Nauticus Robotics Announces Results for Year-End 2024

Core Insights - Nauticus Robotics, Inc. has transitioned from a research and development company to a commercial entity focused on generating revenue, marking a transformational year in 2024 [2][9] - The company is set to enhance its offshore inspection operations by moving from tethered to autonomous execution, which is expected to improve operational efficiency for customers [3][4] - Nauticus completed the acquisition of SeaTrepid International, which is anticipated to expand its customer base and operational capabilities [8] Financial Highlights - For the fourth quarter of 2024, Nauticus reported revenue of $0.5 million, a decrease from$1.1 million in the same period of 2023, with full-year revenue at $1.8 million compared to$6.6 million in 2023 [10] - Total operating expenses for the fourth quarter were $6.5 million, down$28.8 million from the prior year, while full-year expenses were $24.9 million, a decrease of$36.8 million [11] - The adjusted net loss for the fourth quarter was $6.9 million, an improvement from an adjusted net loss of$8.8 million in the same period of 2023, with a full-year adjusted net loss of $26.1 million compared to$34.3 million in 2023 [12][29] Operational Highlights - The Aquanaut vehicle successfully completed its first deepwater testing in 2024, leading to immediate commercial work and ongoing discussions with new customers [4] - The ToolKITT software team confirmed operations on an existing ROV, aiming to reduce subsea operational costs for customers, with a commercial product release targeted for 2025 [5] - The Olympic Arm team is set to complete the first electric manipulator units for Aquanaut vehicles and existing ROVs by the end of 2025, enhancing the vehicle's capabilities [6] Balance Sheet and Liquidity - As of December 31, 2024, Nauticus had cash and cash equivalents of $1.2 million, an increase from$0.8 million at the end of 2023 [15] - The company raised $19.4 million through At The Market offerings in Q1 2025, issuing nearly 7.5 million shares [15] Strategic Developments - The government team established a formal alliance with its largest customer to address emerging challenges, indicating a focus on long-term stability and growth in governmental contracting [7] - Nauticus is actively pursuing opportunities in the offshore sector, leveraging its acquisition of SeaTrepid to enhance its service offerings and customer relationships [8]