In This Article:
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Revenue: $1.8 million for 2024, down $4.8 million from 2023.
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Operating Expenses: $24.9 million, a $36.8 million improvement from 2023.
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G&A Costs: $13.4 million, improved by $4.9 million compared to 2023.
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Net Loss: $134.9 million, an $84.2 million increase from 2023.
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Adjusted Net Loss: $26.1 million, showing an $8.2 million improvement from the prior year.
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Cash Position: $1.2 million at the end of 2024, compared to $0.7 million at the end of 2023.
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Debt Conversion: Converted $35.5 million of debt to preferred stock in December 2024.
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Share Issuance: Issued and sold almost 7.5 million shares for net proceeds of $19.4 million in January 2025.
Release Date: April 16, 2025
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) successfully transitioned from a research and development company to a commercial revenue-generating entity in 2024.
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The company executed its inaugural offshore operations with the Aquanaut vehicle, proving its technology and setting the stage for future contracts.
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Nauticus Robotics Inc (NASDAQ:KITT) acquired SeaTrepid, enhancing its market access and reducing customer concentration.
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The company achieved compliance with NASDAQ listing standards, improving its financial standing.
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Nauticus Robotics Inc (NASDAQ:KITT) has a strong pipeline for 2025, with significant offshore commercial work expected, including long-term contracts and new customer engagements.
Negative Points
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Revenue for 2024 was $1.8 million, a significant decline from the previous year due to reduced government contracts.
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The company reported a net loss of $134.9 million for 2024, primarily due to a substantial loss on debt extinguishment.
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Nauticus Robotics Inc (NASDAQ:KITT) had to restate its 2024 financial statements due to incorrect accounting treatment of a debt transaction.
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Cash at the end of 2024 was only $1.2 million, indicating tight liquidity despite recent financing efforts.
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The company faces challenges in securing capital to expand its fleet, which is necessary to meet growing demand and maximize revenue potential.
Q & A Highlights
Q: Can you provide insights into the potential revenue for 2025 and the operational days for the season? A: The offshore season typically runs from March/April to October/November, depending on weather conditions. We have two Aquanaut vehicles and two Comanches operational, with potential to add more if demand justifies it. We expect 2025 revenue to exceed $16 million, with potential upside if additional assets are deployed. John Gibson, President, Interim CEO and Daniel Dehart, Field Operations Leader