Creative Realities Inc 2025年度报告

FORM 10-K (Mark one)☒ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 OR ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ___________ Commission file number 001-33169 Creative Realities, Inc.(Exact name of registrant as specified in its charter) Minnesota41-1967918State or other jurisdiction ofI.R.S. Employer 13100 Magisterial Drive, Suite 201, Louisville KY40223Address of principal executive officesZip Code (502) 791-8800Registrant’s telephone number, including area code Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes☐No☒ Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes☐No☒ Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d) of the Securities Exchange Act of1934 during the preceding 12months (or for such shorter period that the registrant was required to file such reports), and (2)has been subject to such filingrequirements for the past 90days. Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant toRule405 of RegulationS-T (§232.405 of this chapter) during the preceding 12months (or for such shorter period that the registrant was required to submitsuch files). Yes☒No☐ Table of Contents Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, oran emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growthcompany” in Rule 12b-2 of the Exchange Act. Acceleratedfiler☐Smallerreportingcompany☒Emerging growth company☐ Largeacceleratedfiler☐Non-accelerated filer☒ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying withany new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of itsinternal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm thatprepared or issued its audit report.☐ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant includedin the filing reflect the correction of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensationreceived by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the Act). Yes☐No☒ The aggregate market value of the voting and non-voting common equity held by non-affiliates was $28,476,557 as of the last business day of theregistrant’s most recently completed secondfiscal quarter based on the closing sale price of the registrant's common stock, as reported on the Nasdaq StockMarket LLC. As of April 10, 2026, the registrant had 10,567,268 shares of common stock outstanding. TABLE OF CONTENTS CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS; RISK FACTOR SUMMARY PART I ITEM 1BUSINESSITEM 1ARISK FACTORSITEM 1BUNRESOLVED STAFF COMMENTSITEM 1CCYBERSECURITYITEM 2PROPERTIESITEM 3LEGAL PROCEEDINGSITEM 4MINE SAFETY DISCLOSURES ITEM 5MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUERPURCHASES OF EQUITY SECURITIESITEM 6[RESERVED]ITEM 7MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OFOPERATIONSITEM 7AQUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISKITEM 8FINANCIAL STATEMENTS AND SUPPLEMENTARY DATAITEM 9CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIALDISCLOSUREITEM 9ACONTROLS AND PROCEDURESITEM 9BOTHER INFORMATIONITEM 9CDISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS ITEM 10DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCEITEM 11EXECUTIVE COMPENSATIONITEM 12SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATEDSTOCKHOLDER MATTERSITEM 13CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCEITEM 14PRINCIPAL ACCOUNTANT FEES AND SERVICES PART IV ITEM 15EXHIBITS AND FINANCIAL STATEMENT SCHEDULESITEM 16FORM 10-K SUMMARY EXHIBIT INDEXSIGNATURESINDEX TO CONSOLIDATED FINANCIAL STATEMENTS CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS;RISK FACT