Nauticus Robotics Inc (KITT) 2025 Q1 法說會逐字稿

Good day ladies and gentlemen, and welcome to the Nauticus Robotics Inc 2025 Q1 earnings conference call. (Operator Instructions)This call is being recorded on Thursday, May 15th, 2025.

女士們、先生們，大家好，歡迎參加 Nauticus Robotics Inc 2025 年第一季財報電話會議。(操作員指示)此通話於 2025 年 5 月 15 日星期四錄製。

I would like to turn the conference over to Kristen Woolman. Please go ahead.

我想將會議交給 Kristen Woolman。請繼續。

Thank you and good morning everyone. Joining me today and participating in the call are John Gibson, CEO and President, Vicky Hay, interim CFO, and other members of our leadership team. On today's call, we will first provide prepared remarks concerning our financial and operations results. Following that, we will answer questions.

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 John Gibson、臨時財務長 Vicky Hay 以及我們領導團隊的其他成員。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。

We have now released our results for the first quarter of 2025, 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. Please note that comments we make on today's call regarding projections or our expectations for future events are forward-looking statements.

我們現已發布 2025 年第一季的業績，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。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。

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.

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.

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。

Also, please refer to the reconciliations provided in our earnings press release as we may discuss non-gap metrics on this call. I will now turn it over to John.

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差距指標。現在我將把發言權交給約翰。

Good morning and thank you for joining us. Today's call comes at an exciting time for Nauticus Robotics. With a successful acquisition of SeaTrepid International in March, we've entered a new chapter marked by operational scale, expanding commercial opportunities and growing demand for our autonomous subsea technologies.

早安，感謝您加入我們。今天的電話會議對於 Nauticus Robotics 來說正值激動人心的時刻。隨著三月成功收購 SeaTrepid International，我們進入了新的篇章，其特點是營運規模擴大、商業機會不斷擴大以及對我們的自主海底技術的需求不斷增長。

Over the next few minutes, you're going to hear from our executive team on our first quarter financials, operational progress, and our emerging pipeline of offshore work, all pointing to a business gaining momentum and maturing rapidly. While Q1 results reflect the seasonal nature of offshore work and the timing of our acquisition, the quarter also marked the beginning of our 2025 offshore season and the formal start of our integration efforts.

在接下來的幾分鐘內，您將聽到我們的執行團隊介紹我們第一季的財務狀況、營運進度以及我們新興的離岸工作管道，所有這些都表明我們的業務正在蓬勃發展並迅速成熟。雖然第一季的業績反映了海上作業的季節性和我們收購的時機，但本季也標誌著我們 2025 年海上季節的開始以及我們整合工作的正式開始。

Early signs are encouraging. We've mobilized equipment, secured extended contracts, and are seeing enthusiastic interest in our Aqua not platform from both existing and new customers. The conversations have shifted from what if to how soon, and that signals real traction. Now to turn it over to Team Nauticus to explain how we intend to meet the growing demand for safer, smarter, and more sustainable subsidy solutions. With that, I'm going to hand it to Vicky, our interim CFO, and let her get us started on the financial side for Q1. Vicky.

早期跡象令人鼓舞。我們已經調動了設備，獲得了延長的合同，並且看到現有客戶和新客戶對我們的 Aqua 平台表現出濃厚的興趣。討論已經從“如果”轉向“多久”，這標誌著真正的進展。現在交給 Nauticus 團隊來解釋我們打算如何滿足對更安全、更聰明、更永續的補貼解決方案日益增長的需求。有了這些，我將把它交給我們的臨時財務長 Vicky，讓她開始處理第一季的財務事宜。維姬。

Thank you, John, and good morning. I will now discuss our financial results for the first quarter of 2025.

謝謝你，約翰，早安。我現在將討論我們 2025 年第一季的財務表現。

The Sea Trepid acquisition closed on March 20th and has so far proved impactful to the organization, with revenue being recognized from it in the first quarter and has continued to grow over the past six weeks following the end of the quarter.

Sea Trepid 的收購於 3 月 20 日完成，迄今已對該公司產生了影響，第一季已確認收入，並且在本季度結束後的過去六週內持續增長。

Other key milestones this quarter included further reducing our debt and associated interest by $3 million as a result of lowering the conversion price of the term loan and subsequent conversions. We also had a $20 million raise from our at the market facility to fund the acquisition of Trepid and current year capital investments and operations.

本季的其他重要里程碑包括透過降低定期貸款和後續轉換的轉換價格，進一步減少了 300 萬美元的債務和相關利息。我們也從市場融資機制中籌集了 2,000 萬美元，用於收購 Trepid 以及本年度的資本投資和營運。

Revenue for the first quarter was $0.2 million which is down $0.3 million sequentially, and down $0.3 million from the same quarter last year. The Gulf of America offshore season just kicked off at the end of March, and we are now under contract.

第一季營收為 20 萬美元，比上一季下降 30 萬美元，比去年同期下降 30 萬美元。美國灣近海作業季節剛在三月底開始，我們現在已經簽訂了合約。

Operating expenses for the quarter were $6 million which is flat from Q1 2024 and down $0.5 million sequentially. G&A costs for the quarter were $4.3 million which is an improvement of $0.9 million compared to Q1 2024.

本季營運費用為 600 萬美元，與 2024 年第一季持平，比上一季下降 50 萬美元。本季的 G&A 成本為 430 萬美元，與 2024 年第一季相比改善了 90 萬美元。

Sequentially, G&A has increased $0.4 million due to non-recurring professional fees in Q1 2025, primarily related to the acquisition of SeaTrepid International, which included preparing financials for a two-year audit that was needed as part of the transaction. And other professional fees related to the restatement of 2024 quarterly financials that was completed in early April.

連續，由於 2025 年第一季的非經常性專業費用，G&A 費用增加了 40 萬美元，這主要與收購 SeaTrepid International 有關，其中包括為交易所需的兩年審計準備財務報表。以及與 4 月初完成的 2024 年季度財務報表重述相關的其他專業費用。

Net loss for the quarter was $7.6 million. This is a $76.9 million dollar decrease in net loss sequentially, and a $65.3 million decrease from the net loss in Q1 2024. This large variance is attributable to the loss on extinguishment of debt recognized in 2024.

本季淨虧損為 760 萬美元。淨虧損較上一季減少 7,690 萬美元，較 2024 年第一季淨虧損減少 6,530 萬美元。這一巨大差異是由於 2024 年確認的債務清償損失造成的。

Adjusted net loss for the quarter was $6.8 million compared to $6.9 million for the fourth quarter of 24.

本季調整後淨虧損為 680 萬美元，而 24 財年第四季調整後淨虧損為 690 萬美元。

When removing the non-repeat professional fees that occurred in Q1 2025, there would have been an improvement sequentially of $1.1 million quarter on quarter. Cash at the end of Q125 was $10.1 million compared to $1.2 million at the end of 24.

如果扣除 2025 年第一季發生的非重複專業費用，則季增將達到 110 萬美元。2025 年第一季末的現金為 1,010 萬美元，而 2024 年末為 120 萬美元。

This is primarily a result of funding received through the at the market offering offset by the recent acquisition of SeaTrepid and cash used in operations.

這主要是透過市場發行獲得的資金被最近收購 SeaTrepid 和營運所用的現金所抵消。

With the 2nd quarter already well underway, we are excited about having a full quarter of operational revenue to report for the first time in Q2, while continuing to keep a strong focus on cost control and value added activities.

第二季已經順利開始，我們很高興能夠在第二季首次報告完整的季度營運收入，同時繼續高度關注成本控制和增值活動。

I will now pass the call back to John.

我現在將把電話轉回給約翰。

Well, thank you, Vicky. I just, I want to really thank Vicky and the finance team for doing an incredible job at Seldom DC companies file a 10 and then just a few weeks later file a 10K and the restatement caused a delay in getting everything done.

好吧，謝謝你，Vicky。我只是，我真的想感謝 Vicky 和財務團隊在 Seldom DC 公司所做的出色工作，他們很少提交 10，然後僅僅幾週後就提交 10K，而重述導致所有工作完成的延遲。

And so they've been really hard at it and did an outstanding job. And I'm excited that we're shifting from focus on reporting here to focus on executing in the field. And so it's a, it's a welcome to change for us. I'd like to turn it over to Daniel Dehartt, our field operations lead, and Steve Walsh, our sales lead, to discuss the emergence of Nautica's first backlog of offshore commercial work. Daniel.

所以他們確實非常努力並且做得非常出色。我很高興我們的重點從這裡的報道轉向了現場執行。所以，這對我們來說是一種歡迎的改變。我想將話題交給我們的現場營運主管 Daniel Dehartt 和銷售主管 Steve Walsh，來討論一下 Nautica 首批離岸商業工作積壓的出現。丹尼爾。

Thank you, John. I'm excited to provide an update on our current operations. We recently completed a mobilization of one of our Comanche ROVs on board a vessel, and we are currently on hire completing a platform inspection off the Gulf Coast. The integration of SeaTrepid and Nauticus operations teams has gone better than expected and continues to expand the commercial forecast for our company.

謝謝你，約翰。我很高興提供有關我們當前運營的最新情況。我們最近完成了將我們的一台科曼奇 ROV 調動到一艘船上的工作，目前我們正在受僱完成墨西哥灣沿岸的平台檢查。SeaTrepid 和 Nauticus 營運團隊的整合進展順利，超乎預期，並持續擴大我們公司的商業預測。

We will mobilize the Aquanaut vehicle once the ROV completes its inspection job in the coming weeks, and then the vessel will roll right into multiple scheduled inspection jobs. We will continue to execute our existing contracts and we utilize any idle time between these projects to complete our 3,000 m test with the Aquanaut vehicle.

一旦 ROV 在未來幾週內完成檢查工作，我們就會調動 Aquanaut 車輛，然後該船將直接執行多個預定的檢查工作。我們將繼續履行現有合同，並利用這些項目之間的任何空閒時間使用 Aquanaut 潛水器完成 3,000 公尺測試。

We have now reached a phase of our company that will become a new norm, scheduling current contracts and new opportunities to maximize utilization and margins and continue to diversify our customer base throughout the season.

我們公司現在已進入一個將成為新常態的階段，安排現有合約和新機會以最大限度地提高利用率和利潤率，並在整個季節繼續實現客戶群多樣化。

Our goal is to continue to provide autonomy throughout the industry, utilizing our combined services with the Aquaox system and ROV. We are currently negotiating contracts with multiple new customers that are excited about the benefits autonomy can bring to their subsea operations.

我們的目標是利用 Aquaox 系統和 ROV 的綜合服務，繼續為整個產業提供自主權。我們目前正在與多位新客戶協商合同，他們對自主性能為他們的海底作業帶來的好處感到興奮。

After significant discussions with our current clients, our technology has the potential to extremely decrease the environmental footprint of offshore operations, utilizing an autonomous surface vessel or ASV.

經過與現有客戶的大量討論，我們的技術有可能利用自主水面船舶或 ASV 大幅減少海上作業對環境的影響。

We will progress these discussions into funded testing opportunities this summer that includes pairing the second Aquanaut vehicle with an ASV. Our current clients see extreme value in this operation by completing inspection work without the use of a large vessel, eliminating personnel from dangerous offshore environments, and reducing the CO2 footprint exponentially. With that, I'll now turn over to Steve for an update on our 2025 offshore commercial pipeline.

我們將在今年夏天將這些討論推進為資助的測試機會，包括將第二輛 Aquanaut 車輛與 ASV 配對。我們目前的客戶認為這項操作具有極大的價值，因為它無需使用大型船隻即可完成檢查工作，無需人員進入危險的海上環境，並且可成倍地減少二氧化碳排放量。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。

Thanks, Daniel, and good morning everyone. I'm Steve Walsh, Vice President of sales at Nauticus Robotics. I officially joined the team on March 21st through the SeaTrepid acquisition, and it's been full throttle from day one.

謝謝，丹尼爾，大家早安。我是 Nauticus Robotics 銷售副總裁史蒂夫‧沃爾許 (Steve Walsh)。我於 3 月 21 日透過 SeaTrepid 收購正式加入該團隊，從第一天起我就全力以赴。

Let me tell you, the momentum here isn't just buzz, it's real. It's growing and it's translating directly into opportunity. The offshore energy market is surging now, and Nauticus is right at the center of it. We're actively supporting oil and gas operations while making serious inroads into emerging sectors. What's driving this? A clear industry shift towards smarter, safer, lower emissions propelled by autonomous solutions, and that's exactly what we deliver.

我告訴你，這裡的勢頭不只是熱議，而是真實的。它正在成長並直接轉化為機會。當今海上能源市場正在蓬勃發展，而 Nauticus 正處於這一市場的中心。我們積極支持石油和天然氣業務，同時大力進軍新興領域。是什麼原因導致這現象的發生？在自主解決方案的推動下，產業明顯轉向更智慧、更安全、更低排放，而這正是我們所提供的。

The response from customers since the merger has been overwhelmingly positive. Combining SeaTrepid’s operational legacy with Nauticus's NextGen tech has created a powerful offering. Technologies like the Aquanaut aren't just impressing people, they're changing the conversation. Operators are now thinking differently about risk, efficiency, and how robotics can reshape offshore operations. There's a strong appetite to remove personnel from hazardous environments, and Aquina is opening the doors that weren't available before.

自合併以來，客戶的反應非常正面。將 SeaTrepid 的營運傳統與 Nauticus 的 NextGen 技術結合，創造了強大的產品。像 Aquanaut 這樣的技術不僅給人留下了深刻的印象，也改變了人們的談話方式。營運商現在對風險、效率以及機器人如何重塑海上作業有了不同的看法。人們強烈希望將人員從危險環境中轉移出去，而 Aquina 正在打開以前無法打開的大門。

Since the acquisition, we've been hard at work transferring SeaTrepid's existing master service agreements into the new Nauticus framework while also signing new MSAs with major industry players. That's a clear signal of confidence from the market in what we're building.

自收購以來，我們一直致力於將 SeaTrepid 現有的主服務協議轉移到新的 Nauticus 框架中，同時也與主要產業參與者簽署新的主服務協議。這清楚地表明了市場對我們正在建立的產品充滿信心。

And here's the key point, demand isn't our bottleneck, scaling is. Right now, the only thing holding back revenue acceleration is equipment and personnel capacity. That's a high quality problem and we're tackling it aggressively with smart investments and a laser focus on execution.

關鍵在於，需求不是我們的瓶頸，擴展才是。目前，唯一阻礙收入成長的是設備和人員能力。這是一個高品質問題，我們正在透過明智的投資和高度重視的執行來積極解決它。

We're also honing our sales strategy around high impact sectors like deepwater energy, offshore infrastructure, and defense, areas where our expanded portfolio truly stands out.

我們也在深水能源、海上基礎設施和國防等高影響力領域完善我們的銷售策略，這些領域是我們擴大的產品組合真正脫穎而出的領域。

To wrap it up, the market is ready for the future we're building. Our pipeline is growing.

總而言之，市場已經為我們正在建立的未來做好了準備。我們的管道正在不斷擴大。

Our technology is gaining traction, and our customers are leaning in. It's an incredibly exciting time at Nauticus, and this is just the beginning. We're working toward the shift from selling to order taking.

我們的技術正在獲得關注，我們的客戶也傾向於此。這是 Nauticus 令人難以置信的激動人心的時刻，而這只是一個開始。我們正在努力實現從銷售到訂單的轉變。

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

說完這些，我就把話題交還給你，約翰。

I appreciate that, Steve. We, Made a big shift here from last year to this year. We've really gotten a lot of customer diversification here and have reduced our customer concentration. The number of calls coming in are exciting because it looks as though we can continue to diversify our customer base and so exciting times for us. I mean, it's a great market and we really like the equipment we have. I do want to introduce to you, I mean.

我很感激，史蒂夫。我們，從去年到今年在這裡做出了巨大的轉變。我們確實實現了客戶的多樣化，並降低了客戶集中度。打進來的電話數量令人興奮，因為看起來我們可以繼續多樣化我們的客戶群，這對我們來說是令人興奮的時刻。我的意思是，這是一個很棒的市場，我們真的很喜歡我們擁有的設備。我確實想向你介紹，我是說。

And to really sort of talk about our equipment and Jason Close, our software lead, and so that you can get some updates from their departments where you could see what what's going on in the belly of the beast. So with that, I'll turn it over to you guys.

真正談論我們的設備和軟體主管 Jason Close，這樣你就可以從他們的部門獲得一些更新，了解設備內部正在發生的事情。因此，我將把它交給你們。

Thanks, John.

謝謝，約翰。

Working with SeaTrepid over the past few months has expanded our market reach and introduced us to a wider range of customers and prospects, helping us refine our value proposition and better respond to industry-wide needs.

過去幾個月與 SeaTrepid 的合作擴大了我們的市場範圍，並為我們帶來了更廣泛的客戶和潛在客戶，幫助我們完善了價值主張並更好地響應整個行業的需求。

In the first quarter, we made meaningful progress advancing toolkit across both our primary product line, Aquanaut and ToolKITT enabled work-class ROBs. For Aquanaut, our efforts were centered on releasing the latest version of ToolKITT in support of commercial operations for the remainder of the year.

在第一季度，我們在主要產品線 Aquanaut 和 ToolKITT 支援的工作級 ROB 的工具包推進方面取得了重大進展。對於 Aquanaut，我們的努力集中在發布最新版本的 ToolKITT，以支持今年剩餘時間的商業運營。

In parallel, we continue developing capabilities for a near term field deployment.

同時，我們繼續開發近期現場部署的能力。

And established a structured program for 2025 to broaden Aquanaut's operational envelope and further expand supervised autonomy across the subsea industry.

並制定了2025年的結構化計劃，以拓寬Aquanaut的營運範圍並進一步擴大整個海底產業的監督自主權。

We also reached an important milestone in the development of toolkit for work-class ROVs. Following early on vehicle integration and a rigorous round of hardware in the loop testing. ToolKITT is now prepared for pool trials as the final step towards our first commercial deployment.

我們也在工作級 ROV 工具包的開發中取得了重要的里程碑。遵循早期的車輛整合和嚴格的硬體在環測試。ToolKITT 現已準備好進行池試驗，這是我們首次商業部署的最後一步。

We see strong demand for this capability and expect to integrate toolkit onto our own ROB fleet in the near future as part of this initial commercial release.

我們看到了對此功能的強烈需求，並期望在不久的將來將工具包整合到我們自己的 ROB 艦隊中，作為首次商業發布的一部分。

That said, our assets remain heavily engaged in offshore work, reflecting the growing customer activity we're seeing across the business. As we move through the year, we're focused on delivering value through Aquanaut operations while preparing toolkit for broader field adoption, setting the stage for long-term growth across both our service and product offerings.

儘管如此，我們的資產仍然大量用於離岸工作，這反映了我們在整個業務中看到的客戶活動日益增多。隨著時間的推移，我們專注於透過 Aquanaut 營運創造價值，同時準備更廣泛的現場採用工具包，為我們的服務和產品的長期成長奠定基礎。

I'll now hand it over to Emin for an update on Aquanaut and our electric manipulators.

現在我將把話題交給 Emin，讓他介紹 Aquanaut 和我們的電動機械手的最新情況。

Thank you, Jason. The engineering team is collaborating closely with the operation and software teams to maximize uptime across both aquanaut vehicles. This joint effort ensures consistent, reliable performance throughout the year with minimal operational disruption.

謝謝你，傑森。工程團隊正在與營運和軟體團隊密切合作，以最大限度地延長兩艘水下航行器的正常運作時間。此次共同努力確保了全年一致、可靠的效能，並將營運中斷降至最低。

The engineering team has been transitioning from a traditionally R&D focused approach to a commercially driven development model. This shift is essential for enabling scalable growth and aligning our capabilities with evolving market demand.

工程團隊已經從傳統的以研發為中心的方法轉變為以商業為驅動的發展模式。這種轉變對於實現可擴展成長以及使我們的能力與不斷變化的市場需求保持一致至關重要。

For Aquanaut, design improvements are being implemented to boost vehicle reliability and reduce the maintenance cycle. These upgrades are critical in transitioning Aquanaut into a robust and reliable platform that can meet rigorous field demands. In tandem with our design improvements, the team is enhancing our design documentation and validation protocols to streamline assembly and support reliable maintenance and servicing.

對於 Aquanaut，正在實施設計改進以提高車輛可靠性並縮短維護週期。這些升級對於將 Aquanaut 轉變為能夠滿足嚴格現場需求的強大且可靠的平台至關重要。隨著我們設計改進的不斷進行，團隊正在增強我們的設計文件和驗證協議，以簡化組裝並支援可靠的維護和保養。

Looking ahead, we are developing a capital deployment strategy and actively seeking manufacturing partnerships to scale production of the next Aquina fleet in alignment with anticipated market demand.

展望未來，我們正在製定資本部署策略，並積極尋求製造合作夥伴關係，以根據預期的市場需求擴大下一批 Aquina 船隊的生產規模。

With the manipulators, we are making steady progress on the design of our next generation fully electric autonomous manipulators. This system is intended for integration not only with Opana but also with world-class ROV, expanding our product capabilities and market applications. I'll now hand the call back to John.

有了這些機械手，我們在下一代全電動自主機械手的設計上正在穩步前進。該系統不僅旨在與 Opana 集成，還旨在與世界一流的 ROV 集成，從而擴展我們的產品能力和市場應用。我現在將電話交還給約翰。

Thank you, man.

謝謝你，老兄。

Thank you, Jason.

謝謝你，傑森。

As you've heard throughout this call, Nauticus Robotics is entering a period of significant opportunity. The integration of SeaTrepid Internationa has not only expanded our operational capacity, it's unlocked meaningful customer relationships, accelerated the deployment of our technology, though we are trying to stay disciplined and balanced, upgrading equipment and with getting revenue.

正如大家在整個通話過程中所聽到的，Nauticus Robotics 正在進入一個重大機會時期。SeaTrepid Internationa 的整合不僅擴大了我們的營運能力，還建立了有意義的客戶關係，加速了我們技術的部署，儘管我們正努力保持紀律和平衡，升級設備並獲取收入。

And so we will bring it in and make changes as long as it doesn't interrupt the revenue. We're now seeing real traction in the market with a growing backlog, expanding pipeline, the clear demand for autonomous solutions that improve safety, lower cost, and reduce environmental impact.

因此，只要不影響收入，我們就會引入它並做出改變。我們現在看到市場真正有了發展動力，積壓訂單不斷增加，通路不斷擴大，對提高安全性、降低成本和減少環境影響的自主解決方案的需求明顯增加。

Our focus moving forward is clear. It's execute with precision, scale with discipline, and deliver on the promise of autonomy and subsea operations. We're confident in the team in the strategy and the momentum we're building, and we believe 2025 is shaping up to be a transformative year for Nauticus and his stakeholders. It really does feel like we've made it through the inflection point.

我們未來的重點很明確。它執行精確，規模化且規範，並兌現自主和海底作業的承諾。我們對團隊的策略和正在建構的勢頭充滿信心，我們相信 2025 年將成為 Nauticus 及其利害關係人的變革之年。我們確實感覺我們已經度過了轉折點。

And with that, I'll turn it back over to the operator and we'll take any questions that are on the line.

說完這些，我將把電話轉回給接線員，我們將在線上回答您的任何問題。

Thank you.

謝謝。

Thank you, ladies and gentlemen, we will now begin the question and answer session. (Operator Instructions)

謝謝女士們、先生們，我們現在開始問答環節。（操作員指示）

Kunal Madhukar, Water Tower

庫納爾馬杜卡，水塔

Hi, thank you for taking the questions. 2, if I could, one on the broader oil and gas industry, with oil prices kind of declining, what are you seeing in terms of consumer demand and, or the demand for your vehicles, how is that changing?

你好，謝謝你回答這些問題。 2.如果可以的話，我先問一個關於更廣泛的石油和天然氣行業的問題，隨著油價的下跌，你認為消費者需求或汽車需求方面有什麼變化？

Well, canola, I appreciate you joining the call and asking a question. It's interesting, for the larger.

好吧，Canola，感謝您參加電話會議並提出問題。對於更大的人來說，這很有趣。

Clients that have established bases at higher price points, I think that decline in oil and gas price is going to be more difficult for us. It really gives us an opportunity to displace incumbents and change the market because they're going to be looking for more efficient solutions that are more cost effective.

對於已經在較高價格點建立基地的客戶，我認為石油和天然氣價格的下跌對我們來說會更加困難。這確實為我們提供了取代現有企業並改變市場的機會，因為他們將尋求更有效率、更具成本效益的解決方案。

And so I think it opens up conversations for us. I'm glad to see oil prices come down. I think it stimulates the economy. Stimulation of the economy stimulates energy demand. It's sort of an interesting combination, but for us, I think we're at least 20% to 25% below the current price points of the alternatives.

所以我認為這為我們開啟了對話。我很高興看到油價下降。我認為它刺激了經濟。刺激經濟會刺激能源需求。這是一個有趣的組合，但對我們來說，我認為我們的價格至少比目前替代品的價格低 20% 到 25%。

And with as good or better margins. And so I think it gives us a great opportunity to knock on doors. And what's happening now in the market is, I think they'll start knocking on our doors that if the pressure increases on them as prices go down. So I'd probably be in favor of a little bit further decline in order to help accelerate our business.

而且利潤率同樣好甚至更好。所以我認為這給了我們一個敲門的好機會。而現在市場的情況是，我認為如果價格下跌給他們帶來壓力，他們就會開始敲我們的門。因此，為了幫助加速我們的業務，我可能會贊成進一步下降。

That's a very interesting, view, and then, again you talked about how, the season really has the offshore season hasn't really started when we, when we're looking at 12 revenue numbers. So last quarter, when you were reporting 4 results, you talked about like about $16 million in revenue is the is the outlook you had kind of provided for 2025. So help us, bridge, the.

這是一個非常有趣的觀點，然後，你再次談到，當我們查看 12 個收入數字時，離岸季節實際上還沒有真正開始。因此，上個季度，當您報告 4 個結果時，您談到了約 1600 萬美元的收入，這是您對 2025 年的展望。所以請幫助我們，橋樑。

The revenue from 1 to 25 to the full year revenue outlook that you have kind of provided.

您提供的 1 到 25 的收入到全年收入展望。

Well, this is a, it's a great question, canal, and it's the fundamental reason I should never give forward-looking statements because then you have to go back in there and explain them.

嗯，這是一個很好的問題，這也是我永遠不應該做出前瞻性陳述的根本原因，因為那樣你就必須回過頭去解釋它們。

We actually have a tremendous pipeline and we have proposals being generated that cover the $16 million, better than 3/4 of the pipeline is. A day rate type work where we, you can take a look at the amount of equipment we have, what our day rate is, and you can go create a model for it and pretty easy, but we still have about a quarter of the $16 million that is tied up in doing software sales and other proposals with regard to both defense and the advancement of our technology.

我們實際上擁有一個巨大的管道，我們提出的提案涵蓋了 1600 萬美元，比管道的 3/4 更好。這是一種按日收費類型的工作，您可以查看我們擁有的設備數量，我們的日收費是多少，然後您可以為其創建一個模型，這相當容易，但我們仍有大約四分之一的 1600 萬美元用於軟體銷售和其他與國防和技術進步有關的提案。

That that is yet to close. And so if you, when you start doing the model, we have work to do and so we are hard at it. Our sales team's talking to customers every day. We've got proposals that are being generated and it's, you're going to see a couple of lumpy things that are mixed in next quarter with what the day rates bring in so that you can do a pretty simple model there and then add in the lumpy proposals that are. Associated with other activities, and I think, I still feel like we're going to have a tremendous year. It is an inflection point and we're going to deliver good results compared year over year.

那件事還沒結束。因此，當您開始做模型時，我們就有工作要做，所以我們會努力去做。我們的銷售團隊每天都在與客戶交談。我們已經得到了正在生成的提案，您將看到下個季度的一些不規則的東西與日利率帶來的不規則的東西混合在一起，以便您可以在那裡做一個非常簡單的模型，然後添加不規則的提案。與其他活動有關，我認為，我仍然覺得我們將度過美好的一年。這是一個轉捩點，與去年同期相比，我們將會取得良好的業績。

Great. As a follow up, John, if I could, you, last quarter you talked about like 400 to 60,000, in day rates.

偉大的。作為後續問題，約翰，如果可以的話，上個季度您談到的日薪是 400 到 60,000 美元。

Is that, so times 90 is how we should kind of look at two revenue as the base case.

是這樣的，乘以 90 就是我們應該將兩個收入視為基本情況。

I really like that $50,000 price point because, but it is dependent upon several things the size of the boat we're using, the use of the ROV, the use of the aquanaut, and it's also, I mean, unfortunately, as you pointed out, the oil price market, the guys with all the heavy assets that have the much higher price points. In Dow markets they'll discount and so we could come under some discounting pressure as a result of doing that.

我真的很喜歡 50,000 美元這個價格點，因為，但這取決於幾個因素，我們使用的船的大小、ROV 的使用、水下航行器的使用，而且，不幸的是，正如你所指出的，石油價格市場，那些擁有重資產的人的價格點要高得多。在道瓊斯市場，他們會打折，因此我們可能會因此承受一些打折壓力。

We have the margin in place to be able to always be and those guys, they'd have to lose quite a lot of money to get to our price point. And so I think, we could see some pressure on pricing, but I don't think it'll be very much, and we can hold pricing for a long time, maybe through the whole of the year without having any impact whatsoever with them lowering their pricing. It'll take them a while to get down to us.

我們有足夠的利潤空間，而那些人必須損失很多錢才能達到我們的價格點。因此我認為，我們可能會看到定價方面面臨一些壓力，但我認為壓力不會很大，而且我們可以長期維持價格不變，也許可以維持全年價格不變，而不會對他們降低價格產生任何影響。他們得花一段時間才能到達我們這裡。

So, it's, we're, I think we're in pretty good shape on the pricing, but I think 50,000 is a good number, but that's going to vary, and it's a question that should be asked every quarter because it's going to depend upon, hurricanes, it's going to depend upon boat availability. It's going to depend upon competitive pressures from the likes of, ocean airing and CI and others. And so we just monitor the market.

所以，我認為我們在定價方面處於相當不錯的狀態，但我認為 50,000 是一個不錯的數字，但這會有所不同，而且這是一個應該每個季度都問的問題，因為它將取決於颶風，它將取決於船隻的可用性。這將取決於來自海上廣播、CI 和其他公司的競爭壓力。所以我們只是監控市場。

Great.

偉大的。

Thank you so much.

太感謝了。

You're welcome.

不客氣。

Thank you.

謝謝。

Robert Mendrala, an individual investor.

羅伯特‧門德拉拉 (Robert Mendrala)，個人投資者。

Good morning.

早安.

Thank you for the update.

感謝您的更新。

The question, yes, I appreciate the color on the revenue for this year of being around $16 million. It was a smart pivot definitely earlier this year with C Trepid.

問題是，是的，我很欣賞今年收入約為 1,600 萬美元這一數字。今年早些時候，C Trepid 的轉變無疑是一次明智的轉變。

And the question I have is, how confident are you with the $16 million this year? And then what is the breakdown on, I, the Software, the command center, I think is very crucial. What do you think the revenue will be over the next year or two with the this, the software sales?

我的問題是，您對今年的 1600 萬美元有多大信心？那麼，我認為軟體、指揮中心的故障是什麼，非常關鍵。您認為未來一兩年軟體銷售的收入會是多少？

It's excellent questions. Appreciate you dialing in and so on the $16 million, I the reason I made a statement earlier, I hate getting forward-looking information. You never know what the market's going to do or how your equipment's going to perform, but we, what we're doing is trying to make sure we manage a budget and manage our activities. And so we have to have something that we plan towards and so that that's current planning horizon. So we went ahead and shared it. Okay, so how does that break down?

這些問題非常好。感謝您撥入有關 1600 萬美元的電話，我之前發表聲明的原因是，我討厭獲取前瞻性資訊。你永遠不知道市場將會如何變化或你的設備將會如何表現，但是我們，我們正在做的是試圖確保我們管理預算並管理我們的活動。因此，我們必須有一個計劃，這就是目前的規劃範圍。因此我們繼續並分享了它。好的，那該如何分解呢？

As I said a moment ago, about 3/4 of it are going to fall into the utilization of current assets, and about 25% of it's going to fall over into software sales and proposals to advance solutions that are of high interest to our customers, both in the oil and gas, potentially in wind, as well as in the defense sector.

正如我剛才所說，其中約 3/4 將用於利用現有資產，約 25% 將用於軟體銷售和提出改進解決方案的建議，這些解決方案是我們的客戶非常感興趣的，包括石油和天然氣領域、潛在的風能領域以及國防部門。

We've got some pretty exciting opportunities. In working on non-boat driven solutions, if you think about taking the real cost down in this industry is if we can deploy a USB with an aquanaut, no boat whatsoever, if we can deploy from the bank for near shore fields and go out and come back without having any boat whatsoever, completely autonomous. A best solution ever. You don't have to worry about the launch and recovery of the vehicle, etc.

我們有一些非常令人興奮的機會。在研究非船舶驅動解決方案時，如果你想降低這個行業的實際成本，我們可以部署一個帶有水下航行器的 USB，完全不需要船隻，我們可以從岸邊部署到近岸油田，然後出去並回來，完全不需要任何船隻，完全自主。有史以來最好的解決方案。您不必擔心飛行器的發射和回收等問題。

So, we think there's some proposals to advance that that we are working jointly with partners on that have real upside opportunity because that's how you get cost out of the market and let our customers continue to make margin at lower oil and gas prices is they have to continue to work on what their day rates are. So there's the That movement towards full autonomy, we are extremely advanced in that compared to any other firm.

因此，我們認為有一些建議需要推進，我們正在與合作夥伴共同努力，這些建議具有真正的上行機會，因為這是你從市場中獲取成本並讓我們的客戶繼續在較低的石油和天然氣價格下賺取利潤的方法，他們必須繼續努力維持他們的日費率。因此，在邁向完全自主的進程中，我們與其他公司相比都非常先進。

There's no competitor that is looking at doing it in the way that we are, and I think that's going to be something that picks up momentum, and that's likely a proposal for a group of companies that want to push that cost lower in 2026, 2027, and so we'll work to create that project with partners and to go forward. The software.

沒有競爭對手像我們一樣考慮這樣做，我認為這將是一個勢頭強勁的趨勢，這很可能是針對一群希望在 2026 年、2027 年降低成本的公司提出的建議，因此我們將與合作夥伴一起創建這個項目並繼續推進。該軟體。

Wow, everybody talks about AI is a very important and it's certainly utilized here, but autonomy is really what is driving the changes in the marketplace today, and that's taking people off the vessels, taking people out of the equation, improving efficiency, reducing total deportable incident rates. And it's also driving down that efficiency brings down carbon footprint.

哇，每個人都在談論人工智慧非常重要，而且它肯定在這裡得到應用，但自主性才是真正推動當今市場變化的因素，那就是將人們從船上帶走，將人們排除在等式之外，提高效率，降低總體可驅逐事件率。而且降低效率也會減少碳足跡。

We, we're in a position on all of those with our solution. The maturity of the software is coming along. We have the commercial release of the ROV software coming out and of course there's nothing better than putting it on your own equipment and demonstrating it before you go out and TRY to push it in the marketplace. Great conversations occurring there.

我們，我們能夠針對所有這些問題提供解決方案。軟體的成熟度正在不斷提升。我們推出了 ROV 軟體的商業版本，當然，在您嘗試將其推向市場之前，沒有什麼比將它放在您自己的設備上並進行演示更好的了。那裡發生了精彩的對話。

And I think there's, there will be really good traction, and then we continue to stay platform agnostic and so our software system can run on any robot. And so we're pursuing other robotics companies to deliver autonomy to them as well and I think that's why I'm confident in the in our ability to deliver great results this year.

我認為，這將帶來非常好的吸引力，然後我們將繼續保持平台無關性，以便我們的軟體系統可以在任何機器人上運作。因此，我們正在尋求其他機器人公司為他們提供自主權，我想這就是我對我們今年取得優異成績的能力充滿信心的原因。

Thank you, John. 11 last question, and I assume the patents that you have on the software and the and the and the hardware basically is 20 years plus. How do you see the Lidos partnership, basically rolling out. Secondly, is it a possibly a, ex, exit down the road.

謝謝你，約翰。最後一個問題，我認為你擁有的軟體和硬體專利基本上已經有 20 多年了。您如何看待與 Lidos 的合作關係，以及合作關係的基本進展？其次，它是否可能是未來的出口？

Well, it.

嗯，是的。

It should be a director.

應該是導演。

I know your question. The fact I can't answer it doesn't change the fact it's a great question. It's, I can't talk about exit strategies here as a public company. I'll just say that very interested in. In lidos and in the partnership with them, there's a tremendous amount of capabilities we have that we nobly bring value to the maritime industry and in the defense sector.

我知道你的問題。儘管我無法回答，但這並不能改變這是一個好問題的事實。作為一家上市公司，我不能在這裡談論退出策略。我只想說非常感興趣。在露天游泳池以及與露天游泳池的合作中，我們擁有大量能力，可以為航運業和國防領域帶來高尚的價值。

And so we're excited as that develops, and I said this a year ago, I just find the defense sector, particularly given the uncertainty that you have in Washington overspending and budgets and leadership, that we made a really good decision. The focusing on the commercial side because the speed at which these contracts will be lit. They're going to be lit and they're going to be big.

因此，我們對這一進展感到興奮，我一年前就說過，我發現國防部門，特別是考慮到華盛頓的超支、預算和領導能力的不確定性，我們做出了一個非常好的決定。重點關注商業方面，因為這些合約的履行速度很快。它們將會被點亮，而且它們將會變得巨大。

And so you want to be there and you want to participate and we want to work with a great partner like Lidos, but when you're small, that kind of luminess is just not something you can endure. So we're very excited that we've got all this commercial pipeline developing and it will carry us forward. On the lidos side, they have contractual commitments to us and we're working with them.

所以你想去那裡，你想參與，我們也想與 Lidos 這樣的優秀合作夥伴合作，但當你規模很小的時候，這種光鮮亮麗是無法忍受的。因此，我們非常高興我們已經開發了所有這些商業管道，它將推動我們前進。在露天游泳池方面，他們與我們簽訂了合約承諾，我們正在與他們合作。

The timing on that is extended over a long period and so, we will be announcing those as we get to them, but we're working slowly with them and as they navigate the uncertainty with the defense sector and really have more experience and capability than we do, we're delighted to have a great partner and continue to look forward to working closely with them.

這個時間會延長很長一段時間，因此，我們會在得到這些消息時立即宣布，但我們正在與他們緩慢合作，隨著他們應對國防部門的不確定性，並且確實比我們擁有更多的經驗和能力，我們很高興能有一位偉大的合作夥伴，並繼續期待與他們密切合作。

Thank you. I look forward to your email, Sean. Okay.

謝謝。我期待您的電子郵件，肖恩。好的。

Not a problem. Take care.

沒問題。小心。

Mm thank you.

嗯，謝謝。

There are no further questions at this time. I will now turn the call over to John for closing remarks. Please go ahead.

目前沒有其他問題。現在我將把電話交給約翰來做結束語。請繼續。

Appreciate all of you joining today, and it's really hard to do an announcement like this where you're talking about a quarter to come as opposed to a quarter you completed. And so Q2 really is our first quarter where we'll be operational for the whole of the quarter.

感謝大家今天的加入，發布這樣的公告真的很難，因為你們談論的是即將到來的一個季度，而不是已經完成的一個季度。因此，第二季度實際上是我們整個季度都正常運作的第一個季度。

And I think you'll have a great opportunity at the end of Q2 to come in and construct models and understand how we're executing and what the margins are going to be and who we're working for. It's an exciting time to be at Nauticus.

我認為，在第二季末，您將有一個很好的機會來建立模型，了解我們的執行情況、利潤率是多少以及我們為誰工作。現在加入 Nauticus 是一件令人興奮的事情。

And the next call in August, we, I think it's where we're really going to talk about the business and the quality of the business and the quality of the work, and then we'll have really strong statements to make about what we're doing and where we're going at that point because we will actually have a track record.

下次電話會議是在八月份，我想我們將會真正談論業務、業務品質和工作質量，然後我們會對我們正在做的事情和我們接下來要做的事情做出強有力的聲明，因為我們實際上會有一個記錄。

And so thank you for sticking with us all this time and look forward to coming out and talking concretely as opposed to abstractly about what we're doing in the in the ocean. And the value that we're bringing and how customers perceive us. So again, appreciate you guys on and shares and we are trying to create as much value as possible as quick as we can. Take care.

所以，感謝您一直以來的支持，我們期待著能夠站出來，具體地而不是抽像地談論我們在海洋中所做的事情。以及我們帶來的價值以及客戶對我們的看法。所以再次感謝你們的分享，我們正在盡快創造盡可能多的價值。小心。

Ladies and gentlemen, this concludes today's conference call.

女士們、先生們，今天的電話會議到此結束。

Thank you all for your participation. You may now.

謝謝大家的參與。現在就可以了。