The company's gross margin has fluctuated significantly, reaching a negative 36.7% in 2025Q1, which highlights the instability of its current service-heavy business model.
| Sales/Revenue | 21.79M | 19.7M | 153K | 0 | 0 | 100K | 504.79K | 504.79K | 0 | 0 |
| Revenue Growth % | 2580.32% | 12776.47% | - | - | -100% | -80.19% | 0% | - | - | - |
| Cost of Goods Sold | 22.57M | 20.41M | 886K | 0 | 0 | 620K | 614K | 614K | 0 | 0 |
| COGS % of Revenue | - | 103.62% | 579.09% | - | - | 620% | 121.64% | 121.64% | - | - |
| Gross Profit | -777K | -714K | -733K | 0 | 0 | -520K | -109.21K | -109.21K | 0 | 0 |
| Gross Margin % | -3.57% | -3.62% | -479.08% | - | - | -520% | -21.64% | -21.64% | - | - |
| Gross Profit Growth % | - | 2.59% | - | - | 100% | -376.14% | 0% | - | - | - |
| Operating Expenses | 29.54M | 23.41M | 18.57M | 15.11M | 22.13M | 7.32M | 2.5M | 2.5M | 1.19M | 1.23M |
| OpEx % of Revenue | - | 118.84% | 12140.52% | - | - | 7317.91% | 495.9% | 495.9% | - | - |
| Selling, General & Admin | 25.93M | 20.05M | 14.96M | 11M | 18.72M | 5.49M | 1.79M | 1.79M | 912.06K | 545.1K |
| SG&A % of Revenue | - | 101.75% | 9779.09% | - | - | 5491.77% | 354.82% | 354.82% | - | - |
| Research & Development | 3.83M | 3.37M | 2.23M | 4.11M | 3.4M | 1.83M | 712.12K | 712.12K | 276.27K | 689.44K |
| R&D % of Revenue | - | 17.09% | 1458.17% | - | - | 1826.14% | 141.07% | 141.07% | - | - |
| Other Operating Expenses | -212K | 0 | 1.38M | 0 | 0 | 3.32K | 0 | 0 | 0 | 0 |
| Operating Income | -30.32M | -24.13M | -19.31M | -15.11M | -22.13M | -19.35M | -7.84M | -2.61M | -1.19M | -1.23M |
| Operating Margin % | -139.15% | -122.46% | -12619.61% | - | - | -19352.22% | -1552.71% | -517.53% | - | - |
| Operating Income Growth % | - | -24.95% | -27.8% | 31.72% | -14.33% | -146.91% | -200.02% | -119.84% | 3.74% | - |
| EBITDA | -28.14M | -22.23M | -17.95M | -14.33M | -21.82M | -19.28M | -7.78M | -2.56M | -1.14M | -1.21M |
| EBITDA Margin % | -129.14% | -112.84% | -11731.37% | - | - | -19275.47% | -1541.66% | -506.47% | - | - |
| EBITDA Growth % | -61.14% | -23.86% | -25.22% | 34.32% | -13.22% | -147.69% | -204.39% | -123.95% | 5.58% | - |
| D&A (Non-Cash Add-back) | 2.18M | 1.9M | 1.36M | 774K | 301K | 76.75K | 55.81K | 55.81K | 46.75K | 25.5K |
| EBIT | -31.1M | -24.95M | -19.7M | 0 | -22.13M | 0 | -7.84M | -3.17M | -1.19M | -1.23M |
| Net Interest Income | 860K | -994K | -9.42M | -7K | -538K | -1.5M | -1.12M | -1.12M | -29.73K | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | -1.85M | 994K | 9.42M | 7K | 538K | 1.5M | 1.12M | 1.12M | 29.73K | 0 |
| Other Income/Expense | -696K | -8.34M | -9.68M | 793K | -15.03M | -21.4M | -1.77M | -1.68M | -21.98K | 2.4K |
| Pretax Income | -37.54M | -32.47M | -28.98M | -14.31M | -37.16M | -40.76M | -9.6M | -4.3M | -1.21M | -1.23M |
| Pretax Margin % | -172.27% | -164.8% | -18943.79% | - | - | -40755.13% | -1902.56% | -851% | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -31.02M | -25.95M | -28.98M | -14.37M | -37.16M | -40.76M | -9.6M | -4.3M | -1.21M | -1.23M |
| Net Margin % | -142.34% | -131.7% | -18943.79% | - | - | -40755.13% | -1902.56% | -851% | - | - |
| Net Income Growth % | 2.08% | 10.48% | -101.7% | 61.33% | 8.82% | -324.36% | -123.57% | -254.93% | 1.77% | - |
| Net Income (Continuing) | -31.02M | -25.95M | -28.98M | - | -37.16M | -40.76M | -9.6M | -4.3M | -1.21M | -1.23M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.85 | -0.55 | -222.31 | -7417.34 | -26335.22 | -41440.50 | -9581.64 | -4285.81 | -1207.51 | -0.35 |
| EPS Growth % | 100.6% | 99.75% | 97% | 71.83% | 36.45% | -332.5% | -123.57% | -254.93% | -344902.86% | - |
| EPS (Basic) | - | -0.55 | -222.31 | -7417.34 | -26335.22 | -41440.50 | -9581.64 | -4285.81 | -1207.51 | -0.35 |
| Diluted Shares Outstanding | 16.73M | 59.22M | 133.41K | 1.94K | 1.41K | 983 | 1K | 1K | 1K | 3.54M |
| Basic Shares Outstanding | 16.73M | 59.22M | 133.41K | 1.94K | 1.41K | 983 | 1K | 1K | 1K | 3.54M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - |
Structural Operating Cash Deficit
As reported in recent financial filings, CRKN's revenue trajectory has shifted dramatically due to the Fiber Optics segment, yet the 3.1% growth observed in 2025Q1 compared to the prior quarter suggests that the initial surge from this business model pivot may be losing significant momentum.
The transition from an R&D-focused entity to a service-based infrastructure provider has created extreme volatility in top-line figures. Investors should monitor whether this growth is sustainable or merely a reflection of lumpy, project-based contract recognition that lacks the recurring characteristics of a scalable technology business.
Based on the company's reported figures, gross margins have fluctuated wildly between a positive 17.6% in 2024Q3 and a negative 36.7% in 2025Q1, indicating that the firm currently lacks the pricing power or cost control necessary to maintain consistent profitability in its service-heavy operations.
The inability to sustain positive gross margins suggests that the direct costs associated with fiber optic installation are not being adequately offset by project pricing. This volatility implies that the company may be aggressively underbidding to secure market share, which poses a significant risk to long-term margin expansion.
According to the income statement data, CRKN's operating expenses consistently dwarf gross profit, with SG&A costs reaching $7.7M in 2025Q1, which highlights a structural inability to achieve operating leverage as the company scales its labor-intensive infrastructure services division.
The persistent gap between operating expenses and gross profit indicates that the firm's overhead structure is misaligned with its current revenue scale. Without a substantial increase in project volume or a reduction in fixed costs, the company appears likely to continue consuming capital at an unsustainable rate.
As evidenced by the quarterly financial statements, the consistent issuance of stock-based compensation, totaling $2.1M in 2025Q1, serves to dilute existing shareholders while the company continues to report deep net losses, raising concerns regarding the quality of earnings and the alignment of management incentives.
The reliance on equity-based compensation in the face of negative net income suggests that the company is utilizing its stock as a primary currency to preserve cash. This practice warrants further investigation into the long-term impact on shareholder value and the potential for continued dilution to fund ongoing operations.
While the market may view CRKN as a high-growth technology play, the income statement suggests that the firm is increasingly functioning as a cyclical construction contractor, which may lead to a significant valuation re-rating if the smart glass technology fails to achieve commercial viability.
Short-term revenue gains from the fiber segment may be masking the underlying failure of the core electrokinetic film technology to reach market. Investors should consider the risk that the infrastructure business becomes a permanent, low-margin anchor that prevents the company from achieving the premium multiples typically associated with specialty chemical firms.
Quick answers to the most common questions about buying CRKN stock.
For fiscal year 2024, Crown ElectroKinetics Corp. (CRKN) reported total revenue of $19.7M.
Crown ElectroKinetics Corp. (CRKN) reported a net loss of $25.9M for the fiscal year ending 2024.
Crown ElectroKinetics Corp. (CRKN) reported an operating income of $-24.1M, resulting in an operating profit margin of -122.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Crown ElectroKinetics Corp. (CRKN) generated $-0.7M in gross profit for the year, representing a gross profit margin of -3.6%. This demonstrates the company's core pricing power and production efficiency.