Nauticus Robotics, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023
November 15, 2023 at 03:02 am IST
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Nauticus Robotics, Inc. reported earnings results for the third quarter and nine months ended September 30, 2023. For the third quarter, the company reported revenue was USD 1.59 million compared to USD 2.98 million a year ago. Net loss was USD 17.68 million compared to USD 13.18 million a year ago. Basic loss per share from continuing operations was USD 0.43 compared to USD 1.1 a year ago.
For the nine months, revenue was USD 5.54 million compared to USD 8.21 million a year ago. Net loss was USD 11.14 million compared to USD 20.04 million a year ago. Basic loss per share from continuing operations was USD 0.28 compared to USD 2.09 a year ago.
Nauticus Robotics, Inc. develops autonomous robots for the ocean industries. Its business model includes using robotic systems for service, selling vehicles and components, and licensing of related software to both the commercial and defense business sectors. It has designed and is testing and certifying a new generation of vehicles to reduce operational cost and gather data to maintain and operate a wide variety of subsea infrastructure. It also develops a range of technology products for retrofit/upgrading traditional ROV operations and other third-party vehicle platforms. Its services provide customers with the necessary data collection, analytics, and subsea manipulation capabilities to support and maintain assets while reducing their operational footprint, operating cost, and greenhouse gas emissions, to improve offshore health, safety, and environmental exposure. It focuses on its four main products: Autonomous Solutions, Government Solutions, Olympic Arms and toolKITT software.