Q1 2024 Crown Electrokinetics Corp. Earnings Call Transcript
Key Points
- Crown ElectroKinetics Corp (CRKN) has successfully solved the 12-inch mastering challenge for its Gen one AlphaSmart window inserts, setting the stage for initial product shipments.
- The appointment of Sheldon Davis as President of the Electric Film Division is expected to drive significant growth due to his extensive industry experience and knowledge.
- Crown ElectroKinetics Corp (CRKN) has secured a large backbone project in Nevada, which is anticipated to generate approximately $5.7 million in gross revenues.
- The company's fiber division has shown robust performance with multiple ongoing projects across different states and a new project in Mexico, expected to generate about $3.5 million of revenue.
- Crown ElectroKinetics Corp (CRKN) recorded $7 million of revenue in its fiber division for the quarter, showing a strong financial performance compared to previous periods.
- Crown ElectroKinetics Corp (CRKN) reported a net loss of $4.6 million for the quarter, indicating ongoing financial challenges.
- The company is currently non-compliant with NASDAQ's minimum bid price requirement, risking its listing status.
- Net cash decreased by $0.8 million as the company deployed $2.7 million in operations, reflecting significant cash burn.
- Crown ElectroKinetics Corp (CRKN) faces a backlog with its auditors, potentially leading to a non-timely filing of its 10-Q report.
- Despite some revenue from operations, total operating expenses were high at $4.7 million, with significant costs attributed to scaled-back operations in Arizona.
Good afternoon, everyone, and welcome to the Crown Electrokinetics first quarter 2024 conference call. (Operator Instructions) The management's remarks on this conference call is being recorded. A replay of today's call will be available on the Investor Relations section of the Crown's website. I will now hand the call over to Jason Tsai, Director of Corporate Communications for introductions and the reading of the Safe Harbor statement. Please go ahead.
Thank you, operator. Good afternoon and welcome to Crane's First Quarter 2024 call. With us today on the call are across all Crown's Chief Executive Officer and Chairman, and Joe Chris, Chief Financial Officer.
Before we begin, I'd like to remind you that today's call contains certain forward-looking statements from management made within the meaning of Section 27 A. of the Securities Act of 1933 as amended and Section 21 E. of the Securities and Exchange Act of 1934, as amended. Words such as should, projects, expects,
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
