Nauticus Robotics Inc (KITT) 2023 Q2 法說會逐字稿

Hello, and welcome to the Nauticus Robotics earnings conference call for the second quarter ended June 30, 2023. My name is Maria, and I will be your operator today.

您好，歡迎參加截至 2023 年 6 月 30 日的第二季度 Nauticus Robotics 收益電話會議。我叫 Maria，今天我將擔任您的接線員。

Today's press release, including the financial tables, are available at the Investor Relations section of the company's website at www.nauticusrobotics.com. The company also plans to file its Form 10-Q with the SEC later today.

今天的新聞稿，包括財務表格，可在公司網站 www.nauticusrobotics.com 的投資者關係部分獲取。該公司還計劃今天晚些時候向 SEC 提交 10-Q 表格。

Joining us on today's call are Nauticus's Founder and CEO, Nick Radford; and its CFO, Rangan Padmanabhan. Following their remarks, we will open the call for questions.

參加今天電話會議的有 Nauticus 創始人兼首席執行官 Nick Radford；及其首席財務官 Rangan Padmanabhan。在他們發表講話後，我們將開始提問。

Before management begins their formal remarks, we would like to remind everyone that some statements we're making today may be considered forward-looking statements under securities law and involve a number of risks and uncertainties.

在管理層開始正式發言之前，我們想提醒大家，我們今天發表的一些聲明可能被視為證券法下的前瞻性聲明，並涉及許多風險和不確定性。

As a result, we caution you that there are a number of factors, many of which are beyond the company's control, which could cause actual results and events to differ materially from those described in the forward looking statements.

因此，我們提醒您，有許多因素（其中許多因素超出了公司的控制範圍），可能導致實際結果和事件與前瞻性陳述中描述的結果和事件存在重大差異。

For more detailed risks, uncertainties, and assumptions relating to the forward-looking statements, please see the disclosures in the company's earnings release and public filings made with the SEC.

有關前瞻性陳述的更詳細的風險、不確定性和假設，請參閱公司收益報告和向 SEC 提交的公開文件中的披露內容。

Nauticus disclaims any obligation or undertaking to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made, except as required by law.

Nauticus 不承擔任何更新前瞻性陳述以反映前瞻性陳述做出之日後發生的情況或事件的義務或承諾，除非法律要求。

Nauticus will also discuss non-GAAP financial metrics and encourages you to read its disclosures and the reconciliation table to applicable GAAP measures in the earnings release carefully as you consider these metrics.

Nauticus 還將討論非 GAAP 財務指標，並鼓勵您在考慮這些指標時仔細閱讀其披露信息以及收益發布中適用的 GAAP 指標的調節表。

We refer you to its filings with the SEC for detailed disclosures and descriptions of the business as well as uncertainties and other variable circumstances, including but not limited to risks and uncertainties identified under the caption Risk Factors in the company's filings. You may get Nauticus's SEC filings for free by visiting the SEC website at www.SEC.gov.

我們建議您參閱該公司向美國證券交易委員會提交的文件，了解有關業務以及不確定性和其他可變情況的詳細披露和描述，包括但不限於該公司文件中“風險因素”標題下確定的風險和不確定性。您可以訪問 SEC 網站 www.SEC.gov 免費獲取 Nauticus 的 SEC 文件。

I would like to remind everyone that this call is being recorded and will be made available for replay via a link available in the Investor Relations section of Nauticus's website. Now I'll turn the call over Nauticus's Founder and CEO, Nick Radford.

我想提醒大家，本次電話會議正在錄音，並將通過 Nauticus 網站投資者關係部分的鏈接進行重播。現在我將把電話轉給 Nauticus 的創始人兼首席執行官 Nick Radford。

Good morning, everyone, and welcome to our second-quarter 2023 earnings call. The second quarter was a transitional quarter for Nauticus. As we move closer to the commercial launch of the Nauticus fleet, we made significant progress finalizing our fleet production and in the commissioning of our first second-generation Aquanaut.

大家早上好，歡迎參加我們的 2023 年第二季度財報電話會議。第二季度是 Nauticus 的過渡季度。隨著 Nauticus 機隊的商業推出越來越近，我們在完成機隊生產和首個第二代 Aquanaut 的調試方面取得了重大進展。

Our excitement about the market application for this revolutionary autonomous robot is high, and customers seem to share our feelings as demand signals are increasing.

我們對這款革命性自主機器人的市場應用感到非常興奮，隨著需求信號的增加，客戶似乎也分享了我們的感受。

During the quarter, we signed commercial deals with leading energy companies such as Petrobras, Shell, and our Norwegian partner, Stinger, for Equinor. We are actively working engagements with other household-named customers.

本季度，我們與巴西國家石油公司、殼牌等領先能源公司以及我們的挪威合作夥伴 Stinger 簽署了 Equinor 的商業協議。我們正在積極與其他家喻戶曉的客戶合作。

These energy companies spend hundreds of millions of dollars a year for this type of work that Aquanaut can do. So the opportunity set ahead of us is significant. During the quarter, we also transitioned to the next phase in a couple of our defense programs.

這些能源公司每年花費數億美元來完成 Aquanaut 可以完成的此類工作。因此，擺在我們面前的機遇是重大的。在本季度，我們的一些防禦計劃也進入了下一階段。

While it's always great to advance to future phases, sometimes there's delays in new contract authorizations. That impacted us in Q2, which is why our government-sourced revenue was down during the quarter. We view this as a temporary dip, and we expect to see revenue rebound in the current quarter.

雖然進入未來階段總是好的，但有時新合同授權會出現延遲。這對我們第二季度產生了影響，這就是我們政府來源的收入在本季度下降的原因。我們認為這是暫時的下降，預計本季度收入將會反彈。

Let's start with the progress we're making on the commissioning of the Aquanauts. We've had our first new production unit in the water during commissioning exercises and has logged more than 100 hours offshore to date.

讓我們從 Aquanauts 的調試進展開始。我們的第一個新生產裝置已在試運行期間下水，迄今為止已在海上運行了 100 多個小時。

I was just up in Vancouver to oversee some of the work, and I can tell you firsthand that our robots would be able to do some amazing things for our customers. Assembly is nearing completion on the other two Aquanaut units, and we still expect to have them both in the water later this year.

我剛剛在溫哥華監督一些工作，我可以直接告訴你，我們的機器人將能夠為我們的客戶做一些令人驚奇的事情。另外兩個 Aquanaut 裝置的組裝已接近完成，我們仍然預計今年晚些時候將它們放入水中。

So let's start with Petrobras. This was competitively awarded to Nauticus and ranks as one of a large contract of its kind to date. Aquanaut, our flagship autonomous subsea robot, will be reported for Petrobras's offshore activities in one of the world's most active offshore energy basins.

讓我們從巴西國家石油公司開始。該合同是通過競爭授予 Nauticus 的，是迄今為止同類大型合同之一。我們的旗艦自主海底機器人 Aquanaut 將參與巴西國家石油公司在世界上最活躍的海上能源盆地之一的海上活動。

At Petrobras's Jubarte field, Aquanaut would perform in-field inspection services using toolKITT, our supervised autonomous software technology. While the initial contract from Petrobras was approximately $4.3 million, just over 60 days' worth of work, the market opportunity for Nauticus in offshore Brazil is much larger.

在巴西國家石油公司的 Jubarte 油田，Aquanaut 將使用我們的監督自主軟件技術 toolKITT 執行現場檢查服務。雖然巴西國家石油公司的初始合同價值約為 430 萬美元，僅需要 60 天多的工作時間，但 Nauticus 在巴西近海的市場機會要大得多。

Our success in winning this initial award places Nauticus as a relevant player for potential subsequent awards and a market worth over $100 million per year. While no company ever wins 100% of any market opportunity, you can see the size of some of the opportunities we're chasing.

我們成功贏得了這一初始獎項，使 Nauticus 成為潛在後續獎項的相關參與者，並且市場每年價值超過 1 億美元。雖然沒有一家公司能夠贏得 100% 的市場機會，但您可以看到我們正在追逐的一些機會的規模。

We have also recently signed contracts with Shell and with our partner, Stinger, for Equinor. Both contracts will utilize Aquanaut but will require very different tasks, highlighting the flexibility of our offering.

我們最近還與殼牌以及我們的合作夥伴 Stinger 簽署了 Equinor 的合同。這兩份合同都將使用 Aquanaut，但需要非常不同的任務，這凸顯了我們產品的靈活性。

For Shell, Aquanaut enables contact cathodic protection and pick and place of their subsea tools. For Equinor, the project will utilize Aquanaut's advanced perception system to detect leaks in novel ways.

對於殼牌來說，Aquanaut 能夠實現接觸式陰極保護以及海底工具的拾取和放置。對於 Equinor 來說，該項目將利用 Aquanaut 的先進感知系統以新穎的方式檢測洩漏。

Our government division also continues to progress. And as such, we've recently incorporated a wholly owned subsidiary, [Nautiworks] to better serve our government customers. We wish we could give you more details on some of these projects we're working, but they're confidential. And we absolutely think they will save lives and enhance national security.

我們的政府部門也在不斷進步。因此，我們最近成立了一家全資子公司 [Nautiworks]，以更好地服務我們的政府客戶。我們希望能夠向您提供有關我們正在開展的一些項目的更多詳細信息，但它們是保密的。我們絕對認為它們將拯救生命並增強國家安全。

As we've discussed previously, some of our programs are nearing an inflection point, where revenues could be materially higher. Hopefully, we'll be in a position to comment more later this year.

正如我們之前討論的，我們的一些項目正接近拐點，收入可能會大幅增加。希望我們能夠在今年晚些時候發表更多評論。

Lastly, before I turn the call over to Rangan to cover the financials for the quarter, I'd like to comment on our financing plans. Here at Nauticus, we're trying to reshape an industry, and we think our autonomous service offering will have a hugely positive impact on our customers' cost, safety, and the environment.

最後，在我將電話轉給 Rangan 介紹本季度的財務狀況之前，我想對我們的融資計劃發表評論。在 Nauticus，我們正在努力重塑一個行業，我們認為我們的自主服務產品將對客戶的成本、安全和環境產生巨大的積極影響。

In order to do this, we need to build our fleet. To help finance this, we're currently finalizing commitments for an additional $15 million of non-dilutive capital from existing equity investors, of which $5 million has already been funded in July, and the balance is expected to close shortly. We are also in active discussions with investors for a second round of a large amount of capital, which will support our service offering expansion.

為了做到這一點，我們需要建立我們的艦隊。為了幫助籌集資金，我們目前正在敲定現有股權投資者額外提供 1500 萬美元非稀釋資本的承諾，其中 500 萬美元已於 7 月份提供資金，餘額預計很快就會結清。我們還在與投資者積極討論第二輪大量資金，這將支持我們的服務擴展。

With that said, I'll turn the call over to our CFO, Rangan, to discuss our financials. Rangan?

話雖如此，我會將電話轉給我們的首席財務官 Rangan，討論我們的財務狀況。蘭甘？

Thank you, Nick, and hello, everyone. For the second quarter, we generated revenue of $1.1 million compared to $2.8 million in the year-ago comparable period.

謝謝你，尼克，大家好。第二季度，我們的收入為 110 萬美元，而去年同期為 280 萬美元。

The decrease in revenue was primarily due to delays in contract authorization with government entities. Our net income for the quarter was $0.49 per share compared to a net loss of $0.35 per share in the prior year period.

收入減少的主要原因是與政府實體的合同授權延遲。我們本季度的淨利潤為每股 0.49 美元，而去年同期的每股淨虧損為 0.35 美元。

The increase was primarily due to the positive impact of the change in the fair value of warrant liabilities. Excluding non-recurring items, our adjusted net loss per share for the quarter was $0.20 compared to $0.35 in the prior-year period.

增加主要是由於認股權證負債公允價值變動的積極影響。不包括非經常性項目，本季度調整後每股淨虧損為 0.20 美元，而上年同期為 0.35 美元。

Our adjusted net loss excludes the $29.7 million gain in fair value of warrant liability. The increase in value resulted from a determination that dilution caused by our existing convertible notes was less likely given the financing plans that Nick discussed.

我們調整後的淨虧損不包括認股權證負債公允價值收益 2,970 萬美元。價值的增加是由於我們確定，考慮到尼克討論的融資計劃，現有可轉換票據造成的稀釋可能性較小。

Moving on to our balance sheet and capitalization, as of quarter end, we had $4.6 million of cash and cash equivalents, including our restricted CD. Our net working capital position at the end of the quarter was $11.7 million. These numbers do not include the financing options that Nick spoke about.

轉到我們的資產負債表和資本總額，截至季度末，我們擁有 460 萬美元的現金和現金等價物，包括我們的受限 CD。本季度末我們的淨營運資本頭寸為 1170 萬美元。這些數字不包括尼克談到的融資選擇。

And the operator also mentioned mistakenly that we are filing later today. We're actually filing on Monday. I just wanted to clear that up. That completes my financial summary. Now I'll turn the call back to Nick.

接線員還錯誤地提到我們今天晚些時候要歸檔。我們實際上是在周一提交的。我只是想澄清這一點。我的財務摘要就這樣完成了。現在我會把電話轉回給尼克。

Thanks, Rangan. At Nauticus, we're trying to build real change -- to bring real change into the ocean economy. And real change is not easy, but I'm optimistic we can accomplish our goal. We employ some of the best minds in the industry, and we're positioned with the right product at the right time to disrupt this multi-billion dollar market.

謝謝，蘭甘。在 Nauticus，我們正在努力實現真正的變革——為海洋經濟帶來真正的變革。真正的改變並不容易，但我樂觀地認為我們能夠實現我們的目標。我們聘請了業內最優秀的人才，並在正確的時間提供正確的產品來顛覆這個價值數十億美元的市場。

Demand from both commercial and government customers is high. And as we start working through some of the early contracts, we expect more substantial ones to follow, driving significant future growth for our company.

商業和政府客戶的需求都很高。當我們開始處理一些早期合同時，我們預計接下來會簽訂更多實質性合同，從而推動我們公司未來的顯著增長。

We know funding has been a concern for the market, which is why we've been able -- which is why we've been working diligently to secure capital. While we can't give additional details at this time, we expect to provide an update to the market later this quarter.

我們知道資金一直是市場關注的問題，這就是我們能夠做到這一點的原因 - 這就是為什麼我們一直在努力確保資金安全。雖然我們目前無法提供更多詳細信息，但我們預計將在本季度晚些時候向市場提供最新信息。

This completes our prepared remarks, and now we're ready for your questions. Operator?

我們準備好的發言到此結束，現在我們準備好回答你們的問題了。操作員？

(Operator Instructions) Brian Dobson, Chardan Capital Markets.

（操作員說明）Brian Dobson，Chardan Capital Markets。

Hi, good morning. Congratulations on the recent program wins. Do you think you can share some early feedback from those awards? And do you believe these contracts will generate momentum for new business going forward?

早上好。恭喜您最近的計劃獲勝。您認為您可以分享一些這些獎項的早期反饋嗎？您認為這些合同將為未來的新業務帶來動力嗎？

Yes, Brian, good to hear from you. And are you referring to just in totality or the commercial or the government side?

是的，布萊恩，很高興收到你的來信。您指的是整體還是商業或政府方面？

First, the commercial side, and then I have a question on the government side.

首先是商業方面，然後我有一個政府方面的問題。

Yes, sure. With regard to Shell, we've been working with Shell. We've disclosed that now for some time. And as we've progressed through their different stage gates, the culmination has been from moving from the trial type of activities to real live offshore assets. So that's what we're doing for Shell currently. That's what we'll be performing for them later this year.

是的，當然。關於殼牌，我們一直在與殼牌合作。我們已經披露這一點有一段時間了。隨著我們逐步通過不同階段的大門，最終的目標是從試驗類型的活動轉向真正的離岸資產。這就是我們目前為殼牌所做的事情。這就是我們今年晚些時候將為他們表演的內容。

And based on the successful outcome of that, we are currently negotiating additional follow-on work. So we are, I'd say, hopeful that pending the successful performance that this opens up visibility into larger and more longer-term contracts.

基於這一成功成果，我們目前正在談判額外的後續工作。因此，我想說，在成功執行之前，我們希望這能夠為更大、更長期的合同帶來可見性。

So as we said earlier, we're in this inflection point, and we're finally now realizing all the a priori benefit from all of our hard work with our pre-production prototypes. And now as we move into our production units, we're now winning work for them to accomplish.

正如我們之前所說，我們正處於這個拐點，我們現在終於意識到我們對預生產原型的所有辛勤工作所帶來的所有先驗收益。現在，當我們進入生產部門時，我們正在為他們贏得工作來完成。

And since we have a little operating history, it goes without saying that a lot of our contracts have -- are more contingency, right? We do well, and then that unlocks future contracts. And honestly, I think it's to be expected, but we've had very positive reception, as we mentioned, both Petrobras, Shell, and now with our partner, Stinger, for Equinor in Norway, it's going to be a pretty active fall and Q1 for us.

由於我們有一點經營歷史，所以不用說，我們的很多合同都具有更多的偶然性，對吧？我們做得很好，然後就可以解鎖未來的合同。老實說，我認為這是可以預料的，但正如我們提到的，巴西國家石油公司、殼牌公司以及現在我們的合作夥伴Stinger 為挪威國家石油公司提供的服務都受到了非常積極的歡迎，這將是一個非常活躍的秋季， Q1 對我們來說。

Okay, excellent. Thanks very much.

好的，非常好。非常感謝。

Yes. And on the defense side, I apologize, there's an airplane flying right overhead. On the defense side, we've continued performing in the current contracts. And so there's all follow-on activity, right? And a lot of it has to do with us using toolKITT, the software package that we have.

是的。在防守方面，我很抱歉，有一架飛機從頭頂飛過。在防守方面，我們繼續履行現有合同。所以還有所有後續活動，對吧？這很大程度上與我們使用 toolKITT（我們擁有的軟件包）有關。

It's platform agnostic. So in some instances, they really like Aquanaut and things that come from that. In other instances, they want us to repackage toolKITT for already-existing assets owned by the services. And so we're continuing to perform in both of those contracts.

它與平台無關。所以在某些情況下，他們真的很喜歡 Aquanaut 以及由此產生的東西。在其他情況下，他們希望我們為服務擁有的現有資產重新打包 toolKITT。因此，我們將繼續履行這兩項合同。

We've successfully completed those stage gates. I think it's a good indicator of the health of our technology and the performance of our team. And again, I'm just going to stress, this is an inflection-point year for Nauticus, and we're starting to now see the compounding effect of our -- of the last year's worth of efforts and as we look forward into next year.

我們已經成功完成了這些階段的大門。我認為這是我們技術健康狀況和團隊績效的一個很好的指標。我想再次強調，今年對於 Nauticus 來說是一個拐點年，我們現在開始看到我們去年的努力以及展望明年的複合效應。年。

Excellent. And regarding your new subsidiary, Nautiworks, should we think of that as a Skunk Works of sorts? And how will that be reported?

出色的。至於你們的新子公司 Nautiworks，我們是否應該將其視為 Skunk Works 之類的？這將如何報告？

Yes. So obviously, we did take some inspiration from Skunk Works. And it's not too -- it's not atypical whatsoever to have a lot of the more sensitive government contracting falling under that umbrella. It's wholly owned.

是的。顯然，我們確實從 Skunk Works 中獲得了一些靈感。而且，將許多更敏感的政府合同歸入這一保護傘之下，這並不是什麼不尋常的事情。它是全資擁有的。

It'll be reported holistically at the at the [topco], so there won't be any confusion from your side. But it's just -- a lot of what we do is sensitive, and having its government contracting entity that works directly with the government allows us more flexibility.

它將在 [topco] 進行全面報告，因此您方面不會有任何困惑。但這只是——我們所做的很多事情都是敏感的，擁有直接與政府合作的政府合同實體使我們擁有更大的靈活性。

Excellent. Thanks very much.

出色的。非常感謝。

Good to hear from you, Brian.

很高興收到你的來信，布萊恩。

(Operator Instructions) Jacob Stephan, Lake Street.

（操作員指示）Jacob Stephan，湖街。

Yes, thanks for taking my questions. So I'm just curious, the revenue rebound you referenced to happen in Q3 here, what -- I mean, what kind of rebound are we expecting to see here? Is that to get us back to that kind of 2.8 flat with (Multiple speakers)

是的，感謝您回答我的問題。所以我很好奇，你提到的第三季度的收入反彈是什麼——我的意思是，我們期望在這裡看到什麼樣的反彈？這是為了讓我們回到那種 2.8 平面（多個揚聲器）

So if you -- what we had previously mentioned, we had said this year was going to be -- the quarters are going to be relatively similar in some fashion. And then Q2 would have a bit of a dip on because we knew we were in this moment of renegotiating some of these contracts. And sometimes, they can take a little longer.

因此，如果你——我們之前提到過，我們說過今年將會——這些季度在某些方面將相對相似。然後第二季度會出現一些下滑，因為我們知道我們正處於重新談判其中一些合同的時刻。有時，他們可能需要更長的時間。

So I think it's really worth focusing, however, that on the commercial side, which is really where we feel like the longer-term growth comes from the efforts of production. And now we're seeing those units come off the assembly line and get under contract. That's the momentum build.

因此，我認為確實值得關注商業方面，這確實是我們認為長期增長來自生產努力的地方。現在我們看到這些設備下線並簽訂合同。這就是勢頭的建立。

The government-sourced revenue, which is very, very helpful and also leads to its own upside, a little bit of decline in Q2 is not representative of our performance. It's representative of some of the negotiations we had been engaged with.

政府來源的收入非常非常有幫助，也帶來了自己的好處，第二季度的一點點下降並不能代表我們的業績。它代表了我們參與的一些談判。

So Q3 will rebound back to where we've been running before and likely to stay until we see the appreciable pickup that we're seeing on the commercial side. And a lot of that will be realized in the coming quarters. So -- yes, I mean, that's the short of the long.

因此，第三季度將反彈回到我們之前的水平，並可能保持不變，直到我們看到商業方面的明顯回升。其中很多將在未來幾個季度實現。所以——是的，我的意思是，這就是長中之短。

Okay. No, that's understood. That's helpful. And then just on the $15 million of non-dilutive financing, so at what kind of revenue levels can we expect to see with that $15 million? I mean, how far does that get you down the road here before we look at the bigger round?

好的。不，是這樣理解的。這很有幫助。那麼就 1500 萬美元的非稀釋性融資而言，我們預計這 1500 萬美元的收入水平會是怎樣的呢？我的意思是，在我們考慮更大的一輪之前，這能讓你走多遠？

Yes. So we've closed the first five in July, and we're currently working on closing the balance of it. And the market reception is pretty high. And given the capital-intensive nature, we want to keep expanding the fleet. And so we are also in very advanced discussions, as you mentioned, with that -- the additional round.

是的。因此，我們已經在 7 月份關閉了前五個項目，目前我們正在努力關閉其餘的項目。而且市場反響相當高。鑑於資本密集型的​​性質，我們希望繼續擴大機隊。因此，正如您提到的，我們也在進行非常深入的討論——附加回合。

And so we want to keep our foot on the gas pedal. The demand signals are very strong, and we have to build hard work and the service organization in order to capture it. And we'd prefer there not to be any delays to the financing.

因此，我們要繼續踩油門。需求信號非常強烈，我們必須努力工作和服務組織來捕捉它。我們希望融資不要出現任何延誤。

Okay, awesome. Thanks for taking my questions. Good luck moving forward here.

好吧，太棒了。感謝您回答我的問題。祝你好運，在這裡前進。

Thanks, and give Troy my best.

謝謝，請給特洛伊最好的。

At this time, this concludes our question-and-answer session. I would now like to turn the call back over to Mr. Radford.

至此，我們的問答環節就結束了。我現在想把電話轉回給雷德福先生。

Thank you for joining -- sorry. Thank you for joining us today and for your interest in the Nauticus story and our vision for the future. We are committed to transforming the [global economy] through our cutting edge, autonomous robotics technology, and we remain excited to share progress updates with you along the way. Have a wonderful day.

感謝您的加入——抱歉。感謝您今天加入我們，感謝您對 Nauticus 的故事和我們對未來的願景感興趣。我們致力於通過尖端的自主機器人技術改變[全球經濟]，並且我們仍然很高興與您分享最新進展。祝你有美好的一天。

This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束。此時您可以斷開線路。感謝您的參與。