Crown Electrokinetics Corp. (CRKN) 2024 Q2 法說會逐字稿

Good afternoon, everyone, and welcome to the Crown Electrokinetics second quarter 2024 conference call. (Operator Instructions) This conference call is being recorded.

大家下午好，歡迎參加 Crown Electrokinetics 2024 年第二季電話會議。（操作員說明）本次電話會議正在錄音。

A replay of today's call will be available on the Investor Relations section of the Crown's website. I will now hand the call over to Jason Assad, Director of Corporate Communications for introductions and the reading of the safe harbor statement. Please go ahead.

今天電話會議的重播將在官方網站的投資者關係部分提供。我現在將把電話轉交給企業傳播總監傑森·阿薩德 (Jason Assad)，以進行介紹並宣讀安全港聲明。請繼續。

Thank you, operator. Good afternoon, and welcome to Crown's Second Quarter 2024 Call. With us today on the call are Doug Croxall, Crown's Chief Executive Officer and Chairman; Joel Krutz, Chief Financial Officer; and Sheldon Davis, President of the company's Electrokinetic Film division.

謝謝你，接線生。下午好，歡迎參加 Crown 2024 年第二季電話會議。今天與我們一起參加電話會議的有皇冠執行長兼董事長 Doug Croxall；喬爾‧克魯茨，財務長；以及該公司動電薄膜部門總裁謝爾登戴維斯 (Sheldon Davis)。

Before we begin, I'd like to remind you that today's call contains certain forward-looking statements from management made within the meaning of the Section 27A of the Securities Act of 1933 as amended and Section 21A of the Securities and Exchange Act of 1934 as amended.

在我們開始之前，我想提醒您，今天的電話會議包含管理層根據 1933 年證券法修訂案第 27A 條和 1934 年證券交易法第 21A 條的含義做出的某些前瞻性聲明。

Words such as should, projects, expects, intends, plans, believes, anticipates, hopes, estimates and variations of such words and similar expressions are intended to identify forward-looking statements.

諸如“應該”、“項目”、“期望”、“打算”、“計劃”、“相信”、“預期”、“希望”、“估計”等詞語以及這些詞語的變體和類似表達旨在識別前瞻性陳述。

These statements are subject to numerous conditions, many of which are beyond the control of the company, including those set forth in the Risk Factors section of the company's quarterly report on Form 10-Q for the second quarter ended 2024. Copies of these documents are available on the SEC's website at sec.gov.

這些聲明受到許多條件的約束，其中許多條件超出了公司的控制範圍，包括公司截至 2024 年第二季 10-Q 表格季度報告的風險因素部分中列出的條件。這些文件的副本可在 SEC 網站 sec.gov 上取得。

Actual results may differ materially from those expressed or implied by such forward-looking looking statements. The company undertakes no obligation to update these statements for revisions or changes after the date of this call except as required by law.

實際結果可能與此類前瞻性陳述所明示或暗示的結果有重大差異。除非法律要求，否則本公司不承擔在本次電話會議日期之後更新這些聲明以進行修訂或更改的義務。

Now at this time, it's my pleasure to introduce Doug Croxall CEO and Chairman of Crown. Doug?

現在，我很高興向您介紹 Crown 執行長兼董事長 Doug Croxall。道格？

Thanks, Jason. Welcome, everyone, to our second quarter 2024 earnings call. As most of you know, Crown has been expanding its scope of services. Previously, Crown was comprised of two divisions our Electrokinetic Film division and our Fiber Optic Construction division. Recently, we announced further expansion into lead pipe inspection as well as lead pipe remediation.

謝謝，傑森。歡迎大家參加我們的 2024 年第二季財報電話會議。眾所周知，Crown 一直在擴大其服務範圍。此前，Crown 由兩個部門組成：動電薄膜部門和光纖結構部門。最近，我們宣布進一步擴展到鉛管檢查和鉛管修復領域。

We now have four complementary markets and revenue verticals, which allow us to go broader within existing customers while taking advantage of what we believe to be large, total addressable markets.

我們現在擁有四個互補的市場和收入垂直領域，這使我們能夠在現有客戶範圍內擴大業務範圍，同時利用我們認為龐大的、完全可尋址的市場。

Most importantly, we've attracted a team of top talent across all four of our divisions to ensure that we execute and drive both growth and profitability across all of them. I'd like to start with a discussion of our film division today. The development of our Electrokinetic Film has been a long and sometimes tedious process.

最重要的是，我們在所有四個部門都吸引了一支由頂尖人才組成的團隊，以確保我們執行並推動所有部門的成長和獲利。我今天想先討論一下我們的電影部門。我們的電動薄膜的開發是一個漫長且有時乏味的過程。

In late February of this year, we announced that our Film team had solved the 12-inch mastering challenge for its Gen 1 Alpha Smart Window Insert product. We remain in a good position to start shipping the product, the first product in small quantities in the next couple of months towards the end of the calendar year.

今年 2 月底，我們宣布我們的電影團隊已經解決了其第一代 Alpha 智慧窗插入產品的 12 吋母帶製作挑戰。我們仍處於有利位置，可以在今年年底前的幾個月內開始運輸該產品，這是第一批小批量產品。

With this technical milestone addressed, we announced that Sheldon Davis, previously a consultant to the company, was named President of our Electrokinetic Film division. Sheldon's work history makes him the ideal person for Crown's exact stage of growth, and we're extremely encouraged by the progress that he has made in his short time in his new role.

隨著這項技術里程碑的實現，我們宣佈公司前顧問謝爾登戴維斯 (Sheldon Davis) 被任命為電動薄膜部門總裁。Sheldon 的工作經歷使他成為 Crown 發展階段的理想人選，他在新職位的短時間內取得的進步讓我們深受鼓舞。

Sheldon and I have known each other since about 2016, while he was working at Guardian Glass, a Koch Industries company.

謝爾頓和我大約從 2016 年就認識了，當時他在科赫工業集團旗下的衛報玻璃公司工作。

His knowledge of our target market, ink formations, window insert, glass manufacturing and different glazing technologies make him the perfect person for the job. We're excited to have him take a leadership role at this important time. Sheldon is here on the call with us today, and I've asked him to provide you with a further update on the status of our film division. Sheldon?

他對我們的目標市場、油墨形成、窗戶嵌件、玻璃製造和不同玻璃技術的了解使他成為這項工作的最佳人選。我們很高興讓他在這個重要時刻發揮領導作用。謝爾頓今天來參加我們的電話會議，我請他向您提供有關我們電影部門狀況的進一步更新。謝爾頓？

Thank you, Doug. I appreciate this opportunity to update our progress on Film division. In my previous company, I had the opportunity to interact with many different, dynamic glazing companies, small and large. We explore different solutions from electrochromic to novel lab technologies.

謝謝你，道格。我很高興有機會更新我們電影部門的進展。在我以前的公司，我有機會與許多不同的、充滿活力的玻璃公司（無論大小）互動。我們探索從電致變色到新穎的實驗室技術的不同解決方案。

I also talk to tenants, occupants, building engineers and building owners worldwide. They share what they needed and wanted. I learned a lot about their frustrations about facade, windows, shading and so much more. Through all of this, I saw the amazing potential of Crown ElectroKinetics technology and business.

我也會與世界各地的租戶、居住者、建築工程師和業主交談。他們分享他們需要和想要的東西。我了解到他們對立面、窗戶、遮陽等方面的挫敗感。透過這一切，我看到了 Crown ElectroKinetics 技術和業務的驚人潛力。

Crown's technology was differentiated and well positioned to succeed. The team has great customer outreach and connections. They listened to and understood their customers exceptionally well.

Crown 的技術與眾不同，並且處於成功的有利位置。團隊擁有良好的客戶外展和人脈關係。他們非常善於傾聽並理解客戶的想法。

When I chose to come to Crown Electrokinetics, I was excited and enthusiastic about being part of this team. It's been three months since joining Crown, every day reaffirms my decision. Our DynamicTint film technology and Smart Window Inserts are excellent solutions for our target customers.

當我選擇加入 Crown Electrokinetics 時，我對成為這個團隊的一員感到興奮和熱情。加入皇冠已經三個月了，每天都在重申我的決定。我們的 DynamicTint 薄膜技術和智慧窗嵌件是我們目標客戶的絕佳解決方案。

Through conversations with our customers and within our value chain, our product looks uniquely looks to uniquely fulfill market needs. Technical progress has been good. We still expect the Gen 1 Alpha Smart Window Inserts to be available in limited quantities by the end of the year. I am more enthusiastic and excited to be part of Crown today.

透過與客戶以及價值鏈內的對話，我們的產品看起來獨特，可以獨特地滿足市場需求。技術進步良好。我們仍然預計第一代 Alpha 智慧窗嵌件將在今年年底前限量供應。今天我對成為皇冠的一員感到更加熱情和興奮。

Now the update. As mentioned, the Film division had a significant breakthrough in the early part of the year. We were able to validate and demonstrate the mastering capability. The team is working hard to convert this technical breakthrough into manufacturing capability. We are making good progress. Our partners are expected to deliver the necessary parts to begin 12-inch film production in the coming months.

現在更新。如前所述，電影部門在今年年初取得了重大突破。我們能夠驗證並展示母帶處理能力。該團隊正在努力將這項技術突破轉化為製造能力。我們正在取得良好進展。我們的合作夥伴預計將在未來幾個月內提供開始 12 吋薄膜生產所需的零件。

The mastering milestone was a critical development that required new techniques and technology. This success is foundational to our business, but there is much more to be done to bring our products to market. The team must build out the capabilities required for our Alpha launch and, ultimately, a successful ramp to a full production and product release.

母帶處理里程碑是一個關鍵的發展，需要新技術和新工藝。這項成功是我們業務的基礎，但要將我們的產品推向市場，還有很多工作要做。該團隊必須建立 Alpha 發布所需的能力，並最終成功實現全面生產和產品發布。

To do so, we've begun reshaping and building out our team, starting with the senior management team. As announced earlier, we added Rob Vandal as Chief Technical Officer and Francois Prouhet as Director of Business Development. Tim Koch shifted his role to Chief Innovation Officer. Tim Koch's work and leadership has been crucially in getting us this far. He continues to play an important role in our film development activities. We are thankful for all he has done.

為此，我們已經開始重塑和建立我們的團隊，從高階管理團隊開始。如同先前所宣布的，我們任命 Rob Vandal 為首席技術官，Francois Prouhet 為業務開發總監。提姆‧科赫 (Tim Koch) 調任首席創新長。蒂姆·科赫 (Tim Koch) 的工作和領導力對於我們走到這一步至關重要。他繼續在我們的電影開發活動中發揮重要作用。我們感謝他所做的一切。

In his role as Chief Innovation Officer, Tim will continue to focus on advancing our film design and technology in order to help bring the best product to market. Rob Vandal joins as CTO. This is a wonderful addition as he rounds out the technical leadership.

作為首席創新官，蒂姆將繼續專注於推進我們的薄膜設計和技術，以幫助將最好的產品推向市場。Rob Vandal 加入擔任技術長。這是一個很棒的補充，因為他完善了技術領導地位。

Rob has extensive experience bringing product technology to the market in automotive and building industries. Moreover, he is very familiar with manufacturing, having previously been a plant manager in Guardian Automotive. This experience will be critical in launching our product and establishing a strong platform to grow our business.

Rob 在將產品技術推向汽車和建築行業市場方面擁有豐富的經驗。此外，他對製造非常熟悉，此前曾在嘉德汽車擔任工廠經理。這種經驗對於推出我們的產品和建立強大的平台來發展我們的業務至關重要。

Francois Prouhet joins as Director of Business Development. He will play an important role in developing the go-to-market capabilities required for success. Francois brings broad experience in financial planning and analysis and strategy.

Francois Prouhet 加入擔任業務開發總監。他將在培養成功所需的進入市場能力方面發揮重要作用。弗朗索瓦在財務規劃、分析和策略方面擁有豐富的經驗。

Moreover, he has skill and understanding the value chain and translating that into action. I've known Tim and worked with Rob and Francois for many, many years. I'm excited by the potential of this team. I know that they position us for our future success. To wrap up, there is much work to be done. Our management changes are a strong step forward. We remain optimistic about our Gen 1 Alpha Launch in Q4 of this calendar year.

此外，他擁有技能並了解價值鏈並將其轉化為行動。我認識提姆並與羅布和弗朗索瓦一起工作了很多很多年。我對這支球隊的潛力感到興奮。我知道它們為我們未來的成功奠定了基礎。總而言之，還有很多工作要做。我們的管理層變動是向前邁出的一大步。我們對今年第四季的第一代 Alpha 發布保持樂觀。

I will now turn the call over to Doug. Doug?

我現在會把電話轉給道格。道格？

Thanks, Sheldon. All right. Let's move into the Fiber Optics division. The last nearly two years have taught us some pretty valuable lessons, a great deal about both the fiber construction market, how to operate and how more importantly not to operate within it.

謝謝，謝爾頓。好的。讓我們進入光纖部門。在過去的近兩年裡，我們學到了一些非常有價值的經驗教訓，大量關於光纖建設市場、如何運作以及更重要的是不要在其中運作的內容。

As evidenced in today's financial report, Crown Fiber is generating revenue in multiple markets under the leadership of Corey Boaz who we named as President of Construction in early February of this year.

正如今天的財務報告所證明的那樣，Crown Fiber 在今年 2 月初被我們任命為建築總裁的 Corey Boaz 的領導下，正在多個市場創造收入。

We have current projects in Idaho, Nevada, Oregon and Mexico. Corey not only added revenue and customers to Crown but helped us change our operating model that allows Crown to be cash flow positive on a project from Day one.

我們目前在愛達荷州、內華達州、俄勒岡州和墨西哥都有計畫。Corey 不僅為 Crown 增加了收入和客戶，還幫助我們改變了營運模式，使 Crown 從專案第一天起就實現了正現金流。

As opposed to hiring hundreds of employees, we now deploy a model that includes a limited number of Crown employees and couple of them with outside third-party subcontractors. This allows Crown to control costs on a project-by-project basis as well as lock in our margins.

與僱用數百名員工不同，我們現在部署的模型包括有限數量的 Crown 員工以及其中一些外部第三方分包商。這使得 Crown 能夠逐個項目地控製成本並鎖定我們的利潤。

Corey has market credibility and connections that allowed us to build a significant pipeline of revenue-generating projects. The pipeline leveraged with its proven business model will allow Crown to generate revenue and soon positive net income. We also previously announced that we secured a large backbone project in Nevada.

科里擁有市場信譽和人脈關係，使我們能夠建立大量創收項目。該管道憑藉其經過驗證的商業模式將使皇冠能夠產生收入，並很快實現正淨利潤。我們之前也宣布獲得了內華達州的一個大型骨幹計畫。

That includes primarily plowing and some horizontal directional drilling. Previously, Crown had received two clusters of the four clusters that constitute the project. Those two clusters will generate approximately $5.7 million in revenues.

這主要包括犁耕和一些水平定向鑽孔。此前，Crown 已收到構成該專案的四個集群中的兩個集群。這兩個集群將產生約 570 萬美元的收入。

We communicated on our last call that we anticipated being awarded additional stages of the project as it continues through Nevada and eventually into the State of California. In July, we were awarded an additional cluster in Nevada under this agreement.

我們在上次電話會議中表示，隨著該項目繼續穿過內華達州並最終進入加州，我們預計會獲得該項目的額外階段。7 月，根據該協議，我們獲得了內華達州的一個額外集群。

We're pleased to have been awarded this additional work for our customer. Obviously, we're happy to receive additional revenue that the project brings. We were awarded this work due to the high quality of work and the efficiency with which we have completed the other sections of the large project.

我們很高興為我們的客戶贏得了這項額外的工作。顯然，我們很高興收到該項目帶來的額外收入。由於我們完成了大型專案其他部分的高品質工作和高效率，我們獲得了這項工作。

Suffice to say, we would not be awarded the additional opportunity if we're not for our continuing commitment to exceeding customer expectations. High customer satisfaction and repeat business continue to fuel our pipeline. Our project with Twin Dolphin Club located in Los Cabos, Mexico is ongoing. The Twin Dolphin Club is an exclusive high-end 1,400 residential housing and resort master plan development.

可以說，如果我們不繼續致力於超越客戶的期望，我們就不會獲得額外的機會。高客戶滿意度和重複業務繼續推動我們的管道。我們與位於墨西哥洛斯卡沃斯的雙海豚俱樂部的計畫正在進行中。雙海豚俱樂部 (Twin Dolphin Club) 是一個擁有 1,400 套住宅和度假村的高端高端住宅和度假村總體規劃開發項目。

Crown is currently constructing slant wells for the desalinization plant that provides freshwater from the ocean to the hotel and surrounding planned residential development. We've actively posted videos of our slant well construction on our various social media channels.

Crown 目前正在為海水淡化廠建造斜井，從海洋向酒店和周邊規劃的住宅開發項目提供淡水。我們積極在各種社群媒體管道上發布斜井施工影片。

The Twin Dolphins project is expected to conclude in the early fall time frame, and is expected to generate about $3.5 million in revenue. The opportunity was generated and is managed by Corey Boaz. We expect this new approach of slant well construction to lead to new revenue opportunities in Mexico, Central America and the Caribbean.

Twin Dolphins 計畫預計將於初秋結束，預計將產生約 350 萬美元的收入。該機會由 Corey Boaz 產生並管理。我們預計這種斜井施工新方法將為墨西哥、中美洲和加勒比地區帶來新的收入機會。

I'd now like to focus our -- on the formation of our two new divisions, Element 82 and PE Pipelines. Element 82 will focus on lead pipe inspection and PE Pipelines will focus on lead pipe remediation. Led in drinking water pipe represents an enormous problem for the United States. The US Environmental Protection Agency estimates that about 9.2 million lead pipes carrying drinking water to the American taps.

我現在想專注於我們兩個新部門的組建：Element 82 和 PE Pipelines。Element 82 將重點放在鉛管檢查，PE Pipelines 將重點放在鉛管修復。飲用水管中的鉛對美國來說是一個巨大的問題。美國環保署估計，大約有 920 萬根鉛管將飲用水輸送到美國的水龍頭。

The National Research Council has estimated numbers as high as 12.8 million pipes. These numbers could be significantly higher given the poor mapping and enormous complexity of our country's water systems.

國家研究委員會估計管道數量高達 1280 萬根。鑑於我國水系統的繪圖不完善和極其複雜，這些數字可能要高得多。

Despite the range, experts agree that millions of households remain at risk of lead exposure through their drinking water. To establish these divisions, Crown has hired a team of world-class experts, innovators and operators. 18-year veteran David Kinsella will serve as President of Element 82 and PE Pipelines Chuck Hansen, a 40-year water pipe industry expert joins Crown as Chief Adviser Lead Pipe Assessment.

儘管範圍很大，但專家們一致認為，數百萬家庭仍面臨透過飲用水接觸鉛的風險。為了建立這些部門，Crown 聘請了一支由世界一流的專家、創新者和營運商組成的團隊。擁有 18 年經驗的 David Kinsella 將擔任 Element 82 和 PE Pipelines 總裁，40 年水管行業專家 Chuck Hansen 加入 Crown，擔任首席管道評估首席顧問。

To assist Mr. Kinsella, Mike App and Matt Campos have joined in Project Management And Engineering roles for Element 82 projects. Element 82 teamed with Chuck Hansen and his California-based company Electro Scan to offer services, the company's revolutionary SWORDFISH handheld tool. SWORDFISH automatically detects various pipe materials using electric resistance, a low-voltage machine intelligent method.

為了協助 Kinsella 先生，Mike App 和 Matt Campos 加入了 Element 82 專案的專案管理和工程職位。Element 82 與 Chuck Hansen 及其位於加州的公司 Electro Scan 合作提供服務，這是該公司革命性的 SWORDFISH 手持工具。SWORDFISH利用電阻（一種低壓機器智慧方法）自動偵測各種管材。

Before SWORDFISH, no technology other than digging or excavation was commercially available to accurately and reliably identify lead pipe. Recognized by the US EPA, SWORDFISH quickly and accurately identifies multiple buried pipe materials. The SWORDFISH technology and Chuck Hansen's expertise provide Crown with significant competitive advantage. Element 82 has already commenced new projects in New York, Virginia and Florida.

在 SWORDFISH 之前，除了挖掘或挖掘之外，沒有任何技術可以準確可靠地識別鉛管。SWORDFISH 獲得美國 EPA 認可，可快速準確地識別多種埋地管道材料。SWORDFISH 技術和 Chuck Hansen 的專業知識為 Crown 帶來了顯著的競爭優勢。Element 82 已在紐約、維吉尼亞和佛羅裡達啟動新計畫。

Over the course of the next month or two, Element 82 will be making announcements regarding purchase orders and revenue targets for the remainder of this calendar year. All right. With that, I'm going to turn it over to Joel for a review of our Q2 financial results, and I'll handle the closing remarks. Joel?

在接下來的一兩個月內，Element 82 將發布有關本日曆年剩餘時間的採購訂單和收入目標的公告。好的。這樣，我將把它交給喬爾來審查我們第二季度的財務業績，我將處理結束語。喬爾？

Thank you, Doug. Good afternoon, everyone. Today, we'll walk through Crown's second quarter 2024 financial results. Firstly, though, just a quick update on Crown's NASDAQ compliance. After working closely with NASDAQ, Crown received a notification from the Listing Qualifications department on July 25 that confirms Crown as being fully compliant again.

謝謝你，道格。大家下午好。今天，我們將回顧 Crown 2024 年第二季的財務表現。首先，我們先簡單介紹一下皇冠在納斯達克的合規情況。在與納斯達克密切合作後，皇冠於 7 月 25 日收到上市資格部門的通知，確認皇冠再次完全合規。

On to the Q2 financials. For the quarter ended June 30, 2024, Crown booked $4.6 million of revenues which represented a nearly sixfold increase compared to the first quarter of this year. For the six months ended June 30, 2024, the company's revenue now stands at $5.3 million, which compared to just $0.1 million for the six months ended 2023 June 30.

接下來是第二季的財務數據。截至 2024 年 6 月 30 日的季度，皇冠的營收為 460 萬美元，比今年第一季成長了近六倍。截至2024年6月30日的六個月，該公司的收入目前為530萬美元，而截至2023年6月30日的六個月僅為10萬美元。

Cost of revenues, which was solely generated by Crown Fiber Optics was $4 million and $23,000 for the three months ended June 30, 2024, and 2023, respectively. There were $5.8 million and $0.1 million for the six months ended June 30, 2024, and 2023, respectively.

截至2024年6月30日及2023年6月30日止的三個月，僅由Crown Fiber Optics產生的收入成本分別為400萬美元及23,000美元。截至2024年6月30日和2023年6月30日的六個月分別為580萬美元和10萬美元。

The cost of revenue of $4 million includes subcontract labor of $2.7 million, equipment costs of $0.6 million and other costs related to supply of materials and maintenance of $0.7 million.

400 萬美元的收入成本包括 270 萬美元的分包勞動力、60 萬美元的設備成本以及 70 萬美元的與材料供應和維護相關的其他成本。

Depreciation and amortization expense for the three months in Q2 were $0.2 million and $0.1 million, respectively. R&D expenses were $1.1 million for the three months ended June 30 compared to $0.5 million for the last quarter in 2023.

第二季三個月的折舊和攤提費用分別為 20 萬美元和 10 萬美元。截至 6 月 30 日的三個月，研發費用為 110 萬美元，而 2023 年最後一季的研發費用為 50 萬美元。

This increase of $0.6 million is primarily related to increases in salaries and benefits, which includes the addition of the new film leadership. G&A expenses were $4.2 million for the quarter, which included $2.4 million of noncash stock compensation expense. The $0.1 million decrease in G&A is related to a reduction in professional fees of $1.4 million, offset by an increase in compensation and benefits related to wages of $1.3 million.

60 萬美元的成長主要與薪資和福利的增加有關，其中包括新電影領導層的加入。本季的一般管理費用為 420 萬美元，其中包括 240 萬美元的非現金股票補償費用。G&A 減少 10 萬美元是由於專業費用減少 140 萬美元，但與工資相關的薪酬和福利增加 130 萬美元所抵消。

Losses from operations for the second quarter were $4.9 million, in line with the same quarter in 2023. June year-to-date operating losses of $8.6 million were compared to $9 million in 2023. Finally, net losses were $5 million compared to Q1 2023's $14.5 million. The $9.5 million reduction -- or improvement was due to reductions in other expenses, including debt interest and amortization, fair value write-down for last year's balance sheet restructuring.

第二季營運虧損為 490 萬美元，與 2023 年同季持平。今年 6 月迄今的營運虧損為 860 萬美元，而 2023 年為 900 萬美元。最後，淨虧損為 500 萬美元，而 2023 年第一季的淨虧損為 1,450 萬美元。950 萬美元的減少或改善是由於其他費用的減少，包括債務利息和攤銷、去年資產負債表重組的公允價值減記。

On to cash. For the six months ended June 30, net cash increased $2.9 million to $4 million as the company raised $11.8 million through financing activities, primarily as ELOC and deployed $8.9 million of cash against operations.

到現金。截至 6 月 30 日的六個月，淨現金增加 290 萬美元，達到 400 萬美元，因為該公司透過融資活動（主要是 ELOC）籌集了 1,180 萬美元，並部署了 890 萬美元的營運現金。

And just looking forward, we expect the strong growth trajectory to continue and are projecting our third quarter revenues to be in line with previous guidance of $8 million.

展望未來，我們預計強勁的成長軌跡將持續下去，並預計我們第三季的營收將與先前 800 萬美元的指導一致。

That concludes the financial update. Doug, back to you.

財務更新到此結束。道格，回到你身邊。

All right. Thanks, Joel. On the last call, I pointed out that if you look at where this company was a year ago compared to where we are today then our progress was pretty substantial. And if you actually just look at where we were 90 days ago compared to where we are, we've grown tremendously.

好的。謝謝，喬爾。在上次電話會議上，我指出，如果你看看這家公司一年前的情況與我們今天的情況相比，那麼我們的進步是相當可觀的。如果你真的看看我們 90 天前的情況與現在的情況相比，我們已經取得了巨大的成長。

We believe the Crown is at the beginning of our growth mode in utility construction, and we also believe that 2025 is going to be a watershed year both for investors in terms of our revenue generation and our EBITDA generation. We look forward to talking to everybody during our third quarter earnings call, which should be sometime in mid-November.

我們相信，Crown 正處於公用事業建設成長模式的開端，我們也相信 2025 年對投資者來說將是我們創造收入和 EBITDA 產生的分水嶺。我們期待在第三季財報電話會議上與大家交談，會議時間應該是 11 月中旬的某個時間。

With that, I'll turn it back to the operator. Thank you.

這樣，我會將其返還給操作員。謝謝。

This conference has now concluded. Thank you for attending today's presentation. You may now disconnect your lines.

本次會議現已結束。感謝您參加今天的演講。現在您可以斷開線路。