How to Make It
Preheat oven to 250°. Line a rimmed baking sheet with parchment paper.
Heat the oil and 3 popcorn kernels in a large pot with a tight fitting lid over high heat. When the kernels begin to pop, add the remaining kernels and 1 teaspoon salt; cover with the lid, and remove pan from the heat for 30 seconds. After 30 seconds, return pan to high heat and allow the kernels to pop for 2 to 4 minutes, making sure to occasionally shake the pot. Once popping slows, remove pan from heat.
Combine sugar and water in a medium saucepan over high heat. Allow sugar mixture to come to a slow rolling boil. Reduce heat to medium and boil until sugar turns amber-brown, about 10 minutes. (Do not leave the sugar unattended while it’s boiling; it can burn quickly once its color darkens.) Meanwhile, warm cream in the microwave for 30 seconds. Add warmed cream to sugar mixture, whisking and allowing caramel to continue cooking for 2 minutes; remove from heat. Stir in remaining ½ teaspoon salt, coconut flakes, and pecans.
Place the popcorn in a large bowl; drizzle caramel sauce over popcorn and toss well to coat. Spread mixture out onto prepared pan. Bake at 250° for 1 hour, stirring every 15 minutes. Cool completely.
Store in an airtight container for up to 1 week.