$CRKN: Crown Strengthens Financial Foundation for Growth and Profitability in 2025
January 15, 2025 9:00am EST Current Cash Position Exceeding $25 Million or Approximately $0.11 Per Share
2025 Revenue Guidance of $30 Million to $35 Million
On Track to Achieve Profitability in First Half of 2025
LOS ANGELES, Jan. 15, 2025 (GLOBE NEWSWIRE) -- – Crown Electrokinetics Corp. (NASDAQ: CRKN) ("Crown" or the "Company”), a leading provider of innovative technology infrastructure solutions that benefit communities and the environment, today announced it has significantly strengthened its financial foundation, ensuring continued growth and expected profitability in 2025. With no debt and a cash balance exceeding $25 million, or approximately $0.11 per share, Crown is positioned for success in the year ahead, as reflected in its 2025 revenue guidance of $30 to $35 million.
“We recognize that 2024 was a challenging year for our shareholders, despite the considerable fundamental progress achieved in our underlying business,” said Doug Croxall, CEO and Chairman, Crown. “The company you originally invested in has undergone a remarkable transformation, and we are committed to building on this strong foundation. Getting here unfortunately took a considerable amount of costly growth capital as we navigated the difficult realities of being a small public company trying to reach cashflow breakeven in a highly unfavorable financing climate. The fact that we are here today, with tremendous opportunities ahead, is a testament to our dedicated team, now 60 people strong.”
“For the first time since our original IPO, we are fully capitalized and strategically positioned to evaluate and execute opportunities across all three of our diverse business divisions. From lead pipe identification and remediation to addressing global water scarcity with innovative technology infrastructure solutions, Crown is at the forefront of creating impactful change. Most importantly, 2025 is expected to mark a pivotal year as our Smart Window Inserts are installed in select U.S. commercial buildings as part of our highly anticipated strategic rollout,” added Mr. Croxall.
“With all the pieces finally in place, we are eager to build on our progress and focus on delivering meaningful value for our shareholders by investing in growth opportunities aligned with our mission to innovate for a better future. With our strengthened financial position and no immediate plans or need to raise additional capital, Crown is well positioned to continue leading the way with transformative solutions that benefit both communities and the environment,” concluded Mr. Croxall.
In addition, Crown has filed a $500 million Form S-3 registration statement with the Securities and Exchange Commission ("SEC") to replace its expiring shelf registration. This proactive filing ensures Crown retains both the flexibility and optionality to raise capital in the future, supporting growth initiatives, strategic investments, and operational needs as opportunities arise.