Creative Realities buys CDM for CAD 70M; Q3 prelim revenue $10.5M, CFO out

CREATIVE REALITIES, INC.

Acquires Cineplex Digital Media for CAD 70M in cash; expects to close in October 2025.
Financing: $36M senior term loan (First Merchants) + $30M convertible preferred ($3/share, North Run).
Preliminary Q3 revenue ~$10.5M (below expectations), Adj EBITDA $500K-1M; impairment charge due to Stellantis wind-down.
Expects annualized cost synergies of at least $10M by end of 2026; pro-forma 2026 revenue >$100M, high-teen Adj EBITDA margins.
CFO David Ryan Mudd resigned Oct 10; Chairman/CEO Richard Mills appointed interim CFO.

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