/25 | 9/30/25 | 6/30/25 | |
|---|---|---|---|---|
| Total Revenue | 16.35 | 23.92 | 10.55 | 13.03 |
| Revenue YoY % | 67.9% | 117.2% | (27.0%) | (0.6%) |
| Cost of Revenue | 10.75 | 12.45 | 5.77 | 8.01 |
| Gross Profit | 5.60 | 11.47 | 4.78 | 5.02 |
| Gross Profit YoY % | 25.7% | 135.5% | (27.5%) | (26.1%) |
| Gross Margin % | 34.2% | 47.9% | 45.3% | 38.5% |
| SG&A | 11.80 | 11.01 | 6.33 | 6.35 |
| Operating Expense | 11.80 | 11.01 | 12.05 | 6.35 |
| Operating Income | (6.21) | 0.46 | (7.27) | (1.33) |
| Operating Income YoY % | (759.6%) | 164.0% | (740.0%) | (324.8%) |
| Operating Margin % | (38.0%) | 1.9% | (68.9%) | (10.2%) |
| Interest Expense | 1.47 | 1.11 | 0.53 | 0.51 |
| Pretax Income | (7.99) | (0.79) | (7.94) | (1.84) |
| Tax Provision | (0.53) | 1.18 | (0.08) | (0.03) |
| Net Income | (7.46) | (1.97) | (7.86) | (1.82) |
| Net Margin % | (45.6%) | (8.2%) | (74.5%) | (13.9%) |
| Diluted EPS | — | — | -$0.75 | -$0.17 |
| Basic EPS | -$0.74 | -$0.21 | -$0.75 | -$0.17 |
| Diluted Avg Shares | — | — | 10.5 | 10.5 |
| Basic Avg Shares | 10.6 | — | 10.5 | 10.5 |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Total Revenue | 63.85 | 57.23 | 50.85 | 45.17 | 43.35 |
| Revenue YoY % | 11.6% | 12.5% | 12.6% | 4.2% | — |
| Cost of Revenue | 36.99 | 31.52 | 26.84 | 22.98 | 25.61 |
| Gross Profit | 26.86 | 25.71 | 24.01 | 22.18 | 17.74 |
| Gross Profit YoY % | 4.4% | 7.1% | 8.2% | 25.1% | — |
| Gross Margin % | 42.1% | 44.9% | 47.2% | 49.1% | 40.9% |
| SG&A | 35.49 | 28.87 | 23.07 | 20.84 | 15.54 |
| R&D | — | — | — | 1.57 | 1.25 |
| Operating Expense | 41.21 | 34.58 | 23.07 | 20.84 | 20.22 |
| Operating Income | (14.35) | (8.87) | 0.94 | 1.35 | (2.48) |
| Operating Income YoY % | (61.9%) | (1045.2%) | (30.3%) | 154.3% | — |
| Operating Margin % | (22.5%) | (15.5%) | 1.8% | 3.0% | (5.7%) |
| EBITDA | — | (8.52) | 1.14 | 4.57 | 0.35 |
| EBITDA Margin % | — | (14.9%) | 2.2% | 10.1% | 0.8% |
| Interest Expense | 3.62 | 2.48 | 1.77 | 2.99 | 2.74 |
| Other Income / (Expense) | (0.59) | 4.24 | (2.56) | (1.21) | 7.18 |
| Pretax Income | (18.57) | (7.11) | (3.40) | (2.85) | 1.96 |
| Tax Provision | 0.54 | 1.17 | 0.11 | 0.08 | 0.08 |
| Net Income | (19.11) | (8.28) | (3.51) | (2.94) | 1.88 |
| Net Margin % | (29.9%) | (14.5%) | (6.9%) | (6.5%) | 4.3% |
| Diluted EPS | — | — | -$0.34 | -$0.35 | $0.28 |
| Basic EPS | -$1.87 | -$0.81 | -$0.34 | -$0.35 | $0.28 |
| Diluted Avg Shares | — | — | 10.4 | 8.5 | 6.7 |
| Basic Avg Shares | 10.6 | 10.5 | 10.4 | 8.5 | 6.7 |
| 3/31/26 | 12/31/25 | 9/30/25 | 6/30/25 | |
|---|---|---|---|---|
| Cash & Equivalents | 1.83 | 1.56 | 0.31 | 0.57 |
| Receivables | 14.50 | 19.22 | — | — |
| Inventory | 6.56 | 7.42 | 4.30 | 1.05 |
| Other Current Assets | 3.20 | 5.35 | 12.37 | 11.49 |
| Total Current Assets | 26.09 | 33.55 | 16.99 | 13.11 |
| Net PPE | 2.58 | 2.94 | 0.38 | 0.35 |
| Operating Lease ROU | 1.98 | 2.12 | 1.69 | 1.79 |
| Goodwill | 52.15 | 53.27 | 26.45 | 26.45 |
| Intangible Assets | — | 35.91 | 15.38 | 21.69 |
| Other Assets | 55.44 | 23.27 | — | — |
| Total Assets | 138.25 | 151.04 | 61.27 | 63.65 |
| Accounts Payable | 10.88 | 16.67 | 8.71 | 6.17 |
| Current Debt | 4.46 | 4.43 | 0.80 | 0.59 |
| Current Lease Liabilities | 0.61 | 0.60 | 0.42 | 0.42 |
| Other Current Liabilities | 19.68 | 17.57 | 6.54 | 5.85 |
| Total Current Liabilities | 35.62 | 39.27 | 16.47 | 13.03 |
| Long-term Debt | 43.01 | 39.52 | 21.20 | 19.31 |
| Long-term Lease Liabilities | 1.51 | 1.67 | 1.38 | 1.49 |
| Other Liabilities | 16.98 | 21.39 | — | — |
| Total Liabilities | 97.11 | 101.85 | 39.38 | 34.21 |
| Retained Earnings | (72.59) | (65.13) | (63.16) | (55.30) |
| Total Equity | 41.14 | 49.19 | 21.89 | 29.44 |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Cash & Equivalents | 1.83 | 1.56 | 1.04 | 2.91 | 1.63 |
| Receivables | 14.50 | 19.22 | 10.61 | — | 8.26 |
| Inventory | 6.56 | 7.42 | 2.00 | 2.57 | 2.27 |
| Other Current Assets | 3.20 | 5.35 | 0.86 | 13.13 | 1.82 |
| Total Current Assets | 26.09 | 33.55 | 14.50 | 18.61 | 13.98 |
| Net PPE | 2.58 | 2.94 | 0.21 | 0.50 | 0.20 |
| Operating Lease ROU | 1.98 | 2.12 | 0.79 | 1.04 | 1.58 |
| Goodwill | 52.15 | 53.27 | 26.45 | 26.45 | 26.45 |
| Intangible Assets | — | 35.91 | 22.84 | 24.06 | 23.75 |
| Other Assets | 55.44 | 23.27 | — | — | — |
| Total Assets | 138.25 | 151.04 | 65.21 | 70.78 | 66.02 |
| Accounts Payable | 10.88 | 16.67 | 6.35 | 7.88 | 3.76 |
| Current Debt | 4.46 | 4.43 | 0.00 | 3.69 | 4.50 |
| Current Lease Liabilities | 0.61 | 0.60 | 0.47 | 0.51 | 0.71 |
| Other Current Liabilities | 19.68 | 17.57 | 19.34 | 8.13 | 7.53 |
| Total Current Liabilities | 35.62 | 39.27 | 26.16 | 20.20 | 16.50 |
| Long-term Debt | 43.01 | 39.52 | 13.04 | 9.83 | 13.07 |
| Long-term Lease Liabilities | 1.51 | 1.67 | 0.34 | 0.54 | 0.87 |
| Other Liabilities | 16.98 | 21.39 | — | 11.38 | 9.99 |
| Total Liabilities | 97.11 | 101.85 | 39.75 | 41.95 | 40.44 |
| Retained Earnings | (72.59) | (65.13) | (56.85) | (53.35) | (50.41) |
| Total Equity | 41.14 | 49.19 | 25.46 | 28.83 | 25.58 |
| 3/31/26 | 12/31/25 | 9/30/25 | 6/30/25 | |
|---|---|---|---|---|
| Net Income | (7.46) | (1.97) | (7.86) | (1.82) |
| Stock-Based Comp | 0.32 | 0.60 | 0.34 | 1.34 |
| Δ Working Cap & Other | 5.41 | (5.55) | 5.92 | 1.25 |
| Operating Cash Flow | (1.72) | (6.92) | (1.61) | 0.77 |
| CapEx | (0.18) | (0.10) | (0.10) | (0.10) |
| Other Investing | — | (38.41) | (0.61) | (0.54) |
| Investing Cash Flow | (0.55) | (38.50) | (0.71) | (0.64) |
| Other Financing | 2.52 | 46.66 | 2.06 | (3.16) |
| Financing Cash Flow | 2.52 | 46.66 | 2.06 | (3.16) |
| Free Cash Flow | (1.91) | (7.01) | (1.71) | 0.67 |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Net Income | (19.11) | (8.28) | (3.51) | (2.94) | 1.88 |
| D&A | — | 0.35 | 0.20 | 3.22 | 2.83 |
| Stock-Based Comp | 2.60 | 2.28 | 0.01 | 0.56 | 2.12 |
| Δ Working Cap & Other | 7.03 | (2.10) | 6.67 | 4.32 | (7.53) |
| Operating Cash Flow | (9.47) | (7.75) | 3.38 | 5.17 | (0.71) |
| CapEx | (0.48) | (0.31) | (0.01) | (0.31) | (0.15) |
| Acquisitions | — | (37.98) | 0.00 | 0.00 | (17.19) |
| Other Investing | (39.93) | (2.19) | (2.79) | (3.72) | (4.14) |
| Investing Cash Flow | (40.41) | (40.48) | (2.80) | (4.03) | (21.48) |
| Stock Issuance | — | — | 0.00 | 5.45 | 0.00 |
| Dividends Paid | — | — | — | (4.67) | — |
| Other Financing | 48.07 | 48.74 | (2.45) | (0.65) | 20.93 |
| Financing Cash Flow | 48.07 | 48.74 | (2.45) | 0.14 | 20.93 |
| Free Cash Flow | (9.95) | (8.06) | 3.37 | 4.86 | (0.86) |
| 3/31/26 | 12/31/25 | 9/30/25 | 6/30/25 | |
|---|---|---|---|---|
| Current Ratio | 0.73 | 0.85 | 1.03 | 1.01 |
| Quick Ratio | 0.55 | 0.67 | 0.77 | 0.93 |
| Debt / Equity | 2.36 | 2.07 | 1.80 | 1.16 |
| EBITDA Margin % | — | — | — | — |
| Working Capital | (9.53) | (5.73) | 0.53 | 0.08 |
| Net Debt | 41.18 | 37.96 | 20.88 | 18.74 |
| ROE % | (18.1%) | (4.0%) | (35.9%) | (6.2%) |
| ROA % | (5.4%) | (1.3%) | (12.8%) | (2.9%) |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Current Ratio | 0.73 | 0.85 | 0.55 | 0.92 | 0.85 |
| Quick Ratio | 0.55 | 0.67 | 0.48 | 0.79 | 0.71 |
| Debt / Equity | 2.36 | 2.07 | 1.56 | 1.45 | 1.58 |
| EBITDA Margin % | — | (14.9%) | 2.2% | 10.1% | 0.8% |
| Working Capital | (9.53) | (5.73) | (11.67) | (1.59) | (2.51) |
| Net Debt | 41.18 | 37.96 | 12.01 | 6.92 | 11.44 |
| ROE % | (46.4%) | (16.8%) | (13.8%) | (10.2%) | 7.3% |
| ROA % | (13.8%) | (5.5%) | (5.4%) | (4.1%) | 2.8% |
Insider activity (last 2 years)
| Date Filed | Reporter | Relationship | Trans. Date | Code | Shares | Price | Total Value |
|---|---|---|---|---|---|---|---|
| 2026-07-02 | MILLS RICHARD C | Director, Officer (Chief Executive Officer) | 2026-06-30 | P | 200,000 | $3.50 | $700,000 |
| 2026-07-02 | Koshewa Tamra L | Officer (Chief Financial Officer) | 2026-06-30 | P | 28,571 | $3.50 | $99,998 |
| 2026-04-15 | HARRIS DONALD A | Director | 2026-01-28 | A | 13,794 | — | $0 |
| 2026-04-15 | Nesbit Stephen | Director | 2026-01-28 | A | 13,794 | — | $0 |
| 2026-04-15 | BELL DAVID ARTHUR | Director | 2026-01-28 | A | 13,794 | — | $0 |
| 2026-03-10 | Bosco Michael | Director | 2026-01-28 | A | 2,117 | — | $0 |
| 2026-03-03 | ELLIS THOMAS B | Director, 10% Owner | 2026-01-28 | A | 2,117 | — | $0 |
| 2026-02-26 | McGrath Daniel Francis | Director | 2026-01-28 | A | 2,117 | — | $0 |
| 2026-01-28 | Koshewa Tamra L | Officer (Chief Financial Officer) | 2025-12-01 | A | 100,000 | — | $0 |
| 2026-01-07 | Slipstream Communications, LLC | 10% Owner | 2026-01-06 | S | (1,425,485) | $2.52 | -$3,592,222 |
| 2025-07-03 | MILLS RICHARD C | Director, Officer (Chief Executive Officer) | 2025-07-03 | A | 450,000 | — | $0 |
| 2025-07-03 | Mudd David Ryan | Officer (Interim CFO) | 2025-07-03 | A | 50,000 | — | $0 |
| 2025-06-04 | MILLS RICHARD C | Director, Officer (Chief Executive Officer) | 2025-06-02 | P | 16,000 | $3.26 | $52,182 |
| 2025-06-04 | MILLS RICHARD C | Director, Officer (Chief Executive Officer) | 2025-06-02 | A | 206,000 | — | $0 |
| 2025-06-04 | Mudd David Ryan | Officer (Interim CFO) | 2025-06-02 | A | 69,000 | — | $0 |
| 2025-04-03 | BELL DAVID ARTHUR | Director | 2025-04-01 | A | 12,245 | — | $0 |
| 2025-04-03 | BELL DAVID ARTHUR | Director | 2025-04-01 | A | 6,799 | — | $0 |
| 2025-04-03 | Nesbit Stephen | Director | 2025-04-01 | A | 12,245 | — | $0 |
| 2025-04-03 | Nesbit Stephen | Director | 2025-04-01 | A | 6,799 | — | $0 |
| 2025-04-03 | Nesbit Stephen | Director | 2025-04-01 | A | 8,987 | — | $0 |
| 2025-04-03 | HARRIS DONALD A | Director | 2025-04-01 | A | 12,245 | — | $0 |
| 2025-04-03 | HARRIS DONALD A | Director | 2025-04-01 | A | 6,799 | — | $0 |
| 2025-04-03 | HARRIS DONALD A | Director | 2025-04-01 | A | 6,154 | — | $0 |
| 2024-10-23 | LYTTON LAURENCE W | 10% Owner | 2024-01-23 | S | (5,400) | $2.96 | -$15,985 |
| 2024-10-23 | LYTTON LAURENCE W | 10% Owner | 2024-01-22 | S | (4,800) | $2.81 | -$13,502 |
| 2024-10-23 | LYTTON LAURENCE W | 10% Owner | 2024-01-18 | S | (4,600) | $2.67 | -$12,284 |
| 2024-10-23 | LYTTON LAURENCE W | 10% Owner | 2023-12-12 | P | 10,000 | $1.90 | $18,967 |
| 2024-10-23 | LYTTON LAURENCE W | 10% Owner | 2023-12-08 | P | 1,000 | $1.96 | $1,955 |