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PR Newswire

 

HOUSTON, May 13, 2024

 

HOUSTON, May 13, 2024 /PRNewswire/ -- Nauticus Robotics, Inc. ("Nauticus" or the "Company") (NASDAQ: KITT) today announced its financial results for the quarter ended March 31, 2024.

 

"We have successfully deployed Aquanaut Mark 2 in the Gulf of Mexico and tested the platform at depths greater than 1300 meters," said John W. Gibson, Jr., Nauticus' CEO and President. "We should generate daily revenue from the Aquanaut Mark 2 vehicle beginning in Q3 2024 and have a strong queue of new opportunities developing. To maximize margins, we remain committed to keeping G&A expenses low, which can be seen in our results this quarter."

 

Operational Highlights

  -- Vehicle 2 Testing: Nauticus tested its flagship AUV Aquanaut Mark 2 (Vehicle 2) in the Gulf of Mexico during Q1 2024. The tests boosted confidence in the vehicle being capable of generating daily revenue in Q3 2024 from existing contracts. -- Vehicle 1 Assembly: Given the successful testing of Vehicle 2, final assembly was initiated on Vehicle 1. The testing of Vehicle 1 is expected to begin in Q2 with Florida Atlantic University. This is expected to reduce Nauticus' monthly certification cost by up to 90%. The goal is to put Vehicle 1 in service with Vehicle 2 during Q4 2024. -- Vehicle 3 Assembly: Vehicle 3 is pending assembly. Assembly and staffing for deployment for Vehicle 3 will be initiated when both Vehicle 1 and Vehicle 2 are generating revenue. -- Day rates: Day rates for services including the vessel, personnel, and Aquanaut vehicle are expected to be between $25,000 and $70,000 depending on the depth, duration, and distance from shore. -- Software Platform Commercialization: Nauticus has added Jason Close, an experienced executive in bringing complex software products to market. Jason's specialty is increasing enterprise value though the commercialization of complex software platforms.

Financial Results

  -- Revenue: Nauticus reported first-quarter revenue of $0.5 million, compared to $2.8 million for the prior-year period and $1.1 million for the prior quarter. Q1 marks the first time that Nauticus has recognized revenue from commercial sources, an important step in reducing dependence on historical defense revenues. -- Operating Expenses: Total expenses during the first quarter were $6.0 million, a $2.6 million decrease from the prior-year period, and a $29.3 million decrease from Q4 2023. -- Impairment Charges: In Q1 2024 Nauticus reported $0 in impairment charges for property plant and equipment compared to $25.4 million in Q4 2023. -- Net Income: For the first quarter, Nauticus recorded net income of $0.4 million, or $0.01 per basic earnings per share. This compares with a net loss of $14.1 million from the same period in 2023, and a net loss of $39.5 million in the prior quarter. -- Adjusted Net Loss: Nauticus reported adjusted net loss of $7.4 million for the first quarter, compared to $10.7 million for the same period in 2023. Adjusted net loss is a non-GAAP measure which excludes the impact of certain items, as shown in the non-GAAP reconciliation table below. -- 2024 G&A Cost: Nauticus reported G&A first-quarter costs of $3.4 million, which is a decrease of $1.8 million compared to the same period in 2023. This includes a non-cash stock compensation expense of $0.5 million and non-recurring legal fees of $0.4 million.

Balance Sheet and Liquidity

  -- As of March 31, 2024, the Company had cash and cash equivalents of $6.2 million, compared to $0.8 million as of December 31, 2023. -- In Q1, the Company closed additional financing of $13.3 million to provide liquidity needed for operations and testing.

Conference Call Details

 

Nauticus will host a conference call on May 14, 2024 at 9:00 a.m. Central Daylight Time (10:00 a.m. EDT) to discuss its results for the quarter March 31, 2024. To participate in the earnings conference call, participants should dial toll free at 800-225-9448, conference ID: KITT, or access the listen-only webcast at the following link: https://events.q4inc.com/attendee/621212712. A link to the webcast will also be available on the Company's website (https://ir.nauticusrobotics.com/). Following the conclusion of the call, a recording will be available on the Company's website.

 

About Nauticus Robotics

 

Nauticus Robotics, Inc. develops autonomous robots for the ocean industries. Autonomy requires the extensive use of sensors, artificial intelligence, and effective algorithms for perception and decision allowing the robot to adapt to changing environments. The company's business model includes using robotic systems for service, selling vehicles and components, and licensing of related software to both the commercial and defense business sectors. Nauticus has designed and is currently testing and certifying a new generation of vehicles to reduce operational cost and gather data to maintain and operate a wide variety of subsea infrastructure. Besides a standalone service offering and forward-facing products, Nauticus' approach to ocean robotics has also resulted in the development of a range of technology products for retrofit/upgrading traditional ROV operations and other third-party vehicle platforms. Nauticus' services provide customers with the necessary data collection, analytics, and subsea manipulation capabilities to support and maintain assets while reducing their operational footprint, operating cost, and greenhouse gas emissions, to improve offshore health, safety, and environmental exposure.