Los Angeles, California, May 13, 2022 (GLOBE NEWSWIRE) — Crown Electrokinetics Corp.( RCDR) (“Crown” or the “Company”), a leading smart glass technology company, will release its first quarter 2022 financial results today on Friday, May 13, 2022.
Doug Croxall, CEO and President of Crown, “We are more confident than ever in the path we have chosen to vertically integrate all manufacturing into our own facilities located in Corvallis and Salem, Oregon. This move should provide better production control, improve our time to market, result in improved margins and strengthen protection of Crown’s intellectual property.
Crown’s First Quarter 2022 Update
The company plans to have its new facility in Salem, Oregon operational in the summer of 2022. The Salem facility will handle the assembly of Smart Window Inserts™ and Corvallis will continue to house the research and development lab where they will initially produce the DynamicTint™ film for the first product launch in summer 2022.
Initially, the Smart Window Insert™ will be produced in limited series to fill orders from the Company’s current customers.
On March 25, the Company entered into its third MSA (Master Supply Agreement) with another large REIT (Real Estate Investment Trust), to install its Smart Window Inserts™ powered by DynamicTint™ in its office buildings. The MSA provides the terms and conditions under which buy orders will be executed.
Financial results for the first quarter ended March 31, 2022, compared to the same period ended March 31, 2021
Net loss: Net loss for the three months ended March 31, 2022 was $4.6 million, including $1.1 million of non-cash stock-based compensation expense. This net loss was $16.1 million lower than the $20.7 million recorded during the three months ended March 31, 2021, which included $18.9 million in non-cash compensation and financing charges.
Operating Expenses: Operating expenses were $4.6 million, including $1.1 million in non-cash stock-based compensation, $1.9 million in payroll expense, 0, $8 million in consulting and professional fees and $0.8 million in general operating expenses. Operating expenses for the three months ended March 31, 2021 were $5.3 million, which included non-cash stock-based compensation of $3.5 million.
Other income/expenses: Other income was minimal during the quarter ended March 31, 2022. Other expenses amounted to $15.4 million for the quarter ended March 31, 2021 and were primarily due to interest incurred on convertible notes.
Cash Position: For the quarter ended March 31, 2022, the Company deployed $3.6 million in cash for operations and $0.1 million for investing activities. As of March 31, 2022, cash and cash equivalents amounted to $2.5 million.
In March 2022, Crown signed a $10 million standby letter of credit and in April 2022 filed a prospectus supplement for a $5 million market offering.
Conference Call and Webcast Information
The Company will host a conference call and audio webcast on Friday, May 13, 2022 at 11:00 a.m. Eastern Time with remarks from Doug Croxall, President and CEO and Joel Krutz, Chief Financial Officer.
Event: Crown Electrokinetics First Quarter 2022 Earnings Conference Call
Date: Friday, May 13, 2022
Time: 11:00 a.m. Eastern Time / 8:00 a.m. Pacific Time
Live call: +1-877-451-6152 (toll free) or +1-201-389-0879 (international)
Webcast: Link to Webcast of Crown Electrokinetics Q1 2022 Earnings Call (click to access webcast)
For those interested who are unable to participate in the conference call, a replay will be available through May 27, 2022 at +1-844-512-2921 (US toll-free) or +1-412-317- 6671 (international). Participants should use the following code to access the replay of the call: 13729772. An archived version of the webcast will also be available on Crown’s Investor Relations site: https://ir.crownek.com/ .
About Crown Electrokinetics
Crown is a smart glass technology company and the creator of DynamicTint™ We Make Your Glass Smarter™. Originally invented by Hewlett-Packard (HP, Inc.), our technology allows any glass surface to change from clear to dark in seconds. With applications on a wide range of windows, including commercial buildings, automotive sunroofs, and residential skylights, we partner with leading glass and film manufacturers for mass production and distribution. At the heart of our technology is a thin film powered by an electrically charged pigment that not only replaces common window tints, but is also a more durable alternative to traditional window treatments. With its unique ability to adapt to existing glass, DynamicTint™ offers a myriad of carbon-reducing benefits. The company is backed by a strong patent portfolio.
Safe Harbor Statement: The statements contained in this press release may be “forward-looking statements”. Forward-looking statements include, but are not limited to, statements that express our intentions, beliefs, expectations, strategies, predictions, or other statements regarding our future business or other future events or conditions. These statements are based on current expectations, estimates and projections about our business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual results could and do differ materially from what is expressed or anticipated in the forward-looking statements due to numerous factors. All forward-looking statements speak only as of the date of this press release, and Crown Electrokinetic Corporation undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date of this press release.
This press release does not constitute a public offer to sell securities. Any privately offered securities will not be or have not been registered under the Act and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
IR Email: [email protected]
Source: Crown Electrokinetics: www.crownek.com