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Crown Electrokinetics Corp. (CRKN) stock has tumbled to a 52-week low, touching down at a mere $0.06, bringing its market capitalization to just $4.44 million. This latest price level reflects a precipitous drop from previous valuations, marking a significant downturn for the company’s financial health. Technical indicators from InvestingPro suggest the stock is currently in oversold territory. Over the past year, Crown Electrokinetics has witnessed its stock value erode dramatically, with a staggering 1-year decline of -99.67%. Despite this drastic decline that has alarmed investors, InvestingPro data shows analysts expect the company to achieve profitability this year, with revenue growth forecast at 811%. For deeper insights into CRKN’s valuation and growth prospects, access the comprehensive Pro Research Report, available exclusively on InvestingPro.
In other recent news, Crown Electrokinetics reported significant developments. The company announced a 1-for-150 reverse stock split, aiming to consolidate shares and maintain its Nasdaq listing, a crucial factor for Crown’s growth and credibility. The decision was approved by the Board of Directors and stockholders, with every 150 shares of common stock to be converted into one share.
Crown also reported a record revenue of $8 million in Q3 2024, primarily attributed to contracts from newer business divisions, particularly Fiber Optics and Water Solutions, despite a net loss of $5.9 million for the quarter due to increased operating expenses. The company provided revenue guidance of $9 million for Q4 and $22 million for the full year of 2024 and introduced a full-year 2025 outlook, expecting revenue between $30 million and $35 million.
However, Crown faces potential Nasdaq delisting due to non-compliance with the exchange’s minimum bid price requirement. The company plans to request a hearing before the Panel to address this issue and regain compliance. In other recent developments, Crown has secured three major customer agreements in the Fiber Optics division and initiated a commissioned installation of two slant wells in Cabo San Lucas, under the Water Solutions division.
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