LOS ANGELES, Aug. 14, 2024 (GLOBE NEWSWIRE) -- Crown Electrokinetics Corp. (NASDAQ: CRKN) ("Crown" or the "Company"), a leading smart glass technology company and an expert in constructing fiber optic networks and lead pipe inspection and remediation, will report its financial results for the second quarter 2024 today, August 14, 2024. Doug Croxall, Crown CEO and Chairman, "Our second quarter represents our best revenue quarter in our history. As of today, we have eliminated all investment debt and all classes of our preferred equity; thereby cleaning up both our balance sheet and cap table significantly. We have added to our senior management team and announced two new lines of business with lead pipe inspection and remediation. We are positioned for an outstanding second half of 2024, building atop of recent operational momentum that we expect will position Crown for a significant year of value creation in 2025."     Corporate Updates During and Subsequent to the Q2 2024 Reiterates revenue guidance for third quarter of $8.0 million Gen 1 Alpha Smart Window Insert delivery date targeted for late 2024 Fiber division generates $4.6 million of Q2 revenue an increase of 582% over Q1 revenue Twin Dolphin slant well project underway in Los Cabos Mexico and should lead to other international slant well projects   Management additions in Electrokinetic Film division as well as Element 82 and PE Pipelines divisions Launched Element 82 specializing in lead pipe inspections and PE Pipelines focusing on lead pipe remediation Restructured balance sheet eliminating all preferred equity and improving shareholder equity by three times Regained NASDAQ Compliance Financial Results for the Second Quarter ended June 30, 2024 Revenue: For the quarter ended June 30, 2024, Crown booked $4.6 million of revenues compared to $0.7 million in the first quarter of 2024. For the six months ended June 30, 2024, the Company's revenue was $5.3 million, compared to $0.1 million for the six months ended June 30, 2023. Cost of revenue: Cost of revenue was $4.0 million and $23,000 for the three months ended June 30, 2024, and 2023 and $5.8 million and $0.1 million for the six months ended June 30, 2024 and 2023, respectively. Expenses: Depreciation and amortization expense for the three months ended June 30, 2024 and 2023, were $0.2 million and $0.1 million, respectively. Research and development expenses were $1.1 million for the three months ended June 30, 2024 compared to $0.5 million for the three months ended June 20, 2023. General and administrative ("G&A") expenses were $4.2 million for the quarter which included $2.4 of non-cash equity compensation expense. This represents a $0.1 million decrease in G&A expenses compared to 2023. Loss from Operations: Loss from Operations for the second quarter were $4.9 million, in line with the same quarter in 2023. June YTD operating losses were $8.6 million compared to $9.0 million in 2023. Net losses: Net losses were $5.0 million compared to $14.5 million in Q1 2023. June YTD Net losses were $9.6 million compared to $16.8 million in 2023. Cash: For the six months ended June 30, net cash increased $2.9 million to $4.0 million as the company deployed $8.9 million of cash for operations, $0.1 million for investments, and raised $11.8 million in financing activities. Revenue guidance: The Company expects third quarter revenues to be in line with previous guidance of $8.0 million. Conference Call Information To participate in this event, please log-on or dial-in approximately 5 to 10 minutes before the beginning of the call. Date: August 14, 2024Time: 12:00 PM ET1-877-451-6152 or 1-201-389-0879Conference ID: 13747919 Webcast: https://viavid.webcasts.com/starthere.jsp?ei=1680379&tp_key=cade0c707f Callme™: https://callme.viavid.com/viavid/?callme=true&passcode=13722237&h=true&info=company&r=true&B=6 Participants can use Guest dial-in #s above and be answered by an operator OR click the Call me™ link for instant telephone access to the event.Call me™ link will be made active 15 minutes prior to scheduled start time. Conference Call Replay Information 1-844-512-2921 or 1-412-317-6671 Access ID: 13747919 About Crown Electrokinetics Crown is comprised of two divisions, Fiber Optics and Electrokinetics Film. The Electrokinetics Film division is a smart glass technology and the creator of our Smart Window Insert based on its patented electrokinetic film. Crown's Fiber Optics division is a builder of underground fiber optic networks as well as other utility infrastructure projects. Safe Harbor Statement:  Statements in this news 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 any other statements relating to our future activities 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 outcomes and results may, and are likely to, differ materially from what is expressed or forecasted in forward-looking statements due to numerous factors. Any forward-looking statements speak only as of the date of this news release and Crown Electrokinetic Corporation undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this news release. This press release does not constitute a public offer of any securities for sale. Any securities offered privately 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. Crown Electrokinetics IR Source: Crown Electrokinetics: www.crownek.com   Crown Electrokinetics, Corp Statements of Operations (in thousands)                     Three Months Ended June 30,   Six months ended June 30,       2024       2023       2024       2023                     Revenue   $ 4,648     $ 37     $ 5,330     $ 59                     Cost of revenue, excluding depreciation and amortization     4,183       23       5,819       54   Depreciation and amortization     74       81       286       263   Research and development     1,111       490       1,867       1,031   General and administrative     4,187       4,328       5,970       7,722   Loss from operations     (4,907)       (4,885)       (8,612)       (9,011)                     Other income (expense):                 Interest expense     (145)       (2,508)       (1,005)       (4,525)   Loss on extinguishment of warrant liability     -       -       -       (504)   Loss on extinguishment of debt     -       (2,345)       -       (2,345)   Gain on issuance of convertible notes     -       -       -       64   Change in fair value of warrants     23       2,130       -       7,736   Change in fair value of notes     -       (6,883)       -       (7,000)   Change in fair value of derivative liability     -       -       -       -   Other expense     -       (28)       (24)       (1,234)   Total other income (expense)     (122)       (9,634)       (1,029)       (7,808)