Business
Nauticus Robotics Reports Second Quarter 2023 Results and Provides Business Update
HOUSTON, Aug. 11, 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, Aug. 11, 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 second quarter ended June 30, 2023. Highlights Signed a contract with Shell plc (NYSE: SHEL) for an initial project in the Gulf of Mexico Princess Field. Pending success, this contract could lead to multi-million dollars worth of additional contracts over the next few years.Signed a contract with Petrobras (NYSE: PBR), one of the world’s largest energy companies, to deploy Aquanaut, the Company’s autonomous subsea robot, to support Petrobras’ offshore activities. The contract opens up a potential market opportunity of more than $100 million per year for Nauticus.Announced an additional award under the current contract with Leidos Holdings, Inc. (NYSE: LDOS) for the continued development of an Aquanaut-derivative in preparation for customer adoption decisions expected later this year.Continued successful commissioning exercises for the first of three 2nd generation commercial Aquanauts by logging over 100 hours of offshore testing to date; expected to qualify in September for commercial service for Shell.Advanced in both programs with the U.S. Defense Innovation Unit (DIU), successfully completing contract phases that further develop specialized autonomous platforms for amphibious and mine-counter measure capabilities for the U.S. Navy and U.S. Marine Corps utilizing Nauticus’ autonomy software package toolKITT.Closed the first tranche of a $15 million senior secured debt facility led by existing strategic equity investors. “As we embark on the commercial launch of the Nauticus Fleet, the demand for our autonomous service offering is increasing. Over the last few months, we have signed commercial deals with leading energy companies such as Petrobras and Shell and are in advanced discussions with several additional majors,” said Nic Radford, CEO of Nauticus. “These contracts equate to multi-million-dollar bookings and open up a much larger potential scope of work as these companies spend hundreds of millions of dollars per year on offshore inspection, maintenance, and repair work.” “Although we tend to talk more about our commercial offerings, the governmen...