Business
Creative Realities Reports 2nd Quarter 2023 Results
Announces 2Q 2023 Revenue of $9.2 millionAnnounces Record Annual Recurring Revenue run-rate now ~$15.2 millionAnnounces 2Q Gross Profit of $4.3 million
About this update from Creative Realities, Inc.
[{"type":"text","content":"Announces 2Q 2023 Revenue of $9.2 millionAnnounces Record Annual Recurring Revenue run-rate now ~$15.2 millionAnnounces 2Q Gross Profit of $4.3 million (46.7%) Announces 1H 2023 Record Gross Profit of $9.4 million (49.0%)Reiterates Projected Backlog Revenue exceeds $110 million LOUISVILLE, Ky., Aug. 04, 2023 (GLOBE NEWSWIRE) -- Creative Realities, Inc. (“Creative Realities,” “CRI,” or the “Company”) (NASDAQ: CREX, CREXW), a leading provider of digital signage and media solutions, announced its financial results for the three and six months ended June 30, 2023. Rick Mills, Chief Executive Officer, commented “I am pleased to report second quarter 2023 revenue of $9.2 million, with $4.3 million in gross profit, which equates to a second quarter gross profit margin of 46.7% – a 406 basis-point improvement over the second quarter of last year – continuing the improved year-over-year trend in our margins that was evident in the first quarter. This brings the Company’s gross profit to a record $9.4 million for the first six months of the year at a record gross profit margin for the first half of any year of 49.0%, the latter of which is an approximately 960 basis-point improvement over 2022.” Mr. Mills continued, “We continue to focus on critical path actions to grow both our customer base and, importantly, our annual SaaS subscription revenue contracts, or ARR, the latter of which now exceeds a $15.2 million run-rate. CRI continues to win in the marketplace, having now successfully converted approximately 69% of our RFP opportunities over the past 12 months. Our new customer acquisition momentum, combined with continued growth in our ARR, has strengthened our expectations for the near and long-term prospects of this business. We are actively competing in a significant number of new customer engagements for which an award of business is currently pending. “The current quarter has met our expectations. We have had a shift in the revenue ramp associated with the Bowling deployment due to unexpected supply chain delays for certain route/switch equipment, which was being procured and delivered by a third-party, that have since been alleviated in full. We expect that these delays could ultimately impact our full year revenue results, however we believe the revenues from this project have not vanished but have instead experienced a shift in ...