Crown Electrokinetics Announces New Fiber Construction Customer and Project in Nevada

Rhea-AI Summary

Crown Electrokinetics Corp. (NASDAQ:CRKN) announced securing a large fiber optic project in Nevada, generating $5.7 million in gross revenues. The project involves horizontal drilling and plowing work, with completion expected in the third quarter. The company anticipates further stages in California, showcasing growth and expansion.

Positive

• Crown Electrokinetics Corp. secures a large backbone project in Nevada, indicating continued operational momentum and growth.

• The project is expected to generate approximately $5.7 million in gross revenues, demonstrating financial success.

• The company's President of Construction, Corey Boaz, highlights the potential for further expansion and growth in the fiber optics sector.

Negative

• None.

Insights

Market Research Analyst

The news of Crown Electrokinetics securing a substantial fiber construction project represents a strategic milestone for the company, particularly in the realm of infrastructure expansion. The forecasted $5.7 million> in gross revenues for the initial clusters hints at a large scale of operations and immediate revenue impact. The expansion into California suggests potential for growth and increased market share. For investors, the ability of the company to secure and anticipate additional stages of the project may be indicative of strong performance and a robust project pipeline.

Financial Analyst

Considering the financial implications of Crown's announcement, the $5.7 million> revenue projection has likely been factored into the current quarter's financial forecasts. This figure should be viewed relative to the company's total revenue to gauge materiality. Investors should monitor the company's future earnings reports for actual figures versus projections, as this will offer a barometer for the company's efficiency in converting projections into tangible results. Furthermore, the project's successful execution might provide a tailwind for the stock, enhancing investor confidence.

Tech Industry Expert

From a technological standpoint, the involvement in horizontal drilling and plowing work underlines Crown's capability to handle complex infrastructure projects. This move aligns with industry trends where tech companies are increasingly diversifying into infrastructure to support their core technologies. For retail investors, understanding the intersection between technology and infrastructure investment is critical, as it embodies the company's agility in adopting new revenue streams beyond its traditional smart glass technology offerings.

LOS ANGELES, CA / ACCESSWIRE / May 1, 2024 / Crown Electrokinetics Corp. (NASDAQ:CRKN) ("Crown" or the "Company"), a leading smart glass technology company and an expert in constructing fiber optic networks, today announced that it has secured a large backbone project in Nevada that includes horizontal drilling and plowing work.

The long-haul fiber project recently commenced with completion slated for the Company's third quarter. Currently, Crown has received two "clusters" of the project which will generate approximately $5.7 million in gross revenues. Crown anticipates being awarded additional stages as the project continues into California.

Corey Boaz, President of Construction for Crown Fiber Optics stated. "When I first joined Crown, I indicated my intention was to build atop of recent operational momentum. I was confident that my experience and contacts would play a material role in the further growth and expansion of Crown Fiber Optics. Today's announcement of another new project, with the potential to add to it, is another affirmation that recent operational traction continues to build."

About Crown Electrokinetics

Crown is comprised of two divisions, Fiber Optics and Electrokinetics Film. The Electrokinetics Film division is a smart glass technology and the creator of our Smart Window Insert based on its patented electrokinetic film. Crown's Fiber Optics division is a builder of underground fiber optic networks as well as other utility infrastructure projects.

Safe Harbor Statement:

Statements in this news release may be "forward-looking statements". Forward-looking statements include, but are not limited to, statements that express our intentions, beliefs, expectations, strategies, predictions, or any other statements relating to our future activities or other future events or conditions. These statements are based on current expectations, estimates and projections about our business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may, and are likely to, differ materially from what is expressed or forecasted in forward-looking statements due to numerous factors. Any forward-looking statements speak only as of the date of this news release and Crown Electrokinetic Corporation undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this news release.

This press release does not constitute a public offer of any securities for sale. Any securities offered privately will not be or have not been registered under the Act and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

Crown Electrokinetics Contact:

IR Email: info@crownek.com

SOURCE: Crown Electrokinetics

View the original press release on accesswire.com