Crown Electrokinetics issues letter to shareholders

Crown Electrokinetics has released a letter to its shareholders. “I would like to start this letter by highlighting our recently announced awarded project for $85M with a leading infrastructure solutions provider. This project marked our sixth over recent months, executed on the heels of our previous $50 million dollar purchase order… The announcement continues to build on recent momentum, demonstrating the success and interest in our Fiber Optics division and its ability to sign meaningful and revenue-producing projects. We have recently reduced our debt by exchanging or converting our October Convertible Notes and certain of our January Demand Notes. This elimination of debt allows Crown to properly address the capital needs of the fiber optics business… We see considerable near-term growth opportunities in our fiber optics division and this deleveraging and strengthening of our balance sheet is a critical step towards capitalizing on these opportunities in upcoming quarters. I’d like to now comment on 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… 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 Inflation Reduction Act that expands the tax incentives for retrofit energy improvements.”