Business
Nauticus Robotics Reports Third Quarter 2022 Results and Provides Business Update
HOUSTON, Nov. 14, 2022 (GLOBE NEWSWIRE) -- Nauticus Robotics, Inc. (“Nauticus” or the “Company”) (NASDAQ: KITT), a developer of ocean robots, autonomy
About this update from Nauticus Robotics, Inc.
[{"type":"text","content":"HOUSTON, Nov. 14, 2022 (GLOBE NEWSWIRE) -- Nauticus Robotics, Inc. (“Nauticus” or the “Company”) (NASDAQ: KITT), a developer of ocean robots, autonomy software, and services to the marine industries, today announced results for its third quarter ended September 30, 2022 and provided a business update. Recent Operational and Financial Highlights Completed a business combination with CleanTech Acquisition Corp. (“CLAQ”) on September 9, 2022, generating net proceeds of $58.7 million to fund the operations and the initial buildout of Nauticus’ fleet of tandem ocean robotsEntered into an agreement with Shell to deploy a Nauticus Aquanaut and its autonomous behaviors using remote operations and supervised autonomyAnnounced a multi-million-dollar contract with the U.S. Defense Innovation Unit (“DIU”) for the development of an unmanned amphibious systemDisclosed a Department of Defense-related development partnership with LeidosGrew revenues by 51% vs. the third quarter of 2021As of September 30, 2022, Nauticus held cash and equivalents of $35.9 million and maintained a net working capital surplus of $43.6 million “The third quarter of 2022 was filled with many important milestones for the Company, including an agreement with Shell for a field trial, a multi-million-dollar project with DIU and the completion of our business combination with CLAQ to take Nauticus public,” said Nic Radford, founder and CEO. “With a strong shareholder base that includes world-class investors like Schlumberger and Transocean, combined with an extensive list of blue-chip customers evaluating and qualifying our technology, we remain confident in our ability to make a real impact on the ocean economy through the deployment of autonomous systems.” “Our commercial pipeline continues to expand, and we are now in active discussions with potential customers on five different continents. While supply chain issues have impacted the pace of Aquanaut and Hydronaut deployments, the demand for our service remains robust. Our team is working diligently to mitigate these impacts, and we expect to have our initial second-generation commercial Aquanaut delivered in January 2023, with two additional units following by mid-year. We are eager to deploy more Aquanauts into the water for commissioning to fully demonstrate what we believe is the most advanced and capable ocean rob...