Business
Creative Realities Reports Fourth Quarter 2022 and Fiscal Year 2022 Results
Announces Q4 2022 record revenue of $10.5 millionAnnounces FY2022 record revenue of $43.3 millionAnnounces FY2022 record Adjusted EBITDA of $3.8
About this update from Creative Realities, Inc.
[{"type":"text","content":"Announces Q4 2022 record revenue of $10.5 millionAnnounces FY2022 record revenue of $43.3 millionAnnounces FY2022 record Adjusted EBITDA of $3.8 millionAnnounces growth of annual recurring revenue to $14.8 million run rate exiting 2022Increases 2023 Revenue Guidance to Exceed $60 millionProjects Backlog Revenue at up to $110 million LOUISVILLE, Ky., March 30, 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 fourth quarter and fiscal year ended December 31, 2022. Rick Mills, Chief Executive Officer, commented “I am pleased to report that the Company generated record fourth quarter revenue of $10.5 million in 2022, a $5.1 million, or 94%, improvement over the same period in 2021. That brought the Company’s full year revenue to $43.3 million, representing a $12.7 million, or 41%, annual increase over the pro forma combination of Creative Realities and Reflect Systems, indicative of both organic and strategic growth through the merger of the companies. The Company’s run-rate on annual recurring revenue is also at a record level of $14.8 million, well exceeding the $12.0 million run-rate for the combined companies at the end of 2021 and the $14.5 million run-rate reported as of the third quarter of this year. For fiscal year 2022, revenue totaled a record $43.4 million, exceeding the guidance that management previously provided. This is a $24.9 million (135%) increase over fiscal year 2021. Adjusted EBITDA for 2022 totaled $3.8 million, a record full-year number that also exceeded guidance provided by management and represented a 215% improvement over the same period in 2021. The Fiscal Year 2022 Adjusted EBITDA margin percentage of 8.8% is also a record for the Company. “We believe these results evidence the strength of the platform created by the combination of Creative Realities and Reflect Systems and demonstrate the Company’s considerable potential to drive value for our shareholders. Our current client base continues to expand, and the pipeline for potential new logos and new clients has never been more robust,” stated Rick Mills, CEO of Creative Realties. Mr. Mills continued, “In addition to announcing record financial results for 2022, we have a number of im...