Financial Data and Key Metrics - Revenue for Q3 2024 was 0.4million,down0.1 million from Q2 2024 and 1.2millionfromthesameperiodlastyear[23]−OperatingexpensesforQ32024were5.9 million, a 3.9millionimprovementfromQ32023anda0.6 million sequential improvement [23] - G&A costs for Q3 2024 were 2.8million,a3.9 million improvement compared to Q3 2023 and a 0.4millionsequentialimprovement[23]−NetlossforQ32024was11.4 million, a 6.3millionreductionfromQ32023anda6 million increase sequentially [24] - Adjusted net loss for Q3 2024 was 11.4millioncomparedto9 million for Q2 2024 and 8.1millioninQ32023[24]−CashattheendofQ32024was2.9 million compared to 0.7millionattheendof2023[25]BusinessLineDataandKeyMetrics−TheAquanautvehiclesuccessfullycompleteditsfirstcommercialprojectinQ32024,markingasignificantmilestoneforthecompany[8][12]−TheAquanautvehicleprovidedhigh−qualitydataonsubseaassetsatdepthsupto1,000meters,exceedingcustomerexpectations[13]−Thecompanyisworkingontechnicalmodificationstoallowyear−roundoperationsintheGulfofMexicoandisexploringopportunitiesinSouthAmericatomitigateseasonality[10][14]−ThesecondAquanautvehicleisexpectedtocompletefactoryacceptancetestinginQ42024andbeavailableforcommercialserviceinQ12025[15]−TheToolKITTsoftwareplatformperformedreliablyduringoperationsintheGulfofMexico,withacommercialreleaseplannedfor2025[18]MarketDataandKeyMetrics−Thecompanyisfocusedonbuildingapipelineforthe2025Gulfseasonandisactivelyworkingtoeliminateseasonalityinitsbusiness[10]−CustomersareexpandingtheirscopeofworktoincludetheuniquecapabilitiesoftheAquanautvehicle,leadingtocommercialdiscussionsforthe2025season[10]−ThecompanyisindiscussionswithSouthAmericancustomerstomitigateNorthernHemisphereseasonality[10]CompanyStrategyandIndustryCompetition−Thecompanyisfocusedonleveragingthesuccessofitsfirstcommercialprojectstocreateabusinessbacklogfor2025,consistingofbothcommercialanddefensework[8]−Thecompanyisworkingondevelopingtechnologythatprovidesanattractivereturnoninvestmenttoshareholdersandcustomers[15]−Thecompany′sdeepwaterautonomoussoftwarecapabilitiessurpassthoseofcompetitors,pavingthewayforcommerciallicensesin2025[29]ManagementCommentaryonOperatingEnvironmentandFutureOutlook−ThecompanyisconfidentthatthestepsbeingtakenwillallowittoregaincompliancewithNASDAQ′slistingrequirementsbytheendof2024[21]−Thecompanyisfocusedonsecuringthecashneededthroughtheendof2025asitrampsupcommercialization[22]−ThecompanyisnegotiatingdayratecontractsthatcouldsurpassthetotalrevenueproducedinQ32024inasingleweek[28]OtherImportantInformation−Thecompanycompleteda36:1reversesplitonJuly22,2024,andallreferencestoequityandrelateditemsarestatedonapost−splitbasis[21]−Thecompanyhasenteredintoanagreementwithinvestorstoexchange27 million of principal, 3millionofinterest,and3 million of additional liabilities into preferred convertible stock [21] - The company closed 1.1millionoffundingasthefirsttrancheofupto21.1 million available through a new convertible debenture [22] Summary of Q&A Session - No questions were asked during the Q&A session [30][32]
Nauticus Robotics(KITT)2024-11-16 02:47