Business
Nauticus Robotics Reports First Quarter 2023 Results and Provides Business Update
HOUSTON, May 15, 2023 (GLOBE NEWSWIRE) -- Nauticus Robotics, Inc. (“Nauticus” or the “Company”) (NASDAQ: KITT), a developer of autonomous robots using
About this update from Nauticus Robotics, Inc.
[{"type":"text","content":"HOUSTON, May 15, 2023 (GLOBE NEWSWIRE) -- 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 first quarter ended March 31, 2023. Highlights Reported Q1 2023 revenue of $2.8 million, an increase of 26% compared to Q1 2022.Announced the splashdown and initial commissioning of the first of three second-generation Aquanauts expected to be completed this year.Continued to progress in both programs with the US Defense Innovation Unit (\"DIU\"). The Company completed the competitive first phase of DIU's Amphibious Autonomous Response Vehicle program, progressing towards the next milestone, and advanced to the next phase of the Autonomous Explosive Ordinance Disposal Maritime Response Vehicle program.Announced an additional $2.7 million contract extension with Leidos Holdings (NYSE: LDOS), further continuing development of an Aquanaut-derivative platform in preparation for customer adoption decisions expected later this year. \"We are making notable progress in both our commercial and defense related efforts. The beginning of commissioning exercises for our initial second-generation Aquanaut marks a watershed moment for Nauticus, as we prepare for offshore pilots later this year. Our customers share our enthusiasm and they are eager to put our robots to use,” said Nicolaus Radford, CEO of Nauticus. “Additionally, our continued progress with DIU and Leidos highlights the world-class capabilities we bring to national security. We continue to be confident in our technology’s unique abilities and its substantial revenue upside potential.” First Quarter 2023 Financial Results Nauticus reported first quarter revenue of $2.8 million compared to $2.2 million in the prior-year period. The increase in revenue is primarily attributable to one new contract and the continuation and increased performance on existing service contracts from the prior year. Total operating expenses during the first quarter were $8.6 million, a $3.7 million increase from the prior-year period. The increase was mainly attributable to higher cost of revenue and increased general and administrative (“G&A”) costs associated with being a public company. For the quarter, Nauticus recorded a net ...