Crown Electrokinetics Corp. Q2 FY2024 earnings call

• Crown has expanded into lead pipe inspection and remediation, adding to four complementary markets.
• Film division: Solved 12-inch mastering challenge for Gen 1 Alpha smart window insert, Sheldon Davis named President, management changes with new CTO and Director of Business Development, optimistic about Q4 2024 launch.
• Fiber optic division: Corey Boaz as President changed operating model to be cash flow positive, has current projects in multiple locations, awarded additional work in Nevada, ongoing project in Mexico's Twin Dolphin Club.
• Element 82 and PE Pipelines: Hired world-class experts, using Swordfish technology for lead pipe detection, commenced projects in New York, Virginia, and Florida.

The company has four complementary markets and revenue verticals. The Film division made progress with solving the 12-inch mastering challenge for its Gen 1 Alpha smart window insert product, expecting to start shipping small quantities by the end of the calendar year. The Fiber Optic Construction division is generating revenue in multiple markets under Corey Boaz's leadership, with current projects in Idaho, Nevada, Oregon, and Mexico, including an additional awarded cluster in Nevada and an ongoing project in Mexico's Twin Dolphin Club. The Element 82 division (lead pipe inspection) has hired experts and commenced projects in New York, Virginia, and Florida, using the Swordfish handheld tool for lead pipe detection. Revenue for the quarter ended June 30, 2024, was $4.6 million, a net six-fold increase from the first quarter. For the six months ended June 30, 2024, revenue was $5.3 million compared to $0.1 million in the same period in 2023. Fiber optics generated $4 million in revenue for the three months ended June 30, 2024, and $5.8 million for the six months ended June 30, 2024.

• Projected third quarter revenues to be in line with previous guidance of $8 million.
• 2025 expected to be a watershed year for revenue generation and EBITDA generation.

Forward-looking statements are subject to numerous conditions beyond the company's control, as set forth in the Risk Factors section of the company's quarterly report on Form 10-Q for the second quarter ended 2024.

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