Crown Electrokinetics Corp.

Good morning, everyone, and welcome to Crown Electrokinetics Corporation earnings call for the third quarter 2022. At this time, participants are in a listen-only mode. A question and answer session will follow management's remarks. This conference call is being recorded. A replay of today's call will be available on the investor relations section of Crown's website and will remain posted there for the next 30 days. I will now hand the call over to Jason Assad for introductions and the reading of the safe harbor statement. Please go ahead.

Thank you, operator. Good morning, everyone. Welcome to Crown's earning call for the third quarter of 2022. With us today on today's call are Doug Croxall, Crown's Chief Executive Officer and Chairman, and Joel Krutz, Chief Financial Officer. 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. These statements are subject to numerous conditions, many of which are beyond the control of the company, including those set forth in the risk factor section of the company's quarterly report on Form 10-Q for the third quarter of 2022, 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's my pleasure to introduce Doug Croxall, CEO and Chairman of Crown. Doug, please go ahead.

Thanks, Jason. Thank you, everyone, for joining us this morning for our Q3 22 earnings call. I'd like to start the call by thanking any veterans who might be listening. today's Veterans Day, as you all know. All right, we're going to begin with a business update. After I give the update, our CFO, Joel Krutz, will review some financial highlights. At Crown, we remain committed to our vision, actively working to become a key sustainability supplier to the U.S.-based office buildings by helping them retrofit their legacy infrastructure to be environmentally responsible and energy efficient, through providing an affordable smart glass solution to the commercial real estate market. That will enable its customers to reduce energy and, in turn, lower carbon emissions. Recently, we announced that we closed on $4 million of fresh capital. That capital will allow Crown to deliver its Gen 1 product while also providing us the runway to continue negotiating our debt capital, which I'll discuss in a few minutes. Our customer acquisition strategy with our first-generation smart window insert is to have three to four customers purchase inserts for three to four different buildings. This initial production can be handled by our existing proto-production line in Corvallis, Oregon, with assembly being completed in our Salem, Oregon facility. We will place our Gen 1 inserts into a limited number of our customers' offices. with the main goal of achieving detailed customer feedback, such as the overall look and feel, how the data gathering is commencing, the battery performance, and the user interface. Throughout calendar year 2023, while our full production line is hopefully being built, we will continue to broaden the number of customers using our Gen 1 inserts, all the while allowing the customer feedback to drive the features for our Gen 2 inserts. If we're successful, we should have a dozen different customers by mid to late 23 with a limited number of Gen 1 inserts installed into their offices. Gen 1 customer base should become the foundation for our revenue growth in 24 and beyond. Crown and the rest of the smart glass industry was recently given another major boost by the passing of the Inflation Reduction Act The IRA has expanded both Section 48 of the Incentive Tax Credit and Section 179D, Energy Efficiency Tax Deductions, enabling Crown's customers to take advantage of tax deductions on their window retrofit investments. Other legislation, such as New York City's Local Law 97, which targets a 40% reduction in building energy use levels by 2020, 2030 is compelling REITs to rapidly upgrade their building envelopes or their window or curtain wall system. The legislation brings immediate and substantial savings for our current and future customers and has the potential to accelerate rapid adoption of our smart window insert in a similar manner to that which kick-started the solar industry. As previously announced and discussed on earlier earnings calls, We've been engaged in discussions for a $30 million debt facility for some time. We actually started this process in March of this year. It's been a very long and comprehensive process, as you all know. We hope to close this facility by the end of the calendar year. We have a line of sight to closing. This will afford us the necessary capital to initiate our next phase of manufacturing and expand our production capabilities. Upon successful closing, we'd be in the position to build our new roll-to-roll line, enabling us to produce film at widths ranging between 12 and 72 inches. Once the new lines are producing at capacity, we expect our smart window insert annualized revenues could reach more than $200 million. Recently, you saw an announcement that we'd begun the application process to dual list our shares on Upstream. a revolutionary trading app for digital securities and NFTs powered by Horizon Fintech and Merge Exchange Limited. It was at the request of some of our largest shareholders that we researched the dual listing on Upstream. Ultimately, our board of directors determined that a dual listing on Upstream could be an excellent way to reach a worldwide market of potential new investors who can learn about Crown and invest in Crown. By dual listing on Upstream, we also have a mechanism for us to potentially issue a digital dividend. Upstream is a revolutionary exchange, a trading app for digital securities that aims to unlock liquidity for investors of all levels on their intuitive app-based market. Upstream introduces what it believes to be the future of trading, featuring some of the highest levels of transparency, accessibility, and investor protections enforced using Ethereum blockchain technology. To close, I want to reiterate that being an innovator is never easy, and current market conditions have only exacerbated difficulty. That said, there is a lot to be optimistic about. Our technology is developed and proven. We now have the capital in hand to deliver the first installations with our marquee partner. Crown's market potential is significant with few, if any, comparable solutions. And finally, we continue to be engaged in ongoing strategic commercial discussions with other potential partners. These discussions continue to affirm a high demand for a solution like ours. I'll now turn the call over to our CFO, Joel.