Nauticus Robotics FY2022 revenue up 33% to $11.4M; net loss widens to $33.2M

Nauticus reported full year revenue of $11.4 million, an increase of 33% compared to 2021. The increase is primarily attributable to revenue from four new service contracts and increased performance on an existing service contract. Total operating expenses during the year were $29.8 million, a $14.7 million increase vs. 2021. 2022 operating expenses include $3.5 million of one-time deal-related expenses. Other drivers of the year-over-year increase primarily relate to higher cost of revenue and increased general and administrative (“G&A”) costs associated with being a public company. For the year, Nauticus recorded a net loss attributable to common stockholders of $33.2 million, or $1.75 per basic and diluted share.

Nauticus reported fourth quarter revenue of $3.2 million compared to $5.3 million in the prior-year period. The decrease in revenue is primarily attributable to revenue from our largest 2021 contract being recognized primarily during the fourth quarter. Total operating expenses during the fourth quarter were $10.4 million, a $3.6 million increase from the prior-year period. The increase was mainly attributable to higher cost of revenue and increased general and administrative (“G&A”) costs associated with being a public company. For the quarter, Nauticus recorded a net loss attributable to common stockholders of $8.2 million, or $0.21 per basic and diluted share.