GREEN ROBOTICS FOR A BLUE ECONOMY Quarter 2 2025 Financial Results Disclaimer Cautionary Language Regarding Forward-Looking Statements This slide deck 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 no ...

Financial Data and Key Metrics Changes - Revenue for the year was $1.8 million, down $4.8 million from 2023, primarily due to a reduction in government contracts [24][25] - Operating expenses for the year were $24.9 million, which is a $36.8 million improvement from 2023 [25] - Net loss for the year was $134.9 million, an increase of $84.2 million from the previous year, mainly due to a $127.6 million loss on extinguishment of debt [27] - Adjusted net loss for the year was $26.1 million, compared to $34.3 million for the prior year, showing an $8.2 million improvement [28] - Cash at the end of 2024 was $1.2 million, compared to $0.7 million at the end of 2023 [29] Business Line Data and Key Metrics Changes - The company recognized revenue for commercial operations of the Aquanaut vehicle for the first time in its history [25] - The acquisition of C-Trepid is expected to enhance the company's offerings and reduce customer concentration [14][15] Market Data and Key Metrics Changes - The offshore market is experiencing a resurgence, with stable oil prices allowing for long-term planning [73] - The company is positioned to take advantage of a busy offshore market in 2025, with significant demand for its services [39][45] Company Strategy and Development Direction - The company is transitioning from a research and development focus to a commercial revenue-generating model [8] - Plans for 2025 include leveraging lessons learned from the inaugural offshore operations and expanding the customer base [10][12] - The government contracting side is seen as a stable opportunity with longer lead times and larger upside potential [16] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about 2025, anticipating significant revenue growth and margin improvement [49] - The company is focused on customer needs and operational efficiency, with a strong pipeline of contracts expected [46][82] Other Important Information - The company cured its noncompliance issues with NASDAQ in early 2025 [17] - A restatement of financial statements was announced due to a correction in accounting treatment for a complex debt transaction [19][20] Q&A Session Summary Question: What is the potential revenue for 2025? - Management anticipates revenue significantly higher than $16 million for 2025, with potential upside if additional assets are deployed [59] Question: What differentiates the company's autonomous underwater vehicles from competitors? - The company has a leadership position in manipulators for autonomous underwater vehicles, offering unique capabilities such as untethered operation and advanced imaging [61][62] Question: What are the capital requirements for the business? - The company is exploring non-dilutive capital options to fund additional assets based on demand, with expected revenue generation of $6 to $8 million per asset per season [66][69] Question: What market dynamics are contributing to a strong offshore season? - Stable oil prices and increased investment in offshore infrastructure are driving demand, alongside regulatory inspections and decommissioning projects [74][76]