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61 CROWN Crown Electrokinetics Reports Fiscal 2022 First Quarter Financial Results August 16 , 2021 CORVALLIS , Ore . , Aug. 16 , 2021 / PRNewswire / -- Crown Electrokinetics Corp. ( NASDAQ : CRKN ) ( " Crown " or the " Company " ) , a smart glass technology company , today reported its financial results for the fiscal 2022 first quarter ended June 30 , 2021 . " Our team remains steadfast in our strategy to bring Crown's first - generation product , the Dynamic TintTM Smart Glass Insert to market to help reduce a building's energy costs and its carbon emissions . During the first quarter of fiscal 2022 , we launched the first field test for our inserts with a large commercial REIT . The initial data collected suggests that our inserts can reduce energy costs of office buildings by approximately 26 % , which we believe is just the baseline . In addition , there is preliminary evidence that our inserts will save energy related to the HVAC heating as well as cooling , " said Doug Croxall , Crown Chairman & CEO . " We are enthusiastic to continue our analysis launching an updated field test while working with prospective customers , using this preliminary data , to gain a deep understanding of the impact our technology can have on our customer's sustainability and cost - saving initiatives . " " Crown is well - positioned in our growth phase to penetrate the smart glass market with our inserts . We believe our differentiated product that is deployed as an after - market retrofit solution at an affordable price will appeal to a large customer base looking to improve energy savings and lower carbon emissions , " concluded Mr. Croxall . Corporate Updates During and Subsequent to the Fiscal First Quarter 2022 Launched field test of the Dynamic Tint Smart Glass inserts at a large commercial REIT's headquarters . In completing its preliminary field test , the Company announced that the inserts can potentially reduce the HVAC - related energy costs of office buildings by approximately 26 % • Included in the Russel Microcap® Index on June 28 , 2021. Membership in the index , which remains in place for one year , means automatic inclusion in the appropriate growth and value style indexes . • Appointed Joel Krutz as new Chief Financial Officer , effective June 21 , 2021 . Financial Results for Fiscal First Quarter 2022 Net Loss : Net loss was $ 5.4 million for the quarter ended June 30 , 2021 , and $ 10.5 million during the quarter ended June 30 , 2020. The main driver was SG & A expenses of $ 5.0 million , of which non - cash stock - based compensation is $ 2.6 million . Research and development ( R & D ) expense : R & D expenses were $ 0.4 million for the quarter ended June 30 , 2021 , a decreased compared to $ 1.4 million for the quarter ended June 30 , 2020. This is primarily due to lower stock - based compensation expenses related to employee and officer grants last year .