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Crown Electrokinetics Corp. (CRKN+0.80%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing revenue of $8.0 million, compared to no revenue in the same quarter the previous year. This increase is attributed to new contracts in the Fiber Optics division and new businesses in the Slant Wells group and Element 82.
Cost of revenue for the quarter was $6.6 million, resulting in a gross profit of $1.4 million.
Operating expenses totaled $7.2 million, with research and development expenses at $0.7 million and general and administrative expenses at $6.5 million.
The company reported a net loss of $5.9 million for the quarter, compared to a net loss of $2.9 million in the previous year.
Net cash used in operating activities was $11.8 million for the nine months ended September 30, 2024.
The company had cash of $3.1 million as of September 30, 2024, with an accumulated deficit of $132.5 million.
The filing also details recent equity financings, including an equity line of credit and at-the-market offerings, which provided net proceeds of $14.3 million and $1.8 million, respectively, during the nine months ended September 30, 2024.
The company acknowledges substantial doubt about its ability to continue as a going concern for the next twelve months, citing the need for additional financing.
Crown Electrokinetics has implemented a reverse stock split and amended the conversion terms of its preferred stock to incentivize conversion into common stock.
The company continues to focus on its Smart Windows, Fiber Optics, and Water Solutions divisions, aiming to deliver innovative solutions across multiple industries.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Crown Electrokinetics Corp. quarterly 10-Q report dated November 15, 2024. To report an error, please email earnings@qz.com.