Nauticus Robotics(KITT) Prnewswire·2024-11-12 22:45Core Insights - Nauticus Robotics, Inc. reported financial results for Q3 2024, achieving commercial revenue with its Aquanaut Mark 2 and focusing on building a pipeline for 2025 [2][3]. Financial Performance - Revenue for Q3 2024 was $0.4 million, a decrease from $1.6 million in Q3 2023 and $0.5 million in Q2 2024 [7]. - Operating expenses totaled $5.9 million, down $3.9 million from the prior-year period and $0.6 million from Q2 2024 [7]. - The net loss for Q3 2024 was $11.4 million, or a basic loss per share of $4.24, compared to a net loss of $17.7 million in Q3 2023 [8][22]. Adjusted Financial Metrics - Adjusted net loss for Q3 2024 was $11.4 million, compared to $8.1 million in Q3 2023 [9]. - General and administrative costs for Q3 2024 were $2.8 million, a decrease of $3.9 million from the same period in 2023 [9]. Balance Sheet and Liquidity - As of September 30, 2024, cash and cash equivalents were $2.9 million, up from $0.8 million at the end of 2023 [10]. - The company raised over $1 million through convertible debentures and has the option to access an additional $20 million, enhancing its financial position [3]. Operational Highlights - The Aquanaut Mark 2 completed deepwater qualification trials and began commercial operations in the Gulf of Mexico, with strong customer interest for 2025 projects [4]. - Aquanaut Vehicle 1's deepwater electronics upgrades are complete, with final assembly expected by the end of the year [5]. - ToolKITT software performed reliably, with ongoing discussions for third-party platform integration and plans to sell its first commercial license in 2025 [6].