Shareholder Approvals - Crown's shareholders approved all proposals, including a 1-for-200 reverse stock split and the ratification of its independent registered public accounting firm [1] - The reverse stock split provides flexibility to meet corporate objectives, including maintaining Nasdaq listing compliance [1] - The Board of Directors has discretion to enact the reverse stock split within a ratio of 1-for-2 to 1-for-200, with the exact ratio to be determined before December 31, 2025 [4] Company Strategy and Outlook - Crown aims to achieve profitability in the first half of 2025 and expand its footprint to meet increasing demand [5] - The company is focused on delivering innovative infrastructure solutions that address critical societal challenges [5] - Crown is committed to building long-term shareholder value and laying the foundation for sustainable growth and continued innovation [5] Business Overview - Crown operates three business divisions: Smart Windows, Fiber Optics, and Water Solutions [7] - The company is dedicated to developing cutting-edge infrastructure solutions that benefit communities and the environment [7] Voting Results and Reporting - The voting results from the Special Meeting of Stockholders were announced on January 14, 2025 [2] - Full voting reports can be accessed through the company's SEC filings [6]

Company Overview - Crown is an innovative infrastructure solutions provider with three business divisions: Smart Windows, Fiber Optics, and Water Solutions [5] - The company is focused on developing cutting-edge solutions that challenge industry standards and benefit communities and the environment [5] - Crown is listed on Nasdaq under the ticker CRKN [5] Shareholder Voting - Shareholders are voting on key proposals, including a reverse stock split, which is crucial for maintaining Crown's Nasdaq listing [1] - The Board of Directors and management strongly recommend voting FOR all proposals to ensure the company's long-term success [1] - The Special Meeting of Stockholders is scheduled for January 14, 2025, at 10:00 a.m. Eastern Time [8] - Shareholders are encouraged to vote electronically or by phone using their control number found on the proxy card [9][11] Strategic Importance of Reverse Stock Split - Approving the reverse stock split is essential for Crown to meet Nasdaq listing requirements, attract new investors, and enhance financial flexibility [4] - Maintaining the Nasdaq listing will enable Crown to meet growing demand for its innovative technology infrastructure solutions and deliver long-term shareholder value [4] - The year ahead holds significant opportunities across all three of Crown's business divisions [4] Contact Information - For additional information or assistance with voting, shareholders can contact Crown's Investor Relations team at ir@crownek.com [2][7] - Public Relations inquiries can be directed to pr@crownek.com [7]

Core Insights - Crown Electrokinetics Corp. has made significant operational progress in 2024, expanding its presence across eight U.S. states and two countries, and is on track to deliver $20 million in revenue for 2024, primarily generated in the last three quarters [2][4]. Division Highlights - **Smart Windows**: Achieved a critical manufacturing technology breakthrough, with a product launch expected in 2025. A three-phase product rollout strategy for Smart Window Inserts is set to commence in Q1 2025 [18]. - **Fiber Optics**: Secured design and construction agreements for fiber optics networks across multiple states, successfully laying over 2 million feet of fiber optics this year [19]. - **Water Solutions**: Developed the first slant well for economical water intake, secured contracts in Cabo San Lucas, and plans to build a reverse osmosis plant to combat water scarcity [9][10]. Financial Position - The company is well-positioned to achieve profitability in the first half of 2025, closing the year with record cash levels and minimal debt, reflecting a disciplined approach to building a healthy balance sheet [16]. - Full year 2025 revenue guidance is projected between $30 million and $35 million, indicating expected business strength [21]. Shareholder Engagement - The company acknowledges the current market value does not reflect its achievements or future potential, but remains confident that this will correct as it continues to build shareholder value [5][12]. - A Special Meeting of Stockholders is scheduled for January 14, 2025, to discuss a proposed reverse stock split to maintain listing requirements [14][17].

Core Insights - Crown Electrokinetics Corp. has completed the construction of the first slant well at the Twin Dolphin Club in Cabo San Lucas, Mexico, marking a significant milestone for the company [1][2] - The Water Solutions division aims to address global water scarcity through innovative and scalable technologies, with plans to replicate this project in other water-scarce regions [2][8] - The slant well, measuring 140 ft in length, is designed to extract water from beneath the ocean floor while minimizing environmental impact, showcasing advanced engineering [5][8] Company Overview - Crown Electrokinetics Corp. operates in three business divisions: Smart Windows, Fiber Optics, and Water Solutions, focusing on innovative infrastructure solutions that benefit communities and the environment [9] - The proprietary design of the slant well has attracted significant interest in the Los Cabos region due to its ability to provide a sustainable and reliable water source [8]

Core Insights - Crown Electrokinetics Corp. has completed the construction of the first slant well at the Twin Dolphin Club in Cabo San Lucas, Mexico, marking a significant milestone in addressing water scarcity [1] - The slant well, measuring 140 ft in length, is designed to extract water from beneath the ocean floor while minimizing environmental impact, showcasing innovative engineering and technology [1] - The project has generated significant interest in the Los Cabos region due to its potential to provide a sustainable and reliable water source, with implications for similar coastal areas facing water challenges [1] Company Overview - Crown Electrokinetics Corp. operates in three business divisions: Smart Windows, Fiber Optics, and Water Solutions, focusing on innovative infrastructure solutions that benefit communities and the environment [1] - The company aims to replicate the success of the slant well project in Mexico and other water-scarce countries, emphasizing its commitment to addressing global water scarcity through scalable technologies [1]

LOS ANGELES, Dec. 17, 2024 (GLOBE NEWSWIRE) -- Crown Electrokinetics Corp. (NASDAQ:CRKN) ("Crown" or the "Company"), a leading provider of innovative technology infrastructure solutions that benefit communities and the environment, today announced that its Element 82 division has secured two new lead pipe inspection projects in New York. With completed and active projects in the state of New York, Element 82 is expanding its lead inspection footprint into the city of Little Falls and town of Warwick. "Secur ...

Company Overview - Crown Electrokinetics Corp (NASDAQ: CRKN) is an innovative infrastructure solutions provider focused on benefiting communities and the environment [4] - The company operates through three business divisions: Smart Windows, Fiber Optics, and Water Solutions [4] - Crown is developing cutting-edge solutions that challenge industry standards and redefine infrastructure [4] Element 82 Division - Element 82, a division of Crown, specializes in lead pipe inspection services [1] - The division has secured two new lead pipe inspection projects in New York, expanding its footprint to Little Falls and Warwick [1] - Element 82 utilizes advanced detection technology, specifically the Electro Scan's Swordfish device, for non-destructive and non-invasive lead identification [2] - The division currently has 12 crews operational and tested approximately 2,500 homes in Q4 2024 alone [3] Market Opportunity - There are an estimated 9.2 million lead pipes still in use across the United States [2] - Element 82 is positioned to support the EPA's Lead and Copper Rule Improvements (LCRI) initiative [2] - Demand for reliable lead identification solutions is increasing, positioning Element 82 for continued growth in 2025 [3] Strategic Partnerships - Element 82 maintains a strong partnership with the state of New York to address critical water infrastructure challenges [2] - The division is committed to ensuring safer drinking water for residents through its lead identification services [2]

Revenue Performance - Revenue for the three months ended September 30, 2024, was $8.0 million, an increase of $8.0 million compared to zero in the same period in 2023, driven by new contracts in the Fiber Optics division and the Slant Wells group [157]. - Revenue for the nine months ended September 30, 2024, was $13.4 million, up $13.3 million from $0.1 million in the same period in 2023, attributed to new contracts in the Fiber Optics division and the new Slant Wells and Element 82 businesses [157]. Cost of Revenue - Cost of revenue for the three months ended September 30, 2024, was $6.6 million, compared to zero in the same period in 2023, reflecting increased subcontractor labor and equipment rental costs [158]. - Cost of revenue for the nine months ended September 30, 2024, was $12.4 million, an increase of $12.3 million from $0.1 million in the same period in 2023, primarily due to higher subcontractor labor and equipment rental costs [160]. Expenses - Research and development expenses for the three months ended September 30, 2024, were $0.7 million, up from $0.5 million in the same period in 2023, mainly due to increased salaries and benefits [161]. - General and administrative expenses for the three months ended September 30, 2024, were $6.5 million, an increase of $3.6 million from $2.9 million in the same period in 2023, driven by higher stock compensation and wages [163]. Net Loss - Net loss for the three months ended September 30, 2024, was $5.9 million, compared to a loss of $2.9 million in the same period in 2023, reflecting increased operating expenses [156]. - For the nine months ended September 30, 2024, the company reported a net loss of $15.5 million, compared to a net loss of $19.7 million for the same period in 2023, indicating an improvement in financial performance [181][188]. Cash Flow and Financing - Net cash used in operating activities for the nine months ended September 30, 2024, was $11.8 million, consistent with the same period in 2023, which also reported $11.8 million [181][188]. - As of September 30, 2024, the company had cash of $3.1 million, an increase of $1.0 million from $2.1 million at the end of September 30, 2023 [181]. - The company raised approximately $16.1 million from financing activities for the nine months ended September 30, 2024, compared to $14.8 million for the same period in 2023 [181][190]. - The company recorded a change in fair value of derivative liability of zero for the nine months ended September 30, 2024, compared to $0.4 million for the same period in 2023, reflecting the full settlement of derivatives [177]. - The company issued 1,740,027 shares of common stock in the first half of 2024, generating net proceeds of approximately $10.7 million at a weighted-average price of $6.93 per share [182]. - The company reported net cash used in investing activities of approximately $2.3 million for the nine months ended September 30, 2024, compared to $1.7 million for the same period in 2023 [189]. Accumulated Deficit and Going Concern - The company has an accumulated deficit of approximately $132.5 million as of September 30, 2024 [181]. - The company has expressed substantial doubt about its ability to continue as a going concern for the next twelve months due to uncertainty in raising additional capital [185]. Internal Controls and Compliance - As of September 30, 2024, the company concluded that its disclosure controls and procedures were not operating effectively [204]. - The company has engaged an external compliance consultant and additional staffing to develop a remediation plan for internal controls over financial reporting (ICFR) [204]. - During Q3 FY 2024, the company redesigned control procedures to focus on preventative and detective controls, establishing documentation to assess key control gaps [205]. - A thorough review of information technology controls was conducted, with a preliminary assessment indicating no material gaps exist [206]. - The estimated timeline for remediation of internal controls is by year-end 2024 [207]. - Management emphasized the importance of ethical conduct and internal controls, with escalation procedures for any arising questions to the CFO, CEO, or Board of Directors [208]. - Active remediation efforts were noted for establishing preventative and detective internal controls during the quarter ended September 30, 2024 [209]. - The company has not completed testing of controls for operating effectiveness, leading to the conclusion that the design and operating effectiveness of disclosure controls were not effective [210]. - Management's assessment identified a material weakness due to the reasonable possibility of undetected material errors [203]. Legal Claims - The company is involved in various legal claims, but does not expect these to have a material adverse effect on its financial position [213].

Crown Electrokinetics Corporation (NASDAQ:CRKN) Q3 2024 Earnings Conference Call November 14, 2024 11:00 AM ET Company Participants Jason Assad - Director, Corporate Communications Douglas Croxall - Chairman & CEO Joel Krutz - COO, CFO & Director Conference Call Participants Operator Good day, everyone, and welcome to Crown's Third Quarter 2024 Conference Call. At this time, participants are in a listen-only mode. A question-and-answer session will follow management's remarks. This conference call is being ...

Financial Data and Key Metrics - Revenue for Q2 2024 was $4.6 million, a six-fold increase compared to Q1 2024 [21] - Revenue for the six months ended June 30, 2024, was $5.3 million, compared to $0.1 million for the same period in 2023 [21] - Operating losses for Q2 2024 were $4.9 million, in line with Q2 2023 [23] - Net losses for Q2 2024 were $5 million, compared to $4.5 million in Q1 2023 [23] - Net cash increased by $2.9 million to $4 million for the six months ended June 30, 2024 [23] Business Line Data and Key Metrics ElectroKinetics Film Division - The film division achieved a technical milestone by solving the 12-inch mastering challenge for its Gen 1 Alpha smart window insert product [5] - Limited quantities of the Gen 1 Alpha product are expected to ship by the end of 2024 [5][7] - The division is working on converting the technical breakthrough into manufacturing capability, with production expected to begin in the coming months [8] Fiber Optics Division - The fiber optics division generated $4 million in revenue for Q2 2024, compared to $23,000 in Q2 2023 [21] - The division has projects in Idaho, Nevada, Oregon, and Mexico, with a significant pipeline of revenue-generating projects [14][15] - A large backbone project in Nevada is expected to generate $5.7 million in revenue, with additional stages awarded in July 2024 [15] - The Twin Dolphin Club project in Mexico is expected to generate $3.5 million in revenue and conclude in early fall 2024 [17] New Divisions: Element 82 and PE Pipelines - Element 82 focuses on lead pipe inspection, while PE Pipelines focuses on lead pipe remediation [18] - The U.S. EPA estimates there are 9.2 million lead pipes carrying drinking water, with potential numbers as high as 12.8 million [18] - Element 82 has commenced projects in New York, Virginia, and Florida, with announcements expected regarding purchase orders and revenue targets [20] Market Data and Key Metrics - The fiber optics division is leveraging a new operating model that includes a limited number of employees and third-party subcontractors, allowing for cost control and margin locking [14] - The division's new approach to plant well construction is expected to lead to new revenue opportunities in Mexico, Central America, and the Caribbean [17] Company Strategy and Industry Competition - The company has expanded its scope of services to include lead pipe inspection and remediation, complementing its existing divisions [4] - The company has attracted top talent across all divisions to drive growth and profitability [5] - The fiber optics division has shifted to a more efficient operating model, focusing on cash flow positivity from Day 1 of projects [14] - The company is leveraging its technical expertise and customer relationships to gain a competitive advantage in the lead pipe inspection and remediation market [20] Management Commentary on Operating Environment and Future Outlook - The company is optimistic about the Gen 1 Alpha launch in Q4 2024 and expects strong growth in utility construction [12][24] - Management believes 2025 will be a watershed year for revenue and EBITDA generation [24] - The company projects Q3 2024 revenues to be in line with previous guidance of $8 million [23] Other Important Information - The company has achieved NASDAQ compliance as of July 25, 2024 [20] - R&D expenses increased by $0.6 million in Q2 2024, primarily due to the addition of new film leadership [22] - G&A expenses decreased by $0.1 million in Q2 2024, driven by a reduction in professional fees [22] Q&A Session - No Q&A session was held during the call [25]