Crown ElectroKinetics Corp. (NASDAQ:CRKN) Q3 2023 Earnings Call Transcript November 14, 2023
Operator: Good morning, everyone, and welcome to the Crown ElectroKinetics Corporation Third Quarter 2023 Conference Call. At this time, participants are in a listen-only mode. A question-and-answer will not be following the management’s remarks. This conference call is being recorded. 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.
Jason Assad: Thank you, operator. Good afternoon, everyone, and welcome to Crown’s third quarter 2023 call. With us today on the call are Doug Croxall, Crown’s Chief Executive Officer and Chairman; and Joel Krutz, Chief Financial Officer, in addition to Mike Sullivan, David Martinez, and Jeremy Hubbard from our Fiber Optics Division. Before we begin, I’d like to remind you that today’s call contains certain forward-looking statements from our management made within the meaning of the Section 27A of the Securities Act of 1933 as amended and Section 21E of the Securities and Exchange Act of 1934 as amended. Words such as may, should, projects, expects, intends, plans, believes, anticipates, hopes, estimates, and variations of such words and similar expressions are intended to identify forward-looking statements.
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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 third quarter ended 2023 filed with the SEC. Copies of these documents are available on the SEC’s website at www.sec.gov. Actual results may differ materially from those expressed or implied by such forward-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. Now, at this time, it is my pleasure to introduce Doug Croxall, CEO and Chairman of Crown. Doug?
Doug Croxall: Thanks, Jason. And welcome, everybody, to our third quarter earnings call. We’re going to do things a little bit different than our traditional earnings call, which typically is just myself and Joel Krutz speaking. We had an Investor Call a little — about a month or two months ago, I guess, and you got to hear from Dave Martinez and Mike Sullivan. So today, I’m going to give a general corporate update, putting on a couple of highlights, and then I’m going to hand the call over to Dave Martinez, who will go through a customer update, Mike Sullivan, who will go over a construction update, and newest to our team is Jeremy Hubbard, who runs recruiting for us, and he will go through a recruiting and personnel update.
So as you saw from our recent announcement, we’ve added our third MSA, our third customer, and we started work on customer number two. So we have two active projects now in the field. Both of these are in Arizona in the Phoenix area. One is micro-trenching and one is traditional directional drilling. As we had mentioned before, we’re going to continue to focus on the Arizona market. I spent time with our customers last week, and there’s significant work for us to do. We will continue to add customers, and we’ll continue to add more and more projects with the customers that we’ve already announced. We do think that there will be some opportunities to move out of the State of Arizona, and when those arise, we will look at those as long as they’re within the general vicinity of Arizona or the Southwest, West Coast area.
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