Crown Electrokinetics Corp. - CRKN STOCK NEWS

Crown Electrokinetics (NASDAQ: CRKN) has announced plans to build and co-own a reverse osmosis (RO) water treatment plant in Cabo San Lucas, Mexico, partnering with 529 Capital. The facility will desalinate water collected from Crown's proprietary slant wells, addressing water scarcity in the Baja Peninsula. The project is expected to generate up to $40 million in recurring annual revenue.

The plant will provide clean drinking water to select resorts through a co-operative partnership over the next 5 years. The partners also plan to donate up to 500,000 gallons of clean drinking water per day to nearby communities. Construction is scheduled to begin in summer 2025, with operations expected to start in 2026.

Crown Electrokinetics (NASDAQ: CRKN) has secured multiple Fiber-to-the-Home (FTTH) purchase orders valued at approximately $8 million from a leading regional fiber-optic internet provider in Oregon. This expansion strengthens Crown's presence in the region and demonstrates its growing role in delivering fiber optics infrastructure solutions.

The company aims to capitalize on the increasing U.S. demand for high-capacity fiber optic networks, which are recognized as a cost-effective technology offering multiple revenue streams from single investments. Through its fiber optics design and construction services, Crown is positioning itself to drive connectivity across key U.S. regions.

Crown Electrokinetics highlights potential impacts of the incoming Trump administration on its water solutions division. The Lead and Copper Rule Improvement (LCRI) legislation, effective December 30, 2024, will remain unaffected by EPA's regulatory freeze on January 20, 2025. The company's Element 82 and PE Pipelines businesses, focused on lead pipe detection and remediation, are positioned to benefit from continued infrastructure priorities. Crown is exploring funding options, including reinstating its Equity Line of Credit (ELOC) to support growing demand.

Crown Electrokinetics (NASDAQ: CRKN) reported record quarterly revenue of $8.0 million for Q3 2024, up from zero in Q3 2023. The company reaffirmed Q4 and full-year 2024 revenue guidance of $9 million and $22 million respectively. For 2025, Crown projects revenue between $30-35 million and expects to achieve profitability. Q3 2024 showed a gross profit of $1.4 million but recorded a net loss of $5.9 million. The company secured major contracts in fiber optics networks and water solutions, including $15 million in lead pipe inspection projects and $33 million in lead pipe remediation contracts.

Crown Electrokinetics (NASDAQ: CRKN) will participate in Electro Scan's Lead Webinar on November 12, 2024. The webinar will address the EPA's Lead and Copper Rule Improvements (LCRI) and showcase Crown's lead pipe identification and remediation solutions through its Element 82 and PE Pipelines businesses.

The event will feature project updates from Baltimore and discuss best practices for identifying buried drinking water pipes. With an estimated 100 million unidentified water service pipelines in the U.S., Crown's partnership with Electro Scan supports EPA's initiative requiring all lead drinking water pipes to be removed within ten years. Electro Scan's technology can automatically identify buried pipe materials without excavation.

Crown Electrokinetics (NASDAQ: CRKN) has announced the suspension of its Equity Line of Credit (ELOC) agreement with Liqueous LP. The company had made an initial, modest use of the ELOC but decided to suspend it as it's no longer deemed necessary for their current financing strategy. Crown continues to generate revenue from its Fiber Optics and Water Solutions businesses, including U.S. fiber optics networks construction, slant wells in Los Cabos, and water service line inspection projects. The company maintains the flexibility to reinstate the ELOC as conditions warrant.

Crown Electrokinetics Corp. (NASDAQ: CRKN) announced it will release its third quarter 2024 financial results on November 14, 2024, before market open. The company will host a conference call and webcast at 11:00 a.m. Eastern Time featuring management remarks. The conference call will be accessible via phone (+1-877-451-6152 or +1-201-389-0879) and webcast. A replay will be available through November 28, 2024, using access code 13748946.

Crown Electrokinetics Corp. (NASDAQ:CRKN), a smart glass technology company and expert in fiber optic networks and lead pipe inspection, has provided revenue guidance for Q4 and full year 2024. The company estimates Q4 2024 revenue at $9 million, bringing the full year 2024 revenue to approximately $22 million.

Crown has significantly narrowed its gap to profitability compared to the first half of fiscal 2024. The company's investments in people, equipment, and processes are now generating meaningful revenues and a near-term path to profitability. Crown expects that increased scale and operational efficiencies will lead to further margin expansion.

With recent lead pipe detection and remediation contracts worth $43 million and expansion in fiber construction and slant well businesses, Crown anticipates strong growth and expected profitability in 2025.

Crown Electrokinetics Corp. (NASDAQ: CRKN) has announced that its PE Pipelines division has secured two contracts valued at $33 million for lead pipe remediation. The work is scheduled to begin in January 2025. This marks the company's first project in lead pipe remediation and the first project for PE Pipelines.

The U.S. Environmental Protection Agency estimates that 9.2 million lead pipes carry drinking water to American taps, with the National Resources Council estimating up to 12.8 million pipes. Crown's CEO, Doug Croxall, stated that this contract demonstrates the caliber of their team and their ability to execute, emphasizing that they believe they have only scratched the surface of this market opportunity.