Q4 2023 Nauticus Robotics Inc Earnings Call Transcript
Key Points
- Nauticus Robotics Inc (KITT) is transitioning from a research and development organization to a customer-centric innovation, for-profit enterprise.
- The company has added key leadership roles with significant industry experience, including an interim CFO with public company reporting skills and a General Counsel with complex deal expertise.
- Nauticus Robotics Inc (KITT) has a strong engineering team working on certifying the Aquanaut Mark 2 for commercial work, expected to be ready by fall 2024.
- The company has successfully conducted full system testing of their vehicles in the Gulf of Mexico, exceeding depths of 1,300 meters.
- Nauticus Robotics Inc (KITT) has secured $13.4 million of additional funding from current investors, improving their financial position.
- Revenue for Q4 was down $2.1 million from the previous year, and full year revenue for 2023 was down $4.8 million from 2022.
- Operating expenses for Q4 increased by $24.9 million from the same period in 2022, including a one-time impairment charge of $25.3 million.
- The net loss attributable to common stockholders for Q4 was $39.5 million, a significant increase from Q4 2022.
- Government contracts, while potentially lucrative, are described as 'lumpy' and sporadic, making revenue and cash flow difficult to project.
- Cash at the end of 2023 was only $800,000, indicating a potential liquidity issue before the additional funding was secured.
Good day everyone, and welcome to today's Nautica Robotics' 2023 Q4 earnings call. (Operator Instructions)
Please note this call is being recorded, and I will be standing by if you should need any assistance. It is now my pleasure to turn the conference over to Kristin Moorman, Nauticus' Special Project Leader.
Thank you and good morning, everyone. Joining me today and participating in the call are John Gibson, CEO and President; Vicki Hay, Interim CFO; Nick Bigney, General Counsel; and other members of our leadership team.
On today's call, we will first provide prepared remarks concerning our operation, vehicle testing and financial results. Following that we will answer questions. We have now released our results for the full year and fourth quarter of 2023, which is available on our website.
In addition, today's call is being webcast and a replay will be available on our website shortly following the conclusion of the call. Please note that comments we make on today
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