Crown Provides Fourth Quarter and Full Year 2024 Revenue Guidance, Narrowing Gap to Profitability
September 30, 2024 9:25am EDT
– Fourth Quarter 2024 Revenue Estimated $9 Million
– Full Year 2024 Revenue Estimated $22 Million
LOS ANGELES, Sept. 30, 2024 (GLOBE NEWSWIRE) -- Crown Electrokinetics Corp. (NASDAQ:CRKN) ("Crown" or the "Company"), a leading smart glass technology company and an expert in constructing fiber optic networks and lead pipe inspection and remediation, today provided fourth quarter and full year fiscal 2024 revenue guidance of $9 million, resulting in estimated 2024 fiscal year revenues of approximately $22 million. In addition to investing in and growing its business portfolio, Crown has significantly narrowed its gap to profitability compared to the first half of fiscal 2024.
“We recognize the balance between growth and achieving profitability. Our investments in people, equipment, and process over the last year are now beginning to generate not only meaningful revenues, but also a near-term path to profitability. We further expect that with continued increase in scale, operational efficiencies should lead to further margin expansion.”
“By securing the recent lead pipe detection and remediation contracts worth $43 million and expanding our book of business in the fiber construction and slant well businesses, we believe that Crown is well positioned for strong growth and expected profitability in 2025,” commented Doug Croxall, Crown CEO and Chairman.
– Fourth Quarter 2024 Revenue Estimated $9 Million
– Full Year 2024 Revenue Estimated $22 Million
LOS ANGELES, Sept. 30, 2024 (GLOBE NEWSWIRE) -- Crown Electrokinetics Corp. (NASDAQ:CRKN) ("Crown" or the "Company"), a leading smart glass technology company and an expert in constructing fiber optic networks and lead pipe inspection and remediation, today provided fourth quarter and full year fiscal 2024 revenue guidance of $9 million, resulting in estimated 2024 fiscal year revenues of approximately $22 million. In addition to investing in and growing its business portfolio, Crown has significantly narrowed its gap to profitability compared to the first half of fiscal 2024.
“We recognize the balance between growth and achieving profitability. Our investments in people, equipment, and process over the last year are now beginning to generate not only meaningful revenues, but also a near-term path to profitability. We further expect that with continued increase in scale, operational efficiencies should lead to further margin expansion.”
“By securing the recent lead pipe detection and remediation contracts worth $43 million and expanding our book of business in the fiber construction and slant well businesses, we believe that Crown is well positioned for strong growth and expected profitability in 2025,” commented Doug Croxall, Crown CEO and Chairman.
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