Monitor for prospectus supplements indicating actual takedown size. Given the $37M public float, any ATM or follow-on offering is likely to be meaningfully dilutive relative to current share count (10.6M shares). The company's leverage (33.5M term debt + 9.5M revolver) and negative working capital suggest proceeds would go toward debt repayment and working capital rather than growth. The cross-filing 10-Q shows deteriorating cash reserves vs debt service obligations — a capital event appears probable within 6-12 months.
Price Chart
Executive Summary
Creative Realities filed a new universal shelf registration statement (S-3) on June 4, 2026, registering up to $100 million in securities (common, preferred, warrants, debt), including $37.6M in carry-forward securities from a prior shelf. The company has negative working capital of ~$9.5M at March 31, 2026 (current liabilities of $35.6M vs current assets of $26.1M), an accumulated deficit of $72.6M, and significant debt ($33.5M term debt + $9.5M revolver drawn). The shelf provides maximum financing flexibility but signals likely future dilution given the company's strained liquidity position after the November 2025 acquisition of DDC/CDM.
Key Facts
- New S-3 shelf registration reserves $100M in aggregate securities (common, preferred, warrants, debt), including $37.6M carry-forward from the prior shelf (333-272202).
- Company has negative working capital: current assets $26.1M vs current liabilities $35.6M as of March 31, 2026.
- Accumulated deficit of $72.6M; total shareholders' equity of only $13.1M against $97.1M total liabilities.
- Revolver fully drawn at $9.5M; term debt of $33.5M; Series A preferred stock carries a $30.6M liquidation preference.
- Public float of $37M caps primary offerings to ~$12.3M per 12-month period under General Instruction I.B.6 of Form S-3.
- Prior shelf (2023) registered $46.2M; $37.6M remains unsold, suggesting limited market appetite for CREX equity at prior prices.
Financial Impact
Shelf registration of up to $100M, but public float cap of $37M limits primary offerings to ~$12.3M annually. Company had negative working capital of $9.5M and an accumulated deficit of $72.6M at March 31, 2026.
Risk Factors
- Dilution from future offerings under the shelf could be substantial relative to current market cap ($40M).
- Negative working capital of $9.5M and $9.5M revolver fully drawn implies immediate cash needs.
- Accumulated deficit of $72.6M with only $13.1M equity leaves thin cushion against further losses.
- Total debt of $47.5M (term + revolver) plus $30.6M preferred liquidation preference significantly burdens the capital structure.
- Historical prior shelf ($46.2M) had $37.6M go unsold, indicating limited institutional appetite for CREX equity.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 9 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| S-3 Filing (Primary) | 0001437749-26-019569 |
| Exhibit: ex_970618.htm | 0001437749-26-019569 |
| Exhibit: ex_970621.htm | 0001437749-26-019569 |
| Exhibit: ex_970619.htm | 0001437749-26-019569 |
| Exhibit: ex_970620.htm | 0001437749-26-019569 |
| Document: crex20260601_s3.htm | 0001437749-26-019569 |
| Document: 0001437749-26-019569-index-headers.html | 0001437749-26-019569 |
| Document: 0001437749-26-019569-index.html | 0001437749-26-019569 |
| Document: 0001437749-26-019569.txt | 0001437749-26-019569 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 13, 2026 10w ago | 8-K | $3.36 | awaiting T+60 | — | $2.09 (−37.80%) |
Aug 13, 2026 10w ago | Press Release | $3.36 | awaiting T+60 | — | $2.09 (−37.80%) |
Aug 4, 2026 12w ago | Press Release | $3.11 | awaiting T+60 | — | $2.09 (−32.80%) |
Jul 2, 2026 16w ago | Insider Cluster | $4.09 $2.52 | ▼ −38.39% | ▼ −41.39% | $2.09 (−48.90%) |
Jun 30, 2026 17w ago | 8-K | $4.13 $2.54 | ▲ +38.50% | ▲ +41.32% | $2.09 (+49.39%) |
Jun 30, 2026 17w ago | 424B5 | $4.13 $2.54 | ▲ +38.50% | ▲ +41.32% | $2.09 (+49.39%) |
Jun 29, 2026 17w ago | Press Release | $4.06 $2.60 | ▲ +35.88% | ▲ +40.27% | $2.09 (+48.46%) |
Jun 29, 2026 17w ago | 8-K | $4.06 $2.60 | ▲ +35.88% | ▲ +40.27% | $2.09 (+48.46%) |
Jun 29, 2026 17w ago | 424B5 | $4.06 $2.60 | ▲ +35.88% | ▲ +40.27% | $2.09 (+48.46%) |
Jun 29, 2026 17w ago | Press Release | $4.06 $2.60 | ▲ +35.88% | ▲ +40.27% | $2.09 (+48.46%) |
US Market Status
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