CleanTech Acquisition Corp.

Revenue for the second quarter of 2026 was $900 thousand, an increase of $700 thousand sequentially and a decrease of $1.2 million versus the same quarter last year. Operating expenses were $6.9 million, down $1.6 million from Q2 2025 and up $1 million sequentially. G&A was $3.3 million, improving by $1.1 million year over year and up less than $100 thousand quarter over quarter. Net loss was $11.1 million versus $9.3 million in Q1 2026 and $7.4 million in Q2 2025; the increase was driven mostly by noncash losses on debt extinguishment. Adjusted net loss was $7 million versus $7.4 million in Q2 2025 and $6.4 million in Q1 2026. Cash at quarter-end was $2 million, compared with $7.6 million at the end of 2025. Management did not provide explicit next-quarter or full-year revenue/EPS guidance, but said it expects Toolkit to start bringing in recurring, predictable revenue from 2027 and said some defense opportunities could contribute revenue this year and into 2027 if awarded.

John Gibson framed 2026 as a difficult year marked by slower offshore markets and delayed customer projects, but said the company has responded by cutting costs, strengthening the balance sheet, broadening markets, and focusing on opportunities with better long-term value. He highlighted progress in the UAE, saying the company has secured a facility and is building relationships there, and he argued Nauticus is shifting toward a more scalable model with software, fixed-price projects, and recurring product/service revenue. His tone was cautiously optimistic and more strategic than tactical, with repeated emphasis on execution, margin, and diversification.

Jimena Begaries said the quarter focused on strengthening the capital structure and preserving the Nasdaq listing, pointing to completed financing steps including the ELOC registration, the Series B certificate of designation, and debt-to-equity exchanges that reduced outstanding debt by $5.5 million. She reported revenue of $900 thousand, operating expenses of $6.9 million, G&A of $3.3 million, net loss of $11.1 million, adjusted net loss of $7 million, and cash of $2 million at quarter-end. She stressed disciplined cost management and said the company’s priorities remain balance-sheet strength, cost control, and financial flexibility for commercial execution and future growth.

In Q&A, Peter Gastreich pressed management on the new primary-contractor strategy, asking about trade-offs in margin, capital intensity, and vessel risk. Brian Allen said Nauticus is not planning long-term charter commitments; instead it wants to use vessels of opportunity, shorten mobilization cycles, and win contracts where Toolkit creates enough margin to justify the work. Peter also asked about the larger defense opportunity and why Gulf of Mexico oil and gas remained weak; management said it is prioritizing longer-duration, more profitable contracts, has active defense proposals, sees no competitor-driven revenue loss, and believes defense/port security can offer better margins than traditional oil and gas.