Business
Creative Realities Reports Second Quarter 2021 Results
LOUISVILLE, Ky., Aug. 16, 2021 /PRNewswire/ -- Creative Realities, Inc. ("Creative Realities," "CRI," or the "Company") (NASDAQ: CREX, CREXW), a leading
About this update from Creative Realities, Inc.
[{"type":"text","content":"LOUISVILLE, Ky., Aug. 16, 2021 /PRNewswire/ -- Creative Realities, Inc. (\"Creative Realities,\" \"CRI,\" or the \"Company\") (NASDAQ: CREX, CREXW), a leading provider of digital marketing solutions, announced its financial results for the three- and six-months ended June 30, 2021.\n\n \n \n \n \n \n \n\n \nRick Mills, Chief Executive Officer, commented \"During the second quarter of 2021, we completed conversion of a customer network to the CRI software platform, which will add in excess of 8,000 devices to our SaaS-based recurring revenue beginning in third quarter 2021. I am extremely proud of our team for this achievement, which highlights CRI's ability to execute digital signage deployments at scale and with speed across the country.\" \n\"We have faced significant challenges in delivering and executing sold engagements due to limited supply chain availability of semiconductor chips which has delayed the delivery of digital displays and media players to the Company. As of June 30, 2021, the Company had customer purchase orders in hand for the delivery and installation of equipment in excess of $1.8 million, which were delayed as a result of product unavailability. While we have seen a significant increase in market activity and remain bullish on a number of opportunities as we move into 2022, we expect to experience continued disruptions and delays related to fulfilment of inventory purchases from vendors and the associated services throughout the remainder of 2021, which may impact our results for the remainder of this year.\"\n\"Despite supply chain challenges facing our industry, specifically the lack of availability of displays, CRI produced net income and EBITDA of $1 million and $1.9 million, respectively, during the quarter by continuing to manage our expenses and remaining opportunistic with respect to capturing available government incentives related to the COVID-19 pandemic and in executing settlement agreements associated with legacy liabilities on our balance sheet.\"\nSecond Quarter Financial Update\nRevenue, gross profit, and gross margin:For the three months ended June 30, 2021 as compared to the same period in the prior year:\nRevenues were $3.3 million in 2021 representing a decrease of $0.4 million, or 10%, as compared to the same period in 2020.Hardware revenues were $1.3 million in 2021, a decrease of $0...