LOS ANGELES - Crown Electrokinetics Corp. (NASDAQ:CRKN), a company specializing in smart glass technology and fiber optic network construction, has announced the procurement of a prime contracting role for a fiber to the home project in Idaho, in partnership with Fat Beam Fiber. The project is set to begin immediately and is expected to span the entire calendar year, with potential expansion into California and Oregon.
The announcement comes shortly after the company revealed a similar project in Nevada earlier in the week. Corey Boaz, President of Construction for Crown Fiber Optics, expressed confidence in the company's ability to deliver quality work within the stipulated time frame, citing established relationships and trust as key factors in securing the new project.
Crown Electrokinetics consists of two divisions: Fiber Optics and Electrokinetics Film. The latter is known for its patented smart window insert technology, while the former focuses on building underground fiber optic networks and other utility infrastructure projects.
This press release serves as a statement from Crown Electrokinetics and is based on information directly from the company.
InvestingPro Insights
As Crown Electrokinetics Corp. (NASDAQ:CRKN) embarks on its new fiber optic project, market participants are closely monitoring the company's financial health and stock performance. According to real-time data from InvestingPro, Crown Electrokinetics has a market capitalization of 2.52 million USD, reflecting the company's current valuation in the market. Despite the challenges, analysts are predicting sales growth and expect net income to grow this year, which could be a positive sign for the company's future profitability.
However, the company's financials also reveal some areas of concern. The gross profit margin for the last twelve months as of Q4 2023 stood at a concerning -479.08%, indicating that the company is spending significantly more to produce its goods than it is earning from sales. Additionally, the price of Crown Electrokinetics' stock has fallen significantly, with a one-year price total return of -99.43%, which could indicate investor skepticism about the company's future prospects.
Investors considering Crown Electrokinetics may find value in the InvestingPro Tips, which also highlight that the company is quickly burning through cash and has short-term obligations that exceed its liquid assets. For those looking for a deeper analysis, there are an additional 13 InvestingPro Tips available on the InvestingPro platform. These tips could provide valuable insights into the company's financial position and stock performance.
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