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Nauticus Robotics Reports Year-End 2024 Results

Nauticus Robotics, Inc. (NASDAQ: KITT), an innovation leader in subsea robotics and software solutions, has revealed its financial results for the year ending December 31, 2024. According to John Gibson, Natecus's President and CEO, the company is proud to drive significant advancements within the offshore technology sector. This announcement marks a vital moment, reflecting Nauticus's strategic transition from a research-focused entity to a commercially viable business that is now capable of generating revenue from its cutting-edge technologies.

Key Highlights

2024 was a transformative year for Nauticus Robotics, characterized by the introduction of advanced products and systems that push the frontiers of technology. As Nauticus continues to implement this transition, the company plans to enhance its operational capacities by shifting offshore inspection processes from traditional tethered methods to autonomous, untethered operations. This progress has sparked considerable interest among clients looking to incorporate Nauticus's innovative operational models into their current frameworks.

During this period, Nauticus safely executed the Aquanaut vehicle's deepwater tests, paving the way for immediate commercial collaborations. Two Aquanaut vehicles are currently in production and undergoing final evaluations before deployment for the 2025 season, which promises to bolster Nauticus’s offerings further.

Operational Developments

The operational achievements of Nauticus in 2024 have set the groundwork for future advancements. The ToolKITT software team successfully validated its functionality on existing ROV infrastructure during Q4 2024. Initial tests indicate that this software enhancement could help clients significantly optimize their overall operational expenses in subsea environments. With an aim for a commercial launch in 2025, Nauticus is poised to revolutionize subsea operations.

Moreover, the Olympic Arm team has completed the initial designs for a versatile electric manipulator that is compatible with both newly constructed Aquanaut vehicles and existing ROVs. This development will facilitate the integration of autonomous manipulators on Aquanauts, setting them apart from competitors.

A major highlight was Nauticus's establishment of a formal alliance with its largest governmental client to address complex challenges in the subsea environment. This partnership is anticipated to provide stability and expanded opportunities compared to typical seasonal contracts.

Acquisition Strategy

In a bid to enhance its portfolio, Nauticus entered into acquisition discussions with SeaTrepid International, a move strategically designed to complement Nauticus's operational capabilities. Following the successful completion of this acquisition in Q1 2025, Nauticus aims to leverage SeaTrepid's extensive experience and customer network to expand operations and market reach. The near proximity of SeaTrepid's facilities in Louisiana to the Gulf Coast enhances logistical efficiencies and reduces operational costs, which is pivotal for upcoming projects.

Financial Performance

Despite significant changes and challenges faced in 2024, Nauticus has reported fourth-quarter revenues of $0.5 million, a decline from $1.1 million for the same quarter the previous year, totaling an annual revenue of $1.8 million, a stark fall from $6.6 million in 2023. Operating expenses have drastically decreased as the company effectively managed to cut costs while navigating through a turbulent fiscal landscape. The total expenses in Q4 amounted to $6.5 million, a decline from the same period in the preceding year.

An adjusted net loss of $6.9 million for Q4 reflects an improvement from a loss of $8.8 million a year earlier, signifying some degree of operational efficiency despite broader challenges. Nauticus also presented a net loss of $84.5 million for Q4, which underscores the impact from non-cash considerations related to debt management.

As the organization readies itself for 2025, discussion regarding future revenue growth remains optimistic, with strategic plans firmly focused on transitioning toward greater operational efficiencies and product deployments. Nauticus's commitment to building a robust revenue framework is apparent, establishing the groundwork for sustainable growth as it continues to redefine offshore technology through innovative robotic solutions.

Conference Call and Future Outlook

On April 16, 2025, Nauticus will host an earnings conference call to delve deeper into its fourth-quarter and full-year results. The eagerly awaited discussion will provide stakeholders with critical insights into the company's future trajectory and operational outlook. With Nauticus Robotics strategically aligning itself for significant growth, it is set to establish a solid foothold within the offshore sector as it gears up for a promising 2025.