Nauticus Robotics reported Q2 2024 revenue of $0.5M, down from $1.1M YoY, with a net loss of $5.4M. The company successfully completed Phase I of a program for Brazil's largest offshore producer, with billing and collection completed. Operating expenses decreased to $6.5M, a $1.5M reduction YoY.The company's flagship Aquanaut Mark 2 (Vehicle 2) underwent planned maintenance before testing at Florida Atlantic University, with Louisiana deployment planned this month. Vehicle 1 is undergoing deepwater electronics upgrades, while Vehicle 3 assembly remains pending. The FAU partnership enables cost-effective testing compared to Gulf of Mexico operations.As of June 30, 2024, cash and equivalents stood at $8.1M, up from $0.8M at 2023 year-end. The company secured additional financing through $1M in debt and raised $9.4M via an at-the-market equity offering. Management expects to complete Phase II without additional deepwater tests and execute significant portions of Phase III in the Gulf of Mexico this year.

Nauticus Robotics reported Q2 2024 revenue of $0.5M, down from $1.1M YoY, with a net loss of $5.4M. The company successfully completed Phase I of a program for Brazil's largest offshore producer, with billing and collection completed. Operating expenses decreased to $6.5M, a $1.5M reduction YoY.The company's flagship Aquanaut Mark 2 (Vehicle 2) underwent planned maintenance before testing at Florida Atlantic University, with Louisiana deployment planned this month. Vehicle 1 is undergoing deepwater electronics upgrades, while Vehicle 3 assembly remains pending. The FAU partnership enables cost-effective testing compared to Gulf of Mexico operations.As of June 30, 2024, cash and equivalents stood at $8.1M, up from $0.8M at 2023 year-end. The company secured additional financing through $1M in debt and raised $9.4M via an at-the-market equity offering. Management expects to complete Phase II without additional deepwater tests and execute significant portions of Phase III in the Gulf of Mexico this year.