Crown Electrokinetics Corp.

Good day, everyone, and welcome to Crown's third quarter 2024 conference call. 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 turn the conference call over to Jason Asai, Director of Corporate Communications, for introductions. and the reading of the Safe Harbor Statement.

Mr. Assad, please go ahead. Thank you, operator. Good morning, everyone, and welcome to Crown's Third Quarter 2024 Results Conference Call. With us on today's call are Doug Croxall, 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 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. 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. 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 most recent 2024 quarterly 10-Q filing. Copies of these documents are available on the SEC website at sec.gov. Actual results may differ materially from those expressed or implied, but 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, it's my pleasure to introduce Doug Croxall, CEO and Chairman of Crown. Doug, please go ahead.

All right. Thank you, Jason. Thanks, everyone, for joining today for our third quarter 2024 earnings call. We had our best quarter to date, achieving record revenue of $8 million, delivering on our top line forecast. As we scale, we expect this momentum of meeting and exceeding guidance to continue. This quarter's growth was primarily driven by contracts from our newer businesses. Before we dive into the updates on the three business divisions, I want to take a moment to discuss our vision for Crown and the foundation guiding everything that we do. At Crown, we are committed to delivering innovative technology solutions that address critical challenges across multiple industries, from advancing sustainable infrastructure to promoting environmental responsibility. Our mission is to drive positive societal change that benefits both our communities and the environment. We're working towards a future where our solutions meet industry demands and shape a better tomorrow. We are actively making this vision a reality through our three business divisions, smart windows, fiber optics, and water solutions. Each business spearheaded by extremely talented industry experts is focused on delivering cutting edge solutions that are disrupting the status quo. while redefining and modernizing industry standards. While we're enthusiastic about the impact of our current offerings, we also have ambitious plans to continue Crown's growth, believing the best is yet to come. We anticipate driving future growth both organically and through select strategic accretive acquisitions. Now let's discuss our operational updates starting with the Smart Windows division, which is focused on developing technology for buildings that improves energy efficiency, lowers carbon footprint, and increases comfort. Recently, we unveiled our three-phase rollout strategy for the smart window inserts, expected to commence in Q1 of 25. While the development of our smart window inserts has admittedly been a costly, time-consuming, L&D-laden process, we're rapidly approaching commercialization, where we anticipate starting to generate return on investments. Importantly, while our launch has taken longer than anticipated, the overall market opportunity and total addressable market has grown in tandem. In the first phase, or the alpha phase, we plan to deliver prototype smart window inserts to a select group of customers in major U.S. cities. These targeted installations will support an eventual expansion across entire buildings for our customers. This phase is designed to provide us with valuable feedback on both products performance, and the overall customer experience, enabling us to refine and enhance our solution as we progress toward full market launch. Following alpha, our beta phase will replace the prototypes with more advanced inserts, introducing updated features and a fully integrated control system while expanding the number of installations. Again, The insights gathered in beta will be crucial to shape the final first-generation product. Finally, in the Charlie phase, we'll prepare for market launch by establishing scalable manufacturing, customer management, installation, and sales teams, and start pre-sales with delivery anticipated in early 2026. After years of dedicated development, we're getting very excited to near alpha launch. All right, next is fiber optic divisions. The fiber optics division specializes in the design and construction of fiber optic networks, connecting rural and urban communities. We deliver state-of-the-art fiber optic solutions by deploying high-tech equipment and subcontractor expertise. In the third quarter, we secured three major customer agreements, expanding our footprint in Oregon and Nevada. Crown is a trusted partner to a range of clients from Fortune 500 Tier 1 telecoms to local municipalities. We see a strong demand for our services. We believe our uncontracted pipeline revenue is estimated at over $50 million. Lastly, let's review our water solutions division, which provides multiple solutions that improve water quality for communities. The division includes our slant wells business line and our lead pipe services business line with Element 82 and PE pipeline. I'll begin with slant wells. Our first-of-a-kind proprietary design is previously announced. We have commissioned, been commissioned by Twin Dolphins in Cabo San Lucas to install two slant wells in an area challenged with clean water access. I'm pleased to report that in the third quarter we broke ground on the installation and are on track to conclude before the end of the year. Our project has driven a lot of interest in the Los Cabos area for additional slant well installations. We have now engaged with new customers for survey work to determine if their subsurface conditions will work for our slant wells. The strong demand we are seeing underscores a significant opportunity to expand our slant well installations, not only throughout Mexico, but also in other regions of the world that face similar challenges with clean water access. We are solving a very prevalent problem and confident that our slant wells represent a scalable revenue stream as we position ourselves as a trusted solution provider for water scarce regions. Now, let's cover our work with lead pipes through Element 82 and PE pipelines. Our efforts to support the U.S. Environmental Protection Agency's recently passed lead and copper rule improvements legislation, also known as LCRI, have gained significant momentum this quarter. With an estimated 9 to 12 million lead pipes in the U.S., there's a highly unmet need and opportunity for lead pipe identification and lead pipe remediation to help the millions of American households at risk of lead exposure. Elliman 82 secured initial lead pipe protection projects in Florida and New York, representing an important first step in identifying and mitigating lead risk in these communities. We also signed over $15 million in revenue in Element 82 lead pipe inspection projects across Washington, D.C. and Maryland, making our expansion into these regions. Most recently, we were awarded two initial lead pipe remediation contracts for PE pipelines, totaling $33 million. While pleased with these recent wins, we believe we've just scratched the surface. We now have over 48 million in anticipated secured projects and currently estimate over 70 million in expected projects. Now I'm going to pass the call over to Joel who will review our financial results in greater detail. Joel?