Crown Capital Partners (CRWN) Q2 2024 earnings summary

Executive summary

• Reported a net loss of $15.2 million ($2.71 loss per basic share) in Q2 2024, significantly higher than the $1.2 million loss in Q2 2023, mainly due to an unrealized loss on a single loan investment in Crown Partners Fund.

• Adjusted EBITDA was $2.0 million in Q2 2024, down from $2.6 million in Q2 2023, reflecting lower revenues in Network Services and Distributed Power, partially offset by gains in Distribution Services and Real Estate.

• Total revenue for Q2 2024 was $17.4 million, nearly flat compared to $17.3 million in Q2 2023.

Financial highlights

• Total equity at quarter-end fell to $22.4 million from $38.2 million at year-end 2023, with equity per share dropping to $4.00 from $6.84.

• Loss attributable to shareholders was $15.2 million in Q2 2024 versus $1.2 million in Q2 2023.

• Adjusted EBITDA per share was $0.36 in Q2 2024, down from $0.46 in Q2 2023.

Outlook and guidance

• Management expects earnings from Telecom, Distribution, and Real Estate platforms to increase over the next 12 months and be the main earnings drivers in 2025.