---
title: CRI Posts Record Revenue, Gross Profits; $14.5M Sales in Q4
description: CRI achieves record revenue and profits in Q4, signaling industry growth and success. Learn about our impressive financial results and future projections in this article from Sixteen:Nine.
---

[Digital Signage News and Insights | Creative Realities ](https://cri.com/news-and-insights)

# [CRI Posts Record Revenue, Gross Profits; $14.5M Sales in Q4](https://cri.com/news-and-insights/record-revenue-gross-profits-in-q4)

 Written by [Sixteen:Nine](https://cri.com/news-and-insights/author/sixteennine) | Mar 22, 2024 1:58:04 PM

I don’t like putting too much of a focus on one company – in good times or bad – but [Creative Realities](https://cri.com/?hsLang=en) is one of just a small handful of digital signage companies that are public, and therefore have to [open their so-called kimono and show the rest of the industry what’s going on](https://investors.cri.com/?mobile=1).

And at the moment, things appear to be going very well – which might, by extension, tell a broader tale about the state of the industry and end-user interest.

The retail-focused company has [released its financial results for the fiscal fourth quarter, and the year ended December 31, 2023.](https://investors.cri.com/news-releases/news-release-details/creative-realities-reports-fiscal-2023-fourth-quarter-results)

*Highlights:*

- *All-time record revenue of $14.5 million ($15.4 million*) and $45.2 million ($46.1 million*) for the fourth quarter and full year 2023, respectively;*
- *All-time record gross profit of $7.5 million and $22.2 million for the fourth quarter and full year 2023, respectively;*
- *All-time record Adjusted EBITDA** of $2.8 million and $5.1 million for the fourth quarter and full year 2023, respectively;*
- *Annual recurring revenue (“ARR”) rose to an all-time high of a $16.3 million run rate exiting 2023; Company increasing 2024 exit run rate guidance to $20.0 million from $18.0 million.*

*“I am pleased to report that the Company generated all-time record quarterly revenue of $14.5 million in the last three months of fiscal 2023, up nearly 40% versus the prior-year period, bringing the full fiscal year to $45.2 million – also a new high mark for Creative Realities,”* says Rick Mills, Chief Executive Officer. *“At the same time, the Company generated all-time records in terms of gross profit – $7.5 million and $22.2 million, respectively, for the fourth quarter and full year – representing gross margins of 51.8% and 49.1%, respectively.*

*“In addition, due to the strong fourth quarter, we posted positive operating income in 2023, the first time in history. We also achieved record Adjusted EBITDA of $2.8 million in the quarter, reflecting the largest media sales transaction ever, and exited the year with an ARR of $16.3 million, exceeding expectations.*

*“As I have conveyed repeatedly, a key financial focus is to generate high-margin, subscription Software-as-a-Service (“SaaS”) revenue, with hardware sales and deployments being one means to this end. The fact that we were able to over-perform on ARR helped the Company achieve its revenue projections, with superior gross profit, despite delayed rollouts for certain major customer deployments.”*

*“As of January 1, 2024, new customer contracts and pricing changes have already driven our ARR on SaaS to $17.7 million – leading us to increase the Company’s 2024 ARR exit guidance to $20.0 million from $18 million. I cannot overemphasize the magnitude of this accomplishment, as higher ARR should accelerate our growth trajectory, bolster margins, and improve cash flow generation in the year ahead.”*

These things make me go cross-eyed, [but the SEC filings are here](https://investors.cri.com/node/11076/html). I can’t entirely tell if CRI is profitable, but the summary suggests it is busily paying down a principal debt at a clip of about $400K a month, with a net debt position of about $9.5 million at the time of this earnings release.

*This article was originally published by [Sixteen:Nine](https://www.sixteen-nine.net/2024/03/21/cri-posts-record-revenue-gross-profits-14-5m-sales-in-q4/).*

[View full post](https://cri.com/news-and-insights/record-revenue-gross-profits-in-q4)

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