Nauticus Robotics Inc (KITT) 2024 Q4 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Nauticus Robotics 2024 Q4 and Full Year Earnings Conference Call. (Operator Instructions) Also note that this call is being recorded on Wednesday, April 16, 2025.

女士們、先生們，早安，歡迎參加 Nauticus Robotics 2024 年第四季和全年收益電話會議。（操作員指示）另請注意，此通話於 2025 年 4 月 16 日星期三錄製。

I would now like to turn the conference over to Kristin Moorman, Corporate Development and Administration Leader. Please go ahead.

現在，我想將會議交給企業發展和管理負責人克里斯汀·穆爾曼 (Kristin Moorman)。請繼續。

Thank you, and good morning, everyone. Joining me today and participating in the call are John Gibson, CEO and President; Vicki Hay, Interim CFO; Daniel Dehart, Field Operations Leader; Steve Walsh, Sales Leader; and other members of our leadership team.

謝謝大家，早安。今天與我一起參加電話會議的還有執行長兼總裁約翰·吉布森 (John Gibson)； Vicki Hay，臨時首席財務官； Daniel Dehart，現場營運負責人；銷售主管史蒂夫·沃爾什 (Steve Walsh)；以及我們領導團隊的其他成員。

On today's call, we will first provide prepared remarks concerning our financial and operations results. Following that, we will answer questions. We have now released our results for the full year of 2024, which are available on our website. In addition, today's call is being webcast, and a replay will be available on our website shortly following the conclusion of the call.

在今天的電話會議上，我們將首先就我們的財務和營運結果提供準備好的評論。接下來我們將回答問題。我們現已發布 2024 年全年業績，可在我們的網站上查閱。此外，今天的電話會議正在進行網路直播，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. These risks and uncertainties can cause actual results to differ materially from our current expectations.

請注意，我們在今天的電話會議上就未來事件的預測或預期所做的評論均為前瞻性陳述。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。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。

We advise listeners to review our earnings release and the risk factors discussed in our filings with the SEC. Also, please refer to the reconciliations provided in our earnings press release as we may discuss non-GAAP metrics on this call.

我們建議聽眾查看我們的收益報告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。此外，請參閱我們的收益新聞稿中提供的對帳表，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.

現在我將把發言權交給約翰。

Well, thank you, and good morning. I appreciate you guys joining us on the call today. 2024 was a transformational year for Nauticus, and we appreciate all of the support that we've had throughout the year. Our cultural shift from a research and development company into a commercial revenue-generating company is well underway. We continue to deliver high-value solutions to our customers by pushing technological boundaries.

好的，謝謝你，早安。感謝你們今天參加我們的電話會議。 2024 年是 Nauticus 轉型的一年，我們感謝全年所得到的所有支持。我們正在順利完成從研發公司到商業創收公司的文化轉變。我們不斷突破技術界限，為客戶提供高價值的解決方案。

2024 was our inaugural season of offshore operations for the Aquanaut vehicle. We were executing legacy contracts to prove the technology and did. We are excited about the pipeline of new contracts, which we will begin press releasing soon.

2024 年是我們 Aquanaut 潛水器首次進行海上作業的季節。我們正在執行遺留合約來證明這項技術，並且確實做到了。我們對新合約的簽訂感到非常興奮，我們很快就會開始發布新聞。

Our 2025 season should demonstrate significant improvement from 2024 as we implement the lessons learned from our first commercial offshore season and put them in place to succeed in '25.

隨著我們吸取第一個商業海上季節的經驗教訓並將其付諸實施，我們將在 2025 年取得成功，因此我們的 2025 年季節應該會比 2024 年有顯著的進步。

We confirm ToolKITT software operation on a SeaTrepid ROV. The initial test reinforced our belief that augmenting an ROV's existing software will enable autonomy, allowing our customers to reduce their overall subsea operational cost. This opens the market for ToolKITT sales to ROV operators for the very first time. Stay tuned for an announcement of the official release of ToolKITT for ROVs.

我們確認 ToolKITT 軟體可以在 SeaTrepid ROV 上運作。初步測試強化了我們的信念：增強 ROV 的現有軟體將實現自主性，使我們的客戶能夠降低整體海底營運成本。這首次為 ToolKITT 向 ROV 營運商的銷售打開了市場。請繼續關注 ROV ToolKITT 的正式發佈公告。

Our manipulator team continues to develop a fit-for-purpose Olympic Arm variant and plans to install the first set onto our Aquanaut vehicle in the second half of the year. This will make Aquanaut the first autonomous underwater vehicle with autonomous manipulators. In fact, it will make it the only autonomous underwater vehicle with autonomous manipulators.

我們的機械手團隊繼續開發適合用途的奧林匹克臂變體，並計劃在今年下半年將第一套機械手安裝到我們的 Aquanaut 飛行器上。這將使 Aquanaut 成為第一艘配備自主操縱器的自主水下航行器。事實上，它將使其成為唯一配備自主操縱器的自主水下航行器。

The company had a year that was focused on raising money and exchanging our debt. Vicki is going to really cover the details of that in just a few minutes. We anticipate an inflection point in 2025 as we begin to help the offshore industry move from legacy operations, which means man operated as opposed to autonomy to increase trust and reliance on a new way of executing work autonomously.

公司有一年的時間專注於籌集資金和交換債務。Vicki 將在幾分鐘內詳細介紹這項細節。我們預計 2025 年將出現一個轉折點，屆時我們將開始幫助海上工業擺脫傳統營運模式，由人工操作而非自主操作，從而增強對自主執行工作的新方式的信任和依賴。

Customers are already showing eagerness to fit our execution model into their current plans and excitement is building around how their operational models will change.

客戶已經表現出渴望將我們的執行模式融入他們當前的計劃中，並且對於他們的營運模式將如何變化感到興奮。

They're coming to us with questions and ideas, and they're sparking a lot of collaborative discussions. Now Daniel and Steve are both with us today, and they'll describe that in their comments in just a moment.

他們帶著問題和想法來找我們，引發了許多合作討論。現在丹尼爾和史蒂夫今天都和我們在一起，他們馬上就會在評論中描述這一點。

Our acquisition of SeaTrepid last month was a game changer for us. It provides an additional catalyst in this offshore execution transition. Existing SeaTrepid customers and contract relationships have given us easy access to a broader group of early adopters, which effectively reduces our customer concentration.

我們上個月對 SeaTrepid 的收購對我們來說是一個重大的改變。它為這一離岸執行轉型提供了額外的催化劑。現有的 SeaTrepid 客戶和合約關係使我們能夠輕鬆接觸到更廣泛的早期採用者群體，從而有效地降低了我們的客戶集中度。

SeaTrepid and Nauticus legacy customers are welcoming this combined offering of a vessel with both the Aquanaut vehicle and an ROV on board and in the near future, an autonomous ROV coupled with an autonomous underwater vehicle. By installing ToolKITT on both vehicles, the first subsea robotic collaboration solution will be realized and customers can see the immediate value.

SeaTrepid 和 Nauticus 的老客戶對這種組合式船舶表示歡迎，該船舶既配備 Aquanaut 潛水器，又配備 ROV，並且在不久的將來，還將配備自主 ROV 和自主水下航行器。透過在兩艘潛水器上安裝 ToolKITT，第一個海底機器人協作解決方案將實現，客戶可以看到其直接價值。

SeaTrepid's location in Robert, Louisiana provides a testing facility with much closer proximity to our launching location for the Gulf of America, improving our logistics and reducing our cost. The government side of the company had a breakthrough in early 2025 by signing an alliance with our long-term customer, Leidos, to address emerging challenges in the defense sector.

SeaTrepid 位於路易斯安那州羅伯特，其測試設施距離我們在美國灣的下水地點更近，從而改善了我們的物流並降低了成本。2025 年初，公司政府部門取得了突破，與我們的長期客戶 Leidos 簽署了聯盟協議，以應對國防領域新出現的挑戰。

Government contracting has longer lead times, larger upside and greater stability than seasonal commercial contracts. We're excited to pursue these opportunities.

與季節性商業合約相比，政府合約的交付週期更長、利潤空間更大、穩定性更高。我們很高興能夠抓住這些機會。

Now before I turn this call over to Vicki on the financial activities, I want to update you on our NASDAQ continued listing standards. We procured our noncompliance issues with NASDAQ in early 2025. We are closely monitoring the wider markets.

現在，在我將這次電話會議轉給 Vicki 討論財務活動之前，我想先向您介紹我們的納斯達克持續上市標準。我們在 2025 年初就與納斯達克達成了不合規協議。我們正在密切關注更廣泛的市場。

And with that, I'd like to turn it over to Vicki to talk about the financial details. Vicki?

接下來，我想讓 Vicki 來談談財務細節。薇琪？

Thank you, John, and good morning, everyone. Let's first address the restatement that was announced on March 19 that was identified as part of the year-end order. The company yesterday filed restated 2024 financial statements as of and for the quarters ended March 31, June 30 and September 30 due to a correction of accounting treatment for a complex Q1 2024 debt transaction. The reason for the restatement revolved around the debt transaction that occurred on January 30, 2024.

謝謝你，約翰，大家早安。讓我們先討論一下 3 月 19 日宣布的、被確定為年終命令一部分的重申。由於對 2024 年第一季複雜的債務交易的會計處理進行了修正，該公司昨日提交了截至 3 月 31 日、6 月 30 日和 9 月 30 日的季度重述的 2024 年財務報表。重述的原因圍繞著2024年1月30日發生的債務交易。

The transaction was incorrectly treated as debt modification rather than debt extinguishment. Because of this change in accounting treatment, the debt was required to be fair valued quarterly using a Monte Carlo statistical model, the inputs variable include volatility, stock price variability and risk-free rate.

該交易被錯誤地視為債務修改而不是債務清償。由於會計處理方式的這種變化，需要使用蒙特卡羅統計模型對債務進行每季的公允價值評估，輸入變數包括波動性、股票價格波動性和無風險利率。

Given this, the change in fair value each quarter changed materially, but all of these adjustments are noncash and are excluded in our non-GAAP measures. The full year noncash impact of this treatment and the subsequent exchange to preferred stock resulted in an incremental net loss impact of $106.4 million. This does not impact our shareholders' deficit calculation as the offset to this sits in APIC, giving a net zero impact on our shareholders' deficit.

有鑑於此，每個季度的公允價值變動都發生了重大變化，但所有這些調整都是非現金的，並且不在我們的非公認會計準則衡量指標中。該處理方式及隨後的優先股兌換對全年非現金影響導致淨虧損增量為 1.064 億美元。這不會影響我們的股東赤字計算，因為對此的抵消是在 APIC 中進行的，對我們的股東赤字產生淨零影響。

Important to note, this debt no longer exists on the balance sheet as of December 2024 as it was exchanged into Series A preferred stock for a fair value of $110.3 million. This is a nonrecurring fair value and will not be further fair valued in future quarters.

值得注意的是，自 2024 年 12 月起，這筆債務已不再存在於資產負債表上，因為它已兌換為 A 系列優先股，公允價值為 1.103 億美元。這是一個非經常性公允價值，未來幾季將不會進一步公允價值評估。

This preferred exchange was part of our plan to deleverage our balance sheet and successfully regain listing compliance with NASDAQ, which occurred in February 2025. In addition to regaining NASDAQ compliance, we have been keenly focused on securing the cash we will need through '25 while we ramp up commercialization. We have seen some great progress on this during Q1.

該優先交易所是我們去槓桿計劃的一部分，旨在降低資產負債表槓桿率並於 2025 年 2 月成功重新獲得納斯達克上市合規性。除了重新獲得納斯達克合規性之外，我們還一直致力於確保在加快商業化的同時獲得 25 年所需的現金。我們在第一季看到了這方面的巨大進展。

In January 2025, the company conducted further at-the-market offerings in which we issued and sold almost 7.5 million shares for net proceeds of $19.4 million. A portion of the funds enabled us to do the acquisition of SeaTrepid, which will enhance our financial position as we move through 2025.

2025 年 1 月，公司進行了進一步的市場發行，發行並出售了近 750 萬股股票，淨收益為 1,940 萬美元。部分資金使我們能夠收購 SeaTrepid，這將增強我們到 2025 年的財務狀況。

In January '25, we reduced the conversion price of the loans under the January '24 term loan agreement to $1.59, which resulted in subsequent conversions, which further improved the position of our balance sheet.

25 年 1 月，我們將 24 年 1 月定期貸款協議項下的貸款轉換價格降低至 1.59 美元，這導致了後續轉換，進一步改善了我們的資產負債表狀況。

I will now discuss in more detail our financial results for 2024. Revenue for the year was $1.8 million, which is down $4.8 million from '23. The decline in revenue was largely due to the reduction in government contracts in '24. However, in '24, the company did recognize revenue for commercial operations of the Aquanaut vehicle for the first time in the company's history, and we will grow on this throughout 2025.

我現在將更詳細地討論我們 2024 年的財務表現。全年收入為 180 萬美元，比 23 年下降 480 萬美元。收入的下降主要是由於24年政府合約的減少。然而，在 2024 年，該公司確實首次在歷史上實現了 Aquanaut 飛行器商業運營的收入，並且我們將在 2025 年繼續實現成長。

Operating expenses for the year were $24.9 million, which is a $36.8 million improvement from 2023. Excluding nonrecurring costs in '23 of $25.4 million impairment of property and equipment, $2.5 million loss on contract and $1.5 million severance costs, operating expenses dropped $7.4 million year-on-year, primarily due to continued focus on cost control.

全年營運費用為 2,490 萬美元，比 2023 年增加 3,680 萬美元。不包括 23 年度的非經常性成本，包括 2,540 萬美元的財產和設備減損、250 萬美元的合約損失和 150 萬美元的遣散費，營運費用年減 740 萬美元，主要原因是持續注重成本控制。

G&A costs for the year were $13.4 million, which is an improvement of $4.9 million compared to '23. This is primarily due to headcount reductions and a result of dedicated focus on reducing costs and eliminating non-value-added spend.

全年的一般及行政費用為 1,340 萬美元，與 23 年相比減少了 490 萬美元。這主要是由於員工人數減少以及專注於降低成本和消除非增值支出的結果。

Net loss for the year was $134.9 million. This is an $84.2 million increase from the net loss in '23. This is primarily due to the $127.6 million loss on extinguishment of debt recognized during the year, partially offset by the change in fair value of $21.1 million related to warrant liabilities and debentures and $25.4 million impairment recognized in '23 that did not occur again in '24.

全年淨虧損為1.349億美元。這比 23 年的淨虧損增加了 8,420 萬美元。這主要是由於本年度確認的 1.276 億美元債務清償損失，部分被與認股權證負債和債券相關的 2,110 萬美元公允價值變動以及 23 年確認的 2,540 萬美元減值（2024 年未再次發生）所抵銷。

Adjusted net loss for the year was $26.1 million compared to $34.3 million for the prior year. This shows an $8.2 million improvement even considering the $4.8 million reduction in revenue year-on-year. Cash at the end of '24 was $1.2 million compared to $0.7 million at the end of '23. This is primarily a result of funding received through debt and equity financing and an at-the-market offering offset by cash used in operations.

本年度調整後淨虧損為 2,610 萬美元，而上年度為 3,430 萬美元。即使考慮到收入同比減少 480 萬美元，這也表明收入仍有 820 萬美元的增長。24 年底的現金為 120 萬美元，而 23 年底的現金為 70 萬美元。這主要是透過債務和股權融資以及市場發行獲得的資金被營運中使用的現金抵消的結果。

Last year, we did a lot of work to deleverage and clean up the balance sheet. Throughout the year, we converted debt with a principal value of $35.5 million to preferred stock in December '24. We did take on new debt of $14.3 million in the first half of 2024 and a further $2.1 million with a fair value of $2.5 million in the second half of the year.

去年我們做了很多去槓桿、清理資產負債表的工作。全年，我們於 24 年 12 月將本金價值 3,550 萬美元的債務轉換為優先股。我們確實在 2024 年上半年承擔了 1,430 萬美元的新債務，並在下半年承擔了 210 萬美元的新債務，公允價值為 250 萬美元。

With these actions, along with the raise through our at-the-market facility during Q1 2025, we are in a strong position in '25 to continue the path of commercialization of the Aquanaut vehicle while staying appropriately funded.

透過這些行動，加上 2025 年第一季透過我們的市場融資工具籌集的資金，我們在 2025 年處於有利地位，可以在獲得適當資金的同時繼續推進 Aquanaut 飛行器的商業化進程。

I will now pass the call back over to John.

我現在將把電話轉回給約翰。

Thank you, Vicki, and thank you. A great deal of the company on all the tireless work you've done to get this prepared. Just to recap, we substantially reduced our run rate in 2024. We substantially improved our balance sheet, and we generated commercial revenue for the first time with the Aquanaut.

謝謝你，薇琪，謝謝你。本公司非常感謝您為做好這項準備而付出的不懈努力。回顧一下，我們在 2024 年大幅降低了運行率。我們大幅改善了資產負債表，並且首次透過 Aquanaut 創造了商業收入。

Now I'm going to turn this over to the exciting part of this call. Things have changed here. I would much prefer talking about customers and revenue than I do about things that have passed.

現在我要進入本次電話會議最令人興奮的部分。這裡的情況已經改變了。我更願意談論客戶和收入，而不是已經過去的事情。

I'm going to turn it over to Daniel and Steve to discuss the emergence of Nauticus' first backlog of offshore commercial work.

我將把話題交給丹尼爾和史蒂夫，討論 Nauticus 首批海上商業工作積壓的情況。

Thank you, John. I'll provide a summary of our readiness for the upcoming offshore season and Steve will then cover the upcoming pipeline. Aquanaut Vehicle 2, which completed work off the United States Gulf Coast last year is currently scheduled to mobilize on board a vessel along with the Comanche ROV in the coming weeks.

謝謝你，約翰。我將概述我們為即將到來的海上季節所做的準備情況，然後史蒂夫將介紹即將到來的管道。Aquanaut Vehicle 2 於去年在美國墨西哥灣沿岸完成了作業，目前計劃在未來幾週內與 Comanche ROV 一起登上一艘船。

With the SeaTrepid acquisition, we expect a significant backlog of work to be contracted for this year for the vessel and are currently working through the schedule to ensure commercial efficiency throughout the year. We plan on working for numerous new customers this year, which will effectively reduce our customer concentration.

隨著 SeaTrepid 的收購，我們預計今年該船的合約積壓量會很大，目前正在按照計劃進行，以確保全年的商業效率。我們計劃今年為眾多新客戶提供服務，這將有效降低我們的客戶集中度。

We will be conducting inspections, highlighting the efficiency and cost reduction potential the Aquanaut system will provide while maintaining flexibility with high-quality ROV service. We also have contract discussions ongoing with our current customers who are eager to take advantage of our service.

我們將進行檢查，重點介紹 Aquanaut 系統提供的效率和成本降低潛力，同時保持高品質 ROV 服務的靈活性。我們也正在與渴望利用我們服務的現有客戶進行合約討論。

Previously, the deepest we have communicated with the Aquanaut system was at a depth of roughly 1,300 meters, but we are now excited for the opportunity to complete a deepwater communications test after mobilization of the vessel to a targeted goal of 3,000 meters.

此前，我們利用 Aquanaut 系統進行通信的最深深度約為 1,300 米，但現在我們很高興有機會在將船隻調動到 3,000 米的目標深度後完成深水通信測試。

This untethered test will help set the standard for future applications and expand the operational functionality of the vehicle throughout the offshore industry. As we continue to focus on operational readiness for the offshore commercial work, we also want to continue pushing the Aquanaut technology further to enhance the capabilities of the platform.

此次不受束縛的測試將有助於為未來的應用制定標準，並擴展整個海上工業車輛的操作功能。在我們繼續關注海上商業作業的營運準備的同時，我們也希望繼續推動 Aquanaut 技術的發展，以增強平台的功能。

With that, I'm excited to update that we have completed our factory acceptance test in water on our second Aquanaut vehicle. We have identified another test location in Florida for further testing of the capabilities of the vehicle with plans to complete a contracted demonstration of leak detection in addition to testing the Aquanaut system with an autonomous surface vehicle or ASV.

我很高興地告訴大家，我們已經完成了第二艘 Aquanaut 車輛的水中工廠驗收測試。我們已在佛羅裡達州確定了另一個測試地點，以進一步測試該車輛的功能，並計劃完成合約規定的洩漏檢測演示，並使用自主水面航行器或 ASV 測試 Aquanaut 系統。

We are in communication with multiple customers who are interested in nearshore work without the use of a large vessel and believe we can support this concept with a successful test paired with the ASV.

我們正在與多位對不使用大型船舶的近岸工作感興趣的客戶進行溝通，並相信我們可以透過與 ASV 配對的成功測試來支持這一概念。

The third Aquanaut vehicle build plan is ongoing and parts are consolidated to maintain readiness to assemble. Workload for this year has created demand for additional vehicles, but the goal is to focus on delivering exceptional service in 2025 and prepare for Vehicle 3 assembly to perform future work.

第三艘 Aquanaut 太空船的建造計畫正在進行中，零件已整合，以保持組裝準備就緒狀態。今年的工作量產生了對更多車輛的需求，但目標是專注於在 2025 年提供卓越的服務，並為 3 號車輛組裝以執行未來的工作做好準備。

The SeaTrepid acquisition also provided a great opportunity to expedite the integration of our ToolKITT software with the Comanche ROV. We successfully implemented our software into the existing Comanche operating software with plans to test our commercial release on the vehicle in the coming months.

SeaTrepid 的收購也為加快我們的 ToolKITT 軟體與 Comanche ROV 的整合提供了絕佳的機會。我們成功地將我們的軟體應用到現有的 Comanche 操作軟體中，並計劃在未來幾個月內在車輛上測試我們的商業版本。

The results of this integration will provide the ROV technological advances that include station-keeping and way pointing. These are the first steps towards automating the ROV functionality. We are currently seeing the busiest offshore market for the Gulf Coast region in quite some time, and we are in a great position to take advantage of the hot market this year.

這種整合的結果將為 ROV 提供包括定位和航向指示在內的技術進步。這是實現 ROV 功能自動化的第一步。我們目前正看到墨西哥灣沿岸地區相當長一段時間以來最繁忙的離岸市場，我們今年處於有利位置，可以利用這個火爆的市場。

With that, I will now turn it over to Steve for an update on our 2025 offshore commercial pipeline.

現在，我將把時間交給史蒂夫，讓他介紹我們 2025 年海上商業管道的最新情況。

Thank you, Daniel. I'm excited to be here today and looking forward to what our combined offering will bring to the offshore industry. I'm pleased to announce we recently commenced a long-term ROV contract with a leading marine transportation company to provide drill support operations off the United States Gulf Coast. The contract is confirmed for 120 days with the potential for additional days if needed. We are currently operating off the coast of New York in the offshore wind industry.

謝謝你，丹尼爾。我很高興今天來到這裡，並期待我們的聯合服務將為海上工業帶來什麼。我很高興地宣布，我們最近與一家領先的海上運輸公司簽訂了一份長期 ROV 合同，為美國墨西哥灣沿岸提供鑽井支援作業。合約期限確認為 120 天，如有需要，可延長。我們目前正在紐約海岸附近從事離岸風電行業。

The project started early this month and is scheduled to return back to the Gulf Coast in early May. Upon arrival of the ROV to Louisiana, we plan to mobilize on board the DP2 vessel alongside the Aquanaut vehicle.

該計畫於本月初啟動，計劃於五月初返回墨西哥灣沿岸。當 ROV 抵達路易斯安那州時，我們計劃與 Aquanaut 潛水器一起登上 DP2 船。

The current customers are excited about the potential to utilize our autonomous technology this year. We have firm work to complete Level 2 and Level 3 inspections on multiple producing platforms off the Gulf Coast. These projects are expected to be completed within a 30-day block.

現有客戶對今年利用我們的自主技術的潛力感到非常興奮。我們有堅實的工作要做，完成墨西哥灣沿岸多個生產平台的 2 級和 3 級檢查。這些項目預計將在 30 天內完成。

In addition to that, we are in communication with a super major oil and gas company on a large inspection campaign for decommissioned assets. Based on the meetings with this customer, we feel strongly that we will be awarded a minimum of 30 to 45 days of work.

除此之外，我們也正在與一家超級石油天然氣公司就退役資產的大規模檢查活動進行溝通。根據與這位客戶的會面，我們強烈感覺到我們將獲得至少 30 至 45 天的工作時間。

We have continued work with other super majors who have previously utilized the Aquanaut vehicle and due to the successful initial programs in 2024, they are excited to put the system back in the field this summer.

我們繼續與之前使用 Aquanaut 飛行器的其他超級巨頭合作，由於 2024 年的初始專案取得成功，他們很高興在今年夏天將該系統重新投入使用。

The initial expected duration of these projects is a minimum of 25 days. Another scope that has recently presented itself off the Eastern coast of the United States would include operating the technologies of both the Aquanaut vehicle and the ROV simultaneously, allowing for greater efficiency and utilization of the assets on board.

這些項目的初步預計持續時間至少為 25 天。最近在美國東海岸出現的另一個項目包括同時操作 Aquanaut 潛水器和 ROV 的技術，從而提高船上資產的效率和利用率。

This is an environmental assessment that could lead to another 20 days of work for the mobilized spread. With the work described and the additional work expected to come due to the intensity of the market, there is a great opportunity to demonstrate the effectiveness of autonomy in hazardous environments.

這是一項環境評估，可能需要另外 20 天的時間才能完成動員擴散工作。透過所描述的工作以及由於市場強度而預計會出現的額外工作，有很好的機會來展示危險環境中自主性的有效性。

2025 is shaping up to be one of the busiest offshore markets of the past decade. We anticipate our contracts to return strong margins and a steady stream of revenue during the North American offshore season.

2025年有望成為過去十年中最繁忙的離岸市場之一。我們預計我們的合約將在北美離岸季節帶來豐厚的利潤和穩定的收入。

And with that, I will now turn it back over to John.

現在，我將把發言權交還給約翰。

Well, I appreciate that, Steve. It's been a real pleasure to be a part of this team and witness all that has been accomplished. 2025 is expected to be another outstanding year as we continue to bring in more and more customers and increase the number of engagements we have. This is target-rich environment offshore right now for equipment and bringing solutions much like what we have. During the last call, we mentioned being on the cusp of achieving what we set out to do when Nauticus Robotics was founded.

好吧，我很感激，史蒂夫。能夠成為這個團隊的一員並見證所取得的一切成就，我感到非常榮幸。預計 2025 年將是另一個出色的一年，因為我們將繼續吸引越來越多的客戶並增加我們的合作數量。目前，海上環境對於設備和解決方案而言都極具吸引力，就像我們所擁有的一樣。在上次電話會議中，我們提到我們即將實現 Nauticus Robotics 成立時所設定的目標。

That's to provide collaborative autonomous underwater robotic solutions for our customers on a commercial basis. And this really is going to help them reduce their operations cost and still have a great solution for our shareholders because it will be a high-margin operation. We created a new company, a new culture in 2024. And now we're focused on customer needs, not just new technology. We're positioned to have a substantial revenue growth and margin improvement year-over-year.

那就是在商業基礎上為我們的客戶提供協作自主水下機器人解決方案。這確實有助於他們降低營運成本，同時也能為我們的股東提供一個很好的解決方案，因為這將是一項高利潤的業務。我們在 2024 年創立了一家新公司、一種新文化。現在我們關注的是客戶需求，而不僅僅是新技術。我們的目標是實現收入和利潤率的逐年大幅成長。

And with us today is also the Founder of SeaTrepid, Bob Christ, who joined, and I would say I'd let him introduce himself. Bob?

今天和我們在一起的還有 SeaTrepid 的創始人鮑勃克里斯特 (Bob Christ)，我想讓他自我介紹一下。鮑伯？

I'm Bob Christ. I am delighted to be a part of the team. We are so excited about the new possibilities of the combined companies, and we are working hard to get the Aquanaut technology and new autonomous technology on to our traditional menu of services and into the field.

我是鮑伯·克里斯特。我很高興能成為團隊的一員。我們對合併後公司的新機會感到非常興奮，我們正在努力將 Aquanaut 技術和新的自主技術融入我們的傳統服務菜單和實際應用中。

Bob has been instrumental in enabling us to achieve our vision. Their support, their knowledge and in particular, their customer relationships are transformational for us. So glad to have both Steve and Bob on board.

鮑伯在我們實現願景的過程中發揮了重要作用。他們的支持、他們的知識以及特別是他們的客戶關係對我們來說具有變革性。很高興史蒂夫和鮑勃能夠加入我們。

And with that, I'd like to turn it over, operator, to questions.

好了，接線生，現在我想把時間交給大家提問。

Thank you, sir.

謝謝您，先生。

(Operator Instructions)

（操作員指示）

Kunal Madhukar at Water Tower Research.

水塔研究公司的 Kunal Madhukar。

Hi. Thank you for taking my questions. Excited about 2025. So the first one would be about 2025 and trying to understand what the top line could be. Thank you for talking about the pipeline. Help us understand, one, in a simple P x Q, number of days in a season that you should be operational at least for '25 and I understand that could expand in later years. But number of days in the season, number of vehicles you have and how should we kind of think of sizing the 2025 potential revenue opportunity?

你好。感謝您回答我的問題。對 2025 年感到興奮。因此，第一個問題與 2025 年有關，我們試圖了解最高點會是多少。感謝您談論管道。幫助我們理解，首先，用簡單的 P x Q 表示，一個季節中至少應該運營 25 天的天數，我知道這個數字在以後幾年可能會擴大。但是，一個季節有多少天，有多少輛汽車，我們應該如何考慮 2025 年的潛在收入機會？

Daniel, why don't you cover the number of days in the season?

丹尼爾，為什麼不報道這個季節的天數呢？

Well, the season runs from anywhere kind of right where we're at now. March, April is the early portion of the season and it goes through October, November based on weather. That's when weather starts picking up. And so from those months, it's about a Seven month window, they can expand a little bit if we're lucky with weather. So that's our target area.

好吧，這個賽季從我們現在所在的任何地方開始。三月、四月是季節的早期階段，根據天氣狀況持續到十月、十一月。那時天氣就開始轉好。從這些月份開始，大約有七個月的時間，如果天氣好的話，它們可以擴大一點。這就是我們的目標區域。

And for our offshore assets, we actually have two Aquanaut vehicles working now, both Vehicle 1 and number two. We have two Comanches working. And we also have a third Aquanaut that requires some capital and assembly and a third ROV. And we're looking at the market, and if the demand is great enough, and we see an opportunity to actually invest in those and put them in the market with a good return on capital, we would entertain doing that as well, Kunal.

對於我們的海上資產，我們實際上現在有兩輛 Aquanaut 潛水器在運行，分別是 1 號和 2 號。我們有兩個科曼奇人在工作。我們還有第三艘 Aquanaut，需要一些資金和組裝，還有第三艘 ROV。我們正在觀察市場，如果需求足夠大，並且我們看到了實際投資這些產品並以良好的資本回報率將其投放到市場的機會，我們也會考慮這樣做，庫納爾。

Great. So how should we think of like the potential revenue for 2025?

偉大的。那我們該如何看待 2025 年的潛在收入呢？

Significantly higher than '24. I mean, I'd say, I think we announced that we'd be -- and I'll just repeat the number I've put out before, but I mean I'm really confident we'll do greater than $16 million in 2025. I'm a little hesitant to say how much greater, but you can assume there's upside in that number, particularly if we found the capital to put the two additional assets to work.

明顯高於 24 年。我的意思是，我想說，我想我們宣布過我們將會——我只是重複我之前提到的數字，但我的意思是我真的有信心我們在 2025 年的收入將超過 1600 萬美元。我不太確定具體是多少，但你可以假設這個數字還有上升空間，特別是如果我們找到資本來讓這兩項額外資產投入使用的話。

Great. Thanks. So the second one would be on the competitive landscape. And there are a number of companies that have autonomous underwater vehicles. What is your differentiation? And you kind of alluded to it in terms of manipulators and being the first one out there. But what makes your solution compelling to prospective customers?

偉大的。謝謝。第二個問題是競爭格局。有許多公司擁有自主水下航行器。你的差異化是什麼？您在談到操縱者以及成為第一個出現的人時就提到了這一點。但是什麼能讓您的解決方案對潛在客戶具有吸引力呢？

Well, it's another really good and hard question. To compare and contrast these, you'd almost have to put together a consumer chart where you had circles that you filled in. And the place where we fill in really strong is we have a leadership position in manipulators for autonomous underwater vehicles and those manipulators will be something that is not a part of competitive platforms such as Freedom from Oceaneering.

嗯，這又是一個非常好、很難的問題。為了比較和對比這些，您幾乎必須製作一個消費者圖表，其中有您填充的圓圈。我們真正強大的地方在於我們在自主水下航行器操縱器方面擁有領導地位，而這些操縱器將不屬於 Freedom from Oceaneering 等競爭平台。

We have a payload capacity in the front of the vehicle that allows us to take objects and place them on the sea bottom or pick objects up on the sea bottom, and bring them back to the surface. It also could be advantageous in doing fluid sampling if we're looking at leak detection, very differentiating. You wouldn't have to send an ROV out to catch fluid samples after the AUV had discovered a leak or indication. And so we're able to eliminate quite a lot of cost for customers.

我們在車輛前部配備了有效載荷能力，使我們能夠拿起物體並將它們放置在海底，或者在海底撿起物體並將它們帶回水面。如果我們進行洩漏檢測，進行流體採樣也可能非常有利，非常具有區別性。當 AUV 發現洩漏或跡象後，您無需派遣 ROV 去採集流體樣本。因此我們能夠為客戶消除相當多的成本。

We are completely untethered. We still find most of the AUV operators work in this area due to collision avoidance, et cetera, are remaining tethered, and our vehicle is untethered and we are depending on our collision avoidance software and continue to certify, verify and test that as we go to make sure that we're on the very leading edge of collision avoidance for underwater vehicles.

我們完全不受束縛。我們仍然發現，由於避碰等原因，大多數 AUV 操作員在這個領域工作時仍處於束縛狀態，而我們的車輛沒有束縛，我們依靠我們的避碰軟體，並繼續認證、驗證和測試，以確保我們處於水下航行器避碰技術的前沿。

Fortunately, the speed that we're going makes us a much simpler than trying to control a Tesla doing 90. We're just trying to control an underwater vehicle doing two, three knots. Our depth is quite good at 3,000 meters.

幸運的是，我們行駛的速度比試圖控制以 90 度行駛的特斯拉要簡單得多。我們只是試著控制一艘以兩到三節速度行駛的水下航行器。我們的深度達到 3,000 米，相當不錯。

And I think most of our competitors have not gone to that depth yet and tried to communicate with the surface. And another -- if you compare us to say a Hugin, Hugin is more of a torpedo, a missile in the water, it goes in a straight line, takes the long distance to turn and it has to continue moving when it comes back.

我認為我們的大多數競爭對手還沒有達到那個深度並嘗試與地面進行溝通。另外 — — 如果你將我們與 Hugin 進行比較，Hugin 更像是一枚魚雷，一枚水中的導彈，它沿著直線飛行，需要很長的距離才能轉彎，並且返回時必須繼續移動。

Our entire design is to work more like an aquacopter. We can stop, hover and rotate around objects and so that we can get 360-degree views. And we can do that efficiently without passing by and coming back, passing by and coming back.

我們的整個設計更像一架水上直升機。我們可以停止、懸停和圍繞物體旋轉，這樣我們就可以獲得 360 度的視野。而我們可以有效率地做到這一點，而不需要經過又回來，經過又回來。

And so speed of operations is significantly higher and the quality of imaging is quite high when you're able to orbit an object as opposed to do flybys.

因此，當你能夠繞著物體運行而不是飛越時，操作速度會顯著提高，成像品質也會相當高。

That's great. The last question is about capital and understanding your liquidity. And you talked about potentially investing in a third Aquanaut, third ROV if there is demand. So can you talk about the capital requirements for the business?

那太棒了。最後一個問題是關於資本和了解你的流動性。您談到如果有需求的話可能會投資第三艘 Aquanaut 和第三艘 ROV。那麼您能談談該業務的資本要求嗎？

Good question. Obviously, we were just becoming commercial last year. And so we use a substantial amount of capital in order to prove that the technology we have is commercial and ready for prime time. Now that we're out and we're seeing a tremendous amount of demand. Based on this demand, we really need to try to put additional assets to work because the more assets we put to work, the greater our income will be here.

好問題。顯然，我們去年才開始商業化。因此，我們投入了大量的資金來證明我們擁有的技術已經具備商業價值並準備好投入使用。現在我們已經走出去並且看到了巨大的需求。基於這種需求，我們確實需要努力將更多的資產投入使用，因為我們投入的資產越多，我們的收入就會越多。

And so the two we have, we have one Comanche in '25, and we have Aquanaut Vehicle 3. And we do think, as Steve and Daniel were tasked with the following, that is if they can bring a contract in here for those 2, then we believe we can get contract-based lending, so a nondilutive approach to bringing in capital to put those two assets to work.

所以我們擁有兩艘，一艘是 25 年的科曼奇，另一艘是 Aquanaut Vehicle 3。我們確實認為，正如史蒂夫和丹尼爾所承擔的任務一樣，如果他們可以為這兩項資產簽訂合同，那麼我們相信我們可以獲得基於合同的貸款，從而採用非稀釋性的方式引入資本，使這兩項資產發揮作用。

And if you sort -- you look at any one of those assets, and you think that the total revenue, including the vessel, the asset is -- can generate in that $6 million to $8 million per season revenue. And it's just a question of how soon in the season can we get those together and get those contracts in order to have the funds to assemble those without diluting shareholders.

如果你將其中任何一項資產分類，你會發現包括船隻在內的總收入，每季可產生 600 萬至 800 萬美元的收入。問題只是，在賽季開始後多久我們才能把這些整合在一起並獲得這些合同，以便有足夠的資金來組裝這些合同而不會稀釋股東權益。

That's great. Thank you so much.

那太棒了。太感謝了。

(Operator Instructions)

（操作員指示）

Next question will be from Paul Edstrom. Please go ahead, Paul.

下一個問題來自 Paul Edstrom。請繼續，保羅。

Yes. Good morning. Thanks for taking the call. I was just curious that you mentioned this season, in particular, is sounding to be a very good one. And what are the market dynamics that led to that or led to this, excuse me.

是的。早安.謝謝您接聽電話。我只是好奇你提到這個季節，特別是聽起來非常好的季節。請問，導致這種情況或導致這種情況的市場動態是什麼？

It's interesting. I could -- I'll let Steve answer this as well, but it does look like a really good season. Oil prices have been stable and in a position where people can make long-term plans. Offshore is a long-term investment cycle. So they look at full cycle economics offshore, and it's not as much a short-term market like you have on onshore shallow drilling.

這很有趣。我可以——我也會讓史蒂夫回答這個問題，但這確實看起來是一個非常好的賽季。油價一直保持穩定，人們可以製定長期計劃。離岸投資是一個長期的投資週期。因此，他們關注的是海上的全週期經濟，而它不像陸上淺層鑽井那樣是一個短期市場。

So these are extremely long-term commitments they make on platforms and development. And now they're doing the inspections, et cetera. Some of it is regulatory as well. Steve, what's driving the market?

因此，他們在平台和開發方面做出了極其長期的承諾。現在他們正在進行檢查等等。其中一些也是監管方面的。史蒂夫，是什麼推動了市場的發展？

Well, the atmosphere of drilling is being pursued and pushed by the government is attractive to our customers. The decommissioning aspects where companies have brought back old assets that they're looking to understand what's going on, inspect and then work on removing.

嗯，政府正在推行和推動的鑽探氛圍對我們的客戶很有吸引力。在退休方面，公司帶回了舊資產，希望了解其狀況，進行檢查，然後著手拆除。

And just the general vitality of oil and gas right now and additionally, with wind, with some of the other environmental aspects. I guess it's many of the disciplines coming together that are working to.

目前，石油和天然氣的整體活力以及風能以及其他一些環境因素都具有活力。我想這是多個學科共同努力的成果。

Another real macro aspect of it, Paul, is this industry suffers from noninvestment for long periods when the market is down, and that's where we are offshore at the moment. There's been a lot of the lull in general investment. Now everybody is working on their infrastructures, they're expanding their infrastructure, they're improving their infrastructure, and it's just creating a lot of subsea demand. But hopefully, that helps some.

保羅，另一個真正的宏觀方面是，當市場低迷時，這個行業會長期遭受無投資的困擾，而這正是我們目前的離岸業務所在。整體投資已經出現很大程度的低迷。現在每個人都在致力於基礎設施建設，擴大基礎設施，改善基礎設施，這創造了大量的海底需求。但希望這能有所幫助。

Yes. I guess having been an investor early on with you folks and the breadth of the market opportunity, I just wonder if it's causing you to pivot at all differently? Or I guess, it sounds that you're just staying with the opportunities you've had over the last year or so and executing on those is really where focus continues?

是的。我想，作為你們早期的投資者以及對如此廣泛的市場機會的了解，我只是想知道這是否會導致你們做出完全不同的轉變？或者我想，聽起來你只是堅持過去一年左右所獲得的機會，而執行這些機會才是真正的重點？

So I wouldn't characterize anything about a pivot. I mean we have a great platform, and we're just approaching those markets that have high demand and look like they can return the margins that we need. First off, thank you for being a long-time investor in the company. I appreciate you sticking with us and asking some questions. The big difference for us, I was talking to someone earlier, is we're in a market now that's emerging. There's a lot of demand for the Aquanaut, a lot of conversations going on.

所以我不會對樞軸做出任何描述。我的意思是，我們擁有一個很好的平台，我們正在接近那些需求量大、看起來可以帶給我們所需利潤的市場。首先，感謝您長期投資本公司。感謝您一直關注我們並提出一些問題。我之前和別人談過，對我們來說最大的不同是我們現在處於一個新興市場。Aquanaut 的需求量大，相關討論也很多。

If I look at competition, this is a great place to invest because our competitor really is Oceaneering. And if I had to talk about Oceaneering, I'd say, if you combine both of these fleets together, there's not enough assets to meet the demand that we see coming for autonomous subsea vehicles. So I don't even think of them as a competitor. We both need to do well so that autonomy is adopted faster and the diffusion rate picks up.

如果我看一下競爭，這是一個很好的投資地點，因為我們的競爭對手確實是 Oceaneering。如果我必須談論 Oceaneering，我想說，如果將這兩個船隊合併在一起，其資產不足以滿足我們對自主海底車輛的需求。所以我什至不認為他們是競爭對手。我們雙方都需要做得更好，以便自治能夠更快被採用，擴散率也會加快。

So we're at that point where this technology is going from a whiteboard to commercial. And it's a matter of getting these in, getting the operational processes in place and just delivering great results for customers.

所以，我們正處於這項技術從白板走向商業化的階段。問題在於將這些融入其中，建立營運流程，並為客戶提供出色的結果。

Paul, I'd also like to mention that we've had the opportunity to visit and talk to some of our existing customer base and introduce Aquanaut. And the excitement that our clients have to combine both the ROV capability and technology, along with Aquanaut and the autonomy that it delivers is really exciting, and that scope is expanding. They are providing more and more opportunities for us. So I think that the combined technologies are being very well received by the customer base.

保羅，我還想提一下，我們有機會拜訪和與一些現有客戶群交談並介紹 Aquanaut。我們的客戶非常興奮能夠將 ROV 的功能和技術與 Aquanaut 及其提供的自主性結合起來，而且這種範圍正在不斷擴大。他們為我們提供越來越多的機會。所以我認為組合技術會受到客戶群的熱烈歡迎。

Thank you for your input.

感謝您的意見。

Thank you. And at this time, Mr. Gibson, we have no further questions. Please proceed.

謝謝。吉布森先生，目前我們沒有其他問題。請繼續。

No, I greatly appreciate all the people that are on the call and particularly our employees and our customers that are listening. We've got incredibly dedicated workforce, and we wouldn't have made all this progress without them.

不，我非常感謝所有參加電話會議的人，特別是我們的員工和正在聆聽的客戶。我們擁有極其敬業的員工隊伍，沒有他們，我們不可能取得所有這些進步。

A lot of this works hard, long hours, and I just appreciate their sacrifice. I'm also excited about the fact that this is probably the last call that we'll have to do where revenue is something that we don't really focus on as much as we should. Q2, we'll be talking about our revenue, you'll be able to see the revenue.

他們的工作非常辛苦，工作時間很長，我很感激他們的犧牲。我也很高興，這可能是我們最後一次打電話了，我們並沒有真正重視收入。Q2，我們將討論我們的收入，您將能夠看到收入。

You'll be able to see the margins. And we're excited about the fact that we're shifting into being a true commercial company from an R&D company, and stay tuned for Q2. I think good things are on the horizon. Thank you so much, operator.

您將能夠看到邊緣。我們很高興能夠從研發公司轉型成為真正的商業公司，請繼續關注第二季的情況。我認為美好的事情即將到來。非常感謝您，接線生。

Thank you, sir. Ladies and gentlemen, this does indeed conclude your conference call for today. Once again, thank you for attending. And at this time, we do ask that you please disconnect your lines.

謝謝您，先生。女士們、先生們，今天的電話會議到此結束。再次感謝大家的出席。此時，我們確實請求您斷開線路。