Nauticus Robotics, Inc. Q3 FY2024 earnings call

• John Gibson noted that the company achieved an industry first in Q3 and is working to create a 2025 business backlog of commercial and defense work. - Daniel Dayhart reported that the Aquanaut vehicle completed its first commercial project in the deepwater Gulf of Mexico, exceeding expectations, and the second Aquanaut vehicle is expected to complete factory acceptance testing in Q4 2024 and be available for commercial service in Q1 2025. - Jason Close stated that the Toolkit software platform is being advanced with plans to release a commercial version in 2025 and is in positive conversations with third-party ROV and service providers. - JD Yamakowski discussed productive conversations with defense contracting partners regarding future work and opportunities in environmental monitoring using the Aquanaut vehicle. - Vicky Hay provided updates on NASDAQ listing compliance efforts, including entering into an agreement to convert debt into preferred stock to address stockholders' equity noncompliance.

In the third quarter, revenue was $0.4 million. This is down $0.1 million from the second quarter of 2024 and down $1.2 million from the same period in 2023. The revenue stemmed from a turnkey R&D proof of concept contract from prior management, and the company is now focused on securing day rate contracts for 2025.

• The company intends to press release the closing of contracts as they occur for the 2025 business backlog. - The second Aquanaut vehicle is expected to be available for commercial service in the first quarter of 2025. - Toolkit software aims to have its first commercial license sold in 2025. - Continued productive discussions with defense partners for future government work are ongoing.

• Forward-looking statements are subject to risks and uncertainties beyond the company's control, which may cause actual results to differ materially from expectations. Listeners are advised to review the company's earnings release and SEC filings for detailed risk factors.

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