Revenue growth remains highly unpredictable, swinging from a 27% contraction in 2025Q3 to a 117% expansion in 2025Q4, while gross margins fluctuate between 34.2% and 51.8% due to shifting product mixes.
| 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 |
|---|
| Sales/Revenue | 63.85M | 57.23M | 50.85M | 45.17M | 43.35M | 18.44M | 17.46M | 31.6M | 22.48M | 17.7M | 13.67M | 11.47M | 13.42M | 6.8M | 6.7M | 9.27M | 8.57M | 5.01M | 7.38M | 5.98M | 3.15M | 710.22K | 1.07M |
| Revenue Growth % | 32.18% | 12.54% | 12.59% | 4.19% | 135.13% | 5.61% | -44.75% | 40.59% | 26.99% | 29.44% | 19.2% | -14.51% | 97.27% | 1.46% | -27.71% | 8.25% | 71.03% | -32.14% | 23.33% | 90.28% | 342.88% | -33.87% | - |
| Cost of Goods Sold | 36.99M | 31.52M | 26.84M | 22.98M | 25.61M | 10.08M | 9.34M | 17.86M | 12.25M | 10.31M | 6.82M | 7.87M | 10.05M | 2.81M | 3.03M | 5.21M | 4.58M | 3.59M | 6.59M | 3.89M | 1.55M | 939.91K | 1.03M |
| COGS % of Revenue | - | 55.07% | 52.78% | 50.89% | 59.08% | 54.67% | 53.48% | 56.52% | 54.51% | 58.25% | 49.84% | 68.6% | 74.91% | 41.37% | 45.18% | 56.16% | 53.48% | 71.59% | 89.27% | 65.04% | 49.13% | 132.34% | 95.82% |
| Gross Profit | 26.86M | 25.71M | 24.01M | 22.18M | 17.74M | 8.36M | 8.12M | 13.74M | 10.22M | 7.39M | 6.86M | 3.6M | 3.37M | 3.99M | 3.67M | 4.07M | 3.98M | 1.42M | 792.11K | 2.09M | 1.6M | -229.69K | 44.92K |
| Gross Margin % | 42.07% | 44.93% | 47.22% | 49.11% | 40.92% | 45.33% | 46.52% | 43.48% | 45.49% | 41.75% | 50.16% | 31.4% | 25.09% | 58.63% | 54.82% | 43.84% | 46.52% | 28.41% | 10.73% | 34.96% | 50.87% | -32.34% | 4.18% |
| Gross Profit Growth % | - | 7.09% | 8.24% | 25.05% | 112.27% | 2.91% | -40.89% | 34.39% | 38.35% | 7.74% | 90.39% | 7.01% | -15.6% | 8.52% | -9.62% | 2.03% | 180.04% | 79.65% | -62.15% | 30.77% | 796.64% | -611.35% | - |
| Operating Expenses | 41.21M | 34.58M | 23.07M | 20.84M | 20.22M | 10.91M | 24.2M | 13.85M | 14.23M | 11.52M | 10.35M | 10.89M | 8.25M | 7.56M | 9.07M | 10.78M | 11.84M | 11.68M | 19.07M | 13.41M | 5.92M | 3.77M | 2.86M |
| OpEx % of Revenue | - | 60.42% | 45.37% | 46.13% | 46.64% | 59.15% | 138.64% | 43.83% | 63.32% | 65.08% | 75.7% | 94.95% | 61.51% | 111.14% | 135.35% | 116.22% | 138.2% | 233.1% | 258.4% | 224.02% | 188.16% | 530.93% | 265.91% |
| Selling, General & Admin | 35.49M | 28.87M | 23.07M | 16.04M | 15.54M | 8.47M | 10.14M | 11.44M | 11.79M | 9.02M | 7.45M | 8.06M | 6.94M | 6.41M | 6.99M | 8.2M | 8.29M | 8.74M | 15.26M | 11.51M | 5.04M | 2.89M | 2.17M |
| SG&A % of Revenue | - | 50.44% | 45.37% | 35.52% | 35.85% | 45.96% | 58.09% | 36.19% | 52.45% | 50.98% | 54.52% | 70.27% | 51.75% | 94.27% | 104.31% | 88.37% | 96.79% | 174.45% | 206.69% | 192.24% | 160.32% | 406.81% | 201.91% |
| Research & Development | 0 | 0 | 0 | 1.57M | 1.25M | 550K | 1.08M | 1.41M | 1.26M | 991K | 893K | 804K | 492K | 935K | 1.79M | 2.12M | 2.86M | 2.17M | 2.54M | 1.2M | 875.82K | 881.51K | 687.4K |
| R&D % of Revenue | - | - | - | 3.48% | 2.89% | 2.98% | 6.2% | 4.47% | 5.59% | 5.6% | 6.53% | 7.01% | 3.67% | 13.75% | 26.78% | 22.82% | 33.43% | 43.26% | 34.43% | 20.02% | 27.84% | 124.12% | 64% |
| Other Operating Expenses | 1000K | 5.71M | 0 | 3.22M | 3.42M | 1.88M | 12.98M | 1M | -5.06M | 1.5M | 2M | 2.03M | 817K | 213K | 286K | 467K | 684K | 771K | 1.28M | 704K | 0 | 0 | 0 |
| Operating Income | -14.35M | -8.87M | 938K | 1.35M | -2.48M | -2.55M | -16.08M | -110K | -4.48M | -6.1M | -4.56M | -7.29M | -4.89M | -3.57M | -5.4M | -6.71M | -7.86M | -10.25M | -21.31M | -11.32M | -4.32M | -4M | -2.81M |
| Operating Margin % | -22.48% | -15.49% | 1.84% | 2.98% | -5.72% | -13.83% | -92.12% | -0.35% | -19.94% | -34.47% | -33.33% | -63.55% | -36.41% | -52.51% | -80.53% | -72.37% | -91.69% | -204.69% | -288.73% | -189.06% | -137.29% | -563.27% | -261.73% |
| Operating Income Growth % | - | -1045.2% | -30.31% | 154.27% | 2.71% | 84.15% | -14520% | 97.55% | 26.52% | -33.86% | 37.49% | -49.2% | -36.79% | 33.84% | 19.56% | 14.55% | 23.39% | 51.89% | -88.36% | -162.02% | -7.95% | -42.32% | - |
| EBITDA | -11.64M | -6.39M | 5.02M | 4.57M | 353K | -1.19M | -14.61M | 1.11M | -3.3M | -4.59M | -2.55M | -5.26M | -4.07M | -3.36M | -5.11M | -6.25M | -7.17M | -9.48M | -20.09M | -10.66M | 1.05M | -3.63M | -2.55M |
| EBITDA Margin % | -18.24% | -11.16% | 9.86% | 10.11% | 0.81% | -6.43% | -83.68% | 3.5% | -14.67% | -25.96% | -18.68% | -45.88% | -30.32% | -49.38% | -76.27% | -67.34% | -83.7% | -189.3% | -272.13% | -178.17% | 33.51% | -511.35% | -237.42% |
| EBITDA Growth % | -346.8% | -227.33% | 9.83% | 1193.77% | 129.79% | 91.89% | -1419.6% | 133.58% | 28.25% | -79.91% | 51.47% | -29.38% | -21.11% | 34.3% | 18.13% | 12.91% | 24.37% | 52.79% | -88.37% | -1111.6% | 129.03% | -42.43% | - |
| D&A (Non-Cash Add-back) | 2.71M | 0 | 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 |
| EBIT | -16.38M | -6.39M | -1.63M | 138K | 4.7M | 1.06M | -15.98M | -360K | -8.41M | -5.38M | -3.43M | -6.32M | -3.77M | -3.57M | -5.4M | -6.71M | -7.83M | -10.2M | -18.23M | -11.32M | -4.32M | -4M | -2.81M |
| Net Interest Income | -3.62M | -2.48M | -1.77M | -2.99M | -2.74M | -805K | -1.02M | -831K | -2.61M | -1.61M | -1.64M | -1.29M | -32K | -33K | -7K | -26K | -28K | 70K | 625K | 1.24M | -10.1M | -803.29K | -524.12K |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1K | 4K | 30K | 76K | 647.07K | 1.28M | 21.91K | 1.38K | 1.43K |
| Interest Expense | 3.62M | 2.48M | 1.77M | 2.99M | 2.74M | 805K | 1.02M | 831K | 2.61M | 1.61M | 1.64M | 1.29M | 32K | 33K | 8K | 30K | 58K | 6K | 22.48K | 40.25K | 10.12M | 804.66K | 525.55K |
| Other Income/Expense | -4.22M | 1.76M | -4.34M | -4.2M | 4.43M | 2.8M | -920K | 1.24M | -6.54M | -889K | -506K | -319K | 1.09M | -238K | -144K | -26K | -28K | 70K | -3.69M | 1.23M | -367.1K | -789.49K | -528.43K |
| Pretax Income | -18.57M | -7.11M | -3.4M | -2.85M | 1.96M | 254K | -17M | 1.13M | -11.02M | -6.99M | -6.28M | -7.61M | -3.8M | -3.6M | -5.41M | -6.74M | -7.88M | -10.18M | -20.69M | -10.09M | -4.69M | -3.99M | -2.82M |
| Pretax Margin % | -29.08% | -12.42% | -6.69% | -6.32% | 4.51% | 1.38% | -97.39% | 3.58% | -49.02% | -39.49% | -45.89% | -66.33% | -28.31% | -52.88% | -80.64% | -72.65% | -92.02% | -203.29% | -280.33% | -168.53% | -148.96% | -561.33% | -262.13% |
| Income Tax | 537K | -1.17M | 106K | 83K | 79K | 22K | -158K | 93K | -398K | -39K | -365K | 358K | 32K | 0 | 1K | 0 | 0 | 0 | 2.41M | 0 | 10.47M | 789.49K | 528.43K |
| Effective Tax Rate % | -2.89% | 16.4% | -3.12% | -2.91% | 4.04% | 8.66% | 0.93% | 8.22% | 3.61% | 0.56% | 5.82% | -4.7% | -0.84% | 0% | -0.02% | 0% | 0% | 0% | -11.65% | 0% | -223.45% | -19.8% | -18.77% |
| Net Income | -19.11M | -7.11M | -3.51M | -2.94M | 1.88M | 232K | -16.84M | 1.04M | -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 |
| Net Margin % | -29.92% | -12.42% | -6.9% | -6.5% | 4.33% | 1.26% | -96.49% | 3.28% | -47.25% | -39.27% | -43.22% | -69.45% | -28.31% | -52.88% | -80.64% | -72.65% | -92.02% | -203.29% | -280.33% | -168.53% | -470.14% | -674.43% | -310.93% |
| Net Income Growth % | -4503.61% | -102.68% | -19.44% | -256.56% | 708.62% | 101.38% | -1722.74% | 109.77% | -52.81% | -17.6% | 25.82% | -109.71% | -5.62% | 33.46% | 19.77% | 14.52% | 22.59% | 50.79% | -105.15% | 31.79% | -208.73% | -43.44% | - |
| Net Income (Continuing) | -19.11M | -5.94M | -3.51M | -2.94M | 1.88M | 232K | -16.84M | 1.04M | -10.62M | -6.95M | -4.7M | -7.97M | -3.8M | -3.6M | -5.41M | -6.74M | -7.88M | -10.18M | -20.69M | -10.09M | -14.79M | -4.79M | -3.34M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 27.69M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.81 | -0.81 | -0.34 | -0.35 | 0.28 | 0.06 | -4.96 | 0.32 | -12.41 | -8.90 | -7.10 | -15.02 | -12.60 | -56.70 | -102.60 | -153.00 | -198.00 | -301.50 | -634.50 | -369.00 | -4369.50 | -219.37 | -3091.50 |
| EPS Growth % | -49110.53% | -138.24% | 2.86% | -225% | 372.97% | 101.19% | -1650% | 102.58% | -39.44% | -25.35% | 52.73% | -19.21% | 77.78% | 44.74% | 32.94% | 22.73% | 34.33% | 52.48% | -71.95% | 91.56% | -1891.84% | 92.9% | - |
| EPS (Basic) | - | -0.81 | -0.34 | -0.35 | 0.28 | 0.06 | -4.96 | 0.32 | -12.41 | -8.90 | -7.10 | -15.02 | -12.60 | -56.70 | -102.60 | -153.00 | -198.00 | -301.50 | -634.50 | -369.00 | -4369.50 | -219.37 | -3091.50 |
| Diluted Shares Outstanding | 10.55M | 10.49M | 10.44M | 8.48M | 6.66M | 3.92M | 3.4M | 3.25M | 1.2M | 808.75K | 727.14K | 553.22K | 388.73K | 63.82K | 52.58K | 43.56K | 39.78K | 33.94K | 32.59K | 27.36K | 3.38K | 21.83K | 1.08K |
| Basic Shares Outstanding | 10.55M | 10.49M | 10.44M | 8.48M | 6.66M | 3.92M | 3.4M | 3.25M | 1.2M | 808.75K | 727.14K | 553.22K | 388.73K | 63.82K | 52.58K | 43.56K | 39.78K | 33.94K | 32.59K | 27.36K | 3.38K | 21.83K | 1.08K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Liquidity and working capital
As reported in recent financial statements, Creative Realities experienced significant revenue volatility, with quarterly growth rates swinging from a 27% contraction in 2025Q3 to a 117% expansion in 2025Q4, highlighting the inherent unpredictability of project-based enterprise hardware deployments within their core retail and food service verticals.
The extreme variance in top-line performance suggests that revenue recognition is heavily dependent on the timing of large-scale installation milestones rather than a steady stream of recurring software demand. Investors should monitor whether the company can transition toward a more predictable SaaS-led model to mitigate the impact of these lumpy deployment cycles.
Based on reported figures, gross margins have fluctuated between 34.2% and 51.8% over the last ten quarters, suggesting that the company's profitability is highly sensitive to the shifting composition of hardware sales versus higher-margin software services within their integrated digital signage solutions.
The compression of gross margins in recent periods may indicate an increased reliance on lower-margin hardware procurement to drive customer acquisition. This trend warrants further investigation into whether the company is successfully upselling its Reflect platform to existing hardware clients to improve long-term margin durability.
According to historical income statement data, operating expenses frequently outpace gross profit generation, resulting in persistent operating losses that reached -38% of revenue in 2026Q1, indicating that the firm has yet to achieve the necessary scale to cover its fixed corporate and development overhead.
The inability to consistently scale operating income alongside revenue suggests that the current cost structure is not yet optimized for profitability. Unless the company can demonstrate a decoupling of SG&A growth from top-line expansion, the path to sustainable positive operating margins appears increasingly difficult to navigate.
As indicated by the most recent quarterly filings, the company's cash position of $1.56M against a backdrop of recurring operating losses suggests a precarious liquidity profile that may limit the firm's ability to fund working capital requirements for future large-scale enterprise project rollouts.
Short-sellers may focus on the potential for dilutive financing if the company fails to reach a cash-flow-positive inflection point soon. The reliance on project-based revenue in a high-interest-rate environment poses a material risk to the company's ability to sustain its current operational footprint without external capital support.
Quick answers to the most common questions about buying CREX stock.
For fiscal year 2025, Creative Realities, Inc. (CREX) reported total revenue of $57.2M. This represents a 5228.9% increase compared to $1.1M in 2004.
Creative Realities, Inc. (CREX) reported a net loss of $7.1M for the fiscal year ending 2025.
Creative Realities, Inc. (CREX) reported an operating income of $-8.9M, resulting in an operating profit margin of -15.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Creative Realities, Inc. (CREX) generated $25.7M in gross profit for the year, representing a gross profit margin of 44.9%. This demonstrates the company's core pricing power and production efficiency.