Nauticus Robotics Inc (KITT) 2025 Q2 法說會逐字稿

Good morning, ladies and gentlemen. Welcome to Nauticus Robotics 2025 Q2 Earnings Conference Call. (Operator Instructions) This call is being recorded on Tuesday, August 12, 2025.

女士們、先生們，早安。歡迎參加 Nauticus Robotics 2025 年第二季財報電話會議。（操作員指示）此通話於 2025 年 8 月 12 日星期二錄製。

I would now like to turn the conference over to Kristin Moorman. Please go ahead.

現在我想將會議交給克莉絲汀·穆爾曼。請繼續。

Thank you, and good morning, everyone. Joining me today and participating in the call are John Gibson, CEO and President; Jimena Begaries, 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. We have now released our results for the second 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.

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 Jimena Begaries 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。我們現已發布 2025 年第二季的業績，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。

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. 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.

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。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, good morning. Thank all of you for joining us this morning. Q2 2025 was a quarter disciplined execution and significant commercial progress. We grew revenue year-over-year. We integrated a strategic acquisition, and we positioned the company to drive long-term profitable growth.

早安.感謝大家今天上午加入我們。2025 年第二季是執行嚴格、商業有重大進展的季度。我們的收入逐年成長。我們整合了一項策略性收購，並使公司定位於推動長期獲利成長。

Now service revenue for the quarter was over $2 million. That's more than 4x the prior year period with strong contributions from both oil and gas and environmental compliance work. Our customer base also expanded. We serve nine clients and revenue concentration improved, meaning that we have more customers and not dependent on so few. This diversification will allow us to scale as we go forward.

目前本季的服務收入已超過 200 萬美元。這是去年同期的 4 倍多，其中石油天然氣和環境合規工作做出了巨大貢獻。我們的客戶群也擴大了。我們為九個客戶提供服務，收入集中度提高，這意味著我們擁有更多客戶，而不再依賴那麼少的客戶。這種多樣化將使我們能夠在前進的過程中擴大規模。

The acquisition of SeaTrepid was a key milestone. It expanded our service capacity, it deepened our customer footprint gave us a channel and it unlocked opportunities to deploy our autonomy stack, including Nauticus' ToolKITT and Aquanaut across a much larger operating base. We're already seeing the benefits of that integration in backlog and margin profile.

收購 SeaTrepid 是一個重要的里程碑。它擴大了我們的服務能力，加深了我們的客戶足跡，為我們提供了管道，並釋放了在更大的營運基礎上部署我們的自主堆疊的機會，包括 Nauticus 的 ToolKITT 和 Aquanaut。我們已經看到了這種整合在積壓訂單和利潤率方面帶來的好處。

Importantly, we now have revenue visibility into the fourth quarter and early 2026, including a pending multi-month contract with a super major oil company. That opportunity expected to begin in Q4 provides valuable off-season revenue and margin continuity, and it's historically been a challenge to have available work for services in Q4 and Q1. This will reduce our seasonality.

重要的是，我們現在可以預見第四季度和 2026 年初的收入，包括與超級石油公司簽訂的為期數月的合約。預計將於第四季度開始的這一機會將提供寶貴的淡季收入和利潤連續性，而從歷史上看，在第四季度和第一季提供服務一直是一個挑戰。這將減少我們的季節性。

We continue to take a disciplined approach to liquidity. Through cost controls and capital execution, we ended the quarter with $2.7 million in cash, up $1.2 million at year-end. This includes proceeds from an after-market offering which gives us some additional flexibility as we invest in growth. Looking ahead, our strategy remains focused, drive service revenue with the expanded fleet, scale autonomy products like Aquanaut and ToolKITT, convert inbound interest into long-term recurring contracts and do so with financial discipline, measured investment and clear milestones. We're entering the second half of the year with real momentum, a growing pipeline, a differentiated platform and customers that really want to see innovation that help them reduce their cost.

我們繼續對流動性採取嚴謹的態度。透過成本控制和資本執行，我們在本季末擁有 270 萬美元的現金，比去年年底增加了 120 萬美元。這包括售後市場發行的收益，這為我們投資成長提供了一些額外的靈活性。展望未來，我們的策略仍然專注，透過擴大船隊來推動服務收入，擴大 Aquanaut 和 ToolKITT 等自主產品，將入站興趣轉化為長期定期合同，並透過財務紀律、有節制的投資和明確的里程碑來實現。我們正以真正的動力、不斷增長的產品線、差異化的平台和真正希望看到能夠幫助他們降低成本的創新的客戶進入下半年。

With that, I'll now hand it over to Jimena Begaries, our Interim CFO, to get us started. Jimena?

現在，我將把工作交給我們的臨時財務長 Jimena Begaries，來帶領我們開始工作。希梅娜？

Thank you, John, and good morning, everyone. I'm excited to be speaking with you for the first time as a CFO. I will now discuss our financial results for the second quarter of 2025. During Q2, we recognized further commercial revenue driven by the SeaTrepid acquisition, which has now begun to contribute meaningfully to our financial results.

謝謝你，約翰，大家早安。我很高興第一次以財務長的身份與您交談。我現在將討論我們 2025 年第二季的財務表現。在第二季度，我們確認了 SeaTrepid 收購帶來的進一步商業收入，這筆收入現已開始對我們的財務表現做出有意義的貢獻。

Revenue for the second quarter was $2.1 million, which is up $1.9 million sequentially and up $1.6 million from the same quarter last year. The increase in revenue was a result of the Gulf of America season starting at the end of March, delivering a full quarter of revenue in Q2 2025 for the acquired assets.

第二季營收為 210 萬美元，比上一季增加 190 萬美元，比去年同期增加 160 萬美元。收入的成長是由於 3 月底開始的美國灣季節，收購的資產在 2025 年第二季度實現了整整一個季度的收入。

Operating expenses for the quarter were $8.4 million, which is up $1.9 million from Q2 2024 and up $2.4 million sequentially. [G&A] costs for the quarter were $4.4 million, which is an increase of $1.1 million compared to Q2 2024 and flat compared to last quarter. The first half of 2025 was impacted by the nonrecurring professional fees, primarily due to the SeaTrepid acquisition.

本季營運費用為 840 萬美元，較 2024 年第二季增加 190 萬美元，較上一季增加 240 萬美元。 [一般及行政管理] 成本為 440 萬美元，較 2024 年第二季增加 110 萬美元，與上一季持平。2025 年上半年受到非經常性專業費用的影響，主要是因為收購 SeaTrepid。

Net loss for the quarter was $7.4 million, this is a $0.1 million decrease in net loss sequentially and a $12 million increase in net loss from Q1 2024. This large variance is attributable to the gains in the fair value of our convertible debentures reported last year. Adjusted net loss for the quarter was $7.4 million compared to $6.6 million for the first quarter of 2025 and $6.5 million for the same quarter in 2024. Cash at the end of Q2 2025 was $2.7 million compared to $10.1 million last quarter. This is primarily a result of funding received through an at-the-market offering last quarter, offset by the recent acquisition of SeaTrepid and cash used through operations. During the first weeks of July 2025, we have reissued our aftermarket offering and have raised further funds to support our operational activities.

本季淨虧損為 740 萬美元，較上一季淨虧損減少 10 萬美元，較 2024 年第一季淨虧損增加 1,200 萬美元。這種巨大的差異是由於我們去年報告的可轉換債券公允價值的上漲所造成的。本季調整後淨虧損為 740 萬美元，而 2025 年第一季為 660 萬美元，2024 年同期為 650 萬美元。2025 年第二季末的現金為 270 萬美元，而上一季為 1,010 萬美元。這主要是由於上個季度透過市場發行獲得的資金，但被最近收購 SeaTrepid 和營運所使用的現金所抵消。在 2025 年 7 月的前幾週，我們重新發行了售後產品，並籌集了更多資金來支持我們的營運活動。

As we look ahead to the third quarter, we expect continued strong operational results. We remain focused on disciplined cost control, prioritizing value-added activities that enhance profitability and support long-term growth.

展望第三季度，我們預期經營業績將持續保持強勁。我們將持續注重嚴格的成本控制，優先進行能夠提高獲利能力和支持長期成長的增值活動。

I will now pass the call back to John.

我現在將把電話轉回給約翰。

Well, thank you, Jimena. I'm really happy to have Jimena join us and good job. As Jimena pointed out, our current forecast shows much stronger revenues in Q3 than Q2. And we've also added $3 million in additional this past week from one of our lenders.

好吧，謝謝你，希梅娜。我很高興 Jimena 能加入我們，幹得好。正如 Jimena 指出的那樣，我們目前的預測顯示第三季的營收將比第二季強勁得多。上週我們也從一家貸款機構獲得了 300 萬美元的額外貸款。

So with that, I'm going to turn it over to Daniel Dehart, our field operations leader, and Steve Walsh, our sales lead to discuss Nauticus' backlog of offshore commercial work. And then over to JD Yamokoski, who will then discuss defense work. Really pleased to get a chance to work with these guys. We've got a strong team.

因此，我將把主題交給我們的現場營運負責人 Daniel Dehart 和銷售主管 Steve Walsh，討論 Nauticus 積壓的海上商業工作。然後由 JD Yamokoski 來討論防禦工作。真的很高興有機會與這些人一起工作。我們有一支強大的團隊。

Daniel pick it up from here.

丹尼爾從這裡撿起它。

Thanks, John. As a company at the beginning of the year, we set goals and targets to work towards. And halfway through the year, I can say we have already successfully achieved quite a few of our goals we completed more commercial revenue than all of 2024 combined, we have successfully diversified our client base by working with nine new clients already this year. We've also signed multiple MSAs with new clients to become approved suppliers for offshore work. We have diversified our market reach as we completed work for clients in offshore oil and gas, offshore wind and commercial offshore government markets.

謝謝，約翰。作為一家年初的公司，我們設定了我們努力的目標和指標。今年已經過去一半了，我可以說我們已經成功實現了不少目標，我們的商業收入比 2024 年全年的總收入還要多，今年我們已經與 9 個新客戶合作，成功地實現了客戶群的多元化。我們也與新客戶簽署了多份 MSA，成為離岸工程的認可供應商。隨著我們為海上石油和天然氣、離岸風電和商業海上政府市場的客戶完成工作，我們的市場範圍已經多元化。

Work to date was accomplished with our ROV system successfully completing multiple inspection campaigns. We currently have both ROVs working, one off the Northeast Coast of the United States for the offshore wind market and one working on board the GO COSMOS vessel in the Gulf of America.

迄今為止，我們的 ROV 系統已成功完成多項檢查活動。我們目前有兩台 ROV 都在運行，一台位於美國東北海岸，用於離岸風電市場，另一台在美國灣的 GO COSMOS 船上運行。

As we transition from last year's proof of concept into a commercial platform, we have focused on the commercial metrics needed to be competitive, not with new technology, but with existing solutions. We experienced some delays with getting to the robustness needed to demonstrate our commercial readiness. Consequently, we delayed operations of the Aquanaut system until we are comfortable we can beat those milestones.

當我們從去年的概念驗證過渡到商業平台時，我們專注於競爭所需的商業指標，不是與新技術競爭，而是與現有解決方案競爭。我們在達到證明我們的商業準備所需的穩健性方面遇到了一些延遲。因此，我們推遲了 Aquanaut 系統的運行，直到我們確信能夠實現這些里程碑為止。

Vehicle 2 is now mobilized on board the GO COSMOS with the ROV and a record deep dive is planned, and we will focus on successful completion of our commercial contracts throughout the year or throughout the rest of the season. Our second Aquanaut vehicle, vehicle One will be heading to Stuart, Florida in the coming weeks to begin our new collaboration with AOS. We are delighted to work with AOS on multiple fronts.

2 號潛水器現已搭載在 GO COSMOS 上，配備有 ROV，計劃進行創紀錄的深潛，我們將專注於在全年或整個季度的剩餘時間內成功完成商業合約。我們的第二艘 Aquanaut 飛行器，即一號飛行器，將在未來幾週前往佛羅裡達州斯圖爾特，開始與 AOS 的新合作。我們很高興與 AOS 在多個方面合作。

The first being accessibility to a better equipped, larger test facility. This allows us to test the full range of our robotic capabilities in an unstructured environment. We will now be able to run complete missions in a 3.5-acre body of water compared to the limited activities that can be conducted in a pool.

首先是可以使用設備更好、規模更大的測試設施。這使我們能夠在非結構化環境中測試機器人的全部功能。與在游泳池中可以進行的活動相比，我們現在可以在 3.5 英畝的水域中完成完整的任務。

It also opens up the ability to host clients to see execution in an operational setting. We are also working on a plan to pair the Aquanaut vehicle with an unmanned surface vessel at the AOS facility to utilize the smaller surface expression to conduct inspections with a limited operational spread. We are working with customers who have an interest in this concept to underwrite these tests, and this facility is perfect for demonstrating the surface and subsea vehicles together in a realistic operational environment.

它還使託管客戶端能夠查看操作環境中的執行情況。我們也正在製定一項計劃，將 Aquanaut 航行器與 AOS 設施的無人水面艦艇配對，利用較小的水面表現在有限的操作範圍內進行檢查。我們正在與對此概念感興趣的客戶合作來承保這些測試，並且該設施非常適合在真實的操作環境中一起演示水面和海底車輛。

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。

Thanks, Daniel, and good morning. I'm Steve Walsh, Vice President of Sales. Q2 was a strong and strategic quarter. We serve nine clients across offshore wind and offshore oil and gas, supported by a solid backlog extending well into Q3. SeaTrepid assets are providing core revenue and the SeaTrepid channel that is now the Nauticus channel is opening new opportunities for the entire Nauticus portfolio.

謝謝，丹尼爾，早安。我是銷售副總裁史蒂夫·沃爾什。第二季度是一個強勁且具有戰略意義的季度。我們為離岸風電和海上石油天然氣領域的九家客戶提供服務，並得到了持續至第三季度的大量積壓訂單的支持。SeaTrepid 資產正在提供核心收入，而現已成為 Nauticus 通路的 SeaTrepid 通路正在為整個 Nauticus 投資組合開闢新的機會。

In offshore wind, we are executing a major Northeast US project. While the sector faces headwinds, tightening wind-only service capacity is opening new opportunities. Our established relationships position us to benefit.

在離岸風電方面，我們正在實施美國東北部的一個重大計畫。儘管該行業面臨阻力，但收緊風電服務能力正在帶來新的機會。我們建立的關係使我們受益。

Oil and gas remains robust. Our diversified position across energy markets allows us to capture demand wherever it is strongest.

石油和天然氣依然強勁。我們在能源市場的多元化地位使我們能夠抓住需求最旺盛的市場。

Looking to Q4, we are close to signing a multi-month contract with a super major oil company running through Q1 of 2026. This adds meaningful off-season revenue, smoothing our earnings profile and strengthening visibility into next year.

展望第四季度，我們即將與一家超級大型石油公司簽署為期數月的合同，有效期至 2026 年第一季。這增加了有意義的淡季收入，使我們的獲利狀況更加平穩，並增強了明年的可見度。

Aquanaut interest continues to accelerate. Engagement is coming from independents to super majors domestically and internationally. Aquanaut is increasingly viewed as a category-defining platform, and we are converting that interest into active discussions.

人們對 Aquanaut 的興趣持續增長。參與度來自國內外的獨立公司和超級巨頭。Aquanaut 越來越被視為一個類別定義平台，我們正在將這種興趣轉化為積極的討論。

Our fundamentals are strong, Momentum is building, and we are positioned to continue to grow into 2026. I'm confident that our Q3 revenue will see sequential growth over Q2.

我們的基礎強勁，發展勢頭強勁，我們已準備好在 2026 年繼續成長。我相信我們的第三季營收將比第二季實現連續成長。

With that, I'll turn it over to JD for the defense update.

有了這些，我將把防禦更新交給 JD。

Thank you, Steve, and good morning, everyone. Astute followers of Nauticus may recall that we announced a strategic alliance with Leidos to advance subsea autonomy solutions in Q1 of 2025. While we don't have any new government contract awards to announce this quarter, it's important to understand that government procurement, particularly in the defense sector, is often a long cycle process. Since that announcement, both companies have been diligently working towards opportunities that align with our complementary strengths to serve the interest of National Defense.

謝謝你，史蒂夫，大家早安。Nauticus 的敏銳追隨者可能還記得，我們宣布與 Leidos 建立策略聯盟，以在 2025 年第一季推進海底自主解決方案。雖然本季我們沒有宣布任何新的政府合約授予，但重要的是要了解政府採購，特別是國防領域的採購，通常是一個長期的過程。自從宣布這一消息以來，兩家公司一直在努力尋找符合我們互補優勢的機會，以服務國防的利益。

I'll now turn the call back over to John.

我現在將電話轉回給約翰。

Thank you, JD, and Steve and Daniel. It's clear that we're beginning to focus on sequential growth in revenues and those opportunities are there for us to seize and execute. That's the mission of the company. We remain committed to securing a defense contract as well, and JD gets up every day and pursues that for Nauticus. But the real opportunity that we have coming forward that can give us revenue that isn't dependent upon wall clock time as services is our software section. And so I'm happy now.

謝謝 JD、Steve 和 Daniel。顯然，我們開始關注收入的連續成長，這些機會就在我們身邊，等待我們去抓住和執行。這就是公司的使命。我們仍然致力於獲得國防合同，JD 每天都在為 Nauticus 追求這一目標。但我們面臨的真正機會是軟體部分，它可以為我們帶來不依賴掛鐘時間的收入，因為服務是我們的軟體部分。所以我現在很高興。

I'm going to turn the call over to Jason Close, our software lead. And then after that, Ameen Albadri will give you an update on engineering and so from their departments. So Jason, I'll give it to you.

我將把電話轉給我們的軟體主管 Jason Close。隨後，Ameen Albadri 將向您介紹其部門的工程等最新情況。那麼傑森，我會把它給你。

Thanks, John. In the second quarter, we continued advancing ToolKITT along its two commercial paths, Aquanaut operations and the enablement of world-class ROVs. For Aquanaut, we advanced functional capabilities of the software and preparation for upcoming tests. The testing is scheduled to begin in the third quarter so that we're ready to offer additional trials later this year, followed by a wider range of services to customers in the 2026 golf season. In addition, we supported the Aquanaut team with operational readiness work on the vehicle itself which is improving the overall usability of the product and enhancing its attractiveness to future users and customers. We are excited about the AOS test facility because it allows us to further exercise toolkits capabilities in an operational environment. In Q2, we focused on strengthening relationships with prospective customers and partners for the commercial software. We have seen excellent interest in the continued -- and continue to expand and broaden our reach in this space and we're approaching opportunities that we look forward to sharing more about soon.

謝謝，約翰。在第二季度，我們繼續沿著兩條商業路徑推進 ToolKITT，即 Aquanaut 營運和世界級 ROV 的實現。對於 Aquanaut，我們提高了軟體的功能能力並為即將進行的測試做好了準備。測試計劃於第三季開始，以便我們準備在今年稍後提供額外的試驗，然後在 2026 年高爾夫球季為客戶提供更廣泛的服務。此外，我們還支援 Aquanaut 團隊進行車輛本身的運行準備工作，以提高產品的整體可用性並增強其對未來用戶和客戶的吸引力。我們對 AOS 測試設施感到非常興奮，因為它使我們能夠在操作環境中進一步鍛鍊工具包的功能。在第二季度，我們專注於加強與商業軟體潛在客戶和合作夥伴的關係。我們看到人們對持續擴大和拓寬這一領域的關注度非常高，我們正在抓住機遇，並期待很快分享更多相關資訊。

Customer activity across our service operations remain strong. And we remain focused on delivering value today through ROV and Aquanaut services while steadily advancing Toolkit's capability for a wider market rollout in the near future.

我們服務營運中的客戶活動依然強勁。我們將繼續專注於透過 ROV 和 Aquanaut 服務創造價值，同時穩步提升 Toolkit 在不久的將來更廣泛的市場推廣能力。

I will now hand it over to Ameen for an update on Aquanaut and Electric manipulators.

現在我將把話題交給 Ameen，讓他介紹 Aquanaut 和電動操縱器的最新情況。

Thank you, Jason. In the second quarter, we successfully addressed key technical issues that enhance reliability and extend the meantime between failures of our Aquanaut platform. These engineering improvements have been fully integrated into Vehicle 2, which has undergone successful validation testing in a controlled pool environment. Following these results, Vehicle 2 was redeployed to the vessel and is now ready for open water work. Meanwhile, upgrade work is actively underway on Vehicle 1 to bring it up to the same standard.

謝謝你，傑森。在第二季度，我們成功解決了關鍵技術問題，提高了 Aquanaut 平台的可靠性並延長了故障間隔時間。這些工程改進已完全融入車輛 2，該車輛已在受控池環境中成功通過驗證測試。根據這些結果，2號車被重新部署到船上，現在已準備好進行公開水域作業。同時，1號車的升級工作正在積極進行，以使其達到相同的標準。

We continue to experience strong market interest in our fully electric subsea manipulator. During the quarter, we made substantial progress on both the 7 and the 3 function variants. However, in light of evolving global trade dynamics, we are experiencing extended lead times for select components across our hardware platforms. The relatively low volume of our procurement orders compared to larger industry players present prioritization challenges within supplier production queues. This has necessitated a proactive design modification during the quarter to mitigate potential disruptions and ensure continuity in system development. To address these risks, we are actively diversifying our supplier base and exploring alternative sourcing strategies.

我們的全電動海底機械手繼續受到市場的強烈關注。在本季度，我們在 7 個和 3 個功能變體上都取得了實質進展。然而，鑑於全球貿易動態的變化，我們硬體平台上部分組件的交貨時間正在延長。與較大的行業參與者相比，我們的採購訂單量相對較低，這對供應商生產隊列中的優先排序提出了挑戰。這使得本季必須進行主動的設計修改，以減輕潛在的干擾並確保系統開發的連續性。為了應對這些風險，我們正在積極實現供應商基礎多元化，並探索替代採購策略。

I will now hand the call back to John.

我現在將電話交還給約翰。

Well, thank you, Ameen. Most exciting part of this job is seeing customer excitement. And we just completed two jobs with really great success for both customers. And that's what brings you joy when you're in the service sector. I've got excitement around the new technology, excitement around the team that we have building and delivering it, excitement around the changing market. We've got a great team, we've got a great plan, and we're executing and we're beginning to see the revenues that can come from our efforts.

好吧，謝謝你，阿明。這份工作最令人興奮的部分是看到顧客的興奮。我們剛剛為兩位客戶完成了兩項工作，並且取得了巨大的成功。這就是從事服務業能帶給你快樂的事。我對新技術感到興奮，對我們建立和交付新技術的團隊感到興奮，對不斷變化的市場感到興奮。我們擁有一支優秀的團隊，我們有一個偉大的計劃，我們正在執行，我們開始看到我們的努力所能帶來的收入。

So with that, I'd like to turn it back to the operator, and we can open it up for Q&A session. Operator?

因此，我想將其交還給操作員，我們可以開始問答環節。操作員？

(Operator Instructions) Peter Gastreich, Water Tower Research.

（操作員指示）Peter Gastreich，水塔研究。

Peter Gastric here from Water Tower Research. So congratulations to John and the team on the results and key milestones. Really appreciate the color on revenue in the second half and customer discussions and backlog and also hearing from so many members of the Nauticus team today. So thank you.

我是來自 Water Tower Research 的 Peter Gastric。因此，祝賀約翰和團隊的成果和重要里程碑。非常感謝下半年的收入、客戶討論和積壓訂單的精彩表現，也感謝今天聽到了 Nauticus 團隊眾多成員的意見。所以謝謝你。

Just a few questions for me. First of all, I'm just curious how you approach your different growth areas and opportunity sets. So when you consider types of jobs, including oil and gas, environmental and wind energy, how do you balance those opportunities? Is there much difference in terms of complexity or safety elements or difference in terms of the day rates you can charge. I'm just curious how you approach those different sets.

我只想問幾個問題。首先，我只是好奇您如何處理不同的成長領域和機會集。那麼，當您考慮包括石油和天然氣、環境和風能在內的工作類型時，您如何平衡這些機會？在複雜性或安全性方面是否存在很大差異，或者在您可以收取的日費率方面是否存在很大差異。我只是好奇你是如何處理這些不同集合的。

That's a good question, Peter. Pleasure to meet you on the call. So the best way to describe this is -- I'm going to sound like a pure capitalist here, but you always triage these based upon which one of these is the highest margin. So I will -- we will prioritize the one that we think is going to generate the most margin for us. Margin includes all of the costs associated with it. And so we look at it holistically with do we make more money on the wind sector, do we make more money -- and also, can you fill time so that you don't have any idle time as well. And so it's -- we're far better off to keep the assets utilized because you're paying for the boat, whether it's working or not. And so we'll move back and forth. And so we're trying to optimize profitability for the company by the sectors.

這是個好問題，彼得。很高興在電話中認識您。所以描述這一點的最好方式是——我聽起來像一個純粹的資本家，但你總是根據哪一個利潤率最高來對它們進行分類。所以我會——我們會優先考慮我們認為能為我們帶來最大利潤的那個。保證金包括與之相關的所有成本。因此，我們從整體上來考慮，我們是否能在風能領域賺更多的錢，我們是否能賺更多的錢——而且，你能否填補時間，這樣你就不會有任何空閒時間。所以，我們最好保持資產的利用，因為你在為船付款，不管它是否能用。因此我們會來回移動。因此，我們正嘗試按部門優化公司的獲利能力。

The good part is what we offer the same capability and service works across multiple industries. So it's the same people, it's the same training, it's the same safety methodologies. Each company has a little more rigorous and we have to comply with them and actually go through and certify for each one of their safety programs. It adds a bit of cost. But they're so similar that we're able to work in all of those sectors with the same capabilities, it's very fungible. We can just move from wind over to telecom, over to oil and gas, over to environmental and to include some defense-related activities as well. And so think of us as just prioritizing and Steve would sit around and tell you this one is going to pay more than that one. So that's -- let's move them up in the queue.

好的方面是我們提供相同的功能和服務，適用於多個行業。所以是同樣的人員、同樣的訓練、同樣的安全方法。每家公司都有更嚴格的規定，我們必須遵守，並且實際審核和認證他們的每一個安全計畫。這會增加一點成本。但它們非常相似，因此我們能夠在所有這些領域以相同的能力開展工作，這是非常可替代的。我們可以從風能轉向電信、石油和天然氣、環境，甚至包括一些與國防相關的活動。因此，如果你認為我們只是優先考慮某件事，那麼史蒂夫就會坐下來告訴你，這個人會比那個人付出更多。那麼——讓我們把他們移到隊列的前面。

A big issue is with limited assets. We actually have more work right at the moment, than we have equipment and working through the scheduling for them is a challenge for us because that is how you air take customers, and we're beginning to get to that point where we need additional assets in order to just cover the work that we see coming in, particularly as we go into 2026 with the success of the platform.

一個大問題是資產有限。事實上，我們目前的工作量比設備量還要大，而安排好工作時間對我們來說是一個挑戰，因為這是飛機接待客戶的方式，我們開始意識到需要額外的資產才能完成即將到來的工作，特別是隨著平台的成功，我們即將進入 2026 年。

Okay. Just a second question. Recently, there's been some policy clarity out of Washington, D.C in terms of carbon capture and sequestration. I'm just curious if you've seen -- I know you've identified this as opportunities before, but have you noticed any kind of a change or acceleration of those discussions relating to CCS this year?

好的。我還有第二個問題。最近，華盛頓特區在碳捕獲和封存方面推出了一些明確的政策。我只是好奇您是否已經看到——我知道您之前已經將其視為機遇，但您是否注意到今年與 CCS 相關的討論有任何變化或加速？

Well, I see a lot of it, probably not so much from the operations perspective and sales at the moment, but as we talk to the strategic players in that market. And JD's actually, I think, attended not so long ago, a carbon capture sequestration here in the state of Texas, it looks pretty exciting because the Bureau of Economic Geology has written papers on using the nearshore Miocene depleted reservoirs for CO2 sequestration.

嗯，我看到了很多，可能目前從營運角度和銷售角度來看還不是很多，但當我們與該市場的策略參與者交談時。事實上，我認為 JD 不久前參加了在德克薩斯州舉行的碳捕獲封存活動，這看起來非常令人興奮，因為經濟地質局已經撰寫了關於利用近岸中新世枯竭水庫進行二氧化碳封存的論文。

We're still in an early stage. When I talk about Nauticus, I think we'll be able to do a lot in terms of leak detection and monitoring of these fields but we're on a very early stage. So I wouldn't forecast revenue for carbon capture for Nauticus now. But do I see it ramping up and long-term commitment to it regardless of how this administration feels now? I'd take a long view on CO2 sequestration as opposed to one administration at a time, the priorities could change as we go forward and very excited about their support for oil and gas with the current administration, and that's really a benefit to us. But CO2 will be strong, and it will come back, and we're well positioned for doing the monitoring of that. In fact, we're deploying some new monitors on and -- centers on our vehicle in this year that would enhance our ability to monitor CO2 leaks, but don't expect a lot of revenue from it yet.

我們仍處於早期階段。當我談到 Nauticus 時，我認為我們將能夠在這些油田的洩漏檢測和監測方面做很多工作，但我們還處於非常早期的階段。因此我現在不會預測 Nauticus 的碳捕獲收入。但是，無論本屆政府現在有何感受，我是否看到它不斷加強並長期致力於此？我會從長遠角度考慮二氧化碳封存問題，而不是一次只針對一屆政府，隨著我們前進，優先事項可能會發生變化，我對現任政府對石油和天然氣的支持感到非常興奮，這對我們來說確實是一個好處。但二氧化碳的強度會很大，而且會捲土重來，我們已做好充分準備來監測這種情況。事實上，我們今年正在車輛上部署一些新的監視器和中心，這將增強我們監測二氧化碳洩漏的能力，但目前還不要指望從中獲得大量收入。

Okay. Got it. I'll just put in one more question here before I get back in the queue. Last week, maybe the previous week, there was a lot coming out of D.C in terms of the drone dominance. Is that tied strictly to aerial systems? Or are there implications for the aquatic as well? You did mention earlier that you have prospects for defense contracts.

好的。知道了。在我回到隊列之前，我只想在這裡再問一個問題。上週，也許是前一周，華盛頓特區就無人機主導地位發表了許多言論。這與航空系統有嚴格的關聯嗎？或對水生生物也有影響嗎？您之前確實提到您有獲得國防合約的前景。

Yes. I'll take this question, Peter. Thanks for asking it. There is tremendous interest. It's something we did not address in our prepared comments, but the underwater defense market and underwater drone market is incredibly active right now. And we're very excited. That's why we're very excited with our strategic alliance with Leidos to be working with them. Such a prolific partner in the scene and really looking forward to the opportunities because there is tremendous interest there on -- in the US defense market for these technologies.

是的。我來回答這個問題，彼得。謝謝你的詢問。人們對此非常感興趣。這是我們在準備好的評論中沒有提到的，但水下防禦市場和水下無人機市場目前非常活躍。我們非常興奮。這就是為什麼我們對與 Leidos 建立策略聯盟並與他們合作感到非常興奮。我們在這個領域擁有如此多產的合作夥伴，我們真的很期待這些機會，因為美國國防市場對這些技術有著極大的興趣。

Okay. It's great to hear from the whole team today.

好的。很高興今天能收到整個團隊的消息。

Yes. In terms of hearing from the whole team, too, Peter. I mean I -- the company is not about me. It really is about having all the people that you need with the different skills that are required and I'm pretty excited about the quality of this team. I think that means we can deliver on what we promise.

是的。就聽取整個團隊的意見而言，彼得也是如此。我的意思是──公司不是以我為中心的。這其實意味著你需要擁有具備不同技能的所有人，我對這個團隊的特質感到非常興奮。我認為這意味著我們能夠兌現我們的承諾。

[Robert Mandrella], Nauticus Robotics.

[羅伯特·曼德雷拉]，Nauticus Robotics。

Robert Mandrella, I'm a shareholder, and I want to thank the team here for a comprehensive earnings call and report. So thank you.

羅伯特·曼德雷拉，我是一名股東，我要感謝這裡的團隊提供全面的收益電話會議和報告。所以謝謝你。

I just have a couple of questions. The first one is regarding the SeaTrepid acquisition. Is that fully -- now is that fully paid off?

我只是有幾個問題。第一個是關於 SeaTrepid 收購。現在全部付清了嗎？

No. Actually, it's not fully paid off. We have another cash payment that's due at the end of September, and then there's an earnout that is TBD based upon their performance and delivery of revenue targets, which they have not achieved yet. But they have absolute confidence they will achieve, but we still are waiting on the earn-out calculation and another cash payment, half was paid in the upfront and half is due at the end of September.

不。事實上，它還沒有完全還清。我們還有另一筆現金付款將於 9 月底支付，然後根據他們的表現和收入目標的實現情況，還有一筆有待確定的盈利，但他們尚未實現這些目標。但他們絕對有信心能夠實現這一目標，但我們仍在等待獲利計算和另一筆現金支付，其中一半已預付，另一半將於 9 月底支付。

Okay. I appreciate that. And I just had another question regarding the next quarter or two, and I appreciate the team giving an update on the defense contractors, Leidos, Navy, et cetera, and also on ToolKITT revenue, which from my understanding, it's minimal if nonexistent. But one of the questions really comes from a prior press release that the expectation was 9x, 9x what 2024 revenue reported for this year, and I understand that's prorated, but how are we looking in terms of revenue projection to close out 2025?

好的。我很感激。我還有一個關於下一兩個季度的問題，我很感謝團隊提供有關國防承包商、Leidos、海軍等的最新情況，以及 ToolKITT 的收入，據我了解，這部分收入很少，甚至沒有。但其中一個問題實際上來自先前的新聞稿，該新聞稿預期今年的收入是 2024 年收入的 9 倍，我知道這是按比例計算的，但就 2025 年的收入預測而言，我們是如何看待的呢？

I want all the people here about questions like yours where it's incredibly thoughtful. It knows the history of the company, and it frames it very well. Yes, we did say 9x and the services revenue, but due to some of the delays in getting the equipment out and getting the parts a little weaker than I would have expected, softer. It's not off a lot, but it's softer than what we anticipated. But our real opportunity is in the non-wall clock revenue, which is associated with the software and also with defense, we're not exclusive to Leidos by the way. We do have a relationship with them, but we are looking at other parties to go to the defense sector with as well. And we're excited about those opportunities also.

我希望在座的各位都能提出像您這樣的令人深思的問題。它了解公司的歷史，並將其很好地框架化。是的，我們確實說過 9x 和服務收入，但由於設備和零件發貨延遲，比我預期的要弱一些。雖然偏離幅度不大，但比我們預期的弱。但我們真正的機會在於非掛鐘收入，這與軟體和防禦有關，順便說一句，我們並不是 Leidos 獨有的。我們確實與他們有合作關係，但我們也在尋找其他合作夥伴進軍國防領域。我們也對這些機會感到興奮。

But the software side, we are working diligently because that's the piece that can get us back on track. And -- but on the service side, a little soft because of the delay in getting the equipment to the field. Q2 was a revenue quarter with two assets, Q3 will be a revenue quarter with three assets on the service side. And then as we go into Q4 and beyond, we should have all four of our assets, two Aquanauts, two ROVs out in the field. So you can see how we're going to continue to scale the service revenue and the upside is in the software side of the business. And the manipulators, and there is tremendous interest in the manipulators. We are looking at a licensing model for that where we would license our designs then take a royalty back as opposed to actually building those. I don't know that we're in the position to be a manufacturer. And so Ameen and the team are really making sure that we are prepared to transfer the intellectual property to another third party for manufacture and deliver. And I think that could create a strong royalty opportunity for us. But again, that's going to be a 2026 discussion. It's not something that we look at here in 2025 because we haven't concluded with anybody on licensing and then it will take time for them to get the manufacturing the piece up, particularly given the supply chain challenges that we see today.

但在軟體方面，我們正在努力工作，因為這是可以讓我們重回正軌的部分。但在服務方面，由於設備運送到現場的延遲，服務有些不周。第二季度是擁有兩項資產的收入季度，第三季度將是擁有三項服務資產的收入季度。然後，當我們進入第四季度及以後時，我們應該將所有四項資產，兩名 Aquanauts，兩輛 ROV 都投入到現場。因此，您可以看到我們將如何繼續擴大服務收入，而優勢則在於業務的軟體方面。還有操縱者，人們對操縱者有著極大的興趣。我們正在研究一種授權模式，即我們授權設計，然後收回版稅，而不是實際建造它們。我不知道我們是否具備成為製造商的資格。因此，阿明和他的團隊確實確保我們準備好將智慧財產權轉讓給另一個第三方進行製造和交付。我認為這可以為我們創造強大的版稅機會。但再次強調，這將是 2026 年的討論。這不是我們在 2025 年考慮的事情，因為我們還沒有與任何人達成許可協議，而且他們需要時間來啟動產品的製造，特別是考慮到我們今天看到的供應鏈挑戰。

I appreciate that, John. And so my understanding, so the pro forma short term looks good. And so I have one last question before I turn it back to the queue. Regarding the cash position and $3 million cash from lenders, I think that's very positive, added to the $2.7 million in reserves. How do you see the cash position in this quarter and throughout 2025?

我很感激，約翰。所以我的理解是，短期內預測結果看起來不錯。在回到隊列之前，我還有最後一個問題。至於現金狀況和來自貸款人的 300 萬美元現金，我認為這是非常積極的，加上 270 萬美元的儲備金。您如何看待本季及整個 2025 年的現金狀況？

Another great question. On the cash, we did -- we have a lender that's very supportive of the company, and I'm extremely thankful for them. Cash available when necessary from them. As long as we make a good case and justify it. And so they have been tremendous. So we did add to debt. We have a facility that is for $19 million that we can draw against, and we drew the first $3 million tranche out of the $19 million facility to bring in the $3 million.

又一個好問題。就現金而言，我們確實有一位非常支持公司的貸款人，我非常感謝他們。必要時可向他們提供現金。只要我們提出充分的理由並證明其合理性。所以他們表現得非常出色。因此我們的債務確實增加了。我們擁有一筆價值 1,900 萬美元的貸款，可以從中提取，並且我們從這筆 1,900 萬美元的貸款中提取了第一筆 300 萬美元，從而獲得了 300 萬美元的收入。

And so I see the cash position as -- I feel secure in it. My goal is to draw the least amount and we're working on increasing revenues and our own margins. And so that we're not taking on additional debt or having to use dilution through an ATM. And we're focused on getting ourselves to cash flow positive. But am I concerned about cash? We have really strong support. And for that strong support, no, that's not what keeps me awake at night. What keeps me awake is customer satisfaction, long periods of equipment to success in the field without any failures and getting this software package out in new market and exploring how to get these manipulators licensed. So that's where my time is concentrated. The cash position, I think, is secure, it's not optimum because I would prefer to just be a result of our performance, and that's where we're headed and that's the plan.

因此，我認為現金狀況是——我對此感到安全。我的目標是提取最少的金額，我們正在努力增加收入和我們自己的利潤。這樣我們就不會承擔額外的債務，也不會透過 ATM 進行稀釋。我們專注於實現現金流為正。但我擔心現金嗎？我們得到了非常強而有力的支持。對於這種強而有力的支持，不，這並不是讓我夜不能寐的原因。讓我保持清醒的是客戶滿意度、設備在現場長期成功運行而沒有任何故障、將這個軟體包推向新市場並探索如何獲得這些操縱器的許可。所以我的時間都集中在那裡。我認為現金狀況是安全的，但不是最佳的，因為我更希望它只是我們業績的結果，這就是我們的目標和計劃。

Very good, John. I appreciate that. And congratulations on the SeaTrepid acquisition, I think that was very strategic. And congratulations to the team for all their hard work and effort. I know you guys are really trying hard. And again, I appreciate the comprehensive conference call. It answered a lot of my questions. So I wish the team here, a very good Q3, okay?

非常好，約翰。我很感激。恭喜您收購 SeaTrepid，我認為這是非常具有戰略意義的。並祝賀團隊的辛勤工作和努力。我知道你們真的很努力。我再次感謝這次全面的電話會議。它回答了我很多問題。所以我祝福這裡的團隊在第三季取得好成績，好嗎？

Your comments -- our employees listen to these calls, and it is motivational to get investors that understand the vision and believe in us. So thank you so much for the questions.

您的評論—我們的員工聽取這些電話，激勵投資者理解我們的願景並相信我們。非常感謝您的提問。

(Operator Instructions) I'm showing no further questions at this time. I would like to turn it back to John Gibson for closing remarks.

（操作員指示）我現在沒有其他問題了。我想請約翰·吉布森作最後發言。

I'd tell you, it's -- we're making great strides. The quarter could have been better because we did really just have two assets out and we have some delay in getting out the Aquanaut, it's -- Aquanaut is out on the boat now, ready to go into water. Daniel assures me it will be this week. So it's pretty exciting to see what can transpire in Q3. And Q4, I'm excited about having off-season revenue. I mean, we've got really good things happening and also with the software.

我想告訴你，我們正在取得巨大進步。本季本來可以表現得更好，因為我們確實只有兩項資產投入使用，而且我們在推出 Aquanaut 方面有一些延遲，Aquanaut 現在已經在船上，準備下水。丹尼爾向我保證這週就會實現。因此，我們非常期待看到第三季將會發生什麼。而第四季度，我對淡季的收入感到很興奮。我的意思是，我們在軟體方面確實取得了一些很好的進展。

So excited about the partnership with AOS. I just would tell you that having a 3.5-acre lake to test in other than a pool. No customer wants to come out and watch a robot go up and down in a shallow pool. And so we get an opportunity to perform a complete mission there. You'll be able to see it as it goes around the lake there. We'll be able to put out a USB on the surface to act as a modem so that we can demonstrate what the industry is going to look like in a vessel less world where particularly nearshore operations could be conducted without vessels.

我非常高興能與 AOS 合作。我只是想告訴你，除了游泳池之外，還有一個 3.5 英畝的湖泊可供測試。沒有顧客願意出來觀看機器人在淺水池上上下下。因此我們有機會在那裡完成一項完整的任務。當它繞著那邊的湖轉時，你就能看到它了。我們將能夠在水面上放置一個 USB 作為調製解調器，這樣我們就可以展示在無船世界中該行業將會是什麼樣子，特別是近岸作業可以在沒有船隻的情況下進行。

This is exciting time for us. Everything is in work and in progress, and I look forward to reporting back to you at the end of Q3. And with that, operator, thank you so much.

這對我們來說是激動人心的時刻。一切都在進行中，我期待在第三季末向您報告。接線員，非常感謝您。

Thank you, presenters. And ladies and gentlemen, this concludes today's conference call. Thank you for participating.

謝謝各位主持人。女士們、先生們，今天的電話會議到此結束。感謝您的參與。