Nauticus Robotic - KITT STOCK NEWS

Nauticus Robotics (NASDAQ: KITT) has announced a 1-for-36 reverse stock split of its common stock, effective July 22, 2024. This corporate action aims to increase the per-share stock price to comply with Nasdaq's minimum bid price requirements and potentially attract a broader range of investors. The split will consolidate every 36 shares into one, with fractional shares rounded up. Trading on a post-split basis is expected to begin on July 23, 2024, under the same symbol 'KITT' but with a new CUSIP number.

Shareholders' ownership percentages and the company's overall value will remain unchanged. Those holding shares electronically don't need to take action, while those with certificated shares will receive instructions from the transfer agent. This move is part of Nauticus' strategy to maintain its Nasdaq listing and potentially enhance its appeal to institutional investors.

Nauticus Robotics (NASDAQ: KITT) has successfully completed and invoiced Phase I of its four-phase contract with Brazil's largest offshore oil & gas operator. This phase involved finalizing engineering and proof-of-concept documentation for the Aquanaut Mark 2 vehicle, detailing its advancements and capabilities for 10 core functionalities essential for offshore deepwater field inspection and light maintenance tasks.

The company is now progressing with Phase II (Technology Integration) and Phase III (Controlled Environment Testing) concurrently. Phase IV (Field Qualification Test) will be performed in Brazil. Nauticus' ToolKITT software, a platform-independent solution, is being leveraged to shift the industry from traditional tethered operations to augmented autonomy.

Nauticus Robotics announced its Q1 2024 financial results, highlighting the deployment of Aquanaut Mark 2 in the Gulf of Mexico and the initiation of final assembly for Vehicle 1. The company reported a revenue of $0.5 million, down from $2.8 million in Q1 2023. Total expenses decreased to $6.0 million, a significant drop from the prior-year period. Net income was $0.4 million, a notable improvement from a $14.1 million net loss in Q1 2023. Adjusted net loss was $7.4 million. The company secured $13.3 million in additional financing, boosting its cash reserves to $6.2 million. Nauticus aims to generate daily revenue from Aquanaut Mark 2 starting Q3 2024 and plans to deploy Vehicle 1 and Vehicle 2 by Q4 2024. Day rates for services are expected to range between $25,000 and $70,000. Nauticus is also focusing on software platform commercialization under new executive Jason Close.

Nauticus Robotics, Inc. (NASDAQ: KITT) announced the timing for releasing its first quarter financial results on May 13, 2024, followed by an earnings conference call on May 14. The company develops autonomous robots for ocean industries, focusing on reducing operational costs and improving data collection and maintenance of subsea infrastructure.

Nauticus Robotics, Inc. (KITT) announced positive preliminary testing results for its Aquanaut Mk2 vehicle and financial results for Q4 2023. The company reorganized its operations, conducted successful sea trials, and reported revenue of $6.6 million for the full year 2023. However, Nauticus recorded a net loss of $50.7 million for 2023, with operating expenses increasing significantly.

Nauticus Robotics, Inc. (NASDAQ: KITT) announced the schedule for releasing its fourth quarter and year end financial results for 2023. The results will be disclosed on April 9, 2024, with an earnings conference call scheduled for April 10, 2024.

Nauticus Robotics (NASDAQ: KITT) has secured over $12M net in a second tranche of investment to expedite certification of its flagship robot, Aquanaut. The investment will help in transforming tethered ROV operations to fully autonomous operations and is expected to be used for inspecting a deep-water production facility in the Gulf of Mexico. The company has also announced a change in leadership and is working on minimizing G&A costs while evaluating strategic options to maximize shareholder value and the acquisition of 3D At Depth.

Nauticus Robotics, Inc. (NASDAQ: KITT) announced securing an investment and eliminating dilutive warrants and ratchet provisions of the original de-SPAC financing. The first tranche of financing was led by existing investors, with discussions ongoing for a second tranche. The company also engaged a new executive management team and promoted John W. Gibson, Jr. to interim CEO. Nauticus aims to convert its intellectual property into differentiated solutions for commercial and government customers, focusing on the blue economy.

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