Nauticus Robotics, Inc. (“Nauticus” or the “Company”) (NASDAQ:
KITT), a developer of autonomous robots using artificial
intelligence for data collection and intervention services to the
ocean industries, today announced results for the second quarter
ended June 30, 2023.
Highlights
- Signed a contract with Shell plc
(NYSE: SHEL) for an initial project in the Gulf of Mexico Princess
Field. Pending success, this contract could lead
to multi-million dollars worth of additional contracts
over the next few years.
- Signed a contract with Petrobras
(NYSE: PBR), one of the world’s largest energy companies, to deploy
Aquanaut, the Company’s autonomous subsea robot, to support
Petrobras’ offshore activities. The contract opens up a potential
market opportunity of more than $100 million per year for
Nauticus.
- Announced an additional award under
the current contract with Leidos Holdings, Inc. (NYSE: LDOS) for
the continued development of an Aquanaut-derivative in preparation
for customer adoption decisions expected later this year.
- Continued successful commissioning
exercises for the first of three 2nd generation commercial
Aquanauts by logging over 100 hours of offshore testing to date;
expected to qualify in September for commercial service for
Shell.
- Advanced in both programs with the
U.S. Defense Innovation Unit (DIU), successfully completing
contract phases that further develop specialized autonomous
platforms for amphibious and mine-counter measure capabilities for
the U.S. Navy and U.S. Marine Corps utilizing Nauticus’ autonomy
software package toolKITT.
- Closed the first tranche of a $15
million senior secured debt facility led by existing strategic
equity investors.
“As we embark on the commercial launch of the
Nauticus Fleet, the demand for our autonomous service offering is
increasing. Over the last few months, we have signed commercial
deals with leading energy companies such as Petrobras and Shell and
are in advanced discussions with several additional majors,” said
Nic Radford, CEO of Nauticus. “These contracts equate to
multi-million-dollar bookings and open up a much larger potential
scope of work as these companies spend hundreds of millions of
dollars per year on offshore inspection, maintenance, and repair
work.”
“Although we tend to talk more about our
commercial offerings, the government-oriented side of our business
remains a key component of our long-term strategy with much of our
IP being borne out of our government work. While revenue from these
projects was down this quarter due to delays in contract
authorizations, we expect to recover in the upcoming quarters.”
“I’ve never been more optimistic about the
future of Nauticus. We employ some of the best minds in the
industry, and we are positioned with the right product at the right
time to disrupt a $30 billion market. Demand from potential
customers is high, but constructing our fleet is capital intensive.
As such, we’re finalizing a $15 million senior secured debt round
led by one of our key strategic investors, with $5 million of the
amount deposited last month.”
“The recent revaluation of our warrants reflects
an updated modeling process and our current belief that debt rather
than equity can be used to finance Nauticus’ near-term capital
requirements,” said Rangan Padmanabhan, Chief Financial Officer of
Nauticus. “We are thankful for the continued support of our
existing investors, as well as the holders of our existing
convertible debentures for working with us, as we are seeing
significant traction with commercial customers, and debt funding
will help us turn that into substantial future revenue growth.”
Second Quarter 2023 Financial
Results
Nauticus reported second quarter revenue of $1.1
million compared to $2.8 million in the prior-year period. The
decrease in revenue is primarily attributable to delays in contract
authorization with government entities.
Total operating expenses during the second
quarter were $8.0 million, a $2.5 million increase from the
prior-year period. $1.7 million of the increase was associated with
non-cash stock compensation expense. The balance of increase was
attributable to increased general and administrative (“G&A”)
costs associated with being a public company as well as to support
the continued growth of the Company as it transitions to commercial
operations.
For the quarter, Nauticus recorded a net income
attributable to common stockholders of $20.7 million, or $0.49 per
diluted share. This compares to a net loss attributable to common
stockholders of $3.4 million, or $0.35 per diluted share in the
prior-year comparable period. The increase was primarily due to the
positive impact from the change in fair value of warrant
liabilities.
Net loss attributable to common stockholders for
the second 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 $8.1 million, or $0.20 per diluted
share, in the second quarter of 2023, compared to a net loss of
$3.4 million, or $0.35 per diluted share, in the second quarter of
2022.
Nauticus ended the second quarter with $4.4
million in cash and cash equivalents. The Company had a working
capital surplus of $11.7 million at the end of the second
quarter.
Conference Call and Webcast
Information
Nauticus will host a conference call today,
August 11, 2023 at 10:00 a.m. Eastern time (7:00 a.m. Pacific
time). A question-and-answer session will follow management’s
presentation.
U.S. dial-in number: 1-877-407-9039International
number: 1-201-689-8470Conference ID: 13740225
The conference call will broadcast live and be
available for replay here.
A replay of the call will be available through
August 25, 2023.
Toll-free replay number:
1-844-512-2921International replay number: 1-412-317-6671Conference
ID: 13740225
About Nauticus
Nauticus Robotics, Inc. is a developer of
autonomous robots using artificial intelligence for data collection
and intervention services for the ocean industries. Nauticus’
robotic systems and services are delivered to commercial and
government-facing customers through a Robotics-as-a-Service (RaaS)
business model and direct product sales for both hardware platforms
and software licenses. Besides a standalone service offering and
products, Nauticus’ approach to ocean robotics has also resulted in
the development of a range of technology products for
retrofitting/upgrading legacy systems and other third-party vehicle
platforms. Nauticus provides 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.
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 2023 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 March 28, 2023. 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 www.sec.gov.
Nauticus Robotics, Inc.Consolidated Balance Sheets
(Unaudited) |
|
June 30, 2023 |
|
December 31, 2022 |
Assets |
(Unaudited) |
|
|
Current Assets: |
|
|
|
Cash and cash equivalents |
$ |
4,353,179 |
|
|
$ |
17,787,159 |
|
Restricted certificate of deposit |
|
250,375 |
|
|
|
250,375 |
|
Short-term investments |
|
- |
|
|
|
4,959,263 |
|
Accounts receivable, net |
|
1,302,494 |
|
|
|
1,622,434 |
|
Inventories |
|
12,536,004 |
|
|
|
6,666,912 |
|
Contract assets |
|
611,236 |
|
|
|
573,895 |
|
Prepaid expenses |
|
6,121,038 |
|
|
|
5,046,599 |
|
Other current assets |
|
53,605 |
|
|
|
56,410 |
|
Total Current assets |
|
25,227,931 |
|
|
|
36,963,047 |
|
|
|
|
|
Property and equipment, net |
|
21,784,483 |
|
|
|
15,167,367 |
|
Operating lease right-of-use asset |
|
1,384,779 |
|
|
|
317,208 |
|
Other assets |
|
129,370 |
|
|
|
155,490 |
|
|
|
|
|
Total assets |
$ |
48,526,563 |
|
|
$ |
52,603,112 |
|
|
|
|
|
Liabilities and Stockholders' Equity (Deficit) |
|
|
|
Current Liabilities: |
|
|
|
Accounts payable |
$ |
5,731,767 |
|
|
$ |
324,484 |
|
Accrued liabilities |
|
7,310,051 |
|
|
|
3,142,977 |
|
Operating lease liabilities - current |
|
524,279 |
|
|
|
410,158 |
|
Total Current Liabilities |
|
13,566,097 |
|
|
|
3,877,619 |
|
Warrant liabilities |
|
5,847,057 |
|
|
|
32,688,342 |
|
Operating lease liabilities - long-term |
|
992,660 |
|
|
|
87,214 |
|
Notes payable - long-term, net of discount |
|
17,800,494 |
|
|
|
15,922,118 |
|
Total Liabilities |
|
38,206,308 |
|
|
|
52,575,293 |
|
|
|
|
|
Commitments and Contingencies |
|
|
|
|
|
|
|
Stockholders' Equity (Deficit): |
|
|
|
Common stock, $0.0001 par value; 625,000,000 shares authorized,
47,894,251 and 47,250,771 shares issued, respectively, and
47,894,251 and 47,250,771 shares outstanding, respectively |
|
4,789 |
|
|
|
4,725 |
|
Additional paid-in capital |
|
71,885,793 |
|
|
|
68,128,196 |
|
Accumulated deficit |
|
(61,570,327 |
) |
|
|
(68,105,102 |
) |
Total Stockholders' Equity (Deficit) |
|
10,320,255 |
|
|
|
27,819 |
|
|
|
|
|
Total Liabilities and Stockholders' Equity (Deficit) |
$ |
48,526,563 |
|
|
$ |
52,603,112 |
|
|
|
|
|
Nauticus Robotics, Inc.Consolidated Statements of
Operations (Unaudited) |
|
Three months ended |
|
Six months ended |
|
June 30, |
|
June 30, |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
|
|
|
|
|
|
Revenue: |
|
|
|
|
|
|
Service |
$ |
1,128,115 |
|
|
$ |
2,796,159 |
|
|
$ |
3,948,395 |
|
|
$ |
5,032,124 |
|
Service - related party |
|
- |
|
|
|
193,400 |
|
|
|
500 |
|
|
|
193,400 |
|
Total revenue |
|
1,128,115 |
|
|
|
2,989,559 |
|
|
|
3,948,895 |
|
|
|
5,225,524 |
|
|
|
|
|
|
|
|
Costs and expenses: |
|
|
|
|
|
|
Cost of revenue (exclusive of items shown separately below) |
|
1,900,602 |
|
|
|
2,540,062 |
|
|
|
4,832,869 |
|
|
|
4,439,223 |
|
Depreciation |
|
53,209 |
|
|
|
117,086 |
|
|
|
326,308 |
|
|
|
228,405 |
|
Research and development |
|
482,761 |
|
|
|
583,870 |
|
|
|
709,728 |
|
|
|
1,851,282 |
|
General and administrative |
|
5,560,565 |
|
|
|
2,271,138 |
|
|
|
10,773,209 |
|
|
|
3,917,179 |
|
Total costs and expenses |
|
7,997,137 |
|
|
|
5,512,156 |
|
|
|
16,642,114 |
|
|
|
10,436,089 |
|
|
|
|
|
|
|
|
Operating loss |
|
(6,869,022 |
) |
|
|
(2,522,597 |
) |
|
|
(12,693,219 |
) |
|
|
(5,210,565 |
) |
|
|
|
|
|
|
|
Other (income) expense: |
|
|
|
|
|
|
Other (income) expense, net |
|
746 |
|
|
|
(9,453 |
) |
|
|
1,153,127 |
|
|
|
(5,241 |
) |
(Gain) on sale of assets |
|
(3,908 |
) |
|
|
- |
|
|
|
(3,908 |
) |
|
|
- |
|
Foreign currency transaction (gain) |
|
(17,709 |
) |
|
|
(9,848 |
) |
|
|
(27,593 |
) |
|
|
- |
|
Gain on exchange of warrants |
|
590,266 |
|
|
|
- |
|
|
|
590,266 |
|
|
|
- |
|
Change in fair value of warrant liabilities |
|
(29,668,454 |
) |
|
|
- |
|
|
|
(27,431,550 |
) |
|
|
- |
|
Interest expense, net |
|
1,556,597 |
|
|
|
853,660 |
|
|
|
6,491,664 |
|
|
|
1,655,634 |
|
Total other (income) expense, net |
|
(27,542,462 |
) |
|
|
834,359 |
|
|
|
(19,227,994 |
) |
|
|
1,650,393 |
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
20,673,440 |
|
|
$ |
(3,356,956 |
) |
|
$ |
6,534,775 |
|
|
$ |
(6,860,958 |
) |
|
|
|
|
|
|
|
Basic income (loss) per share |
$ |
0.52 |
|
|
$ |
(0.35 |
) |
|
$ |
0.16 |
|
|
$ |
(0.71 |
) |
Diluted income (loss) per share |
$ |
0.49 |
|
|
$ |
(0.35 |
) |
|
$ |
0.16 |
|
|
$ |
(0.71 |
) |
|
|
|
|
|
Basic weighted average shares outstanding |
|
39,963,266 |
|
|
|
9,669,217 |
|
|
|
39,872,864 |
|
|
|
9,669,217 |
|
Diluted weighted average shares outstanding |
|
44,345,319 |
|
|
|
9,669,217 |
|
|
|
40,602,678 |
|
|
|
9,669,217 |
|
|
|
|
|
|
|
|
|
Nauticus Robotics, Inc.Consolidated Statements of
Cash Flows (Unaudited) |
|
Six months ended June 30, |
|
2023 |
|
2022 |
Cash flows from operating activities: |
|
|
|
Net income (loss) |
$ |
6,534,775 |
|
|
$ |
(6,860,958 |
) |
Adjustments to reconcile net income (loss) to net cash from
operating activities: |
|
|
|
Depreciation |
|
326,308 |
|
|
|
228,405 |
|
Accretion of debt discount |
|
1,878,376 |
|
|
|
347,106 |
|
Stock-based compensation |
|
3,077,027 |
|
|
|
388,814 |
|
Gain on exchange of warrants |
|
590,266 |
|
|
|
- |
|
Change in fair value of warrant liabilities |
|
(27,431,550 |
) |
|
|
- |
|
Noncash impact of lease accounting |
|
145,253 |
|
|
|
88,212 |
|
Changes in operating assets and liabilities: |
|
|
|
Accounts receivable |
|
319,940 |
|
|
|
(811,016 |
) |
Inventories |
|
(5,869,092 |
) |
|
|
(2,380,429 |
) |
Contract assets |
|
(37,341 |
) |
|
|
(60,585 |
) |
Other assets |
|
(1,045,514 |
) |
|
|
(1,360,086 |
) |
Accounts payable and accrued liabilities |
|
8,733,185 |
|
|
|
1,039,296 |
|
Contract liabilities |
|
- |
|
|
|
(373,791 |
) |
Operating lease liabilities |
|
(193,257 |
) |
|
|
(155,382 |
) |
Net cash from operating activities |
|
(12,971,624 |
) |
|
|
(9,910,414 |
) |
|
|
|
|
Cash flows from investing activities: |
|
|
|
Capital expenditures |
|
(6,102,253 |
) |
|
|
(3,080,199 |
) |
Proceeds from sale of short-term investments |
|
4,959,263 |
|
|
|
- |
|
Net cash from investing activities |
|
(1,142,990 |
) |
|
|
(3,080,199 |
) |
|
|
|
|
Cash flows from financing activities: |
|
|
|
Proceeds from exercise of stock options |
|
342,579 |
|
|
|
- |
|
Proceeds from exercise of warrants |
|
338,055 |
|
|
|
- |
|
Net cash from financing activities |
|
680,634 |
|
|
|
- |
|
|
|
|
|
Net change in cash and cash equivalents |
|
(13,433,980 |
) |
|
|
(12,990,613 |
) |
|
|
|
|
Cash and cash equivalents, beginning of period |
|
17,787,159 |
|
|
|
20,952,867 |
|
Cash and cash equivalents, end of period |
$ |
4,353,179 |
|
|
$ |
7,962,254 |
|
|
|
|
|
Supplemental disclosure of cash flow information: |
|
|
|
Cash paid for interest |
$ |
908,184 |
|
|
$ |
761,189 |
|
Non-cash investing and financing activities: |
|
|
|
Capital expenditures included in accounts payable |
|
841,171 |
|
|
|
1,949,142 |
|
Right of use asset assumed through lease liability |
|
1,212,824 |
|
|
|
- |
|
Lease assumed through lease liability |
|
1,212,824 |
|
|
|
- |
|
|
|
|
|
Nauticus Robotics,
Inc.Non-GAAP Financial Measures
(Unaudited)
Reconciliation of Net Income (Loss)
Attributable to Common Stockholders (GAAP) to Adjusted Net Loss
Attributable to Common Stockholders (Non-GAAP)
Adjusted net loss attributable to common
stockholders is a non-GAAP financial measure which excludes certain
items that are included in net loss attributable to common
stockholders, the most directly comparable GAAP financial measure.
Items excluded are those which the Company believes affect the
comparability of operating results and are typically excluded from
published estimates by the investment community, including items
whose timing and amount cannot be reasonably estimated or are
non-recurring.
Adjusted net loss attributable to common
stockholders is presented because management believes it provides
useful additional information to investors for analysis of the
Company’s fundamental business on a recurring basis. In addition,
management believes that adjusted net loss attributable to common
stockholders is widely used by professional research analysts and
others in the valuation, comparison, and investment recommendations
of companies such as Nauticus.
Adjusted net loss attributable to common
stockholders should not be considered in isolation or as a
substitute for net loss attributable to common stockholders or any
other measure of a company’s financial performance or profitability
presented in accordance with GAAP. A reconciliation of the
differences between net loss attributable to common stockholders
and adjusted net loss attributable to common stockholders is
presented below. Because adjusted net loss attributable to common
stockholders excludes some, but not all, items that affect net loss
attributable to common stockholders and may vary among companies,
the Company’s calculation of adjusted net loss attributable to
common stockholders may not be comparable to similarly titled
measures of other companies.
|
Three Months Ended |
|
Six Months Ended |
|
June 30, |
|
June 30, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
|
|
|
|
Net income (loss) attributable to stockholders (GAAP) |
$ |
20,673,440 |
|
|
$ |
(3,356,956 |
) |
|
$ |
6,534,775 |
|
|
$ |
(6,860,958 |
) |
Sales and use tax assessment |
|
0 |
|
|
|
0 |
|
|
|
1,189,164 |
|
|
|
0 |
|
Foreign currency (gain)/loss |
|
(17,709 |
) |
|
|
(9,848 |
) |
|
|
(27,593 |
) |
|
|
0 |
|
Loss on exchange of warrants |
|
590,266 |
|
|
|
|
|
590,266 |
|
|
|
Interest and Penalties |
|
362,045 |
|
|
|
0 |
|
|
|
4,320,690 |
|
|
|
Change in fair value of warrant liability |
|
(29,668,454 |
) |
|
|
- |
|
|
|
(27,431,550 |
) |
|
|
- |
|
Adjusted Net loss attributable to stockholders (non-GAAP) |
$ |
(8,060,412 |
) |
|
$ |
(3,366,804 |
) |
|
$ |
(14,824,248 |
) |
|
$ |
(6,860,958 |
) |
|
|
|
|
|
|
|
|
Adjusted Basic (loss) per share |
$ |
(0.20 |
) |
|
$ |
(0.35 |
) |
|
$ |
(0.37 |
) |
|
$ |
(0.71 |
) |
Adjusted Diluted (loss) per share |
$ |
(0.20 |
) |
|
$ |
(0.35 |
) |
|
$ |
(0.37 |
) |
|
$ |
(0.71 |
) |
|
|
|
|
|
|
|
|
Basic weighted average shares outstanding |
|
39,963,266 |
|
|
|
9,669,217 |
|
|
|
39,872,864 |
|
|
|
9,669,217 |
|
Diluted weighted average shares outstanding |
|
44,345,319 |
|
|
|
9,669,217 |
|
|
|
40,602,678 |
|
|
|
9,669,217 |
|
Investor Relations Contact:Ralf EsperGateway
Group, Inc. (949) 574-3860KITT@gateway-grp.com
Media ContactZach KadletzGateway Group, Inc.
(949) 574-3860KITT@gateway-grp.com
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