The following is a summary of the Nauticus Robotics, Inc. (KITT) Q4 2023 Earnings Call Transcript:
Financial Performance:
Nauticus Robotics reported a Q4 revenue of $1.1 million, a decrease of $2.1 million from the previous year's same period.
Noticeable impairment charges were taken, including $15.1 million on Aquanaut units and $9.9 million on assets moved to held-for-sale classification.
The Net loss for the quarter increased significantly to $39.5 million, and $50.7 million for the whole year.
Business Progress:
Nauticus Robotics has transformed from a research and development organization to a customer-centric innovation enterprise and reorganized into four business units.
The company is concentrating its efforts on improving the Aquanaut Mark 2 vehicle for underwater inspection, repair, and maintenance tasks.
There is a massive reduction in the number of employees to cut down G&A costs, with senior management receiving the major part of their remuneration in shares.
The company is in the testing phase of two Aquanauts and about to start the assembly of a third one, with future plans hinging on their commercial success.
Nauticus Robotics is also exploring a potential merger with 3D at Depth.
More details: Nauticus Robotics IR
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