GoldDog83
2 weeks ago
PR Newswire
HOUSTON, May 13, 2024
HOUSTON, May 13, 2024 /PRNewswire/ -- Nauticus Robotics, Inc. ("Nauticus" or the "Company") (NASDAQ: KITT) today announced its financial results for the quarter ended March 31, 2024.
"We have successfully deployed Aquanaut Mark 2 in the Gulf of Mexico and tested the platform at depths greater than 1300 meters," said John W. Gibson, Jr., Nauticus' CEO and President. "We should generate daily revenue from the Aquanaut Mark 2 vehicle beginning in Q3 2024 and have a strong queue of new opportunities developing. To maximize margins, we remain committed to keeping G&A expenses low, which can be seen in our results this quarter."
Operational Highlights
-- Vehicle 2 Testing: Nauticus tested its flagship AUV Aquanaut Mark 2 (Vehicle 2) in the Gulf of Mexico during Q1 2024. The tests boosted confidence in the vehicle being capable of generating daily revenue in Q3 2024 from existing contracts. -- Vehicle 1 Assembly: Given the successful testing of Vehicle 2, final assembly was initiated on Vehicle 1. The testing of Vehicle 1 is expected to begin in Q2 with Florida Atlantic University. This is expected to reduce Nauticus' monthly certification cost by up to 90%. The goal is to put Vehicle 1 in service with Vehicle 2 during Q4 2024. -- Vehicle 3 Assembly: Vehicle 3 is pending assembly. Assembly and staffing for deployment for Vehicle 3 will be initiated when both Vehicle 1 and Vehicle 2 are generating revenue. -- Day rates: Day rates for services including the vessel, personnel, and Aquanaut vehicle are expected to be between $25,000 and $70,000 depending on the depth, duration, and distance from shore. -- Software Platform Commercialization: Nauticus has added Jason Close, an experienced executive in bringing complex software products to market. Jason's specialty is increasing enterprise value though the commercialization of complex software platforms.
Financial Results
-- Revenue: Nauticus reported first-quarter revenue of $0.5 million, compared to $2.8 million for the prior-year period and $1.1 million for the prior quarter. Q1 marks the first time that Nauticus has recognized revenue from commercial sources, an important step in reducing dependence on historical defense revenues. -- Operating Expenses: Total expenses during the first quarter were $6.0 million, a $2.6 million decrease from the prior-year period, and a $29.3 million decrease from Q4 2023. -- Impairment Charges: In Q1 2024 Nauticus reported $0 in impairment charges for property plant and equipment compared to $25.4 million in Q4 2023. -- Net Income: For the first quarter, Nauticus recorded net income of $0.4 million, or $0.01 per basic earnings per share. This compares with a net loss of $14.1 million from the same period in 2023, and a net loss of $39.5 million in the prior quarter. -- Adjusted Net Loss: Nauticus reported adjusted net loss of $7.4 million for the first quarter, compared to $10.7 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 first-quarter costs of $3.4 million, which is a decrease of $1.8 million compared to the same period in 2023. This includes a non-cash stock compensation expense of $0.5 million and non-recurring legal fees of $0.4 million.
Balance Sheet and Liquidity
-- As of March 31, 2024, the Company had cash and cash equivalents of $6.2 million, compared to $0.8 million as of December 31, 2023. -- In Q1, the Company closed additional financing of $13.3 million to provide liquidity needed for operations and testing.
Conference Call Details
Nauticus will host a conference call on May 14, 2024 at 9:00 a.m. Central Daylight Time (10:00 a.m. EDT) to discuss its results for the quarter March 31, 2024. To participate in the earnings conference call, participants should dial toll free at 800-225-9448, conference ID: KITT, or access the listen-only webcast at the following link: https://events.q4inc.com/attendee/621212712. 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.
GoldDog83
3 months ago
Latest News on $KITT
Should be getting a huge update soon on the testing of Nauticus' flagship robot, the Aquanaut.
They also have contracts lined up with major oil and gas companies in the Gulf of Mexico.
Huge Money$$
Nauticus Robotics Raises $12M in Funding to Execute 2024 Goals, including Industry-changing 'Augmented Autonomy' for Subsea Robots
PR Newswire
HOUSTON, Feb. 5, 2024
HOUSTON, Feb. 5, 2024 /PRNewswire/ -- Nauticus Robotics (NASDAQ: KITT), a leading developer of subsea robots and software, announces securing over $12M net today, part of a second tranche of investment.
The new investment will expedite certification of Nauticus' flagship robot, the Aquanaut, which facilitates the transformation of tethered ROV operations to fully autonomous operations. It is expected to perform numerous tasks in water depths ranging from 200 - 2000+ meters during February in preparation for an inaugural job inspecting a deep-water production facility of a major oil and gas company in the Gulf of Mexico.
The new investment comes only weeks after the company announced a change in leadership, including a new CEO, CFO and lead General Counsel.
Since becoming the President of Nauticus in October, John Gibson has been assessing the go-to-market strategy and said "the market sees our potential and supports our vision of delivering full autonomy to subsea operations -- however, the diffusion rate of our solutions requires a significant shift from the current paradigm of human operations to autonomous operations. To eliminate the inertia to change, we recast our vision. We realized the fastest path to full autonomy would be through the deployment of 'tethered/augmented autonomy.' This allows the customer and operators to retain the ability to intervene while simultaneously allowing Nauticus to gather the operational data needed to train our fully autonomous solutions for the future."
This is possible because our software architecture is platform independent and can be used on all subsurface vehicles and has already been deployed on several competitor vehicles for defense-related work. This enables the company to become a multi-platform operating system for a vast array of vehicles already deployed. The forecasted efficiency improvements for existing platforms using 'tethered autonomy' will exceed 20%, while simultaneously reducing emissions and increasing safety for all subsea robots.
"What Nauticus has planned can truly revolutionize the entire industry -- and I don't use that term lightly. We can now normalize performance of ROV operators because you will no longer have disparities between skill levels of employees. This obviously provides substantial safeguards to any company using this technology" said Sean Halpin, Head of Autonomous Solutions.
"We are creating a win-win situation for ROV operators. We are not asking them to give up complete control. These robots are not replacing jobs, but instead are making them both easier and more reliable", said Chuck Claunch, Co-head of Software Solutions.
"It's not dissimilar to when pilots first needed to adjust to automation in the airline industry -- they didn't lose their jobs -- they gained more reliable support to enjoy them," said Paul Dinh, Co-head of Software Solutions.
The board added that while they are investing heavily into commercialization, they are also actively working to minimize G&A costs. Changes to align board cost with the current forecast are underway.
In addition, the board has retained Piper Sandler & Co. to assist in the evaluation of strategic options to maximize shareholder value and the acquisition of 3D At Depth.
Media Contact:
Narwhal Media Group
Jennifer Gooding
jgooding@narwhalmediagroup.com
subslover
11 months ago
NEWS
Nauticus is Contracted by Petrobras to Develop and Test the AUV Aquanaut in Brazil
-Contract Leads to Potential Market worth over $100 Million Per Year--Expands Nauticus’ International Presence to South America-
HOUSTON, June 23, 2023 (GLOBE NEWSWIRE) -- Nauticus Robotics, Inc. (“Nauticus” or the “Company”) (NASDAQ: KITT), a developer of autonomous robots using artificial intelligence for data collection and intervention services for the ocean industries, today announced that it has been awarded a contract with Petrobras (NYSE: PBR), one of the world’s largest energy companies, to deploy Aquanaut, the Company’s autonomous subsea robot, to support Petrobras’ offshore activities.
Petrobras has ramped up efforts recently in robotics and artificial intelligence and is pioneering their application to the offshore sectors. Toward that end, this relevant contract was competitively awarded to Nauticus and will utilize Aquanaut in Petrobras’ Deepwater Production Field using supervised autonomy for infield inspection services. The contract consists of approximately two months of subsea inspection time and is one of the largest awarded contracts of its kind to date worldwide. Nauticus' success in winning this initial award places it as a relevant player for potential subsequent contracts that Petrobras estimates to be carried out and expands Nauticus’ growing international presence to South America with a leading operator.
Over the past several years, Nauticus has been developing a library of autonomous behaviors based on the latest techniques in machine learning and artificial intelligence, which enable its subsea robots to learn and adapt to the dynamic conditions of working underwater. The fully electric Aquanaut carries an array of multi-spectral perception sensors that allow the robot to detect, classify, inspect, and act upon subsea infrastructure using its pair of manipulators without direct operator control. This method provides significant cost and greenhouse gas emissions reductions over conventional methods.
“A contract with another worldwide leading operator for Nauticus speaks to the state-of-the-art technologies of our autonomous robots as we further penetrate the global markets,” said Nicolaus Radford, CEO of Nauticus. “The market opportunity for Nauticus in offshore Brazil is significant, as it is one of the world's most active offshore energy basins; we are pleased to enter this market through a world class operator. We competed through a rigorous tender process with many well-respected industry competitors to earn this business with Petrobras and eagerly await the deployment of our assets to validate our capabilities. We continue to build our robust pipeline of opportunities, giving us confidence to execute on our mission and deliver long-term value to shareholders.”
Petrobras is one of the world's largest and most active offshore operators, managing 57 platforms, ten thousand miles of oil and gas pipelines, and producing 2.6 million barrels of oil equivalent per day.
About Nauticus
Nauticus Robotics, Inc. is a developer of ocean robots and artificial intelligence for autonomous services to the marine industries. Nauticus’ robotic systems and services are delivered to commercial and government-facing customers through a Robotics-as-a-Service (RaaS) business model and direct product sales for both hardware platforms and software licenses. Besides a standalone service offering and products, Nauticus’ approach to ocean robotics has also resulted in the development of a range of technology products for retrofitting/upgrading legacy systems and other third-party vehicle platforms. Nauticus provides 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.
About Petrobras
Petrobras is a Brazilian company and one of the largest producers of oil and gas in the world, primarily engaged in exploration and production, refining, energy generation and trading. Petrobras has expertise in deepwater and ultra-deepwater exploration and production as a result of nearly 50 years of development of the Brazilian offshore basins, making it the world leader in this segment. It is our priority to operate at low cost and with a low carbon footprint, reinforcing our commitment to sustainable development.
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
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