Nauticus Robotics, Inc. (NASDAQ: KITT) experienced a significant trading day with a closing price of $0.2309, up by $0.0759 or 48.97%. The momentum continued after hours, where the stock price rose to $0.3308, gaining an additional $0.10 or 43.27%. Trading occurred within a day’s range of $0.1600 to $0.2740. Over the past 52 weeks, the stock has fluctuated between $0.1100 and $2.4900. On this particular day, the trading volume soared to 212,227,357 shares, compared to an average volume of 10,642,061 shares.
We did not find any news released by the company but the latest news was last month when Nauticus Robotics, Inc. (NASDAQ: KITT), based in Houston, reported its financial results for the first quarter ended March 31, 2024. John W. Gibson, Jr., CEO of Nauticus, had highlighted the successful testing of their Aquanaut Mark 2 AUV in the Gulf of Mexico, achieving operations at depths over 1300 meters. The company anticipates generating daily revenue from this vehicle starting Q3 2024, with a strong queue of new opportunities. To optimize margins, Nauticus continues to focus on keeping G&A expenses low, as reflected in this quarter’s financials.
During Q1 2024, Nauticus initiated final assembly on Vehicle 1 and plans to begin testing with Florida Atlantic University in Q2, which could reduce monthly certification costs by up to 90%. The assembly of Vehicle 3 is pending and will start once the first two vehicles are revenue-generating. Service day rates are set between $25,000 and $70,000, varying by depth, duration, and distance from shore.
Financially, Nauticus recorded first-quarter revenue of $0.5 million, down from $2.8 million year-over-year but up from $1.1 million in the previous quarter. This marks the first quarter of revenue from commercial sources, reducing reliance on defense revenues. Operating expenses were $6.0 million, significantly lower than the previous year and the last quarter of 2023. The company reported a net income of $0.4 million, a notable improvement from the net loss of $14.1 million in the same period last year and a net loss of $39.5 million in the previous quarter. Adjusted net loss for Q1 2024 was $7.4 million, compared to $10.7 million for the same period in 2023. G&A costs were reported at $3.4 million, down $1.8 million year-over-year. As of March 31, 2024, the company’s cash and cash equivalents stood at $6.2 million, significantly higher than the $0.8 million as of December 31, 2023, following additional financing of $13.3 million secured in Q1 to support ongoing operations and testing.
