Crown Electrokinetics Corp. Q3 FY2024 earnings call

• Crown had its best quarter to date with record revenue of $8 million. - Smart Windows division has a 3-phase rollout strategy for Smart Window Inserts starting with alpha phase in Q1 2025. - Fiber Optics division secured 3 major customer agreements in Q3, with uncontracted pipeline revenue over $50 million. - Water Solutions division: Slant wells project in Cabo San Lucas broke ground, and Element 82 has over $48 million in anticipated secured projects and over $70 million in expected projects.

For the third quarter ended September 30, 2024, Crown reported record revenue of $8 million. Gross profit was $1.4 million for the quarter. R&D expenses were $0.7 million, G&A expenses were $6.5 million, resulting in a net loss of $5.9 million. For the 9 months ended September 30, 2024, record revenues of $13.4 million were achieved. Gross profit was $0.9 million. R&D expenses were $2.6 million, G&A expenses were $12.8 million, and net loss was $15.5 million. The revenue contribution is from the company's divisions including Fiber Optics and Water Solutions which drove the growth.

• Reiterated Q4 2024 revenue guidance of $9 million and full year 2024 revenue of $22 million. - 2025 revenue outlook is between $30 million and $35 million. - Aim to achieve profitability in 2025.

Actual results may differ materially from forward-looking statements due to numerous conditions, many not under the company's control, as set forth in the Risk Factors section of the company's most recent 2024 quarterly 10-Q filing.