Crown ElectroKinetics Corp.

Q3 2024 revenue was a record $8 million, up from 0 in the same period of 2023. Gross profit was $1.4 million, versus 0 a year ago, and the net loss was $5.9 million versus $2.9 million in Q3 2023. For the first 9 months of 2024, revenue was $13.4 million versus $0.1 million in the prior-year period, gross profit was $0.9 million versus 0, and net loss was $15.5 million versus $19.7 million. Guidance: management reiterated Q4 revenue guidance of $9 million and full-year 2024 revenue of $22 million, and introduced 2025 revenue outlook of $30 million to $35 million; they also said they remain on track to achieve profitability in 2025.

Doug Croxall framed the quarter as Crown's best to date and said the company is beginning to see returns from newer businesses. He emphasized the long-term opportunity in Smart Windows, Fiber Optics, and Water Solutions, noting that launches and contract wins are building toward a larger revenue base. His tone was optimistic and forward-looking, with repeated references to momentum, growing pipelines, and selective accretive acquisitions.

Joel Krutz detailed the quarter’s financial bridge: revenue of $8 million, gross profit of $1.4 million, R&D of $0.7 million, G&A of $6.5 million, total operating expenses of about $7.2 million, and net loss of $5.9 million. For the 9-month period, he cited revenue of $13.4 million, gross profit of $0.9 million, R&D of $2.6 million, G&A of $12.8 million, operating expenses of about $15.4 million, and net loss of $15.5 million. He also said cash flow is still difficult to project because of upfront working capital needs, cash was approximately $3.1 million, stockholders’ equity was $9.9 million, and management expects to reach profitability in 2025.

There was no formal analyst Q&A section in the transcript. One notable management comment addressed questions about the incoming administration and EPA leadership, with Doug Croxall saying the Lead and Copper Rule Improvements framework should continue and grow under the new administration. The call otherwise focused on operational updates, contract wins, and the path to profitability.