The following is a summary of the Nauticus Robotics, Inc. (KITT) Q1 2024 Earnings Call Transcript:
Financial Performance:
Nauticus Robotics reported Q1 revenue of $500,000, down $2.4 million y-o-y and down $600,000 compared to Q4 2023.
Operating expenses decreased to $6.0 million, from $8.6 million in Q1 2023 and from $35.3 million in Q4 2023.
G&A costs were $3.4 million, which includes $0.5 million non-cash stock compensation expense and $0.4 million legal expenses.
Adjusted net loss for Q1 2024 was $7.4 million, improving from losses of $8.8 million in Q4 2023 and $10.7 million in Q1 2023.
The company had $6.2 million in cash at the end of Q1 2024, an increase from $0.8 million at the end of 2023.
Business Progress:
Nauticus is planning to generate daily revenue starting in Q3 2024 with its product, the Aquanaut.
Existing contracts with Shell, Petrobras, and Equinor are helping boost market confidence.
The company is actively pursuing new contracts in various sectors including environmental services, oil and gas operations, and technology.
A collaboration with Florida Atlantic University is expected to reduce testing and certification costs for new vehicles by over 90%.
More details: Nauticus Robotics IR
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