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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