Crown Electrokinetics Corp. reported significant financial developments in its recent 10-K filing for the fiscal year ending December 31, 2024. The company generated revenue of $19.7 million, a substantial increase from $153,000 in the previous year, primarily driven by new contracts in its Fiber Optics division and the introduction of its Slant Wells group and Element 82 businesses. Despite this revenue growth, Crown reported a net loss of $25.9 million, a decrease from a loss of $29 million in 2023, indicating a slight improvement in profitability.
The company's operational expenses rose to $23.4 million from $18.5 million year-over-year, largely due to increased selling, general, and administrative expenses, which grew by $5 million. Research and development costs also increased, reflecting Crown's commitment to advancing its electrokinetic technology. Notably, the company incurred a cost of revenue of $15.1 million, which included $5.3 million in related-party costs associated with subcontractor labor and equipment rentals.
Strategically, Crown has made significant moves to enhance its market position. In January 2025, the company executed a reverse stock split at a ratio of 1-for-150, following a similar split in June 2024. This restructuring aims to improve the stock's marketability and attract new investors. Additionally, Crown has expanded its operations through the acquisition of Amerigen 7 LLC, which focuses on 5G fiber optics infrastructure, and the establishment of its Water Solutions division, which includes innovative slant well technology for desalination.
Crown's workforce consists of 65 full-time employees, with plans to expand as the company grows. The filing also highlighted the company's ongoing efforts to improve its internal controls and compliance with regulatory requirements, particularly in light of its recent transition from an emerging growth company status. Looking ahead, Crown anticipates achieving profitability in the second half of 2025, driven by revenue from its Fiber Optics and Water Solutions divisions, although it acknowledges the need for additional funding to sustain operations and support research and development activities.
About Crown Electrokinetics Corp.
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