Crown ElectroKinetics (CRKN) 14 Nov 242024 Q3 Earnings call transcript

Good day, everyone, and welcome to Crown's Third Quarter 2024 Conference Call. At this time, participants are in a listen-only mode. A question-and-answer session will follow management's remarks. This conference call is being recorded. A replay of today's call will be available on the Investor Relations section of Crown's website and will remain posted there for the next 30 days.

harbor the Director hand introductions of reading the turn to call and now of Assad, Jason Corporate safe will conference the -- over the I statement. Communications for Mr.

Assad, please go ahead.

XXXX Croxall, Good Chief operator. Financial Joel on welcome Third With everyone, Thank Officer; Results are and you, Call. Doug morning, Conference call Krutz, Executive to Officer. and Crown's Quarter Chief today's and us Chairman;

and remind Exchange within from Before the statements the filing. SEC statements. Copies many intends, by you meaning I'd statements. we of Act law. to sec.gov. or revisions obligation required that documents on forward-looking those differ with anticipates, such XXA recent after at made variations like subject implied the contains forward-looking changes XX-Q the quarterly amended be hopes, section statements or will available and Words such Section on XXXX XXXX Actual may Act from are control company's Factors those which company, update set words intended amended. and of call these the results in call, Risk are the this The as except of website materially conditions, of plans, expressions no identify Section to undertakes management Securities XXA for as company expressed to most statements the of the forth similar should, date as These to the including of these are today's of certain the of begin, forward-looking of and Securities believes, as projects, numerous estimates expects, such of of XXXX

go Crown. Croxall Chairman of introduce ahead. my CEO it's Doug, pleasure to Doug Now and please

on you, our quarter delivering today Jason. everyone, of All top had date, XXXX Quarter our for line Earnings right. $X to achieving million, best Call. our revenue forecast. We joining record Third for Thank Thanks,

exceeding meeting we to this guidance momentum continue. scale, expect of we and As

driven contracts businesses. by primarily growth quarter's from new was This our

dive discuss we At into are From delivering sustainable the innovative the environmental responsibility. multiple to critical that the X across infrastructure moment I Crown, on vision to business Crown our everything updates and industries. solutions divisions, address a challenges advancing that do. committed guiding Before for we to we want promoting to technology foundation

Our to a mission towards future positive that drive communities the shape change meet and both environment. solutions industry is our our working better societal tomorrow. demands where a and We're benefits

spearheaded Windows, vision standards. this X industry experts on is Optics making industry are through a redefining while by extremely disrupting Smart solutions divisions: cutting-edge and business actively are Each focused delivering Solutions. modernizing We Fiber status our and talented business reality Water quo the that

We ambitious While we're believing our enthusiastic and driving both come. to about continue organically also is growth, anticipate we yet plans best to of current accretive growth offerings, future select through the strategic impact have the Crown's acquisitions.

Inserts, Now energy our operational let's Smart and unveiled technology QX to 'XX. strategy Recently, Windows of the for division, for lowers updates, that efficiency, comfort. Window with increases commence developing starting we rollout carbon expected footprint focused is improves X-phase buildings discuss Smart on the our which in

investment. of development to admittedly time-consuming, has rapidly where we commercialization we're Smart our the While return latent anticipate LND Window been process a generate costly approaching on Inserts starting

Importantly, while grown has our launch addressable tandem. anticipated, and in has market market taken total longer the overall than opportunity

we enhance us full solution to is refine our phase provide This us experience, as customers. progress both on feedback Inserts customers entire we installations of eventual will buildings with select phase, our the In designed overall the to customer Smart group to in deliver valuable These first across products phase market and plan or and Window support expansion toward major targeted for U.S. cities. a performance to an prototype launch. the Alpha enabling

inserts, advanced Following beta will in updated system shape in Again, Alpha, our gathered features more product. while insights expanding be final introducing prototypes with to installations. number a Beta the the phase will of integrated crucial replace control fully the the first-generation

in scalable customer with sales start XXXX. and dedicated near launch delivery installation establishing phase, anticipated in manufacturing, Finally, prepare teams development, getting and we'll very by management, years for the launch. market early Alpha we're excited After to of presales Charlie

right. All

of and Next fiber and and In rural deliver subcontractor is specializes fiber X third optic quarter, we the division high-tech Optic division. revenue from secured a expanding is municipalities. design solutions partner strong our to We major of our X $XX networks, for pipeline customer estimated believe clients services. Nevada. Fiber the uncontracted Tier by telecoms XXX The communities. state-of-the-art trusted footprint in to connecting our Fiber in over Oregon Crown Optics at demand urban is deploying construction Fortune optic million. equipment a local see a agreements, and range expertise. we We

Water wells business XX division, review division for line our which provides improve our includes business PE slant slant I'll Solutions services pipe our and with begin Lastly, line that wells. let's lead communities. The pipeline. water multiple Element and solutions quality with

have Lucas end ground the slant installation design the been an and area in wells third Twin before year. install announced, track Dolphin commissioned with challenged the to that are report on on in the by quarter, commissioned conclude I'm Our we water to in to X we proprietary previously first-of-a-kind pleased clean as of -- broke access. Cabo San

a additional of driven for interest well has slant project in the Los Our area installations. lot Cabos

their the world well conditions but other The customers engaged to access. water regions also determine subsurface our to survey in have a demand We wells. slant significant expand challenges not our with strong we clean new face similar slant Mexico, of with are installations throughout seeing that underscores work work for only for will opportunity now if

problem prevalent confident scale for we and water-scarce trusted a regions. a very solution slant our stream a as solving are represent ourselves position We wells that as revenue provider

with Element and XX through Now pipelines. cover work let's lead PE pipes

estimated also XX million known Rule as LCRI unmet X environmental opportunity legislation, millions an Our Lead Improvements in the U.S. the this efforts momentum to and pipes significant highly a to support agencies have help million passed American pipe risk identifying risk XX recently an U.S., and projects lead York there's gained lead the mitigating quarter. and New With need protection pipe representing Copper in lead these remediation lead communities. important lead protection lead at pipe and Element of for initial step first in exposure. secured in Florida identification to households and of

into in Washington, projects We our also revenue Element regions. Maryland, million inspection these making D.C. $XX signed over lead XX pipe across expansion in and

were contracts we PE recently, pipe lead awarded million. totaling $XX initial for Most pipelines X remediation

currently million in secured surface. just While pleased with expected over we've believe We have million projects over estimate we $XX projects. and recent the these $XX scratched now in wins, anticipated

pass over to who greater detail. going I'm to Now in financial will results the call Joel, review our Joel?

growth which new our slant include is in from was attributable business. financial from detection reported X for Thank revenues day, September you, of X Optics contracts same Crown's XXXX. the an the Water XX, and to XXXX. in Today, record and $X Solutions I'll Fiber everybody. and increase -- quarter, months and Doug, in comparing lead XX them the new XXXX, the million revenue Element of We which period results for ended period period wells review primarily The X same divisions to good the

period in Crown's in G&A million upcoming quarter, expenses expenses from compared for expense, XXXX. XXXX. benefits period in by period salaries were plus XXXX. XXXX. due being for for million primarily expenses up of new the increase $X.X professional same the Net the accelerated increase benefits. divisions. period preparations loss $X.X up business of driven in new up compared launch million for G&A the in Stock for primarily our The from the compensation was increases Alpha fees million a and the quarter, other quarter $X.X Gross same increased in for made and $X.X million to period balance. the quarter the of net the same profit same were for comp of Operating expenses was to with expenses from million the million XXXX, approximately of $X.X R&D for loss $X.X X same leadership $X.X quarter, $X.X were million the the with of $X.X million

results the XX, X to months XXXX. the on Moving for financial ended

achieved was to expenses $X.X $X.X overall period G&A profit the were the X same same the from $XX.X R&D have $XX.X of same And million, approximately were period compared to in in XXXX. loss X We in the $X.X Gross same period for million $X.X million to $XX.X $XX.X $XX.X XXXX. of XXXX, compared to expenses profit XXXX. million of compared was from $XX.X million for XXXX. Operating year-to-date. net of compared expenses months were revenues gross up of of period And million XXXX. million million, in record million a $XX.X the same period million increased of million

working well to the due and While challenging upfront. business investment capital cash is required as of remains project the capturing executing Crown to flow level new as

are expenses and to testament to reaching profitability We our managing process. closely XXXX. anticipate plans with growth align in And our strategic a

to of and stockholders' million. balance approximately and was XX, equity $X.X the as $X.X million September Moving our sheet cash was XXXX,

back the turn I'll to strategic [indiscernible] call Doug Now plans. growth

Thanks, right. All Joel.

of to As headway with substantial opportunities. and of strong are driving in 'XX growth made and interest businesses, our our which place. projects Solutions the 'XX, to continue we each we Optics new complementary pipelines build across end look forward very yet Water significant diverse divisions, to momentum in Fiber We've and

trusted trusted leader partner position in Our addressing critical in needs. customer water engagements a Fiber have Optics our broadened, and a infrastructure Construction reaffirming as

our for objectives capabilities, in 'XX. With year the positioned outlook. revenue for end remainder and million full XXXX our of our $X reiterate the guidance to of expert beyond. of leadership, introduce our 'XX of is well and the pleased to $XX million year growth expanded QX We're We Crown achieve and

are and calendar between million expecting in fiscal million $XX revenue XXXX. $XX We

to track Importantly, we remain in on profitability XXXX. achieve

it working rule to and under and I it improvement. EPA. Trump's today. of that we grow the Chuck night, XXXX, was lead scan, partners, under the regime strategic a it actually off. provides first that inspection became expect new that administration does was That's Hansen Last of about under to Electro continue reminded he in work. with that was me And and to our proposed proposal dusted XXXX, the a wanted me equipment there's incoming one Chief lot administration. from Chuck administration took a Biden's It at And of the In pipe Chuck we're that questions Trump's the legislation finalized lead know that got in us the XXXX note copper

very in call foundations year. today, So Thank our that for already, I'd who to you. like everyone the of we that, the We're future have to to and place you we with that again investors ahead being put new in thank are the look forward us and the talking supportive. excited about thank in we

this conference. Thank you, today's and concludes

You for your time. you may disconnect Thank your lines at this participation.

[ Shimali ]. Thanks,