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    Laurence Lytton

    Research Analyst at Second Line Capital

    Laurence Lytton is an Analyst at Second Line Capital, focusing primarily on coverage of industrial and technology firms with a specialization in microcap and turnaround opportunities. He has engaged with companies such as LiqTech International, Cascade Microtech, Creative Realities, and Catalyst Biosciences, and is recognized for activist positions resulting in shareholder value creation, holding substantial equity benefits in several covered firms. Lytton began his career as an analyst at Drexel Burnham Lambert in the mid-1980s and later advanced into principal investment and foundation management roles before joining Second Line Capital, where he is distinguished for his direct equity stakes and shareholder activism. He maintains significant experience in investment analysis and is regularly listed as a beneficial owner in SEC filings, though there is no documented evidence of FINRA registration or formal securities licenses.

    Laurence Lytton's questions to CREATIVE REALITIES (CREX) leadership

    Laurence Lytton's questions to CREATIVE REALITIES (CREX) leadership • Q4 2024

    Question

    Focused on the company's capital structure and cash flow, asking about the available credit facility, the need for potential equity raises, the nature of potential 'transactions', the pipeline's progress, and the cash flow profile of large projects. Also sought clarification on the 15% EBITDA margin target.

    Answer

    Executives stated that after the settlement, ~$6-7M remains available on the credit facility and they do not anticipate raising equity unless for a potential acquisition. The project pipeline is much closer to conversion than 6 months ago. Large project cash flow varies: private clients often pay large deposits upfront, while public projects can have negative cash flow for ~90 days. The 15% adjusted EBITDA margin is a goal for the full fiscal year 2025.

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