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]