Crown(US:CRKN) Globenewswireยท2025-04-01 10:30Core Viewpoint - Crown Electrokinetics Corp. reported a significant increase in revenue for the full year 2024, achieving $19.7 million compared to $0.2 million in 2023, reflecting a strategic focus on top-line growth and operational stability [2][6]. Financial Performance - Total revenue for 2024 was $19.7 million, a dramatic increase from $0.2 million in 2023 [5][6]. - Gross margin for 2024 was a loss of $0.7 million, an improvement from a loss of $0.8 million in 2023 [6]. - Operating expenses were approximately $23.4 million in 2024, up from $18.5 million in 2023, including $5.3 million in non-cash stock-based compensation [7]. - The net loss for 2024 was $25.9 million, compared to a net loss of $29.0 million in 2023 [7]. 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][5]. - Stockholders' equity was reported at $22.2 million as of December 31, 2024, indicating a strong financial position [8]. 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 key projects [2][5]. - The company inspected over 4,000 homes for lead service lines and secured multiple contracts, including approximately $8 million in Fiber-to-the-Home (FTTH) purchase orders [5][11]. - Crown is focused on smart growth in 2025, prioritizing profitable contracts while identifying cost-saving areas [2][3]. Strategic Initiatives - The company is developing its first-generation Smart Window Inserts, with a projected launch by the end of 2025 [11]. - Crown is also planning to construct a reverse osmosis water treatment plant in partnership with 529 Capital to provide clean drinking water [11].