Crown ElectroKinetics Corp. (NASDAQL CRKN) is engaged within the research, design, and development of smart glass technologies. Shares of the smart glass tech company are skyrocketing 173% through afternoon trading on Wednesday, April 26, 2023. Over the past three months, Crown ElectroKinetics has seen average daily volume of 3.68 million shares. However, volume of 190.84 million shares or dollar volume of around $40.13 million, has already exchanged hands through afternoon trading.
Shares of Crown ElectroKinetics are soaring after the company’s CEO, Doug Croxall, released a detailed investor update on its operations.
Crown’s electrokinetic film technology has achieved a significant milestone with the recent completion of a 7×2 feet prototype smart window insert, paving the way for the first-generation Smart Window Insert. The company remains dedicated to its vision of providing Smart Window Inserts to the US office building market and has made noteworthy advancements in its production capabilities. Crown expects to deliver the first-generation Smart Window Inserts to the market by late summer, as its market potential continues to grow with limited competition and legislative support like the Inflation Reduction Act, which expands tax incentives for retrofit energy improvements.
Crown Fiber Optics, another division of the company, has made remarkable progress in just over two months by executing two new agreements with large communication infrastructure providers, bringing the total number of customers to three. The division is now active in the Great Lakes, Northwest, and Southwest regions of the US. It is also actively adding potential customers to its pipeline and working on converting them into active customers.
In the mid-May earnings call, Crown plans to provide updated guidance on the revenue and EBITDA for 2023. The company has previously announced that two customer contracts are expected to generate around $100 million in revenue over their duration. The fiber optics division is benefiting from strong macro tailwinds, as the demand for high-capacity fiber networks is expanding opportunities in the industry. Public investment in communications infrastructure is also substantial, with the Bipartisan Infrastructure Law allocating $65 billion to expand high-speed internet access across the US.
Crown Electrokinetics is optimistic about its growth prospects, as evidenced by recent customer engagements and the expanding number of opportunities. The company’s fiber optics division will focus on increasing its customer base to enhance revenue opportunities, alleviate customer concentration risk, and ensure more predictable growth. Further updates will be shared during the mid-May first quarter 2023 conference call.
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