Creative Realities Reports Fiscal 2024 Second Quarter Results
Creative Realities, Inc. (NASDAQ: CREX) reported strong financial results for Q2 2024, with record revenue of $13.1 million, up 43% year-over-year. The company achieved a gross profit of $6.8 million and an Adjusted EBITDA of $1.5 million. Annual recurring revenue (ARR) reached $18.0 million. CRI completed a refinancing agreement with First Merchants Bank for a $22.1 million senior secured revolving credit facility. The company's gross margin improved to 51.8%, with hardware and service revenues showing substantial growth. Despite increased expenses, CRI posted an operating income of $0.6 million. The company ended the quarter with $4.1 million in cash and $13.8 million in outstanding debt.
Creative Realities, Inc. (NASDAQ: CREX) ha riportato risultati finanziari solidi per il secondo trimestre del 2024, con un fatturato record di $13,1 milioni, in aumento del 43% rispetto all'anno precedente. L'azienda ha conseguito un utile lordo di $6,8 milioni e un EBITDA rettificato di $1,5 milioni. I ricavi annui ricorrenti (ARR) hanno raggiunto $18,0 milioni. CRI ha completato un accordo di rifinanziamento con First Merchants Bank per un prestito senior garantito revolving di $22,1 milioni. Il margine lordo dell'azienda è migliorato al 51,8%, con ricavi di hardware e servizi in significativa crescita. Nonostante l'aumento delle spese, CRI ha registrato un utile operativo di $0,6 milioni. Alla fine del trimestre, l'azienda aveva $4,1 milioni in cassa e $13,8 milioni in debito non rimborsato.
Creative Realities, Inc. (NASDAQ: CREX) reportó resultados financieros sólidos para el segundo trimestre de 2024, con ingresos récord de $13.1 millones, un aumento del 43% en comparación con el año anterior. La compañía logró un beneficio bruto de $6.8 millones y un EBITDA ajustado de $1.5 millones. Los ingresos anuales recurrentes (ARR) alcanzaron $18.0 millones. CRI completó un acuerdo de refinanciamiento con First Merchants Bank para una línea de crédito renovable asegurada senior de $22.1 millones. El margen bruto de la empresa mejoró al 51.8%, con ingresos de hardware y servicios mostrando un crecimiento sustancial. A pesar del aumento de gastos, CRI reportó un ingreso operativo de $0.6 millones. La compañía terminó el trimestre con $4.1 millones en efectivo y $13.8 millones en deuda pendiente.
Creative Realities, Inc. (NASDAQ: CREX)는 2024년 2분기 강력한 재무 실적을 보고했으며, 역대 최고의 수익인 $13.1 백만을 기록하여 전년 대비 43% 증가했습니다. 이 회사는 $6.8 백만의 총 이익과 $1.5 백만의 조정 EBITDA를 달성했습니다. 연간 반복 수익(ARR)은 $18.0 백만에 도달했습니다. CRI는 First Merchants Bank와 $22.1 백만의 선순위 담보 회전신용시설에 대한 재융자 계약을 체결했습니다. 회사의 총 마진은 51.8%로 향상되었으며, 하드웨어 및 서비스 수익이 상당한 성장을 보였습니다. 비용 증가에도 불구하고 CRI는 $0.6 백만의 운영 소득을 달성했습니다. 회사는 분기를 마감하며 $4.1 백만의 현금을 보유하고 있으며 $13.8 백만의 미지급 채무가 있습니다.
Creative Realities, Inc. (NASDAQ: CREX) a rapporté des résultats financiers solides pour le deuxième trimestre 2024, avec un chiffre d'affaires record de 13,1 millions de dollars, en hausse de 43 % par rapport à l'année précédente. La société a réalisé un bénéfice brut de 6,8 millions de dollars et un EBITDA ajusté de 1,5 million de dollars. Les revenus annuels récurrents (ARR) ont atteint 18,0 millions de dollars. CRI a finalisé un accord de refinancement avec First Merchants Bank pour une ligne de crédit renouvelable senior garantie de 22,1 millions de dollars. La marge brute de l'entreprise s'est améliorée à 51,8 %, avec des revenus matériels et de services montrant une croissance substantielle. Malgré l'augmentation des dépenses, CRI a affiché un bénéfice opérationnel de 0,6 million de dollars. L'entreprise a terminé le trimestre avec 4,1 millions de dollars en liquide et 13,8 millions de dollars de dettes en cours.
Creative Realities, Inc. (NASDAQ: CREX) meldete für das zweite Quartal 2024 starke Finanzergebnisse mit einem Rekordumsatz von 13,1 Millionen USD, was einem Anstieg von 43 % im Vergleich zum Vorjahr entspricht. Das Unternehmen erzielte einen Bruttogewinn von 6,8 Millionen USD und ein bereinigtes EBITDA von 1,5 Millionen USD. Die jährlichen wiederkehrenden Einnahmen (ARR) erreichten 18,0 Millionen USD. CRI schloss eine Refinanzierungsvereinbarung mit der First Merchants Bank über eine 22,1 Millionen USD umfassende gesicherte revolvierende Kreditfazilität ab. Die Bruttomarge des Unternehmens verbesserte sich auf 51,8 %, während die Umsätze mit Hardware und Dienstleistungen ein signifikantes Wachstum zeigten. Trotz gestiegener Aufwendungen verzeichnete CRI einen operativen Gewinn von 0,6 Millionen USD. Das Unternehmen beendete das Quartal mit 4,1 Millionen USD in bar und 13,8 Millionen USD an ausstehenden Schulden.
- Record Q2 revenue of $13.1 million, up 43% year-over-year
- Gross profit increased to $6.8 million from $4.3 million in Q2 2023
- Adjusted EBITDA improved to $1.5 million from $0.3 million in Q2 2023
- Annual recurring revenue (ARR) reached $18.0 million
- Gross margin improved to 51.8% from 46.7% in Q2 2023
- Operating income of $0.6 million compared to a loss of $0.7 million in Q2 2023
- Completed $22.1 million revolving credit facility refinancing
- Net loss of $0.6 million, or $(0.06) per diluted share
- Increased sales and marketing expenses to $1.7 million from $1.2 million
- General and administrative expenses rose to $4.5 million from $3.8 million
- Outstanding debt of $13.8 million as of June 30, 2024
Insights
Creative Realities' Q2 2024 results show significant growth and improved financial health. Revenue increased by
The refinancing with a
While still reporting a net loss, the company's Adjusted EBITDA of
Creative Realities' performance in the digital signage sector is noteworthy. The
The rise in software subscription run-rates, leading to a record ARR of
The implementation of a new ERP system, while temporarily increasing costs, should lead to improved operational efficiency in the long term. This investment in infrastructure positions the company well for scalable growth in the competitive digital signage market.
LOUISVILLE, Ky., Aug. 14, 2024 (GLOBE NEWSWIRE) -- Creative Realities, Inc. (“Creative Realities,” “CRI,” or the “Company”) (NASDAQ: CREX), a leading provider of digital signage and media solutions, today announced its financial results for the fiscal second quarter ended June 30, 2024.
Highlights:
- Record second quarter revenue of
$13.1 million , up43% from$9.2 million in the prior-year period - Gross profit of
$6.8 million for the three months ended June 30, 2024 versus$4.3 million in the second quarter of fiscal 2023 - Adjusted EBITDA* of
$1.5 million for the second quarter of 2024 versus$0.3 million in the prior-year period - Annual recurring revenue (“ARR”) of approximately
$18.0 million at the end of the second quarter versus$17.7 million as of March 31, 2024 - On May 28, Creative Realities completed the previously-announced agreement with First Merchants Bank (“FMB”) for a
$22.1 million senior secured revolving credit facility (the “Revolver”) with a$5 million accordion feature; the Revolver was used to pay off all of the Company’s$13.6 million of existing indebtedness
“Second quarter results exceeded the first, as momentum and accelerating demand continue to drive us towards a solid finish for fiscal 2024,” said Rick Mills, Chief Executive Officer. “Revenue grew
“We also completed our previously-announced debt refinancing in May, consisting of a
*Adjusted EBITDA is a non-GAAP financial measure. A reconciliation is provided in the tables of this press release.
2024 Second Quarter Financial Results
Sales were
Consolidated gross profit was
Sales and marketing expenses in the second quarter rose to
The Company posted operating income of approximately
Adjusted EBITDA (defined later in this release) was
Balance Sheet
As of June 30, 2024, the Company had cash on hand of approximately
Conference Call Details
The Company will host a conference call to review the results of the second quarter 2024, and provide additional commentary about recent performance, today, August 14, at 9:00 am Eastern Time, which will include prepared remarks and materials from management, followed by a live Q&A. The call will be hosted by Rick Mills, Chief Executive Officer, and Will Logan, Chief Financial Officer.
Prior to the call, participants should register at https://bit.ly/CRIearnings2024Q2. Once registered, participants can use the weblink provided in the registration email to participate in the live webcast. An archived edition of the earnings conference call will also be posted on the Company’s website later today and will remain available for one year.
About Creative Realities, Inc.
Creative Realities designs, develops and deploys digital signage-based experiences for enterprise-level networks utilizing its ClarityTM, ReflectViewTM, and iShowroomTM Content Management System (CMS) platforms. The Company is actively providing recurring SaaS and support services across diverse vertical markets, including but not limited to retail, automotive, digital-out-of-home (DOOH) advertising networks, convenience stores, foodservice/QSR, gaming, theater, and stadium venues. In addition, the Company assists clients in utilizing place-based digital media to achieve business objectives such as increased revenue, enhanced customer experiences, and improved productivity. This includes the design, deployment, and day to day management of Retail Media Networks to monetize on-premise foot traffic utilizing its AdLogicTM programmatic advertising platform.
Use of Non-GAAP Measures
Creative Realities, Inc. prepares its consolidated financial statements in accordance with United States generally accepted accounting principles (“GAAP”). In addition to disclosing financial results prepared in accordance with GAAP, the Company discloses information regarding “EBITDA” and “Adjusted EBITDA.” CRI defines “EBITDA” as earnings before interest, income taxes, depreciation and amortization of intangibles. CRI defines “Adjusted EBITDA” as EBITDA excluding stock-based compensation, fair value adjustments and both cash and non-cash non-recurring gains and charges. EBITDA and Adjusted EBITDA are not measures of performance defined in accordance with GAAP. However, EBITDA and Adjusted EBITDA are used internally in planning and evaluating the Company’s operating performance. Accordingly, management believes that disclosure of these metrics offers investors, bankers and other stakeholders an additional view of the Company’s operations that, when coupled with the GAAP results, provides a more complete understanding of the Company’s financial results. EBITDA and Adjusted EBITDA should not be considered as an alternative to net income/(loss) or to net cash used in operating activities as measures of operating results or liquidity. Our calculation of EBITDA and Adjusted EBITDA may not be comparable to similarly titled measures used by other companies, and the measures exclude financial information that some may consider important in evaluating the Company’s performance. A reconciliation of GAAP net income/(loss) to EBITDA and Adjusted EBITDA is included in the accompanying financial schedules. For further information, please refer to Creative Realities, Inc.’s filings available online at www.sec.gov, including its Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 21, 2024.
Cautionary Note on Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, and includes, among other things, discussions of our business strategies, product releases, future operations and capital resources. Words such as "estimates," "projected," "expects," "anticipates," "forecasts," "plans," "intends," "believes," "seeks," "may," "will," "should," "future," "propose" and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. Forward-looking statements are not guarantees of future performance, conditions or results. They are based on the opinions, estimates and beliefs of management as of the date such statements are made, and they are subject to known and unknown risks, uncertainties, assumptions and other factors, many of which are outside of our control, that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. Some of these risks are discussed in the “Risk Factors” section contained in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2023, as amended, and the Company’s subsequent filings with the U.S. Securities and Exchange Commission. Important factors, among others, that may affect actual results or outcomes include: our ability to consummate the refinancing arrangement; our strategy for customer retention, growth, product development, market position, financial results and reserves, our ability to execute on our business plan, our ability to retain key personnel, our ability to remain listed on the Nasdaq Capital Market, our ability to realize the revenues included in our future guidance and backlog reports, our ability to satisfy our upcoming debt obligations, contingent liabilities and other liabilities, the ability of the Company to continue as a going concern, potential litigation, supply chain shortages, and general economic and market conditions impacting demand for our products and services. Readers should not place undue reliance upon any forward-looking statements. We assume no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Contact
Breanne Ngo
bngo@ideagrove.com
Investor Relations:
Chris Witty
cwitty@darrowir.com
646-438-9385
ir@cri.com
https://investors.cri.com/
| CREATIVE REALITIES, INC. CONSOLIDATED BALANCE SHEETS (in thousands, except per share amounts) | ||||||
| June 30, | December 31, | |||||
| 2024 | 2023 | |||||
| (unaudited) | ||||||
| ASSETS | ||||||
| Current Assets: | ||||||
| Cash and cash equivalents | $ | 4,086 | $ | 2,910 | ||
| Accounts receivable, net | 9,491 | 12,468 | ||||
| Inventories, net | 2,995 | 2,567 | ||||
| Prepaid expenses and other current assets | 964 | 665 | ||||
| Total Current Assets | $ | 17,536 | $ | 18,610 | ||
| Property and equipment, net | 418 | 499 | ||||
| Goodwill | 26,453 | 26,453 | ||||
| Other intangible assets, net | 23,745 | 24,062 | ||||
| Operating lease right-of-use assets | 1,009 | 1,041 | ||||
| Other non-current assets | 393 | 112 | ||||
| Total Assets | $ | 69,554 | $ | 70,777 | ||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||
| Current Liabilities: | ||||||
| Accounts payable | $ | 5,205 | $ | 7,876 | ||
| Accrued expenses and other current liabilities | 4,345 | 3,761 | ||||
| Deferred revenues | 2,946 | 1,132 | ||||
| Customer deposits | 3,585 | 3,233 | ||||
| Current maturities of operating leases | 449 | 505 | ||||
| Short-term portion of related party term debt | - | 3,690 | ||||
| Short-term portion of contingent consideration, at fair value | 10,196 | - | ||||
| Total Current Liabilities | 26,726 | 20,197 | ||||
| Revolving credit facility | 13,819 | - | ||||
| Long-term related party term debt | - | 9,829 | ||||
| Long-term obligations under operating leases | 585 | 536 | ||||
| Long-term contingent consideration, at fair value | - | 11,208 | ||||
| Other non-current liabilities | 187 | 176 | ||||
| Total Liabilities | 41,317 | 41,946 | ||||
| Shareholders' Equity | ||||||
| Common stock, | 104 | 104 | ||||
| Additional paid-in capital | 82,203 | 82,073 | ||||
| Accumulated deficit | (54,070 | ) | (53,346 | ) | ||
| Total Shareholders’ Equity | 28,237 | 28,831 | ||||
| Total Liabilities and Shareholders' Equity | $ | 69,554 | $ | 70,777 | ||
| CREATIVE REALITIES, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share amounts) | ||||||||||||
| For the Three Months Ended | For the Six Months Ended | |||||||||||
| June 30, | June 30, | |||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||
| Sales | ||||||||||||
| Hardware | $ | 5,024 | $ | 3,437 | $ | 9,168 | $ | 7,759 | ||||
| Services and other | 8,091 | 5,759 | 16,232 | 11,381 | ||||||||
| Total sales | 13,115 | 9,196 | 25,400 | 19,140 | ||||||||
| Cost of sales | ||||||||||||
| Hardware | 3,510 | 2,724 | 6,703 | 5,930 | ||||||||
| Services and other | 2,817 | 2,174 | 6,145 | 3,823 | ||||||||
| Total cost of sales | 6,327 | 4,898 | 12,848 | 9,753 | ||||||||
| Gross profit | 6,788 | 4,298 | 12,552 | 9,387 | ||||||||
| Operating expenses: | ||||||||||||
| Sales and marketing expenses | 1,665 | 1,229 | 3,130 | 2,365 | ||||||||
| General and administrative expenses | 4,531 | 3,769 | 8,906 | 7,812 | ||||||||
| Total operating expenses | 6,196 | 4,998 | 12,036 | 10,177 | ||||||||
| Operating income (loss) | 592 | (700 | ) | 516 | (790 | ) | ||||||
| Other expenses (income): | ||||||||||||
| Interest expense, including amortization of debt discount | 513 | 787 | 1,176 | 1,590 | ||||||||
| Change in fair value of contingent consideration | (408 | ) | 16 | (1,012 | ) | 92 | ||||||
| Loss on debt extinguishment | 1,059 | - | 1,059 | - | ||||||||
| Other expense (income) | 18 | (123 | ) | (17 | ) | (135 | ) | |||||
| Total other expenses (income) | 1,182 | 680 | 1,206 | 1,547 | ||||||||
| Net loss before income taxes | (590 | ) | (1,380 | ) | (690 | ) | (2,337 | ) | ||||
| Provision for income taxes | (25 | ) | (45 | ) | (34 | ) | (88 | ) | ||||
| Net loss | $ | (615 | ) | $ | (1,425 | ) | $ | (724 | ) | $ | (2,425 | ) |
| Basic loss per common share | $ | (0.06 | ) | $ | (0.19 | ) | $ | (0.07 | ) | $ | (0.33 | ) |
| Diluted loss per common share | $ | (0.06 | ) | $ | (0.19 | ) | $ | (0.07 | ) | $ | (0.33 | ) |
| Weighted average shares outstanding - basic | 10,447 | 7,406 | 10,434 | 7,379 | ||||||||
| Weighted average shares outstanding - diluted | 10,447 | 7,406 | 10,434 | 7,379 | ||||||||
| CREATIVE REALITIES, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands, except share per share amounts) | ||||||
| Six Months Ended | ||||||
| June 30, | ||||||
| 2024 | 2023 | |||||
| Operating Activities: | ||||||
| Net loss | $ | (724 | ) | $ | (2,425 | ) |
| Adjustments to reconcile net loss to net cash provided by operating activities | ||||||
| Depreciation and amortization | 1,769 | 1,576 | ||||
| Amortization of debt discount | 569 | 714 | ||||
| Amortization of stock-based compensation | 6 | 493 | ||||
| Amortization of deferred financing costs | 12 | - | ||||
| Loss on extinguishment of debt | 1,059 | - | ||||
| Bad debt expense | 130 | 309 | ||||
| Provision for inventory reserve | (49 | ) | 127 | |||
| (Gain) loss on change in fair value of contingent consideration | (1,012 | ) | 92 | |||
| Deferred income taxes | 23 | 46 | ||||
| Changes to operating assets and liabilities: | ||||||
| Accounts receivable | 2,847 | 1,458 | ||||
| Inventories, net | (379 | ) | 992 | |||
| Prepaid expenses and other current assets | (299 | ) | 1,035 | |||
| Accounts payable | (2,630 | ) | (585 | ) | ||
| Accrued expenses and other current liabilities | 705 | (559 | ) | |||
| Deferred revenue | 1,814 | 1,604 | ||||
| Customer deposits | 352 | 1,507 | ||||
| Other, net | 13 | (40 | ) | |||
| Net cash provided by operating activities | 4,206 | 6,344 | ||||
| Investing activities | ||||||
| Purchases of property and equipment | (8 | ) | (219 | ) | ||
| Capitalization of labor for software development | (1,487 | ) | (1,984 | ) | ||
| Net cash used in investing activities | (1,495 | ) | (2,203 | ) | ||
| Financing activities | ||||||
| Proceeds from borrowings under revolving credit facility | 13,860 | - | ||||
| Repayment of borrowings under revolving credit facility | (41 | ) | - | |||
| Payment of deferred financing costs | (186 | ) | - | |||
| Repayment of term debt | (15,147 | ) | (2,504 | ) | ||
| Principal payments on finance leases | (21 | ) | (6 | ) | ||
| Net cash used in financing activities | (1,535 | ) | (2,510 | ) | ||
| Increase in Cash and Cash Equivalents | 1,176 | 1,631 | ||||
| Cash and Cash Equivalents, beginning of period | 2,910 | 1,633 | ||||
| Cash and Cash Equivalents, end of period | $ | 4,086 | $ | 3,264 | ||
RECONCILIATION OF GAAP NET LOSS TO ADJUSTED EBITDA
(in thousands, unaudited)
Creative Realities, Inc. prepares its consolidated financial statements in accordance with United States generally accepted accounting principles (“GAAP”). In addition to disclosing financial results prepared in accordance with GAAP, the Company discloses information regarding “EBITDA” and “Adjusted EBITDA.” CRI defines “EBITDA” as earnings before interest, income taxes, depreciation and amortization of intangibles. CRI defines “Adjusted EBITDA” as EBITDA excluding stock-based compensation, fair value adjustments and both cash and non-cash non-recurring gains and charges.
EBITDA and Adjusted EBITDA are non-GAAP financial measures and should not be considered as a substitute for net income (loss), operating income (loss) or any other performance measure derived in accordance with United States generally accepted accounting principles (“GAAP”) or as an alternative to net cash provided by operating activities as a measure of CRI’s profitability or liquidity. CRI’s management believes EBITDA and Adjusted EBITDA are useful financial metrics because they allow external users of CRI’s financial statements, such as industry analysts, investors, lenders and rating agencies, to more effectively evaluate CRI’s operating performance, compare the results of its operations from period to period and against CRI’s peers without regard to CRI’s financing methods, hedging positions or capital structure and because it highlights trends in CRI’s business that may not otherwise be apparent when relying solely on GAAP measures. CRI also presents EBITDA and Adjusted EBITDA because it believes EBITDA and Adjusted EBITDA are important supplemental measures of its performance that are frequently used by others in evaluating companies in its industry. Because EBITDA and Adjusted EBITDA exclude some, but not all, items that affect net income (loss) and may vary among companies, the EBITDA and Adjusted EBITDA CRI presents may not be comparable to similarly titled measures of other companies.
The following table presents a reconciliation of EBITDA and Adjusted EBITDA from net loss, CRI’s most directly comparable financial measure calculated and presented in accordance with GAAP.
| Quarters Ended | |||||||||||||||
| June 30 | March 31 | December 31 | September 30 | June 30 | |||||||||||
| Quarters ended | 2024 | 2024 | 2023 | 2023 | 2023 | ||||||||||
| GAAP net (loss) income | $ | (615 | ) | $ | (109 | ) | $ | 1,419 | $ | (1,931 | ) | $ | (1,425 | ) | |
| Interest expense: | |||||||||||||||
| Amortization of debt discount | 209 | 360 | 366 | 363 | 358 | ||||||||||
| Other interest, net | 304 | 303 | 302 | 371 | 429 | ||||||||||
| Depreciation/amortization: | |||||||||||||||
| Amortization of intangible assets | 878 | 790 | 781 | 766 | 754 | ||||||||||
| Amortization of employee share-based awards | 3 | 3 | 4 | 3 | 151 | ||||||||||
| Depreciation of property & equipment | 52 | 49 | 48 | 50 | 43 | ||||||||||
| Income tax (benefit) expense | 25 | 9 | 10 | (15 | ) | 45 | |||||||||
| EBITDA | $ | 856 | $ | 1,405 | $ | 2,930 | $ | (393 | ) | $ | 355 | ||||
| Adjustments | |||||||||||||||
| Loss (Gain) on fair value of contingent consideration | (408 | ) | (604 | ) | (42 | ) | 1,369 | 16 | |||||||
| Loss on debt extinguishment | 1,059 | - | - | - | - | ||||||||||
| Stock-based compensation – Director grants | - | - | 21 | 43 | 43 | ||||||||||
| Other (income) expense | 18 | (35 | ) | (79 | ) | 3 | (123 | ) | |||||||
| Adjusted EBITDA | $ | 1,525 | $ | 766 | $ | 2,830 | 1,022 | $ | 291 | ||||||
FAQ
What was Creative Realities' (CREX) revenue for Q2 2024?
How much did Creative Realities' (CREX) Adjusted EBITDA improve in Q2 2024?
What was Creative Realities' (CREX) annual recurring revenue (ARR) at the end of Q2 2024?
What was the gross margin for Creative Realities (CREX) in Q2 2024?
