Nauticus Robotics, Inc.

Good day, everyone, and welcome to today's Nauticus Robotics 2024 Q3 earnings call. At this time, all participants are in a listen-only mode. Later, you will have the opportunity to ask questions during the question and answer session. You may register to ask a question at any time by pressing the star and 1 on your telephone keypad. You may withdraw yourself from the queue by pressing star 2. Please note this call is being recorded, and I will be standing by if you should need any assistance. It is now my pleasure to turn the conference over to Kristen Moorman, Special Projects Lead.

Thank you, and good morning, everyone. Joining me today and participating in the call are John Gibson, CEO and President, Vicki Hay, Interim CFO, JD Yamakowski, CTO and Government Lead, 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 third 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.

Well, good morning and thank you for joining us for our conference call today. At the end of our prepared remarks this morning and before we open up the floor to questions, we'll provide an update on our Q3 revenue performance and try to set expectations for the future. Now in the third quarter, we achieved an industry first by successfully conducting Aquanaut's first commercial project. This is a significant milestone for us and for the industry. We're now focused on leveraging the success to create our company's first business backlog of 2025 consisting of both commercial and defense work. We plan to press release the closing of any contracts as they occur. In addition, we continue to receive strong support from our existing lenders as they are converting to ventures, which has the impact of materially increasing our shareholder equity, which should allow us to remain listed on NASDAQ. Vicki will explain more. We completed customer qualifications and began commercial execution in Q3 2024 with our Aquanaut vehicle in the Gulf of Mexico. During qualification, we discovered an anomaly that resulted in additional commercial work. During the commercial work in an active field, we've discovered yet another anomaly as a result of the unique capabilities of the aquanaut vehicle. These discoveries have resulted in commercial discussions for the 2025 season around the unique capabilities of the aquanaut vehicle versus current ROV capabilities. Customers are expanding their scope of work to include these unique capabilities in order to assess their fields going forward. During the winter months, we will concentrate on building our pipeline for the 2025 Gulf season. We're actively working to eliminate seasonality in our business. To do that, Daniel will discuss in just a minute the technical modifications that should allow year-round work in the Gulf of Mexico. We're also working with South American customers to mitigate North American seasonality or Northern Hemisphere seasonality. Daniel will cover more of that in our field operations section as well. Now, before we turn to our operational activities, I want to update you on the progress with meeting NASDAQ's continued listing standards. Our stock price remains above a dollar minimum bid price. We also just announced an exchange agreement to convert debt into preferred stock. This action is intended to get us into compliance with NASDAQ's listing requirements, and I'll leave that to Vicki in the financial section. Now, with that, I'm going to turn it over to Daniel Dayhart, our field operations leader, to give you an operational update. Daniel.