Crown Electrokinetics Corp. (NASDAQ: CRKN) shares retreated Friday , as the leading smart glass technology company and an expert in both designing and installing distributed antenna systems (DAS) and constructing fiber optic networks, today announced its year-end 2022 financial results.
During the Fourth Quarter 2022, the company:
Closed the asset acquisition of Amerigen 7, integrated organizations, and completed rebrand to Crown Fiber Optics. Expanded to three customers including two new large telco infrastructure companies with estimated revenue potential up to $100 million. Raised $7.1 million in Q1 2023 through a combination of debt and equity issuances. Closed up to $100 million line of credit
Said CEO Doug Croxall, “Our fourth quarter was extremely productive setting the stage for growth opportunities across our now two business units. With the successful acquisition and rebranding of Amerigen 7, to Crown Fiber Optics, we have already entered into two new agreements with leading infrastructure solutions providers, expanding our geographic US footprint, diversifying our revenue base, and making revenue more predictable. We look forward to 2023 being a year of execution.”
Net loss for the year ended December 31, 2022, was $14.3 million which included $2.4 million of non-cash stock-based compensation expense.
This Net loss was $22.8 million lower than the $37.2 million recorded during the 12 months ended December 31, 2021, which included $12.2 million of non-cash compensation and $14.6 million of Other Income/expense.
CRKN handed over three cents, or 16.3%, to 14.2 cents.
