In This Article:
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Revenue: Q4: $1.1 million, down $2.1 million YOY; Full year 2023: $6.6 million, down $4.8 million from 2022.
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Operating Expenses: Q4: $35.3 million, up $24.9 million YOY.
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Impairment Charge: Q4: $25.3 million, with $15.1 million on Equinox units.
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Net Loss Attributable to Common Stockholders: Q4: $39.5 million; Full year 2023: $50.7 million.
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Adjusted Net Loss: Q4: $8.8 million; Full year 2023: $34.3 million.
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Assets Held for Sale: $92.9 million worth, including three hydro off the tracks.
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Cash Position: End of 2023: $800,000; Secured $13.4 million in Q3 2024.
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Cost Reduction: Expected G&A expense reduction in 2024 by more than 50% YOY.
Release Date: April 10, 2024
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Nauticus Robotics Inc (NASDAQ:KITT) is transitioning from a research and development organization to a customer-centric innovation, for-profit enterprise.
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The company has added key leadership roles with significant industry experience, including an interim CFO with public company reporting skills and a General Counsel with complex deal expertise.
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Nauticus Robotics Inc (NASDAQ:KITT) has a strong engineering team working on certifying the Aquanaut Mark 2 for commercial work, expected to be ready by fall 2024.
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The company has successfully conducted full system testing of their vehicles in the Gulf of Mexico, exceeding depths of 1,300 meters.
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Nauticus Robotics Inc (NASDAQ:KITT) has secured $13.4 million of additional funding from current investors, improving their financial position.
Negative Points
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Revenue for Q4 was down $2.1 million from the previous year, and full year revenue for 2023 was down $4.8 million from 2022.
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Operating expenses for Q4 increased by $24.9 million from the same period in 2022, including a one-time impairment charge of $25.3 million.
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The net loss attributable to common stockholders for Q4 was $39.5 million, a significant increase from Q4 2022.
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Government contracts, while potentially lucrative, are described as 'lumpy' and sporadic, making revenue and cash flow difficult to project.
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Cash at the end of 2023 was only $800,000, indicating a potential liquidity issue before the additional funding was secured.
Q & A Highlights
Q: What are you seeing for next year, and what are the key areas of opportunity, meaning which industries do you find most exciting in 2025? A: The ROV market for the oil and gas industry is expected to see growth due to an upgrade cycle in 2025. Nauticus Robotics Inc is looking forward to the market uplift for ROVs and plans to have a tested vehicle ready by 2024 to participate in this growth.