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.
• Integrated the strategic acquisition of SeaTrepid, which expanded service capacity, deepened customer footprint, and unlocked opportunities to deploy autonomy stack.
• Customer base expanded to 9 clients, improving revenue concentration and diversification.
• SeaTrepid integration is seen in backlog and margin profile. There's revenue visibility into Q4 2025 and early 2026, including a pending multi-month contract with a super major oil company.
• Continued disciplined approach to liquidity with $2.7 million in cash at the end of Q2 2025.
• Advancing ToolKITT along commercial paths, with Aquanaut testing scheduled for Q3 and progress on engineering improvements for Aquanaut and electric manipulators.

In Q2 2025, revenue was $2.1 million, up $1.9 million sequentially and $1.6 million from the same quarter last year. Service revenue for the quarter was over $2 million, more than 4x the prior year period, with strong contributions from oil and gas and environmental compliance work. The acquisition of SeaTrepid contributed meaningfully to financial results. Revenue concentration improved with 9 clients served, diversifying the customer base. Service revenue from oil and gas, environmental compliance, offshore wind, and other markets contributed to the overall revenue mix.

• Current forecast shows stronger revenues in Q3 than Q2.
• Expect continued strong operational results in Q3.
• Pending multi-month contract with a super major oil company starting in Q4 provides off-season revenue and margin continuity, reducing seasonality.

• Extended lead times for select components across hardware platforms due to evolving global trade dynamics and low procurement volume compared to larger industry players.
• Need to proactively address potential disruptions through diversifying supplier base and exploring alternative sourcing strategies.

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

A: Prioritize based on highest margin, considering both margin and asset utilization. The same capabilities and services are fungible across industries but require compliance with each sector's safety programs.

Q: Have you noticed any change or acceleration in discussions relating to carbon capture and sequestration?

A: Early stage, but well positioned for monitoring CO2 leaks with new monitors on vehicles, though no immediate revenue expected.

Q: Is the SeaTrepid acquisition fully paid off?

A: Not fully paid off; another cash payment due end of September and earnout TBD based on performance.

Q: How is the cash position and outlook for 2025?

A: Have a $19 million facility with $3 million drawn, cash position secure with strong support, focused on increasing revenues and margins to be cash flow positive