Crown Electrokinetics Corp. Q4 FY2023 earnings call

• Film division: Crown's EK film team solved the 12-inch mastering challenge for Gen 1 smart window insert in February 2023, with plans to start shipping small quantities in July-August. Hired Sheldon Davis as Senior Advisor to lead efforts in launching Gen 1 smart window insert. Gen 1 product roadmap includes rolling out Alpha, Beta, and Charlie versions with increasing features.
• Fiber-optics division: Corey Boaz's efforts led to Crown generating revenue in Arizona and Florida, with a pipeline of revenue-generating projects. Awarded 300 miles of horizontal directional drilling in Florida and executed agreement with Twin Dolphin Club in Mexico, expanding into complementary verticals and generating upfront cash.

The company has two main segments: Film division and Fiber-optics division. For the Film division, Crown has made progress on the 12-inch mastering for its Gen 1 smart window insert, with plans to start shipping small quantities in the July-August timeframe. For the Fiber-optics division, Crown is generating revenue in Arizona and Florida. It was awarded 300 miles of horizontal directional drilling in Florida with an estimated revenue of $11 million, and executed an agreement with the Twin Dolphin Club in Mexico for slant well construction for a desalination plant, with an upfront payment of $1.2 million and total value of $3.5 million.

• Q1 2024 revenues revised to between $0.9 million and $1 million, up from previous range of $0.7 million to $0.9 million.
• Q2 revenues expected to be in-line with previous guidance of between $0.7 million and $0.8 million.
• Intention to provide updated guidance in mid-May for Q2 and beyond, and in mid-August for further quarters.

• NASDAQ bid price non-compliance: Received non-compliance notification from NASDAQ on October 19, 2023, with 180 days to trade above $1 for 10 consecutive days; scheduled a May meeting with NASDAQ hearings panel to extend the process to Q4 2024.