Nauticus Robotics, Inc. (NASDAQ:KITT) Q2 2024 Earnings Conference Call August 14, 2024 11:00 AM ET
Company Participants
Kristin Moorman - Special Projects Leader
John Gibson - CEO and President
Daniel Dehart - Field Operations Leader
Victoria Hay - Interim CFO
Nicholas Bigney - Outgoing General Counsel
Jason Close - VP of Autonomous Software Solutions
Conference Call Participants
Operator
Good day, everyone, and welcome to today's Nauticus Robotics 2024 Q2 Earnings call. [Operator Instructions] Please note, this call may be recorded. I'll be standing by if you should need any assistance.
It is now my pleasure to turn the conference over to Kristin Moorman, Nauticus Special Project Leader.
Kristin Moorman
Thank you, and good morning, everyone. Joining me today and participating in the call are John Gibson, CEO and President; Vicki Hay, Interim CFO, and Nick Bigney, Outgoing General Counsel; John [Simington], Incoming General Counsel; and other members of our leadership team.
On today's call, we will first provide prepared remarks concerning our operations and financial results. Following that, we will answer questions. We have now released our results for the second quarter of 2024, 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. 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.
I will now turn it over to John.
John Gibson
Well, thank you, Kristin. Good morning, and thank you for joining us on our conference call today.
It's going to be a short call today. We're currently really focused on the 2025 backlog, and we have opportunities, both commercial and defense work that are being worked on, and we'll be press releasing our progress on those contracts as they close.
We continue to receive strong support from our existing lenders as they're converting debentures, which has the dual impact of reducing our leverage and increasing our market cap. So thank you to our lenders. We finished Phase 1 for the largest South American deepwater operator and billed and received payment recently. We received a letter also for the completion of a DIU project, the successful completion and we'll send that final bill in Q3.