Crown Electrokinetics Corp. Quarterly report pursuant to Section 13 or 15(d)

Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2024

The following table presents a comparative summary of the Company’s revenues by reportable segment for the periods presented (in thousands):


	For the three months ended, June 30				For the six months ended June 30,
	2024		2023		2024		2023
Segment Revenue
Film	$	—	$	—	$	—	$	—
Fiber Optics	$	4,648	$	37	$	5,330	59
Total Revenue	$	4,648	$	37	$	5,330	$	59

Operations by reportable segment for the three months ended June 30, 2024 and 2023, are as follows (in thousands):


	For the three months ended June 30, 2024
	Film		Fiber Optics		Corporate and Other(a)		Total
Revenue	$	—	$	4,648	$	—	$	4,648

Cost of revenue, excluding depreciation and amortization	—		(4,039)		—		(4,039)


Depreciation and amortization	(141)		(78)		—		(219)
Research and development	(1,111)		—		—		(1,111)
General and administrative	—		(616)		(3,571)		(4,187)

Loss from operations	(1,252)		(85)		(3,571)		(4,908)

Other income (expense):
Interest income (expense)	—		(154)		9		(145)



Change in fair value of warrants	—		—		23		23


Other expense	—		—		1		1
Total other income (expense)	—		(154)		33		(121)

Loss before income taxes	$	(1,252)	$	(239)	$	(3,538)	$	(5,029)

(a)The Corporate and Other are expenses that are not currently allocated between our film and fiber divisions.


	For the three months ended June 30, 2023
	Film		Fiber Optics		Corporate and Other(a)		Total
Revenue	$	—	$	37	$	—	$	37

Cost of revenue, excluding depreciation and amortization	—		(23)		—		(23)
Depreciation and amortization	(61)		(20)		—		(81)
Research and development	(490)		—		—		(490)
General and administrative	—		(2,408)		(1,920)		(4,328)

Loss from operations	(551)		(2,414)		(1,920)		(4,885)

Other income (expense):
Interest expense	—		(3)		(2,505)		(2,508)

Loss on extinguishment of debt	—		—		(2,345)		(2,345)

Change in fair value of warrants	—		—		2,130		2,130
Change in fair value of notes	—		—		(6,883)		(6,883)

Other expense	—		—		(28)		(28)
Total other income (expense)	—		(3)		(9,631)		(9,634)

Loss before income taxes	$	(551)	$	(2,417)	$	(11,551)	$	(14,519)

(a) The Corporate and Other are expenses that are not currently allocated between our film and fiber divisions.


	For the six months ended June 30, 2024
	Film		Fiber Optics		Corporate and Other(a)		Total
Revenue	$	—	$	5,330	$	—	$	5,330

Cost of revenue, excluding depreciation and amortization	—		(5,819)		—		(5,819)
Depreciation and amortization	(283)		(3)		—		(286)
Research and development	(1,867)		—		—		(1,867)
General and administrative	—		(750)		(5,220)		(5,970)

Loss from operations	(2,150)		(1,242)		(5,220)		(8,612)

Other income (expense):
Interest expense	—		(163)		(842)		(1,005)






Other expense	—		—		(24)		(24)
Total other income (expense)	—		(163)		(866)		(1,029)

Loss before income taxes	$	(2,150)	$	(1,405)	$	(6,086)	$	(9,641)

(a)The Corporate and Other are expenses that are not currently allocated between our film and fiber divisions.


	For the six months ended June 30, 2023
	Film		Fiber Optics		Corporate and Other(a)		Total
Revenue	$	—	$	59	$	—	$	59

Cost of revenue, excluding depreciation and amortization	—		(54)		—		(54)
Depreciation and amortization	(181)		(82)		—		(263)
Research and development	(1,031)		—		—		(1,031)
Selling, general and administrative	(3,504)		(2,936)		(1,282)		(7,722)

Loss from operations	(4,716)		(3,013)		(1,282)		(9,011)

Other income (expense):
Interest expense	—		(10)		(4,515)		(4,525)
Loss on extinguishment of warrant liability	—		—		(504)		(504)
Loss on extinguishment of debt	—		—		(2,345)		(2,345)
Gain on issuance of convertible notes	—		—		64		64
Change in fair value of warrants	—		—		7,736		7,736
Change in fair value of notes	—		—		(7,000)		(7,000)

Other expense	—		—		(1,234)		(1,234)
Total other income (expense)	—		(10)		(7,798)		(7,808)

Loss before income taxes	$	(4,716)	$	(3,023)	$	(9,080)	$	(16,819)

(a)The Corporate and Other are expenses that are not currently allocated between our film and fiber divisions.

The following table presents long-lived assets by segment (in thousands):

(a)“Other assets” primarily includes security deposits made with respect to the Company’s lease agreements.