Nauticus Robotics, Inc., a developer of autonomous robots using artificial intelligence for data collection and intervention services to the ocean industries, has announced results for the first quarter ended March 31, 2023.

Highlights

• Reported Q1 2023 revenue of $2.8 million, an increase of 26% compared to Q1 2022.
• Announced the splashdown and initial commissioning of the first of three second-generation Aquanauts expected to be completed this year.
• Continued to progress in both programs with the US Defense Innovation Unit ("DIU"). The Company completed the competitive first phase of DIU's Amphibious Autonomous Response Vehicle program, progressing towards the next milestone, and advanced to the next phase of the Autonomous Explosive Ordinance Disposal Maritime Response Vehicle program.
• Announced an additional $2.7 million contract extension with Leidos Holdings (NYSE: LDOS), further continuing development of an Aquanaut-derivative platform in preparation for customer adoption decisions expected later this year.

"We are making notable progress in both our commercial and defense related efforts. The beginning of commissioning exercises for our initial second-generation Aquanaut marks a watershed moment for Nauticus, as we prepare for offshore pilots later this year. Our customers share our enthusiasm, and they are eager to put our robots to use,” said Nicolaus Radford, CEO of Nauticus. “Additionally, our continued progress with DIU and Leidos highlights the world-class capabilities we bring to national security. We continue to be confident in our technology’s unique abilities and its substantial revenue upside potential.”

First Quarter 2023 Financial Results

Nauticus reported first quarter revenue of $2.8 million compared to $2.2 million in the prior-year period. The increase in revenue is primarily attributable to one new contract and the continuation and increased performance on existing service contracts from the prior year.

Total operating expenses during the first quarter were $8.6 million, a $3.7 million increase from the prior-year period. The increase was mainly attributable to higher cost of revenue and increased general and administrative (“G&A”) costs associated with being a public company.

For the quarter, Nauticus recorded a net loss attributable to common stockholders of $10.2 million, or $0.26 per basic and diluted share. This compares to a net loss attributable to common stockholders of $3.5 million, or $0.36 per basic and diluted share in the prior year comparable period.

Net loss attributable to common stockholders for the first quarter of 2023 includes certain items typically excluded from published estimates by the investment community. Adjusted net loss attributable to common stockholders, which excludes the impact of these items as described in the non-GAAP reconciliation table below, was $6.8 million, or $0.17 per diluted share, in the first quarter of 2023, compared to a net loss of $3.5 million, or $0.36 per diluted share, in the first quarter of 2022.

Liquidity

Nauticus ended the first quarter with $12.5 million in cash and cash equivalents. The Company had a working capital surplus of $25.5 million at the end of the first quarter.

Outlook

Following commissioning, Nauticus expects to send the initial Aquanauts and Hydronauts to the North Sea and the Gulf of Mexico in the fourth quarter of 2023 to support customer initiatives in those regions.