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Nauticus Robotics Reports Fourth Quarter and Full Year 2022 Results
HOUSTON, March 28, 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, March 28, 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 for the ocean industries, today announced results for the fourth quarter and full year ended December 31, 2022. Financial Highlights Full-year 2022 revenues increased 33% to $11.4 million.Fourth quarter 2022 revenue of $3.2 million, exceeding expectations.As of December 31, 2022, Nauticus held cash and short-term investments of $23.0 million and a working capital surplus of $33.1 million. Recent Operational Highlights Progress continues on both of our US Defense Innovation Unit programs for the development of autonomous mine countermeasure robots to support and significantly improve the safety of service members and keep critical sea lanes clear.Successfully completed in-water demonstrations for Shell, and are now scoping the next phase of our previously announced project for supervised autonomy and tool control through acoustic communication networking technology.Initiated international expansion with operating bases in Stavanger, Norway and Aberdeen, Scotland to service the North Sea offshore market.Nearing production completion of the initial Nauticus Fleet and commenced in-water commissioning of Aquanauts. “Our mission is to improve the way industries operate in the ocean through the use of artificial intelligence. During 2022 and into 2023, we’ve seen an increase in interest in our robotics solutions from both government- and commercial-oriented customers,” said Nicolaus Radford, founder and CEO of Nauticus. “Our continued progress with the DIU and Shell are testimonials of what’s to come as we deploy the most advanced and capable ocean robotic systems in the world. We look forward to providing future updates as we continue to execute our plan and progress towards the launch of our commercial services this year.” Fourth Quarter 2022 Financial Results Nauticus reported fourth quarter revenue of $3.2 million compared to $5.3 million in the prior-year period. The decrease in revenue is primarily attributable to revenue from our largest 2021 contract being recognized primarily during the fourth quarter. Total operating expenses during the fourth quarter were $10.4 million, a $3.6 million increase from the pri...