Crown Electrokinetics forecasts first and second quarter results
Investing.com | Editor Emilio Ghigini
Published Mar 13, 2024 09:51AM ET
LOS ANGELES - Crown Electrokinetics Corp. (NASDAQ:CRKN), a smart glass technology company, provided its financial guidance for the fiscal first and second quarters of 2024. The company's CEO, Doug Croxall, expressed optimism about the upcoming quarters, citing recent deals in Mexico and Florida, as well as ongoing business in Arizona, as catalysts for what he anticipates to be a transformative period for the firm.
For the first quarter of 2024, Crown anticipates revenue to be in the range of $0.7 million to $0.9 million. The company expects a net loss of between $3.3 million and $3.5 million for the same period. Looking ahead to the second quarter, Crown projects a significant increase in revenue, estimating it to be between $7.0 million and $8.0 million. The net income (loss) for the second quarter is forecasted to be between ($0.5) million and $0.0 million.
These projections are based on current business operations and do not account for any potential business acquisitions, restructurings, or legal settlements. Crown's guidance is subject to change based on factors outside of the company's control, and updates are expected to be provided on a quarterly basis, barring any material corporate events that may occur prior to the end of a quarter.
Crown Electrokinetics is composed of two primary divisions: Fiber Optics and Electrokinetics Film. The Electrokinetics Film division is known for its patented smart window insert technology, while the Fiber Optics division specializes in constructing underground fiber optic networks and other utility infrastructure projects.
The company's financial guidance is a new practice, and as such, Crown Electrokinetics cautions that these forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause actual results to differ materially. This guidance is based on information available as of the date of the press release.
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