Nauticus Robotics reported Q2 2024 revenue of $501,708, down 56% from $1.13M in Q2 2023, with a net loss of $5.37M compared to a net income of $20.67M in the prior year period. The decline was primarily driven by reduced government contracts, while operating costs decreased 19% to $6.51M due to headcount reductions and cost-cutting initiatives.The company's cash position strengthened to $8.12M as of June 30, 2024, bolstered by $22.35M in financing from convertible secured term loans and an ATM share offering. During Q2, ATW Special Situations I LLC converted $2.19M of secured debentures into shares and exercised warrants, while the company completed a 1-for-36 reverse stock split to meet Nasdaq listing requirements.Management continues to focus on commercializing its Aquanaut underwater robotic vehicle while implementing cost reduction measures. Though current revenue does not cover operating expenses, the company believes it has sufficient resources to continue operations for at least 12 months with committed investor support. The previously identified material weakness in financial controls remains under remediation.

Nauticus Robotics reported Q2 2024 revenue of $501,708, down 56% from $1.13M in Q2 2023, with a net loss of $5.37M compared to a net income of $20.67M in the prior year period. The decline was primarily driven by reduced government contracts, while operating costs decreased 19% to $6.51M due to headcount reductions and cost-cutting initiatives.The company's cash position strengthened to $8.12M as of June 30, 2024, bolstered by $22.35M in financing from convertible secured term loans and an ATM share offering. During Q2, ATW Special Situations I LLC converted $2.19M of secured debentures into shares and exercised warrants, while the company completed a 1-for-36 reverse stock split to meet Nasdaq listing requirements.Management continues to focus on commercializing its Aquanaut underwater robotic vehicle while implementing cost reduction measures. Though current revenue does not cover operating expenses, the company believes it has sufficient resources to continue operations for at least 12 months with committed investor support. The previously identified material weakness in financial controls remains under remediation.