Creative Realities Inc. (CREX)

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Filed Nov. 13, 2024:
25% Year-over-Year Top Line Revenue Growth; 53% increase in Adjusted EBITDA to $2.3 Million; On Track for Best Year Ever
LOUISVILLE, Ky., Nov. 13, 2024 (GLOBE NEWSWIRE) -- Creative Realities, Inc. (“Creative Realities,” “CRI,” or the “Company”) (NASDAQ: CREX), a leading provider of digital signage and media solutions, today announced its financial results for the fiscal third quarter ended September 30, 2024.
Highlights:
Record third quarter revenue of $14.4 million, up 25% from $11.6 million in the prior-year period
Gross profit of $6.6 million for the three months ended September 30, 2024 versus $5.3 million in the third quarter of fiscal 2023, an increase of 25%
Net Income improved by $1.9 million during third quarter, to breakeven, as compared to third quarter prior year
Adjusted EBITDA* of $2.3 million for the third quarter of 2024 versus $1.0 million in the prior-year period, an increase of 122%
Annual recurring revenue (“ARR”) of approximately $18.1 million at the end of the third quarter versus $18.0 million as of June 30, 2024
“Our financial results – including third quarter record revenue and profitable bottom-line performance – put us squarely on track for the Company’s best year in its history,” said Rick Mills, Chief Executive Officer. “Revenue rose 25% year-over-year, and Adjusted EBITDA climbed to $2.3 million, as we moved closer to achieving many of our goals for fiscal 2024. Our Adjusted EBITDA as a percentage of revenue rose to 15.8% in the quarter and to 11.5% year-to-date, bringing our trailing twelve-months Adjusted EBITDA to $7.4 million, or 13.6% of trailing twelve-month revenue. This Adjusted EBITDA is ahead of our prior projection of a 2024 exit run-rate of approximately 12% on revenue of $60 million. While the Company’s active business development pipeline positions us positively for 2025 and beyond, we project a shortfall in revenue against our prior projections for the 2024 fourth quarter and the fiscal year as material opportunities have taken longer to finalize, contract, and deploy, thus pushing these projected revenues into 2025. We are confident that 2024 will represent record revenue and profitability under any scenario and remain excited about the future and committed to accelerating growth, expanding margins, optimizing our capital structure and, as always, increasing returns for our shareholders.”