What changed in this filing

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Item 1. Business

2026-04-15 compared with 2025-03-14 · 46 added, 25 removed, 139 unchanged (34% of the section changed)

1 unchanged sentence

Creative Realities, Inc.

(“Creative Realities”, the “Company”, “we”, “us” or “our”) provides innovative digital signage and media solutions to enhance communications in a wide-ranging variety of out-of-home environments, key market segments and use cases, including:

(“Creative Realities”, the “Company”, “we”, “us” or “our”) provides innovative digital signage and media solutions in North America to enhance communications in a wide-ranging variety of out-of-home environments, key market segments and use cases, including:

Entertainment and Sports Venues

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Financial Services

Medical and Healthcare Facilities

Mixed Use Developments

Corporate Communications, Employee Experience

Digital out of Home (“DOOH”) Advertising Networks

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Increased customer/guest engagement

Through a combination of organically grown platforms and a series of strategic acquisitions, the Company assists customers to design, deploy, manage, and monetize their digital signage networks.

Traffic content and advertising

Through a combination of organically grown platforms and a series of strategic acquisitions, the Company assists customers to design, deploy, manage, and monetize their digital signage and in-store retail media networks.

The Company sources leads and opportunities for its solutions through its digital and content marketing initiatives, close relationships with key industry partners, equipment manufacturers, and the direct efforts of its in-house industry sales experts.

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Breadth of solutions – Creative Realities offers true solutions to our customers.

Creative Realities is one of only a few companies in the industry capable of providing the full portfolio of products and services required to implement and run an effective digital signage network.

We leverage a ‘single vendor’ approach, providing customers with a one-stop-shop for sourcing digital signage solutions from design through day two services.

Creative Realities is one of only a few companies in the industry capable of providing the full portfolio of products and services required to implement and run an effective digital signage and in-store retail media networks.

We leverage a ‘single vendor’ approach, providing customers with a one-stop-shop for sourcing digital signage and media solutions from design through day two services.

Managed labor pool – Unlike most companies in our industry, we have a curated labor pool of qualified and vetted field technicians available to service customers quickly nationwide.

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This also provides us purchasing power to source products and services for our customers, enabling us to deliver cost effective, reliable, and powerful solutions to small and medium size business customers.

AdTech platforms – The Company has developed and deployed the AdLogic and Adlogic CPM+ platforms, which, working in conjunction with our CMS platforms, present completely integrated digital advertising solutions for existing and prospective customers seeking to monetize their in-store retail media networks.

AdTech platforms – The Company has developed and deployed the AdLogic and CPM+ platforms, which, working in conjunction with our CMS platforms, present completely integrated digital advertising solutions for existing and prospective customers seeking to monetize their in-store retail media networks.

These platforms anchor the Company's vertical expansion into AdTech bringing new, and expanding existing, addressable markets.

Market sector expertise – Creative Realities has in-house experts in key market segments such as automotive, retail, quick-serve restaurants (“QSR”), convenience stores, and Digital Out of Home (“DOOH”) advertising.

Market sector expertise – Creative Realities has in-house experts in key market segments such as retail, quick-serve restaurants (“QSR”), convenience stores, and Digital Out of Home (“DOOH”) advertising.

Our expertise in these business segments enables our teams to provide meaningful business conversations and offer tailored solutions with prospects and customers to their unique business objectives.

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We utilize a range of media players including Windows, Android and BrightSign to provide customers the flexibility they need to select the appropriate hardware for any application knowing the entire network can still be served by a single digital signage platform, reducing complexity and improving the productivity of our customers.

Retail Media Network – The Company owns and operates the largest mall shopping network in Canada.

The three primary sources of revenue for the Company are:

Hardware sales from reselling digital signage hardware from original equipment manufacturers such as Samsung and BrightSign.

Services revenue from helping customers design, deploy and manage their digital signage network, including:

Services revenue from helping customers design, deploy and manage their digital signage and in-store retail media networks, including:

Hardware system design/engineering

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Post-deployment network and field support

AdTech to traffic advertising and content directly and through programmatic channels

Recurring subscription licensing and support revenue from our digital signage software platforms, which are generally sold via a SaaS model.

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Reflect Xperience , a web-based interface that allows customers to give content scheduling access to local users via the web or mobile devices, while still maintaining centralized programming control;

Reflect AdLogic , the Company’s ad management platform for digital signage networks, which presently delivers approximately 50 million ads daily;

Reflect AdLogic CPM+ , the Company’s demand side and supply side platform with campaign management and extensive capabilities for programmatic advertising;

Clarity , the Company’s menu board solution, which has become a market leader for a range of restaurant, including QSR and convenience store applications;

Reflect Zero Touch , which allows customers to turn any screen into an interactive experience by allowing guests to engage using their mobile device;

AdLogic , the Company’s AdTech management platform for digital signage networks, which presently delivers approximately 50 million ads daily;

CPM+ , the Company’s demand side and supply side platform with campaign management and extensive capabilities for programmatic advertising;

Clarity , the Company’s digital signage platform for menu board solutions, which has become a market leader for a range of restaurant, including QSR and convenience store applications;

iShowroomProX , an omni-channel digital sales support platform targeted at original equipment manufacturers in the transportation sector, which integrates with dozens of key data services including dealer inventory at the VIN level.

OSx+ , a digital VIN-level checklist used to assist in the tracking and delivery of new vehicles in the transportation sector, providing measurable lift in customer satisfaction scores and connected vehicle enrollments and subscription activations.

While hardware sales and support services revenues can fluctuate more significantly year over year based on new, large-scale network deployments, the Company is focusing on maintaining and increasing recurring SaaS revenue as digital signage adoption/utilization expands across the vertical markets we serve.

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While we do see reductions in retail footprints across the U.S., we see a continued focus on integration of digital into the retail marketplace and a focus on digital refreshes within the retail space to stay relevant in an evolving e-commerce marketplace.

Recent general economic conditions have generally make it easier for our customers to justify decisions to invest in digital marketing technology solutions.

Recent general economic conditions have generally made it easier for our customers to justify decisions to invest in digital marketing technology solutions.

A change in the macroeconomic trend in the U.S.

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Government Regulation

We are subject to regulation by various federal and state governmental agencies.

We are regulated by various U.S.

and Canadian federal and state/provincial governmental agencies.

Such regulation includes radio frequency emission regulatory activities of the U.S.

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Presently, we do not believe that any such legislation or proposed legislation will have a materially adverse impact on our business.

While we believe there is presently no direct competitor with the comprehensive offering of technologies, solutions, and services we provide to our customers, there are multiple individual competitors who offer subsets of our product and service offerings.

These include digital signage software companies such as Stratacache and Poppulo;

Our Canadian operations through CDM are headquartered in Waterloo, Ontario, and subject to a range of Canadian federal and provincial laws applicable to our digital signage, media network, and data management operations.

At the federal level, CDM’s commercial activities are governed by the Personal Information Protection and Electronic Documents Act (Canada) (“PIPEDA”) (S.C.

5), which regulates the collection, use, and disclosure of personal information in the course of commercial activity.

PIPEDA applies to CDM with respect to customer and client data (s.

4(1)(a)) and personal information transferred to related entities and third-party processors, including transfers to CRI, CDM’s U.S.

parent operations, for which CDM remains accountable under contractual and other protective obligations (Schedule 1, Principle 4.1.3).

Depending on the technologies deployed in CDM’s digital signage and audience measurement operations, certain data collected or processed in connection with those activities may also constitute personal information subject to PIPEDA, including where applicable regulatory guidance issued by the Office of the Privacy Commissioner of Canada is engaged.

CDM employs employees in Canada.

Those employees are subject to applicable provincial employment-related legislation, for example, in Ontario, the Employment Standards Act, 2000 (Ontario) , Ontario Human Rights Code , the Ontario Labour Relations Act, 1995 , the Workplace Safety and Insurance Act , the Occupational Health and Safety , and the Accessibility for Ontarians with Disabilities Act, 2005 (“AODA”).

Such provincial employment legislation will govern most aspects of the employment relationship.

The employment standards legislation specifically governs minimum notice and severance requirements, which differ materially from the at-will employment framework applicable to some of our U.S.

In the absence of precisely draft termination clauses in employment agreements, common law principles often provide more generous termination entitlements for employees, specifically the concept of “reasonable notice” for termination of employment without cause.

CDM also operates digital media display networks in shopping centres throughout different provinces across Canada, including Quebec, where the Charter of the French Language (as amended by Bill 96) imposes French-language requirements on commercial signage and certain digital interfaces.

CDM is also subject to applicable Quebec privacy legislation for intra-provincial commercial activity.

Our legacy operations continue to compete in the U.S.

with digital signage software companies such as Stratacache and Poppulo;

marketing services companies such as Sapient Nitro;

or digital signage systems integrators such as SageNet.

digital signage systems integrators such as SageNet.

CDM competes in Canada with digital signage software companies such as Coates Group, ICON, Stratacache, and Stingray;

DOOH providers Quebecor (formerly NEO), Branded Cities, Pattison, and Bell Media;

and retail media networks Pattison and Adapt Media.

Some of these competitors may have significantly greater financial, technical, and marketing resources than we do and may be able to respond more rapidly than we can to new or emerging technologies or changes in customer requirements.

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Major Customers

We had three customers that accounted for 15%, 13% and 10% of revenue for the year ended December 31, 2024.

No customer accounted for more than 10% of revenue for the year ended December 31, 2023.

We had one customer that accounted for 16% of accounts receivable at December 31, 2024 and two customers that accounted for 26% and 23% of accounts receivable at December 31, 2023.

We had one customer that accounted for 10% of revenue for the year ended December 31, 2025.

Three customers accounted for 15%, 13% and 10% of revenue for the year ended December 31, 2024.

We had one customer that accounted for 12% of accounts receivable as of December 31, 2025 and one customer that accounted for 16% of accounts receivable as of December 31, 2024.

Decisions by one or more of these key customers to not renew, terminate, or substantially reduce their use of our products, technology, services, and platform could substantially slow our revenue growth and lead to a decline in revenue.

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On November 20, 2018, we acquired Allure, an enterprise software development company.

On February 17, 2022, we acquired Reflect.

Our principal offices are located at 13100 Magisterial Drive, Ste 100, Louisville, Kentucky 40223, and our telephone number at that office is (502) 791-8800.

We have additional offices in the Dallas, TX, Atlanta, GA, and Windsor, Ontario (Canada) metro areas.

On February 17, 2022, we acquired Reflect Systems, Inc (“Reflect”).

On November 7, 2025, we acquired DDC Group International, Inc., an Ontario corporation and wholly owned subsidiary of Cineplex (“DDC”).

DDC is the parent company of its wholly owned subsidiary, Cineplex Digital Media Inc., an Ontario corporation (“CDMI”), and CDMI’s wholly owned subsidiary, Cineplex Digital Media US Inc., a Delaware corporation (“CDMUS”).

On November 7, 2025, we effectuated two post-closing amalgamations which resulted in CDMI and CDMUS becoming wholly owned by us, which we refer to as “CDM”.

Our principal offices are located at 13100 Magisterial Drive, Suite 201, Louisville, Kentucky 40223, and our telephone number at that office is (502) 791-8800.

We have additional offices in the Atlanta, Georgia and Waterloo, Ontario (Canada) metropolitan areas.

Our internet address is www.cri.com.

1 unchanged sentence

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business