Summary by Moomoo AI
Crown Electrokinetics reported Q2 2024 financial results, with revenue soaring to $4.6 million, up from $37,000 in Q2 2023. The surge was primarily driven by new contracts in the Fiber Optics division. However, the company still posted a net loss of $5 million for the quarter, an improvement from the $14.5 million loss in the same period last year.The company operates in two segments: Electrokinetic Film Technology and Fiber Optics. While the Film division, focusing on smart glass technology, reported no revenue, the Fiber Optics segment generated all the reported revenue. Cost of revenue increased to $4 million, mainly due to higher compensation, subcontractor labor, and equipment costs.Crown Electrokinetics continues to invest in R&D, with expenses rising to $1.1 million in Q2 2024. The company's financial position was bolstered by drawing upon its equity line of credit, issuing 535,000 shares of common stock at an average price of $3.54 per share, resulting in net proceeds of approximately $1.9 million after the end of Q2.
