Nauticus Robotics(KITT)2024-08-14 20:49Financial Data and Key Metrics Changes - Revenue for Q2 2024 was $500,000, unchanged from Q1 2024 and down $600,000 from Q2 2023, primarily related to work with a South American deepwater operator [9] - Operating expenses for Q2 2024 were $6.5 million, a decrease of $1.5 million from Q2 2023 but an increase of $0.5 million sequentially [9] - Net loss for the quarter was $5.4 million, a reduction of $26 million from Q2 2023, but an increase of $4.9 million sequentially [10] - Cash at the end of Q2 2024 was $8.1 million, compared to $0.7 million at the end of 2023, due to funding received and capital raised [11] Business Line Data and Key Metrics Changes - The company is focused on the Aquanaut Mark 2 vehicle, with plans to mobilize it to the Gulf of Mexico for revenue-generating work [5][8] - The Drix has been moved back to property, plant, and equipment (PPE) as it is now working on a revenue-generating contract [11] Market Data and Key Metrics Changes - The market capitalization is approximately $11 million based on outstanding shares, but the true market cap is closer to $40 million to $50 million on a fully diluted basis [16][17] Company Strategy and Development Direction - The company is actively working on both commercial and defense contracts, with a focus on increasing its backlog for 2025 [4] - The management is committed to meeting NASDAQ's listing standards and has engaged advisers for assistance [5] - The introduction of toolKITT is seen as a core part of the business, with expectations for it to become a significant revenue stream [25][27] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about upcoming projects in the Gulf of Mexico and the potential for increased commercial activity [8][31] - There is a strong interest in defense contracting, with ongoing negotiations for a potential defense contract [29] Other Important Information - A reverse stock split was completed on July 22, 2024, to meet NASDAQ's minimum bid price requirement [5][9] - The company is transitioning to full autonomy with its vehicles, which is expected to enhance operational efficiency [19][27] Q&A Session Summary Question: What is the current market cap and number of outstanding shares? - The market cap is approximately $11 million based on outstanding shares, but the true market cap is closer to $40 million to $50 million on a fully diluted basis [16][17] Question: Is the revenue from AUV deployment set at a specific daily rate? - The daily rate for AUV deployment ranges from $25,000 to $75,000, which includes various costs, and the company models for about 200 operational days a year [19][20] Question: What is the status of the defense contract with the Marines? - The company is actively negotiating a potential defense contract, with discussions ongoing technically and commercially [29]