Liquidity remains under pressure, evidenced by a current ratio of 0.73 and a massive $9.7M working capital outflow in 2025Q4 that highlights the firm's sensitivity to project-based cash cycles.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 |
|---|
| Cash from Operations | -7.02M | -7.75M | 3.38M | 5.17M | -708K | 471K | -3.53M | -970K | -1.56M | 655K | -4.11M | -1.98M | -3.72M | -2.83M | -4.76M | -4.62M | -7.1M | -8.25M | -14.91M | -9.65M | -4.96M | -3.38M | -1.49M |
| Operating CF Margin % | - | -13.54% | 6.65% | 11.44% | -1.63% | 2.55% | -20.22% | -3.07% | -6.96% | 3.7% | -30.03% | -17.28% | -27.72% | -41.55% | -71% | -49.8% | -82.86% | -164.64% | -202% | -161.26% | -157.68% | -476.6% | -138.48% |
| Operating CF Growth % | -728.88% | -329.22% | -34.57% | 829.8% | -250.32% | 113.34% | -263.92% | 37.98% | -338.78% | 115.95% | -107.16% | 46.71% | -31.6% | 40.63% | -3.07% | 34.95% | 13.92% | 44.69% | -54.49% | -94.59% | -46.53% | -127.59% | - |
| Net Income | -19.11M | -8.28M | -3.51M | -2.94M | 1.88M | 232K | -16.84M | 563K | -10.62M | -6.95M | -5.91M | -7.97M | -3.8M | -3.6M | -5.41M | -6.74M | -7.88M | -10.18M | -20.69M | -10.09M | -14.79M | -4.79M | -3.34M |
| Depreciation & Amortization | 9.2M | 6.49M | 4.08M | 3.22M | 2.83M | 1.36M | 1.47M | 1.22M | 1.19M | 1.5M | 2M | 2.03M | 818K | 213K | 286K | 467K | 684K | 771K | 1.23M | 651.56K | 5.37M | 368.72K | 261.1K |
| Stock-Based Compensation | 2.6M | 2.28M | 13K | 563K | 2.12M | 2.02M | 720K | 478K | 1.38M | 284K | 273K | 254K | 328K | 444K | 598K | 740K | 868K | 698K | 1.31M | 0 | 0 | 0 | 0 |
| Deferred Taxes | 446K | 1.14M | 61K | 44K | 0 | 0 | -175K | 47K | -421K | -61K | -365K | 358K | 417K | -10K | 3K | 6.83M | 63K | 53K | 3.1M | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 6.42M | 1.37M | 3.27M | 3.02M | -4.24M | -4.23M | 12.01M | -1.06M | 5.75M | 2.09M | 2.39M | 82K | -1.13M | 3K | 75K | -6.74M | -25K | -41K | 7.34K | 1.26M | 5.22M | 661.37K | 61.21K |
| Working Capital Changes | -6.59M | -10.76M | -532K | 1.26M | -3.29M | 1.08M | -716K | -2.21M | 1.16M | 3.78M | -2.49M | 3.26M | -356K | 121K | -316K | 826K | -806K | 455K | 132.47K | -1.48M | -761.82K | 374.96K | 1.53M |
| Change in Receivables | 849K | -6.06M | 1.85M | -4.36M | -3.93M | -673K | 1.25M | 2.32M | 251K | -1.75M | -3.36M | 4.37M | -764K | 289K | -11K | 1.15M | -1.44M | 828K | -172.78K | 0 | 0 | 0 | 0 |
| Change in Inventory | -3.35M | -3.85M | 615K | -1.05M | -1.47M | 62K | -1.97M | -2.32M | 613K | -266K | -503K | 745K | 967K | 89K | 12K | 102K | -87K | 275K | 182.34K | -283.29K | 95.59K | -52.29K | -75.06K |
| Change in Payables | 409K | 4.36M | -1.39M | 4.49M | 914K | 869K | 3K | 284K | -98K | -390K | 858K | -802K | -248K | -285K | -286K | -693K | 584K | -107K | -272.11K | 0 | 0 | 0 | 0 |
| Cash from Investing | -40.41M | -40.48M | -2.8M | -4.03M | -21.48M | -1.16M | -657K | -687K | -6.58M | -569K | -292K | -580K | -1.98M | -29K | -47K | -149K | -189K | 8.17M | 5.3M | -11.82M | -7.49M | -272.11K | -257.63K |
| Capital Expenditures | -481K | -306K | -11K | -306K | -149K | -19K | -657K | -897K | -308K | -569K | -292K | -639K | -266K | -29K | -47K | -149K | -189K | -133K | -1.05M | -1.47M | -310.93K | -272.11K | -257.63K |
| CapEx % of Revenue | 0.75% | 0.53% | 0.02% | 0.68% | 0.34% | 0.1% | 3.76% | 2.84% | 1.37% | 3.22% | 2.14% | 5.57% | 1.98% | 0.43% | 0.7% | 1.61% | 2.21% | 2.66% | 14.24% | 24.59% | 9.89% | 38.31% | 23.99% |
| Acquisitions | -37.98M | -37.98M | 0 | 0 | -17.19M | 0 | 0 | 0 | -6.27M | 0 | 0 | 59K | -1.71M | 0 | 0 | 0 | 0 | 0 | 0 | -2.88M | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -1.94M | -2.19M | -2.79M | -3.72M | -4.14M | -1.14M | 0 | 210K | 0 | 0 | 0 | 59K | 0 | 0 | 0 | 0 | -8.3M | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 48.07M | 48.74M | -2.45M | 137K | 20.93M | 1.75M | 3.48M | 1.47M | 9.86M | -435K | 4.39M | 3.35M | 6.16M | 2.07M | 1.59M | 3.16M | 2.19M | 7.05M | 497.87K | 27.69M | 20.59M | 3.69M | 1.83M |
| Debt Issued (Net) | 23.94M | 27.41M | -2.15M | -3.32M | 10.82M | -104K | 1.53M | 1.47M | 942K | -786K | 4.22M | 3.19M | 1.59M | 675K | 359K | -36K | 319K | -71K | -99.8K | -111.49K | 3.45M | 2.58M | 1.83M |
| Equity Issued (Net) | -200K | 0 | 0 | 5.45M | 1.81M | 1.85M | 1.83M | 0 | 8.92M | -149K | 167K | 265K | 4.57M | 1.4M | 1.23M | 2.99M | 1.64M | 6.99M | 225K | 28.25M | 18M | 1.22M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -112K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -149K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 24.33M | 21.33M | -306K | -2M | 8.29M | 0 | 120K | 2K | 0 | 500K | 0 | -109K | 112K | 0 | 0 | 201K | 234K | 131K | 372.66K | -450K | -864.51K | -100K | 0 |
| Net Change in Cash | 680K | 522K | -1.87M | 1.28M | -1.25M | 1.06M | -708K | -184K | 1.72M | -349K | -9K | 788K | 465K | -768K | -3.23M | -1.59M | -5.21M | 6.98M | -9.25M | 6.27M | 8.14M | 34.94K | 80.93K |
| Free Cash Flow | -7.5M | -8.06M | 580K | 1.14M | -5M | -688K | -4.19M | -1.87M | -1.87M | 86K | -4.4M | -2.62M | -3.98M | -2.85M | -4.81M | -4.77M | -7.29M | -8.38M | -15.96M | -11.12M | -5.27M | -3.66M | -1.74M |
| FCF Margin % | -11.75% | -14.08% | 1.14% | 2.52% | -11.53% | -3.73% | -23.98% | -5.91% | -8.33% | 0.49% | -32.17% | -22.85% | -29.7% | -41.97% | -71.7% | -51.4% | -85.07% | -167.3% | -216.24% | -185.85% | -167.57% | -514.91% | -162.47% |
| FCF Growth % | -151.42% | -1488.97% | -49.12% | 122.81% | -626.31% | 83.57% | -124.26% | 0.27% | -2276.74% | 101.96% | -67.8% | 34.23% | -39.58% | 40.61% | -0.84% | 34.59% | 13.03% | 47.5% | -43.5% | -111.04% | -44.13% | -109.58% | - |
| FCF per Share | -0.71 | -0.77 | 0.06 | 0.13 | -0.75 | -0.18 | -1.23 | -0.57 | -1.56 | 0.11 | -6.05 | -4.74 | -10.25 | -44.73 | -91.43 | -109.44 | -183.21 | -246.89 | -489.83 | -406.49 | -1557.53 | -167.49 | -1615.65 |
| FCF Conversion (FCF/Net Income) | 0.39x | 1.09x | -0.96x | -1.76x | -0.38x | 2.03x | 0.21x | -0.93x | 0.15x | -0.09x | 0.69x | 0.25x | 0.98x | 0.79x | 0.88x | 0.69x | 0.90x | 0.81x | 0.72x | 0.96x | 0.34x | 0.71x | 0.45x |
| Interest Paid | -270K | 0 | 1.2M | 1.69M | 1.35M | 106K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | -1K | 0 | 52K | 78K | 43K | 32K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidity and working capital
As reported in recent financial filings, the relationship between net income and operating cash flow for CREX is highly erratic, with OCF/NI ratios swinging from 10.07 in 2024Q3 to -17.78 in 2024Q1, indicating that accounting earnings provide little visibility into actual cash generation.
The persistent divergence between net income and operating cash flow suggests that non-cash items and significant working capital swings are masking the underlying cash burn. Investors should monitor whether this volatility is a structural byproduct of project-based revenue recognition or indicative of deeper issues in cash collection efficiency.
Based on the company's historical cash flow statements, FCF margins have remained deeply inconsistent, oscillating between a positive 24.0% in 2025Q2 and a negative 29.3% in 2025Q4, reflecting the lumpy nature of enterprise hardware deployments and the lack of a stable recurring cash base.
The inability to maintain positive free cash flow suggests that the business model is currently reliant on external financing or working capital management to sustain operations. This trajectory implies that until software-as-a-service revenue scales sufficiently to cover fixed costs, cash flow will likely remain tethered to the timing of large, irregular project milestones.
According to quarterly data, working capital changes have been a primary driver of cash flow volatility, with a massive $9.7M outflow in 2025Q4 followed by significant fluctuations, highlighting the company's sensitivity to inventory procurement and the timing of customer payments for large-scale installations.
The reliance on working capital shifts to bridge the gap between hardware procurement and final project delivery appears to be a significant operational risk. This pattern suggests that any delay in customer acceptance or supply chain bottlenecks could immediately strain the company's already thin liquidity position.
As indicated by the financial statements, the company has prioritized cash preservation over capital returns, with no dividends or buybacks reported, while a $38M acquisition in 2025Q4 underscores a strategy of inorganic growth that has yet to yield consistent positive cash flow for the firm.
The lack of capital returns is consistent with a company in a growth-at-all-costs phase, yet the negative operating margins suggest that these investments have not yet reached an inflection point. Future capital allocation will likely remain limited by the necessity to fund ongoing operations and manage the existing debt profile.
Quick answers to the most common questions about buying CREX stock.
Creative Realities, Inc. (CREX) generated $-7.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Creative Realities, Inc. (CREX) reported negative free cash flow of $8.1M in 2025, indicating capital requirements exceeded cash from operations.
Creative Realities, Inc. (CREX) spent $0.3M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.