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Earnings Call Summary | Crown Electrokinetics(CRKN.US) Q4 2023 Earnings Conference

moomoo AI ·  Apr 1 15:43  · Conference Call

The following is a summary of the Crown ElectroKinetics Corp. (CRKN) Q4 2023 Earnings Call Transcript:

Financial Performance:

  • Crown ElectroKinetics Corp reported a net loss of $29 million for 2023, including a $9.7 million non-cash expense related primarily to balance sheet restructuring.

  • Net losses from operations were $19.3 million, higher than 2022's net loss. The total 2023 revenue was $0.2 million.

  • Cash and cash equivalents on December 31, 2023, were $1.1 million, and the company expects Q1 2024 revenues to be between $0.9 million and $1 million.

Business Progress:

  • Crown ElectroKinetics Corp achieved a technical milestone when the EK film team solved the 12-inch mastering challenge for its Gen 1 smart window insert.

  • The Gen 1 product roadmap expects the start of small quantity shipments in July-August 2023.

  • In fiber optics, Crown has won a contract for 300 miles of horizontal directional drilling in Florida, worth $11 million, and executed an agreement with the Twin Dolphin Club in Mexico to construct slant wells.

  • The company expects to turn cash flow positive by the latter half of 2024.

More details: Crown Electrokinetics IR

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