Nauticus Robotics, Inc. Q2 FY2025 earnings call

• Q2 2025 was a quarter of disciplined execution and significant commercial progress with revenue growth year-over-year.
• Service revenue over $2 million, more than 4x prior year, from oil & gas and environmental compliance; customer base expanded to 9 clients with improved revenue concentration.
• Acquisition of SeaTrepid was a key milestone, expanding service capacity, deepening customer footprint, and unlocking autonomy stack deployment opportunities.
• Have revenue visibility into Q4 2025 and early 2026, including a pending multi-month contract with a super major oil company.
• Ended Q2 with $2.7 million in cash, up $1.2 million from year-end; strategy focused on driving service revenue, scaling autonomy products, converting inbound interest to recurring contracts with financial discipline.
• Daniel Dehart discussed achieving commercial revenue goals, diversifying client base, and work in offshore wind, oil & gas, and government markets; Steve Walsh updated on 2025 offshore commercial pipeline with strong Q2, solid backlog into Q3, and Aquanaut interest acceleration.
• John D. Yamokoski provided defense update, mentioning strategic alliance with Leidos for subsea autonomy solutions.
• Jason Close discussed advancing ToolKITT for Aquanaut operations and ROV enablement, with testing scheduled for Q3.
• Ameen Albadri updated on Aquanaut platform improvements, engineering work on vehicles, and challenges with component lead times due to trade dynamics, with efforts to diversify suppliers.

Service revenue for Q2 2025 was over $2 million, more than 4x the prior year period with strong contributions from oil and gas and environmental compliance work. Revenue for the second quarter was $2.1 million, up $1.9 million sequentially and $1.6 million from the same quarter last year. The SeaTrepid acquisition has begun to contribute meaningfully to financial results. Cash at the end of Q2 2025 was $2.7 million.

• Expect continued strong operational results in Q3 with sequential revenue growth over Q2.
• Close to signing a multi-month contract with a super major oil company running through Q1 2026, adding off-season revenue and strengthening visibility.
• Focus on disciplined cost control, prioritizing value-added activities to enhance profitability and support long-term growth.

• Extended lead times for select components across hardware platforms due to evolving global trade dynamics.
• Relatively low volume of procurement orders compared to larger industry players leading to prioritization challenges within supplier production queues.

Q: How do you balance different growth areas and opportunity sets like oil and gas, environmental, and wind energy?

A: Prioritize based on highest margin, as the same capabilities and services work across industries but each sector has specific compliance and cost considerations. Limited assets create scheduling challenges.

Q: Have you seen any change or acceleration in carbon capture and sequestration discussions?

A: Early stage, but well-positioned for leak detection and monitoring; not expecting significant revenue from it yet but see long-term potential.

Q: Regarding the SeaTrepid acquisition, is it fully paid off?

A: Not fully paid off; half was paid upfront, with another cash payment due at end of September and an earnout TBD based on performance.

Q: How is the revenue projection to close out 2025 looking, especially for ToolKITT?

A: Services revenue expected to be 9x 2024, but service side slightly soft due to equipment delays; software and defense sectors offer upside, with focus on getting software out and exploring manipulator licensing.

Q: How do you see the cash position in the coming quarters?

A: Have a $19 million facility, drew $3 million tranche; cash position is secure with strong lender support, focusing on increasing revenues and margins to become cash flow positive.