Science and Technology

Nauticus Robotics, Inc. Unveils Robust Financial Performance for First Quarter of 2024

HOUSTON, May 13, 2024 -- Nauticus Robotics, Inc., a respected leader in the autonomous ocean robotics sector, disclosed its financial performance for the quarter concluding on March 31, 2024, today. Nauticus, publicly traded under NASDAQ ticker symbol KITT, brought forward encouraging data that signifies noteworthy progress in its operational capabilities and financial standing.

John W. Gibson, Jr., CEO and President of Nauticus, announced, "With the groundbreaking deployment of Aquanaut Mark 2 in the Gulf of Mexico and completion of extensive testing at depths surpassing 1300 meters, we are ushering in a new era of underwater robotics. We anticipate that our front-line Autonomous Underwater Vehicle (AUV), Aquanaut Mark 2, will start contributing to our daily revenues starting from the third quarter of 2024. Additionally, with a burgeoning pipeline of new opportunities and a steadfast dedication to G&A expense management, our quarterly results visibly reflect our dynamic business strategy."

Operational Milestones Reached with Aquanaut Fleet

In the first quarter of 2024, Nauticus successfully experimented with its flagship Aquanaut Mark 2, boosting expectations for it to become a primary revenue generator by the third quarter of 2024, owing to established contracts. The conclusive assembly of Vehicle 1, fueled by the successful trials of Vehicle 2, has just commenced. Partnership with Florida Atlantic University, set for the second quarter, is poised to lead to significant decreases in monthly certification costs - potentially up to 90%. This strategic collaboration could result in both vehicles being operational by the fourth quarter of 2024, further cementing Nauticus’ status in the field.

Contemplating the assembly of Vehicle 3, the company prioritizes the steady generation of returns from Vehicles 1 and 2. Moreover, service charges for deploying these cutting-edge vessels, along with associated personnel, are expected to range between $25,000 to $70,000 daily, fluctuating based on depth, duration, and distance from shore.

Adding a strategic asset to their team, Nauticus welcomed Jason Close, a seasoned executive renowned for adeptly commercializing sophisticated software products. Mr. Close's expertise in enhancing enterprise value through the commercialization of intricate software platforms aligns meticulously with Nauticus' ambitions.

Financial Highlights Demonstrate Growth and Resilience

Nauticus Robotics' financial results for the first quarter represent a pivotal turnaround, with its revenue clocking in at $0.5 million - a remarkable shift towards income from commercial operations and less reliance on historic defense revenue streams. This shift is indicative of the company's strategic diversification and market adaptability. Notably, the expense reductions underscore Nauticus’ commitment to streamlined operations and financial sustainability. The first quarter showcased a substantial decline in total expenses compared to both the previous year and the preceding quarter, with operating expenses registering at $6.0 million, and impairment charges for property plant and equipment plummeting to zero – a stark contrast to the $25.4 million reported in Q4 2023.

In terms of net income, Nauticus achieved a net income of $0.4 million or $0.01 per basic earnings per share during this quarter. This represents a significant financial turnaround when compared to a net loss of $14.1 million in the same period in 2023, and a net loss of $39.5 million in the prior quarter. The adjusted net loss, which excludes specific items for a clearer view of the operating performance, was reported at $7.4 million. This adjusted figure signifies an improvement as compared to the $10.7 million adjusted net loss reported in the same period last year.

When reviewing General & Administrative (G&A) expenses, a notable reduction from the prior year is evident. First-quarter costs amounted to $3.4 million, which includes a non-cash stock compensation expense of $0.5 million and non-recurring legal fees of $0.4 million. This reduced expenditure is a testament to Nauticus' conscientious management and cost-efficiency efforts.

Nauticus Finances: A Snapshot of Strength and Stability

Nauticus Robotics showcased a strong liquidity profile with cash and cash equivalents reaching $6.2 million as of March 31, 2024. This is a significant increase from the $0.8 million reported at the close of December 31, 2023. The company’s commitment to financial stability is further evidenced by the successful closure of an additional $13.3 million financing in Q1, ensuring ample liquidity for continued operations and testing.

Earnings Call and Webcast Information

Investors, analysts, and other interested parties are invited to join the earnings conference call scheduled for May 14, 2024, at 9:00 a.m. Central Daylight Time (10:00 a.m. EDT). To participate in the live call, parties should dial toll-free at 800-225-9448 with the conference ID: KITT. An accompanying webcast will also be available at https://events.q4inc.com/attendee/621212712. The webcast link will be accessible through the company's website at https://ir.nauticusrobotics.com/, with a recording available subsequently.

About Nauticus Robotics

Nauticus Robotics, Inc. is a trailblazing entity in the domain of autonomously operating sea robots. This innovative company utilizes advanced sensors, artificial intelligence, and progressive algorithms that enhance decision-making and adaptability within ever-changing aquatic environments. Nauticus Robotics' business model is diverse, incorporating service deployment of robot systems, vehicle and component sales, and the licensing of proprietary software across commercial and defense sectors. The company is actively testing and certifying a novel generation of robotic vessels, aiming to diminish operational expenses and amass crucial data for maintaining a vast array of subsea infrastructures.

With standalone service offerings and forward-thinking products, Nauticus Robotics also excels in developing technology products to retrofit and upgrade conventional Remotely Operated Vehicle (ROV) operations and augment the capabilities of third-party vehicle platforms. Their comprehensive services furnish clientele with vital data acquisition, analytics, and subsea manipulation capabilities, playing an instrumental role in asset maintenance while simultaneously shrinking operational footprints, costs, and greenhouse gas emissions, ultimately fostering improved offshore health, safety, and environmental standards.

Forward-Looking Statements Disclaimer

This press release contains forward-looking statements, protected under the Securities Exchange Act of 1934, as well as additional federal securities laws. These forward-looking statements may encompass product commercialization timetables, customer product interest, estimated operational results, and financial resource usage, among others. These statements may be identifiable by terms such as "believes," "estimates," "expects," "projects," "forecasts," "aims," "scheduled," "anticipates," "intends," or "continues," which signify forward-looking statements. Such statements intrinsically carry risks and uncertainties that could cause the actual results or events to materially differ. Nauticus Robotics maintains its stance that forward-looking statements are conjectural in nature, based on current expectations and beliefs and involve a number of assumptions. There is no obligation on Nauticus' part to publicly revise any forward-looking statement in light of new information, future events, or other considerations.

For a complete discussion of risks and uncertainties facing the company, readers should meticulously review the "Risk Factors" and "Cautionary Note Regarding Forward-Looking Statements" in documents periodically filed with the SEC, especially in the most recent Annual Report on Form 10-K. These documents are freely obtainable on the SEC's website at www.sec.gov.

Financial Tables and Reconciliation

For interested parties, detailed financial tables and a reconciliation from GAAP Net Loss Attributable to Common Stockholders to Non-GAAP Adjusted Net Loss Attributable to Common Stockholders are available within this press release. Nauticus emphasizes that adjusted net loss is an important measure for comparing the company's core business performance on a consistent basis and is widely utilized in the investment analysis community. Such financial measures should be reviewed cautiously and are presented supplementary to the respective GAAP measures.

The complete series of financial tables, along with the conditions for adjustments from GAAP to Non-GAAP measures, can be scrutinized in the attached unaudited tables section of this news article.

For further information about Nauticus Robotics and its pioneering autonomous vehicle systems, feel free to explore additional details at Nauticus Robotics.

Source and Image Credits

This news article is sourced from Nauticus Robotics, Inc. and includes information made publicly accessible.