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Crown Reports Full Year 2024 Results

LOS ANGELES, April 01, 2025 (GLOBE NEWSWIRE) -- Crown Electrokinetics Corp. (OTC:CRKN) ("Crown" or the "Company"), a leading provider of innovative technology infrastructure solutions that benefit communities and the environment, today reported its financial results for the full year ended December 31, 2024.

"We ended the full year 2024 with $19.7 million in revenue, a dramatic increase from just $0.2 million the year prior. This is a result of our deliberate focus on top-line growth as we worked to establish a stable operational foundation for Crown. In less than a year, we evolved into a revenue generating, highly scalable, infrastructure business with diversified offerings," said Doug Croxall, CEO and Chairman, Crown. "In 2025, our focus has shifted from rapid growth to smart growth by prioritizing profitable contracts to drive long-term value creation. Crown is still investing in growth, but we have also identified areas of cost savings to help offset these investment levels and remain confident in our ability to achieve quarterly profitability later this year."

"Crown has strategically targeted and is now operating in industries where demand is essential and accelerating. In the past year, we completed construction of our first proprietary slant well project in Cabo San Lucas, Mexico, installed more than 2 million feet of fiber optic cable across key projects, and inspected over 4,000 homes for lead service lines. We also made key technical breakthroughs as we work diligently toward the alpha launch of our first-generation Smart Window Inserts. These milestones reflect strong execution across critical infrastructure and technology markets and position us well for continued expansion," continued Mr. Croxall.

"We believe our innovative solutions not only exceed current industry standards but are well positioned to drive meaningful disruption. Backed by a strong balance sheet that included $13.7 million in cash at the end of 2024, and now over $20 million in cash, we are operating from a place of financial strength and stability. Our capital investments in our construction businesses are supporting long-term growth, and with only asset-backed debt and, for the first time in over two years, no substantial doubt about our ability to continue as a going concern, we are well positioned to execute on our priorities. As we continue to ramp up execution across our businesses, we're confident ...

https://www.benzinga.com/pressreleases/25/04/g44580652/crown-reports-full-year-2024-results