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CRKN

Crown ElectroKinetics Corp.

CRKN

Crown ElectroKinetics Corp. • NASDAQ
$0.10 ▼ -3.96% (-0.00)
Market Cap $168608
52w High $57.60
52w Low $0.01
Dividend Yield 0%
P/E 0
Volume 500
Outstanding Shares 1.74M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2024 $8.037M ▲ $7.227M ▲ $-5.864M ▼ -72.963% ▲ $-1.26 ▲ $-5.298M ▼
Q2-2024 $4.648M ▲ $5.517M ▲ $-5.029M ▼ -108.197% ▲ $-2.89 ▲ $-4.595M ▼
Q1-2024 $682K ▲ $2.751M ▼ $-4.612M ▲ -676.246% ▲ $-18.86 ▲ $-3.372M ▲
Q4-2023 $94K ▲ $6.126M ▲ $-9.306M ▼ -9.9K% ▼ $-69.75 ▲ $-6.024M ▼
Q3-2023 $0 $3.433M $-3.142M 0% $-140.73 $-3.263M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2024 $3.087M ▼ $17.624M ▲ $7.701M ▲ $9.923M ▲
Q2-2024 $3.99M ▲ $16M ▲ $7.218M ▲ $8.782M ▲
Q1-2024 $290K ▼ $8.877M ▼ $6.559M ▲ $2.318M ▼
Q4-2023 $1.059M ▼ $9.527M ▼ $4.85M ▲ $4.677M ▼
Q3-2023 $2.056M $12.166M $2.892M $9.274M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2024 $-5.864M ▼ $-2.909M ▲ $-2.225M ▼ $4.231M ▼ $-903K ▼ $-4.976M ▲
Q2-2024 $-5.029M ▼ $-6.176M ▼ $7K ▲ $9.869M ▲ $3.7M ▲ $-6.169M ▼
Q1-2024 $-4.612M ▲ $-2.677M ▲ $-63K ▲ $1.971M ▼ $-769K ▲ $-2.74M ▲
Q4-2023 $-9.306M ▼ $-4.351M ▼ $-1.089M ▼ $4.441M ▼ $-997K ▼ $-5.44M ▼
Q3-2023 $-2.859M $-3.421M $-378K $5.819M $2.02M $-3.798M

Five-Year Company Overview

Income Statement

Income Statement The company is still essentially pre-revenue, with no meaningful sales showing up yet in recent years. Operating and net results have been consistently negative, reflecting the costs of running and developing the business without commercial scale. Losses appear fairly steady over time rather than rapidly shrinking, which suggests the company has not yet turned the corner toward operating leverage or profitability. The reverse stock splits also hint at heavy historical dilution and pressure on the share price, consistent with a company funding ongoing losses rather than one supported by strong earnings.

Balance Sheet

Balance Sheet The balance sheet looks very thin and fragile. Assets and cash are very small, with no meaningful buffer to absorb setbacks. There is little or no reported debt, which avoids interest burdens, but equity is also extremely limited, suggesting a narrow capital base and dependence on raising new funds. The pattern of repeated reverse splits points to a history of issuing shares to stay financed. Overall, the financial foundation is lightweight and leaves little room for prolonged delays in reaching commercial scale.

Cash Flow

Cash Flow Cash flow is negative and driven by operating expenses, as you would expect for a company still building out technology and markets without real revenue. Capital spending is minimal, so most cash burn is from payroll, R&D, and overhead rather than large physical investments. Free cash flow has been consistently negative, meaning the business is not self-funding and likely relies on external capital. Until recurring customer revenue develops, cash flow risk remains high and timing of any improvement is uncertain.

Competitive Edge

Competitive Edge Commercially, Crown sits in a narrow but potentially attractive niche: smart tinting for existing buildings rather than only new construction. The film-based approach offers a clear differentiation on cost, ease of installation, and retrofitting potential. Its patent portfolio, plus technology originally sourced from large tech companies, gives some legal and technical barriers to copycats. On the other hand, the company is tiny, financially constrained, and competing in a field with larger, better-funded smart glass players. Its competitive position will depend heavily on execution, partnerships, and proof that building owners see enough energy savings and comfort benefits to adopt at scale.

Innovation and R&D

Innovation and R&D Innovation is the clear strength here. The DynamicTint electrokinetic film, roll‑to‑roll manufacturing process, and solar-powered, wireless inserts all point to a thoughtful design aimed at low cost and simple retrofits. The patent base and heritage from Hewlett‑Packard and IBM provide credibility that the technology is not trivial. The roadmap includes smarter window inserts, potential automotive applications, and leveraging a fiber optics division for broader infrastructure solutions. The main risk is not the idea itself but turning it into reliable, manufacturable products with consistent performance, and doing so fast enough given the company’s limited financial runway.

Summary

Crown ElectroKinetics looks like a classic early-stage, high-risk technology story: strong technical vision and intellectual property in smart glass, but almost no revenue, ongoing losses, and a very thin balance sheet. The business case rests on successfully commercializing its retrofittable film technology, proving clear energy and comfort benefits to building owners, and forming the right manufacturing and distribution partnerships. Until that happens at scale, financial pressure and dilution risk remain elevated. The upside case is meaningful if the technology gains traction, but the path involves substantial execution, funding, and market adoption uncertainty.

NEWS

November 10, 2025 · 8:00 AM UTC

Crown Fiber Optics Announces $100 Million in Secured Multi-Year Fiber Contracts

Read more