Q2 2024 Nauticus Robotics Inc Earnings Call Transcript
Key Points
- Nauticus Robotics Inc (KITT) successfully completed Phase 1 for the largest South American deepwater operator and received payment.
- The company is planning to deploy the Aquanaut Mark 2 vehicle in the Gulf of Mexico, which is expected to generate revenue.
- Nauticus Robotics Inc (KITT) has partnered with Florida Atlantic University to test and develop the Aquanaut system, enhancing its commercial application.
- The company completed a 36:1 reverse split, bringing its stock price over the $1 minimum bid price required by NASDAQ.
- Nauticus Robotics Inc (KITT) raised $9.5 million through its at-the-market facility in the second quarter, significantly improving its cash position.
- Revenue for the second quarter was $500,000, which is the same as the first quarter of 2024 and down $600,000 from the same period last year.
- Operating expenses for the second quarter were $6.5 million, resulting in a net loss of $5.4 million for the quarter.
- The company is still working to meet NASDAQ's market capitalization requirement and has engaged advisers for assistance.
- Adjusted net loss for the first quarter was $8.9 million, an increase from $7.4 million in the prior quarter and $6.8 million in the same period last year.
- Nauticus Robotics Inc (KITT) is facing challenges in securing defense contracts, with ongoing negotiations but no concrete agreements yet.
Good day, everyone, and welcome to today's Nauticus Robotics 2024 Q2 earnings call. (Operator Instructions) Please note, this call may be recorded. I'll be standing by if you should need any assistance.
It is now my pleasure to turn the conference over to Kristin Moorman, Nauticus' Special Projects.
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, outgoing General Counsel; John Simington, Incoming General Counsel; and other members of our leadership team.
On today's call, we will first provide prepared remarks concerning our operations and financial results. Following that, we will answer questions.
We have now released our results for the second quarter of 2024, which are 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.
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