Nauticus Robotics Inc (KITT) 2024 Q3 法說會逐字稿

To all sides on hold. We appreciate your patience and ask that you continue to stand by your conference will begin in one minute.

各方均按兵不動。我們感謝您的耐心等待，並請您繼續支持會議將在一分鐘後開始。

Please stand by your program is about to begin. If you need assistance during your conference today, please press star zero, good day, everyone and welcome to today's Nauticus Robotics 2024 Q3 earnings call. At this time, all participants are in a listen-only mode later. You will have the opportunity to ask questions during the question and answer session. You may register to ask a question at any time by pressing the star and one on your telephone keypad. You may withdraw yourself from the key by pressing Star to please note this call is being recorded and I will be standing by if you need any assistance. It is now my pleasure to turn the conference over to Kristin Moorman, Special Projects Lead.

請稍候，您的節目即將開始。如果您在今天的會議期間需要幫助，請按星號零，大家好，歡迎參加今天的 Nauticus Robotics 2024 年第三季財報電話會議。此時，稍後所有參與者都處於只聽模式。您將有機會在問答環節提問。您可以隨時按電話鍵盤上的星號和一個來註冊提問。您可以按「星星」鍵退出鑰匙，請注意此通話正在錄音，如果您需要任何協助，我將隨時待命。現在我很高興將會議交給特別專案負責人 Kristin Moorman。

Thank you and good morning everyone joining me today and participating in the call are John Gibson, CEO and President, Victoria Hay, Interim CFO, JD Yamokoski, CTO, and government lead and other members of our leadership team on today's call. We will first provide prepared remarks concerning our operations and financial results. Following that, we will answer questions.

謝謝大家，早安，今天加入我並參加電話會議的所有人包括首席執行官兼總裁John Gibson、臨時首席財務官Victoria Hay、首席技術官JD Yamokoski、政府負責人以及參加今天電話會議的領導團隊的其他成員。我們將首先提供有關我們的營運和財務表現的準備好的評論。接下來，我們將回答問題。

We have now released our results for the third quarter of 2024 which are available on our website.

我們現已發布 2024 年第三季的業績，可在我們的網站上查看。

In addition, today's call is being webcast and a replay will be available on our website shortly following the conclusion of the call.

此外，今天的電話會議正在進行網路直播，電話會議結束後不久將在我們的網站上提供重播。

Please note that comments we make on today's call regarding projections or our expectations for future events are forward-looking statements, forward-looking statements are subject to a number of risks and uncertainties. Many of which are beyond our control.

請注意，我們在今天的電話會議上發表的有關預測或對未來事件的預期的評論屬於前瞻性陳述，前瞻性陳述受到許多風險和不確定性的影響。其中許多是我們無法控制的。

These risks and uncertainties can cause actual results to differ materially from our current expectations. We advise listeners to review our earnings release and the risk factors discussed in our filings with the SEC.

這些風險和不確定性可能導致實際結果與我們目前的預期有重大差異。我們建議聽眾查看我們的財報以及我們向美國證券交易委員會提交的文件中討論的風險因素。

Also please refer to the reconciliations provided in our earnings press release as we may discuss Non-GAAP metrics on this call.

另請參閱我們的收益新聞稿中提供的調整表，因為我們可能會在本次電話會議上討論非 GAAP 指標。

I will now turn it over to John.

我現在將把它交給約翰。

Well, good morning and thank you for joining us for our conference call today at the end of our prepared remarks this morning and before we open up the Florida questions, I'll provide an update on our Q3 revenue performance and try to set expectations for the future.

好吧，早上好，感謝您今天早上參加我們的電話會議，在我們今天早上準備好的發言結束時，在我們討論佛羅裡達州問題之前，我將提供有關我們第三季度收入表現的最新信息，並嘗試設定對未來。

Now, in the third quarter, we achieved an industry first by successfully conducting Aquanaut first commercial projects. This is a significant milestone for us and for the industry, we're now focused on leveraging the success to create our company's first business backlog in 2025 consisting of both commercial and defense work. We plan to press release the closing of any contracts as they occur. In addition, we continue to receive strong support from our existing lenders as they are converting to ventures, which has the impact of materially increasing our shareholder equity, which should allow us to remain listed on NASDAQ.

現在，在第三季度，我們成功開展了 Aquanaut 第一個商業項目，實現了該行業第一。這對我們和整個產業來說都是一個重要的里程碑，我們現在專注於利用這一成功，在 2025 年創建我們公司的第一個業務積壓工作，包括商業和國防工作。我們計劃在任何合約發生時發布新聞稿。此外，我們繼續獲得現有貸方的大力支持，因為他們正在轉型為企業，這將大幅增加我們的股東權益，這將使我們能夠繼續在納斯達克上市。

If you'll explain more. We completed customer qualifications and began commercial execution in Q3 2024 with our Aquanaut vehicle in the Gulf of Mexico during qualification, we discovered an anomaly that resulted in additional commercial work during the commercial work in an active field. We discovered yet another anomaly as a result of the unique capabilities of the Aquanaut vehicle. These discoveries have resulted in commercial discussions for the 2025 season around the unique capabilities of the Aquanaut vehicle versus current ROV capabilities. Customers are expanding their scope of work to include these unique capabilities in order to assess their fields going forward. During the winter months, we will concentrate on building our pipeline for the 2025 Gulf season. We're actively working to eliminate seasonality in our business to do that. Daniel, we'll discuss in just a minute, the technical modifications that should allow year-round work in the Gulf of Mexico. We're also working with South American customers to mitigate North American seasonality or northern [hemisphere seasonality]. Daniel will cover more of that in our field operations section as well. Now, before we turn to our operational activities I want to update you on the progress with meeting Nasdaq's continued listing standards. Our stock price remains above a dollar minimum bid price. We also just announced an exchange agreement to convert debt into preferred stock. This action is intended to get us into compliance with NASDAQ's listing requirements and I'll leave that to Victoria in the financial section. Now with that, I'm going to turn it over to Daniel dear, our field operations leader to give you an operational update. Daniel.

如果你能解釋更多的話。我們完成了客戶資格認證，並於2024 年第三季開始在墨西哥灣使用我們的Aquanaut 車輛進行商業執行。的商業工作。由於 Aquanaut 飛行器的獨特功能，我們發現了另一個異常現象。這些發現引發了 2025 年季節的商業討論，圍繞 Aquanaut 車輛與當前 ROV 功能的獨特功能進行討論。客戶正在擴大他們的工作範圍，以納入這些獨特的功能，以便評估他們的領域的未來發展。在冬季，我們將集中精力建造 2025 年海灣季節的管道。為此，我們正在積極努力消除業務中的季節性因素。丹尼爾，我們將在一分鐘內討論允許在墨西哥灣全年工作的技術修改。我們也與南美客戶合作，以減輕北美季節性或北半球季節性的影響。丹尼爾還將在我們的現場操作部分介紹更多內容。現在，在我們開始討論我們的營運活動之前，我想向您介紹滿足納斯達克持續上市標準的最新進展。我們的股價仍高於一美元的最低買入價。我們也剛宣布了一項將債務轉換為優先股的交換協議。這項行動的目的是讓我們遵守納斯達克的上市要求，我將把這個問題留給財務部分的維多利亞。現在，我將把它交給親愛的丹尼爾，我們的現場營運負責人，為您提供最新的營運情況。丹尼爾.

Thank you, John. Let me bring you up to date on the regional operational projects for the Acron vehicle. In Q3. We conducted our first commercial project utilizing the Aquanaut system. This is a significant milestone for us and represents proof that our technology solutions are ready for consistent commercial service. The project consisted of using the Aquanaut vehicle to complete surveys of both an abandoned field and an access field for customers in Deepwater Gulf of Mexico. We are excited to report that the project exceeded our expectations and more importantly, the expectations of our customers. The Aquanaut vehicle was able to provide high quality data on our customers subsea assets utilizing untethered autonomy at depths up to 1,000 m.

謝謝你，約翰。讓我為您介紹 Acron 車輛區域營運專案的最新資訊。在第三季。我們利用 Aquanaut 系統開展了第一個商業項目。這對我們來說是一個重要的里程碑，證明我們的技術解決方案已準備好提供一致的商業服務。該項目包括使用 Aquanaut 車輛完成對墨西哥深水灣客戶的廢棄場地和進入場地的調查。我們很高興地報告，該專案超出了我們的預期，更重要的是，超出了客戶的期望。Aquanaut 車輛能夠在深達 1,000 m 的深度利用不受束縛的自主性為我們的客戶提供海底資產的高品質數據。

The Aquanaut vehicle was able to survey assets in the field while also providing high level inspection to help with field deliverables.

Aquanaut 車輛能夠勘察現場資產，同時也提供高水準檢查以協助完成現場交付。

With this commercial contract. We have achieved an industry. First, customers are excited about the capabilities and impact it will have on future operations.

有了這份商業合約。我們已經成就了一個產業。首先，客戶對其功能及其對未來營運的影響感到興奮。

In addition, the Aquanaut vehicles differentiated capabilities and sensors identified anomalies that resulted in additional work in early Q4.

此外，Aquanaut 車輛的差異化功能和感測器發現了異常情況，導致第四季度初期進行了額外的工作。

With the end of the 2024 season, the Aquanaut system has now been demobilized from the vessel. This was expected as our business is highly seasonal and expected to remain so in the near future. However, we are working on new capabilities and geographies that will allow us to extend the operating season and hope to eventually operate year round contract negotiations with existing and new customers are ongoing as a result of our service quality and differentiated technical capabilities, creating our company's first backlog of work for the upcoming season. We believe our demonstrated success will catalyze the rapid adoption of subsea autonomy. The Aquanaut system should improve safety, reduce cost, provide actionable insights and dramatically reduce emissions.

隨著 2024 年季節的結束，Aquanaut 系統現已從船上退役。這是預料之中的，因為我們的業務具有很強的季節性，並且預計在不久的將來仍將如此。然而，我們正在開發新的能力和地理，這將使我們能夠延長營運季節，並希望最終能夠全年運作。進行中，從而創造了我們公司的即將到來的季節的第一批積壓工作。我們相信，我們所取得的成功將促進海底自主技術的快速採用。Aquanaut 系統應該提高安全性、降低成本、提供可行的見解並大幅減少排放。

In addition, we plan to continue developing technology that provides an attractive return on investment to shareholders and customers. The second Aquanaut vehicle is expected to complete factory acceptance testing in Q4 of 2024 to ensure readiness for the demand we see coming in 2025 and beyond.

此外，我們計劃繼續開發為股東和客戶提供有吸引力的投資回報的技術。第二輛 Aquanaut 車輛預計將於 2024 年第四季完成工廠驗收測試，以確保為 2025 年及以後的需求做好準備。

We expect the second vehicle to be available for commercial service sometime in the first quarter of 2025.

我們預計第二輛車將於 2025 年第一季的某個時候投入商業服務。

I would like to thank all the employees at Nauticus Robotics. We could not have accomplished all that we have without the commitment and dedication of all of you. Our customers are highly satisfied with the service we provide and this is a direct result of our employees. Before I turn it back over to John, I just want to emphasize that we are on the cusp of achieving what we set out to do when Nauticus Robotics was founded back in 2014, that is provide autonomous underwater robotic solutions for our customers on a commercial basis. I will now turn it back to John.

我要感謝 Nauticus Robotics 的所有員工。如果沒有你們所有人的承諾和奉獻，我們不可能取得今天所取得的一切。我們的客戶對我們提供的服務非常滿意，這是我們員工的直接成果。在我將其轉回約翰之前，我只想強調，我們正處於實現 2014 年 Nauticus Robotics 成立時的目標的風口浪尖，即為我們的客戶提供商業化的自主水下機器人解決方案。我現在將其轉回給約翰。

Well, thank you, Daniel. It has certainly been a journey but we have a vehicle capable of capturing commercial work today and the data we collect is proven valuable to our customers beyond what's available from other vendors. We're truly differentiated with that. I'd like to turn it over to Jason close, who's our toolkit software leader for an update on Toolkit, Jason.

好吧，謝謝你，丹尼爾。這無疑是一段旅程，但我們擁有能夠捕獲當今商業工作的工具，事實證明，我們收集的數據對我們的客戶來說非常有價值，超出了其他供應商提供的數據。我們確實在這一點上與眾不同。我想將其交給 Jason close，他是我們的工具包軟體負責人，負責更新 Toolkit，Jason。

Thank you and good morning. We continue to advance both the functionality and commerciality of our toolkit software platform.

謝謝你，早安。我們持續推進工具包軟體平台的功能和商業性。

The software performed reliably during our operations in the Gulf of Mexico and we will now focus our efforts on delivering a commercial release to the market in 2025.

該軟體在墨西哥灣運作期間運作可靠，我們現在將專注於 2025 年向市場提供商業版本。

Additionally, the team continues to progress the technology towards higher levels of autonomy and broader commercial functionality which will not only improve our capabilities for theAquanaut vehicle but also provide value added differentiation for third party platform integration.

此外，該團隊繼續將技術發展到更高水準的自主性和更廣泛的商業功能，這不僅將提高我們的 Aquanaut 車輛的能力，而且還為第三方平台整合提供增值差異化。

We continue to progress positive conversations with third party ROV manufacturers and service providers and look forward to working closely with them as we move into 2025.

我們將繼續與第三方 ROV 製造商和服務提供者進行積極對話，並期待在進入 2025 年時與他們密切合作。

Our 2025 goal is to sell our first commercial license of Toolkit.

我們的 2025 年目標是出售我們的第一個 Toolkit 商業授權。

And with that, I'll turn it back to John.

說到這裡，我會把它轉回給約翰。

Thanks Jason. The operating system from the Aquanaut vehicle was critical to us successfully conducting all the missions that we did offshore to Gulf of Mexico. It exceeded customer expectations and we are excited to make that available to the general market. 2025. With that, I'm going to turn it over to JD for an update on our government business JD.

謝謝傑森。Aquanaut 車輛的作業系統對於我們成功執行在墨西哥灣近海執行的所有任務至關重要。它超出了客戶的期望，我們很高興將其推向一般市場。2025 年。說到這裡，我將把它交給京東，以了解我們政府業務京東的最新情況。

Thank you and good morning, productive conversations with our long time defense contracting partner continue regarding possible future work. Our prior collaboration was praised by the customer for the seamless partnership between both organizations. Building on this success. Both companies seek to leverage their complementary strengths together to serve the interests of national defense.

謝謝您，早安，我們與我們的長期國防承包合作夥伴就未來可能的工作繼續進行富有成效的對話。我們先前的合作因兩個組織之間的無縫合作關係而受到客戶的讚揚。在此成功的基礎上。兩家公司都尋求利用互補優勢共同服務國防利益。

The government Business Unit is also investigating opportunities in environmental monitoring, leveraging the large and reconfigurable payload capacity of the vehicle to collect samples.

政府業務部門也正在研究環境監測的機會，利用車輛的大型且可重新配置的有效負載能力來收集樣本。

I'll now turn it over to Victoria for our discussion of our financial results.

現在我將把它交給維多利亞，讓我們討論我們的財務表現。

Thanks JD and good morning.

謝謝 JD，早安。

As a reminder, the 36 to 1 reverse split was completed on July 22nd. All references to equity and related items in our 10-Q and press releases are stated on a post split basis as previously discussed that gave us an extension until December 31st to resolve our stockholders' equity non compliance.

提醒一下，36比1的反向分割是在7月22日完成的。如同先前所討論的，我們 10 季和新聞稿中對股權和相關項目的所有提及都是在分拆後的基礎上表述的，這使我們可以延長至 12 月 31 日解決股東股權違規問題。

We have several initiatives underway to address this first we have entered into an agreement with our investors to exchange the originally issued discount, senior secured convertible [Devonshire] to preferred convertible stock.

我們正在採取多項措施來解決這個問題，首先我們已與投資者達成協議，將最初發行的折扣優先擔保可轉換債券 [Devonshire] 轉換為優先可轉換股票。

This currently comprises approximately $27 million of principal $3 million of interest and $3 million of additional liabilities that have come as a result of conversions of the initial [Devonshire] below the floor price of $3. 16.

目前，這包括約 2700 萬美元的本金、300 萬美元的利息和 300 萬美元的額外負債，這些負債是由於初始 [Devonshire] 低於 3 美元的底價轉換而產生的。16.

This will be an agenda item at the shareholders' meeting scheduled for December18th, 2024.

這將成為定於 2024 年 12 月 18 日舉行的股東大會的議程項目。

Second. We are working on additional items which will deleverage our balance sheet further while increasing shareholder, all of these discussions are at a stage yet where we can disclose them in more detail. However, we do expect significant progress on these prior to the end of the year, we are confident that the steps we are taking will allow us to bring our stockholders back into compliance in the required time frame.

第二。我們正在研究其他項目，這些項目將進一步去槓桿化我們的資產負債表，同時增加股東，所有這些討論都處於我們可以更詳細地披露的階段。然而，我們確實預計在今年年底之前在這些方面取得重大進展，我們相信我們正在採取的步驟將使我們能夠在規定的時間內使股東恢復合規。

In addition to regaining NASDAQ compliance, we are keenly focused on securing the cash we will need through the end of 2025. While we ramp up commercialization as discussed by Daniel to that effect, we closed $1.1 million of funding last Friday, which is the first tranche of up to 21.1 million available to us through a new convertible [Devonshire].

除了重新獲得納斯達克合規性外，我們還專注於確保 2025 年底之前所需的現金。正如丹尼爾所討論的那樣，我們加大了商業化力度，上週五我們完成了110 萬美元的融資，這是我們透過新的可轉換債券[德文郡] 獲得的第一筆資金，最多可達2,110 萬美元。

We also have lenders that are willing to modify their current debt agreements to capitalize cash payments until Q3 2025 effectively allowing us to use this cash for working capital.

我們也有貸款人願意修改其目前的債務協議，以在 2025 年第三季之前將現金支付資本化，從而有效地允許我們將這些現金用作營運資金。

We anticipate to close this to close in the fourth quarter.

我們預計將在第四季度完成這項工作。

I will now discuss in more detail. Our financial results for the quarter revenue for the third quarter was $0.4 million which is down $0.1 million from the second quarter 24 and down $1.2 million from the same period last year.

我現在將更詳細地討論。我們的財務業績第三季營收為 40 萬美元，比第二季減少 10 萬美元，比去年同期減少 120 萬美元。

The magnitude of the decline in revenue was largely due to a late start driven by bad weather in the Gulf of Mexico, resulting in some revenues shifting to Q4.

收入大幅下降的主要原因是墨西哥灣惡劣天氣導致起步較晚，導致部分收入轉移至第四季。

Operating expenses for the third quarter were $5.9 million which is a $3.9 million improvement from Q323 and a sequential improvement of $0.6 million.

第三季營運費用為 590 萬美元，比 2023 年第三季減少 390 萬美元，季減 60 萬美元。

Do you think costs for the third quarter were $2.8 million?

您認為第三季的成本是 280 萬美元嗎？

Which is an improvement of $3.9 million compared to the same period in 23 and the $9.4 million improvement sequentially, this is the result of dedicated focus on reducing costs and eliminating nonvalue added spend each quarter. We continue to improve our DNA run rate and this focus will continue through the end of 24 and into 2025.

與 23 年同期相比，增加了 390 萬美元，比上一季增加了 940 萬美元，這是每季專注於降低成本和消除非增值支出的結果。我們將繼續提高 DNA 運作率，這一重點將持續到 24 年底直至 2025 年。

Net loss for the quarter was $11.4 million. This is a $6.3 million reduction from the third quarter of 23 and a $6 million increase. Sequentially, the large variant sequentially is driven by the noncash fair value change of outstanding warrants with a 4.4 million gain in Q224 versus a 0.6 million gain in Q324.

該季度淨虧損為 1,140 萬美元。與第三季 23 相比減少了 630 萬美元，增加了 600 萬美元。接下來，較大的變體是由未償還認股權證的非現金公允價值變化推動的，2024 年第二季收益為 440 萬美元，而第三季收益為 60 萬美元。

The third quarter in 2024 also included a $2.1 million charge relating to the conversion of Devonshire mentioned earlier whereby the company owes the debt holder, the difference between the floor price of $3.16 and the alternative conversion price adjusted net loss for the third quarter was $11.4 million compared to $9 million for the prayer quarter and $8.1 million in the same period, prayer year.

2024年第三季還包括與前面提到的德文郡轉換相關的210萬美元費用，該公司欠債權人，底價3.16美元與替代轉換價格調整後第三季淨虧損之間的差額為1140萬美元相較之下，祈禱季度的收入為900 萬美元，祈禱年同期為810 萬美元。

Again, the third quarter was adversely impacted by the $2.1 million charge relating to the debt conversion liability.

第三季再次受到與債務轉換負債相關的 210 萬美元費用的不利影響。

This liability will be converted to preferred equity as part of the preferred exchange already discussed cash at the end of Q3 2024 was $2.9 million compared to $0.7 million at the end of 2023.

該負債將轉換為優先股，作為優先交換的一部分，截至 2024 年第三季末，現金為 290 萬美元，而 2023 年底為 70 萬美元。

This is a result of funding received in the first half of 2024 of $14.3 million along with raising $9.4 million to our at the market facility. In the second quarter, we have a signed offer on a hydro vessel which has been held for sale since December 2023. This is expected to close prior to the end of the fourth quarter, I will now pass the call back to John.

這是 2024 年上半年收到的 1,430 萬美元資金以及我們在市場融資中籌集的 940 萬美元的結果。第二季度，我們簽署了一艘水力船舶的報價，自 2023 年 12 月以來一直待售。預計將在第四季末之前結束，我現在將把電話轉回給約翰。

Thanks Victoria.

謝謝維多利亞。

Reflecting on our Q3 results. It really is as if we were competing in the NCAA championship game. We beat the odds, we delivered performance that earned us national championship in Q3. Now we achieved this by playing exceptional defense and in our context, defense means creating a new market, exceeding customer expectations and delivering on promises that our largest competitors cannot deliver on today. Additionally, we introduced capabilities that the commercial and defense markets have never seen before. In short, we excel. However, when it comes to offense or revenue, our efforts only produce a late fourth quarter field goal. So why was our revenue performance lower? And what are we doing to improve that for historical context? Our Q3 revenue results stem from contracts that were executed in 2023 by prior management. These revenues were generated from a term key R&D proof of concept contract. The contract was intended to offset testing and certification costs while fostering customer support, which it's done.

反思我們第三季的業績。這真的就像我們正在參加 NCAA 冠軍賽一樣。我們克服了困難，我們的表現為我們贏得了第三季的全國冠軍。現在，我們透過發揮卓越的防禦能力來實現這一目標，在我們的背景下，防禦意味著創造一個新的市場，超越客戶的期望並兌現我們最大的競爭對手今天無法兌現的承諾。此外，我們還引入了商業和國防市場以前從未見過的功能。簡而言之，我們表現出色。然而，當涉及進攻或收入時，我們的努力只能產生第四節末的射門得分。那為什麼我們的收入表現較低呢？我們正在做什麼來改善歷史背景？我們第三季的營收結果源自於前管理階層於 2023 年執行的合約。這些收入來自長期關鍵研發概念驗證合約。該合約旨在抵消測試和認證成本，同時促進客戶支持，目前已經做到了。

This revenue figure does not, does not represent dayrate revenue or our ability to generate points on the board for the 2025 season. Instead, it reflects that in the last 11 months, we have advanced from a mere concept to a commercial offering.

這個收入數字並不代表日收入或我們在 2025 年賽季中獲得積分的能力。相反，它反映出在過去 11 個月裡，我們已經從單純的概念發展為商業產品。

Now, rest assured we understand the need for the office to score more consistently and a lot higher number of points. We're currently negotiating dayrate contracts which in a single week can surpass the total revenue produced in Q3. While Q3 revenue may seem modest, there is really no reason to apologize for it. We claimed the national championship with what we accomplished. Now, if I look ahead, I believe our technical achievements in Q3 will soon translate into contracts, revenues and gross margins that are the envy of our large competitors. Furthermore, our success in the quarter demonstrates that our Deepwater autonomous software capabilities surpass that of all competitors paving the way for commercial licenses in 2025. As Jason close previously stated, finally, at the conclusion of 2023 we stated we were evaluating strategic alternatives today. I believe strategics are evaluating us. Well, this concludes our remarks for today. An operator, I'd like to turn it back over to you and open it up for a few questions.

現在，請放心，我們了解辦公室需要更一致地獲得更高的分數。我們目前正在談判日費合約，該合約在一周內就可以超過第三季產生的總收入。雖然第三季的收入可能看起來不大，但確實沒有理由為此道歉。我們憑藉著所取得的成就奪得了全國冠軍。現在，如果我展望未來，我相信我們第三季的技術成果很快就會轉化為讓我們的大型競爭對手羨慕的合約、收入和毛利率。此外，我們在本季度的成功表明，我們的 Deepwater 自主軟體能力超過了所有競爭對手，為 2025 年獲得商業許可鋪平了道路。正如 Jason Close 之前所說，最後，在 2023 年結束時，我們表示我們今天正在評估策略替代方案。我相信戰略正在評估我們。好了，我們今天的發言就到此結束。接線員，我想將其轉回給您並請您回答幾個問題。

At this time. If you would like to ask a question, please press the star and one on your telephone keypad. You may remove yourself from the queue at any time by pressing Star to once again that is star and one to ask a question, we will pause for a moment to allow questions to queue.

此時。如果您想提問，請按電話鍵盤上的星號和一。您可以隨時將自己從佇列中刪除，方法是再次按下「星」鍵，即星號和提問問題，我們將暫停一會兒，讓問題排隊。

And once again, that is star and one to ask a question and it appears that we have no questions in the queue. At this time, I will now turn the program back over to our presenters for any additional or closing remarks.

再說一次，這是一個明星，也是一個要提問的人，但看起來我們在隊列中沒有問題。此時，我將把節目交回給我們的主持人，以供補充或結束語。

First off, I just want to say thank you to everyone that owns shares and Nauticus thank you for the commitment to the company. This is a great long term play and we're developing and delivering things to the market that just astound and I appreciate you being in the shares. I fully understand that we need to play better offense and our team is focused on that. We are really appreciative for you being on the call. We look forward to the conference call at the end of Q4 and, wrapping up the year, take care, we'll talk again soon.

首先，我只想向所有持有股份的人表示感謝，並感謝 Nauticus 對公司的承諾。這是一項偉大的長期投資，我們正在開發並向市場提供令人震驚的產品，我很感謝您參與其中。我完全理解我們需要打出更好的進攻，我們的球隊也專注於此。我們非常感謝您接聽電話。我們期待第四季末的電話會議，並在今年結束時注意，我們很快就會再次討論。

That concludes today's teleconference. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。