STOCK TITAN

Nauticus Robotics Announces Results for the Second Quarter of 2024

Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Neutral)
Tags

Nauticus Robotics (NASDAQ: KITT) reported Q2 2024 results, with revenue of $0.5 million, down from $1.1 million in Q2 2023. The company recorded a net loss of $5.4 million ($2.75 per share), compared to a net income of $20.7 million in Q2 2023. Key operational highlights include:

- Completion of Phase I for Brazil's largest offshore producer
- Planned maintenance and testing of Aquanaut Mark 2 (Vehicle 2)
- Ongoing upgrades for Vehicle 1
- Reduced G&A costs to $3.2 million, down $2.3 million year-over-year

The company's cash position improved to $8.1 million as of June 30, 2024, up from $0.8 million at the end of 2023, supported by additional debt financing and an at-the-market equity offering.

Nauticus Robotics (NASDAQ: KITT) ha riportato i risultati del secondo trimestre 2024, con un fatturato di 0,5 milioni di dollari, in calo rispetto a 1,1 milioni di dollari del secondo trimestre 2023. L'azienda ha registrato una perdita netta di 5,4 milioni di dollari (2,75 dollari per azione), rispetto a un utile netto di 20,7 milioni di dollari nel secondo trimestre 2023. Principali aspetti operativi includono:

- Completamento della Fase I per il più grande produttore offshore del Brasile
- Manutenzione pianificata e test di Aquanaut Mark 2 (Veicolo 2)
- Aggiornamenti in corso per il Veicolo 1
- Riduzione dei costi generali e amministrativi a 3,2 milioni di dollari, in calo di 2,3 milioni di dollari rispetto all'anno precedente

La posizione di liquidità dell'azienda è migliorata a 8,1 milioni di dollari al 30 giugno 2024, rispetto a 0,8 milioni di dollari alla fine del 2023, supportata da un ulteriore finanziamento del debito e da un'offerta di azioni sul mercato.

Nauticus Robotics (NASDAQ: KITT) informó los resultados del segundo trimestre de 2024, con ingresos de 0.5 millones de dólares, por debajo de 1.1 millones de dólares en el segundo trimestre de 2023. La compañía registró una pérdida neta de 5.4 millones de dólares (2.75 dólares por acción), en comparación con un ingreso neto de 20.7 millones de dólares en el segundo trimestre de 2023. Aspectos operativos clave incluyen:

- Finalización de la Fase I para el mayor productor offshore de Brasil
- Mantenimiento planificado y pruebas del Aquanaut Mark 2 (Vehículo 2)
- Actualizaciones en curso para el Vehículo 1
- Reducción de costos generales y administrativos a 3.2 millones de dólares, una disminución de 2.3 millones de dólares interanual

La posición de efectivo de la compañía mejoró a 8.1 millones de dólares al 30 de junio de 2024, por encima de 0.8 millones de dólares a finales de 2023, apoyada por un financiamiento adicional de deuda y una oferta de acciones en el mercado.

Nauticus Robotics (NASDAQ: KITT)는 2024년 2분기 실적을 보고했으며, 2023년 2분기의 110만 달러에서 50만 달러로 감소한 매출을 기록했습니다. 회사는 540만 달러(주당 2.75달러)의 순손실을 기록했으며, 이는 2023년 2분기에 2,070만 달러의 순이익과 비교됩니다. 주요 운영 하이라이트는 다음과 같습니다:

- 브라질 최대 해양 생산업체의 1단계 완료
- Aquanaut Mark 2(차량 2)의 계획된 유지 보수 및 테스트
- 차량 1에 대한 지속적인 업그레이드
- 관리 비용을 320만 달러로 줄여, 전년 대비 230만 달러 감소

회사의 현금 위치는 2024년 6월 30일 기준으로 810만 달러로 개선되었으며, 이는 2023년 말 80만 달러에서 증가한 수치로, 추가 채무 자금 조달 및 시장에서의 주식 제공에 의해 지원되었습니다.

Nauticus Robotics (NASDAQ: KITT) a annoncé ses résultats pour le deuxième trimestre 2024, avec des revenus de 0,5 million de dollars, en baisse par rapport à 1,1 million de dollars au deuxième trimestre 2023. L'entreprise a enregistré une perte nette de 5,4 millions de dollars (2,75 dollars par action), par rapport à un bénéfice net de 20,7 millions de dollars au deuxième trimestre 2023. Points clés opérationnels comprennent :

- Achèvement de la phase I pour le plus grand producteur offshore du Brésil
- Maintenance et tests prévus pour l'Aquanaut Mark 2 (Véhicule 2)
- Mises à niveau en cours pour le Véhicule 1
- Réduction des coûts généraux et administratifs à 3,2 millions de dollars, soit une diminution de 2,3 millions de dollars par rapport à l'année précédente

La position de liquidité de l'entreprise s'est améliorée à 8,1 millions de dollars au 30 juin 2024, contre 0,8 million de dollars à la fin de 2023, soutenue par un financement supplémentaire par emprunt et une offre d'actions sur le marché.

Nauticus Robotics (NASDAQ: KITT) hat die Ergebnisse für das zweite Quartal 2024 veröffentlicht, mit einem Umsatz von 0,5 Millionen Dollar, was einem Rückgang von 1,1 Millionen Dollar im zweiten Quartal 2023 entspricht. Das Unternehmen verzeichnete einen Nettoverlust von 5,4 Millionen Dollar (2,75 Dollar pro Aktie), verglichen mit einem Net Income von 20,7 Millionen Dollar im zweiten Quartal 2023. Wichtige betriebliche Highlights umfassen:

- Abschluss der Phase I für den größten Offshore-Produzenten Brasiliens
- Geplante Wartung und Tests des Aquanaut Mark 2 (Fahrzeug 2)
- Laufende Upgrades für Fahrzeug 1
- Reduzierung der allgemeinen und administrativen Kosten auf 3,2 Millionen Dollar, ein Rückgang von 2,3 Millionen Dollar im Jahresvergleich

Die Liquiditätsposition des Unternehmens verbesserte sich auf 8,1 Millionen Dollar zum 30. Juni 2024, gegenüber 0,8 Millionen Dollar Ende 2023, unterstützt durch zusätzliche Schuldenfinanzierung und ein Angebot von Aktien zum Marktpreis.

Positive
  • Completed Phase I of a program for Brazil's largest offshore producer
  • Reduced G&A costs by $2.3 million compared to Q2 2023
  • Improved cash position to $8.1 million from $0.8 million at the end of 2023
  • Secured additional $1 million in debt financing and raised $9.4 million through equity offering
Negative
  • Revenue decreased to $0.5 million from $1.1 million in Q2 2023
  • Reported net loss of $5.4 million compared to net income of $20.7 million in Q2 2023
  • Adjusted net loss increased to $9.0 million from $6.8 million in Q2 2023
  • Assembly of Vehicle 3 remains pending due to focus on Vehicles 1 and 2

Insights

Nauticus Robotics' Q2 2024 results present a mixed picture. Revenue remained flat at $0.5 million quarter-over-quarter, but decreased 54.5% year-over-year. The company's net loss of $5.4 million is concerning, especially compared to the net income in the previous quarter and the same period last year. However, there are some positive signs:

  • G&A costs decreased by $2.3 million compared to Q2 2023
  • Cash position improved to $8.1 million from $0.8 million at the end of 2023
  • Successful debt financing and equity offering raised $10.4 million

The company's focus on vehicle testing and development could lead to future revenue growth, but current financial performance remains weak. Investors should monitor progress on vehicle qualifications and new contract wins closely.

Nauticus' operational highlights reveal significant progress in their robotics development:

  • Vehicle 2 (Aquanaut Mark 2) completed planned maintenance and is moving to open water testing, with qualification testing imminent
  • Vehicle 1 is undergoing deepwater electronics upgrades, positioning it as a test and qualification platform
  • Partnership with Florida Atlantic University provides cost-effective testing environments

The company's focus on refining capabilities and expanding testing scenarios demonstrates a commitment to product improvement. However, the delay in Vehicle 3 assembly suggests potential resource constraints. The emphasis on supervised autonomy for subsea assets in Q3 could be a game-changer if successfully implemented, potentially opening new market opportunities and differentiating Nauticus in the subsea robotics industry.

Nauticus' strategic shift towards commercial applications is noteworthy. The completion of Phase I for Brazil's largest offshore producer marks a important step in reducing dependence on defense revenues. This diversification could enhance market stability and growth potential.

The company's focus on cost reduction through partnerships like FAU demonstrates adaptability in a challenging financial environment. However, the market may be concerned about the 54.5% year-over-year revenue decline and continued net losses.

Investor sentiment will likely hinge on Nauticus' ability to translate its technological advancements into sustainable revenue growth. The planned completion of Phase II and III projects could be pivotal in rebuilding investor confidence. Watch for announcements of new commercial contracts and successful deployments of advanced capabilities to gauge market traction.

HOUSTON, Aug. 13, 2024 /PRNewswire/ -- Nauticus Robotics, Inc. (NASDAQ: KITT), a leading innovator in subsea robotics and software, today announced its financial results for the quarter ended June 30, 2024.

"I would like to thank our existing lenders for their continued support. Their steady conversion of warrants and convertible debentures improve our market cap and reduce our interest burden and our leverage," said John Gibson, Nauticus' CEO and President. "We successfully completed Phase I of a program for the largest offshore producer in Brazil. This phase has been billed and collected. We expect to complete Phase II without additional deepwater tests and can execute a significant portion of Phase III while in the Gulf of Mexico this year. We are committed to delivering supervised autonomy to subsea assets during Q3."

Operational Highlights

Vehicle 2 Testing: Nauticus' flagship vehicle, Aquanaut Mark 2 (Vehicle 2), underwent planned maintenance this quarter before shipping to Florida Atlantic University (FAU) for open water testing of capabilities refined after the vehicle's initial Gulf of Mexico (GOM) testing during the first half of the year. The vehicle is planned to ship to Louisiana this month in anticipation of completing qualification testing.

Vehicle 1 Assembly: Vehicle 1 deepwater electronics upgrades are ongoing. Once the vehicle is fully assembled it is planned to ship to FAU to continue development and testing of the next set of vehicle capabilities. Vehicle 1 will become the test and qualification vehicle for these capabilities while Vehicle 2 remains revenue generating. Once new capability qualifications are complete, they will be loaded onto Vehicle 2 to expand Nauticus' revenue generating opportunities by having two working vehicles with additional capabilities.

Vehicle 3 Assembly: Assembly of Vehicle 3 remains pending. Company focus has been on Vehicles 1 and 2 throughout the quarter.

FAU versus GOM Testing: The partnership with FAU for open water testing allows Nauticus to continue testing Vehicle 2 at a reduced cost compared to GOM open water testing. In addition, FAU provides the team with warehousing and shop facilities to perform minor maintenance as needed. The Atlantic Coast provides multiple deepwater locations close to shore containing bottom artifacts to fully test sensors and capabilities. These benefits will continue with testing of Vehicle 1 once its deepwater upgrades are complete.

Revenue: Nauticus reported second-quarter revenue of $0.5 million, compared to $1.1 million for the prior-year period and $0.5 million for the prior quarter. Q2 includes revenue recognized for the largest South American deepwater operator, an important step in reducing dependence on historical defense revenues.

Operating Expenses: Total expenses during the second quarter were $6.5 million, a $1.5 million decrease from the prior-year period, and a $0.5 million increase from Q1 2024.

Net Income: For the second quarter, Nauticus recorded a net loss of $5.4 million, or basic loss per share of $2.75. This compares with a net income of $20.7 million from the same period in 2023, and a net income of $0.4 million in the prior quarter.

Adjusted Net Loss: Nauticus reported adjusted net loss of $9.0 million for the second quarter, compared to $6.8 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 second-quarter costs of $3.2 million, which is a decrease of $2.3 million compared to the same period in 2023.

Balance Sheet and Liquidity

As of June 30, 2024, the Company had cash and cash equivalents of $8.1 million, compared to $0.8 million as of December 31, 2023.

In Q2, the Company closed additional debt financing of $1 million and raised $9.4 million through an at-the-market equity offering to provide liquidity needed for operations and testing.

Conference Call Details

Nauticus will host a conference call on August 14, 2024 at 10:00 a.m. Central Daylight Time (11:00 a.m. EDT) to discuss its results for the quarter ending June 30, 2024. To participate in the earnings conference call, participants should dial toll free at 800-445-7795, conference ID: KITT, or access the listen-only webcast at the following link: https://events.q4inc.com/attendee/706796022. 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. 

Cautionary Language Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the "Act"), and are intended to enjoy the protection of the safe harbor for forward-looking statements provided by the Act as well as protections afforded by other federal securities laws. Such forward-looking statements include but are not limited to: the expected timing of product commercialization or new product releases; customer interest in Nauticus' products; estimated operating results and use of cash; and Nauticus' use of and needs for capital. Generally, statements that are not historical facts, including statements concerning possible or assumed future actions, business strategies, events, or results of operations, are forward-looking statements. These statements may be preceded by, followed by, or include the words "believes," "estimates," "expects," "projects," "forecasts," "may," "will," "should," "seeks," "plans," "scheduled," "anticipates," "intends," or "continue" or similar expressions. Forward-looking statements inherently involve risks and uncertainties that may cause actual events, results, or performance to differ materially from those indicated by such statements. These forward-looking statements are based on Nauticus' management's current expectations and beliefs, as well as a number of assumptions concerning future events. There can be no assurance that the events, results, or trends identified in these forward-looking statements will occur or be achieved. Forward-looking statements speak only as of the date they are made, and Nauticus is not under any obligation and expressly disclaims any obligation, to update, alter, or otherwise revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as required by law. Readers should carefully review the statements set forth in the reports which Nauticus has filed or will file from time to time with the Securities and Exchange Commission (the "SEC") for a more complete discussion of the risks and uncertainties facing the Company and that could cause actual outcomes to be materially different from those indicated in the forward-looking statements made by the Company, in particular the sections entitled "Risk Factors" and "Cautionary Note Regarding Forward-Looking Statements" in documents filed from time to time with the SEC, including Nauticus' Annual Report on Form 10-K filed with the SEC on April 10, 2024. Should one or more of these risks, uncertainties, or other factors materialize, or should assumptions underlying the forward-looking information or statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated, or expected. The documents filed by Nauticus with the SEC may be obtained free of charge at the SEC's website at www.sec.gov

 

NAUTICUS ROBOTICS, INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS




June 30, 2024


December 31, 2023


(Unaudited)



ASSETS




Current Assets:




Cash and cash equivalents

$                    8,122,943


$                       753,398

Restricted certificate of deposit

51,223


201,822

Accounts receivable, net

176,458


212,428

Inventories

2,217,507


2,198,797

Contract assets

482,576


-

Prepaid expenses

1,283,088


1,889,218

Other current assets

490,419


1,025,214

Assets held for sale

289,430


2,940,254

Total Current Assets

13,113,644


9,221,131





Property and equipment, net

16,500,849


15,904,845

Operating lease right-of-use assets

1,380,434


834,972

Other assets

204,296


187,527

Total Assets

$                  31,199,223


$                  26,148,475





LIABILITIES AND STOCKHOLDERS' DEFICIT




Current Liabilities:




Accounts payable

$                    5,594,270


$                    7,035,450

Accrued liabilities

5,212,935


7,339,099

Contract liability

457,872


2,767,913

Operating lease liabilities - current

420,910


244,774

Total Current Liabilities

11,685,987


17,387,236

Warrant liabilities

1,192,693


18,376,180

Operating lease liabilities - long-term

1,035,713


574,260

Notes payable - long-term, net of discount (related party)

46,644,908


31,597,649

Total Liabilities

$                  60,559,301


$                  67,935,325





Stockholders' Deficit




Common stock, $0.0001 par value; 625,000,000 shares authorized, 4,131,426
     and 1,389,884 shares issued, respectively, and 4,131,426 and 1,389,884
     shares outstanding, respectively (As adjusted)

$                               413


$                               139

Additional paid-in capital (As adjusted)

94,390,920


77,004,714

Accumulated deficit

(123,751,411)


(118,791,703)

Total Stockholders' Deficit

(29,360,078)


(41,786,850)

Total Liabilities and Stockholders' Deficit

$                  31,199,223


$                  26,148,475

 

NAUTICUS ROBOTICS, INC.
Unaudited Condensed Consolidated Statements of Operations



Three Months Ended


Six Months Ended


6/30/2024


3/31/2024


6/30/2023


6/30/2024


6/30/2023











Revenue:










Service

$          501,708


$          464,354


$      1,128,115


$          966,062


$      3,948,395

Service - related party

-


-


-


-


500

Total revenue

501,708


464,354


1,128,115


966,062


3,948,895

Costs and expenses:










Cost of revenue (exclusive of items shown
separately below)

2,875,394


2,093,955


1,900,602


4,969,349


4,832,869

Depreciation

411,586


426,185


53,209


837,771


326,308

Research and development


63,534


482,761


63,534


709,728

General and administrative

3,227,288


3,430,010


5,560,565


6,657,298


10,773,209

Total costs and expenses

6,514,268


6,013,684


7,997,137


12,527,952


16,642,114











Operating loss

(6,012,560)


(5,549,330)


(6,869,022)


(11,561,890)


(12,693,219)











Other (income) expense:










Other (income) expense, net

118,274


(96,473)


746


21,801


1,153,127

Gain on lease termination

(8,532)


(15,365)


(3,908)


(23,897)


(3,908)

Foreign currency transaction loss (gain)

4,296


5,147


(17,709)


9,443


(27,593)

Loss on exchange of warrants

-


-


590,266


-


590,266

Change in fair value of warrant liabilities

(4,422,701)


(8,309,623)


(29,668,454)


(12,732,324)


(27,431,550)

Interest expense, net

3,669,423


2,453,372


1,556,597


6,122,795


6,491,664

Total other income, net

(639,240)


(5,962,942)


(27,542,462)


(6,602,182)


(19,227,994)











Net income (loss)

$     (5,373,320)


$          413,612


$    20,673,440


$    (4,959,708)


$      6,534,775











Basic earnings (loss) per share (As adjusted)

$               (2.75)


$                 0.33


$              18.62


$              (2.97)


$                5.90

Diluted earnings (loss) per share (As adjusted)

$               (2.75)


$               (4.06)


$              17.70


$              (2.97)


$                5.79











Basic weighted average shares outstanding (As
adjusted)

1,950,563


1,239,881


1,110,091


1,667,187


1,107,580

Diluted weighted average shares outstanding (As
adjusted)

1,950,563


1,853,967


1,231,814


1,667,187


1,127,853

 

NAUTICUS ROBOTICS, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS



Six Months ended June 30,


2024


2023

Cash flows from operating activities:




Net income (loss)

$         (4,959,708)


$           6,534,775

Adjustments to reconcile net income (loss) to net cash used in operating activities:




Depreciation

837,771


326,308

Amortization of debt discount

3,242,443


1,878,376

Amortization of debt issuance cost

312,440


-

Accretion of RCB Equities #1, LLC exit fee

48,475


-

Stock-based compensation

1,339,965


3,077,027

Loss on exchange of warrants

-


590,266

Change in fair value of warrant liabilities

(12,732,324)


(27,431,550)

Non-cash impact of lease accounting

171,962


145,253

Gain on disposal of assets

(3,102)


-

Write off of property and equipment

29,350


-

Gain on lease termination

(23,897)


-

Gain on short-term investments

-


(40,737)

Changes in current assets and liabilities:




Accounts receivable

35,969


319,940

Inventories

(18,710)


(5,869,092)

Contract assets

(482,576)


(37,341)

Other assets

1,232,368


(1,045,514)

Accounts payable and accrued liabilities

(1,715,646)


8,733,185

Contract liabilities

(2,310,041)


-

Operating lease liabilities

(55,937)


(193,257)

Net cash used in operating activities

(15,051,198)


(13,012,361)





Cash flows from investing activities:




Capital expenditures

(351,942)


(6,102,253)

Proceeds from sale of assets held for sale

419,720


-

Proceeds from sale of property and equipment

6,802


-

Proceeds from sale of short-term investments

-


5,000,000

Net cash from (used in) investing activities

74,580


(1,102,253)





Cash flows from financing activities:




Proceeds from notes payable

14,305,000


-

Payment of debt issuance costs on notes payable

(1,316,791)


-

Proceeds from at-the-market (ATM) offering

9,857,857


-

Payment of at-the-market (ATM) commissions and fees

(499,903)


-

Proceeds from exercise of stock options

-


342,579

Proceeds from exercise of warrants

-


338,055

Net cash from financing activities

22,346,163


680,634





Net change in cash and cash equivalents

7,369,545


(13,433,980)





Cash and cash equivalents, beginning of year

753,398


17,787,159

Cash and cash equivalents, end of year

$           8,122,943


$           4,353,179

NAUTICUS ROBOTICS, INC.
Unaudited Reconciliation of Net Income (Loss) Attributable to Common Stockholders (GAAP) to Adjusted Net Loss
 Attributable to Common Stockholders (NON-GAAP)

Adjusted net loss attributable to common stockholders is a non-GAAP financial measure which excludes certain items that are included in net income (loss) attributable to common stockholders, the most directly comparable GAAP financial measure. Items excluded are those which the Company believes affect the comparability of operating results and are typically excluded from published estimates by the investment community, including items whose timing and/or amount cannot be reasonably estimated or are non-recurring.

Adjusted net loss attributable to common stockholders is presented because management believes it provides useful additional information to investors for analysis of the Company's fundamental business on a recurring basis. In addition, management believes that adjusted net loss attributable to common stockholders is widely used by professional research analysts and others in the valuation, comparison, and investment recommendations of companies such as Nauticus.

Adjusted net loss attributable to common stockholders should not be considered in isolation or as a substitute for net income (loss) attributable to common stockholders or any other measure of a company's financial performance or profitability presented in accordance with GAAP. A reconciliation of the differences between net income (loss) attributable to common stockholders and adjusted net loss attributable to common stockholders is presented below. Because adjusted net loss attributable to common stockholders excludes some, but not all, items that affect net income (loss) attributable to common stockholders and may vary among companies, our calculation of adjusted net loss attributable to common stockholders may not be comparable to similarly titled measures of other companies.


Three Months Ended


Six Months Ended


6/30/2024


3/31/2024


6/30/2023


6/30/2024


6/30/2023











Net income (loss) attributable to common stockholders
(GAAP)

$  (5,373,320)


$        413,612


$  20,673,440


$  (4,959,708)


$    6,534,775

Change in fair value of warrant liabilities

(4,422,701)


(8,309,623)


(29,668,454)


(12,732,324)


(27,431,550)

Stock compensation expense

809,310


432,053


1,214,863


1,339,965


3,077,027

Sales and use tax assessment

-


-


-


-


1,189,164

Loss on exchange of warrants

-


-


590,266


-


590,266

Interest and penalties on RRA Amendment

-


-


362,045


-


4,320,690

Adjusted net loss attributable to common stockholders
(non-GAAP)

$  (8,986,711)


$   (7,463,958)


$  (6,827,840)


$  (16,352,067)


$  (11,719,628)

 

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/nauticus-robotics-announces-results-for-the-second-quarter-of-2024-302221750.html

SOURCE Nauticus Robotics, Inc.

FAQ

What was Nauticus Robotics' (KITT) revenue for Q2 2024?

Nauticus Robotics reported revenue of $0.5 million for Q2 2024.

How did Nauticus Robotics' (KITT) net income change in Q2 2024 compared to Q2 2023?

Nauticus Robotics recorded a net loss of $5.4 million in Q2 2024, compared to a net income of $20.7 million in Q2 2023.

What was the cash position of Nauticus Robotics (KITT) as of June 30, 2024?

As of June 30, 2024, Nauticus Robotics had cash and cash equivalents of $8.1 million.

What operational progress did Nauticus Robotics (KITT) make with its vehicles in Q2 2024?

Nauticus completed planned maintenance on Vehicle 2 (Aquanaut Mark 2) and continued deepwater electronics upgrades for Vehicle 1. Vehicle 3 assembly remains pending.

Nauticus Robotics, Inc.

NASDAQ:KITT

KITT Rankings

KITT Latest News

KITT Stock Data

6.86M
5.61M
12.43%
5.08%
3.25%
Aerospace & Defense
General Industrial Machinery & Equipment, Nec
Link
United States of America
WEBSTER