Summary by Futu AI
Nauticus Robotics reported Q3 2024 revenue of $370,187, down 77% from $1.59M in Q3 2023, primarily due to reduced government contracts. Net loss narrowed to $11.36M from $17.68M year-over-year. Cost of revenue remained flat at $2.65M while operating expenses decreased 39% to $5.94M, driven by headcount reductions and cost-cutting initiatives.The company continued development of its Aquanaut autonomous underwater vehicle and Wavelink communication technology. General and administrative expenses decreased 58% to $2.85M, reflecting ongoing cost reduction efforts. Research and development costs were eliminated as the company achieved technological feasibility and shifted focus to commercialization.As of September 30, 2024, cash and equivalents stood at $2.92M. The company secured additional financing through convertible senior term loans and an ATM share offering, raising net proceeds of $22.35M during the period. Management indicated that while current revenue is insufficient to cover operating costs, they believe investor support will provide adequate resources to continue operations for at least 12 months.
