LOS ANGELES, April 26, 2023 (GLOBE NEWSWIRE) -- Crown Electrokinetics Corp. (NASDAQ: CRKN) ("Crown" or the "Company"), a leading smart glass technology company and an expert in both designing and installing distributed antenna systems (DAS) and constructing fiber optic networks, has released a letter to its shareholders.
Dear Fellow Shareholders:
I would like to start this letter by discussing the current state of Crown’s electrokinetic film and the anticipated delivery of our Generation 1.0 Smart Window Inserts. We remain highly committed to our vision of delivering Smart Window Inserts to the US office building market and we have made important recent progress with respect to our production capabilities. This includes the recent completion of a prototype smart window insert which measures 7 feet by 2 feet. This is by far one of our greatest accomplishments and is paving the way for our first-generation Smart Window Insert.
We believe this and other recent prototype production milestones will allow us to deliver our product to the market in late summer. We remain in constant dialogue with our customers, and they are anxiously awaiting delivery of our first-generation Smart Window Insert. Our market potential continues to grow, with few, if any, comparable solutions, supported by legislative tailwinds like the recently announced Inflation Reduction Act that expands the tax incentives for retrofit energy improvements.
On the Crown Fiber Optics front, I am pleased to report that in just the last two plus months, we have executed two new agreements with large communication infrastructure providers, with more expected shortly. This brings our total customers to three. Crown Fiber Optics is now active in three regions of the United States, including the Great Lakes, Northwest, and Southwest regions of our country. We have aggressively added prospective customers to our pipeline and will continue to work to convert those prospective customers to active customers.
We look forward to our mid-May earnings call in just a few weeks, where we expect to provide updated guidance on the revenue and EBITDA for calendar 2023. We have already publicly announced that we expect two of our customer contracts to total approximately $100 million in revenue over the course of the contracts. Again, as we progress through these contracts, we will have greater visibility into future revenue and EBITDA potential.
The macro tailwinds for our fiber Optics division are strong as the effort to deploy high-capacity fiber networks continues to meaningfully broaden the set of opportunities for our industry as major industry participants are constructing or upgrading significant wireline networks across broad sections of the country. High-capacity fiber networks are increasingly viewed as the most cost-effective technology, enabling multiple revenue streams from a single investment. There is a significant public investment planned for communications infrastructure including the Bipartisan Infrastructure Law which provides $65 billion in funding to expand high-speed Internet access across the US.
To conclude, there is a lot to be optimistic about. From a business standpoint, we have never seen the number of opportunities we currently have, and we are actively capitalizing on them, as indicated by the recent new customer engagements signed over the last couple months. Our fiber optics division will continue to focus on growing its customer base, which importantly increases our revenue opportunities, alleviates customer concentration risk, and makes growth more predictable. We look forward to sharing more updates on our mid-May first quarter 2023 conference call.
Chairman and CEO
About Crown Electrokinetics
Crown is a smart glass technology company and the creator of our Smart Window Insert and an expert in both designing and installing distributed antenna systems (DAS) and constructing fiber optic networks.
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 Electrokinetics 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.
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Source: Crown Electrokinetics: www.crownek.com