Sign In  |  Register  |  About Santa Clara  |  Contact Us

Santa Clara, CA
September 01, 2020 1:39pm
7-Day Forecast | Traffic
  • Search Hotels in Santa Clara

  • CHECK-IN:
  • CHECK-OUT:
  • ROOMS:

Crown Electrokinetics Reports Second Quarter 2024 Financial Results

LOS ANGELES, Aug. 14, 2024 (GLOBE NEWSWIRE) -- Crown Electrokinetics Corp. (NASDAQ: CRKN) (“Crown” or the “Company”), a leading smart glass technology company and an expert in constructing fiber optic networks and lead pipe inspection and remediation, will report its financial results for the second quarter 2024 today, August 14, 2024.

Doug Croxall, Crown CEO and Chairman, “Our second quarter represents our best revenue quarter in our history. As of today, we have eliminated all investment debt and all classes of our preferred equity; thereby cleaning up both our balance sheet and cap table significantly. We have added to our senior management team and announced two new lines of business with lead pipe inspection and remediation. We are positioned for an outstanding second half of 2024, building atop of recent operational momentum that we expect will position Crown for a significant year of value creation in 2025.”    

Corporate Updates During and Subsequent to the Q2 2024

  • Reiterates revenue guidance for third quarter of $8.0 million
  • Gen 1 Alpha Smart Window Insert delivery date targeted for late 2024
  • Fiber division generates $4.6 million of Q2 revenue an increase of 582% over Q1 revenue
  • Twin Dolphin slant well project underway in Los Cabos Mexico and should lead to other international slant well projects  
  • Management additions in Electrokinetic Film division as well as Element 82 and PE Pipelines divisions
  • Launched Element 82 specializing in lead pipe inspections and PE Pipelines focusing on lead pipe remediation
  • Restructured balance sheet eliminating all preferred equity and improving shareholder equity by three times
  • Regained NASDAQ Compliance

Financial Results for the Second Quarter ended June 30, 2024

Revenue:

For the quarter ended June 30, 2024, Crown booked $4.6 million of revenues compared to $0.7 million in the first quarter of 2024. For the six months ended June 30, 2024, the Company's revenue was $5.3 million, compared to $0.1 million for the six months ended June 30, 2023.

Cost of revenue:

Cost of revenue was $4.0 million and $23,000 for the three months ended June 30, 2024, and 2023 and $5.8 million and $0.1 million for the six months ended June 30, 2024 and 2023, respectively.

Expenses:

Depreciation and amortization expense for the three months ended June 30, 2024 and 2023, were $0.2 million and $0.1 million, respectively.

Research and development expenses were $1.1 million for the three months ended June 30, 2024 compared to $0.5 million for the three months ended June 20, 2023.

General and administrative (“G&A”) expenses were $4.2 million for the quarter which included $2.4 of non-cash equity compensation expense. This represents a $0.1 million decrease in G&A expenses compared to 2023.

Loss from Operations:

Loss from Operations for the second quarter were $4.9 million, in line with the same quarter in 2023. June YTD operating losses were $8.6 million compared to $9.0 million in 2023.

Net losses:

Net losses were $5.0 million compared to $14.5 million in Q1 2023. June YTD Net losses were $9.6 million compared to $16.8 million in 2023.

Cash:

For the six months ended June 30, net cash increased $2.9 million to $4.0 million as the company deployed $8.9 million of cash for operations, $0.1 million for investments, and raised $11.8 million in financing activities.

Revenue guidance:

The Company expects third quarter revenues to be in line with previous guidance of $8.0 million.

Conference Call Information

To participate in this event, please log-on or dial-in approximately 5 to 10 minutes before the beginning of the call.

Date: August 14, 2024
Time: 12:00 PM ET
1-877-451-6152 or 1-201-389-0879
Conference ID: 13747919

Webcast: https://viavid.webcasts.com/starthere.jsp?ei=1680379&tp_key=cade0c707f

Callme™: https://callme.viavid.com/viavid/?callme=true&passcode=13722237&h=true&info=company&r=true&B=6

Participants can use Guest dial-in #s above and be answered by an operator OR click the Call me™ link for instant telephone access to the event.
Call me™ link will be made active 15 minutes prior to scheduled start time.

Conference Call Replay Information

1-844-512-2921 or 1-412-317-6671

Access ID13747919

About Crown Electrokinetics

Crown is comprised of two divisions, Fiber Optics and Electrokinetics Film. The Electrokinetics Film division is a smart glass technology and the creator of our Smart Window Insert based on its patented electrokinetic film. Crown’s Fiber Optics division is a builder of underground fiber optic networks as well as other utility infrastructure projects.

Safe Harbor Statement: 

Statements in this news release may be "forward-looking statements". Forward-looking statements include, but are not limited to, statements that express our intentions, beliefs, expectations, strategies, predictions, or any other statements relating to our future activities or other future events or conditions. These statements are based on current expectations, estimates and projections about our business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may, and are likely to, differ materially from what is expressed or forecasted in forward-looking statements due to numerous factors. Any forward-looking statements speak only as of the date of this news release and Crown Electrokinetic Corporation undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this news release.

This press release does not constitute a public offer of any securities for sale. Any securities offered privately will not be or have not been registered under the Act and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

Crown Electrokinetics

IR Email: info@crownek.com

Source: Crown Electrokineticswww.crownek.com

 
Crown Electrokinetics, Corp
Statements of Operations
(in thousands)        
  Three Months Ended June 30, Six months ended June 30,
   2024   2023   2024   2023 
         
Revenue  $4,648  $37  $5,330  $59 
         
Cost of revenue, excluding depreciation and amortization  4,183   23   5,819   54 
Depreciation and amortization  74   81   286   263 
Research and development  1,111   490   1,867   1,031 
General and administrative  4,187   4,328   5,970   7,722 
Loss from operations  (4,907)   (4,885)   (8,612)   (9,011) 
         
Other income (expense):        
Interest expense  (145)   (2,508)   (1,005)   (4,525) 
Loss on extinguishment of warrant liability  -   -   -   (504) 
Loss on extinguishment of debt  -   (2,345)   -   (2,345) 
Gain on issuance of convertible notes  -   -   -   64 
Change in fair value of warrants  23   2,130   -   7,736 
Change in fair value of notes  -   (6,883)   -   (7,000) 
Change in fair value of derivative liability  -   -   -   - 
Other expense  -   (28)   (24)   (1,234) 
Total other income (expense)  (122)   (9,634)   (1,029)   (7,808) 
         
Net loss  (5,029)   (14,519)   (9,641)   (16,819) 
Deemed dividend on Series D preferred stock  -   -   -   (6) 
Cumulative dividends on Series A preferred stock  -   (5)   -   (9) 
Cumulative dividends on Series B preferred stock  -   (29)   -   (49) 
Cumulative dividends on Series C preferred stock  -   (10)   -   (10) 
Cumulative dividends on Series D preferred stock  -   (53)   -   (84) 
Cumulative dividends on Series D preferred stock    -     - 
Cumulative dividends on Series D preferred stock    -     - 
Cumulative dividends on Series D preferred stock    -     - 
Cumulative dividends on Series D preferred stock    -     - 
Cumulative dividends on Series F preferred stock  -   -   -   - 
Cumulative dividends on Series F-1 preferred stock  -   -   -   - 
Cumulative dividends on Series F-2 preferred stock  -   -   -   - 
Deemed dividend in connection with conversion of Series A, Series B, and Series C preferred stock  (1,350)   -   (1,350)   - 
Deemed dividend in connection with conversion of Series F, F-1, and F-2  (3,874)   -   (3,874)   - 
Net loss attributable to common stockholders $(10,253)  $(14,616)  $(14,865)  $(16,977) 
         
Net loss per share attributable to common stockholders $(5.89)  $(2,720.27)  $(14.98)  $(3,951.82) 
         
Weighted average shares outstanding, basic and diluted:  1,739,995   5,373   992,278   4,296 
         
 


 
Crown Electrokinetics, Corp     
Balance Sheets     
(in thousands)     
      
  June 30, 2024 December 31, 2023 
      
Cash $3,990 $1,059 
Prepaid and other current assets  378  728 
Accounts receivable , net  3,351  83 
Other receivables  211  - 
Contract asset  1,244  - 
Total current assets  9,174  1,870 
Prepaid expenses long term  215  - 
Property and equipment, net  3,012  3,129 
Intangible assets, net  1,269  1,382 
Right of use asset  1,878  1,701 
Deferred debt issuance costs  292  1,306 
Other assets  160  139 
TOTAL ASSETS $16,000 $9,527 
      
Accounts payable $2,215 $1,500 
Accrued expenses  898  1,194 
Lease liability - current portion  735  655 
Notes payable short term  636  429 
Deferred revenue  1,260  - 
Total current liabilities  5,744  3,778 
Notes payable long term  296  - 
Lease liability - non-current portion  1,178  1,072 
Total liabilities  7,218  4,850 
      
Total stockholders' equity  8,782  4,677 
TOTAL LIABILITIES AND EQUITY $16,000 $9,527 
        
       


 
Crown Electrokinetics, Corp   
Statement of Cash flow   
(in thousands)   
  Six Months Ended June 30,
   2024   2023 
 CASH FLOWS FROM OPERATING ACTIVITIES   
 Net loss$(9,641)  $(16,819) 
 Adjustments to reconcile net loss to net cash used in operating activities:   
 Stock-based compensation 2,424   313 
 Depreciation and amortization 286   372 
 Loss on extinguishment of warrant liability -   504 
 Change in fair value of warrant liability -   (7,736) 
 Loss on extinguishment of debt -   2,345 
 Change in fair value of notes -   7,000 
 Amortization of deferred debt issuance costs 1,014   4,049 
 Amortization of right of use assets 383   1,045 
 Amortization of notes payable (15)   - 
 Other expenses -   1,275 
 Loss on disposal of equipment -   235 
 Changes in operating assets and liabilities: -   
 Prepaid and other assets 114   (14) 
 Accounts receivable (3,268)   - 
 Contract asset (1,244)   
 Note receivables (211)   - 
 Contract liabilities 1,260   - 
 Accounts payable 715   886 
 Accrued expenses (296)   (742) 
 Lease liability (374)   (1,101) 
 Warranty customer liability -   - 
 Net cash used in operating activities (8,853)   (8,388) 
 CASH FLOWS FROM INVESTING ACTIVITIES   
 Cash paid for acquisition of Amerigen 7 -   (644) 
 Purchase of equipment (56)   (707) 
 Net cash used in investing activities (56)   (1,351) 
 CASH FLOWS FROM FINANCING ACTIVITIES   
 Proceeds from the exercise of warrants -   2,061 
 Proceeds from the issuance of common stock / At-the-market offering 588   2,198 
 Proceeds from the issuance of notes in connection with Line of Credit -   2,350 
 Offering costs for the issuance of common stock / At-the-market offering -   (91) 
 Proceeds from issuance of Series F-1 preferred stock -   2,328 
 Proceeds from issuance of Series F-2 preferred stock -   748 
 Proceeds from issuance of January promissory notes, net of fees paid -   1,357 
 Borrowing of notes payable 1,164   - 
 Repayment of notes payable (646)   (1,997) 
 Proceeds from the issuance of common stock in connection with equity line of credit, net of offering costs 10,734   - 
 Net cash provided by financing activities 11,840   8,954 
     
 Net increase / decrease in cash 2,931   (785) 
 Cash — beginning of period 1,059   821 
 Cash — end of period$3,990  $36 
     



Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
 
 
Copyright © 2010-2020 SantaClara.com & California Media Partners, LLC. All rights reserved.