Creative Realities (NASDAQ:CREX), Inc., a firm specializing in computer-integrated systems design, has concluded its annual shareholder meeting with key decisions made on director elections and company plans. The meeting, held today in Louisville, Kentucky, saw the reelection of all four director nominees and the approval of the company's 2023 Stock Incentive Plan.
Shareholders of Creative Realities (NASDAQ:CREX) cast their votes on several proposals. David Bell, Donald A. Harris, Richard Mills, and Stephen Nesbit were reelected to the Board of Directors with a significant majority. The results for the election were as follows: Bell received 4,453,805 votes for and 667,858 votes withheld; Harris had 4,453,430 for and 668,233 withheld; Mills garnered 4,176,136 for and 945,527 withheld; and Nesbit achieved 4,477,093 for and 644,570 withheld. Broker non-votes for each director stood at 2,672,011.
The 2023 Stock Incentive Plan, designed to offer equity-based incentives to employees, directors, and consultants, received approval with 4,403,436 votes in favor and 705,203 against. There were 13,024 abstentions and 2,672,011 broker non-votes.
Additionally, the shareholders ratified the appointment of Grant Thornton LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2024. The accounting firm's engagement was approved with 7,546,208 votes for and 241,696 against, with 5,770 abstentions.
No further items were on the agenda for shareholder approval at the meeting. The decisions made at the Annual Meeting are expected to guide Creative Realities through the upcoming fiscal year. This report is based on the company's recent SEC filing.
In other recent news, Creative Realities, Inc. has reported substantial growth in its second-quarter earnings, with a 43% increase in revenue to $13.1 million compared to the same period last year. The company's gross profit also rose to $6.8 million from $4.3 million in the previous year. In addition, the company's adjusted EBITDA for the quarter was approximately $1.5 million, a significant increase from $0.3 million last year.
Furthermore, Creative Realities has announced an amendment to its 2023 Stock Incentive Plan, planning to increase the number of reserved shares for issuance from 1,500,000 to 2,500,000. This amendment is pending shareholder approval at the upcoming Annual Meeting of Shareholders.
The company has also expanded into the Mexican market and was added to the Russell Microcap Index. The annual recurring revenue (ARR) reached a record $18 million, with projections to reach $20 million by year-end. These are recent developments, and the company expects to exceed last year's revenue by 20% to 40% each quarter.
InvestingPro Insights
To complement the report on Creative Realities, Inc.'s (NASDAQ:CREX) annual shareholder meeting, recent financial data and analyst insights provide additional context for investors. According to InvestingPro, CREX has experienced significant growth, with a remarkable 226.35% price total return over the past year and a 93.6% return year-to-date. This aligns with the company's robust revenue growth of 26.01% over the last twelve months as of Q2 2024, reaching $51.43 million.
InvestingPro Tips suggest that while CREX's net income is expected to grow this year, and analysts predict profitability, the company was not profitable over the last twelve months. This information may be particularly relevant to shareholders considering the approval of the 2023 Stock Incentive Plan, as it could be seen as a strategy to align employee interests with the company's future performance goals.
It's worth noting that CREX operates with a moderate level of debt, which could be a factor in the company's financial strategy moving forward. For investors seeking more comprehensive analysis, InvestingPro offers 8 additional tips for CREX, providing a deeper understanding of the company's financial position and market performance.
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