Creative Realities (CREX) — Customer Map and Commercial Signals for Investors

Creative Realities monetizes by selling a blend of hardware, services and recurring software licenses: the company installs and resells digital signage hardware, provides deployment and managed services, and collects subscription licensing and support fees for its ReflectView/advertising platforms. Revenue is therefore a mix of one‑time hardware/project cashflows and higher‑margin recurring SaaS and managed services, with North America as the primary market. For deeper diligence on customer concentration and partner dynamics visit https://nullexposure.com/ for platform-level context.

Investment thesis in one paragraph

Creative Realities is a vertically integrated digital signage operator that converts enterprise signage rollouts into recurring revenue via software licensing and managed services; its growth trajectory now depends on scaling large retail and venue rollouts while absorbing acquisition-driven scale (CDM) and replacing one‑off hardware revenue with longer-duration subscription cashflows. Key investor questions are contract renewal cadence, customer concentration, and execution on multi-location rollouts that convert capex into annuity streams.

What the customer roster tells you about go‑to‑market

Creative Realities’ customer list reads like a rollup of retail, quick‑serve, lottery and out‑of‑home media customers — a portfolio that supports cross‑sell of hardware, installation and SaaS. The company’s public commentary and press coverage confirm the three revenue pillars: hardware resales, services/installation and recurring licensing/support, with many contracts structured on subscription/licensing terms and common autorenewal provisions.

Operating model and business model constraints (company‑level signals)

• Contracting posture: Contracts include subscription/licensing arrangements alongside one‑time installation orders; standard terms include 12–36 month lengths with frequent autorenewal clauses, but many contracts remain terminable on short notice.
• Concentration: Management disclosed three customers accounted for 15%, 13% and 10% of 2024 revenue — client concentration is material and influences credit and renewal risk.
• Criticality / role: Creative Realities acts as reseller, service provider and software seller — the company supplies hardware, runs installations and operates hosted services (NOC) that are mission‑critical to retail and venue customers.
• Maturity: Mix of established long‑term contracts and shorter terminable agreements gives a hybrid cashflow profile; investors should underwrite renewal risk and conversion of project sales into recurring ARR.

Customer relationships — a concise walk‑through

Below are every customer relationship mentioned in the available results, each described in plain English with the provenance of the report.

NCMI (National CineMedia)

Creative Realities was named the in‑lobby equipment and service partner for a new National CineMedia program that will deploy and operate in‑lobby video advertising across 285 AMC locations, handling installation, operations and network management. CityBiz reported this partnership on May 3, 2026 (https://www.citybiz.co/article/834559/national-cinemedia-and-creative-realities-launch-premium-in-lobby-media-network-across-285-theaters-nationwide/).

AMC Theatres

AMC is a long‑standing, seven‑figure customer for Creative Realities’ software and screen management across U.S. theaters, and it is central to the recent expansion program with NCMI to modernize in‑lobby media across hundreds of locations. Management reiterated AMC’s scale on the Q4 2025 earnings call (Investing.com transcript, May 2, 2026: https://m.investing.com/news/transcripts/earnings-call-transcript-creative-realities-q4-2025-shows-strong-revenue-growth-93CH-4613146?ampMode=1) and the Globe and Mail press release summarized the AMC/NCM partnership (May 2026: https://www.theglobeandmail.com/investing/markets/stocks/CREX/pressreleases/36590162/creative-realities-reports-fiscal-2025-fourth-quarter-results/).

North Carolina Lottery / North Carolina Education Lottery

Creative Realities secured a large, previously announced 10‑year, $54 million contract that is in deployment and has been migrated to the ReflectView CMS platform, representing a multi‑year, mission‑critical retail rollout for the company. Management referenced the deployment on the Q4 2025 earnings call (Investing.com transcript, May 2, 2026) and MartechCube noted the exclusive partner designation and CDM acquisition context (March 2026: https://www.martechcube.com/creative-realities-announces-transformational-acquisition/).

7‑Eleven

Creative Realities is in the end stages of a three‑year renewal negotiation with 7‑Eleven and management reported they do not anticipate customer churn on renewal — an operationally important recurring account for menu and in-store signage. This status was disclosed on the Q4 2025 earnings call (Investing.com transcript, May 2, 2026).

Circle K Mexico

Creative Realities has deployed digital displays at Circle K Mexico to drive sales and sustainability initiatives, signaling geographic reach in North America beyond the U.S. and product fit for convenience retail chains. SimplyWall.St summarized this deployment in a product announcement (Aug 5, 2025 summary on SimplyWall.St: https://simplywall.st/stocks/us/media/nasdaq-crex/creative-realities).

Steele Brands

Creative Realities announced purpose‑built digital menu board transformations for QSR brands including Steele Brands, positioning the company as a targeted supplier to fast‑growing operators. SimplyWall.St covered the announcement (Nov 22, 2025 summary: https://simplywall.st/stocks/us/media/nasdaq-crex/creative-realities).

7 Brew

7 Brew was cited as a beneficiary of Creative Realities’ digital menu board program for QSR growth customers, highlighting execution in small‑format chains and franchise rollouts. SimplyWall.St summarized the program (Nov 22, 2025: https://simplywall.st/stocks/us/media/nasdaq-crex/creative-realities).

Scotiabank (BNS)

Scotiabank is listed among large retail and mall deployments tied to an acquired digital signage business, indicating Creative Realities’ exposure to financial‑services branch environments in Canada. The Hollywood Reporter and MartechCube coverage of the CDM acquisition and customer list referenced Scotiabank (March 2026: https://www.hollywoodreporter.com/business/business-news/cineplex-digital-signage-unit-1236402836/; https://www.martechcube.com/creative-realities-announces-transformational-acquisition/).

RBC (Royal Bank of Canada, RY)

RBC appears on the customer roster for mall and branch signage deployments following the CDM transaction, reflecting banking branch digital signage exposure in Canada. This was noted in the acquisition/coverage pieces (Hollywood Reporter and MartechCube, March 2026).

Tim Horton’s

Tim Horton’s is named among brands using the acquired digital signage unit’s installations in malls and retail locations, indicating QSR and travel‑retail role fits. The client mention appears in Hollywood Reporter coverage of the acquisition (March 2026).

Stellantis (STLA)

Creative Realities took a non‑cash impairment related to winding down an engagement with Stellantis in the U.S., signaling a contract loss or project termination with that automotive OEM. MartechCube reported the impairment and project wind‑down (March 2026: https://www.martechcube.com/creative-realities-announces-transformational-acquisition/).

Key takeaways for investors

• Revenue mix is hybrid: hardware sales drive near‑term cash but recurring subscription/licensing and managed services are the source of durable margin expansion.
• Customer concentration is real and material; three customers represented significant shares of 2024 revenue — monitor renewal outcomes for large accounts (7‑Eleven, AMC, North Carolina Lottery among the most consequential in recent commentary).
• Geographic focus is North America with growing Canadian exposure via the CDM acquisition and customers like Scotiabank and RBC.
• Operational risk vectors: integration of CDM, delivery on large rollouts (285 AMC locations for NCMI), and conversion of project wins into multi‑year recurring contracts are execution priorities.

If you want a concise commercial map and risk heat‑map of CREX’s customer base for modeling or underwriting, request the investor briefing at https://nullexposure.com/ — we provide relationship‑level summaries and contract posture analysis for institutional due diligence.