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Crown Electrokinetics Corp. (CRKN+11.18%) has filed its Form 10-K filing for the fiscal year ended December 31, 2024.
The company reported a net loss of $25.9 million for the year, compared to a net loss of $28.9 million in the previous year. The decrease in net loss is attributed to reduced interest expenses and changes in fair value of financial instruments.
Revenue for the year was $19.7 million, a significant increase from $153,000 in 2023. This growth was driven by new contracts in the Fiber Optics division and the Slant Wells group.
Operating expenses increased to $23.4 million from $18.5 million in the prior year, primarily due to higher selling, general, and administrative expenses.
The company raised $37 million in financing activities, which included proceeds from the issuance of common stock and equity line of credit arrangements.
Crown Electrokinetics Corp. underwent two reverse stock splits during the year, consolidating shares at a ratio of 1-for-150 in both June 2024 and January 2025.
The company's common stock is currently suspended on the Nasdaq Capital Market, subject to delisting, and is eligible for quotation on the OTC markets.
Crown Electrokinetics Corp. continues to focus on its Smart Windows division, Fiber Optics division, and Water Solutions division, which includes the Slant Wells group and Element 82.
The company identified certain errors in its previously issued financial statements, which have been corrected in the current filing.
The filing outlines various risks, including the need for additional funding, competition, and regulatory compliance, which could impact the company's future operations.
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. annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.