LOS ANGELES - Crown Electrokinetics Corp. (NASDAQ:CRKN), a company specializing in smart glass technology and fiber optic networks, has announced the commencement of a significant fiber optic infrastructure project in Nevada.
The project, which involves horizontal drilling and plowing, is expected to generate approximately $5.7 million in gross revenues for the company and is scheduled for completion by the end of the third quarter.
Crown has already received two segments, referred to as "clusters," of the project and is optimistic about being awarded additional stages as the work progresses into California. Corey Boaz, President of Construction for Crown Fiber Optics, expressed confidence in the company's continued growth and the impact of his expertise on its expansion.
The company, which operates two divisions—Fiber Optics and Electrokinetics Film—has been recognized for its patented electrokinetic film technology used in smart window inserts. The Fiber Optics division is known for constructing underground fiber optic networks and other utility infrastructure projects.
This news article is based on a press release statement from Crown Electrokinetics.
InvestingPro Insights
Crown Electrokinetics Corp. (NASDAQ:CRKN) has been making waves with its latest fiber optic infrastructure project, but a closer look at the company's financial health reveals a complex picture. According to InvestingPro data, CRKN has a market capitalization of just 2.48 million USD, reflecting its status as a micro-cap stock. The company's revenue over the last twelve months as of Q4 2023 stands at 0.15 million USD, which, while modest, is set against a backdrop of significant gross profit margin challenges, with a figure of -479.08%.
InvestingPro Tips also shed light on some critical aspects of CRKN's financial position. Analysts predict that the company will be profitable this year, and they anticipate sales growth in the current year. However, they also note that CRKN is quickly burning through cash, which could pose risks to its financial stability. Additionally, the company's short-term obligations exceed its liquid assets, indicating potential liquidity concerns. With these factors in mind, investors should weigh the potential for growth against the financial challenges faced by the company.
For those interested in a deeper dive into CRKN's financial metrics and future outlook, InvestingPro offers additional tips, including insights on the company's valuation, profitability, and price performance over various time frames. In total, there are 14 additional InvestingPro Tips available for CRKN, which can provide a more nuanced understanding of the company's prospects. To access these insights and more, consider using the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
Investors may also note the InvestingPro fair value estimation of 0.07 USD for CRKN, which suggests a potential undervaluation based on current metrics. As Crown Electrokinetics embarks on its new project, market watchers will be keeping an eye on how these financial indicators evolve in response to the company's operational progress.
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