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Nauticus Robotics, a developer of autonomous underwater robots that use AI for data collection and intervention services, has brought in $1.1 million in revenue in Q2 of 2023, which ended on June 30, 2023.
The company saw a drop in revenue from Q2 of last year when it brought in $2.8 million. According to Nauticus, this is because of delays in contract authorization with government entities. Its operating expenses during Q2 totaled $8.0 million, which is a $2.5 million increase from the same quarter of last year. This increase in expenses was caused by non-cash stock compensation expenses.
Q2 was an exciting three months for Nauticus. During that time it signed a contract with Shell plc for an initial project in the Gulf of Mexico Princess Field. If this contract is successful, it could bring in multi-millions of dollars of additional contracts for Nauticus over the next few years.
Nauticus also signed a contract with Petrobas in Q2 that leads to a potential market opportunity of more than $100 million per year. Under the contract, Nauticus will deploy Aquanaut, its autonomous subsea robot, to support Petrobras’ offshore activities. Specifically, Aquanaut will be used in Petrobras’ Deepwater Production Field using supervised autonomy for infield inspection services. The contract consists of approximately two months’ worth of subsea inspection time.
The company also continued commissioning exercises for the first of three second-generation commercial Aquanauts. Nauticus has logged over 100 hours of offshore testing to date, and it expects the new Aquanaut will qualify in September for commercial service with Shell.
Additionally, Nauticus advanced both of its programs with the US Defense Innovation Unit (DIU). With the DIU, the company has completed contract phases that further develop specialized autonomous platforms for amphibious and mine-counter measure capabilities for the US Navy and US Marine Corps.
In September 2022, the company completed its business combination with CleanTech Acquisition Corp, a special purpose acquisition company (SPAC) formed in June 2020. Nauticus also made its debut on the NASDAQ under ticker symbols “KITT” for its common stock and “KITTW” for its public warrants.