Nauticus Robotics, Inc.

Revenue for Q2 2026 was $900 thousand, an increase of $700 thousand sequentially and a decrease of $1.2 million versus Q2 2025. Operating expenses were $6.9 million, down $1.6 million from 2025 and up $1 million sequentially. G&A was $3.3 million, improving by $1.1 million year over year and essentially flat sequentially. Net loss was $11.1 million versus $9.3 million in Q1 2026 and $7.4 million in Q2 2025; adjusted net loss was $7 million versus $6.4 million in Q1 2026 and $7.4 million in Q2 2025. Cash at quarter-end was $2 million versus $7.6 million at the end of 2025. The company did not provide formal next-quarter or full-year financial guidance, but said it expects more revenue from 2026 into 2027 if certain defense opportunities are awarded and that Toolkit should start contributing recurring revenue from 2027.

John Gibson framed 2026 as a difficult year but said the company has responded by cutting costs, strengthening the balance sheet, broadening addressable markets, and focusing on areas where Nauticus believes it can create more long-term value. He said the strategy is shifting toward more predictable, higher-margin revenue through software sales, fixed-price projects, and recurring product/service revenue. He also highlighted growing emphasis on defense and government, progress in the UAE, and said a reverse stock split is not currently required to keep the Nasdaq listing.

Jimena Begaries said the quarter’s focus was on capital structure and Nasdaq compliance, including the equity line registration, the Series B certificate of designation, and debt-to-equity exchanges that reduced outstanding debt by $5.5 million. She cited Q2 revenue of $900 thousand, operating expenses of $6.9 million, net loss of $11.1 million, adjusted net loss of $7 million, and cash of $2 million at quarter-end. Her commentary emphasized continued cost discipline, balance-sheet strengthening, and financial flexibility for commercial execution and growth.

In Q&A, Peter Gastreich asked about the new primary-contractor strategy, including margin and execution risk. Brian Allen said Nauticus does not want long-term vessel charter risk and instead plans to use “vessels of opportunity,” while keeping more of the margin when its software is embedded in the job and limiting contract types to reduce risk. Peter also asked about the multi-phase defense opportunity and what it takes to convert it; management said the company is prioritizing larger, longer-term jobs, has active proposals in the defense sector, and is willing to sacrifice low-margin short-term work to avoid negative economics. They also said end clients are beginning to request Nauticus by name, and that the Aquanaut testing path in Florida includes mine-countermeasure work and a planned DOD visit.