Crown Electrokinetics Corp. - CRKN STOCK NEWS

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.

Crown Electrokinetics Corp. (NASDAQ: CRKN) has announced that its Element 82 division has secured a $10 million contract for lead pipe inspection, set to begin in late October. This contract adds to Crown's growing pipeline of work, addressing the critical need for lead pipe inspection in approximately 13 million homes across the United States.

The company's turnkey solution aims to tackle the widespread issue of lead in drinking water pipes, with estimates ranging from 9.2 to 12.8 million lead pipes in the country. Element 82 has already initiated projects in New York, Virginia, and Florida, including completed work in the Town of Medley, FL, and ongoing projects in Batavia and Oneonta, NY. Additional projects are scheduled to begin later this year in Little Falls and Warwick, NY.

Crown Electrokinetics Corp. (NASDAQ:CRKN) has reiterated its Q3 2024 revenue guidance of $8 million, representing a 70% sequential increase. The company has made significant progress in its Film Division, overcoming hurdles in the Dynamic Tint™ film mastering technology. Crown is preparing for a three-phase product rollout strategy for its Smart Window Inserts:

1. Gen 1 Alpha: Targeted delivery to select customers in major US cities in the coming months.
2. Gen 1 Beta: Release in H1 2025 with additional features and integrated control ecosystem.
3. Charlie phase: Establish scalable manufacturing capability in H2 2025.

The company anticipates a full product release in 2026. CEO Doug Croxall expressed satisfaction with the progress and looks forward to providing regular updates on the rollout progress.

Crown Electrokinetics Corp. (NASDAQ: CRKN) has provided an update on its innovative slant well project in Cabo San Lucas, Mexico. The company's proprietary design allows for efficient water intake in coastal communities with poor quality aquifers. This technology offers a more economical and environmentally friendly alternative to traditional drilling methods and direct sea intakes.

Crown's process has garnered interest from developers who previously abandoned projects due to unreliable water sources. The company anticipates that its slant well approach could generate approximately $20 million in revenue over the next 15 months. Crown aims to expand its footprint to other regions facing water scarcity, including the Virgin Islands, Latin America, Africa, the South Pacific, and the Middle East.