Crown Electrokinetics Reports Second Quarter 2024 Financial Results
Crown Electrokinetics Corp. (NASDAQ: CRKN) reported its Q2 2024 financial results, showcasing significant growth. Key highlights include:
- Revenue of $4.6 million, up 582% from Q1 2024
- Reiterated Q3 revenue guidance of $8.0 million
- Eliminated all investment debt and preferred equity
- Launched new divisions: Element 82 and PE Pipelines
- Regained NASDAQ compliance
Despite the revenue increase, the company reported a net loss of $5.0 million for Q2. Crown's CEO, Doug Croxall, expressed optimism about the company's positioning for the second half of 2024 and value creation in 2025.
Crown Electrokinetics Corp. (NASDAQ: CRKN) ha riportato i suoi risultati finanziari del Q2 2024, evidenziando una crescita significativa. I punti salienti includono:
- Ricavi di 4,6 milioni di dollari, in aumento del 582% rispetto al Q1 2024
- Confermato l'obiettivo di fatturato del Q3 di 8,0 milioni di dollari
- Eliminato tutto il debito d'investimento e il capitale preferenziale
- Lanciati nuovi settori: Element 82 e PE Pipelines
- Ripristinata la conformità al NASDAQ
Nonostante l'aumento dei ricavi, la società ha registrato una perdita netta di 5,0 milioni di dollari per il Q2. Il CEO di Crown, Doug Croxall, ha espresso ottimismo riguardo alla posizione dell'azienda per la seconda metà del 2024 e la creazione di valore nel 2025.
Crown Electrokinetics Corp. (NASDAQ: CRKN) reportó sus resultados financieros del Q2 2024, mostrando un crecimiento significativo. Los aspectos más destacados incluyen:
- Ingresos de 4.6 millones de dólares, un incremento del 582% en comparación con el Q1 2024
- Confirmada la guía de ingresos del Q3 de 8.0 millones de dólares
- Eliminada toda la deuda de inversión y acciones preferentes
- Lanzadas nuevas divisiones: Element 82 y PE Pipelines
- Recuperada la conformidad con el NASDAQ
A pesar del aumento de ingresos, la empresa reportó una pérdida neta de 5.0 millones de dólares para el Q2. El CEO de Crown, Doug Croxall, expresó optimismo sobre la posición de la empresa para el segundo semestre de 2024 y la creación de valor en 2025.
Crown Electrokinetics Corp. (NASDAQ: CRKN)는 2024년 2분기 금융 결과를 보고하며 상당한 성장을 보여주었습니다. 주요 주요 사항은 다음과 같습니다:
- 수익 460만 달러로, 2024년 1분기 대비 582% 증가
- 3분기 수익 가이던스 800만 달러 재확인
- 모든 투자 부채 및 우선주 제거
- 새로운 부서인 Element 82 및 PE Pipelines 출범
- NASDAQ 준수 상태 회복
수익 증가에도 불구하고, 회사는 2분기 동안 500만 달러의 순손실을 기록했습니다. Crown의 CEO인 Doug Croxall은 2024년 하반기에 대한 회사의 입지와 2025년의 가치 창출에 대한 낙관적인 입장을 밝혔습니다.
Crown Electrokinetics Corp. (NASDAQ: CRKN) a annoncé ses résultats financiers du Q2 2024, montrant une croissance significative. Les points clés comprennent :
- Chiffre d'affaires de 4,6 millions de dollars, en hausse de 582 % par rapport au Q1 2024
- Confirmation de l’objectif de chiffre d'affaires du Q3 à 8,0 millions de dollars
- Élimination de toutes les dettes d'investissement et des actions privilégiées
- Lancement de nouvelles divisions : Element 82 et PE Pipelines
- Récupération de la conformité au NASDAQ
Malgré l'augmentation des revenus, l'entreprise a déclaré une perte nette de 5,0 millions de dollars pour le Q2. Le PDG de Crown, Doug Croxall, a exprimé son optimisme concernant le positionnement de l'entreprise pour la seconde moitié de 2024 et la création de valeur en 2025.
Crown Electrokinetics Corp. (NASDAQ: CRKN) hat seine Finanzergebnisse für Q2 2024 veröffentlicht und dabei ein erhebliches Wachstum aufgezeigt. Zu den wichtigsten Highlights gehören:
- Umsatz von 4,6 Millionen Dollar, was einem Anstieg von 582% im Vergleich zu Q1 2024 entspricht
- Bestätigung der Umsatzprognose für Q3 von 8,0 Millionen Dollar
- Alle Investitionsschulden und Vorzüge abgeschafft
- Neue Bereiche: Element 82 und PE Pipelines gegründet
- NASDAQ-Konformität wiederhergestellt
Trotz des Umsatzanstiegs berichtete das Unternehmen von einem Nettoverlust von 5,0 Millionen Dollar im Q2. Der CEO von Crown, Doug Croxall, äußerte Optimismus hinsichtlich der Marktposition des Unternehmens für die zweite Hälfte von 2024 und der Wertschöpfung im Jahr 2025.
- Q2 2024 revenue increased 582% to $4.6 million from $0.7 million in Q1 2024
- Reiterated Q3 2024 revenue guidance of $8.0 million
- Eliminated all investment debt and preferred equity, improving shareholder equity
- Regained NASDAQ compliance
- Launched new business divisions: Element 82 for lead pipe inspections and PE Pipelines for lead pipe remediation
- Fiber division generated $4.6 million in Q2 revenue
- Reported net loss of $5.0 million in Q2 2024
- Operating loss of $4.9 million in Q2 2024
- Cost of revenue increased to $4.0 million in Q2 2024 from $23,000 in Q2 2023
- Research and development expenses increased to $1.1 million in Q2 2024 from $0.5 million in Q2 2023
Insights
Crown Electrokinetics' Q2 2024 results show significant revenue growth, but operational challenges persist. Revenue jumped to
The balance sheet restructuring, eliminating preferred equity and investment debt, is a positive step. Yet, the
Investors should monitor the new business lines in lead pipe inspection and remediation for potential growth catalysts, while keeping an eye on the high operating expenses and R&D costs.
Crown's diversification into fiber optic networks and lead pipe inspection shows promise, leveraging their technological expertise beyond smart glass. The targeted delivery of Gen 1 Alpha Smart Window Insert by late 2024 could be a game-changer, potentially opening new revenue streams.
The significant increase in R&D expenses (
The company's ability to execute on its smart glass technology while expanding into new tech-driven sectors will be crucial. Investors should watch for updates on the Smart Window Insert and the performance of the new divisions to gauge long-term growth potential.
Second Quarter Revenues of
LOS ANGELES, Aug. 14, 2024 (GLOBE NEWSWIRE) -- Crown Electrokinetics Corp. (NASDAQ: CRKN) (“Crown” or the “Company”), a leading smart glass technology company and an expert in constructing fiber optic networks and lead pipe inspection and remediation, will report its financial results for the second quarter 2024 today, August 14, 2024.
Doug Croxall, Crown CEO and Chairman, “Our second quarter represents our best revenue quarter in our history. As of today, we have eliminated all investment debt and all classes of our preferred equity; thereby cleaning up both our balance sheet and cap table significantly. We have added to our senior management team and announced two new lines of business with lead pipe inspection and remediation. We are positioned for an outstanding second half of 2024, building atop of recent operational momentum that we expect will position Crown for a significant year of value creation in 2025.”
Corporate Updates During and Subsequent to the Q2 2024
- Reiterates revenue guidance for third quarter of
$8.0 million - Gen 1 Alpha Smart Window Insert delivery date targeted for late 2024
- Fiber division generates
$4.6 million of Q2 revenue an increase of582% over Q1 revenue - Twin Dolphin slant well project underway in Los Cabos Mexico and should lead to other international slant well projects
- Management additions in Electrokinetic Film division as well as Element 82 and PE Pipelines divisions
- Launched Element 82 specializing in lead pipe inspections and PE Pipelines focusing on lead pipe remediation
- Restructured balance sheet eliminating all preferred equity and improving shareholder equity by three times
- Regained NASDAQ Compliance
Financial Results for the Second Quarter ended June 30, 2024
Revenue:
For the quarter ended June 30, 2024, Crown booked
Cost of revenue:
Cost of revenue was
Expenses:
Depreciation and amortization expense for the three months ended June 30, 2024 and 2023, were
Research and development expenses were
General and administrative (“G&A”) expenses were
Loss from Operations:
Loss from Operations for the second quarter were
Net losses:
Net losses were
Cash:
For the six months ended June 30, net cash increased
Revenue guidance:
The Company expects third quarter revenues to be in line with previous guidance of
Conference Call Information
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Date: August 14, 2024
Time: 12:00 PM ET
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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
IR Email: info@crownek.com
Source: Crown Electrokinetics: www.crownek.com
| Crown Electrokinetics, Corp | ||||||||||||||||
| Statements of Operations | ||||||||||||||||
| (in thousands) | ||||||||||||||||
| Three Months Ended June 30, | Six months ended June 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Revenue | $ | 4,648 | $ | 37 | $ | 5,330 | $ | 59 | ||||||||
| Cost of revenue, excluding depreciation and amortization | 4,183 | 23 | 5,819 | 54 | ||||||||||||
| Depreciation and amortization | 74 | 81 | 286 | 263 | ||||||||||||
| Research and development | 1,111 | 490 | 1,867 | 1,031 | ||||||||||||
| General and administrative | 4,187 | 4,328 | 5,970 | 7,722 | ||||||||||||
| Loss from operations | (4,907) | (4,885) | (8,612) | (9,011) | ||||||||||||
| Other income (expense): | ||||||||||||||||
| Interest expense | (145) | (2,508) | (1,005) | (4,525) | ||||||||||||
| Loss on extinguishment of warrant liability | - | - | - | (504) | ||||||||||||
| Loss on extinguishment of debt | - | (2,345) | - | (2,345) | ||||||||||||
| Gain on issuance of convertible notes | - | - | - | 64 | ||||||||||||
| Change in fair value of warrants | 23 | 2,130 | - | 7,736 | ||||||||||||
| Change in fair value of notes | - | (6,883) | - | (7,000) | ||||||||||||
| Change in fair value of derivative liability | - | - | - | - | ||||||||||||
| Other expense | - | (28) | (24) | (1,234) | ||||||||||||
| Total other income (expense) | (122) | (9,634) | (1,029) | (7,808) | ||||||||||||
| Net loss | (5,029) | (14,519) | (9,641) | (16,819) | ||||||||||||
| Deemed dividend on Series D preferred stock | - | - | - | (6) | ||||||||||||
| Cumulative dividends on Series A preferred stock | - | (5) | - | (9) | ||||||||||||
| Cumulative dividends on Series B preferred stock | - | (29) | - | (49) | ||||||||||||
| Cumulative dividends on Series C preferred stock | - | (10) | - | (10) | ||||||||||||
| Cumulative dividends on Series D preferred stock | - | (53) | - | (84) | ||||||||||||
| Cumulative dividends on Series D preferred stock | - | - | ||||||||||||||
| Cumulative dividends on Series D preferred stock | - | - | ||||||||||||||
| Cumulative dividends on Series D preferred stock | - | - | ||||||||||||||
| Cumulative dividends on Series D preferred stock | - | - | ||||||||||||||
| Cumulative dividends on Series F preferred stock | - | - | - | - | ||||||||||||
| Cumulative dividends on Series F-1 preferred stock | - | - | - | - | ||||||||||||
| Cumulative dividends on Series F-2 preferred stock | - | - | - | - | ||||||||||||
| Deemed dividend in connection with conversion of Series A, Series B, and Series C preferred stock | (1,350) | - | (1,350) | - | ||||||||||||
| Deemed dividend in connection with conversion of Series F, F-1, and F-2 | (3,874) | - | (3,874) | - | ||||||||||||
| Net loss attributable to common stockholders | $ | (10,253) | $ | (14,616) | $ | (14,865) | $ | (16,977) | ||||||||
| Net loss per share attributable to common stockholders | $ | (5.89) | $ | (2,720.27) | $ | (14.98) | $ | (3,951.82) | ||||||||
| Weighted average shares outstanding, basic and diluted: | 1,739,995 | 5,373 | 992,278 | 4,296 | ||||||||||||
| Crown Electrokinetics, Corp | |||||||
| Balance Sheets | |||||||
| (in thousands) | |||||||
| June 30, 2024 | December 31, 2023 | ||||||
| Cash | $ | 3,990 | $ | 1,059 | |||
| Prepaid and other current assets | 378 | 728 | |||||
| Accounts receivable , net | 3,351 | 83 | |||||
| Other receivables | 211 | - | |||||
| Contract asset | 1,244 | - | |||||
| Total current assets | 9,174 | 1,870 | |||||
| Prepaid expenses long term | 215 | - | |||||
| Property and equipment, net | 3,012 | 3,129 | |||||
| Intangible assets, net | 1,269 | 1,382 | |||||
| Right of use asset | 1,878 | 1,701 | |||||
| Deferred debt issuance costs | 292 | 1,306 | |||||
| Other assets | 160 | 139 | |||||
| TOTAL ASSETS | $ | 16,000 | $ | 9,527 | |||
| Accounts payable | $ | 2,215 | $ | 1,500 | |||
| Accrued expenses | 898 | 1,194 | |||||
| Lease liability - current portion | 735 | 655 | |||||
| Notes payable short term | 636 | 429 | |||||
| Deferred revenue | 1,260 | - | |||||
| Total current liabilities | 5,744 | 3,778 | |||||
| Notes payable long term | 296 | - | |||||
| Lease liability - non-current portion | 1,178 | 1,072 | |||||
| Total liabilities | 7,218 | 4,850 | |||||
| Total stockholders' equity | 8,782 | 4,677 | |||||
| TOTAL LIABILITIES AND EQUITY | $ | 16,000 | $ | 9,527 | |||
| Crown Electrokinetics, Corp | ||||||||
| Statement of Cash flow | ||||||||
| (in thousands) | ||||||||
| Six Months Ended June 30, | ||||||||
| 2024 | 2023 | |||||||
| CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||
| Net loss | $ | (9,641) | $ | (16,819) | ||||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
| Stock-based compensation | 2,424 | 313 | ||||||
| Depreciation and amortization | 286 | 372 | ||||||
| Loss on extinguishment of warrant liability | - | 504 | ||||||
| Change in fair value of warrant liability | - | (7,736) | ||||||
| Loss on extinguishment of debt | - | 2,345 | ||||||
| Change in fair value of notes | - | 7,000 | ||||||
| Amortization of deferred debt issuance costs | 1,014 | 4,049 | ||||||
| Amortization of right of use assets | 383 | 1,045 | ||||||
| Amortization of notes payable | (15) | - | ||||||
| Other expenses | - | 1,275 | ||||||
| Loss on disposal of equipment | - | 235 | ||||||
| Changes in operating assets and liabilities: | - | |||||||
| Prepaid and other assets | 114 | (14) | ||||||
| Accounts receivable | (3,268) | - | ||||||
| Contract asset | (1,244) | |||||||
| Note receivables | (211) | - | ||||||
| Contract liabilities | 1,260 | - | ||||||
| Accounts payable | 715 | 886 | ||||||
| Accrued expenses | (296) | (742) | ||||||
| Lease liability | (374) | (1,101) | ||||||
| Warranty customer liability | - | - | ||||||
| Net cash used in operating activities | (8,853) | (8,388) | ||||||
| CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||
| Cash paid for acquisition of Amerigen 7 | - | (644) | ||||||
| Purchase of equipment | (56) | (707) | ||||||
| Net cash used in investing activities | (56) | (1,351) | ||||||
| CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||
| Proceeds from the exercise of warrants | - | 2,061 | ||||||
| Proceeds from the issuance of common stock / At-the-market offering | 588 | 2,198 | ||||||
| Proceeds from the issuance of notes in connection with Line of Credit | - | 2,350 | ||||||
| Offering costs for the issuance of common stock / At-the-market offering | - | (91) | ||||||
| Proceeds from issuance of Series F-1 preferred stock | - | 2,328 | ||||||
| Proceeds from issuance of Series F-2 preferred stock | - | 748 | ||||||
| Proceeds from issuance of January promissory notes, net of fees paid | - | 1,357 | ||||||
| Borrowing of notes payable | 1,164 | - | ||||||
| Repayment of notes payable | (646) | (1,997) | ||||||
| Proceeds from the issuance of common stock in connection with equity line of credit, net of offering costs | 10,734 | - | ||||||
| Net cash provided by financing activities | 11,840 | 8,954 | ||||||
| Net increase / decrease in cash | 2,931 | (785) | ||||||
| Cash — beginning of period | 1,059 | 821 | ||||||
| Cash — end of period | $ | 3,990 | $ | 36 | ||||
FAQ
What was Crown Electrokinetics' (CRKN) revenue for Q2 2024?
Has Crown Electrokinetics (CRKN) provided revenue guidance for Q3 2024?
What new business divisions did Crown Electrokinetics (CRKN) launch recently?
Has Crown Electrokinetics (CRKN) regained NASDAQ compliance?
