Crown Reports Full Year 2024 Results

Core Viewpoint - Crown Electrokinetics Corp. reported significant revenue growth in 2024, achieving $19.7 million compared to $0.2 million in 2023, indicating a successful transition to a scalable infrastructure business focused on long-term value creation [2][5]. Financial Performance - Total revenue for 2024 was $19.7 million, a substantial increase from $0.2 million in 2023 [4][5]. - Gross margin for 2024 was a loss of $0.7 million, an improvement from a loss of $0.8 million in 2023 [5]. - Operating expenses rose to approximately $23.4 million in 2024, including $5.3 million in non-cash stock-based compensation, up from $18.5 million in 2023 [6]. - The net loss for 2024 was $25.9 million, reduced from a net loss of $29.0 million in 2023 [6]. Cash Position and Balance Sheet - As of December 31, 2024, the company had $13.7 million in cash, which has now increased to over $20 million [3][4]. - Stockholders' equity was reported at $22.2 million, indicating a stable financial position [7]. Business Highlights - Crown completed the construction of its first proprietary slant well project in Cabo San Lucas, Mexico, and installed over 2 million feet of fiber optic cable across various projects [2][4]. - The company secured multiple Fiber-to-the-Home (FTTH) purchase orders totaling approximately $8 million from a regional fiber-optic internet provider [4]. - Inspections of over 4,000 homes for lead service lines were completed, expanding the company's footprint in lead inspection projects [4][10]. Strategic Focus - The company is shifting its focus from rapid growth to smart growth, prioritizing profitable contracts to enhance long-term value [2]. - Crown is committed to continuing investments in growth while identifying cost-saving measures to maintain financial stability [3]. - The launch of the first-generation Smart Window Inserts is projected by the end of 2025, with ongoing progress in product development and manufacturing readiness [10].