Business
Creative Realities Reports First Quarter 2022 Results
Announces revenue of $10.8 millionReaffirms 2022 Revenue Guidance to Exceed $43 MillionLOUISVILLE, Ky., May 16, 2022 /PRNewswire/ -- Creative Realities, Inc.
About this update from Creative Realities, Inc.
[{"type":"text","content":"Announces revenue of $10.8 millionReaffirms 2022 Revenue Guidance to Exceed $43 MillionLOUISVILLE, Ky., May 16, 2022 /PRNewswire/ -- Creative Realities, Inc. (\"Creative Realities,\" \"CRI,\" or the \"Company\") (NASDAQ: CREX, CREXW), a leading provider of digital signage solutions, announced its financial results for the three months ended March 31, 2022.\n\n \n \n \n \n \n \n\n \nRick Mills, Chief Executive Officer, commented \"During the first quarter of 2022, we completed financing activities and closed on our previously announced acquisition of Reflect Systems, Inc. (\"Reflect\"). Customers spoke immediately, with Creative Realities and Reflect initially winning a $10 million customer project which began in February and will continue deployment through the first quarter of 2023. Despite combined company results which include only 44 days with Reflect in our consolidated results, we produced record revenue of approximately $10.8 million. Our current client base continues to expand, as evidenced by the expansion in our annual recurring run-rate to in excess of $13.5 million per year. Our pipeline for potential new logos and new clients has never been more robust.\"\nMr. Mills continued, \"Our primary focus remains in expanding the number of SaaS devices managed via our digital signage software, in turn increasing the value of our Company through increasing in our annual recurring services revenue. As we grow the software subscription base and continue to integrate Creative Realities and Reflect, we expect to further enhance our operating leverage and improve financial results.\"\n\"With the expansion of our SaaS revenue and the momentum within our pipeline, we reiterate our expected target to generate revenue in excess of $43 million during 2022, which would represent an organic growth rate in excess of 40% on a pro forma, combined company basis as compared to 2021. We remain on track to deliver 25% growth in our annual recurring revenue on a pro forma, combined company basis in 2022.\"\nMr. Mills concluded, \"We are proud about the work we have completed thus far, but remain even more engaged and excited about what is to come for Creative Realities. We are positioned to service enterprise customers with our end-to-end offering and to drive profitability through our increased scale.\"\nFirst Quarter 2022 Financial OverviewAll...