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Yahoo
7 days ago
- Business
- Yahoo
Nauticus Robotics and Open Ocean Robotics Forge Strategic Collaboration to Transform Subsea Asset Management
HOUSTON, June 5, 2025 /PRNewswire/ -- Nauticus Robotics, Inc. (NASDAQ: KITT), a leading innovator in autonomous subsea robotics and software solutions, today announced a strategic collaboration with Open Ocean Robotics, a pioneer in uncrewed surface vehicles (USVs) that enable safe, cost-effective, and environmentally sustainable ocean monitoring. Together, the companies aim to deliver cutting-edge technologies that will redefine how the energy sector approaches subsea asset management. The collaboration brings together Nauticus' expertise in subsea robotics, including autonomous systems like the Aquanaut®, and Open Ocean Robotics' solar-powered USV, the DataXplorer™. The collaboration is designed to significantly reduce the high operational costs typically associated with subsea inspections, maintenance, and monitoring—while simultaneously delivering a compelling environmental advantage. The joint solution pairs autonomous subsea vehicles with surface-based USVs to offer persistent, real-time monitoring and data collection while minimizing the need for costly crewed vessels. This collaboration will enable energy operators to conduct autonomous inspections and monitoring of critical infrastructure—such as pipelines, risers, and subsea manifolds—more frequently, efficiently, and with significantly lower environmental impact. "Collaborating with Open Ocean Robotics aligns perfectly with our mission to drive cost efficiency, safety, and sustainability in ocean industries," said John Gibson, President and CEO of Nauticus Robotics. "By integrating our autonomous subsea vehicle with their autonomous surface vehicle, we are unlocking new operational paradigms that offer substantial value to our customers in offshore energy and beyond." Open Ocean Robotics' USVs operate autonomously for extended periods using solar energy, providing a clean-tech solution that offers a dramatic reduction in greenhouse gas emissions compared to conventional crewed vessels. "Our collaboration with Nauticus Robotics represents a bold step forward in revolutionizing how we manage and monitor our oceans," said Julie Angus, CEO of Open Ocean Robotics. "Together, we can provide unparalleled solutions that meet the growing demands for efficiency and sustainability in the marine sector." As the energy industry continues to pursue digital transformation and decarbonization, the combined capabilities of Nauticus Robotics and Open Ocean Robotics offer a forward-looking answer to the sector's most pressing operational challenges. About Nauticus Robotics Nauticus Robotics, Inc. develops autonomous robots for the ocean industries. Autonomy requires the extensive use of sensors, artificial intelligence, and effective algorithms for perception and decision allowing the robot to adapt to changing environments. The company's business model includes using robotic systems for service, selling vehicles and components, and licensing of related software to both the commercial and defense business sectors. Nauticus has designed and is currently testing and certifying a new generation of vehicles to reduce operational cost and gather data to maintain and operate a wide variety of subsea infrastructure. Besides a standalone service offering and forward-facing products, Nauticus' approach to ocean robotics has also resulted in the development of a range of technology products for retrofit/upgrading traditional ROV operations and other third-party vehicle platforms. Nauticus' services provide customers with the necessary data collection, analytics, and subsea manipulation capabilities to support and maintain assets while reducing their operational footprint, operating cost, and greenhouse gas emissions, to improve offshore health, safety, and environmental exposure. About Open Ocean Robotics Open Ocean Robotics develops solar-powered, autonomous boats equipped with advanced sensors, cameras, and communication systems to collect high-resolution ocean data in real time. Designed for long-duration missions, their USVs provide continuous monitoring for applications in marine research, environmental protection, maritime security, and offshore energy. Operated remotely or autonomously through a secure cloud-based platform, the USVs offer a safer and more cost-effective alternative to traditional crewed vessels, significantly reducing greenhouse gas emissions and the environmental footprint of ocean operations. Cautionary Language Regarding Forward-Looking Statements This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the "Act"), and are intended to enjoy the protection of the safe harbor for forward-looking statements provided by the Act as well as protections afforded by other federal securities laws. Such forward-looking statements include but are not limited to: the expected timing of product commercialization or new product releases; customer interest in Nauticus' products; estimated operating results and use of cash; and Nauticus' use of and needs for capital. Generally, statements that are not historical facts, including statements concerning possible or assumed future actions, business strategies, events, or results of operations, are forward-looking statements. These statements may be preceded by, followed by, or include the words "believes," "estimates," "expects," "projects," "forecasts," "may," "will," "should," "seeks," "plans," "scheduled," "anticipates," "intends," or "continue" or similar expressions. Forward-looking statements inherently involve risks and uncertainties that may cause actual events, results, or performance to differ materially from those indicated by such statements. These forward-looking statements are based on Nauticus' management's current expectations and beliefs, as well as a number of assumptions concerning future events. There can be no assurance that the events, results, or trends identified in these forward-looking statements will occur or be achieved. Forward-looking statements speak only as of the date they are made, and Nauticus is not under any obligation and expressly disclaims any obligation, to update, alter, or otherwise revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as required by law. Readers should carefully review the statements set forth in the reports which Nauticus has filed or will file from time to time with the Securities and Exchange Commission (the "SEC") for a more complete discussion of the risks and uncertainties facing the Company and that could cause actual outcomes to be materially different from those indicated in the forward-looking statements made by the Company, in particular the sections entitled "Risk Factors" and "Cautionary Note Regarding Forward-Looking Statements" in documents filed from time to time with the SEC, including Nauticus' Annual Report on Form 10-K filed with the SEC on April 15, 2025. Should one or more of these risks, uncertainties, or other factors materialize, or should assumptions underlying the forward-looking information or statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated, or expected. The documents filed by Nauticus with the SEC may be obtained free of charge at the SEC's website at View original content to download multimedia: SOURCE Nauticus Robotics, Inc. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
16-05-2025
- Business
- Yahoo
Q1 2025 Nauticus Robotics Inc Earnings Call
Kristen Woolman; Corporate Development and Administration Leader; Nauticus Robotics Inc John Gibson; President and Chief Executive Officer; Nauticus Robotics Inc Victoria Hay; Interim Chief Financial Officer and Principal Financial Officer; Nauticus Robotics Inc Daniel Dehart; Field Operations Leader; Nauticus Robotics Inc Steve Walsh; Vice President of Sales; Nauticus Robotics Inc Jason Close; Vice President of Autonomous Software Solutions; Nauticus Robotics Inc Kunal Madhukar; Research Analyst; Water Tower Robert Mendrala Operator Good day ladies and gentlemen, and welcome to the Nauticus Robotics Inc 2025 Q1 earnings conference call. (Operator Instructions)This call is being recorded on Thursday, May 15th, 2025. I would like to turn the conference over to Kristen Woolman. Please go ahead. Kristen Woolman Thank you and good morning everyone. Joining me today and participating in the call are John Gibson, CEO and President, Vicky Hay, interim CFO, and other members of our leadership team. On today's call, we will first provide prepared remarks concerning our financial and operations results. Following that, we will answer questions. We have now released our results for the first quarter of 2025, which are available on our website. In addition, today's call is being webcast, and a replay will be available on our website shortly following the conclusion of the call. Please note that comments we make on today's call regarding projections or our expectations for future events are forward-looking statements. Forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond our control. These risks and uncertainties can cause actual results to differ materially from our current expectations. We advise listeners to review our earnings release and the risk factors discussed in our filings with the SEC. Also, please refer to the reconciliations provided in our earnings press release as we may discuss non-gap metrics on this call. I will now turn it over to John. John Gibson Good morning and thank you for joining us. Today's call comes at an exciting time for Nauticus Robotics. With a successful acquisition of SeaTrepid International in March, we've entered a new chapter marked by operational scale, expanding commercial opportunities and growing demand for our autonomous subsea technologies. Over the next few minutes, you're going to hear from our executive team on our first quarter financials, operational progress, and our emerging pipeline of offshore work, all pointing to a business gaining momentum and maturing rapidly. While Q1 results reflect the seasonal nature of offshore work and the timing of our acquisition, the quarter also marked the beginning of our 2025 offshore season and the formal start of our integration efforts. Early signs are encouraging. We've mobilized equipment, secured extended contracts, and are seeing enthusiastic interest in our Aqua not platform from both existing and new customers. The conversations have shifted from what if to how soon, and that signals real traction. Now to turn it over to Team Nauticus to explain how we intend to meet the growing demand for safer, smarter, and more sustainable subsidy solutions. With that, I'm going to hand it to Vicky, our interim CFO, and let her get us started on the financial side for Q1. Vicky. Victoria Hay Thank you, John, and good morning. I will now discuss our financial results for the first quarter of 2025. The Sea Trepid acquisition closed on March 20th and has so far proved impactful to the organization, with revenue being recognized from it in the first quarter and has continued to grow over the past six weeks following the end of the quarter. Other key milestones this quarter included further reducing our debt and associated interest by $3 million as a result of lowering the conversion price of the term loan and subsequent conversions. We also had a $20 million raise from our at the market facility to fund the acquisition of Trepid and current year capital investments and operations. Revenue for the first quarter was $0.2 million which is down $0.3 million sequentially, and down $0.3 million from the same quarter last year. The Gulf of America offshore season just kicked off at the end of March, and we are now under contract. Operating expenses for the quarter were $6 million which is flat from Q1 2024 and down $0.5 million sequentially. G&A costs for the quarter were $4.3 million which is an improvement of $0.9 million compared to Q1 2024. Sequentially, G&A has increased $0.4 million due to non-recurring professional fees in Q1 2025, primarily related to the acquisition of SeaTrepid International, which included preparing financials for a two-year audit that was needed as part of the transaction. And other professional fees related to the restatement of 2024 quarterly financials that was completed in early April. Net loss for the quarter was $7.6 million. This is a $76.9 million dollar decrease in net loss sequentially, and a $65.3 million decrease from the net loss in Q1 2024. This large variance is attributable to the loss on extinguishment of debt recognized in 2024. Adjusted net loss for the quarter was $6.8 million compared to $6.9 million for the fourth quarter of 24. When removing the non-repeat professional fees that occurred in Q1 2025, there would have been an improvement sequentially of $1.1 million quarter on quarter. Cash at the end of Q125 was $10.1 million compared to $1.2 million at the end of 24. This is primarily a result of funding received through the at the market offering offset by the recent acquisition of SeaTrepid and cash used in operations. With the 2nd quarter already well underway, we are excited about having a full quarter of operational revenue to report for the first time in Q2, while continuing to keep a strong focus on cost control and value added activities. I will now pass the call back to John. John Gibson Well, thank you, Vicky. I just, I want to really thank Vicky and the finance team for doing an incredible job at Seldom DC companies file a 10 and then just a few weeks later file a 10K and the restatement caused a delay in getting everything done. And so they've been really hard at it and did an outstanding job. And I'm excited that we're shifting from focus on reporting here to focus on executing in the field. And so it's a, it's a welcome to change for us. I'd like to turn it over to Daniel Dehartt, our field operations lead, and Steve Walsh, our sales lead, to discuss the emergence of Nautica's first backlog of offshore commercial work. Daniel. Daniel Dehart Thank you, John. I'm excited to provide an update on our current operations. We recently completed a mobilization of one of our Comanche ROVs on board a vessel, and we are currently on hire completing a platform inspection off the Gulf Coast. The integration of SeaTrepid and Nauticus operations teams has gone better than expected and continues to expand the commercial forecast for our company. We will mobilize the Aquanaut vehicle once the ROV completes its inspection job in the coming weeks, and then the vessel will roll right into multiple scheduled inspection jobs. We will continue to execute our existing contracts and we utilize any idle time between these projects to complete our 3,000 m test with the Aquanaut vehicle. We have now reached a phase of our company that will become a new norm, scheduling current contracts and new opportunities to maximize utilization and margins and continue to diversify our customer base throughout the season. Our goal is to continue to provide autonomy throughout the industry, utilizing our combined services with the Aquaox system and ROV. We are currently negotiating contracts with multiple new customers that are excited about the benefits autonomy can bring to their subsea operations. After significant discussions with our current clients, our technology has the potential to extremely decrease the environmental footprint of offshore operations, utilizing an autonomous surface vessel or ASV. We will progress these discussions into funded testing opportunities this summer that includes pairing the second Aquanaut vehicle with an ASV. Our current clients see extreme value in this operation by completing inspection work without the use of a large vessel, eliminating personnel from dangerous offshore environments, and reducing the CO2 footprint exponentially. With that, I'll now turn over to Steve for an update on our 2025 offshore commercial pipeline. Steve Walsh Thanks, Daniel, and good morning everyone. I'm Steve Walsh, Vice President of sales at Nauticus Robotics. I officially joined the team on March 21st through the SeaTrepid acquisition, and it's been full throttle from day one. Let me tell you, the momentum here isn't just buzz, it's real. It's growing and it's translating directly into opportunity. The offshore energy market is surging now, and Nauticus is right at the center of it. We're actively supporting oil and gas operations while making serious inroads into emerging sectors. What's driving this? A clear industry shift towards smarter, safer, lower emissions propelled by autonomous solutions, and that's exactly what we deliver. The response from customers since the merger has been overwhelmingly positive. Combining SeaTrepid's operational legacy with Nauticus's NextGen tech has created a powerful offering. Technologies like the Aquanaut aren't just impressing people, they're changing the conversation. Operators are now thinking differently about risk, efficiency, and how robotics can reshape offshore operations. There's a strong appetite to remove personnel from hazardous environments, and Aquina is opening the doors that weren't available before. Since the acquisition, we've been hard at work transferring SeaTrepid's existing master service agreements into the new Nauticus framework while also signing new MSAs with major industry players. That's a clear signal of confidence from the market in what we're building. And here's the key point, demand isn't our bottleneck, scaling is. Right now, the only thing holding back revenue acceleration is equipment and personnel capacity. That's a high quality problem and we're tackling it aggressively with smart investments and a laser focus on execution. We're also honing our sales strategy around high impact sectors like deepwater energy, offshore infrastructure, and defense, areas where our expanded portfolio truly stands out. To wrap it up, the market is ready for the future we're building. Our pipeline is growing. Our technology is gaining traction, and our customers are leaning in. It's an incredibly exciting time at Nauticus, and this is just the beginning. We're working toward the shift from selling to order taking. And with that, I'll turn it back over to you, John. John Gibson I appreciate that, Steve. We, Made a big shift here from last year to this year. We've really gotten a lot of customer diversification here and have reduced our customer concentration. The number of calls coming in are exciting because it looks as though we can continue to diversify our customer base and so exciting times for us. I mean, it's a great market and we really like the equipment we have. I do want to introduce to you, I mean. And to really sort of talk about our equipment and Jason Close, our software lead, and so that you can get some updates from their departments where you could see what what's going on in the belly of the beast. So with that, I'll turn it over to you guys. Jason Close Thanks, John. Working with SeaTrepid over the past few months has expanded our market reach and introduced us to a wider range of customers and prospects, helping us refine our value proposition and better respond to industry-wide needs. In the first quarter, we made meaningful progress advancing toolkit across both our primary product line, Aquanaut and ToolKITT enabled work-class ROBs. For Aquanaut, our efforts were centered on releasing the latest version of ToolKITT in support of commercial operations for the remainder of the year. In parallel, we continue developing capabilities for a near term field deployment. And established a structured program for 2025 to broaden Aquanaut's operational envelope and further expand supervised autonomy across the subsea industry. We also reached an important milestone in the development of toolkit for work-class ROVs. Following early on vehicle integration and a rigorous round of hardware in the loop testing. ToolKITT is now prepared for pool trials as the final step towards our first commercial deployment. We see strong demand for this capability and expect to integrate toolkit onto our own ROB fleet in the near future as part of this initial commercial release. That said, our assets remain heavily engaged in offshore work, reflecting the growing customer activity we're seeing across the business. As we move through the year, we're focused on delivering value through Aquanaut operations while preparing toolkit for broader field adoption, setting the stage for long-term growth across both our service and product offerings. I'll now hand it over to Emin for an update on Aquanaut and our electric manipulators. Thank you, Jason. The engineering team is collaborating closely with the operation and software teams to maximize uptime across both aquanaut vehicles. This joint effort ensures consistent, reliable performance throughout the year with minimal operational disruption. The engineering team has been transitioning from a traditionally R&D focused approach to a commercially driven development model. This shift is essential for enabling scalable growth and aligning our capabilities with evolving market demand. For Aquanaut, design improvements are being implemented to boost vehicle reliability and reduce the maintenance cycle. These upgrades are critical in transitioning Aquanaut into a robust and reliable platform that can meet rigorous field demands. In tandem with our design improvements, the team is enhancing our design documentation and validation protocols to streamline assembly and support reliable maintenance and servicing. Looking ahead, we are developing a capital deployment strategy and actively seeking manufacturing partnerships to scale production of the next Aquina fleet in alignment with anticipated market demand. With the manipulators, we are making steady progress on the design of our next generation fully electric autonomous manipulators. This system is intended for integration not only with Opana but also with world-class ROV, expanding our product capabilities and market applications. I'll now hand the call back to John. John Gibson Thank you, man. Thank you, Jason. As you've heard throughout this call, Nauticus Robotics is entering a period of significant opportunity. The integration of SeaTrepid Internationa has not only expanded our operational capacity, it's unlocked meaningful customer relationships, accelerated the deployment of our technology, though we are trying to stay disciplined and balanced, upgrading equipment and with getting revenue. And so we will bring it in and make changes as long as it doesn't interrupt the revenue. We're now seeing real traction in the market with a growing backlog, expanding pipeline, the clear demand for autonomous solutions that improve safety, lower cost, and reduce environmental impact. Our focus moving forward is clear. It's execute with precision, scale with discipline, and deliver on the promise of autonomy and subsea operations. We're confident in the team in the strategy and the momentum we're building, and we believe 2025 is shaping up to be a transformative year for Nauticus and his stakeholders. It really does feel like we've made it through the inflection point. And with that, I'll turn it back over to the operator and we'll take any questions that are on the line. Thank you. Operator Thank you, ladies and gentlemen, we will now begin the question and answer session. (Operator Instructions) Kunal Madhukar, Water Tower Kunal Madhukar Hi, thank you for taking the questions. 2, if I could, one on the broader oil and gas industry, with oil prices kind of declining, what are you seeing in terms of consumer demand and, or the demand for your vehicles, how is that changing? John Gibson Well, canola, I appreciate you joining the call and asking a question. It's interesting, for the larger. Clients that have established bases at higher price points, I think that decline in oil and gas price is going to be more difficult for us. It really gives us an opportunity to displace incumbents and change the market because they're going to be looking for more efficient solutions that are more cost effective. And so I think it opens up conversations for us. I'm glad to see oil prices come down. I think it stimulates the economy. Stimulation of the economy stimulates energy demand. It's sort of an interesting combination, but for us, I think we're at least 20% to 25% below the current price points of the alternatives. And with as good or better margins. And so I think it gives us a great opportunity to knock on doors. And what's happening now in the market is, I think they'll start knocking on our doors that if the pressure increases on them as prices go down. So I'd probably be in favor of a little bit further decline in order to help accelerate our business. Kunal Madhukar That's a very interesting, view, and then, again you talked about how, the season really has the offshore season hasn't really started when we, when we're looking at 12 revenue numbers. So last quarter, when you were reporting 4 results, you talked about like about $16 million in revenue is the is the outlook you had kind of provided for 2025. So help us, bridge, the. The revenue from 1 to 25 to the full year revenue outlook that you have kind of provided. John Gibson Well, this is a, it's a great question, canal, and it's the fundamental reason I should never give forward-looking statements because then you have to go back in there and explain them. We actually have a tremendous pipeline and we have proposals being generated that cover the $16 million, better than 3/4 of the pipeline is. A day rate type work where we, you can take a look at the amount of equipment we have, what our day rate is, and you can go create a model for it and pretty easy, but we still have about a quarter of the $16 million that is tied up in doing software sales and other proposals with regard to both defense and the advancement of our technology. That that is yet to close. And so if you, when you start doing the model, we have work to do and so we are hard at it. Our sales team's talking to customers every day. We've got proposals that are being generated and it's, you're going to see a couple of lumpy things that are mixed in next quarter with what the day rates bring in so that you can do a pretty simple model there and then add in the lumpy proposals that are. Associated with other activities, and I think, I still feel like we're going to have a tremendous year. It is an inflection point and we're going to deliver good results compared year over year. Kunal Madhukar Great. As a follow up, John, if I could, you, last quarter you talked about like 400 to 60,000, in day rates. Is that, so times 90 is how we should kind of look at two revenue as the base case. John Gibson I really like that $50,000 price point because, but it is dependent upon several things the size of the boat we're using, the use of the ROV, the use of the aquanaut, and it's also, I mean, unfortunately, as you pointed out, the oil price market, the guys with all the heavy assets that have the much higher price points. In Dow markets they'll discount and so we could come under some discounting pressure as a result of doing that. We have the margin in place to be able to always be and those guys, they'd have to lose quite a lot of money to get to our price point. And so I think, we could see some pressure on pricing, but I don't think it'll be very much, and we can hold pricing for a long time, maybe through the whole of the year without having any impact whatsoever with them lowering their pricing. It'll take them a while to get down to us. So, it's, we're, I think we're in pretty good shape on the pricing, but I think 50,000 is a good number, but that's going to vary, and it's a question that should be asked every quarter because it's going to depend upon, hurricanes, it's going to depend upon boat availability. It's going to depend upon competitive pressures from the likes of, ocean airing and CI and others. And so we just monitor the market. Kunal Madhukar Great. Thank you so much. John Gibson You're welcome. Operator Thank you. Robert Mendrala, an individual investor. Robert Mendrala Good morning. Thank you for the update. The question, yes, I appreciate the color on the revenue for this year of being around $16 million. It was a smart pivot definitely earlier this year with C Trepid. And the question I have is, how confident are you with the $16 million this year? And then what is the breakdown on, I, the Software, the command center, I think is very crucial. What do you think the revenue will be over the next year or two with the this, the software sales? John Gibson It's excellent questions. Appreciate you dialing in and so on the $16 million, I the reason I made a statement earlier, I hate getting forward-looking information. You never know what the market's going to do or how your equipment's going to perform, but we, what we're doing is trying to make sure we manage a budget and manage our activities. And so we have to have something that we plan towards and so that that's current planning horizon. So we went ahead and shared it. Okay, so how does that break down? As I said a moment ago, about 3/4 of it are going to fall into the utilization of current assets, and about 25% of it's going to fall over into software sales and proposals to advance solutions that are of high interest to our customers, both in the oil and gas, potentially in wind, as well as in the defense sector. We've got some pretty exciting opportunities. In working on non-boat driven solutions, if you think about taking the real cost down in this industry is if we can deploy a USB with an aquanaut, no boat whatsoever, if we can deploy from the bank for near shore fields and go out and come back without having any boat whatsoever, completely autonomous. A best solution ever. You don't have to worry about the launch and recovery of the vehicle, etc. So, we think there's some proposals to advance that that we are working jointly with partners on that have real upside opportunity because that's how you get cost out of the market and let our customers continue to make margin at lower oil and gas prices is they have to continue to work on what their day rates are. So there's the That movement towards full autonomy, we are extremely advanced in that compared to any other firm. There's no competitor that is looking at doing it in the way that we are, and I think that's going to be something that picks up momentum, and that's likely a proposal for a group of companies that want to push that cost lower in 2026, 2027, and so we'll work to create that project with partners and to go forward. The software. Wow, everybody talks about AI is a very important and it's certainly utilized here, but autonomy is really what is driving the changes in the marketplace today, and that's taking people off the vessels, taking people out of the equation, improving efficiency, reducing total deportable incident rates. And it's also driving down that efficiency brings down carbon footprint. We, we're in a position on all of those with our solution. The maturity of the software is coming along. We have the commercial release of the ROV software coming out and of course there's nothing better than putting it on your own equipment and demonstrating it before you go out and TRY to push it in the marketplace. Great conversations occurring there. And I think there's, there will be really good traction, and then we continue to stay platform agnostic and so our software system can run on any robot. And so we're pursuing other robotics companies to deliver autonomy to them as well and I think that's why I'm confident in the in our ability to deliver great results this year. Robert Mendrala Thank you, John. 11 last question, and I assume the patents that you have on the software and the and the and the hardware basically is 20 years plus. How do you see the Lidos partnership, basically rolling out. Secondly, is it a possibly a, ex, exit down the road. John Gibson Well, it. Robert Mendrala It should be a director. John Gibson I know your question. The fact I can't answer it doesn't change the fact it's a great question. It's, I can't talk about exit strategies here as a public company. I'll just say that very interested in. In lidos and in the partnership with them, there's a tremendous amount of capabilities we have that we nobly bring value to the maritime industry and in the defense sector. And so we're excited as that develops, and I said this a year ago, I just find the defense sector, particularly given the uncertainty that you have in Washington overspending and budgets and leadership, that we made a really good decision. The focusing on the commercial side because the speed at which these contracts will be lit. They're going to be lit and they're going to be big. And so you want to be there and you want to participate and we want to work with a great partner like Lidos, but when you're small, that kind of luminess is just not something you can endure. So we're very excited that we've got all this commercial pipeline developing and it will carry us forward. On the lidos side, they have contractual commitments to us and we're working with them. The timing on that is extended over a long period and so, we will be announcing those as we get to them, but we're working slowly with them and as they navigate the uncertainty with the defense sector and really have more experience and capability than we do, we're delighted to have a great partner and continue to look forward to working closely with them. Robert Mendrala Thank you. I look forward to your email, Sean. Okay. John Gibson Not a problem. Take care. Operator Mm thank you. There are no further questions at this time. I will now turn the call over to John for closing remarks. Please go ahead. John Gibson Appreciate all of you joining today, and it's really hard to do an announcement like this where you're talking about a quarter to come as opposed to a quarter you completed. And so Q2 really is our first quarter where we'll be operational for the whole of the quarter. And I think you'll have a great opportunity at the end of Q2 to come in and construct models and understand how we're executing and what the margins are going to be and who we're working for. It's an exciting time to be at Nauticus. And the next call in August, we, I think it's where we're really going to talk about the business and the quality of the business and the quality of the work, and then we'll have really strong statements to make about what we're doing and where we're going at that point because we will actually have a track record. And so thank you for sticking with us all this time and look forward to coming out and talking concretely as opposed to abstractly about what we're doing in the in the ocean. And the value that we're bringing and how customers perceive us. So again, appreciate you guys on and shares and we are trying to create as much value as possible as quick as we can. Take care. Operator Ladies and gentlemen, this concludes today's conference call. 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Yahoo
01-04-2025
- Business
- Yahoo
Why Nauticus Robotics (KITT) Declined Last Week?
We recently published a list of Why These Defense Stocks Are Declining This Week. In this article, we will take a look at where Nauticus Robotics, Inc. (NASDAQ:KITT) stands against other stocks that are declining this week. Defense stocks across the world are witnessing an unprecedented bull run and soaring to new heights as European governments unlock billions to supercharge their militaries. Stocks in Europe have rallied this year, with several companies in the sector registering double-digit returns. Asian contractors in South Korea and India are also benefiting from the splurge. READ ALSO: 10 Best Performing Defense Stocks So Far in 2025 and 13 Best Defense Stocks to Buy According to Billionaires. However, defense stocks in the US have struggled this year due to concerns about government budget cuts. President Trump has hinted at significantly reducing future military spending if things settle down with China and Russia. The creation of DOGE has also reshaped investors' views of the industry. Despite a shaky start to 2025, analysts at UBS are optimistic about the sector as they believe the downside is shrinking. Here is what the firm recently stated: 'Consensus estimates have moved higher since the election despite the 40% sell-off. The downside potential seems increasingly smaller. We believe that the current environment is markedly different from Sequestration and do not believe a similar outcome is likely.' Citi analyst Jason Gursky, in a note to clients on March 5, also urged investors about this being the right time to buy American defense stocks. While the analyst acknowledged that the world may be moving toward a multi-polar order, he argued that it was not any less dangerous to decrease the need to acquire tools of deterrence. Gursky also stated that as long as the global threat environment remains and the United States maintains its leadership role, regardless of whether it is as a sole superpower or as a power in a multipolar world order, defense spending is expected to remain robust, which would benefit stocks in the sector. With that said, let's now head over to the list of defense stocks that are declining this week. Please note that the stocks listed are based on one week's performance. Our analysis does not reflect the prospects of the companies. Their share prices could go high or low in the future, depending on external market conditions, industry-specific challenges, and the company's capabilities. Additional research and caution are advised before making investment decisions. An autonomous underwater vehicle (AUV) gliding through the ocean depths. For this article, we went through screeners to see how stocks in the aerospace and defense industry performed over the past week (March 24-28). From there, we picked the top 10 defense stocks with the highest percentage decline in share price during this period. All data is as of the close of business on Friday, March 28, 2025. Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter's strategy selects 14 small-cap and large-cap stocks every quarter and has returned 373.4% since May 2014, beating its benchmark by 218 percentage points (see more details here). Weekly Decline: -15.97% Nauticus Robotics, Inc. (NASDAQ:KITT) develops autonomous robots for the ocean industry. The company is also a key player in the defense sector. The stock has been under pressure over the past few months to comply with NASDAQ's listing requirements, with the share price at risk of falling below the $1 mark again. It is also facing major financial challenges, with revenue significantly declining during the third quarter and net loss growing by $6 million sequentially. Nauticus Robotics, Inc. (NASDAQ:KITT) is among the defense stocks that are declining this week, with a dip of nearly 16% during the period. It is also one of the worst performing stocks in 2025, with a year-to-date dip of 35%. Overall, KITT ranks 3rd among the defense stocks that are declining this week. While we acknowledge the potential of defense companies, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than KITT but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock. READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires Disclosure: None. This article is originally published at Insider Monkey. Sign in to access your portfolio
Yahoo
31-03-2025
- Business
- Yahoo
Is Nauticus Robotics, Inc. (KITT) Among the Worst Performing Defense Stocks So Far in 2025?
We recently published a list of the 10 Worst Performing Defense Stocks So Far in 2025. In this article, we will take a look at where Nauticus Robotics, Inc. (NASDAQ:KITT) stands against other worst performing stocks this year. US defense stocks have wobbled this year, amid concerns about government budget cuts. In February, President Trump hinted at significantly reducing future military spending if things settle down with China and Russia. The creation of DOGE has also reshaped investors' views of the industry. READ ALSO: 10 Best Performing Defense Stocks So Far in 2025 and 13 Best Defense Stocks to Buy According to Billionaires. Elsewhere, particularly in Europe, stocks have soared this year, with governments unlocking billions to supercharge their militaries. EU leaders met in Brussels in March to discuss the 'ReArm Europe Plan', which will allow the bloc to mobilize funds up to $860 million through bonds and relaxed rules on borrowing and spending. Despite a shaky start to 2025, analysts at UBS are hopeful about America's defense sector and believe the downside is shrinking and the FY26 budget request would present a better visibility into long-term expenditure plans. Here is what the firm recently stated: 'Consensus estimates have moved higher since the election despite the 40% sell-off. The downside potential seems increasingly smaller. We believe that the current environment is markedly different from Sequestration and do not believe a similar outcome is likely.' Citi analyst Jason Gursky is also urging investors that this is the right time to buy American defense stocks. 'We recognize the world order is evolving under the current President, perhaps to a multi-polar one in which three countries control spheres of influence over the Americas, Europe and Asia. However, we don't view that world to be any less dangerous or one that decreases the need to acquire the tools of deterrence.' Gursky argues that as long as the global threat environment remains and the United States maintains its leadership role, regardless of whether it is as a sole superpower or as a power in a multipolar world order, defense spending is expected to remain robust, which would benefit stocks in the sector. Gursky argues that as long as the global threat environment remains and the United States maintains its leadership role, regardless of whether it is as a sole superpower or as a power in a multipolar world order, defense spending is expected to remain robust, which would benefit stocks in the sector. An autonomous underwater vehicle (AUV) gliding through the ocean depths. For this article, we went through screeners to identify stocks in the aerospace and defense industry. From there, we picked the top 10 stocks with the worst year-to-date negative returns in share price, as of the close of business on March 26, 2025. Pure-play aerospace stocks that do not deal in defense contracts have been excluded from the list. The stocks are ranked according to their share price decline. Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter's strategy selects 14 small-cap and large-cap stocks every quarter and has returned 373.4% since May 2014, beating its benchmark by 218 percentage points (see more details here). YTD Decline in Share Price: -31.61% Nauticus Robotics, Inc. (NASDAQ:KITT) develops autonomous robots for the ocean industry. The company is also a key player in the defense sector. With a year-to-date dip of nearly 32% in its share price, KITT is among the worst performing stocks in 2025. In January this year, Nauticus Robotics, Inc. (NASDAQ:KITT) forged a strategic alliance with Leidos to advance subsea autonomy solutions. This builds on a successful past collaboration between the two organizations, which was well-received by their mutual customer. The partnership aims to combine the expertise of the two to build next-gen autonomous underwater systems for tackling complex missions. On March 20, Nauticus Robotics, Inc. (NASDAQ:KITT) announced an earlier-than-scheduled closure of its acquisition of SeaTrepid International, LLC, a company that provides subsea robotic services. The strategic acquisition is likely to result in significant revenue growth for the company in the fiscal 2025. Nauticus Robotics, Inc. (NASDAQ:KITT) has been under pressure over the last several months to comply with NASDAQ's listing requirements, which it regained in late February. However, the stock price has been declining over the past week and risks falling below the $1 mark again. The company is also facing significant financial challenges. During the third quarter of fiscal year 2024, Nauticus Robotics, Inc. (NASDAQ:KITT) reported a revenue of $0.4 million, down from $1.6 million during the prior year's period. Net loss was recorded at $11.4 million, up by $6 million sequentially. Overall, KITT ranks 8th among the worst performing defense stocks so far in 2025. While we acknowledge the potential of defense companies, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than KITT but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock. READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires Disclosure: None. This article is originally published at Insider Monkey. Sign in to access your portfolio
Associated Press
21-03-2025
- Business
- Associated Press
Nauticus Robotics Announces Early Closure of SeaTrepid International Acquisition
Nauticus Robotics, Inc. (NASDAQ: KITT, 'Nauticus'), a leading innovator in autonomous subsea robotics and software solutions, today announced ahead of schedule, the final closing of the acquisition of all assets and business of SeaTrepid International, LLC ('SeaTrepid'), an expert in providing subsea robotic services to customers throughout the world. The early closing reflects the dedication and cooperation of both teams to finalize the transaction. The combined company will begin operations as Nauticus Robotics immediately. Having closed the transaction, the company will now begin the transition and alignment activities which management expects will result in meaningful operational growth. John Gibson remains the CEO and President of Nauticus Robotics and Bob Christ is the President of SeaTrepid Operations. Steve Walsh is the Vice President of Sales, tasked with bringing the combined offering to the market. Mr. Gibson stated, 'The dedication and collaboration displayed throughout this process is confirmation that we are an excellent fit. It feels like perfect timing to accelerate the adoption of autonomy in a strong offshore market.' Mr. Christ added, 'We look forward to what our combined efforts will produce. The market is ready for a strong player bringing automation to existing infrastructure while continuing to push the boundaries of subsea robotic technology.' Mr. Walsh commented, 'The opportunities for increased offshore safety, vehicle uptime, and efficient operations are enormous. I cannot wait for our team to show existing and potential customers how we will positively impact their operations now and into the future.' Nauticus Robotics, Inc. develops autonomous robots for the ocean industries. Autonomy requires the extensive use of sensors, artificial intelligence, and effective algorithms for perception and decision allowing the robot to adapt to changing environments. The company's business model includes using robotic systems for service, selling vehicles and components, and licensing of related software to both the commercial and defense business sectors. Nauticus has designed and is currently testing and certifying a new generation of vehicles to reduce operational cost and gather data to maintain and operate a wide variety of subsea infrastructure. Besides a standalone service offering and forward-facing products, Nauticus' approach to ocean robotics has also resulted in the development of a range of technology products for retrofit/upgrading traditional ROV operations and other third-party vehicle platforms. Nauticus' services provide customers with the necessary data collection, analytics, and subsea manipulation capabilities to support and maintain assets while reducing their operational footprint, operating cost, and greenhouse gas emissions, to improve offshore health, safety, and environmental exposure. About SeaTrepid International SeaTrepid International, LLC is an applied robotic solutions provider offering support for commercial, public safety, municipal, military and scientific applications. It owns and operates a variety of robotic equipment and sensor suites for both inland and offshore customers worldwide. Cautionary Language Regarding Forward-Looking Statements This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended (the 'Act'), and the Private Securities Litigation Reform Act of 1995, as amended, and are intended to enjoy the protection of the safe harbor for forward-looking statements provided by federal securities laws. Such forward-looking statements include but are not limited to: the expected timing of product commercialization or new product releases; customer interest in Nauticus' products; estimated operating results and use of cash; the synergies between Nauticus and SeaTrepid; and Nauticus' use of and needs for capital. Generally, statements that are not historical facts, including statements concerning possible or assumed future actions, business strategies, events, or results of operations, are forward-looking statements. These statements may be preceded by, followed by, or include the words 'believes,' 'estimates,' 'expects,' 'projects,' 'forecasts,' 'may,' 'will,' 'should,' 'seeks,' 'plans,' 'scheduled,' 'anticipates,' 'intends,' or 'continue' or similar expressions. Forward-looking statements inherently involve risks and uncertainties that may cause actual events, results, or performance to differ materially from those indicated by such statements. These forward-looking statements are based on Nauticus' management's current expectations and beliefs, as well as a number of assumptions concerning future events. There can be no assurance that the events, results, or trends identified in these forward-looking statements will occur or be achieved. Forward-looking statements speak only as of the date they are made, and Nauticus is not under any obligation and expressly disclaims any obligation, to update, alter, or otherwise revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as required by law. Readers should carefully review the statements set forth in the reports which Nauticus has filed or will file from time to time with the Securities and Exchange Commission (the 'SEC') for a more complete discussion of the risks and uncertainties facing the Company and that could cause actual outcomes to be materially different from those indicated in the forward-looking statements made by the Company, in particular the sections entitled 'Risk Factors' and 'Cautionary Note Regarding Forward-Looking Statements' in documents filed from time to time with the SEC, including Nauticus' Annual Report on Form 10-K filed with the SEC on April 10, 2024. Should one or more of these risks, uncertainties, or other factors materialize, or should assumptions underlying the forward-looking information or statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated, or expected. The documents filed by Nauticus with the SEC may be obtained free of charge at the SEC's website at
